Oji Holdings Corp. (JP:3861)
:3861
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Oji Holdings
(3861)
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Rating:61Neutral
Price Target:
¥904.00
▲(13.30% Upside)
Action:Reiterated
Date:05/16/26
The score is driven primarily by middling financial performance (inconsistent revenue, declining profitability trend, and volatile free cash flow, with rising leverage as a risk). Valuation is a key offset (low P/E and strong dividend yield), while technical indicators are neutral-to-mixed and do not add a clear tailwind.
Positive Factors
Diversified business mix (paper, packaging, forestry)
A broad portfolio across paper grades, containerboard and downstream corrugated packaging plus owned forestry creates multiple revenue streams and vertical integration. This reduces single-market exposure, helps stabilize raw fiber supply, and supports margin capture through internal procurement over the medium term.
Negative Factors
Inconsistent revenue and weakened profitability
Choppy revenue and a multi-year downtrend in margins signal weaker pricing power and operating leverage. Persistent inconsistency undermines the predictability of earnings and makes planning for investment, dividends, and deleveraging harder, raising execution risk over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified business mix (paper, packaging, forestry)
A broad portfolio across paper grades, containerboard and downstream corrugated packaging plus owned forestry creates multiple revenue streams and vertical integration. This reduces single-market exposure, helps stabilize raw fiber supply, and supports margin capture through internal procurement over the medium term.
Read all positive factors
Oji Holdings (3861) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥785.71B
Dividend Yield3.51%
Average Volume (3M)4.22M
Price to Earnings (P/E)13.9
Beta (1Y)0.59
Revenue Growth0.67%
EPS Growth31.73%
CountryJP
Employees38,322
SectorBasic Materials
Sector Strength58
IndustryPaper, Lumber & Forest Products
Share Statistics
EPS (TTM)23.28
Shares Outstanding1,014,381,840
10 Day Avg. Volume5,020,360
30 Day Avg. Volume4,220,993
Financial Highlights & Ratios
PEG Ratio0.48
Price to Book (P/B)0.70
Price to Sales (P/S)0.41
P/FCF Ratio36.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)64
Revenue Forecast (FY)¥1.92T
Oji Holdings Business Overview & Revenue Model
Company Description
Oji Holdings Corporation, together with its subsidiaries, engages in the pulp and paper business in Japan and internationally. It operates in four segments: Household and Industrial Materials, Functional Materials, Forest Resources and Environment...
How the Company Makes Money
Oji Holdings makes money primarily by manufacturing and selling paper- and fiber-based products and related materials, with revenue generated through business-to-business sales to publishers, printers, consumer goods companies, industrial customer...
Oji Holdings Financial Statement Overview
Summary
Income Statement
50
Neutral
Balance Sheet
60
Neutral
Cash Flow
54
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.87T | 1.86T | 1.85T | 1.70T | 1.71T | 1.47T |
| Gross Profit | 340.97B | 312.56B | 338.85B | 317.90B | 333.92B | 338.33B |
| EBITDA | 153.95B | 133.57B | 161.94B | 154.38B | 158.91B | 186.81B |
| Net Income | 23.35B | 55.58B | 46.17B | 50.81B | 56.48B | 87.51B |
Balance Sheet | ||||||
| Total Assets | 2.59T | 2.69T | 2.64T | 2.44T | 2.30T | 2.05T |
| Cash, Cash Equivalents and Short-Term Investments | 69.10B | 74.97B | 65.86B | 62.86B | 57.07B | 55.82B |
| Total Debt | 948.67B | 955.90B | 927.66B | 759.52B | 809.95B | 670.90B |
| Total Liabilities | 1.53T | 1.55T | 1.50T | 1.35T | 1.33T | 1.18T |
| Stockholders Equity | 1.04T | 1.10T | 1.10T | 1.07T | 937.08B | 851.39B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 20.93B | -49.51B | 87.88B | -75.85B | 44.93B |
| Operating Cash Flow | 0.00 | 113.38B | 94.42B | 202.90B | 18.26B | 143.59B |
| Investing Cash Flow | 0.00 | -10.18B | -154.91B | -118.00B | -123.27B | -92.57B |
| Financing Cash Flow | 0.00 | -95.91B | 60.97B | -84.90B | 101.79B | -136.00B |
Oji Holdings Technical Analysis
Negative
797.90
Price Trends
848.33
Negative
875.51
Negative
824.36
Negative
Market Momentum
-10.76
Positive
34.48
Neutral
10.28
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3861, the sentiment is Negative. The current price of 797.9 is below the 20-day moving average (MA) of 825.86, below the 50-day MA of 848.33, and below the 200-day MA of 824.36, indicating a bearish trend. The MACD of -10.76 indicates Positive momentum. The RSI at 34.48 is Neutral, neither overbought nor oversold. The STOCH value of 10.28 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3861.
Oji Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ¥158.40B | 12.48 | 3.57% | 1.31% | 0.86% | 158.75% | |
65 Neutral | ¥135.58B | 26.17 | ― | 3.19% | 9.42% | -35.70% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | ¥785.71B | 13.87 | 2.55% | 3.51% | 0.67% | 31.73% | |
57 Neutral | ¥136.24B | 20.97 | 3.97% | 2.71% | -5.88% | -52.79% | |
55 Neutral | ¥48.45B | 19.03 | -0.13% | 2.31% | -10.51% | -56.26% | |
49 Neutral | ¥159.06B | 19.04 | 1.66% | 1.53% | -1.57% | ― |
* Basic Materials Sector Average
JP:3861
Oji Holdings
777.10
122.14
18.65%
JP:3864
Mitsubishi Paper Mills
1,095.00
481.43
78.46%
JP:3863
Nippon Paper
1,364.00
351.06
34.66%
JP:3865
Hokuetsu Corporation
897.00
-92.55
-9.35%
JP:3880
Daio Paper Corporation
958.00
133.89
16.25%
JP:8032
Japan Pulp and Paper Co. Ltd.
1,151.00
577.58
100.72%
Oji Holdings Corporate Events
Oji Holdings Sees Profit Rebound Ahead as It Boosts Payouts and Restructuring
May 15, 2026
Oji Holdings reported a decline in operating profit for fiscal 2025, hurt by weak overseas pulp and paper markets, lower domestic sales, and rising logistics and personnel costs, even as net profit rose on foreign exchange gains and asset sales. F...
Oji Holdings Lifts Profit but Cuts Dividend Outlook as Earnings Peak
May 15, 2026
Oji Holdings reported fiscal year 2025 consolidated net sales of ¥1.86 trillion, down slightly year on year, while operating profit rose to ¥67.7 billion and profit attributable to owners of parent climbed to ¥46.2 billion, reflecti...
Oji Holdings to Cancel Nearly 10% of Outstanding Shares
May 13, 2026
Oji Holdings will cancel 100,000,000 shares of its common stock, representing 9.9% of its outstanding shares, following a resolution by its board of directors. The cancellation, scheduled for May 29, 2026, will reduce the total number of shares ou...
Oji Lifts Profit Outlook for FY2026, Targets Higher Sales and Operating Earnings in FY2027
May 13, 2026
Oji Holdings has revised its forecast for the year ending March 2026, keeping net sales broadly unchanged but cutting operating profit guidance due to weaker domestic volumes and a slower-than-expected pulp market recovery. Despite this, ordinary ...
Oji Holdings Advances Large-Scale Share Buyback Program
May 7, 2026
Oji Holdings has continued its share buyback program authorized by its board in December 2025, repurchasing 18,343,500 common shares on the Tokyo Stock Exchange between April 1 and April 30, 2026, at a total cost of about JPY 15.47 billion. The pu...
Oji Holdings Advances ¥50 Billion Share Buyback Program
Apr 1, 2026
Oji Holdings has continued its share repurchase program authorized by its board in December 2025, buying back 9,491,200 common shares on the Tokyo Stock Exchange between March 1 and March 31, 2026, at a total cost of about ¥8.6 billion. Cumul...
Oji Holdings Advances Large-Scale Share Buyback Program in February 2026
Mar 3, 2026
Oji Holdings Corporation has continued its share repurchase program, buying back 6,114,400 shares of its common stock on the Tokyo Stock Exchange in February 2026 at a total cost of approximately JPY 5.87 billion. These purchases were executed via...
Oji Holdings Reshapes Top Management With Board-Level Change
Feb 27, 2026
Oji Holdings has announced a change in its top management structure, with the Board of Directors resolving to alter the role of one of its senior leaders. The move reflects an internal reorganization of governance and leadership responsibilities.E...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.