THE PACK CORPORATION

3950 ザ・パック株式会社

Pulp & Paper · Prime · TSE: Disclosed

PRICE: ¥1,321 · MKT CAP: ¥73.4B · P/E: 12.3x · P/B: 0.95x · DIV YIELD: 2.0%

PRICE — 5Y

Characteristics & Business Summary

The Pack Corporation, together with its subsidiaries, manufactures and sells paper products, film packaging, and other products in Japan and internationally. The company offers tote bags, paper bags, plastic bags, parcel delivery bags, sewn bags, garment...

Income Statement Highlights (¥ Million, except EPS/DPS in ¥)

Fiscal Period	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Net Sales	78,445	80,177	89,060	97,714	101,461	103,125
Operating Profit	3,275	4,144	5,972	7,743	8,009	7,207
Ordinary Profit	3,606	4,422	6,353	8,063	8,285	7,532
Net Profit	2,392	2,824	4,058	5,652	6,316	6,024
EPS	¥126	¥149	¥213	¥297	¥336	¥108
DPS	¥60	¥50	¥65	¥90	¥118	¥27

Balance Sheet & Valuation Highlights

Total Assets ¥104B

Net Assets (Equity) ¥77B

Equity Ratio 73.9%

ROE (Return on Equity) 8.1%

Cash & Equivalents ¥24B

Interest-Bearing Debt ¥0B

Capital Expenditure (CapEx) ¥3B

Depreciation & Amort. ¥3B

Major Shareholders

1. 公益財団法人森田記念福祉財団 11.2%
2. Business Partner Stock Ownership Plan 6.9%
3. ビービーエイチフオーフイデリテイロープライスドストックフアンド（プリンシパルオールセクターサブポートフオリオ）（常任代理人株式会社三菱ＵＦＪ銀行） 6.6%
4. The Master Trust Bank of Japan, Ltd. (Trust Account) 5.1%
5. Custody Bank of Japan, Ltd. (Trust Account) 3.9%
6. Daishowa Paper Manufacturing Co., Ltd. 3.1%
7. NIPPON ACTIVE VALUE FUND PLC（常任代理人香港上海銀行東京支店） 2.9%
8. NAVF SELECT LLC （常任代理人香港上海銀行東京支店） 2.9%
9. 七條紙商事株式会社 2.6%
10. Custody Bank of Japan, Ltd. (Trust Account) 2.3%

Activist Activity

NIPPON ACTIVE VALUE FUND PLC 4.63%

2026-06-09 · increase

NIPPON ACTIVE VALUE FUND PLC 8.05%

2026-04-08 · change

NIPPON ACTIVE VALUE FUND PLC 7.04%

2026-03-13 · change

NIPPON ACTIVE VALUE FUND PLC 6.03%

2026-02-04 · change

NIPPON ACTIVE VALUE FUND PLC 5.02%

2026-02-04 · correction

Historical Per-Share Data & Valuation Ratios

Per Share Metric	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenues per share	¥4,131	¥4,221	¥4,685	¥5,134	¥5,402	¥1,855
FCF/Share	¥11	¥210	¥119	¥-60	¥124	¥73
EPS	¥126	¥149	¥213	¥297	¥336	¥108
DPS	¥60	¥50	¥65	¥90	¥118	¥27
Capital Spending per share	¥155	¥169	¥164	¥293	¥254	¥50
Book Value per share	¥3,099	¥3,193	¥3,352	¥3,578	¥3,804	¥1,335
Common Shares Outstanding	19M	19M	19M	19M	19M	56M

Financial Aggregates & Margins

Financial Aggregate	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenues (Net Sales)	¥78B	¥80B	¥89B	¥98B	¥101B	¥103B
Operating Margin (%)	4.2%	5.2%	6.7%	7.9%	7.9%	7.0%
Net Profit (owners)	¥2B	¥3B	¥4B	¥6B	¥6B	¥6B
Net Profit Margin (%)	3.0%	3.5%	4.6%	5.8%	6.2%	5.8%
Working Capital	¥26B	¥30B	¥32B	¥31B	¥31B	¥34B
Total Debt (Interest-bearing)	¥0B	¥0B	¥0B	¥0B	¥0B	¥0B
Net Worth (Common Equity)	¥59B	¥61B	¥64B	¥68B	¥71B	¥74B
Return on Total Assets (ROA)	2.9%	3.2%	4.3%	5.7%	6.1%	5.8%
Return on Common Equity (ROE)	4.1%	4.7%	6.4%	8.3%	8.8%	8.1%

Business Summary & Analysis

Capital Strategy Targets

No active capital policy disclosure records found.