7947
FP CORPORATION
株式会社エフピコ
Consumer Cyclical · Packaging & Containers
FP Corporation manufactures and markets polystyrene and compound resin disposable food containers in Japan. It also markets related packaging materials. The company serves supermarkets, groceries, and convenience stores. The company was formerly known as Fukuyama Pearl Paper Manufacturing Corporation and changed its name to FP Corporation in January 1989. FP Corporation was incorporated in 1962 and is headquartered in Fukuyama, Japan.
Price
¥2,390
Market Cap
¥193.2B
Ent. Value
¥228.7B
Net Debt
−¥35.4B
Shares Out.
80.9M
P / E
13.0×
EV / EBIT
10.6×
P / Book
1.18×
P / NCAV
N/M
Div. Yield
1.32%
Financials
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Net Sales | ¥240.5B | ¥235.6B | ¥222.1B | ¥211.3B | ¥195.7B |
| Cost of Sales | ¥162.1B | ¥162.6B | ¥155.0B | ¥145.8B | ¥133.0B |
| Gross Profit | ¥78.4B | ¥73.1B | ¥67.1B | ¥65.5B | ¥62.7B |
| SG&A | ¥56.8B | ¥54.6B | ¥50.7B | ¥48.8B | ¥46.8B |
| Operating Income | ¥21.6B | ¥18.5B | ¥16.4B | ¥16.7B | ¥15.9B |
| Non-Operating Income | ¥800M | ¥728M | ¥900M | ¥908M | ¥998M |
| Dividend Income | — | ¥89M | ¥80M | ¥108M | ¥115M |
| Interest Income | — | ¥12M | ¥2M | ¥2M | ¥1M |
| Non-Operating Expenses | — | ¥748M | ¥548M | ¥283M | ¥180M |
| Interest Expense | — | ¥198M | ¥158M | ¥137M | ¥69M |
| Ordinary Income | ¥21.8B | ¥18.5B | ¥16.8B | ¥17.3B | ¥16.7B |
| Pre-tax Income | ¥21.5B | ¥18.3B | ¥17.0B | ¥16.9B | ¥16.5B |
| Income Taxes | ¥6.5B | ¥5.8B | ¥5.3B | ¥5.3B | ¥5.2B |
| Current Tax | — | ¥6.2B | ¥5.1B | ¥5.4B | ¥5.0B |
| Deferred Tax | — | ¥-399M | ¥114M | ¥-115M | ¥132M |
| Net Income (owners) | ¥14.9B | ¥12.5B | ¥11.7B | ¥11.5B | ¥11.2B |
| Minority Interest | — | ¥6M | ¥7M | ¥76M | ¥98M |
| Comprehensive Income | — | ¥12.8B | ¥12.5B | ¥11.6B | ¥11.1B |
| EBITDA | ¥36.2B | ¥33.2B | ¥31.5B | ¥30.9B | ¥29.5B |
| EPS | ¥183.87 | ¥154.46 | ¥143.50 | ¥140.87 | ¥136.96 |
| Shares Outstanding | — | 80.9M | 80.8M | 81.8M | 81.8M |
| Shares Issued (total) | — | 84.6M | 84.6M | 84.6M | 84.6M |
| Treasury Shares | — | 3.7M | 3.7M | 2.7M | 2.7M |
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥304.1B | ¥292.2B | ¥298.6B | ¥298.6B | ¥262.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥105.4B | ¥98.8B | ¥105.5B | ¥101.4B | ¥87.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥25.5B | ¥19.0B | ¥23.7B | ¥22.3B | ¥19.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | — | ¥31.8B | ¥32.7B | ¥30.0B | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥198.6B | ¥193.4B | ¥193.1B | ¥197.2B | ¥175.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥177.2B | ¥173.7B | ¥172.7B | ¥179.3B | ¥163.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | — | ¥557M | ¥698M | ¥224M | ¥413M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | — | ¥3.3B | ¥3.6B | ¥1.8B | ¥1.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥12.2B | ¥10.3B | ¥11.0B | ¥10.9B | ¥4.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | — | ¥4.3B | ¥3.9B | ¥4.1B | ¥3.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥138.9B | ¥138.1B | ¥152.7B | ¥158.5B | ¥130.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥86.2B | ¥84.4B | ¥86.2B | ¥83.9B | ¥76.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | — | ¥28.1B | ¥28.9B | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥15.7B | ¥14.8B | ¥14.4B | ¥14.9B | ¥14.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | — | ¥3.9B | ¥2.9B | ¥3.2B | ¥2.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥52.7B | ¥53.7B | ¥66.5B | ¥74.6B | ¥53.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥45.2B | ¥46.2B | ¥58.9B | ¥67.3B | ¥46.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | — | ¥5.1B | ¥5.3B | ¥5.1B | ¥5.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | — | ¥345M | ¥359M | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥165.2B | ¥154.1B | ¥145.8B | ¥140.2B | ¥132.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | — | ¥13.2B | ¥13.2B | ¥13.2B | ¥13.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | — | ¥15.6B | ¥15.6B | ¥15.6B | ¥15.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥140.0B | ¥130.9B | ¥123.0B | ¥115.1B | ¥107.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | — | ¥-8.4B | ¥-8.5B | ¥-5.5B | ¥-5.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | — | ¥2.2B | ¥1.9B | ¥1.1B | ¥1.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥160.4B | ¥151.2B | ¥143.2B | ¥138.3B | ¥130.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | — | ¥685M | ¥712M | ¥738M | ¥695M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥60.9B | ¥60.9B | ¥73.3B | ¥82.2B | ¥60.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-35.4B | ¥-41.9B | ¥-49.6B | ¥-59.9B | ¥-40.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥-33.5B | ¥-39.3B | ¥-47.2B | ¥-57.0B | ¥-42.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | — | ¥-486 | ¥-584 | ¥-697 | ¥-523 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | — | ¥1,870 | ¥1,772 | ¥1,690 | ¥1,596 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Operating CF | ¥30.0B | ¥27.9B | ¥29.2B | ¥20.1B | ¥23.1B |
| Interest Paid | — | ¥-218M | ¥-155M | ¥-134M | ¥-68M |
| Interest Received | — | ¥187M | ¥83M | ¥110M | ¥117M |
| D&A | ¥14.6B | ¥14.8B | ¥15.1B | ¥14.2B | ¥13.6B |
| Investing CF | ¥-16.6B | ¥-14.9B | ¥-10.7B | ¥-34.3B | ¥-22.9B |
| CapEx | ¥16.0B | ¥14.8B | ¥11.4B | ¥27.8B | ¥23.2B |
| Proceeds from Invest. | — | ¥480M | ¥305M | ¥756M | — |
| Financing CF | ¥-6.9B | ¥-18.1B | ¥-17.0B | ¥16.7B | ¥1.6B |
| Dividends Paid | — | ¥-4.6B | ¥-3.8B | ¥-3.8B | ¥-3.7B |
| Share Buybacks | — | ¥0M | ¥-3.0B | ¥0M | ¥0M |
| LT Debt Repaid | — | ¥-14.3B | ¥-14.9B | ¥-16.0B | ¥-17.1B |
| Free Cash Flow | ¥14.0B | ¥13.1B | ¥17.8B | ¥-7.7B | ¥-98M |
| Net Change in Cash | — | ¥-5.1B | ¥1.5B | ¥2.5B | ¥1.9B |
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| ROE | 9.3% | 8.4% | 8.2% | 8.5% | 8.8% |
| ROA | 5.0% | 4.2% | 3.9% | 4.1% | 4.3% |
| EPS | ¥183.87 | ¥154.46 | ¥143.50 | ¥140.87 | ¥136.96 |
| DPS | ¥31.50 | ¥61.50 | ¥57.00 | ¥47.00 | ¥47.00 |
| BPS | ¥2,033.28 | ¥1,897.68 | ¥1,795.71 | ¥1,703.56 | ¥1,610.11 |
| FCF/Share | — | ¥162 | ¥221 | ¥-94 | ¥-1 |
| NCAV/Share | — | ¥-486 | ¥-584 | ¥-697 | ¥-523 |
| Payout Ratio | 17.1% | 39.8% | 39.7% | 33.4% | 34.3% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 1
Capital Allocation Signals 2
| Date | Type | Amount | Summary | |
|---|---|---|---|---|
|
2026-05-21
15:00
|
Div Increase | ¥3.4B ¥41.5/sh +4% | F.P. Corp. announced a final dividend of ¥41.50 per share for FY2026 ending March 31, 2026, consistent with prior guidan… | |
|
Summary
F.P. Corp. announced a final dividend of ¥41.50 per share for FY2026 ending March 31, 2026, consistent with prior guidance. Combined with the interim dividend of ¥31.50, the total annual dividend is ¥73.00 per share, representing a 3.75% year-over-year increase from ¥61.50. The total dividend payout is ¥3,356 million with a consolidated dividend payout ratio of 39.7%, reflecting the company's policy of stable, continuous dividend increases without reduction (non-declining dividend policy) targeting a 40% payout ratio.
YoY: +4%
Source (JP)
当期の1株当たり年間配当金は、中間配当金31円50銭と合わせ73円00銭となり、連結配当性向は39.7％となります。直近の配当予想のとおり１株当たり41円50銭とさせていただきます。
剰余金の配当に関するお知らせ
TDnet PDF
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2026-04-30
15:00
|
Div Increase | ¥41.5/sh +4% | F-packs (7947) announced an increase in its FY2026 (ending March 31, 2026) final dividend from ¥40.00 to ¥41.50 per shar… | |
|
Summary
F-packs (7947) announced an increase in its FY2026 (ending March 31, 2026) final dividend from ¥40.00 to ¥41.50 per share, a ¥1.50 increase. The dividend revision was approved on April 30, 2026, following better-than-expected earnings results. Total dividend for FY2026 rises to ¥73.00 per share, with a consolidated dividend payout ratio of 39.7%.
YoY: +4%
Source (JP)
期末配当を１株当たり40円00銭としておりましたが、親会社株主に帰属する当期純利益が業績予想を上回る結果となったことから、1円50銭増配し、１株当たり41円50銭に修正いたします。
配当予想の修正（増配）に関するお知らせ
TDnet PDF
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| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 | 株式会社小松安弘興産 | 28,778 | 35.59% |
| 2 |
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社（信託口）
|
7,739 | 9.57% |
| 3 |
Japan Custody Bank
株式会社日本カストディ銀行（信託口）
|
5,569 | 6.89% |
| 4 |
Sekisui Kasei Co.,Ltd.
積水化成品工業株式会社
|
2,865 | 3.54% |
| 5 | 株式会社西日本シティ銀行 | 1,760 | 2.18% |
| 6 | エフピコ共栄会 | 1,595 | 1.97% |
| 7 |
The Master Trust Bank of Japan, Ltd. (Trust Account)
日本マスタートラスト信託銀行株式会社（退職給付信託積水化成品工業口）
|
1,200 | 1.48% |
| 8 |
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行（信託口４）
|
1,187 | 1.47% |
| 9 |
Dai-ichi Life Insurance
第一生命保険株式会社（常任代理人 株式会社日本カストディ銀行）
|
1,102 | 1.36% |
| 10 |
Employee Stock Ownership Plan
エフピコ社員持株会
|
1,098 | 1.36% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
19.4%
+2.6% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
46.0%
-1.7% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 65.4% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 式会社小松安弘興産 | 35.16% | 35.61% | 35.59% -0.02% | |
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 12.21% | 11.06% | 11.05% -0.01% | |
| Japan Custody Bank 日本カストディ銀行 | 7.57% | 5.77% | 8.36% +2.59% | |
| Sekisui Kasei Co.,Ltd. 積水化成品工業 | 3.50% | 3.55% | 3.54% -0.01% | |
| 式会社西日本シティ銀行 | 2.15% | 2.18% | 2.18% | |
| エフピコ共栄会 | 1.93% | 1.99% | 1.97% -0.02% | |
| Dai-ichi Life Insurance 第一生命保険 | 1.35% | 1.36% | 1.36% | |
| Employee Stock Ownership Plan エフピコ社員持株会 | — | 1.29% | 1.36% +0.07% | |
| Sumitomo Life Insurance 住友生命保険 last seen 2024 | Exited Top 10 | 1.56% | 1.74% | — |
| 式会社もみじ銀行 last seen 2023 | Exited Top 10 | 1.30% | — | — |
| Concentration (HHI) ⓘ | 1469 | 1452 | 1484 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥2,546M
-10% since 2023
Holdings
32
+1 new
5 exited
Trend
1 unwinding
vs 2023
| Held Company | FY2025 ¥2,546M total | FY2023 ¥2,832M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Sekisui Kasei Co.,Ltd.
積水化成品工業㈱
|
480 |
1,348,933
|
562 | 1,348,933 | M |
|
AEON Co.,Ltd.
イオン㈱
|
465 |
+3.0%
↑
124,102
|
309 | 120,450 | |
|
Aeon Hokkaido Corporation
イオン北海道㈱
|
277 |
326,880
|
262 | 326,880 | |
| 第一生命ホールディングス㈱ | 189 |
41,900
|
102 | 41,900 | M |
|
Kousoku Co., Ltd.
㈱高速
|
164 |
-72.3%
↓
80,328
|
583 | 290,328 | |
|
譬ｪ蠑丈ｼ夂､ｾ隘ｿ譌･譛ｬ繝輔ぅ繝翫Φ繧ｷ繝｣繝ｫ繝帙�ｼ繝ｫ繝�繧｣繝ｳ繧ｰ繧ｹ
㈱西日本フィナンシャルホールディングス
|
143 |
68,717
|
74 | 68,717 | M |
|
izumico.,ltd
㈱イズミ
|
95 |
30,160
|
94 | 30,160 | |
|
RETAIL PARTNERS CO., LTD.
㈱リテールパートナーズ
|
92 |
+2.4%
↑
68,332
|
91 | 66,742 | |
|
HOKUTO CORPORATION
ホクト㈱
|
80 |
43,204
|
80 | 43,204 | M |
|
ALBIS Co.,Ltd.
アルビス㈱
|
55 |
20,000
|
49 | 20,000 | |
| ㈱マミーマート | 48 |
10,000
|
22 | 10,000 | |
|
Sakana Chikara Co., Ltd.
㈱魚力
|
47 |
20,000
|
43 | 20,000 | |
|
Chugin Financial Group, Inc.
㈱ちゅうぎんフィナンシャルグループ
|
45 |
27,120
|
24 | 27,120 | M |
|
TENMAYA STORE CO.,LTD.
㈱天満屋ストア
|
44 |
+10.9%
↑
46,368
|
42 | 41,800 | |
| アクシアルリテイリング(株) | 38 |
NEW
New
40,000
|
— | ||
|
VALOR HOLDINGS CO.,LTD.
㈱バローホールディングス
|
37 |
15,840
|
30 | 15,840 | |
|
LIFE CORPORATION
㈱ライフコーポレーション
|
35 |
+107.9%
↑
18,616
|
23 | 8,956 | |
|
Hirogin Holdings, Inc.
㈱ひろぎんホールディングス
|
32 |
26,445
|
16 | 26,445 | M |
|
AEON KYUSHU CO., LTD.
イオン九州㈱
|
31 |
+7.5%
↑
13,052
|
28 | 12,138 | |
|
FUJI CO., LTD.
㈱フジ
|
26 |
12,400
|
21 | 12,400 | |
|
NH Foods Ltd.
日本ハム㈱
|
25 |
5,000
|
19 | 5,000 | |
|
YOSHINOYA HOLDINGS CO.,LTD.
㈱吉野家ホールディングス
|
24 |
+11.0%
↑
8,174
|
17 | 7,364 | |
|
eco's co.,ltd
㈱エコス
|
21 |
10,000
|
18 | 10,000 | |
|
HEIWADO CO.,LTD.
㈱平和堂
|
14 |
+21.7%
↑
5,900
|
9 | 4,847 | |
|
United Super Markets Holdings Inc.
ユナイテッド・スーパーマーケット・ホールディングス㈱
|
12 |
+63.8%
↑
15,364
|
10 | 9,378 | |
|
POPLAR Co., Ltd.
㈱ポプラ
|
9 |
+2.3%
↑
46,078
|
6 | 45,028 | |
|
UOKI CO.,LTD.
㈱魚喜
|
8 |
8,200
|
9 | 8,200 | |
|
ARCS COMPANY,LIMITED
㈱アークス
|
5 |
2,000
|
4 | 2,000 | |
|
Maruyoshi Center Inc.
㈱マルヨシセンター
|
3 |
1,000
|
2 | 1,000 | |
|
YAMANAKA CO.,LTD.
㈱ヤマナカ
|
2 |
5,000
|
3 | 5,000 | |
|
Mitsubishi UFJ Financial Group, Inc.
㈱三菱ＵＦＪフィナンシャル・グループ
|
— | — | |||
|
The Chugoku Bank, Limited
㈱中国銀行
|
— | — | M | ||
|
inageya co.,ltd.
㈱いなげや
|
— |
−100%
Exit
—
|
12 | 10,000 | |
|
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
|
— |
−100%
Exit
—
|
138 | 73,545 | |
|
Yamaguchi Finacial Group,Inc.
㈱山口フィナンシャルグループ
|
— |
−100%
Exit
—
|
92 | 113,911 | M |
| アクシアル リテイリング㈱ | — |
−100%
Exit
—
|
34 | 10,000 | |
|
Yakiniku Sakai Holdings Inc.
㈱焼肉坂井ホールディングス
|
— |
−100%
Exit
—
|
4 | 60,000 | |
| Portfolio total | 2,546 | 2,832 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding