Overview
Pulp and Paper

THE PACK CORPORATION

The Pack Corporation is a comprehensive packaging solutions provider holding the No.1 domestic market share in paper bags in Japan, offering a wide range of products including paper bags, printed paperboard containers, corrugated boxes, film/flexible packaging, and wrapping materials. The company serves diverse industries including apparel, food & beverage, daily consumer goods, e-commerce/logistics, and department stores, providing custom-designed original packaging from development and design through to mass production. Its competitive strengths lie in integrated capabilities spanning creative design, manufacturing (with FSSC22000-certified food-grade production lines in Tokyo and Osaka), and the ability to serve clients ranging from single-store operators to large multi-store retail chains.

Market Cap
¥82.3B
US$524M
EV
¥55.7B
US$354M
Stock¥1,490▼-0.13%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
5.4
x
LTM EV/EBIT
7.6
x
LTM PER
14.6
x
LTM PBR
1.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-1.4%pt
10012345
Oct 23, 25 – Oct 23, 26StockTOPIX
1Nov 13, 25Nippon Active Value Fund PLC (NAVF) filed large shareholding report
2Feb 4, 26Nippon Active Value Fund PLC (NAVF) changed stake (2.51%→3.01%)
3Mar 13, 26Nippon Active Value Fund PLC (NAVF) changed stake (3.01%→3.52%)
4Apr 8, 26Nippon Active Value Fund PLC (NAVF) changed stake (3.52%→4.03%)
5Jun 9, 26Nippon Active Value Fund PLC (NAVF) changed stake (4.03%→4.63%)
MC → EV Bridge
82.3BUS$524MMarket Cap0.40BUS$2.57M+ Debt19.5BUS$124M− Cash7.57BUS$48.2M− Inv. Sec.55.7BUS$354MEV
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Performance & Balance
Revenue 5Y (¥B)
80.2US$511M'21/1289.1US$567M'22/1297.7US$622M'23/12101US$646M'24/12103US$657M'25/12
EBITDA 5Y (¥B)
6.17US$39.3M'21/127.96US$50.7M'22/129.83US$62.6M'23/1210.4US$66.4M'24/1210.1US$64.6M'25/12
Net Income 5Y (¥B)
2.82US$18.0M'21/124.06US$25.8M'22/125.65US$36.0M'23/126.32US$40.2M'24/126.02US$38.4M'25/12
Capital Structure
99%
EquityD/E 0.01xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
22.5US$143M0.09US$0.54M'21/1222.9US$146M0.06US$0.38M'22/1224.4US$156M0.03US$0.22M'23/1223.2US$148M0.12US$0.74M'24/1230.2US$192M0.47US$3.01M'25/12
Shareholders
Top 10 hold 52.0%
1
Morita Memorial Welfare Foundation
11.30%
2
THE PACK CORPORATION Business Partners' Stock Ownership Association
6.86%
3
BBH FOR FIDELITY LOW-PRICED STOCK FUND (Standing Proxy: MUFG Bank, Ltd.)
6.56%
4
NIPPON ACTIVE VALUE FUND PLC (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
5.63%
5
NAVF SELECT LLC (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
5.13%
6
The Master Trust Bank of Japan, Ltd. (Other Trust Account)
4.58%
7
Custody Bank of Japan, Ltd. (Re-trust by Resona Bank, Ltd. / Hokuetsu Corporation Retirement Benefit Trust Account)
3.96%
8
Daio Paper Corporation
3.11%
9
Shichijo Paper Trading Co., Ltd.
2.58%
10
Morita Shoji Co., Ltd.
2.25%
Management
12 officers
Teruo TAKINOUE
Representative Director, Chairman
Apr 1984 Joined the Company Jan 2008 General Manager, Osaka Manufacturing Division Mar 2011 Director Jan 2012 Deputy Head, Manufacturing Division Apr 2014 Head, Production Division Mar 2015 Managing Director Jan 2017 Head, Manufacturing Division Mar 2018 Senior Managing Director Mar 2022 Representative Director, Executive Vice President Mar 2025 Representative Director, Chairman (current)
1961-04-30
Naoki NAKAMURA
Representative Director, President
Apr 1989 Joined the Company Jan 2008 General Manager, Tokyo First Division, Third Department Jan 2013 General Manager, Chugoku-Shikoku Division Jan 2017 Executive Officer Jan 2017 General Manager, Kansai Second Division Jan 2019 Managing Executive Officer Jan 2019 Head, Western Japan Division Mar 2024 Managing Director Mar 2025 Representative Director, President (current)
1965-06-05
Norio ASHIDA
Managing Director, Head of Manufacturing Division
Apr 1986 Joined the Company Jan 2011 General Manager, Tokyo Fourth Division Jan 2015 Executive Officer Jan 2019 Managing Executive Officer Jan 2019 Head, Eastern Japan Division Mar 2020 Managing Director (current) Mar 2024 Head, Sales Division Mar 2025 Head, Manufacturing Division (current)
1963-11-20
Ryuichi WATANABE
Managing Director, Head of Sales Division
Apr 1987 Joined the Company Jan 2016 Executive Officer Jan 2016 General Manager, Tokyo First Division Jan 2019 General Manager, Sales Coordination Office (current) Jan 2021 General Manager, Tokyo Second Division Mar 2022 Managing Executive Officer Mar 2022 Head, Eastern Japan Division Mar 2025 Managing Director Mar 2025 Head, Sales Division (current)
1964-01-09
Ikuo SHIMOMURA
Director, Head of Corporate Division
Apr 1989 Joined the Company Jan 2009 General Manager, Tokyo Third Division, Third Department Jan 2016 General Manager, Tokyo Second Division Jan 2021 Executive Officer Jan 2023 Deputy Head, Corporate Division Mar 2024 Director Mar 2024 Head, Corporate Division (current) Mar 2026 Managing Director (current)
1965-11-11
Uichiro NISHIO
Director
Mar 1982 Registered as Certified Public Accountant Dec 1983 Registered as Certified Tax Accountant Jul 1999 Representative Partner, Seiwa Audit Corporation Accounting Office Jul 2002 Representative Partner, Tohmatsu Audit Corporation Apr 2005 Professor, Graduate School of Management and Strategy, Kwansei Gakuin University Professional Graduate School Mar 2015 Audit & Supervisory Board Member Jun 2015 Outside Director, Shinke Kogyo Co., Ltd. (current) Jun 2016 Outside Audit & Supervisory Board Member, Kmew Corporation (current) Mar 2018 Director (current)
1955-03-07
Kahoru KASAHARA
Director
Mar 1989 Joined Pigeon Corporation Feb 2010 Representative Director, President, Pigeon Will Co., Ltd. Feb 2014 Executive Officer, Pigeon Corporation, Deputy Head, Domestic Baby and Mama Business Feb 2015 Executive Officer, Pigeon Corporation, Head of Development Division Feb 2019 Director, Pigeon Manufacturing Ibaraki Co., Ltd. Mar 2022 Director (current) Apr 2023 Outside Director, Morozoff Ltd. (current)
1961-12-14
Reiji DOMOTO
Director
Apr 1986 Joined Sumitomo Bank, Ltd. Apr 2011 General Manager, Kinki Corporate Division, SMBC Nikko Securities Inc. Apr 2013 General Manager, Corporate Sales Department, Senba Branch, Sumitomo Mitsui Banking Corporation Apr 2015 Executive Officer, Sumitomo Mitsui Banking Corporation Aug 2019 Executive Officer, SMBC Nikko Securities Inc. Mar 2021 Managing Executive Officer, SMBC Nikko Securities Inc. Aug 2024 Established Two Wheels Consulting Co., Ltd., Representative Director (current) Mar 2025 Director (current) Jun 2025 Outside Audit & Supervisory Board Member, Hankyu Corporation (current) Jun 2025 Outside Audit & Supervisory Board Member, Hankyu Hanshin Properties Corporation (current)
1963-05-29
Yasuhiro TAKAGI
Standing Audit & Supervisory Board Member
Apr 1987 Joined the Company Jan 2010 General Manager, Tokyo Purchasing Department, Purchasing Division Jan 2012 General Manager, Administration Department, Purchasing Division Jan 2016 General Manager, Purchasing Division Mar 2024 Standing Audit & Supervisory Board Member (current)
1965-01-13
Haruyasu ITO
Standing Audit & Supervisory Board Member
Apr 1984 Joined the Company Jan 2016 General Manager, Tokyo Second Division, Second Department Jan 2019 Managing Director, Kanaru Printing Co., Ltd. Mar 2020 Representative Director, President, Kanaru Printing Co., Ltd. Mar 2022 Director Mar 2022 Deputy Head, Manufacturing Division Jan 2023 In charge of Quality Control Division Mar 2024 General Manager, Nara Manufacturing Division Mar 2025 Standing Audit & Supervisory Board Member (current)
1961-11-30
Hisayoshi TAMAKOSHI
Audit & Supervisory Board Member
Apr 1992 Registered as Attorney-at-Law Aug 1998 Opened Tamakoshi Law Office (current) Jun 2013 Outside Audit & Supervisory Board Member, Tomoshia Holdings Co., Ltd. (current) Mar 2015 Audit & Supervisory Board Member (current)
1964-08-25
Tetsumasa IWASE
Audit & Supervisory Board Member
Apr 1983 Joined Nisshin Audit Corporation Mar 1986 Registered as Certified Public Accountant Nov 1989 Registered as Certified Tax Accountant May 1992 Opened Iwase Certified Public Accountant and Tax Accountant Office (current) Mar 2018 Audit & Supervisory Board Member (current)
1958-11-20
Large Shareholding Reports
NIPPON ACTIVE VALUE FUND PLC
2026-07-31
4.63%→5.21%
NIPPON ACTIVE VALUE FUND PLC
2026-07-02
4.63%→5.21%
FMR LLC
2026-06-19
—
Fidelity Management & Research Company LLC
2026-06-19
10.00%→8.48%
Fidelity Management & Research Company LLC
2026-06-19
7.21%→7.20%
FMR LLC
2026-06-19
—
FMR LLC
2026-06-19
—
Fidelity Management & Research Company LLC
2026-06-19
8.48%→7.36%
Fidelity Management & Research Company LLC
2026-06-19
7.36%→7.21%
NIPPON ACTIVE VALUE FUND PLC
2026-06-09
4.03%→4.63%
NAVF Select (Master) Fund LP
2026-04-08
3.52%→4.03%
NAVF Select LLC
2026-03-13
3.01%→3.52%
NIPPON ACTIVE VALUE FUND PLC
2026-02-04
2.51%
Correction filing (name/detail fix only) — ratio carried over from the original filing
NAVF Select LLC
2026-02-04
2.51%→3.01%
NAVF Select LLC
2025-11-13
2.51%
Morita Memorial Welfare Foundation
2025-09-16
10.75%→10.46%
Annual report (as of 2026-06-30): 11.30%
Mitsubishi UFJ Trust and Banking Corporation
2025-09-16
2.36%→1.46%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-10
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-07
Q2 Earnings Flash
FY ending Dec 2026
EDINETAmended
2026-07-31
Change Report
EDINET
2026-07-02
Large Shareholding Report
EDINETAmended
2026-06-19
Change Report
EDINETAmended
2026-06-19
Change Report
EDINET
2026-06-19
Large Shareholding Report
EDINET
2026-06-19
Large Shareholding Report
EDINET
2026-06-19
Large Shareholding Report
EDINET
2026-06-19
Large Shareholding Report
EDINETAmended
2026-06-19
Change Report
EDINET
2026-06-09
Large Shareholding Report
TDnet
2026-05-15
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-04-08
Large Shareholding Report
EDINET
2026-03-25
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-03-13
Large Shareholding Report
EDINETAmended
2026-02-04
Change Report
EDINET
2026-02-04
Large Shareholding Report
EDINET
2025-11-13
Large Shareholding Report
TDnet
2025-11-10
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-09-16
Large Shareholding Report
EDINET
2025-09-16
Large Shareholding Report
EDINET
2025-08-13
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-12
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-27
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-09
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-13
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-28
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-09
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
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