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Overview

Wholesale Trade

HEIWA PAPER CO.,LTD.

Heiwa Paper Co., Ltd. is a wholesale distributor of Western paper, Japanese paper (washi), and specialty/high-grade papers, operating through its parent company and three consolidated subsidiaries across Japan and Hong Kong. The group provides an integrated supply chain encompassing paper sales, logistics, warehousing, and paper processing services, with a particular strength in original inventory sales of premium and specialty papers. In addition to its core paper wholesale business, the company engages in real estate leasing of its owned properties to group companies and third parties.

Market Cap

¥4.35B

US$27.7M

¥-0.04B

-US$0.25M

Stock¥470▲+0.64%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

LTM EV/EBIT

LTM PER

39.9

LTM PBR

0.4

2026-08-25 closing price basis: ranked #132 in beluuga.ai's "Japanese listed companies with negative Enterprise Value" ranking (simplified EV ≈ ¥-1B).

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-16.5%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

85%

EquityD/E 0.17xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 41.0%

as of 2026-03-31 · Source: Annual Securities Report

Tokushu Tokai Paper Co.,Ltd.

8.80%

HEIWA PAPER CO.,LTD. Business Partners' Stock Ownership Association

7.13%

Oji F-Tex Co., Ltd.

5.61%

Nippon Paper Industries Co.,Ltd.

3.39%

Hokuetsu Corporation

3.31%

Fuji Kyowa Paper Manufacturing Co., Ltd.

3.06%

Tokyo Paper Mfg. Co., Ltd.

2.74%

Katsumasa KOJIMA

2.53%

Yoshio SEIKE

2.23%

Kasuga Co., Ltd.

2.19%

Management

11 officers

Yoshio SEIKE

Representative Director, President

Oct 1993 Joined the Company Apr 2002 General Manager, Johoku Sales Department, Tokyo Head Office Apr 2004 Executive Officer, General Manager, Business Administration Department, Sales Division Headquarters Jun 2005 Director, General Manager, Business Administration Division Apr 2011 Director, General Manager, Nagoya Branch Apr 2013 Director, Deputy General Manager, Sales Division Headquarters, and General Manager, Tokyo Head Office Jun 2013 Managing Director, Deputy General Manager, Sales Division Headquarters, and General Manager, Tokyo Head Office Apr 2014 Senior Managing Director, General Manager, Sales Division Headquarters Jun 2015 Representative Director, President, General Manager, Sales Division Headquarters Jun 2020 Representative Director, President Jun 2023 Representative Director, President, and General Manager, Administration Division Headquarters Jun 2024 Representative Director, President (current)

1963-11-08

Kazutoshi BANNO

Managing Director, in charge of Nagoya Branch

Apr 1983 Joined the Company Apr 2004 General Manager, Sales Department, Nagoya Branch Apr 2010 General Manager, Sales Department No. 1, Tokyo Head Office Apr 2013 General Manager, Sales Department No. 2, Nagoya Branch Apr 2016 Executive Officer, General Manager, Nagoya Branch Jun 2017 Director, General Manager, Nagoya Branch Apr 2018 Director, General Manager, Nagoya Branch, and General Manager, Sales Promotion Department Apr 2023 Director, General Manager, Nagoya Branch Apr 2025 Director, in charge of Nagoya Branch Jun 2025 Managing Director, in charge of Nagoya Branch (current)

1960-12-17

Keiichi YANO

Managing Director, General Manager, Osaka Head Office

Apr 1983 Joined the Company Apr 2011 General Manager, Sales Promotion Department, Osaka Head Office Apr 2020 Executive Officer, General Manager, Osaka Head Office Jun 2020 Director, General Manager, Osaka Head Office Jun 2025 Managing Director, General Manager, Osaka Head Office (current)

1960-08-05

Hideo YOKOYAMA

Director, General Manager, Sales Division; General Manager, Tokyo Head Office; General Manager, Order Department, Tokyo Head Office

Apr 1992 Joined the Company Apr 2013 General Manager, Sales Department No. 1, Tokyo Head Office Apr 2018 Executive Officer, General Manager, Tokyo Head Office Jun 2020 Director, General Manager, Tokyo Head Office Apr 2023 Director, General Manager, Sales Division, and General Manager, Tokyo Head Office Apr 2026 Director, General Manager, Sales Division, General Manager, Tokyo Head Office, and General Manager, Order Department, Tokyo Head Office (current)

1970-01-16

Takashi KOMIYA

Director, General Manager, Business Promotion Division and General Manager, Business Development Division

Apr 1997 Joined the Company Apr 2014 General Manager, Company-wide Operations Department, Sales Division Headquarters Jun 2020 Executive Officer, General Manager, Operations Division Apr 2023 Executive Officer, General Manager, Sales Promotion Division, and General Manager, Operations Division Jun 2023 Director, General Manager, Sales Promotion Division, and General Manager, Operations Division Apr 2024 Director, General Manager, Business Promotion Division, and General Manager, Business Development Division (current)

1972-05-04

Masayuki KOJIMA

Director, Deputy General Manager, Osaka Head Office

Apr 2001 Joined the Company Apr 2014 General Manager, Sales Department No. 3, Tokyo Head Office Apr 2015 General Manager, Finance Department, Administration Division Headquarters Apr 2018 General Manager, Sales Department No. 2, Tokyo Head Office Jun 2020 Executive Officer, General Manager, Sales Planning Division Apr 2023 Executive Officer, Deputy General Manager, Tokyo Head Office Jun 2023 Director, Deputy General Manager, Tokyo Head Office Apr 2024 Director, Deputy General Manager, Tokyo Head Office, and General Manager, Order Department Apr 2026 Director, Deputy General Manager, Osaka Head Office (current)

1978-12-31

Masafumi TAGUCHI

Director, General Manager, Administration Division Headquarters, and General Manager, Corporate Planning Department, Administration Division Headquarters

Apr 1989 Joined Mitsui Bank, Ltd. (now Sumitomo Mitsui Banking Corporation) Apr 2017 Seconded to Seijo Gakuin Apr 2020 Joined Seijo Gakuin Apr 2025 Full-time Advisor of the Company Jun 2025 Full-time Audit and Supervisory Board Member Jun 2026 Director, General Manager, Administration Division Headquarters, and General Manager, Corporate Planning Department, Administration Division Headquarters (current)

1965-10-04

Mitsugu SHIBATA

Director

Dec 1976 Joined Shibata Engei Hamono Co., Ltd. Jun 2004 Representative Director, President, Shibata Engei Hamono Co., Ltd. Aug 2012 Representative Director, President, Minoru Sangyo Co., Ltd. Aug 2012 Representative Director, Toshi Engei Kenkyusho Ltd. Jun 2015 Outside Director of the Company (current) Jun 2017 Auditor, Toshi Engei Kenkyusho Ltd. (current) Jun 2025 Chairman of the Board, Shibata Engei Hamono Co., Ltd. (current)

1952-06-28

Yukihide MATSUOKA

Director (Audit and Supervisory Committee Member)

Jan 1983 Joined Tomatsu Aoki Audit Corporation (now Deloitte Touche Tohmatsu LLC) Jul 1991 Partner, Audit Corporation Tohmatsu (now Deloitte Touche Tohmatsu LLC) Oct 2011 Representative, Matsuoka Certified Public Accountant Office (current) Feb 2012 Part-time Auditor, Meisei Gakuen School Corporation (current) Apr 2013 Part-time Auditor, Japan Electric Power Exchange Jun 2013 Outside Audit and Supervisory Board Member of the Company Jun 2013 Outside Auditor, T-Gaia Corporation Jun 2013 Outside Auditor, Spankrete Corporation May 2017 Part-time Auditor, Japan Shogi Association (current) May 2019 Full-time Audit and Supervisory Board Member, Japan Amenity Life Association Co., Ltd. Jun 2023 Director (Audit and Supervisory Committee Member), Japan Amenity Life Association Co., Ltd. (current) Jun 2025 Part-time Auditor, Tsugawa Motor Research Foundation (current) Jun 2026 Director (Audit and Supervisory Committee Member) of the Company (current)

1952-10-04

Hiroyuki HARA

Director (Audit and Supervisory Committee Member)

Sep 1988 Joined Sanwa Tomatsu Aoki Audit Corporation (now Deloitte Touche Tohmatsu LLC) Aug 1993 Joined Furumoto Masaru Certified Public Accountant and Tax Accountant Office (now Deloitte Tohmatsu Tax Co.) Jun 2005 Partner, Tohmatsu Tax Corporation (now Deloitte Tohmatsu Tax Co.) Oct 2020 Representative, Hiroyuki Hara Certified Public Accountant and Tax Accountant Office (current) Jun 2023 Outside Audit and Supervisory Board Member of the Company Jun 2024 Outside Audit and Supervisory Board Member, Fujitec Co., Ltd. (current) Mar 2026 Director (Audit and Supervisory Committee Member), Synops Inc. (current) Jun 2026 Director (Audit and Supervisory Committee Member) of the Company (current)

1962-12-28

Ken SUGIOKA

Director (Full-time Audit and Supervisory Committee Member)

Apr 1994 Joined the Company Apr 2013 General Manager, Sales Department, Sales Division Headquarters Apr 2025 Senior Manager, General Manager, Corporate Planning Department, Administration Division Headquarters, and Senior Manager, General Affairs and Human Resources Department, Administration Division Headquarters Jun 2026 Director (Full-time Audit and Supervisory Committee Member) (current)

1969-03-09

Large Shareholding Reports

Oji F-Tex Co., Ltd.

2025-11-13

7.36%→5.30%

Annual report (as of 2026-03-31): 5.61%

Oji F-Tex Co., Ltd.

2025-11-12

7.27%→5.30%

Annual report (as of 2026-03-31): 5.61%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-08-10

Q1 Earnings Flash

FY ending Mar 2027

HEIWA PAPER CO.,LTD.

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HEIWA PAPER CO.,LTD.

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