Pulp & Paper · Fiscal year end Mar 31

Hokuetsu Corporation

3865

北越コーポレーション株式会社

FIGI BBG000BFZDF03865.T3865 JPCorp. no. 6110001023149

Latest half-year results

First half · fiscal year to 2026-03 · filed 2025-11-14

For the first half of the fiscal year to 2026-03: Revenue ¥139.8 billion (-6.4% YoY), Ordinary income ¥3 billion (-66.7% YoY), Net income ¥2.4 billion (-62.2% YoY).

	This period	Year on year
Revenue	¥139.8bn	-6.4%
Ordinary profit	¥3.0bn	-66.7%
Net profit to owners	¥2.4bn	-62.2%

From the securities report on EDINET, which states no forecast. History via /v1/companies/3865/earnings-releases.

Financials

Japan GAAP · consolidated · fiscal year to 2026-03-31

Revenue: ¥287.7bn
Net income: ¥7.3bn
ROE: 2.8%
Equity ratio: 59.9%
Dividend / share: ¥26
Employees: 3,728

Revenue · ¥bn

Net income · ¥bn

Fiscal year	Revenue	Net income	Total assets	Net assets	ROE	EPS	Operating CF
2026-03-31	¥287.7bn	¥7.3bn	¥420.6bn	¥252.7bn	2.8%	¥43.59	¥10.2bn
2025-03-31	¥305.7bn	¥15.5bn	¥418.9bn	¥265.9bn	6.0%	¥92.34	¥40.9bn
2024-03-31	¥297.1bn	¥8.4bn	¥415.7bn	¥252.5bn	3.5%	¥49.89	¥22.3bn
2023-03-31	¥301.2bn	¥8.3bn	¥388.4bn	¥226.0bn	3.8%	¥49.54	¥1.7bn
2022-03-31	¥261.6bn	¥21.2bn	¥377.0bn	¥217.0bn	10.3%	¥126.22	¥20.2bn

Indicators

Computed by us from filings · fiscal year to 2026-03-31

Metric	Value	Percentile among listed companies
ROE, %	2.8	14.1
Ordinary margin	0.0392	30.3
Equity ratio, %	59.9	58.1
Revenue growth	-0.0588	10.8
Net income growth	-0.53	12.8
Operating cash flow / assets	0.0242	25.4

Policy-uncertainty measure0.96 Share of the report's text discussing policy-related uncertainty, by policy area. Proprietary text method.

Trade & tariffs 1 Monetary 1 Politics & geopolitics 2

Ownership activity 0 filer(s) stated they may make proposals in 365 days; 0 new 5% holder(s) in 180 days; net stake change 0.00pt in 90 days; 35.1% held by other listed companies.

Results wording balance: -0.02. Proprietary text method; it describes the wording only and does not interpret context.

Interest example: if all ¥95.9bn of reported debt repriced by 50 basis points, a year's interest would rise by ¥479m, 4.7% of operating cash flow. Our arithmetic only, not a forecast: fixed-rate debt and hedges are ignored.

Via /v1/companies/3865/indicators. Descriptive figures, not a rating and not investment advice.

From other filings

As the company states them

Bond ratings stated in filings: JCR A (2026-07-17, 第31回無担保社債); R&I A (2026-07-17, 第31回無担保社債). One bond's rating on that date, as the company stated it; it may have changed. The agencies' opinions, not ours. /v1/companies/3865/credit-ratings

Share buyback, report to —: ¥10.3bn acquired of a ¥10.7bn limit. /v1/companies/3865/buybacks

Internal control, 2026-06-25: see filing 上記の評価の結果、当事業年度末日時点において、当社の財務報告に係る内部統制は有効であると判断いたしました。 Filing

Segments, votes and tender offers

Stated in EDINET filings

Segments: Paper Pulp, Packaging and Paper Processing, Other. /v1/companies/3865/segments

Latest voting result: 2026-06-26 · 剰余金処分の件 · passed. /v1/companies/3865/voting

Ownership changes

All companies →

2026-04-07

New 5% stake

Mizuho Bank,Ltd. disclosed a 7.94% stake in Hokuetsu Corporation (3865), crossing the 5% reporting threshold.

S100XX40Filer profile Original filing (PDF, Japanese)
2026-03-31

Below 5%−13.64pt

DAIO KAIUN CO.,LTD. cut holdings in Hokuetsu Corporation (3865) to 0.00% from 13.64%, below the 5% threshold.

S100XSN3Filer profile Original filing (PDF, Japanese)
2026-03-31

Threshold

Holdings of DAIO KAIUN CO.,LTD. in Hokuetsu Corporation (3865) moved below 10% (13.64% -> 0.00%).

S100XSN3Filer profile Original filing (PDF, Japanese)
2026-03-31

Amendment0.00pt

Daio Paper Corporation filed a correction to a 5% report on Hokuetsu Corporation (3865).

S100XVRDFiler profile Original filing (PDF, Japanese)
2026-03-30

Below 5%−5.12pt

Oasis Management Company Ltd. cut holdings in Hokuetsu Corporation (3865) to 4.80% from 9.92%, below the 5% threshold.

S100XTXRFiler profile Original filing (PDF, Japanese)
2026-03-27

Decrease−5.30pt

DAIO KAIUN CO.,LTD. reduced holdings in Hokuetsu Corporation (3865) to 13.64% from 18.94%.

S100XTCHFiler profile Original filing (PDF, Japanese)
2026-03-26

Purpose change0.00pt

DAIO KAIUN CO.,LTD. changed its stated purpose for holding Hokuetsu Corporation (3865): may_make_proposals, strategic_holding -> strategic_holding.

S100XT78Filer profile Original filing (PDF, Japanese)
2026-03-26

New 5% stake

Daio Paper Corporation disclosed a 14.88% stake in Hokuetsu Corporation (3865), crossing the 5% reporting threshold.

S100XU8MFiler profile Original filing (PDF, Japanese)
2026-03-26

Threshold

Holdings of Daio Paper Corporation in Hokuetsu Corporation (3865) moved above 10% (new -> 14.88%).

S100XU8MFiler profile Original filing (PDF, Japanese)
2026-03-19

Increase+0.38pt

DAIO KAIUN CO.,LTD. raised holdings in Hokuetsu Corporation (3865) to 18.94% from 18.56%.

S100XQNSFiler profile Original filing (PDF, Japanese)

Trades by 5% holders

From the 60-day trade tables in 5% reports

Bought SoldHover a dot for the trade

Holder	Period	Net shares	Net % of shares	Avg. filed price	Range
大王海運株式会社	2022-05-06 – 2026-03-27	-10,245,500	−5.77pt	¥982.3	¥593–1,698
美須賀海運株式会社	2023-03-16 – 2026-03-27	-4,400,000	−3.87pt	¥816	¥816–816
Oasis Management Company Ltd.	2022-02-14 – 2026-03-23	-8,244,869	−4.38pt	¥1,086.51	¥690–1,445
大王製紙株式会社	2026-03-19 – 2026-03-19	+25,646,000	+13.64pt	¥1,028	¥1,028–1,028
川崎紙運輸株式会社	2023-03-16 – 2023-03-16	-4,350,000	−2.31pt	¥816	¥816–816

Net shares and the average are our calculations. Prices are filed prices as stated by the filer, mostly for off-market trades; they are not market prices. Stock lending, custody transfers and option exercises are excluded from net shares. Every row via /v1/companies/3865/trades.

5% filings

Large shareholding reports on 3865

Filed	Filer	Stake	Change	Stated purpose
2026-04-07	Mizuho Bank,Ltd.	7.94%	—	—
2026-03-31	DAIO KAIUN CO.,LTD.	0.00%	−13.64pt	—
2026-03-31	Daio Paper Corporation	14.88%	—	business alliance
2026-03-30	Oasis Management Company Ltd.	4.80%	−5.12pt	may make proposals
2026-03-27	DAIO KAIUN CO.,LTD.	13.64%	−5.30pt	strategic holding
2026-03-26	DAIO KAIUN CO.,LTD.	18.94%	0.00pt	strategic holding
2026-03-26	Daio Paper Corporation	14.88%	—	business alliance
2026-03-19	DAIO KAIUN CO.,LTD.	18.94%	+0.38pt	may make proposals strategic holding
2026-02-19	Nomura Securities Co.,Ltd.	4.14%	−0.86pt	—
2025-08-06	Nomura Securities Co.,Ltd.	5.00%	—	—

Cross-shareholdings

From the annual report's status of shareholdings

Listed strategic holdings: 30 issues
Book value: ¥47.4bn
Sold in the year: ¥5.6bn 5 issues
Bought in the year: ¥23.2bn 2 issues
Mutual, both reports: 25
Held by listed cos.: 45

Holds	Book value	Shares vs. prior year	Mutual
Daio Paper Corporation 3880	¥31.3bn	—	both reports
Tokio Marine Holdings, Inc. 8766	¥4.6bn	0.0%	both reports
Sumitomo Mitsui Trust Group, Inc. 8309	¥3.7bn	0.0%	no
Daishi Hokuetsu Financial Group,Inc. 7327	¥3.5bn	+114.2%	both reports
Japan Pulp & Paper Co., Ltd. 8032	¥3.2bn	0.0%	both reports
THE PACK CORPORATION 3950	¥2.9bn	+200.0%	both reports
Mizuho Financial Group, Inc. 8411	¥2.4bn	0.0%	no
Dai Nippon Printing Co.,Ltd. 7912	¥2.2bn	0.0%	both reports
Daishi Hokuetsu Financial Group,Inc. 7327	¥2.1bn	—	both reports
KPP GROUP HOLDINGS CO., LTD. 9274	¥2.0bn	0.0%	both reports

Held by: Daio Paper Corporation 3880, Daishi Hokuetsu Financial Group,Inc. 7327, Sompo Holdings, Inc. 8630, Tokio Marine Holdings, Inc. 8766, Japan Pulp & Paper Co., Ltd. 8032, KPP GROUP HOLDINGS CO., LTD. 9274, MITSUBISHI PAPER MILLS LIMITED 3864, Dai Nippon Printing Co.,Ltd. 7912, Nippon Yusen Kabushiki Kaisha 9101, The Kiyo Bank, Ltd. 8370, THE PACK CORPORATION 3950, Resona Holdings, Inc. 8308 and 33 more

Purposes, all holdings and mutual flags via /v1/companies/3865/cross-holdings. Share changes include stock splits.

Major shareholders

As of fiscal year end 2026-03-31

Shareholder	Shares	Ratio
individual holder	27,932,000	17.51%
日本マスタートラスト信託銀行㈱（信託口）	12,122,000	7.60%
㈱第四北越銀行	8,332,000	5.22%
北越コーポレーション持株会	7,193,000	4.51%
㈱日本カストディ銀行（金銭信託課税口）	6,066,000	3.80%
OASIS JAPAN STRATEGIC FUND LTD.	5,615,000	3.52%
損害保険ジャパン㈱	4,499,000	2.82%
農林中央金庫	3,554,000	2.23%
新生紙パルプ商事㈱	3,070,000	1.92%
㈱日本カストディ銀行（三井住友信託銀行再信託分・王子マネジメントオフィス㈱退職給付信託口）	2,835,000	1.78%

U.S. funds holding 3865

SEC Form N-PORT, reports to 2026-07-31

54 U.S. funds held 10,131,311 shares worth $57.5m.

Fund	Shares	Value	% of fund	As of
DFA INTERNATIONAL SMALL CAP VALUE PORTFOLIO DFA INVESTMENT DIMENSIONS GROUP INC	2,414,074	$13.8m	0.097%	2026-07-31
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND VANGUARD STAR FUNDS	1,412,992	$8.1m	0.001%	2026-07-31
iShares Core MSCI EAFE ETF iShares Trust	974,300	$5.6m	0.003%	2026-07-31
VANGUARD DEVELOPED MARKETS INDEX FUND VANGUARD TAX-MANAGED FUNDS	928,254	$5.0m	0.002%	2026-06-30
THE JAPANESE SMALL COMPANY SERIES DFA INVESTMENT TRUST CO	669,699	$3.8m	0.096%	2026-07-31

Up to 25 funds per stock via the API.

Get this as JSON

GET /v1/companies/3865
GET /v1/companies/3865/financials
GET /v1/companies/3865/details
GET /v1/companies/3865/segments
GET /v1/companies/3865/voting
GET /v1/companies/3865/tender-offers
GET /v1/companies/3865/indicators
GET /v1/companies/3865/earnings-releases
GET /v1/events?ticker=3865
GET /v1/companies/3865/trades         
GET /v1/companies/3865/cross-holdings 
GET /v1/companies/3865/brief

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