# DKK-TOA CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第82期(2025/04/01－2026/03/31) (S100YFF9)
> Page: https://vizora.meequs.com/en/company/dkk-toa
> Retrieved: 2026-09-30T18:33:13.514Z

## Company

Dkk-Toa, founded in 1944, is a company in Robots & Factory Automation listed on TSE Standard. It has 639 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DKK-TOA CORPORATION |
| Ticker | 6848 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6848.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区高田馬場一丁目29番10号 |
| Representative (per filing) | 代表取締役社長 髙島一幸 |
| Founded | Sep 1944 |
| Share capital | ¥1.84B |
| Employees (consolidated) | 639 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.toadkk.co.jp (https://www.toadkk.co.jp/) |
| Corporate number | 9011101013864 |
| EDINET | E01798 |
| Industries (Vizora) | Robots & Factory Automation, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YFF9, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.6 | 33 |
| Profitability | 7.4 | 34 |
| Cash conversion | 98.4 | 32 |
| Efficiency | 30 | 35 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 99% of Dkk-Toa's sales come from Measurement system business, with Real estate rent business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -1.4% from the prior year, operating profit -63.9%.

## Company structure

- Segment revenue mix: Measurement system business 98.6%、Real estate rent business 1.4%
- Revenue → net income: ¥17809000000 → ¥945000000
- Net income → operating cash flow: ¥945000000 → ¥2383000000（difference ¥1438000000）
- Main uses of operating cash flow: CapEx ¥762000000 / dividends ¥434000000 / buybacks ¥257000000
- Change in cash: ¥1002000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥17.8B |  |
| Operating income | ¥483M | Margin 2.7% |
| Net income | ¥945M | Margin 5.3% |
| Free cash flow | ¥1.62B |  |
| Largest business | Measurement system business | of segment revenue 98.6% |
| Employees (consolidated) | 639 |  |
| EPS | ¥40.29 |  |
| Book value per share | ¥1095.94 |  |
| Equity ratio | 78.9% |  |
| Shares outstanding | 19,880,000 |  |
| Treasury shares | 377,300 |  |
| Shareholders | 5,054 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 20.8% | Cash ÷ revenue 34.0% |
| Vs. industry median margin | -9 pp | Robots & Factory Automation |
| ROE | 4.6% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, one segment accounts for 91% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15988000000 | ¥17809000000 | +11.4% |
| Operating income | ¥1852000000 | ¥483000000 | -73.9% |
| Operating margin | 11.6% | 2.7% | -8.9 pp |
| Employees | 571 people | 639 people | +11.9% |
| Cash and equivalents | ¥5329000000 | ¥6059000000 | +13.7% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 計測機器事業 → 計測機器事業 | 98.4% |
| 不動産賃貸事業 → 不動産賃貸事業 | 1.4% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 計測機器事業 | 0.3% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,809 | 100.0% | S100YFF9 |
| Cost of revenue | 12,164 | 68.3% | S100YFF9 |
| Gross profit | 5,645 | 31.7% | S100YFF9 |
| SG&A | 5,162 | 29.0% | S100YFF9 |
| Operating income | 483 | 2.7% | S100YFF9 |
| Ordinary income | 600 | 3.4% | S100YFF9 |
| Pretax income | 1,280 | 7.2% | S100YFF9 |
| Income tax | 335 | 1.9% | S100YFF9 |
| Net income | 945 | 5.3% | S100YFF9 |
| Net income attributable to owners | 945 | 5.3% | S100YFF9 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 29 |
| Operating income | 3 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 31.7% → Operating margin 2.7% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.4%; Core profit growth: -63.9%
Operating leverage (core profit growth ÷ revenue growth): 46.34×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,058 | 17,809 | -249 | -1.4% |
| Gross profit | 6,303 | 5,645 | -658 | -10.4% |
| Operating income | 1,338 | 483 | -855 | -63.9% |
| Net income attributable to owners | 1,113 | 945 | -168 | -15.1% |
| Operating cash flow | 1,837 | 2,383 | 546 | +29.7% |
| Free cash flow | 357 | 1,621 | 1,264 | +354.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,349 | 1,834 | 11.2% | 1,369 | 1,074 | 697 | S100LNJ3 |
| FY ending Mar 2021 | 15,988 | 1,852 | 11.6% | 1,374 | 1,809 | 1,390 | S100OH5W |
| FY ending Mar 2022 | 16,424 | 1,909 | 11.6% | 1,347 | 1,492 | 1,145 | S100R4JL |
| FY ending Mar 2023 | 16,540 | 1,649 | 10.0% | 1,218 | 307 | -179 | S100TS46 |
| FY ending Mar 2024 | 17,444 | 1,768 | 10.1% | 1,292 | 165 | -2,304 | S100W3O2 |
| FY ending Mar 2025 | 18,058 | 1,338 | 7.4% | 1,113 | 1,837 | 357 | S100YFF9 |
| FY ending Mar 2026 | 17,809 | 483 | 2.7% | 945 | 2,383 | 1,621 | S100YFF9 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.9M |
| Operating income per employee (consolidated) | ¥755.9K |
| Net income per employee (consolidated) | ¥1.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 558 | 569 | 583 | 596 | 639 |
| Average salary (parent company) | ¥6.2M | ¥6.1M | ¥6.2M | ¥6.1M | ¥6.2M |
| Average age (parent company) | 43.4 years | 43.2 years | 42.1 years | 40.8 years | 40.7 years |
| Average tenure (parent company) | 17.6 years | 17.0 years | 16.0 years | 14.4 years | 14.0 years |

Year over year: Employees (consolidated) +7.2% · Revenue (consolidated) -1.4%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Measurement system business | 17,567 | 98.6% | 1,418 | 8.1% |
| Real estate rent business | 242 | 1.4% | 140 | 57.9% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Measurement system business | 98.6% | 91.0% | -7.6 | 8.1% |
| Real estate rent business | 1.4% | 9.0% | 7.6 | 57.9% |

Segment → industry: Measurement system business → Robots & Factory Automation / Real estate rent business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,383 | 13.4% | S100YFF9 |
| Capital expenditure | 762 | 4.3% | S100YFF9 |
| Free cash flow | 1,621 | 9.1% | 算出 |
| Investing cash flow | -449 | -2.5% | S100YFF9 |
| Financing cash flow | -931 | -5.2% | S100YFF9 |
| Dividends paid | 434 | 2.4% | S100YFF9 |
| Share buyback | 257 | 1.4% | S100YFF9 |
| Change in cash | 1,002 | 5.6% | S100YFF9 |
| Cash and equivalents | 6,059 | 34.0% | S100YFF9 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,111 | 5,491 | 3,550 | 5,057 | 6,059 | S100TS46, S100W3O2, S100YFF9 |
| Total assets | 25,400 | 26,717 | 29,043 | 28,653 | 29,090 | S100R4JL, S100TS46, S100W3O2, S100YFF9 |
| Net assets | 19,123 | 20,085 | 22,369 | 21,919 | 22,956 | S100TS46, S100W3O2, S100YFF9 |
| Share capital | 1,842 | 1,842 | 1,842 | 1,842 | 1,842 | S100R4JL, S100TS46, S100W3O2, S100YFF9 |
| Property, plant and equipment | 4,513 | 4,574 | 6,551 | 7,352 | 7,397 | S100R4JL, S100TS46, S100W3O2, S100YFF9 |
| Intangible assets excluding goodwill | 242 | 229 | 304 | 289 | 291 | S100R4JL, S100TS46, S100W3O2, S100YFF9 |
| Investment securities | 2,213 | 2,393 | 4,189 | 2,508 | 3,337 | S100R4JL, S100TS46, S100W3O2, S100YFF9 |
| Current assets | 17,693 | 18,813 | 17,393 | 17,750 | 16,922 | S100R4JL, S100TS46, S100W3O2, S100YFF9 |
| Current liabilities | 3,254 | 3,568 | 3,226 | 3,312 | 2,958 | S100R4JL, S100TS46, S100W3O2, S100YFF9 |
| Trade payables | 1,125 | 1,357 | 759 | 664 | 678 | S100R4JL, S100TS46, S100W3O2, S100YFF9 |
| Short-term borrowings | 256 | 258 | 255 | 374 | 409 | S100R4JL, S100TS46, S100W3O2, S100YFF9 |
| Long-term borrowings | 101 | 33 | 68 | 683 | 463 | S100R4JL, S100TS46, S100W3O2, S100YFF9 |
| Total liabilities | 6,276 | 6,631 | 6,674 | 6,733 | 6,134 | S100R4JL, S100TS46, S100W3O2, S100YFF9 |
| Equity attributable to owners of parent | 18,076 | 18,853 | 19,823 | 20,558 | 20,840 | S100R4JL, S100TS46, S100W3O2, S100YFF9 |
| Retained earnings | 14,948 | 15,829 | 16,767 | 17,466 | 17,977 | S100R4JL, S100TS46, S100W3O2, S100YFF9 |
| Treasury stock | -11 | -116 | -91 | -64 | -299 | S100R4JL, S100TS46, S100W3O2, S100YFF9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YFF9 |
| Property, plant and equipment | 25% | S100YFF9 |
| Intangibles and goodwill | 1% | S100YFF9 |
| Investment securities | 12% | S100YFF9 |
| Other assets | 41% | S100YFF9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YFF9 |
| Other liabilities | 19% | S100YFF9 |
| Equity | 79% | S100YFF9 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 25,400 | 26,717 | 29,043 | 28,653 | 29,090 |
| Equity | 19,123 | 20,085 | 22,369 | 21,919 | 22,956 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,111 | 5,491 | 3,550 | 5,057 | 6,059 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 41.5% | S100YFF9 |
| Fixed assets ÷ total assets | 25.4% | S100YFF9 |
| Goodwill ÷ parent equity | — | —, S100YFF9 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 20.8% |
| Cash ÷ revenue | 34.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 493.4% |
| Cash vs. profit gap | 1,438 JPY mn (of net income 152.2%) |
| Shareholder returns / net income | 73.1% |
| Shareholder returns / FCF | 42.6% |
| Shareholder payments — dividends / net income | 45.9% |
| Shareholder payments — dividends / FCF | 26.8% |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 18.8% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 8.2% | 0.65× | 5.3% | 1.41× | 7.5% | S100R4JL |
| 2023 | 7.4% | 0.63× | 4.7% | 1.41× | 6.6% | S100TS46 |
| 2024 | 7.4% | 0.63× | 4.6% | 1.44× | 6.7% | S100W3O2 |
| 2025 | 6.2% | 0.63× | 3.9% | 1.43× | 5.5% | S100YFF9 |
| 2026 | 5.3% | 0.62× | 3.3% | 1.39× | 4.6% | S100YFF9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ハック・カンパニー（常任代理人 香港上海銀行東京支店） | Major shareholder | 34.1% | 2026-03-31 |
| 株式会社UH6 | Major shareholder | 7.0% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 5.4% | 2026-03-31 |
| NHGGP JAPAN OPPORTUNITIES FUND, L.P.（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 4.9% | 2026-03-31 |
| UH Partners 2 投資事業有限責任組合 | Major shareholder | 3.5% | 2026-03-31 |
| 山下 直 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.1% | 2026-03-31 |
| BANK JULIUS BAER AND CO. LTD. A/C FOR MR MITSUTOKI SHIGETA（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| 東亜ディーケーケー社員持株会 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第82期(2025/04/01－2026/03/31) | S100YFF9 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFF9,, |
| 有価証券報告書－第81期(2024/04/01－2025/03/31) | S100W3O2 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3O2,, |
| 有価証券報告書－第80期(2023/04/01－2024/03/31) | S100TS46 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS46,, |
| 有価証券報告書－第79期(2022/04/01－2023/03/31) | S100R4JL | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4JL,, |
| 有価証券報告書－第78期(令和3年4月1日－令和4年3月31日) | S100OH5W | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH5W,, |
| 有価証券報告書－第77期(令和2年4月1日－令和3年3月31日) | S100LNJ3 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNJ3,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).