# TAKAOKA TOKO CO., LTD.: 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14期(2025/04/01－2026/03/31) (S100YL24)
> Page: https://vizora.meequs.com/en/company/takaoka-toko
> Retrieved: 2026-09-30T20:00:09.637Z

## Company

Takaoka Toko, founded in 2012, is a company in Electrical Equipment listed on TSE Prime. It has 2,614 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAKAOKA TOKO CO., LTD. |
| Ticker | 6617 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6617.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区豊洲五丁目6番36号 |
| Representative (per filing) | 代表取締役社長 一ノ瀬 貴士 |
| Founded | Oct 2012 |
| Share capital | ¥8B |
| Employees (consolidated) | 2,614 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.tktk.co.jp (https://www.tktk.co.jp/) |
| Corporate number | 5010601043417 |
| EDINET | E26713 |
| Industries (Vizora) | Electrical Equipment, Semiconductor Equipment |

> Profile source: annual securities report (S100YL24, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.4 | 24 |
| Profitability | 56.3 | 24 |
| Cash conversion | 67.4 | 23 |
| Efficiency | 78 | 25 |

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 57% of Takaoka Toko's sales come from Electric Equipment, with Metering and Green Transformation Solution making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit +60.2%.

## Company structure

- Segment revenue mix: Electric Equipment 57.0%、Metering 29.6%、Green Transformation Solution 11.0%、Applied Optics Inspection System 1.5%、Other 0.9%
- Revenue → net income: ¥112093000000 → ¥7228000000
- Net income → operating cash flow: ¥7228000000 → ¥10780000000（difference ¥3552000000）
- Main uses of operating cash flow: CapEx ¥6036000000 / dividends ¥1005000000 / buybacks —
- Change in cash: ¥3131000000
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 | ¥112.1B |  |
| Operating income | ¥9.76B | Margin 8.7% |
| Net income | ¥6.6B | Margin 5.9% |
| Free cash flow | ¥4.74B |  |
| Largest business | Electric Equipment | of segment revenue 57.0% |
| Employees (consolidated) | 2,614 |  |
| EPS | ¥396.97 |  |
| Book value per share | ¥3594.19 |  |
| Equity ratio | 56.5% |  |
| Shares outstanding | 16,276,000 |  |
| Treasury shares | 62,300 |  |
| Shareholders | 6,616 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 13.8% | Cash ÷ revenue 14.8% |
| Vs. industry median margin | +0.3 pp | Electrical Equipment |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 62% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥91939000000 | ¥112093000000 | +21.9% |
| Operating income | ¥3382000000 | ¥9763000000 | +188.7% |
| Operating margin | 3.7% | 8.7% | +5 pp |
| Employees | 2,639 people | 2,614 people | -0.9% |
| Cash and equivalents | ¥15122000000 | ¥16564000000 | +9.5% |

### 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 |
| --- | ---: |
| 電力機器事業 → 電力機器事業 | 57.0% |
| 電力機器事業 → 事業再編・廃止 | 0.3% |
| 計量事業 → 計量事業 | 29.6% |
| 計量事業 → 事業再編・廃止 | 3.4% |
| エネルギーソリューション事業 → 事業再編・廃止 | 2.7% |
| 情報・光応用検査機器事業 → 事業再編・廃止 | 4.8% |
| その他 → その他 | 0.9% |
| その他 → 事業再編・廃止 | 1.3% |
| 新設・再編 → GXソリューション事業 | 11.0% |
| 新設・再編 → 光応用検査機器事業 | 1.5% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electric Equipment | 5 years | +3.9% | ¥63864000000 | 15.0% | 2 |
| Metering | 5 years | +1.8% | ¥33212000000 | 13.8% | 2 |
| Green Transformation Solution | 4 years | +16.0% | ¥12370000000 | 4.0% | 2 |
| Applied Optics Inspection System | 4 years | -6.1% | ¥1666000000 | 5.8% | 2 |
| Other | 5 years | -13.7% | ¥979000000 | 63.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 112,093 | 100.0% | S100YL24 |
| Cost of revenue | 83,464 | 74.5% | S100YL24 |
| Gross profit | 28,629 | 25.5% | S100YL24 |
| SG&A | 18,866 | 16.8% | S100YL24 |
| Operating income | 9,763 | 8.7% | S100YL24 |
| Ordinary income | 10,084 | 9.0% | S100YL24 |
| Pretax income | 10,227 | 9.1% | S100YL24 |
| Income tax | 2,998 | 2.7% | S100YL24 |
| Net income | 7,228 | 6.4% | S100YL24 |
| Net income attributable to owners | 6,602 | 5.9% | S100YL24 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 17 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 25.5% → Operating margin 8.7% → Net margin 5.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.1%; Core profit growth: +60.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.74×
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 | 106,624 | 112,093 | 5,469 | +5.1% |
| Gross profit | 24,765 | 28,629 | 3,864 | +15.6% |
| Operating income | 6,094 | 9,763 | 3,669 | +60.2% |
| Net income attributable to owners | 3,824 | 6,602 | 2,778 | +72.6% |
| Operating cash flow | 5,039 | 10,780 | 5,741 | +113.9% |
| Free cash flow | 1,033 | 4,744 | 3,711 | +359.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 93,341 | 2,321 | 2.5% | 843 | 1,532 | -1,211 | S100LT56 |
| FY ending Mar 2021 | 91,939 | 3,382 | 3.7% | 1,408 | 7,055 | 5,008 | S100OLBR |
| FY ending Mar 2022 | 91,936 | 4,625 | 5.0% | 3,279 | 4,140 | 2,721 | S100R9QM |
| FY ending Mar 2023 | 97,752 | 4,847 | 5.0% | 2,919 | 2,245 | 151 | S100TWMX |
| FY ending Mar 2024 | 107,378 | 8,247 | 7.7% | 4,668 | 5,938 | 3,571 | S100W7GC |
| FY ending Mar 2025 | 106,624 | 6,094 | 5.7% | 3,824 | 5,039 | 1,033 | S100YL24 |
| FY ending Mar 2026 | 112,093 | 9,763 | 8.7% | 6,602 | 10,780 | 4,744 | S100YL24 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.9M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 2,592 | 2,536 | 2,521 | 2,547 | 2,614 |
| Average salary (parent company) | ¥6.5M | ¥6.5M | ¥6.5M | ¥6.8M | ¥6.7M |
| Average age (parent company) | 44.3 years | 44.4 years | 44.1 years | 43.9 years | 43.7 years |
| Average tenure (parent company) | 18.2 years | 20.1 years | 19.7 years | 19.6 years | 19.1 years |

Year over year: Employees (consolidated) +2.6% · Revenue (consolidated) +5.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electric Equipment | 63,864 | 57.0% | 9,595 | 15.0% |
| Metering | 33,212 | 29.6% | 4,591 | 13.8% |
| Green Transformation Solution | 12,370 | 11.0% | 493 | 4.0% |
| Applied Optics Inspection System | 1,666 | 1.5% | 97 | 5.8% |
| Other | 979 | 0.9% | 622 | 63.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electric Equipment | 57.0% | 62.3% | 5.3 | 15.0% |
| Metering | 29.6% | 29.8% | 0.2 | 13.8% |
| Green Transformation Solution | 11.0% | 3.2% | -7.8 | 4.0% |
| Applied Optics Inspection System | 1.5% | 0.6% | -0.9 | 5.8% |
| Other | 0.9% | 4.0% | 3.2 | 63.5% |

Segment → industry: Green Transformation Solution → Electrical Equipment / Metering → Electrical Equipment / Electric Equipment → Electrical Equipment / Applied Optics Inspection System → Semiconductor Equipment

## 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 | 10,780 | 9.6% | S100YL24 |
| Capital expenditure | 6,036 | 5.4% | S100YL24 |
| Free cash flow | 4,744 | 4.2% | 算出 |
| Investing cash flow | -5,053 | -4.5% | S100YL24 |
| Financing cash flow | -2,597 | -2.3% | S100YL24 |
| Dividends paid | 1,005 | 0.9% | S100YL24 |
| Change in cash | 3,131 | 2.8% | S100YL24 |
| Cash and equivalents | 16,564 | 14.8% | S100YL24 |

## 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 | 12,448 | 10,659 | 15,475 | 13,432 | 16,564 | S100TWMX, S100W7GC, S100YL24 |
| Total assets | 100,242 | 106,322 | 116,627 | 113,652 | 120,316 | S100R9QM, S100TWMX, S100W7GC, S100YL24 |
| Net assets | 55,558 | 58,460 | 63,839 | 66,456 | 73,753 | S100TWMX, S100W7GC, S100YL24 |
| Share capital | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | S100R9QM, S100TWMX, S100W7GC, S100YL24 |
| Property, plant and equipment | 35,082 | 34,742 | 34,607 | 36,009 | 38,442 | S100R9QM, S100TWMX, S100W7GC, S100YL24 |
| Intangible assets excluding goodwill | 1,877 | 1,971 | 1,943 | 1,984 | 2,061 | S100R9QM, S100TWMX, S100W7GC, S100YL24 |
| Investment securities | 1,983 | 1,614 | 1,372 | 1,359 | 1,700 | S100R9QM, S100TWMX, S100W7GC, S100YL24 |
| Current assets | 59,001 | 65,780 | 74,687 | 70,255 | 73,106 | S100R9QM, S100TWMX, S100W7GC, S100YL24 |
| Current liabilities | 25,129 | 29,015 | 31,884 | 27,025 | 28,000 | S100R9QM, S100TWMX, S100W7GC, S100YL24 |
| Trade payables | 13,698 | 15,992 | 15,451 | 13,371 | 12,550 | S100R9QM, S100TWMX, S100W7GC, S100YL24 |
| Short-term borrowings | 2,400 | 1,990 | 2,740 | 1,910 | 1,190 | S100R9QM, S100TWMX, S100W7GC, S100YL24 |
| Long-term borrowings | 2,200 | 1,300 | 2,800 | 1,800 | 1,200 | S100R9QM, S100TWMX, S100W7GC, S100YL24 |
| Total liabilities | 44,683 | 47,862 | 52,788 | 47,195 | 46,563 | S100R9QM, S100TWMX, S100W7GC, S100YL24 |
| Non-controlling interests | 4,105 | 4,675 | 5,588 | 5,488 | 5,827 | S100R9QM, S100TWMX, S100W7GC, S100YL24 |
| Equity attributable to owners of parent | 51,226 | 53,275 | 56,874 | 59,749 | 65,352 | S100R9QM, S100TWMX, S100W7GC, S100YL24 |
| Retained earnings | 36,035 | 38,063 | 41,920 | 44,771 | 50,368 | S100R9QM, S100TWMX, S100W7GC, S100YL24 |
| Treasury stock | -216 | -195 | -454 | -430 | -426 | S100R9QM, S100TWMX, S100W7GC, S100YL24 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YL24 |
| Property, plant and equipment | 32% | S100YL24 |
| Intangibles and goodwill | 2% | S100YL24 |
| Investment securities | 1% | S100YL24 |
| Other assets | 51% | S100YL24 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YL24 |
| Other liabilities | 28% | S100YL24 |
| Equity | 61% | S100YL24 |

### 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 | 100,242 | 106,322 | 116,627 | 113,652 | 120,316 |
| Equity | 55,558 | 58,460 | 63,839 | 66,456 | 73,753 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,448 | 10,659 | 15,475 | 13,432 | 16,564 |

## 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) | 34.3% | S100YL24 |
| Fixed assets ÷ total assets | 32.0% | S100YL24 |
| Goodwill ÷ parent equity | — | —, S100YL24 |

### 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) | 13.8% |
| Cash ÷ revenue | 14.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 110.4% |
| Cash vs. profit gap | 4,178 JPY mn (of net income 63.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.2% |
| Shareholder payments — dividends / FCF | 21.2% |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 46.9% |

## 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 | 3.6% | 0.92× | 3.3% | 1.96× | 6.4% | S100R9QM |
| 2023 | 3.0% | 0.95× | 2.8% | 1.98× | 5.6% | S100TWMX |
| 2024 | 4.3% | 0.96× | 4.2% | 2.02× | 8.5% | S100W7GC |
| 2025 | 3.6% | 0.93× | 3.3% | 1.97× | 6.6% | S100YL24 |
| 2026 | 5.9% | 0.96× | 5.6% | 1.87× | 10.6% | S100YL24 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東京電力パワーグリッド株式会社 | Major shareholder | 35.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.2% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２Ｓ／ＪＡＳＤＥＣ／ＦＩＭ／ＬＵＸＥＭＢＯＵＲＧ ＦＵＮＤＳ／ＵＣＩＴＳ ＡＳＳＥＴＳ（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.4% | 2026-03-31 |
| 東光高岳従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| ＤＦＡ ＩＮＴＬ ＳＭＡＬＬ ＣＡＰ ＶＡＬＵＥ ＰＯＲＴＦＯＬＩＯ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.4% | 2026-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ）（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| 大樹生命保険株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 前尾 吉信 | Major shareholder | 1.2% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/04/01－2026/03/31) | S100YL24 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL24,, |
| 有価証券報告書－第13期(2024/04/01－2025/03/31) | S100W7GC | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7GC,, |
| 有価証券報告書－第12期(2023/04/01－2024/03/31) | S100TWMX | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWMX,, |
| 有価証券報告書－第11期(2022/04/01－2023/03/31) | S100R9QM | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9QM,, |
| 有価証券報告書－第10期(令和3年4月1日－令和4年3月31日) | S100OLBR | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLBR,, |
| 有価証券報告書－第9期(令和2年4月1日－令和3年3月31日) | S100LT56 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT56,, |

## 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).