# 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78期(2025/04/01－2026/03/31) (S100YFVG)
> Page: https://vizora.meequs.com/en/company/toa-6809
> Retrieved: 2026-09-30T21:35:38.836Z

## Company

TOA, founded in 1949, is a company in TVs, Audio & Musical Instruments listed on TSE Prime. It has 3,083 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOA CORPORATION |
| Ticker | 6809 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6809.T) |
| Listing | TSE Prime |
| Head office | 神戸市中央区港島中町七丁目2番1号 |
| Representative (per filing) | 代表取締役社長 谷口方啓 |
| Founded | Apr 1949 |
| Share capital | ¥5.73B |
| Employees (consolidated) | 3,083 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.toa-global.com (https://www.toa-global.com/) |
| Corporate number | 3140001005675 |
| EDINET | E01831 |
| Industries (Vizora) | TVs, Audio & Musical Instruments |

> Profile source: annual securities report (S100YFVG, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: TVs, Audio & Musical Instruments (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.1 | 11 |
| Profitability | 79.2 | 12 |
| Cash conversion | 27.8 | 9 |
| Efficiency | 29.2 | 12 |

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 59% of TOA's sales come from Japan, with Asia and Pacific and Europe,Middle East and Africa making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +9.4% from the prior year, operating profit +29.7%.

## Company structure

- Segment revenue mix: Japan 58.9%、Asia and Pacific 18.4%、Europe,Middle East and Africa 13.8%、America 5.4%、China and East Asia 3.4%
- Revenue → net income: ¥55386000000 → ¥3724000000
- Net income → operating cash flow: ¥3724000000 → ¥5882000000（difference ¥2158000000）
- Main uses of operating cash flow: CapEx ¥746000000 / dividends ¥1803000000 / buybacks ¥0
- Change in cash: ¥10041000000
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 | ¥55.4B |  |
| Operating income | ¥4.66B | Margin 8.4% |
| Net income | ¥3.31B | Margin 6.0% |
| Free cash flow | ¥5.14B |  |
| Largest business | Japan | of segment revenue 58.9% |
| Employees (consolidated) | 3,083 |  |
| EPS | ¥105.85 |  |
| Book value per share | ¥1199.64 |  |
| Equity ratio | 76.0% |  |
| Shares outstanding | 34,736,635 |  |
| Treasury shares | 40,700 |  |
| Shareholders | 10,076 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 33.9% | Cash ÷ revenue 46.9% |
| Vs. industry median margin | +3.4 pp | TVs, Audio & Musical Instruments |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 65% of positive segment profit
- FY2026, employees -2% while operating income rose 30%
- FY2026, cash is 34% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40575000000 | ¥55386000000 | +36.5% |
| Operating income | ¥2293000000 | ¥4656000000 | +103.1% |
| Operating margin | 5.7% | 8.4% | +2.8 pp |
| Employees | 3,020 people | 3,083 people | +2.1% |
| Cash and equivalents | ¥16268000000 | ¥25992000000 | +59.8% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 58.9% |
| 日本 → 事業再編・廃止 | 9.1% |
| アジア・パシフィック → アジア・パシフィック | 14.6% |
| 欧州・中東・アフリカ → 欧州・中東・アフリカ | 9.6% |
| アメリカ → アメリカ | 4.0% |
| 中国・東アジア → 中国・東アジア | 3.4% |
| 中国・東アジア → 事業再編・廃止 | 0.4% |
| 新設・再編 → アジア・パシフィック | 3.8% |
| 新設・再編 → 欧州・中東・アフリカ | 4.2% |
| 新設・再編 → アメリカ | 1.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +3.4% | ¥32601000000 | 16.2% | 2 |
| Asia and Pacific | 5 years | +11.5% | ¥10217000000 | 16.8% | 2 |
| Europe,Middle East and Africa | 5 years | +14.5% | ¥7650000000 | 9.3% | 2 |
| America | 5 years | +13.0% | ¥3018000000 | 7.1% | 2 |
| China and East Asia | 5 years | +4.1% | ¥1897000000 | 7.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 55,386 | 100.0% | S100YFVG |
| Cost of revenue | 30,668 | 55.4% | S100YFVG |
| Gross profit | 24,717 | 44.6% | S100YFVG |
| SG&A | 20,061 | 36.2% | S100YFVG |
| Operating income | 4,656 | 8.4% | S100YFVG |
| Ordinary income | 5,236 | 9.5% | S100YFVG |
| Pretax income | 5,157 | 9.3% | S100YFVG |
| Income tax | 1,433 | 2.6% | S100YFVG |
| Net income | 3,724 | 6.7% | S100YFVG |
| Net income attributable to owners | 3,313 | 6.0% | S100YFVG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 36 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 44.6% → Operating margin 8.4% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.4%; Core profit growth: +29.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.15×
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 | 50,626 | 55,386 | 4,760 | +9.4% |
| Gross profit | 22,483 | 24,717 | 2,234 | +9.9% |
| Operating income | 3,591 | 4,656 | 1,065 | +29.7% |
| Net income attributable to owners | 2,367 | 3,313 | 946 | +40.0% |
| Operating cash flow | 5,619 | 5,882 | 263 | +4.7% |
| Free cash flow | 4,750 | 5,136 | 386 | +8.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,068 | 3,465 | 7.7% | 2,065 | 1,832 | -802 | S100LJ13 |
| FY ending Mar 2021 | 40,575 | 2,293 | 5.7% | 1,596 | 5,290 | 3,070 | S100OAJD |
| FY ending Mar 2022 | 40,864 | 2,159 | 5.3% | 1,466 | 1,632 | 867 | S100T9IL |
| FY ending Mar 2023 | 45,123 | 1,713 | 3.8% | 1,765 | 583 | -819 | S100TQHN |
| FY ending Mar 2024 | 48,814 | 3,028 | 6.2% | 1,997 | 5,074 | 4,157 | S100W2P6 |
| FY ending Mar 2025 | 50,626 | 3,591 | 7.1% | 2,367 | 5,619 | 4,750 | S100YFVG |
| FY ending Mar 2026 | 55,386 | 4,656 | 8.4% | 3,313 | 5,882 | 5,136 | S100YFVG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 3,235 | 3,112 | 3,025 | 3,144 | 3,083 |
| Average salary (parent company) | ¥6.6M | ¥6.6M | ¥6.8M | ¥7M | ¥7.5M |
| Average age (parent company) | 42.8 years | 43.1 years | 43.1 years | 43.1 years | 42.9 years |
| Average tenure (parent company) | 16.2 years | 16.3 years | 16.1 years | 15.8 years | 15.4 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) +9.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 32,601 | 58.9% | 5,284 | 16.2% |
| Asia and Pacific | 10,217 | 18.4% | 1,716 | 16.8% |
| Europe,Middle East and Africa | 7,650 | 13.8% | 712 | 9.3% |
| America | 3,018 | 5.4% | 213 | 7.1% |
| China and East Asia | 1,897 | 3.4% | 143 | 7.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 58.9% | 65.5% | 6.6 | 16.2% |
| Asia and Pacific | 18.4% | 21.3% | 2.8 | 16.8% |
| Europe,Middle East and Africa | 13.8% | 8.8% | -5.0 | 9.3% |
| America | 5.4% | 2.6% | -2.8 | 7.1% |
| China and East Asia | 3.4% | 1.8% | -1.7 | 7.5% |

Segment → industry: China and East Asia → TVs, Audio & Musical Instruments / America → TVs, Audio & Musical Instruments / Europe,Middle East and Africa → TVs, Audio & Musical Instruments / Asia and Pacific → TVs, Audio & Musical Instruments / Japan → TVs, Audio & Musical Instruments

## 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 | 5,882 | 10.6% | S100YFVG |
| Capital expenditure | 746 | 1.3% | S100YFVG |
| Free cash flow | 5,136 | 9.3% | 算出 |
| Investing cash flow | 1,063 | 1.9% | S100YFVG |
| Financing cash flow | 2,756 | 5.0% | S100YFVG |
| Dividends paid | 1,803 | 3.3% | S100YFVG |
| Share buyback | 0 | 0.0% | S100YFVG |
| Change in cash | 10,041 | 18.1% | S100YFVG |
| Cash and equivalents | 25,992 | 46.9% | S100YFVG |

## 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 | 17,264 | 14,399 | 14,091 | 15,951 | 25,992 | S100TQHN, S100W2P6, S100YFVG |
| Total assets | 60,688 | 63,905 | 64,734 | 68,661 | 76,774 | S100T9IL, S100TQHN, S100W2P6, S100YFVG |
| Net assets | 46,939 | 48,764 | 49,239 | 52,589 | 61,572 | S100TQHN, S100W2P6, S100YFVG |
| Share capital | 5,279 | 5,279 | 5,279 | 5,279 | 5,728 | S100T9IL, S100TQHN, S100W2P6, S100YFVG |
| Property, plant and equipment | 10,287 | 10,693 | 10,648 | 10,586 | 10,102 | S100T9IL, S100TQHN, S100W2P6, S100YFVG |
| Intangible assets excluding goodwill | 1,709 | 1,859 | 1,669 | 2,360 | 2,110 | S100T9IL, S100TQHN, S100W2P6, S100YFVG |
| Goodwill | 450 | 470 | 419 | 736 | 642 | S100T9IL, S100TQHN, S100W2P6, S100YFVG |
| Investment securities | 7,230 | 7,256 | 8,170 | 9,004 | 7,402 | S100T9IL, S100TQHN, S100W2P6, S100YFVG |
| Current assets | 40,410 | 42,853 | 42,633 | 45,249 | 54,924 | S100T9IL, S100TQHN, S100W2P6, S100YFVG |
| Current liabilities | 9,065 | 9,796 | 9,578 | 9,964 | 9,711 | S100T9IL, S100TQHN, S100W2P6, S100YFVG |
| Trade payables | 3,827 | 3,483 | 3,554 | 3,953 | 3,894 | S100T9IL, S100TQHN, S100W2P6, S100YFVG |
| Short-term borrowings | 2,161 | 2,706 | 1,836 | 1,758 | 204 | S100T9IL, S100TQHN, S100W2P6, S100YFVG |
| Total liabilities | 13,749 | 15,140 | 15,495 | 16,071 | 15,202 | S100T9IL, S100TQHN, S100W2P6, S100YFVG |
| Non-controlling interests | 2,219 | 2,522 | 2,655 | 3,077 | 3,251 | S100T9IL, S100TQHN, S100W2P6, S100YFVG |
| Equity attributable to owners of parent | 40,611 | 41,103 | 39,512 | 40,693 | 49,109 | S100T9IL, S100TQHN, S100W2P6, S100YFVG |
| Retained earnings | 31,618 | 32,152 | 32,863 | 34,028 | 35,536 | S100T9IL, S100TQHN, S100W2P6, S100YFVG |
| Treasury stock | -1,352 | -1,373 | -3,679 | -3,666 | -36 | S100T9IL, S100TQHN, S100W2P6, S100YFVG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YFVG |
| Property, plant and equipment | 13% | S100YFVG |
| Intangibles and goodwill | 3% | S100YFVG |
| Investment securities | 10% | S100YFVG |
| Other assets | 40% | S100YFVG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YFVG |
| Other liabilities | 15% | S100YFVG |
| Equity | 80% | S100YFVG |

### 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 | 60,688 | 63,905 | 64,734 | 68,661 | 76,774 |
| Equity | 46,939 | 48,764 | 49,239 | 52,589 | 61,572 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,264 | 14,399 | 14,091 | 15,951 | 25,992 |

## 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) | 18.2% | S100YFVG |
| Fixed assets ÷ total assets | 13.2% | S100YFVG |
| Goodwill ÷ parent equity | 1.3% | S100YFVG |

Goodwill over 4 years: 450 → 642 JPY; total investing cash flow: -5,807 JPY. This does not imply causation.

### 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) | 33.9% |
| Cash ÷ revenue | 46.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 126.3% |
| Cash vs. profit gap | 2,569 JPY mn (of net income 77.5%) |
| Shareholder returns / net income | 54.4% |
| Shareholder returns / FCF | 35.1% |
| Shareholder payments — dividends / net income | 54.4% |
| Shareholder payments — dividends / FCF | 35.1% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 18.1% |

## 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% | 0.67× | 2.4% | 1.49× | 3.6% | S100T9IL |
| 2023 | 3.9% | 0.72× | 2.8% | 1.52× | 4.3% | S100TQHN |
| 2024 | 4.1% | 0.76× | 3.1% | 1.60× | 5.0% | S100W2P6 |
| 2025 | 4.7% | 0.76× | 3.5% | 1.66× | 5.9% | S100YFVG |
| 2026 | 6.0% | 0.76× | 4.6% | 1.62× | 7.4% | S100YFVG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＴＯＡ取引先持株会 | Major shareholder | 8.4% | 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 | 8.2% | 2026-03-31 |
| 公益財団法人神戸やまぶき財団 | Major shareholder | 5.8% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.3% | 2026-03-31 |
| シスメックス株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 公益財団法人中谷財団 | Major shareholder | 3.7% | 2026-03-31 |
| 井 谷 憲 次 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.4% | 2026-03-31 |
| 国立大学法人京都大学 | Major shareholder | 2.9% | 2026-03-31 |
| ＴＯＡグループ従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YFVG | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFVG,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W2P6 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2P6,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TQHN | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQHN,, |
| 訂正有価証券報告書－第75期(2022/04/01－2023/03/31) | S100T9IL | 2024-04-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T9IL,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OAJD | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAJD,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LJ13 | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ13,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| I-ne | Supply/OEM | TOAが「BOTANIST」「YOLU」等を製造・供給 | S100YBL7 |

## 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).