# TOA ROAD CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第120期(2025/04/01－2026/03/31) (S100YP7Y)
> Page: https://vizora.meequs.com/en/company/toa-road
> Retrieved: 2026-09-30T19:06:36.126Z

## Company

TOA Road, founded in 1930, is a company in Cement & Concrete listed on TSE Prime. It has 1,644 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOA ROAD CORPORATION |
| Ticker | 1882 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1882.T) |
| Listing | TSE Prime |
| Head office | 東京都港区六本木七丁目3番7号 |
| Representative (per filing) | 代表取締役社長 森下協一 |
| Founded | Nov 1930 |
| Share capital | ¥7.58B |
| Employees (consolidated) | 1,644 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | www.toadoro.co.jp (https://www.toadoro.co.jp/) |
| Corporate number | 7010401020201 |
| EDINET | E00066 |
| Industries (Vizora) | Cement & Concrete, General Contractors, Waste Management & Recycling |

> Profile source: annual securities report (S100YP7Y, filed 2026-07-10). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22 | 84 |
| Profitability | 22.3 | 92 |
| Cash conversion | 89.6 | 91 |
| Efficiency | 79.9 | 92 |

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 61% of TOA Road's sales come from Construction, with Manufacturing sales and environment making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -4.1% from the prior year, operating profit +15.4%.

## Company structure

- Segment revenue mix: Construction 61.2%、Manufacturing sales and environment 38.8%
- Revenue → net income: ¥121327000000 → ¥3533000000
- Net income → operating cash flow: ¥3533000000 → ¥12205000000（difference ¥8672000000）
- Main uses of operating cash flow: CapEx ¥2554000000 / dividends ¥6244000000 / buybacks ¥520000000
- Change in cash: ¥1601000000
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 | ¥121.3B |  |
| Operating income | ¥5.79B | Margin 4.8% |
| Net income | ¥3.43B | Margin 2.8% |
| Free cash flow | ¥9.65B |  |
| Largest business | Construction | of segment revenue 61.2% |
| Employees (consolidated) | 1,644 |  |
| EPS | ¥46.24 |  |
| Book value per share | ¥717.57 |  |
| Equity ratio | 60.6% |  |
| Shares outstanding | 50,394,730 |  |
| Treasury shares | 4,187,100 |  |
| Shareholders | 24,694 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 15.7% | Cash ÷ revenue 11.5% |
| Vs. industry median margin | -2.1 pp | General Contractors |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.6× net income
- FY2026, employees -2% while operating income rose 15%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥111801000000 | ¥121327000000 | +8.5% |
| Operating income | ¥7165000000 | ¥5788000000 | -19.2% |
| Operating margin | 6.4% | 4.8% | -1.6 pp |
| Employees | 1,565 people | 1,644 people | +5.0% |
| Cash and equivalents | ¥12764000000 | ¥13909000000 | +9.0% |

### 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 |
| --- | ---: |
| 建設事業 → 建設事業 | 61.2% |
| 建設事業 → 事業再編・廃止 | 4.5% |
| 製造販売・環境事業等 → 製造販売・環境事業等 | 34.2% |
| 新設・再編 → 製造販売・環境事業等 | 4.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 121,327 | 100.0% | S100YP7Y |
| Cost of revenue | 106,801 | 88.0% | S100YP7Y |
| Gross profit | 14,525 | 12.0% | S100YP7Y |
| SG&A | 8,737 | 7.2% | S100YP7Y |
| Operating income | 5,788 | 4.8% | S100YP7Y |
| Ordinary income | 5,997 | 4.9% | S100YP7Y |
| Pretax income | 5,504 | 4.5% | S100YP7Y |
| Income tax | 1,970 | 1.6% | S100YP7Y |
| Net income | 3,533 | 2.9% | S100YP7Y |
| Net income attributable to owners | 3,426 | 2.8% | S100YP7Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 7 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 12.0% → Operating margin 4.8% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.1%; Core profit growth: +15.4%
Operating leverage (core profit growth ÷ revenue growth): -3.72×
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 | 126,575 | 121,327 | -5,248 | -4.1% |
| Gross profit | 13,487 | 14,525 | 1,038 | +7.7% |
| Operating income | 5,015 | 5,788 | 773 | +15.4% |
| Net income attributable to owners | 4,127 | 3,426 | -701 | -17.0% |
| Operating cash flow | -1,754 | 12,205 | 13,959 | — |
| Free cash flow | -4,472 | 9,651 | 14,123 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 109,123 | 4,753 | 4.4% | 4,116 | -3,734 | -5,587 | S100LOGX |
| FY ending Mar 2021 | 111,801 | 7,165 | 6.4% | 4,697 | 6,688 | 4,804 | S100OEU3 |
| FY ending Mar 2022 | 112,118 | 5,516 | 4.9% | 3,714 | 4,584 | 2,063 | S100R8MW |
| FY ending Mar 2023 | 118,721 | 4,736 | 4.0% | 3,160 | 2,180 | -65 | S100TOYF |
| FY ending Mar 2024 | 118,060 | 5,473 | 4.6% | 3,793 | 10,911 | 6,782 | S100WAYO |
| FY ending Mar 2025 | 126,575 | 5,015 | 4.0% | 4,127 | -1,754 | -4,472 | S100YP7Y |
| FY ending Mar 2026 | 121,327 | 5,788 | 4.8% | 3,426 | 12,205 | 9,651 | S100YP7Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥73.8M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 1,580 | 1,667 | 1,655 | 1,670 | 1,644 |
| Average salary (parent company) | ¥7.9M | ¥7.8M | ¥8M | ¥8.2M | ¥8.7M |
| Average age (parent company) | 45.7 years | 45.3 years | 44.9 years | 44.6 years | 44.5 years |
| Average tenure (parent company) | 20.1 years | 20.1 years | 19.3 years | 18.9 years | 19.0 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) -4.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction | 74,298 | 61.2% | 4,413 | 5.9% |
| Manufacturing sales and environment | 47,028 | 38.8% | 3,835 | 8.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction | 61.2% | 53.5% | -7.7 | 5.9% |
| Manufacturing sales and environment | 38.8% | 46.5% | 7.7 | 8.2% |

Segment → industry: Manufacturing sales and environment → Cement & Concrete / Construction → General Contractors / Manufacturing sales and environment → Waste Management & Recycling

## 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 | 12,205 | 10.1% | S100YP7Y |
| Capital expenditure | 2,554 | 2.1% | S100YP7Y |
| Free cash flow | 9,651 | 8.0% | 算出 |
| Investing cash flow | -2,331 | -1.9% | S100YP7Y |
| Financing cash flow | -8,271 | -6.8% | S100YP7Y |
| Dividends paid | 6,244 | 5.1% | S100YP7Y |
| Share buyback | 520 | 0.4% | S100YP7Y |
| Change in cash | 1,601 | 1.3% | S100YP7Y |
| Cash and equivalents | 13,909 | 11.5% | S100YP7Y |

## 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 | 11,649 | 10,004 | 14,227 | 12,308 | 13,909 | S100TOYF, S100WAYO, S100YP7Y |
| Total assets | 84,691 | 87,184 | 92,895 | 90,721 | 88,501 | S100R8MW, S100TOYF, S100WAYO, S100YP7Y |
| Net assets | 50,466 | 52,711 | 56,214 | 56,931 | 55,059 | S100TOYF, S100WAYO, S100YP7Y |
| Share capital | 7,584 | 7,584 | 7,584 | 7,584 | 7,584 | S100R8MW, S100TOYF, S100WAYO, S100YP7Y |
| Property, plant and equipment | 20,592 | 21,339 | 23,085 | 23,707 | 23,511 | S100R8MW, S100TOYF, S100WAYO, S100YP7Y |
| Intangible assets excluding goodwill | 396 | 346 | 281 | 321 | 278 | S100R8MW, S100TOYF, S100WAYO, S100YP7Y |
| Investment securities | 3,944 | 4,528 | 5,437 | 4,087 | 4,860 | S100R8MW, S100TOYF, S100WAYO, S100YP7Y |
| Current assets | 58,249 | 59,427 | 61,566 | 60,001 | 56,296 | S100R8MW, S100TOYF, S100WAYO, S100YP7Y |
| Current liabilities | 31,075 | 31,460 | 32,487 | 30,401 | 29,812 | S100R8MW, S100TOYF, S100WAYO, S100YP7Y |
| Short-term borrowings | 1,328 | 2,036 | 600 | 5,450 | 4,489 | S100R8MW, S100TOYF, S100WAYO, S100YP7Y |
| Long-term borrowings | 586 | 150 | 900 | 450 | 143 | S100R8MW, S100TOYF, S100WAYO, S100YP7Y |
| Total liabilities | 34,225 | 34,472 | 36,680 | 33,790 | 33,441 | S100R8MW, S100TOYF, S100WAYO, S100YP7Y |
| Non-controlling interests | 1,392 | 1,366 | 1,428 | 1,519 | 1,419 | S100R8MW, S100TOYF, S100WAYO, S100YP7Y |
| Equity attributable to owners of parent | 46,383 | 48,688 | 51,032 | 52,410 | 49,219 | S100R8MW, S100TOYF, S100WAYO, S100YP7Y |
| Retained earnings | 33,419 | 35,722 | 38,809 | 40,991 | 37,876 | S100R8MW, S100TOYF, S100WAYO, S100YP7Y |
| Treasury stock | -1,606 | -1,724 | -2,620 | -2,584 | -2,907 | S100R8MW, S100TOYF, S100WAYO, S100YP7Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YP7Y |
| Property, plant and equipment | 27% | S100YP7Y |
| Intangibles and goodwill | 0% | S100YP7Y |
| Investment securities | 5% | S100YP7Y |
| Other assets | 52% | S100YP7Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100YP7Y |
| Equity | 62% | S100YP7Y |
| Other liabilities | 0% | S100YP7Y |

### 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 | 84,691 | 87,184 | 92,895 | 90,721 | 88,501 |
| Equity | 50,466 | 52,711 | 56,214 | 56,931 | 55,059 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,649 | 10,004 | 14,227 | 12,308 | 13,909 |

## 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) | 19.4% | S100YP7Y |
| Fixed assets ÷ total assets | 26.6% | S100YP7Y |
| Goodwill ÷ parent equity | — | —, S100YP7Y |

### 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) | 15.7% |
| Cash ÷ revenue | 11.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 210.9% |
| Cash vs. profit gap | 8,779 JPY mn (of net income 256.2%) |
| Shareholder returns / net income | 197.4% |
| Shareholder returns / FCF | 70.1% |
| Shareholder payments — dividends / net income | 182.3% |
| Shareholder payments — dividends / FCF | 64.7% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 19.1% |

## 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 | 3.3% | 1.32× | 4.4% | 1.83× | 8.0% | S100R8MW |
| 2023 | 2.7% | 1.38× | 3.7% | 1.81× | 6.6% | S100TOYF |
| 2024 | 3.2% | 1.31× | 4.2% | 1.81× | 7.6% | S100WAYO |
| 2025 | 3.3% | 1.38× | 4.5% | 1.78× | 8.0% | S100YP7Y |
| 2026 | 2.8% | 1.35× | 3.8% | 1.76× | 6.7% | S100YP7Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.3% | 2026-03-31 |
| 株式会社横浜銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 東亜道路従業員持株会 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 東亜道路取引先持株会 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社佐藤渡辺 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.2% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第120期(2025/04/01－2026/03/31) | S100YP7Y | 2026-07-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YP7Y,, |
| 訂正有価証券報告書－第119期(2024/04/01－2025/03/31) | S100WAYO | 2025-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WAYO,, |
| 有価証券報告書－第118期(2023/04/01－2024/03/31) | S100TOYF | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOYF,, |
| 有価証券報告書－第117期(2022/04/01－2023/03/31) | S100R8MW | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8MW,, |
| 有価証券報告書－第116期(令和3年4月1日－令和4年3月31日) | S100OEU3 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEU3,, |
| 有価証券報告書－第115期(令和2年4月1日－令和3年3月31日) | S100LOGX | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOGX,, |

## 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).