# 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136期(2025/04/01－2026/03/31) (S100YCGY)
> Page: https://vizora.meequs.com/en/company/toa
> Retrieved: 2026-09-30T18:55:19.074Z

## Company

TOA, founded in 1914, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 2,145 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOA CORPORATION |
| Ticker | 1885 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1885.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿三丁目7番1号 |
| Representative (per filing) | 代表取締役社長 早川毅 |
| Founded | Mar 1914 |
| Share capital | ¥19B |
| Employees (consolidated) | 2,145 |
| Average salary (parent only) | ¥10.2M |
| Fiscal year end | March |
| Website | www.toa-const.co.jp (https://www.toa-const.co.jp/) |
| Corporate number | 3011101055078 |
| EDINET | E00080 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YCGY, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 94.6 | 84 |
| Profitability | 48.4 | 92 |
| Cash conversion | 87.4 | 91 |
| Efficiency | 67.9 | 92 |
| Financial strength | 83.3 | 15 |

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 43% of TOA's sales come from Domestic civil engineering, with Domestic building construction and Overseas making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +8.5% from the prior year, operating profit +17.4%.

## Company structure

- Segment revenue mix: Domestic civil engineering 43.5%、Domestic building construction 26.3%、Overseas 25.7%、Other 4.5%
- Revenue → net income: ¥358697000000 → ¥19438000000
- Net income → operating cash flow: ¥19438000000 → ¥48006000000（difference ¥28568000000）
- Main uses of operating cash flow: CapEx ¥3716000000 / dividends ¥9248000000 / buybacks ¥6920000000
- Change in cash: ¥7648000000
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 | ¥358.7B |  |
| Operating income | ¥24.2B | Margin 6.7% |
| Net income | ¥19.4B | Margin 5.4% |
| Free cash flow | ¥44.3B |  |
| Largest business | Domestic civil engineering | of segment revenue 43.5% |
| Employees (consolidated) | 2,145 |  |
| EPS | ¥232.93 |  |
| Book value per share | ¥1252.35 |  |
| Equity ratio | 38.2% |  |
| Shares outstanding | 87,978,000 |  |
| Treasury shares | 6,164,500 |  |
| Shareholders | 23,730 |  |
| Average salary (parent only) | ¥10.2M | Filing company only |
| Cash ratio | 16.1% | Net cash ¥24.1B · Cash ÷ revenue 13.7% |
| Vs. industry median margin | -0.1 pp | General Contractors |
| ROE | 19.5% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥189712000000 | ¥358697000000 | +89.1% |
| Operating income | ¥8714000000 | ¥24199000000 | +177.7% |
| Operating margin | 4.6% | 6.7% | +2.2 pp |
| Employees | 1,810 people | 2,145 people | +18.5% |
| Cash and equivalents | ¥32310000000 | ¥49231000000 | +52.4% |

### 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 |
| --- | ---: |
| 国内土木事業 → 国内土木事業 | 43.5% |
| 国内土木事業 → 事業再編・廃止 | 6.8% |
| 国内建築事業 → 国内建築事業 | 26.3% |
| 国内建築事業 → 事業再編・廃止 | 3.8% |
| 海外事業 → 海外事業 | 14.1% |
| その他 → その他 | 4.5% |
| その他 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 海外事業 | 11.6% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic civil engineering | 5 years | +10.3% | ¥156001000000 | 8.8% | 2 |
| Domestic building construction | 5 years | +10.6% | ¥94250000000 | 8.7% | 2 |
| Overseas | 5 years | +28.1% | ¥92337000000 | 8.2% | 2 |
| Other | 5 years | +9.0% | ¥16107000000 | 10.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 358,697 | 100.0% | S100YCGY |
| Cost of revenue | 316,832 | 88.3% | S100YCGY |
| Gross profit | 41,864 | 11.7% | S100YCGY |
| SG&A | 17,665 | 4.9% | S100YCGY |
| Operating income | 24,199 | 6.7% | S100YCGY |
| Ordinary income | 24,600 | 6.9% | S100YCGY |
| Pretax income | 25,676 | 7.2% | S100YCGY |
| Income tax | 6,237 | 1.7% | S100YCGY |
| Net income | 19,438 | 5.4% | S100YCGY |
| Net income attributable to owners | 19,361 | 5.4% | S100YCGY |

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

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

### Margin funnel

Gross margin 11.7% → Operating margin 6.7% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.5%; Core profit growth: +17.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.03×
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 | 330,472 | 358,697 | 28,225 | +8.5% |
| Gross profit | 34,971 | 41,864 | 6,893 | +19.7% |
| Operating income | 20,621 | 24,199 | 3,578 | +17.4% |
| Net income attributable to owners | 14,908 | 19,361 | 4,453 | +29.9% |
| Operating cash flow | -14,255 | 48,006 | 62,261 | — |
| Free cash flow | -16,058 | 44,290 | 60,348 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 190,278 | 7,957 | 4.2% | 5,007 | 11,496 | 7,699 | S100LV1K |
| FY ending Mar 2021 | 189,712 | 8,714 | 4.6% | 6,859 | 1,471 | -4,487 | S100OLPL |
| FY ending Mar 2022 | 219,814 | 9,874 | 4.5% | 7,385 | -2,671 | -5,351 | S100R8O0 |
| FY ending Mar 2023 | 213,569 | 6,555 | 3.1% | 4,835 | -13,947 | -17,490 | S100TZNP |
| FY ending Mar 2024 | 283,852 | 17,231 | 6.1% | 10,517 | 39,350 | 36,273 | S100W99D |
| FY ending Mar 2025 | 330,472 | 20,621 | 6.2% | 14,908 | -14,255 | -16,058 | S100YCGY |
| FY ending Mar 2026 | 358,697 | 24,199 | 6.7% | 19,361 | 48,006 | 44,290 | S100YCGY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥167.2M |
| Operating income per employee (consolidated) | ¥11.3M |
| Net income per employee (consolidated) | ¥9M |

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) | 1,848 | 1,877 | 1,945 | 2,052 | 2,145 |
| Average salary (parent company) | ¥9.4M | ¥9.3M | ¥9M | ¥9.7M | ¥10.2M |
| Average age (parent company) | 45.3 years | 45.0 years | 45.0 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 19.7 years | 19.4 years | 18.8 years | 18.3 years | 17.8 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) +8.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic civil engineering | 156,001 | 43.5% | 13,717 | 8.8% |
| Domestic building construction | 94,250 | 26.3% | 8,169 | 8.7% |
| Overseas | 92,337 | 25.7% | 7,527 | 8.2% |
| Other | 16,107 | 4.5% | 1,643 | 10.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic civil engineering | 43.5% | 44.2% | 0.7 | 8.8% |
| Domestic building construction | 26.3% | 26.3% | 0.0 | 8.7% |
| Overseas | 25.7% | 24.2% | -1.5 | 8.2% |
| Other | 4.5% | 5.3% | 0.8 | 10.2% |

Segment → industry: Other → Real Estate Development & Leasing / Overseas → General Contractors / Domestic building construction → General Contractors / Domestic civil engineering → General Contractors

## 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 | 48,006 | 13.4% | S100YCGY |
| Capital expenditure | 3,716 | 1.0% | S100YCGY |
| Free cash flow | 44,290 | 12.3% | 算出 |
| Investing cash flow | -1,542 | -0.4% | S100YCGY |
| Financing cash flow | -39,122 | -10.9% | S100YCGY |
| Dividends paid | 9,248 | 2.6% | S100YCGY |
| Share buyback | 6,920 | 1.9% | S100YCGY |
| Change in cash | 7,648 | 2.1% | S100YCGY |
| Cash and equivalents | 49,231 | 13.7% | S100YCGY |

## 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 | 32,017 | 28,278 | 57,044 | 41,583 | 49,231 | S100TZNP, S100W99D, S100YCGY |
| Total assets | 212,916 | 226,928 | 272,936 | 298,939 | 305,435 | S100R8O0, S100TZNP, S100W99D, S100YCGY |
| Net assets | 86,725 | 89,361 | 96,700 | 107,873 | 117,926 | S100TZNP, S100W99D, S100YCGY |
| Share capital | 18,976 | 18,976 | 18,976 | 18,976 | 18,976 | S100R8O0, S100TZNP, S100W99D, S100YCGY |
| Property, plant and equipment | 35,095 | 35,602 | 34,887 | 32,714 | 32,554 | S100R8O0, S100TZNP, S100W99D, S100YCGY |
| Intangible assets excluding goodwill | 975 | 808 | 700 | 794 | 1,399 | S100R8O0, S100TZNP, S100W99D, S100YCGY |
| Investment securities | 10,600 | 10,456 | 14,037 | 13,822 | 14,733 | S100R8O0, S100TZNP, S100W99D, S100YCGY |
| Current assets | 162,072 | 175,573 | 214,037 | 242,624 | 240,703 | S100R8O0, S100TZNP, S100W99D, S100YCGY |
| Current liabilities | 107,750 | 122,249 | 161,276 | 170,508 | 166,628 | S100R8O0, S100TZNP, S100W99D, S100YCGY |
| Short-term borrowings | 18,875 | 30,708 | 29,896 | 29,510 | 10,050 | S100R8O0, S100TZNP, S100W99D, S100YCGY |
| Long-term borrowings | 10,937 | 10,335 | 9,806 | 9,960 | 10,085 | S100R8O0, S100TZNP, S100W99D, S100YCGY |
| Bonds | — | — | — | 5,000 | 5,000 | S100YCGY |
| Interest-bearing debt | — | — | — | 44,470 | 25,135 | 算出 |
| Total liabilities | 126,190 | 137,567 | 176,235 | 191,065 | 187,509 | S100R8O0, S100TZNP, S100W99D, S100YCGY |
| Non-controlling interests | 697 | 731 | 1,065 | 1,327 | 1,389 | S100R8O0, S100TZNP, S100W99D, S100YCGY |
| Equity attributable to owners of parent | 80,037 | 82,319 | 84,395 | 96,047 | 102,126 | S100R8O0, S100TZNP, S100W99D, S100YCGY |
| Retained earnings | 43,543 | 46,602 | 55,294 | 66,912 | 76,940 | S100R8O0, S100TZNP, S100W99D, S100YCGY |
| Treasury stock | -1,524 | -2,225 | -9,146 | -7,541 | -16,515 | S100R8O0, S100TZNP, S100W99D, S100YCGY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YCGY |
| Property, plant and equipment | 11% | S100YCGY |
| Intangibles and goodwill | 0% | S100YCGY |
| Investment securities | 5% | S100YCGY |
| Other assets | 68% | S100YCGY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 8% | 算出 |
| Other liabilities | 53% | S100YCGY |
| Equity | 39% | S100YCGY |

### 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 | 212,916 | 226,928 | 272,936 | 298,939 | 305,435 |
| Equity | 86,725 | 89,361 | 96,700 | 107,873 | 117,926 |
| Interest-bearing debt | — | — | — | 44,470 | 25,135 |
| Cash | 32,017 | 28,278 | 57,044 | 41,583 | 49,231 |

## 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) | 9.1% | S100YCGY |
| Fixed assets ÷ total assets | 10.7% | S100YCGY |
| Goodwill ÷ parent equity | — | —, S100YCGY |

### 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) | 16.1% |
| Cash ÷ revenue | 13.7% |
| Net cash (cash − interest-bearing debt) | ¥24.1B |
| Net debt ÷ operating cash flow | -0.50× |
| Cash conversion (operating CF ÷ operating income) | 198.4% |
| Cash vs. profit gap | 28,645 JPY mn (of net income 148.0%) |
| Shareholder returns / net income | 83.5% |
| Shareholder returns / FCF | 36.5% |
| Shareholder payments — dividends / net income | 47.8% |
| Shareholder payments — dividends / FCF | 20.9% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 3.2% |

## 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 | 3.4% | 1.03× | 3.5% | 2.66× | 9.2% | S100R8O0 |
| 2023 | 2.3% | 0.97× | 2.2% | 2.71× | 6.0% | S100TZNP |
| 2024 | 3.7% | 1.14× | 4.2% | 3.00× | 12.6% | S100W99D |
| 2025 | 4.5% | 1.16× | 5.2% | 3.17× | 16.5% | S100YCGY |
| 2026 | 5.4% | 1.19× | 6.4% | 3.05× | 19.5% | S100YCGY |

## 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 | 11.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 5.5% | 2026-03-31 |
| 太平洋セメント株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.2% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.8% | 2026-03-31 |
| 東亜建設工業鶴株会 | Major shareholder | 3.4% | 2026-03-31 |
| 東亜建設工業社員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.1% | 2026-03-31 |
| 野村信託銀行株式会社(信託口2052256) | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥358.7B, up +8.5% from ¥330.5B.
- Profit grew faster than sales: operating income reached ¥24.2B (+17.4%) and net income attributable to owners ¥19.4B (+29.9%).
- Operating cash flow swung from -¥14.3B to ¥48B, and free cash flow came to ¥44.3B.

### Drivers

- Domestic civil engineering: large port projects in the backlog moved ahead on schedule, lifting sales
- Domestic building construction: fewer low-margin jobs hit by rising prices, and more jobs priced with better margins at the time of the order
- Overseas: a large port project in Africa added to profit; net income was also helped by gains on selling investment securities

### Risks

- In domestic building, large projects were completed, but work on newly won large logistics facilities has not yet ramped up
- Overseas orders fell, as the year before had included several large contracts

Cited: Annual Securities Report, FY ending Mar 2026 (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第136期(2025/04/01－2026/03/31) | S100YCGY | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCGY,, |
| 訂正有価証券報告書－第135期(2024/04/01－2025/03/31) | S100W99D | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W99D,, |
| 訂正有価証券報告書－第134期(2023/04/01－2024/03/31) | S100TZNP | 2024-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TZNP,, |
| 有価証券報告書－第133期(2022/04/01－2023/03/31) | S100R8O0 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8O0,, |
| 有価証券報告書－第132期(令和3年4月1日－令和4年3月31日) | S100OLPL | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLPL,, |
| 有価証券報告書－第131期(令和2年4月1日－令和3年3月31日) | S100LV1K | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV1K,, |

## 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).