# Toabo Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2025/01/01－2025/12/31) (S100XTN7)
> Page: https://vizora.meequs.com/en/company/toabo
> Retrieved: 2026-09-30T19:03:18.310Z

## Company

Toabo is a company in Textiles & Fibers listed on TSE Standard. It has 414 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Toabo Corporation |
| Ticker | 3204 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3204.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区城見一丁目2番27号 クリスタルタワー18階 |
| Representative (per filing) | 代表取締役社長 長井 渡 |
| Share capital | ¥3.94B |
| Employees (consolidated) | 414 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | December |
| Website | www.toabo.co.jp (https://www.toabo.co.jp/) |
| Corporate number | 2120001104579 |
| EDINET | E00556 |
| Industries (Vizora) | Textiles & Fibers, Chemicals, Pharmaceuticals, Semiconductors, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XTN7, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Textiles & Fibers (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.1 | 14 |
| Profitability | 46.9 | 16 |
| Cash conversion | 62.5 | 12 |
| Efficiency | 40.6 | 16 |

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 41% of Toabo's sales come from Interior industrial materials business, with Clothing business and Fine chemicals making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -5.1% from the prior year, operating profit -17.0%.

## Company structure

- Segment revenue mix: Interior industrial materials business 41.4%、Clothing business 34.0%、Fine chemicals 8.7%、Electronics business 6.2%、Real estate business 5.1%
- Revenue → net income: ¥17471000000 → ¥652000000
- Net income → operating cash flow: ¥652000000 → ¥1013000000（difference ¥361000000）
- Main uses of operating cash flow: CapEx ¥339000000 / dividends ¥113000000 / buybacks ¥0
- Change in cash: ¥-265000000
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 | ¥17.5B |  |
| Operating income | ¥570M | Margin 3.3% |
| Net income | ¥656M | Margin 3.8% |
| Free cash flow | ¥674M |  |
| Largest business | Interior industrial materials business | of segment revenue 41.4% |
| Employees (consolidated) | 414 |  |
| EPS | ¥51.94 |  |
| Book value per share | ¥1253.53 |  |
| Equity ratio | 40.7% |  |
| Shares outstanding | 8,940,000 |  |
| Treasury shares | 112,900 |  |
| Shareholders | 6,705 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 4.9% | Cash ÷ revenue 9.5% |
| Vs. industry median margin | -0.1 pp | Textiles & Fibers |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by 46 points
- FY2025, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14752000000 | ¥17471000000 | +18.4% |
| Operating income | ¥270000000 | ¥570000000 | +111.1% |
| Operating margin | 1.8% | 3.3% | +1.4 pp |
| Employees | 449 people | 414 people | -7.8% |
| Cash and equivalents | ¥2152000000 | ¥1665000000 | -22.6% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 衣料事業 → 衣料事業 | 34.0% |
| 衣料事業 → 事業再編・廃止 | 2.3% |
| インテリア産業資材事業 → インテリア産業資材事業 | 38.0% |
| エレクトロニクス事業 → エレクトロニクス事業 | 6.2% |
| エレクトロニクス事業 → 事業再編・廃止 | 4.8% |
| ファインケミカル事業 → ファインケミカル事業 | 6.6% |
| 不動産事業 → 不動産事業 | 5.1% |
| 不動産事業 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 2.4% |
| 新設・再編 → インテリア産業資材事業 | 3.4% |
| 新設・再編 → ファインケミカル事業 | 2.1% |
| 新設・再編 → その他 | 2.2% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Interior industrial materials business | 5 years | +5.2% | ¥7234000000 | 1.4% | 2 |
| Clothing business | 5 years | +2.1% | ¥5935000000 | 4.3% | 2 |
| Fine chemicals | 5 years | +9.2% | ¥1525000000 | 8.2% | 2 |
| Electronics business | 5 years | -7.8% | ¥1076000000 | -1.3% | 2 |
| Real estate business | 5 years | +1.1% | ¥896000000 | 57.1% | 2 |
| Other | 5 years | +18.2% | ¥803000000 | -7.5% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,471 | 100.0% | S100XTN7 |
| Cost of revenue | 13,894 | 79.5% | S100XTN7 |
| Gross profit | 3,577 | 20.5% | S100XTN7 |
| SG&A | 3,007 | 17.2% | S100XTN7 |
| Operating income | 570 | 3.3% | S100XTN7 |
| Ordinary income | 731 | 4.2% | S100XTN7 |
| Pretax income | 1,123 | 6.4% | S100XTN7 |
| Income tax | 470 | 2.7% | S100XTN7 |
| Net income | 652 | 3.7% | S100XTN7 |
| Net income attributable to owners | 656 | 3.8% | S100XTN7 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 17 |
| Operating income | 3 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 20.5% → Operating margin 3.3% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.1%; Core profit growth: -17.0%
Operating leverage (core profit growth ÷ revenue growth): 3.31×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,419 | 17,471 | -948 | -5.1% |
| Gross profit | 3,612 | 3,577 | -35 | -1.0% |
| Operating income | 687 | 570 | -117 | -17.0% |
| Net income attributable to owners | 799 | 656 | -143 | -17.9% |
| Operating cash flow | 571 | 1,013 | 442 | +77.4% |
| Free cash flow | 150 | 674 | 524 | +349.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 18,669 | 390 | 2.1% | 165 | 1,047 | 710 | S100L1UH |
| FY ending Dec 2020 | 14,752 | 270 | 1.8% | 184 | -68 | -410 | S100NQY7 |
| FY ending Dec 2021 | 15,532 | 358 | 2.3% | 258 | 664 | 376 | S100QHO4 |
| FY ending Dec 2022 | 17,000 | 516 | 3.0% | 269 | 492 | -505 | S100T4D4 |
| FY ending Dec 2023 | 19,042 | 742 | 3.9% | 573 | 414 | -160 | S100XCQO |
| FY ending Dec 2024 | 18,419 | 687 | 3.7% | 799 | 571 | 150 | S100XTN7 |
| FY ending Dec 2025 | 17,471 | 570 | 3.3% | 656 | 1,013 | 674 | S100XTN7 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.2M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.6M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 447 | 452 | 456 | 456 | 414 |
| Average salary (parent company) | ¥6.3M | ¥6.8M | ¥6.8M | ¥7M | ¥6.8M |
| Average age (parent company) | 45.0 years | 47.0 years | 48.0 years | 47.0 years | 48.0 years |
| Average tenure (parent company) | 17.0 years | 19.0 years | 19.0 years | 18.0 years | 18.0 years |

Year over year: Employees (consolidated) -9.2% · Revenue (consolidated) -5.1%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Clothing business | 5,935 | 34.0% | 257 | 4.3% |
| Interior industrial materials business | 7,234 | 41.4% | 103 | 1.4% |
| Electronics business | 1,076 | 6.2% | -14 | -1.3% |
| Fine chemicals | 1,525 | 8.7% | 125 | 8.2% |
| Real estate business | 896 | 5.1% | 512 | 57.1% |
| Other | 803 | 4.6% | -60 | -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 |
| --- | ---: | ---: | ---: | ---: |
| Clothing business | 34.0% | 25.8% | -8.2 | 4.3% |
| Interior industrial materials business | 41.4% | 10.3% | -31.1 | 1.4% |
| Electronics business | 6.2% | — | — | -1.3% |
| Fine chemicals | 8.7% | 12.5% | 3.8 | 8.2% |
| Real estate business | 5.1% | 51.4% | 46.2 | 57.1% |
| Other | 4.6% | — | — | -7.5% |

Loss-making segment (excluded from profit shares): Electronics business -14 JPY mn

Loss-making segment (excluded from profit shares): Other -60 JPY mn

Segment → industry: Interior industrial materials business → Textiles & Fibers / Clothing business → Textiles & Fibers / Fine chemicals → Chemicals / Other → Pharmaceuticals / Electronics business → Semiconductors / Real estate business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,013 | 5.8% | S100XTN7 |
| Capital expenditure | 339 | 1.9% | S100XTN7 |
| Free cash flow | 674 | 3.9% | 算出 |
| Investing cash flow | 73 | 0.4% | S100XTN7 |
| Financing cash flow | -1,332 | -7.6% | S100XTN7 |
| Dividends paid | 113 | 0.6% | S100XTN7 |
| Share buyback | 0 | 0.0% | S100XTN7 |
| Change in cash | -265 | -1.5% | S100XTN7 |
| Cash and equivalents | 1,665 | 9.5% | S100XTN7 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,952 | 1,677 | 1,731 | 1,931 | 1,665 | S100T4D4, S100XCQO, S100XTN7 |
| Total assets | 31,488 | 32,911 | 34,455 | 34,842 | 34,309 | S100QHO4, S100T4D4, S100XCQO, S100XTN7 |
| Net assets | 11,368 | 11,746 | 12,540 | 13,427 | 13,975 | S100T4D4, S100XCQO, S100XTN7 |
| Share capital | 3,940 | 3,940 | 3,940 | 3,940 | 3,940 | S100QHO4, S100T4D4, S100XCQO, S100XTN7 |
| Trade receivables | 2,502 | 2,190 | 2,584 | 2,662 | 2,127 | S100QHO4, S100T4D4, S100XCQO, S100XTN7 |
| Property, plant and equipment | 19,529 | 20,218 | 20,458 | 20,435 | 19,944 | S100QHO4, S100T4D4, S100XCQO, S100XTN7 |
| Intangible assets excluding goodwill | 96 | 68 | 144 | 139 | 35 | S100QHO4, S100T4D4, S100XCQO, S100XTN7 |
| Goodwill | — | — | 77 | 69 | — | S100XCQO, S100XTN7 |
| Investment securities | 1,435 | 1,656 | 1,974 | 2,367 | 2,875 | S100QHO4, S100T4D4, S100XCQO, S100XTN7 |
| Current assets | 9,733 | 10,231 | 11,102 | 11,200 | 10,750 | S100QHO4, S100T4D4, S100XCQO, S100XTN7 |
| Current liabilities | 6,603 | 8,533 | 9,126 | 8,912 | 7,984 | S100QHO4, S100T4D4, S100XCQO, S100XTN7 |
| Trade payables | 1,380 | 1,580 | 1,747 | 1,573 | 1,399 | S100QHO4, S100T4D4, S100XCQO, S100XTN7 |
| Short-term borrowings | 4,260 | 5,683 | 5,976 | 6,001 | 5,175 | S100QHO4, S100T4D4, S100XCQO, S100XTN7 |
| Long-term borrowings | 7,514 | 6,565 | 6,825 | 6,774 | 6,394 | S100QHO4, S100T4D4, S100XCQO, S100XTN7 |
| Total liabilities | 20,119 | 21,164 | 21,915 | 21,415 | 20,333 | S100QHO4, S100T4D4, S100XCQO, S100XTN7 |
| Non-controlling interests | 8 | 8 | 9 | 8 | 0 | S100QHO4, S100T4D4, S100XCQO, S100XTN7 |
| Equity attributable to owners of parent | 10,533 | 10,652 | 11,127 | 11,753 | 12,321 | S100QHO4, S100T4D4, S100XCQO, S100XTN7 |
| Retained earnings | 3,042 | 3,161 | 3,636 | 4,328 | 4,871 | S100QHO4, S100T4D4, S100XCQO, S100XTN7 |
| Treasury stock | -19 | -20 | -20 | -83 | -54 | S100QHO4, S100T4D4, S100XCQO, S100XTN7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100XTN7 |
| Receivables | 6% | S100XTN7 |
| Property, plant and equipment | 58% | S100XTN7 |
| Intangibles and goodwill | 0% | S100XTN7 |
| Investment securities | 9% | S100XTN7 |
| Other assets | 22% | S100XTN7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XTN7 |
| Other liabilities | 55% | S100XTN7 |
| Equity | 41% | S100XTN7 |
| Other liabilities | 0% | S100XTN7 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 31,488 | 32,911 | 34,455 | 34,842 | 34,309 |
| Equity | 11,368 | 11,746 | 12,540 | 13,427 | 13,975 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,952 | 1,677 | 1,731 | 1,931 | 1,665 |

## 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) | 114.2% | S100XTN7 |
| Fixed assets ÷ total assets | 58.1% | S100XTN7 |
| Goodwill ÷ parent equity | — | —, S100XTN7 |

### 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) | 4.9% |
| Cash ÷ revenue | 9.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 177.7% |
| Cash vs. profit gap | 357 JPY mn (of net income 54.4%) |
| Shareholder returns / net income | 17.2% |
| Shareholder returns / FCF | 16.8% |
| Shareholder payments — dividends / net income | 17.2% |
| Shareholder payments — dividends / FCF | 16.8% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 7.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.7% | 0.49× | 0.8% | 2.99× | 2.4% | S100QHO4 |
| 2022 | 1.6% | 0.53× | 0.8% | 3.04× | 2.5% | S100T4D4 |
| 2023 | 3.0% | 0.57× | 1.7% | 3.09× | 5.3% | S100XCQO |
| 2024 | 4.3% | 0.53× | 2.3% | 3.03× | 7.0% | S100XTN7 |
| 2025 | 3.8% | 0.51× | 1.9% | 2.87× | 5.4% | S100XTN7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ソトー | Major shareholder | 6.2% | 2025-12-31 |
| 中間 信幸 | Major shareholder | 3.8% | 2025-12-31 |
| トーア紡グループ従業員持株会 | Major shareholder | 3.1% | 2025-12-31 |
| 双日株式会社 | Major shareholder | 3.1% | 2025-12-31 |
| 中野 博 | Major shareholder | 3.0% | 2025-12-31 |
| 株式会社三洋航空サービス | Major shareholder | 2.3% | 2025-12-31 |
| 三重県信用農業協同組合連合会 | Major shareholder | 2.3% | 2025-12-31 |
| 中間 高子 | Major shareholder | 2.2% | 2025-12-31 |
| 東洋不動産株式会社 | Major shareholder | 2.1% | 2025-12-31 |
| トーア紡グループ取引先持株会 | Major shareholder | 1.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/01/01－2025/12/31) | S100XTN7 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTN7,, |
| 訂正有価証券報告書－第23期(2024/01/01－2024/12/31) | S100XCQO | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCQO,, |
| 有価証券報告書－第22期(2023/01/01－2023/12/31) | S100T4D4 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4D4,, |
| 有価証券報告書－第21期(2022/01/01－2022/12/31) | S100QHO4 | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHO4,, |
| 有価証券報告書－第20期(令和3年1月1日－令和3年12月31日) | S100NQY7 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQY7,, |
| 有価証券報告書－第19期(令和2年1月1日－令和2年12月31日) | S100L1UH | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1UH,, |

## 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).