# TOAMI 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87期(2025/04/01－2026/03/31) (S100YDF3)
> Page: https://vizora.meequs.com/en/company/toami
> Retrieved: 2026-09-30T19:00:22.516Z

## Company

Toami, founded in 1940, is a company in Steel listed on TSE Standard. It has 406 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOAMI CORPORATION |
| Ticker | 5973 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5973.T) |
| Listing | TSE Standard |
| Head office | 大阪府四條畷市中野新町10番20号 |
| Representative (per filing) | 代表取締役社長 北川 芳仁 |
| Founded | Sep 1940 |
| Share capital | ¥1.29B |
| Employees (consolidated) | 406 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.toami.co.jp (https://www.toami.co.jp/) |
| Corporate number | 5122001016280 |
| EDINET | E01441 |
| Industries (Vizora) | Steel, General Contractors |

> Profile source: annual securities report (S100YDF3, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.4 | 33 |
| Profitability | 12.9 | 35 |
| Cash conversion | 95.2 | 31 |
| Efficiency | 84.3 | 35 |

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 75% of Toami's sales come from Materials for civil engineering and construction, with Civil engineering and construction work making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +1.6% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Materials for civil engineering and construction 74.8%、Civil engineering and construction work 25.2%
- Revenue → net income: ¥18391836000 → ¥186010000
- Net income → operating cash flow: ¥186010000 → ¥1577274000（difference ¥1391264000）
- Main uses of operating cash flow: CapEx ¥465800000 / dividends ¥90602000 / buybacks ¥40143000
- Change in cash: ¥208705000
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 | ¥18.4B |  |
| Operating income | ¥216.8M | Margin 1.2% |
| Net income | ¥175.6M | Margin 1.0% |
| Free cash flow | ¥1.11B |  |
| Largest business | Materials for civil engineering and construction | of segment revenue 74.8% |
| Employees (consolidated) | 406 |  |
| EPS | ¥13.11 |  |
| Book value per share | ¥1794.16 |  |
| Equity ratio | 58.7% |  |
| Shares outstanding | 6,400,000 |  |
| Treasury shares | 731,400 |  |
| Shareholders | 1,096 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 10.6% | Cash ÷ revenue 10.9% |
| Vs. industry median margin | -2.3 pp | Steel |
| ROE | 1.7% | Derived from disclosed figures |
| ROA | 0.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 9.0× net income
- FY2026, one segment accounts for 83% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11784859000 | ¥18391836000 | +56.1% |
| Operating income | ¥429766000 | ¥216753000 | -49.6% |
| Operating margin | 3.6% | 1.2% | -2.5 pp |
| Employees | 249 people | 406 people | +63.1% |
| Cash and equivalents | ¥2074303000 | ¥1997797000 | -3.7% |

### 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 |
| --- | ---: |
| 新設・再編 → 土木建築用資材 | 74.8% |
| 新設・再編 → 土木・建築工事 | 25.2% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,392 | 100.0% | S100YDF3 |
| Cost of revenue | 15,305 | 83.2% | S100YDF3 |
| Gross profit | 3,087 | 16.8% | S100YDF3 |
| SG&A | 2,870 | 15.6% | S100YDF3 |
| Operating income | 217 | 1.2% | S100YDF3 |
| Ordinary income | 276 | 1.5% | S100YDF3 |
| Pretax income | 271 | 1.5% | S100YDF3 |
| Income tax | 85 | 0.5% | S100YDF3 |
| Net income | 186 | 1.0% | S100YDF3 |
| Net income attributable to owners | 176 | 1.0% | S100YDF3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 16 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 16.8% → Operating margin 1.2% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 18,105 | 18,392 | 287 | +1.6% |
| Gross profit | 2,572 | 3,087 | 515 | +20.0% |
| Operating income | -112 | 217 | 328 | — |
| Net income attributable to owners | -6 | 176 | 182 | — |
| Operating cash flow | 903 | 1,577 | 674 | +74.7% |
| Free cash flow | 144 | 1,111 | 968 | +672.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,080 | 291 | 2.2% | 216 | 1,121 | 889 | S100LUF2 |
| FY ending Mar 2021 | 11,785 | 430 | 3.6% | 298 | 848 | 616 | S100ODX9 |
| FY ending Mar 2022 | 12,265 | 42 | 0.3% | 70 | -1,325 | -1,912 | S100R9AW |
| FY ending Mar 2023 | 15,415 | -107 | -0.7% | -72 | -675 | -1,692 | S100TUID |
| FY ending Mar 2024 | 17,628 | 325 | 1.8% | 247 | 1,338 | 841 | S100W5W3 |
| FY ending Mar 2025 | 18,105 | -112 | -0.6% | -6 | 903 | 144 | S100YDF3 |
| FY ending Mar 2026 | 18,392 | 217 | 1.2% | 176 | 1,577 | 1,111 | S100YDF3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.3M |
| Operating income per employee (consolidated) | ¥533.9K |
| Net income per employee (consolidated) | ¥432.5K |

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) | 254 | 314 | 338 | 402 | 406 |
| Average salary (parent company) | ¥5.1M | ¥5.2M | ¥5.5M | ¥5.6M | ¥5.5M |
| Average age (parent company) | 45.0 years | 45.7 years | 46.3 years | 46.2 years | 46.4 years |
| Average tenure (parent company) | 15.0 years | 15.9 years | 16.2 years | 17.0 years | 16.7 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +1.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Materials for civil engineering and construction | 13,749 | 74.8% | 585 | 4.3% |
| Civil engineering and construction work | 4,643 | 25.2% | 119 | 2.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Materials for civil engineering and construction | 74.8% | 83.1% | 8.3 | 4.3% |
| Civil engineering and construction work | 25.2% | 16.9% | -8.3 | 2.6% |

Segment → industry: Materials for civil engineering and construction → Steel / Civil engineering and construction work → 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 | 1,577 | 8.6% | S100YDF3 |
| Capital expenditure | 466 | 2.5% | S100YDF3 |
| Free cash flow | 1,111 | 6.0% | 算出 |
| Investing cash flow | -522 | -2.8% | S100YDF3 |
| Financing cash flow | -846 | -4.6% | S100YDF3 |
| Dividends paid | 91 | 0.5% | S100YDF3 |
| Share buyback | 40 | 0.2% | S100YDF3 |
| Change in cash | 209 | 1.1% | S100YDF3 |
| Cash and equivalents | 1,998 | 10.9% | S100YDF3 |

## 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 | 1,636 | 1,351 | 895 | 1,789 | 1,998 | S100TUID, S100W5W3, S100YDF3 |
| Total assets | 15,868 | 18,360 | 19,512 | 19,094 | 18,821 | S100R9AW, S100TUID, S100W5W3, S100YDF3 |
| Net assets | 10,960 | 10,782 | 10,992 | 10,801 | 11,070 | S100TUID, S100W5W3, S100YDF3 |
| Share capital | 1,291 | 1,291 | 1,291 | 1,291 | 1,291 | S100R9AW, S100TUID, S100W5W3, S100YDF3 |
| Property, plant and equipment | 5,617 | 6,694 | 7,104 | 7,686 | 7,926 | S100R9AW, S100TUID, S100W5W3, S100YDF3 |
| Intangible assets excluding goodwill | 27 | 199 | 174 | 549 | 490 | S100R9AW, S100TUID, S100W5W3, S100YDF3 |
| Goodwill | — | 166 | 127 | 499 | 439 | S100TUID, S100W5W3, S100YDF3 |
| Investment securities | 775 | 512 | 725 | 623 | 879 | S100R9AW, S100TUID, S100W5W3, S100YDF3 |
| Current assets | 9,119 | 10,570 | 10,999 | 9,645 | 8,728 | S100R9AW, S100TUID, S100W5W3, S100YDF3 |
| Current liabilities | 2,687 | 4,542 | 6,486 | 6,753 | 6,657 | S100R9AW, S100TUID, S100W5W3, S100YDF3 |
| Trade payables | 1,822 | 1,911 | 2,220 | 1,146 | 792 | S100R9AW, S100TUID, S100W5W3, S100YDF3 |
| Short-term borrowings | — | 1,100 | 2,357 | 3,330 | 3,438 | S100TUID, S100W5W3, S100YDF3 |
| Long-term borrowings | 1,482 | 2,207 | 1,383 | 666 | 142 | S100R9AW, S100TUID, S100W5W3, S100YDF3 |
| Total liabilities | 4,908 | 7,578 | 8,520 | 8,294 | 7,751 | S100R9AW, S100TUID, S100W5W3, S100YDF3 |
| Non-controlling interests | — | 14 | 26 | 24 | 19 | S100TUID, S100W5W3, S100YDF3 |
| Equity attributable to owners of parent | 10,832 | 10,630 | 10,625 | 10,538 | 10,582 | S100R9AW, S100TUID, S100W5W3, S100YDF3 |
| Retained earnings | 8,400 | 8,236 | 8,393 | 8,295 | 8,379 | S100R9AW, S100TUID, S100W5W3, S100YDF3 |
| Treasury stock | -69 | -167 | -328 | -319 | -359 | S100R9AW, S100TUID, S100W5W3, S100YDF3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YDF3 |
| Property, plant and equipment | 42% | S100YDF3 |
| Intangibles and goodwill | 5% | S100YDF3 |
| Investment securities | 5% | S100YDF3 |
| Other assets | 38% | S100YDF3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YDF3 |
| Other liabilities | 37% | S100YDF3 |
| Equity | 59% | S100YDF3 |

### 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 | 15,868 | 18,360 | 19,512 | 19,094 | 18,821 |
| Equity | 10,960 | 10,782 | 10,992 | 10,801 | 11,070 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,636 | 1,351 | 895 | 1,789 | 1,998 |

## 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) | 43.1% | S100YDF3 |
| Fixed assets ÷ total assets | 42.1% | S100YDF3 |
| Goodwill ÷ parent equity | 4.2% | S100YDF3 |

### 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) | 10.6% |
| Cash ÷ revenue | 10.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 727.7% |
| Cash vs. profit gap | 1,402 JPY mn (of net income 798.2%) |
| Shareholder returns / net income | 74.5% |
| Shareholder returns / FCF | 11.8% |
| Shareholder payments — dividends / net income | 51.6% |
| Shareholder payments — dividends / FCF | 8.2% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 33.1% |

## 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 | 0.6% | 0.77× | 0.4% | 1.46× | 0.6% | S100R9AW |
| 2023 | — | —× | -0.4% | —× | — | S100TUID |
| 2024 | 1.4% | 0.93× | 1.3% | 1.78× | 2.3% | S100W5W3 |
| 2025 | — | —× | -0.0% | —× | — | S100YDF3 |
| 2026 | 1.0% | 0.97× | 0.9% | 1.80× | 1.7% | S100YDF3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東洋物産株式会社 | Major shareholder | 10.9% | 2026-03-31 |
| 北川 芳仁 | Major shareholder | 6.9% | 2026-03-31 |
| 阪和興業株式会社 | Major shareholder | 6.7% | 2026-03-31 |
| 伊藤忠丸紅住商テクノスチー ル株式会社 | Major shareholder | 6.5% | 2026-03-31 |
| 小野建株式会社 | Major shareholder | 6.5% | 2026-03-31 |
| トーアミ従業員持株会 | Major shareholder | 5.6% | 2026-03-31 |
| 細川 幸祐 | Major shareholder | 5.3% | 2026-03-31 |
| 佐々木 裕紀子 | Major shareholder | 2.0% | 2026-03-31 |
| 北川 麻理子 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第87期(2025/04/01－2026/03/31) | S100YDF3 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDF3,, |
| 有価証券報告書－第86期(2024/04/01－2025/03/31) | S100W5W3 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5W3,, |
| 有価証券報告書－第85期(2023/04/01－2024/03/31) | S100TUID | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUID,, |
| 有価証券報告書－第84期(2022/04/01－2023/03/31) | S100R9AW | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9AW,, |
| 有価証券報告書－第83期(令和3年4月1日－令和4年3月31日) | S100ODX9 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODX9,, |
| 有価証券報告書－第82期(令和2年4月1日－令和3年3月31日) | S100LUF2 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUF2,, |

## 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).