# TOBA,INC.: 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77期(2025/04/01－2026/03/31) (S100YC9S)
> Page: https://vizora.meequs.com/en/company/toba
> Retrieved: 2026-09-30T20:25:57.815Z

## Company

Toba, founded in 1906, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 261 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOBA,INC. |
| Ticker | 7472 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7472.T) |
| Listing | TSE Standard |
| Head office | 東京都文京区水道二丁目8番6号 |
| Representative (per filing) | 取締役社長 遠藤稔 |
| Founded | Sep 1906 |
| Share capital | ¥1.15B |
| Employees (consolidated) | 261 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.toba.co.jp (https://www.toba.co.jp/) |
| Corporate number | 9010001005600 |
| EDINET | E02833 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YC9S, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.8 | 179 |
| Profitability | 78.6 | 185 |
| Cash conversion | 88 | 179 |
| Efficiency | 13.2 | 185 |

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)

- Toba brought in ¥29.1B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -7.9% from the prior year, operating profit -11.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥29061044000 → ¥1107637000
- Net income → operating cash flow: ¥1107637000 → ¥3228052000（difference ¥2120415000）
- Main uses of operating cash flow: CapEx ¥21677000 / dividends ¥514537000 / buybacks ¥180721000
- Change in cash: ¥1976538000
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 | ¥29.1B |  |
| Operating income | ¥1.49B | Margin 5.1% |
| Net income | ¥1.11B | Margin 3.8% |
| Free cash flow | ¥3.21B |  |
| Employees (consolidated) | 261 |  |
| EPS | ¥259.02 |  |
| Diluted EPS | ¥258.84 |  |
| Book value per share | ¥5068.27 |  |
| Equity ratio | 74.6% |  |
| Shares outstanding | 4,700,000 |  |
| Treasury shares | 784,200 |  |
| Shareholders | 4,955 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 42.6% | Cash ÷ revenue 42.8% |
| Vs. industry median margin | +2.3 pp | Specialty Trading & Wholesale |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income
- FY2026, cash is 43% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25040864000 | ¥29061044000 | +16.1% |
| Operating income | ¥1272384000 | ¥1494357000 | +17.4% |
| Operating margin | 5.1% | 5.1% | +0.1 pp |
| Employees | 254 people | 261 people | +2.8% |
| Cash and equivalents | ¥9673132000 | ¥12448820000 | +28.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,061 | 100.0% | S100YC9S |
| Cost of revenue | 24,619 | 84.7% | S100YC9S |
| Gross profit | 4,442 | 15.3% | S100YC9S |
| SG&A | 2,948 | 10.1% | S100YC9S |
| Operating income | 1,494 | 5.1% | S100YC9S |
| Ordinary income | 1,612 | 5.5% | S100YC9S |
| Pretax income | 1,641 | 5.6% | S100YC9S |
| Income tax | 533 | 1.8% | S100YC9S |
| Net income | 1,108 | 3.8% | S100YC9S |
| Net income attributable to owners | 1,108 | 3.8% | S100YC9S |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 10 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 15.3% → Operating margin 5.1% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -7.9%; Core profit growth: -11.3%
Operating leverage (core profit growth ÷ revenue growth): 1.42×
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 | 31,566 | 29,061 | -2,505 | -7.9% |
| Gross profit | 4,707 | 4,442 | -265 | -5.6% |
| Operating income | 1,684 | 1,494 | -190 | -11.3% |
| Net income attributable to owners | 1,231 | 1,108 | -124 | -10.1% |
| Operating cash flow | -752 | 3,228 | 3,980 | — |
| Free cash flow | -845 | 3,206 | 4,052 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 26,198 | 1,329 | 5.1% | 972 | 89 | 75 | S100LQ20 |
| FY ending Mar 2021 | 25,041 | 1,272 | 5.1% | 949 | 1,040 | 1,012 | S100O8P1 |
| FY ending Mar 2022 | 29,730 | 1,972 | 6.6% | 1,424 | 1,361 | 1,116 | S100QXO0 |
| FY ending Mar 2023 | 29,482 | 1,694 | 5.7% | 1,430 | 1,230 | 914 | S100TNUM |
| FY ending Mar 2024 | 28,450 | 1,515 | 5.3% | 1,075 | 2,743 | 2,540 | S100VZ8U |
| FY ending Mar 2025 | 31,566 | 1,684 | 5.3% | 1,231 | -752 | -845 | S100YC9S |
| FY ending Mar 2026 | 29,061 | 1,494 | 5.1% | 1,108 | 3,228 | 3,206 | S100YC9S |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥111.3M |
| Operating income per employee (consolidated) | ¥5.7M |
| Net income per employee (consolidated) | ¥4.2M |

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 | 256 | 262 | 265 | 261 |
| Average salary (parent company) | ¥5.2M | ¥5.4M | ¥5.2M | ¥5.3M | ¥5.7M |
| Average age (parent company) | 35.3 years | 36.0 years | 36.0 years | 35.9 years | 36.7 years |
| Average tenure (parent company) | 11.5 years | 12.1 years | 12.2 years | 12.2 years | 12.9 years |

Year over year: Employees (consolidated) -1.5% · Revenue (consolidated) -7.9%

## 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 | 3,228 | 11.1% | S100YC9S |
| Capital expenditure | 22 | 0.1% | S100YC9S |
| Free cash flow | 3,206 | 11.0% | 算出 |
| Investing cash flow | -623 | -2.1% | S100YC9S |
| Financing cash flow | -695 | -2.4% | S100YC9S |
| Dividends paid | 515 | 1.8% | S100YC9S |
| Share buyback | 181 | 0.6% | S100YC9S |
| Change in cash | 1,977 | 6.8% | S100YC9S |
| Cash and equivalents | 12,449 | 42.8% | S100YC9S |

## 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 | 9,601 | 10,012 | 12,648 | 10,472 | 12,449 | S100TNUM, S100VZ8U, S100YC9S |
| Total assets | 28,969 | 29,124 | 32,124 | 30,729 | 29,205 | S100QXO0, S100TNUM, S100VZ8U, S100YC9S |
| Net assets | 19,281 | 19,800 | 20,491 | 20,982 | 21,806 | S100TNUM, S100VZ8U, S100YC9S |
| Share capital | 1,148 | 1,148 | 1,148 | 1,148 | 1,148 | S100QXO0, S100TNUM, S100VZ8U, S100YC9S |
| Trade receivables | 8,245 | 7,792 | 8,115 | 9,118 | 6,230 | S100QXO0, S100TNUM, S100VZ8U, S100YC9S |
| Property, plant and equipment | 1,956 | 1,931 | 1,986 | 1,982 | 1,932 | S100QXO0, S100TNUM, S100VZ8U, S100YC9S |
| Intangible assets excluding goodwill | 420 | 518 | 806 | 661 | 510 | S100QXO0, S100TNUM, S100VZ8U, S100YC9S |
| Goodwill | — | — | 328 | 295 | 262 | S100VZ8U, S100YC9S |
| Investment securities | 2,374 | 2,147 | 2,680 | 2,383 | 2,887 | S100QXO0, S100TNUM, S100VZ8U, S100YC9S |
| Current assets | 21,762 | 22,596 | 24,597 | 23,285 | 20,885 | S100QXO0, S100TNUM, S100VZ8U, S100YC9S |
| Current liabilities | 9,238 | 8,921 | 11,053 | 9,281 | 6,774 | S100QXO0, S100TNUM, S100VZ8U, S100YC9S |
| Trade payables | 3,360 | 3,289 | 2,938 | 3,281 | 3,257 | S100QXO0, S100TNUM, S100VZ8U, S100YC9S |
| Short-term borrowings | — | — | 200 | — | — | S100VZ8U |
| Long-term borrowings | — | — | 20 | — | — | S100VZ8U |
| Total liabilities | 9,688 | 9,324 | 11,633 | 9,746 | 7,398 | S100QXO0, S100TNUM, S100VZ8U, S100YC9S |
| Equity attributable to owners of parent | 18,044 | 18,579 | 18,826 | 19,396 | 19,825 | S100QXO0, S100TNUM, S100VZ8U, S100YC9S |
| Retained earnings | 16,676 | 17,594 | 18,174 | 18,925 | 19,518 | S100QXO0, S100TNUM, S100VZ8U, S100YC9S |
| Treasury stock | -872 | -1,258 | -1,595 | -1,780 | -1,949 | S100QXO0, S100TNUM, S100VZ8U, S100YC9S |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 43% | S100YC9S |
| Receivables | 21% | S100YC9S |
| Property, plant and equipment | 6% | S100YC9S |
| Intangibles and goodwill | 3% | S100YC9S |
| Investment securities | 10% | S100YC9S |
| Other assets | 17% | S100YC9S |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YC9S |
| Other liabilities | 14% | S100YC9S |
| Equity | 75% | S100YC9S |

### 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 | 28,969 | 29,124 | 32,124 | 30,729 | 29,205 |
| Equity | 19,281 | 19,800 | 20,491 | 20,982 | 21,806 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,601 | 10,012 | 12,648 | 10,472 | 12,449 |

## 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) | 6.6% | S100YC9S |
| Fixed assets ÷ total assets | 6.6% | S100YC9S |
| Goodwill ÷ parent equity | 1.3% | S100YC9S |

### 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) | 42.6% |
| Cash ÷ revenue | 42.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 216.0% |
| Cash vs. profit gap | 2,120 JPY mn (of net income 191.4%) |
| Shareholder returns / net income | 62.8% |
| Shareholder returns / FCF | 21.7% |
| Shareholder payments — dividends / net income | 46.5% |
| Shareholder payments — dividends / FCF | 16.0% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 19.3% |

## 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 | 4.8% | 1.03× | 4.9% | 1.61× | 7.9% | S100QXO0 |
| 2023 | 4.8% | 1.02× | 4.9% | 1.59× | 7.8% | S100TNUM |
| 2024 | 3.8% | 0.93× | 3.5% | 1.64× | 5.7% | S100VZ8U |
| 2025 | 3.9% | 1.00× | 3.9% | 1.64× | 6.4% | S100YC9S |
| 2026 | 3.8% | 0.97× | 3.7% | 1.53× | 5.6% | S100YC9S |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一般社団法人水と柏の会 | Major shareholder | 8.8% | 2026-03-31 |
| 鳥羽洋行取引先持株会 | Major shareholder | 7.0% | 2026-03-31 |
| 鳥 羽 重 良 | Major shareholder | 3.9% | 2026-03-31 |
| いちごトラスト・ピーティーイー・リミテッド（常任代理人 香港上海銀行東京支店） | Major shareholder | 3.8% | 2026-03-31 |
| 藤 森 立 子 | Major shareholder | 3.1% | 2026-03-31 |
| 鳥羽洋行社員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| 千代田インテグレ株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 鳥羽洋行共済会 | Major shareholder | 2.7% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 2.3% | 2026-03-31 |
| ＳＭＣ株式会社 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YC9S | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC9S,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100VZ8U | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ8U,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TNUM | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNUM,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100QXO0 | 2023-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QXO0,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100O8P1 | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8P1,, |
| 訂正有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LQ20 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ20,, |

## 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).