# TOC Co.,Ltd: 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60期(2025/04/01－2026/03/31) (S100YJ5N)
> Page: https://vizora.meequs.com/en/company/toc
> Retrieved: 2026-09-30T20:23:21.474Z

## Company

TOC, founded in 1911, is a company in Pharmaceuticals listed on TSE Standard. It has 148 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOC Co., Ltd. |
| Ticker | 8841 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8841.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区西五反田七丁目22番17号 |
| Representative (per filing) | 代表取締役 大谷卓男 |
| Founded | Nov 1911 |
| Share capital | ¥11.8B |
| Employees (consolidated) | 148 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.toc.co.jp (https://www.toc.co.jp/) |
| Corporate number | 1010701006145 |
| EDINET | E00926 |
| Industries (Vizora) | Pharmaceuticals, Real Estate Development & Leasing, Home & Lifestyle Services |

> Profile source: annual securities report (S100YJ5N, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.3 | 75 |
| Profitability | 73.8 | 86 |
| Cash conversion | 90.9 | 82 |
| Efficiency | 2.9 | 86 |

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 TOC's sales come from Real estate business, with Other and Linen supply and laundry business making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +15.2% from the prior year, operating profit +73.6%.

## Company structure

- Segment revenue mix: Real estate business 74.6%、Other 13.4%、Linen supply and laundry business 12.0%
- Revenue → net income: ¥15155000000 → ¥2355000000
- Net income → operating cash flow: ¥2355000000 → ¥5731000000（difference ¥3376000000）
- Main uses of operating cash flow: CapEx ¥2382000000 / dividends ¥877000000 / buybacks ¥0
- Change in cash: ¥1718000000
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 | ¥15.2B |  |
| Operating income | ¥2.46B | Margin 16.2% |
| Net income | ¥2.32B | Margin 15.3% |
| Free cash flow | ¥3.35B |  |
| Largest business | Real estate business | of segment revenue 74.6% |
| Employees (consolidated) | 148 |  |
| EPS | ¥19.39 |  |
| Book value per share | ¥1095.12 |  |
| Equity ratio | 85.2% |  |
| Shares outstanding | 93,849,000 |  |
| Treasury shares | 5,631,800 |  |
| Shareholders | 8,088 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 25.5% | Cash ÷ revenue 205.5% |
| Vs. industry median margin | +5.7 pp | Real Estate Development & Leasing |
| ROE | 2.5% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, one segment accounts for 97% of positive segment profit
- FY2026, segment profit share differs by 23 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16087000000 | ¥15155000000 | -5.8% |
| Operating income | ¥5619000000 | ¥2462000000 | -56.2% |
| Operating margin | 34.9% | 16.2% | -18.7 pp |
| Employees | 146 people | 148 people | +1.4% |
| Cash and equivalents | ¥32146000000 | ¥31148000000 | -3.1% |

### 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 |
| --- | ---: |
| 不動産事業 → 不動産事業 | 74.6% |
| 不動産事業 → 事業再編・廃止 | 12.8% |
| リネンサプライ及びランドリー事業 → リネンサプライ及びランドリー事業 | 4.7% |
| その他 → その他 | 7.9% |
| 新設・再編 → リネンサプライ及びランドリー事業 | 7.3% |
| 新設・再編 → その他 | 5.6% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate business | 5 years | -4.3% | ¥11308000000 | 21.1% | 2 |
| Other | 5 years | +10.0% | ¥2033000000 | 0.6% | 2 |
| Linen supply and laundry business | 5 years | +19.1% | ¥1813000000 | 2.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,155 | 100.0% | S100YJ5N |
| Cost of revenue | 10,939 | 72.2% | S100YJ5N |
| Gross profit | 4,216 | 27.8% | S100YJ5N |
| SG&A | 1,754 | 11.6% | S100YJ5N |
| Operating income | 2,462 | 16.2% | S100YJ5N |
| Ordinary income | 3,204 | 21.1% | S100YJ5N |
| Pretax income | 3,433 | 22.7% | S100YJ5N |
| Income tax | 1,078 | 7.1% | S100YJ5N |
| Net income | 2,355 | 15.5% | S100YJ5N |
| Net income attributable to owners | 2,321 | 15.3% | S100YJ5N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 12 |
| Operating income | 16 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 27.8% → Operating margin 16.2% → Net margin 15.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.2%; Core profit growth: +73.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.83×
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 | 13,152 | 15,155 | 2,003 | +15.2% |
| Gross profit | 3,166 | 4,216 | 1,050 | +33.2% |
| Operating income | 1,418 | 2,462 | 1,044 | +73.6% |
| Net income attributable to owners | 1,787 | 2,321 | 534 | +29.9% |
| Operating cash flow | 442 | 5,731 | 5,289 | +1196.6% |
| Free cash flow | -1,015 | 3,349 | 4,364 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,379 | 6,227 | 33.9% | 4,476 | 6,976 | 4,684 | S100LSC8 |
| FY ending Mar 2021 | 16,087 | 5,619 | 34.9% | 4,131 | 3,723 | 1,964 | S100OL14 |
| FY ending Mar 2022 | 16,337 | 5,745 | 35.2% | 3,106 | 5,141 | 2,875 | S100R789 |
| FY ending Mar 2023 | 15,686 | 4,266 | 27.2% | 3,257 | 921 | -626 | S100TTXO |
| FY ending Mar 2024 | 13,715 | 2,285 | 16.7% | 5,123 | 2,807 | 1,563 | S100W5EP |
| FY ending Mar 2025 | 13,152 | 1,418 | 10.8% | 1,787 | 442 | -1,015 | S100YJ5N |
| FY ending Mar 2026 | 15,155 | 2,462 | 16.2% | 2,321 | 5,731 | 3,349 | S100YJ5N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥102.4M |
| Operating income per employee (consolidated) | ¥16.6M |
| Net income per employee (consolidated) | ¥15.7M |

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) | 152 | 154 | 147 | 145 | 148 |
| Average salary (parent company) | ¥6.8M | ¥7M | ¥7.3M | ¥7.8M | ¥8.1M |
| Average age (parent company) | 39.1 years | 39.9 years | 41.1 years | 42.1 years | 42.1 years |
| Average tenure (parent company) | 14.5 years | 15.0 years | 16.0 years | 16.7 years | 16.2 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) +15.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate business | 11,308 | 74.6% | 2,388 | 21.1% |
| Linen supply and laundry business | 1,813 | 12.0% | 52 | 2.9% |
| Other | 2,033 | 13.4% | 13 | 0.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real estate business | 74.6% | 97.4% | 22.7 | 21.1% |
| Linen supply and laundry business | 12.0% | 2.1% | -9.8 | 2.9% |
| Other | 13.4% | 0.5% | -12.9 | 0.6% |

Segment → industry: Other → Pharmaceuticals / Real estate business → Real Estate Development & Leasing / Linen supply and laundry business → Home & Lifestyle Services

## 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 | 5,731 | 37.8% | S100YJ5N |
| Capital expenditure | 2,382 | 15.7% | S100YJ5N |
| Free cash flow | 3,349 | 22.1% | 算出 |
| Investing cash flow | -2,911 | -19.2% | S100YJ5N |
| Financing cash flow | -1,101 | -7.3% | S100YJ5N |
| Dividends paid | 877 | 5.8% | S100YJ5N |
| Share buyback | 0 | 0.0% | S100YJ5N |
| Change in cash | 1,718 | 11.3% | S100YJ5N |
| Cash and equivalents | 31,148 | 205.5% | S100YJ5N |

## 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 | 33,471 | 31,595 | 39,270 | 29,429 | 31,148 | S100TTXO, S100W5EP, S100YJ5N |
| Total assets | 112,926 | 116,334 | 118,546 | 114,896 | 122,226 | S100R789, S100TTXO, S100W5EP, S100YJ5N |
| Net assets | 95,148 | 100,406 | 102,816 | 100,824 | 104,719 | S100TTXO, S100W5EP, S100YJ5N |
| Share capital | 11,768 | 11,768 | 11,768 | 11,768 | 11,768 | S100R789, S100TTXO, S100W5EP, S100YJ5N |
| Property, plant and equipment | 55,353 | 56,134 | 53,092 | 53,529 | 54,732 | S100R789, S100TTXO, S100W5EP, S100YJ5N |
| Intangible assets excluding goodwill | 7,131 | 7,120 | 7,109 | 7,102 | 7,099 | S100R789, S100TTXO, S100W5EP, S100YJ5N |
| Investment securities | 15,262 | 19,508 | 17,153 | 23,027 | 27,361 | S100R789, S100TTXO, S100W5EP, S100YJ5N |
| Current assets | 34,419 | 32,667 | 40,380 | 30,633 | 32,388 | S100R789, S100TTXO, S100W5EP, S100YJ5N |
| Current liabilities | 6,944 | 4,621 | 7,269 | 4,135 | 5,377 | S100R789, S100TTXO, S100W5EP, S100YJ5N |
| Short-term borrowings | 800 | 810 | 718 | 589 | 539 | S100R789, S100TTXO, S100W5EP, S100YJ5N |
| Long-term borrowings | 909 | 667 | 133 | 260 | — | S100R789, S100TTXO, S100W5EP, S100YJ5N |
| Total liabilities | 17,777 | 15,927 | 15,729 | 14,071 | 17,506 | S100R789, S100TTXO, S100W5EP, S100YJ5N |
| Non-controlling interests | 587 | 568 | 580 | 594 | 627 | S100R789, S100TTXO, S100W5EP, S100YJ5N |
| Equity attributable to owners of parent | 89,610 | 91,932 | 95,181 | 92,430 | 93,882 | S100R789, S100TTXO, S100W5EP, S100YJ5N |
| Retained earnings | 68,705 | 71,011 | 74,234 | 75,087 | 76,527 | S100R789, S100TTXO, S100W5EP, S100YJ5N |
| Treasury stock | -189 | -173 | -147 | -3,753 | -3,741 | S100R789, S100TTXO, S100W5EP, S100YJ5N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YJ5N |
| Property, plant and equipment | 45% | S100YJ5N |
| Intangibles and goodwill | 6% | S100YJ5N |
| Investment securities | 22% | S100YJ5N |
| Other assets | 2% | S100YJ5N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100YJ5N |
| Equity | 86% | S100YJ5N |
| Other liabilities | 0% | S100YJ5N |

### 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 | 112,926 | 116,334 | 118,546 | 114,896 | 122,226 |
| Equity | 95,148 | 100,406 | 102,816 | 100,824 | 104,719 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 33,471 | 31,595 | 39,270 | 29,429 | 31,148 |

## 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) | 361.1% | S100YJ5N |
| Fixed assets ÷ total assets | 44.8% | S100YJ5N |
| Goodwill ÷ parent equity | — | —, S100YJ5N |

### 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) | 25.5% |
| Cash ÷ revenue | 205.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 232.8% |
| Cash vs. profit gap | 3,410 JPY mn (of net income 146.9%) |
| Shareholder returns / net income | 37.8% |
| Shareholder returns / FCF | 26.2% |
| Shareholder payments — dividends / net income | 37.8% |
| Shareholder payments — dividends / FCF | 26.2% |
| CapEx intensity (capex ÷ revenue) | 15.7% |
| Investing CF relative to operating CF | 50.8% |

## 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 | 19.0% | 0.14× | 2.8% | 1.26× | 3.5% | S100R789 |
| 2023 | 20.8% | 0.14× | 2.8% | 1.26× | 3.6% | S100TTXO |
| 2024 | 37.4% | 0.12× | 4.4% | 1.26× | 5.5% | S100W5EP |
| 2025 | 13.6% | 0.11× | 1.5% | 1.24× | 1.9% | S100YJ5N |
| 2026 | 15.3% | 0.13× | 2.0% | 1.27× | 2.5% | S100YJ5N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ニュー・オータニ | Major shareholder | 24.1% | 2026-03-31 |
| 有限会社大谷興産 | Major shareholder | 16.6% | 2026-03-31 |
| 株式会社オオタニ・ファンド | Major shareholder | 7.8% | 2026-03-31 |
| 新菱冷熱工業株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 3.8% | 2026-03-31 |
| 有限会社大谷興産ＴＯ | Major shareholder | 3.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.4% | 2026-03-31 |
| 中 本 有 紀 | Major shareholder | 1.9% | 2026-03-31 |
| 東映株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2025/04/01－2026/03/31) | S100YJ5N | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ5N,, |
| 有価証券報告書－第59期(2024/04/01－2025/03/31) | S100W5EP | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5EP,, |
| 有価証券報告書－第58期(2023/04/01－2024/03/31) | S100TTXO | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTXO,, |
| 有価証券報告書－第57期(2022/04/01－2023/03/31) | S100R789 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R789,, |
| 有価証券報告書－第56期(令和3年4月1日－令和4年3月31日) | S100OL14 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL14,, |
| 有価証券報告書－第55期(令和2年4月1日－令和3年3月31日) | S100LSC8 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSC8,, |

## 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).