# TOCALO Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第75期(2025/04/01－2026/03/31) (S100YOZB)
> Page: https://vizora.meequs.com/en/company/tocalo
> Retrieved: 2026-09-30T20:24:30.807Z

## Company

Tocalo, founded in 1973, is a company in Machine Tools listed on TSE Prime. It has 1,573 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOCALO Co.,Ltd. |
| Ticker | 3433 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3433.T) |
| Listing | TSE Prime |
| Head office | 神戸市中央区港島南町六丁目4番4号 |
| Representative (per filing) | 代表取締役 社長執行役員 小林 和也 |
| Founded | Jun 1973 |
| Share capital | ¥2.66B |
| Employees (consolidated) | 1,573 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.tocalo.co.jp (https://www.tocalo.co.jp/) |
| Corporate number | 6140001021397 |
| EDINET | E01443 |
| Industries (Vizora) | Machine Tools, Semiconductor Equipment, Industrial Machinery |

> Profile source: annual securities report (S100YOZB, filed 2026-07-06). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.1 | 110 |
| Profitability | 97.1 | 122 |
| Cash conversion | 22.8 | 116 |
| Efficiency | 39.8 | 122 |

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 70% of Tocalo's sales come from Thermal spray processing(Non-consolidated), with Overseas subsidiaries and Domestic subsidiaries making up much of the rest.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +7.9% from the prior year, operating profit +14.9%.

## Company structure

- Segment revenue mix: Thermal spray processing(Non-consolidated) 69.8%、Overseas subsidiaries 21.0%、Domestic subsidiaries 4.9%、Other 4.2%
- Revenue → net income: ¥58490000000 → ¥10852000000
- Net income → operating cash flow: ¥10852000000 → ¥7749000000（difference ¥-3103000000）
- Main uses of operating cash flow: CapEx ¥9919000000 / dividends ¥4456000000 / buybacks ¥0
- Change in cash: ¥-3129000000
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 | ¥58.5B |  |
| Operating income | ¥14.1B | Margin 24.1% |
| Net income | ¥10.1B | Margin 17.2% |
| Free cash flow | -¥2.17B |  |
| Largest business | Thermal spray processing(Non-consolidated) | of segment revenue 69.8% |
| Employees (consolidated) | 1,573 |  |
| EPS | ¥131.37 |  |
| Book value per share | ¥929.92 |  |
| Equity ratio | 74.8% |  |
| Shares outstanding | 61,200,000 |  |
| Treasury shares | 1,731,300 |  |
| Shareholders | 17,628 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 16.2% | Cash ÷ revenue 24.7% |
| Vs. industry median margin | +9.6 pp | Semiconductor Equipment |
| ROE | 16.4% | Derived from disclosed figures |
| ROA | 11.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39294000000 | ¥58490000000 | +48.9% |
| Operating income | ¥8890000000 | ¥14102000000 | +58.6% |
| Operating margin | 22.6% | 24.1% | +1.5 pp |
| Employees | 1,121 people | 1,573 people | +40.3% |
| Cash and equivalents | ¥18672000000 | ¥14461000000 | -22.6% |

### 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 |
| --- | ---: |
| 溶射加工(単体) → 溶射加工(単体) | 69.8% |
| 溶射加工(単体) → 事業再編・廃止 | 7.4% |
| 国内子会社 → 国内子会社 | 4.9% |
| 国内子会社 → 事業再編・廃止 | 0.2% |
| 海外子会社 → 海外子会社 | 12.3% |
| その他 → その他 | 4.2% |
| その他 → 事業再編・廃止 | 1.2% |
| 新設・再編 → 海外子会社 | 8.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Thermal spray processing(Non-consolidated) | 5 years | +6.2% | ¥40709000000 | 21.6% | 2 |
| Overseas subsidiaries | 5 years | +20.6% | ¥12269000000 | 40.2% | 2 |
| Domestic subsidiaries | 5 years | +7.4% | ¥2883000000 | 11.5% | 2 |
| Other | 5 years | +3.2% | ¥2467000000 | 11.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 58,490 | 100.0% | S100YOZB |
| Cost of revenue | 35,913 | 61.4% | S100YOZB |
| Gross profit | 22,577 | 38.6% | S100YOZB |
| SG&A | 8,474 | 14.5% | S100YOZB |
| Operating income | 14,102 | 24.1% | S100YOZB |
| Ordinary income | 14,745 | 25.2% | S100YOZB |
| Pretax income | 14,743 | 25.2% | S100YOZB |
| Income tax | 3,890 | 6.7% | S100YOZB |
| Net income | 10,852 | 18.6% | S100YOZB |
| Net income attributable to owners | 10,060 | 17.2% | S100YOZB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 15 |
| Operating income | 24 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 38.6% → Operating margin 24.1% → Net margin 17.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.9%; Core profit growth: +14.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.90×
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 | 54,231 | 58,490 | 4,259 | +7.9% |
| Gross profit | 20,246 | 22,577 | 2,331 | +11.5% |
| Operating income | 12,268 | 14,102 | 1,834 | +14.9% |
| Net income attributable to owners | 8,051 | 10,060 | 2,009 | +25.0% |
| Operating cash flow | 9,077 | 7,749 | -1,328 | -14.6% |
| Free cash flow | 3,499 | -2,170 | -5,669 | -162.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 37,896 | 6,550 | 17.3% | 4,404 | 6,621 | 2,828 | S100LRW2 |
| FY ending Mar 2021 | 39,294 | 8,890 | 22.6% | 5,463 | 10,588 | 6,215 | S100ONRR |
| FY ending Mar 2022 | 43,813 | 10,255 | 23.4% | 6,909 | 9,873 | 5,245 | S100R3AI |
| FY ending Mar 2023 | 48,144 | 10,558 | 21.9% | 7,350 | 9,894 | 5,191 | S100TX5J |
| FY ending Mar 2024 | 46,735 | 9,197 | 19.7% | 6,326 | 7,877 | 2,988 | S100W0IW |
| FY ending Mar 2025 | 54,231 | 12,268 | 22.6% | 8,051 | 9,077 | 3,499 | S100YOZB |
| FY ending Mar 2026 | 58,490 | 14,102 | 24.1% | 10,060 | 7,749 | -2,170 | S100YOZB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.2M |
| Operating income per employee (consolidated) | ¥9M |
| Net income per employee (consolidated) | ¥6.4M |

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) | 1,176 | 1,300 | 1,389 | 1,516 | 1,573 |
| Average salary (parent company) | ¥7.5M | ¥7.5M | ¥7.5M | ¥7.3M | ¥8M |
| Average age (parent company) | 38.2 years | 39.2 years | 39.0 years | 39.3 years | 39.6 years |
| Average tenure (parent company) | 13.2 years | 12.7 years | 12.5 years | 12.8 years | 13.0 years |

Year over year: Employees (consolidated) +3.8% · Revenue (consolidated) +7.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Thermal spray processing(Non-consolidated) | 40,709 | 69.8% | 8,802 | 21.6% |
| Domestic subsidiaries | 2,883 | 4.9% | 331 | 11.5% |
| Overseas subsidiaries | 12,269 | 21.0% | 4,937 | 40.2% |
| Other | 2,467 | 4.2% | 281 | 11.4% |

### 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 |
| --- | ---: |
| Thermal spray processing(Non-consolidated) | 69.8% |
| Domestic subsidiaries | 4.9% |
| Overseas subsidiaries | 21.0% |
| Other | 4.2% |

Segment → industry: Other → Machine Tools / Domestic subsidiaries → Machine Tools / Overseas subsidiaries → Semiconductor Equipment / Thermal spray processing(Non-consolidated) → Semiconductor Equipment / Thermal spray processing(Non-consolidated) → Industrial Machinery

## 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 | 7,749 | 13.2% | S100YOZB |
| Capital expenditure | 9,919 | 17.0% | S100YOZB |
| Free cash flow | -2,170 | -3.7% | 算出 |
| Investing cash flow | -9,963 | -17.0% | S100YOZB |
| Financing cash flow | -1,155 | -2.0% | S100YOZB |
| Dividends paid | 4,456 | 7.6% | S100YOZB |
| Share buyback | 0 | 0.0% | S100YOZB |
| Change in cash | -3,129 | -5.3% | S100YOZB |
| Cash and equivalents | 14,461 | 24.7% | S100YOZB |

## 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 | 19,141 | 19,520 | 19,656 | 17,591 | 14,461 | S100TX5J, S100W0IW, S100YOZB |
| Total assets | 69,517 | 74,263 | 77,940 | 81,683 | 89,291 | S100R3AI, S100TX5J, S100W0IW, S100YOZB |
| Net assets | 52,459 | 57,643 | 59,924 | 65,730 | 72,657 | S100TX5J, S100W0IW, S100YOZB |
| Share capital | 2,658 | 2,658 | 2,658 | 2,658 | 2,658 | S100R3AI, S100TX5J, S100W0IW, S100YOZB |
| Trade receivables | 12,176 | 12,476 | 13,587 | 14,776 | 16,858 | S100R3AI, S100TX5J, S100W0IW, S100YOZB |
| Property, plant and equipment | 30,740 | 33,037 | 35,125 | 37,449 | 43,686 | S100R3AI, S100TX5J, S100W0IW, S100YOZB |
| Intangible assets excluding goodwill | 231 | 235 | 257 | 587 | 616 | S100R3AI, S100TX5J, S100W0IW, S100YOZB |
| Goodwill | — | — | — | 254 | 227 | S100YOZB |
| Investment securities | 1,324 | 1,325 | 1,331 | 2,344 | 2,483 | S100R3AI, S100TX5J, S100W0IW, S100YOZB |
| Current assets | 36,365 | 38,827 | 40,342 | 39,960 | 40,875 | S100R3AI, S100TX5J, S100W0IW, S100YOZB |
| Current liabilities | 13,334 | 14,272 | 14,308 | 13,506 | 10,260 | S100R3AI, S100TX5J, S100W0IW, S100YOZB |
| Trade payables | 1,397 | 1,425 | 1,477 | 1,475 | 1,634 | S100R3AI, S100TX5J, S100W0IW, S100YOZB |
| Short-term borrowings | — | — | 646 | 674 | 505 | S100W0IW, S100YOZB |
| Long-term borrowings | 2,802 | 1,355 | 3,058 | 1,863 | 5,245 | S100R3AI, S100TX5J, S100W0IW, S100YOZB |
| Total liabilities | 17,058 | 16,620 | 18,015 | 15,953 | 16,634 | S100R3AI, S100TX5J, S100W0IW, S100YOZB |
| Non-controlling interests | 3,360 | 3,804 | 4,464 | 5,084 | 5,899 | S100R3AI, S100TX5J, S100W0IW, S100YOZB |
| Equity attributable to owners of parent | 48,377 | 52,874 | 54,066 | 58,705 | 64,333 | S100R3AI, S100TX5J, S100W0IW, S100YOZB |
| Retained earnings | 44,166 | 48,628 | 51,061 | 55,665 | 61,266 | S100R3AI, S100TX5J, S100W0IW, S100YOZB |
| Treasury stock | -766 | -757 | -1,946 | -1,926 | -1,911 | S100R3AI, S100TX5J, S100W0IW, S100YOZB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YOZB |
| Receivables | 19% | S100YOZB |
| Property, plant and equipment | 49% | S100YOZB |
| Intangibles and goodwill | 1% | S100YOZB |
| Investment securities | 3% | S100YOZB |
| Other assets | 12% | S100YOZB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YOZB |
| Other liabilities | 17% | S100YOZB |
| Equity | 81% | S100YOZB |

### 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 | 69,517 | 74,263 | 77,940 | 81,683 | 89,291 |
| Equity | 52,459 | 57,643 | 59,924 | 65,730 | 72,657 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,141 | 19,520 | 19,656 | 17,591 | 14,461 |

## 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) | 74.7% | S100YOZB |
| Fixed assets ÷ total assets | 48.9% | S100YOZB |
| Goodwill ÷ parent equity | 0.4% | S100YOZB |

### 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) | 16.2% |
| Cash ÷ revenue | 24.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 54.9% |
| Cash vs. profit gap | -2,311 JPY mn (of net income -23.0%) |
| Shareholder returns / net income | 44.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 44.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 17.0% |
| Investing CF relative to operating CF | 128.6% |

## 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 | 15.8% | 0.63× | 9.9% | 1.44× | 14.3% | S100R3AI |
| 2023 | 15.3% | 0.67× | 10.2% | 1.42× | 14.5% | S100TX5J |
| 2024 | 13.5% | 0.61× | 8.3% | 1.42× | 11.8% | S100W0IW |
| 2025 | 14.8% | 0.68× | 10.1% | 1.42× | 14.3% | S100YOZB |
| 2026 | 17.2% | 0.68× | 11.8% | 1.39× | 16.4% | S100YOZB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 17.8% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 11.3% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND(PRINCIPAL ALL SECTOR SUBPORTFOLIO)(常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 4.5% | 2026-03-31 |
| トーカロ従業員持株会 | Major shareholder | 4.1% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS(常任代理人 香港上海銀行東京支店) | Major shareholder | 3.5% | 2026-03-31 |
| GOVERNMENT OF NORWAY(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 3.1% | 2026-03-31 |
| 西條 久美子 | Major shareholder | 1.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| 広瀬 眞理子 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YOZB | 2026-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YOZB,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100W0IW | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0IW,, |
| 有価証券報告書－第73期(2023/04/01－2024/03/31) | S100TX5J | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX5J,, |
| 有価証券報告書－第72期(2022/04/01－2023/03/31) | S100R3AI | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3AI,, |
| 訂正有価証券報告書－第71期(令和3年4月1日－令和4年3月31日) | S100ONRR | 2022-07-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ONRR,, |
| 有価証券報告書－第70期(令和2年4月1日－令和3年3月31日) | S100LRW2 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRW2,, |

## 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).