# TODA KOGYO CORP.: 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93期(2025/04/01－2026/03/31) (S100YIHV)
> Page: https://vizora.meequs.com/en/company/toda-kogyo
> Retrieved: 2026-09-30T19:08:50.777Z

## Company

Toda Kogyo, founded in 1933, is a company in Chemicals listed on TSE Standard. It has 1,037 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TODA KOGYO CORP. |
| Ticker | 4100 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4100.T) |
| Listing | TSE Standard |
| Head office | 広島市南区京橋町1番23号 大樹生命広島駅前ビル |
| Representative (per filing) | 代表取締役 久保 恒晃 |
| Founded | Nov 1933 |
| Share capital | ¥7.48B |
| Employees (consolidated) | 1,037 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.todakogyo.co.jp (https://www.todakogyo.co.jp/) |
| Corporate number | 3240001028939 |
| EDINET | E00842 |
| Industries (Vizora) | Chemicals, Paints & Inks |

> Profile source: annual securities report (S100YIHV, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.9 | 96 |
| Profitability | 12.5 | 100 |
| Cash conversion | 96.4 | 96 |
| Efficiency | 18.5 | 100 |

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 72% of Toda Kogyo's sales come from Electronic Material Business, with Functional Material Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -11.5% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥28B |  |
| Operating income | ¥862M | Margin 3.1% |
| Net income | -¥3.46B | Margin -12.3% |
| Free cash flow | ¥1.51B |  |
| Largest business | Electronic Material Business | of segment revenue 72.2% |
| Employees (consolidated) | 1,037 |  |
| EPS | ¥-270.62 |  |
| Book value per share | ¥347.78 |  |
| Equity ratio | 18.9% |  |
| Shares outstanding | 6,099,000 |  |
| Treasury shares | 311,800 |  |
| Shareholders | 4,881 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 15.1% | Cash ÷ revenue 25.8% |
| Vs. industry median margin | -4.5 pp | Chemicals |
| ROA | -7.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29024000000 | ¥28041000000 | -3.4% |
| Operating income | ¥11000000 | ¥862000000 | +7736.4% |
| Operating margin | 0.0% | 3.1% | +3 pp |
| Employees | 1,208 people | 1,037 people | -14.2% |
| Cash and equivalents | ¥6492000000 | ¥7234000000 | +11.4% |

### 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 |
| --- | ---: |
| 機能性顔料 → 機能性顔料 | 27.8% |
| 機能性顔料 → 事業再編・廃止 | 14.6% |
| 電子素材 → 電子素材 | 57.6% |
| 新設・再編 → 電子素材 | 14.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 28,041 | 100.0% | S100YIHV |
| Cost of revenue | 21,300 | 76.0% | S100YIHV |
| Gross profit | 6,740 | 24.0% | S100YIHV |
| SG&A | 5,878 | 21.0% | S100YIHV |
| Operating income | 862 | 3.1% | S100YIHV |
| Ordinary income | -77 | -0.3% | S100YIHV |
| Pretax income | -3,065 | -10.9% | S100YIHV |
| Income tax | 367 | 1.3% | S100YIHV |
| Net income | -3,433 | -12.2% | S100YIHV |
| Net income attributable to owners | -3,455 | -12.3% | S100YIHV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 21 |
| Operating income | 3 |
| (Ref.) Net income | -12 |

### Margin funnel

Gross margin 24.0% → Operating margin 3.1% → Net margin -12.3%
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 | 31,667 | 28,041 | -3,626 | -11.5% |
| Gross profit | 5,634 | 6,740 | 1,106 | +19.6% |
| Operating income | -648 | 862 | 1,510 | — |
| Net income attributable to owners | -3,563 | -3,455 | 108 | — |
| Operating cash flow | 3,820 | 3,323 | -497 | -13.0% |
| Free cash flow | 784 | 1,513 | 729 | +93.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 33,147 | -611 | -1.8% | -5,285 | 2,259 | 726 | S100LQRL |
| FY ending Mar 2021 | 29,024 | 11 | 0.0% | -4,142 | 612 | -413 | S100OI7L |
| FY ending Mar 2022 | 35,332 | 2,519 | 7.1% | 3,116 | 903 | 149 | S100R5LE |
| FY ending Mar 2023 | 34,934 | 1,367 | 3.9% | 3,268 | 833 | -937 | S100TT9P |
| FY ending Mar 2024 | 26,234 | 117 | 0.4% | -3,581 | -645 | -2,114 | S100W53L |
| FY ending Mar 2025 | 31,667 | -648 | -2.0% | -3,563 | 3,820 | 784 | S100YIHV |
| FY ending Mar 2026 | 28,041 | 862 | 3.1% | -3,455 | 3,323 | 1,513 | S100YIHV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27M |
| Operating income per employee (consolidated) | ¥831.2K |
| Net income per employee (consolidated) | -¥3.3M |

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) | 1,303 | 846 | 1,112 | 1,067 | 1,037 |
| Average salary (parent company) | ¥7M | ¥6.7M | ¥6.5M | ¥6.4M | ¥6.2M |
| Average age (parent company) | 47.2 years | 47.3 years | 47.1 years | 46.4 years | 46.6 years |
| Average tenure (parent company) | 20.1 years | 20.2 years | 19.9 years | 18.8 years | 18.4 years |

Year over year: Employees (consolidated) -2.8% · Revenue (consolidated) -11.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Functional Material Business | 7,807 | 27.8% | 1,498 | 19.2% |
| Electronic Material Business | 20,234 | 72.2% | 2,151 | 10.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Functional Material Business | 27.8% | 41.1% | 13.2 | 19.2% |
| Electronic Material Business | 72.2% | 58.9% | -13.2 | 10.6% |

Segment → industry: Electronic Material Business → Chemicals / Functional Material Business → Chemicals / Functional Material Business → Paints & Inks

## 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 | 3,323 | 11.9% | S100YIHV |
| Capital expenditure | 1,810 | 6.5% | S100YIHV |
| Free cash flow | 1,513 | 5.4% | 算出 |
| Investing cash flow | -994 | -3.5% | S100YIHV |
| Financing cash flow | -3,175 | -11.3% | S100YIHV |
| Share buyback | 0 | 0.0% | S100YIHV |
| Change in cash | -603 | -2.2% | S100YIHV |
| Cash and equivalents | 7,234 | 25.8% | S100YIHV |

## 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 | 7,527 | 8,476 | 7,943 | 7,837 | 7,234 | S100TT9P, S100W53L, S100YIHV |
| Total assets | 51,292 | 52,016 | 53,714 | 50,672 | 47,887 | S100R5LE, S100TT9P, S100W53L, S100YIHV |
| Net assets | 13,958 | 16,559 | 14,525 | 11,777 | 9,817 | S100TT9P, S100W53L, S100YIHV |
| Share capital | 7,477 | 7,477 | 7,477 | 7,477 | 7,477 | S100R5LE, S100TT9P, S100W53L, S100YIHV |
| Trade receivables | 10,524 | 7,607 | 8,712 | 8,295 | 7,118 | S100R5LE, S100TT9P, S100W53L, S100YIHV |
| Property, plant and equipment | 11,361 | 11,515 | 8,860 | 10,465 | 10,903 | S100R5LE, S100TT9P, S100W53L, S100YIHV |
| Intangible assets excluding goodwill | 2,147 | 2,489 | 2,510 | 2,763 | 2,644 | S100R5LE, S100TT9P, S100W53L, S100YIHV |
| Goodwill | 1,992 | 2,355 | 2,497 | 2,708 | 2,361 | S100R5LE, S100TT9P, S100W53L, S100YIHV |
| Investment securities | 2,607 | 2,709 | 3,290 | 3,374 | 4,315 | S100R5LE, S100TT9P, S100W53L, S100YIHV |
| Current assets | 29,381 | 28,465 | 30,309 | 25,807 | 22,397 | S100R5LE, S100TT9P, S100W53L, S100YIHV |
| Current liabilities | 20,276 | 17,604 | 21,629 | 20,179 | 22,013 | S100R5LE, S100TT9P, S100W53L, S100YIHV |
| Trade payables | 5,714 | 3,712 | 3,507 | 3,364 | 3,222 | S100R5LE, S100TT9P, S100W53L, S100YIHV |
| Short-term borrowings | 8,601 | 7,686 | 9,113 | 8,428 | 8,891 | S100R5LE, S100TT9P, S100W53L, S100YIHV |
| Long-term borrowings | 12,782 | 14,031 | 13,490 | 14,540 | 11,919 | S100R5LE, S100TT9P, S100W53L, S100YIHV |
| Total liabilities | 37,333 | 35,456 | 39,189 | 38,894 | 38,069 | S100R5LE, S100TT9P, S100W53L, S100YIHV |
| Non-controlling interests | 1,443 | 630 | 567 | 650 | 674 | S100R5LE, S100TT9P, S100W53L, S100YIHV |
| Equity attributable to owners of parent | 10,215 | 13,453 | 9,910 | 6,357 | 2,916 | S100R5LE, S100TT9P, S100W53L, S100YIHV |
| Retained earnings | -112 | 3,155 | -425 | -3,988 | -7,443 | S100R5LE, S100TT9P, S100W53L, S100YIHV |
| Treasury stock | -1,507 | -1,468 | -1,447 | -1,428 | -1,399 | S100R5LE, S100TT9P, S100W53L, S100YIHV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YIHV |
| Receivables | 15% | S100YIHV |
| Property, plant and equipment | 23% | S100YIHV |
| Intangibles and goodwill | 10% | S100YIHV |
| Investment securities | 9% | S100YIHV |
| Other assets | 28% | S100YIHV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YIHV |
| Other liabilities | 73% | S100YIHV |
| Equity | 20% | S100YIHV |
| Other liabilities | 0% | S100YIHV |

### 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 | 51,292 | 52,016 | 53,714 | 50,672 | 47,887 |
| Equity | 13,958 | 16,559 | 14,525 | 11,777 | 9,817 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,527 | 8,476 | 7,943 | 7,837 | 7,234 |

## 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) | 38.9% | S100YIHV |
| Fixed assets ÷ total assets | 22.8% | S100YIHV |
| Goodwill ÷ parent equity | 81.0% | S100YIHV |

Goodwill over 4 years: 1,992 → 2,361 JPY; total investing cash flow: -5,826 JPY. This does not imply causation.

### 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) | 15.1% |
| Cash ÷ revenue | 25.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 385.5% |
| Cash vs. profit gap | 6,778 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| Investing CF relative to operating CF | 29.9% |

## 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 | 8.8% | 0.69× | 6.1% | 5.02× | 30.5% | S100R5LE |
| 2023 | 9.4% | 0.68× | 6.3% | 4.36× | 27.6% | S100TT9P |
| 2024 | — | —× | -6.8% | —× | — | S100W53L |
| 2025 | — | —× | -6.8% | —× | — | S100YIHV |
| 2026 | — | —× | -7.0% | —× | — | S100YIHV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| TDK株式会社 | Major shareholder | 21.8% | 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 | 7.6% | 2026-03-31 |
| 堤 浩二 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社広島銀行 | Major shareholder | 3.8% | 2026-03-31 |
| 秋元 利規 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行(三井住友信託銀行再信託分・TDK株式会社退職給付信託口) | Major shareholder | 3.5% | 2026-03-31 |
| UBS AG SINGAPORE (常任代理人 シティバンク、エヌ・エイ) | Major shareholder | 3.0% | 2026-03-31 |
| 三菱UFJeスマート証券株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 横田 芳紀 | Major shareholder | 1.3% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/04/01－2026/03/31) | S100YIHV | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIHV,, |
| 有価証券報告書－第92期(2024/04/01－2025/03/31) | S100W53L | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W53L,, |
| 有価証券報告書－第91期(2023/04/01－2024/03/31) | S100TT9P | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT9P,, |
| 有価証券報告書－第90期(2022/04/01－2023/03/31) | S100R5LE | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5LE,, |
| 有価証券報告書－第89期(令和3年4月1日－令和4年3月31日) | S100OI7L | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI7L,, |
| 有価証券報告書－第88期(令和2年4月1日－令和3年3月31日) | S100LQRL | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQRL,, |

## 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).