# TOEI COMPANY,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103期(2025/04/01－2026/03/31) (S100YI7S)
> Page: https://vizora.meequs.com/en/company/toei
> Retrieved: 2026-09-30T18:55:19.010Z

## Company

Toei Company, founded in 1950, is a company in Film & Anime listed on TSE Prime. It has 1,965 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOEI COMPANY, LTD. |
| Ticker | 9605 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9605.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋二丁目2番1号 |
| Representative (per filing) | 代表取締役社長 吉村 文雄 |
| Founded | Mar 1950 |
| Share capital | ¥11.7B |
| Employees (consolidated) | 1,965 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | www.toei.co.jp (https://www.toei.co.jp/) |
| Corporate number | 6010001034866 |
| EDINET | E04585 |
| Industries (Vizora) | Film & Anime, Theme Parks & Leisure Facilities, Events & Ticketing, Real Estate Development & Leasing, Hotels & Inns, General Contractors |

> Profile source: annual securities report (S100YI7S, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Film & Anime (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.8 | 9 |
| Profitability | 83.3 | 9 |
| Cash conversion | 31.3 | 8 |
| Efficiency | 5.6 | 9 |

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 69% of Toei Company's sales come from Image related, with Picture show business and Special event related making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit +2.7%.

## Company structure

- Segment revenue mix: Image related 69.0%、Picture show business 13.6%、Special event related 7.0%、Architecture interior 6.6%、Sightseeing real estate 3.7%
- Revenue → net income: ¥185333000000 → ¥37376000000
- Net income → operating cash flow: ¥37376000000 → ¥26716000000（difference ¥-10660000000）
- Main uses of operating cash flow: CapEx ¥11931000000 / dividends ¥1163000000 / buybacks ¥70000000
- Change in cash: ¥21007000000
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 | ¥185.3B |  |
| Operating income | ¥36.1B | Margin 19.5% |
| Net income | ¥23.3B | Margin 12.6% |
| Free cash flow | ¥14.8B |  |
| Largest business | Image related | of segment revenue 69.0% |
| Employees (consolidated) | 1,965 |  |
| EPS | ¥125.45 |  |
| Book value per share | ¥1911.58 |  |
| Equity ratio | 58.3% |  |
| Shares outstanding | 73,844,545 |  |
| Treasury shares | 8,790,200 |  |
| Shareholders | 7,260 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 22.0% | Cash ÷ revenue 59.3% |
| Vs. industry median margin | +9.8 pp | Film & Anime |
| ROE | 10.7% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 80% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥107648000000 | ¥185333000000 | +72.2% |
| Operating income | ¥12997000000 | ¥36096000000 | +177.7% |
| Operating margin | 12.1% | 19.5% | +7.4 pp |
| Employees | 1,371 people | 1,965 people | +43.3% |
| Cash and equivalents | ¥63364000000 | ¥109995000000 | +73.6% |

### 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 |
| --- | ---: |
| 映像関連事業 → 映像関連事業 | 69.0% |
| 映像関連事業 → 事業再編・廃止 | 6.4% |
| 興行関連事業 → 興行関連事業 | 10.8% |
| 催事関連事業 → 催事関連事業 | 3.3% |
| 観光不動産事業 → 観光不動産事業 | 3.7% |
| 観光不動産事業 → 事業再編・廃止 | 0.9% |
| 建築内装事業 → 建築内装事業 | 5.9% |
| 新設・再編 → 興行関連事業 | 2.8% |
| 新設・再編 → 催事関連事業 | 3.7% |
| 新設・再編 → 建築内装事業 | 0.7% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Image related | 5 years | +9.5% | ¥127941000000 | 25.4% | 2 |
| Picture show business | 5 years | +16.8% | ¥25226000000 | 9.5% | 2 |
| Special event related | 5 years | +29.8% | ¥13006000000 | 12.4% | 2 |
| Architecture interior | 5 years | +14.1% | ¥12238000000 | 11.4% | 2 |
| Sightseeing real estate | 5 years | +6.8% | ¥6920000000 | 39.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 185,333 | 100.0% | S100YI7S |
| Cost of revenue | 104,876 | 56.6% | S100YI7S |
| Gross profit | 80,457 | 43.4% | S100YI7S |
| SG&A | 44,360 | 23.9% | S100YI7S |
| Operating income | 36,096 | 19.5% | S100YI7S |
| Ordinary income | 43,543 | 23.5% | S100YI7S |
| Pretax income | 51,127 | 27.6% | S100YI7S |
| Income tax | 13,750 | 7.4% | S100YI7S |
| Net income | 37,376 | 20.2% | S100YI7S |
| Net income attributable to owners | 23,320 | 12.6% | S100YI7S |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 24 |
| Operating income | 19 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 43.4% → Operating margin 19.5% → Net margin 12.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.0%; Core profit growth: +2.7%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.89×
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 | 179,922 | 185,333 | 5,411 | +3.0% |
| Gross profit | 75,292 | 80,457 | 5,165 | +6.9% |
| Operating income | 35,155 | 36,096 | 941 | +2.7% |
| Net income attributable to owners | 15,722 | 23,320 | 7,598 | +48.3% |
| Operating cash flow | 33,646 | 26,716 | -6,930 | -20.6% |
| Free cash flow | 24,623 | 14,785 | -9,838 | -40.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 141,376 | 22,003 | 15.6% | 11,357 | 23,669 | 19,199 | S100LUL7 |
| FY ending Mar 2021 | 107,648 | 12,997 | 12.1% | 7,284 | 1,767 | -1,951 | S100OMD7 |
| FY ending Mar 2022 | 117,539 | 17,810 | 15.2% | 8,977 | 14,479 | 6,815 | S100RDES |
| FY ending Mar 2023 | 174,358 | 36,339 | 20.8% | 15,025 | 27,323 | 21,792 | S100TWI5 |
| FY ending Mar 2024 | 171,345 | 29,342 | 17.1% | 13,971 | 22,076 | 16,982 | S100W3VP |
| FY ending Mar 2025 | 179,922 | 35,155 | 19.5% | 15,722 | 33,646 | 24,623 | S100YI7S |
| FY ending Mar 2026 | 185,333 | 36,096 | 19.5% | 23,320 | 26,716 | 14,785 | S100YI7S |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥94.3M |
| Operating income per employee (consolidated) | ¥18.4M |
| Net income per employee (consolidated) | ¥11.9M |

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) | 1,456 | 1,488 | 1,532 | 1,764 | 1,965 |
| Average salary (parent company) | ¥8.5M | ¥8.9M | ¥8.6M | ¥8.7M | ¥8.6M |
| Average age (parent company) | 42.5 years | 42.7 years | 42.7 years | 43.3 years | 43.3 years |
| Average tenure (parent company) | 16.5 years | 16.5 years | 15.4 years | 14.3 years | 14.1 years |

Year over year: Employees (consolidated) +11.4% · Revenue (consolidated) +3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Image related | 127,941 | 69.0% | 32,448 | 25.4% |
| Picture show business | 25,226 | 13.6% | 2,403 | 9.5% |
| Special event related | 13,006 | 7.0% | 1,616 | 12.4% |
| Sightseeing real estate | 6,920 | 3.7% | 2,757 | 39.8% |
| Architecture interior | 12,238 | 6.6% | 1,390 | 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Image related | 69.0% | 79.9% | 10.9 | 25.4% |
| Picture show business | 13.6% | 5.9% | -7.7 | 9.5% |
| Special event related | 7.0% | 4.0% | -3.0 | 12.4% |
| Sightseeing real estate | 3.7% | 6.8% | 3.1 | 39.8% |
| Architecture interior | 6.6% | 3.4% | -3.2 | 11.4% |

Segment → industry: Picture show business → Film & Anime / Image related → Film & Anime / Special event related → Theme Parks & Leisure Facilities / Special event related → Events & Ticketing / Sightseeing real estate → Real Estate Development & Leasing / Sightseeing real estate → Hotels & Inns / Architecture interior → 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 | 26,716 | 14.4% | S100YI7S |
| Capital expenditure | 11,931 | 6.4% | S100YI7S |
| Free cash flow | 14,785 | 8.0% | 算出 |
| Investing cash flow | -4,660 | -2.5% | S100YI7S |
| Financing cash flow | -1,887 | -1.0% | S100YI7S |
| Dividends paid | 1,163 | 0.6% | S100YI7S |
| Share buyback | 70 | 0.0% | S100YI7S |
| Change in cash | 21,007 | 11.3% | S100YI7S |
| Cash and equivalents | 109,995 | 59.3% | S100YI7S |

## 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 | 57,390 | 71,315 | 77,929 | 88,987 | 109,995 | S100TWI5, S100W3VP, S100YI7S |
| Total assets | 348,561 | 379,889 | 411,406 | 463,639 | 499,129 | S100RDES, S100TWI5, S100W3VP, S100YI7S |
| Net assets | 261,127 | 283,172 | 316,230 | 354,323 | 385,717 | S100TWI5, S100W3VP, S100YI7S |
| Share capital | 11,707 | 11,707 | 11,707 | 11,707 | 11,707 | S100RDES, S100TWI5, S100W3VP, S100YI7S |
| Property, plant and equipment | 89,264 | 90,387 | 91,576 | 98,020 | 105,257 | S100RDES, S100TWI5, S100W3VP, S100YI7S |
| Intangible assets excluding goodwill | 1,087 | 1,785 | 1,973 | 2,049 | 2,537 | S100RDES, S100TWI5, S100W3VP, S100YI7S |
| Investment securities | 114,288 | 111,866 | 126,319 | 150,364 | 150,218 | S100RDES, S100TWI5, S100W3VP, S100YI7S |
| Current assets | 129,483 | 155,226 | 169,661 | 170,851 | 195,429 | S100RDES, S100TWI5, S100W3VP, S100YI7S |
| Current liabilities | 55,649 | 57,543 | 53,927 | 61,866 | 60,073 | S100RDES, S100TWI5, S100W3VP, S100YI7S |
| Trade payables | 28,567 | 32,226 | 33,538 | 33,362 | 30,840 | S100RDES, S100TWI5, S100W3VP, S100YI7S |
| Short-term borrowings | 7,570 | 350 | 240 | 200 | 4,882 | S100RDES, S100TWI5, S100W3VP, S100YI7S |
| Long-term borrowings | 7,217 | 13,987 | 12,779 | 9,928 | 15,540 | S100RDES, S100TWI5, S100W3VP, S100YI7S |
| Total liabilities | 87,433 | 96,716 | 95,175 | 109,315 | 113,412 | S100RDES, S100TWI5, S100W3VP, S100YI7S |
| Non-controlling interests | 60,363 | 70,550 | 79,780 | 89,682 | 94,714 | S100RDES, S100TWI5, S100W3VP, S100YI7S |
| Equity attributable to owners of parent | 165,723 | 179,533 | 191,937 | 206,050 | 228,942 | S100RDES, S100TWI5, S100W3VP, S100YI7S |
| Retained earnings | 142,457 | 156,768 | 169,065 | 183,047 | 202,737 | S100RDES, S100TWI5, S100W3VP, S100YI7S |
| Treasury stock | -11,040 | -11,598 | -11,594 | -11,583 | -11,242 | S100RDES, S100TWI5, S100W3VP, S100YI7S |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YI7S |
| Property, plant and equipment | 21% | S100YI7S |
| Intangibles and goodwill | 1% | S100YI7S |
| Investment securities | 30% | S100YI7S |
| Other assets | 26% | S100YI7S |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YI7S |
| Other liabilities | 17% | S100YI7S |
| Equity | 77% | S100YI7S |

### 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 | 348,561 | 379,889 | 411,406 | 463,639 | 499,129 |
| Equity | 261,127 | 283,172 | 316,230 | 354,323 | 385,717 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 57,390 | 71,315 | 77,929 | 88,987 | 109,995 |

## 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) | 56.8% | S100YI7S |
| Fixed assets ÷ total assets | 21.1% | S100YI7S |
| Goodwill ÷ parent equity | — | —, S100YI7S |

### 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) | 22.0% |
| Cash ÷ revenue | 59.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.0% |
| Cash vs. profit gap | 3,396 JPY mn (of net income 14.6%) |
| Shareholder returns / net income | 5.3% |
| Shareholder returns / FCF | 8.3% |
| Shareholder payments — dividends / net income | 5.0% |
| Shareholder payments — dividends / FCF | 7.9% |
| CapEx intensity (capex ÷ revenue) | 6.4% |
| Investing CF relative to operating CF | 17.4% |

## 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 | 7.6% | 0.34× | 2.6% | 2.10× | 5.4% | S100RDES |
| 2023 | 8.6% | 0.48× | 4.1% | 2.11× | 8.7% | S100TWI5 |
| 2024 | 8.2% | 0.43× | 3.5% | 2.13× | 7.5% | S100W3VP |
| 2025 | 8.7% | 0.41× | 3.6% | 2.20× | 7.9% | S100YI7S |
| 2026 | 12.6% | 0.39× | 4.8% | 2.21× | 10.7% | S100YI7S |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社テレビ朝日ホールディングス | Major shareholder | 19.4% | 2026-03-31 |
| 株式会社ＴＢＳテレビ | Major shareholder | 9.3% | 2026-03-31 |
| 株式会社バンダイナムコホールディングス | Major shareholder | 8.0% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８０７５２ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 7.2% | 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 | 6.5% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 5.0% | 2026-03-31 |
| 東急株式会社 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社フジ・メディア・ホールディングス | Major shareholder | 4.4% | 2026-03-31 |
| 日本テレビ放送網株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YI7S | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI7S,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W3VP | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3VP,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TWI5 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWI5,, |
| 訂正有価証券報告書－第100期(2022/04/01－2023/03/31) | S100RDES | 2023-07-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RDES,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OMD7 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMD7,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LUL7 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUL7,, |

## 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).