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

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第63期(2025/05/01－2026/04/30) (S100YSDU)
> Page: https://vizora.meequs.com/en/company/toell
> Retrieved: 2026-09-30T17:54:20.987Z

## Company

Toell, founded in 1963, is a company in Electric Power & Gas listed on TSE Standard. It has 450 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Toell Co.,Ltd. |
| Ticker | 3361 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3361.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市港北区高田西一丁目5番21号 |
| Representative (per filing) | 代表取締役社長 横田 孝治 |
| Founded | May 1963 |
| Share capital | ¥950.3M |
| Employees (consolidated) | 450 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | April |
| Website | www.toell.co.jp (https://www.toell.co.jp/) |
| Corporate number | 2020001021033 |
| EDINET | E03454 |
| Industries (Vizora) | Electric Power & Gas, Beverages & Dairy |

> Profile source: annual securities report (S100YSDU, filed 2026-07-28). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.6 | 42 |
| Profitability | 53.4 | 44 |
| Cash conversion | 56 | 42 |
| Efficiency | 64.8 | 44 |

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 Toell's sales come from The energy business, with The water business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -1.3% from the prior year, operating profit +2.4%.

## Company structure

- Segment revenue mix: The energy business 75.0%、The water business 25.0%
- Revenue → net income: ¥27039083000 → ¥1612894000
- Net income → operating cash flow: ¥1612894000 → ¥3292242000（difference ¥1679348000）
- Main uses of operating cash flow: CapEx ¥1073370000 / dividends ¥432946000 / buybacks ¥152364000
- Change in cash: ¥1279920000
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 | ¥27B |  |
| Operating income | ¥1.98B | Margin 7.3% |
| Net income | ¥1.61B | Margin 6.0% |
| Free cash flow | ¥2.22B |  |
| Largest business | The energy business | of segment revenue 75.0% |
| Employees (consolidated) | 450 |  |
| EPS | ¥78.55 |  |
| Book value per share | ¥1070.52 |  |
| Equity ratio | 76.8% |  |
| Shares outstanding | 20,884,440 |  |
| Treasury shares | 2,160,500 |  |
| Shareholders | 3,523 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 22.7% | Cash ÷ revenue 24.0% |
| Vs. industry median margin | +0.3 pp | Electric Power & Gas |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income
- FY2026, one segment accounts for 64% of positive segment profit

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22465650000 | ¥27039083000 | +20.4% |
| Operating income | ¥1686295000 | ¥1982311000 | +17.6% |
| Operating margin | 7.5% | 7.3% | -0.2 pp |
| Employees | 501 people | 450 people | -10.2% |
| Cash and equivalents | ¥5824710000 | ¥6488790000 | +11.4% |

### Change in segment revenue mix

Span: FY ending Apr 2021 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| エネルギー事業 → エネルギー事業 | 71.1% |
| ウォーター事業 → ウォーター事業 | 25.0% |
| ウォーター事業 → 事業再編・廃止 | 3.9% |
| 新設・再編 → エネルギー事業 | 3.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 27,039 | 100.0% | S100YSDU |
| Cost of revenue | 16,146 | 59.7% | S100YSDU |
| Gross profit | 10,893 | 40.3% | S100YSDU |
| SG&A | 8,911 | 33.0% | S100YSDU |
| Operating income | 1,982 | 7.3% | S100YSDU |
| Ordinary income | 2,456 | 9.1% | S100YSDU |
| Pretax income | 2,470 | 9.1% | S100YSDU |
| Income tax | 857 | 3.2% | S100YSDU |
| Net income | 1,613 | 6.0% | S100YSDU |
| Net income attributable to owners | 1,613 | 6.0% | S100YSDU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 33 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 40.3% → Operating margin 7.3% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.3%; Core profit growth: +2.4%
Operating leverage (core profit growth ÷ revenue growth): -1.85×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Apr 2025 → FY ending Apr 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 27,388 | 27,039 | -349 | -1.3% |
| Gross profit | 10,697 | 10,893 | 196 | +1.8% |
| Operating income | 1,937 | 1,982 | 46 | +2.4% |
| Net income attributable to owners | 842 | 1,613 | 771 | +91.6% |
| Operating cash flow | 2,542 | 3,292 | 750 | +29.5% |
| Free cash flow | 1,779 | 2,219 | 440 | +24.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 23,017 | 1,421 | 6.2% | 995 | 2,789 | 765 | S100M2TV |
| FY ending Apr 2021 | 22,466 | 1,686 | 7.5% | 1,212 | 3,350 | 2,278 | S100OT2E |
| FY ending Apr 2022 | 25,921 | 1,689 | 6.5% | 1,058 | 2,275 | 1,146 | S100RH5U |
| FY ending Apr 2023 | 27,871 | 2,141 | 7.7% | 1,586 | 2,619 | 1,612 | S100U4OI |
| FY ending Apr 2024 | 27,102 | 2,284 | 8.4% | 2,178 | 2,520 | 1,332 | S100WFAY |
| FY ending Apr 2025 | 27,388 | 1,937 | 7.1% | 842 | 2,542 | 1,779 | S100YSDU |
| FY ending Apr 2026 | 27,039 | 1,982 | 7.3% | 1,613 | 3,292 | 2,219 | S100YSDU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.1M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥3.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 502 | 467 | 455 | 447 | 450 |
| Average salary (parent company) | ¥4.7M | ¥4.8M | ¥5.2M | ¥5.4M | ¥5.5M |
| Average age (parent company) | 42.7 years | 43.0 years | 44.0 years | 44.8 years | 45.2 years |
| Average tenure (parent company) | 11.7 years | 12.4 years | 13.2 years | 13.7 years | 13.7 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) -1.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| The energy business | 20,280 | 75.0% | 2,170 | 10.7% |
| The water business | 6,759 | 25.0% | 1,220 | 18.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| The energy business | 75.0% | 64.0% | -11.0 | 10.7% |
| The water business | 25.0% | 36.0% | 11.0 | 18.0% |

Segment → industry: The energy business → Electric Power & Gas / The water business → Beverages & Dairy

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Apr 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,292 | 12.2% | S100YSDU |
| Capital expenditure | 1,073 | 4.0% | S100YSDU |
| Free cash flow | 2,219 | 8.2% | 算出 |
| Investing cash flow | -1,063 | -3.9% | S100YSDU |
| Financing cash flow | -952 | -3.5% | S100YSDU |
| Dividends paid | 433 | 1.6% | S100YSDU |
| Share buyback | 152 | 0.6% | S100YSDU |
| Change in cash | 1,280 | 4.7% | S100YSDU |
| Cash and equivalents | 6,489 | 24.0% | S100YSDU |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,529 | 5,562 | 5,712 | 5,209 | 6,489 | S100U4OI, S100WFAY, S100YSDU |
| Total assets | 26,976 | 26,951 | 27,986 | 26,935 | 28,598 | S100RH5U, S100U4OI, S100WFAY, S100YSDU |
| Net assets | 18,165 | 19,301 | 21,399 | 20,538 | 21,961 | S100U4OI, S100WFAY, S100YSDU |
| Share capital | 819 | 853 | 887 | 919 | 950 | S100RH5U, S100U4OI, S100WFAY, S100YSDU |
| Trade receivables | 4,415 | 4,101 | 4,368 | 4,094 | — | S100RH5U, S100U4OI, S100WFAY |
| Property, plant and equipment | 13,282 | 13,119 | 13,105 | 12,726 | 12,628 | S100RH5U, S100U4OI, S100WFAY, S100YSDU |
| Intangible assets excluding goodwill | 400 | 494 | 829 | 747 | 734 | S100RH5U, S100U4OI, S100WFAY, S100YSDU |
| Investment securities | 708 | 958 | 1,320 | 1,463 | 1,680 | S100RH5U, S100U4OI, S100WFAY, S100YSDU |
| Current assets | 11,696 | 11,609 | 12,105 | 11,417 | 13,069 | S100RH5U, S100U4OI, S100WFAY, S100YSDU |
| Current liabilities | 5,930 | 5,173 | 4,975 | 4,806 | 5,262 | S100RH5U, S100U4OI, S100WFAY, S100YSDU |
| Trade payables | 2,466 | 2,036 | 2,264 | 2,230 | — | S100RH5U, S100U4OI, S100WFAY |
| Long-term borrowings | 537 | 185 | 25 | — | — | S100RH5U, S100U4OI, S100WFAY |
| Total liabilities | 8,812 | 7,649 | 6,587 | 6,397 | 6,637 | S100RH5U, S100U4OI, S100WFAY, S100YSDU |
| Non-controlling interests | 7 | 7 | 10 | 8 | 9 | S100RH5U, S100U4OI, S100WFAY, S100YSDU |
| Equity attributable to owners of parent | 17,819 | 18,810 | 20,652 | 19,832 | 20,922 | S100RH5U, S100U4OI, S100WFAY, S100YSDU |
| Retained earnings | 16,079 | 17,256 | 19,030 | 19,405 | 20,584 | S100RH5U, S100U4OI, S100WFAY, S100YSDU |
| Treasury stock | -107 | -361 | -361 | -1,620 | -1,772 | S100RH5U, S100U4OI, S100WFAY, S100YSDU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YSDU |
| Property, plant and equipment | 44% | S100YSDU |
| Intangibles and goodwill | 2% | S100YSDU |
| Investment securities | 6% | S100YSDU |
| Other assets | 25% | S100YSDU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YSDU |
| Equity | 77% | S100YSDU |
| Other liabilities | 0% | S100YSDU |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 26,976 | 26,951 | 27,986 | 26,935 | 28,598 |
| Equity | 18,165 | 19,301 | 21,399 | 20,538 | 21,961 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,529 | 5,562 | 5,712 | 5,209 | 6,489 |

## 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) | 46.7% | S100YSDU |
| Fixed assets ÷ total assets | 44.2% | S100YSDU |
| Goodwill ÷ parent equity | — | —, S100YSDU |

### 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) | 22.7% |
| Cash ÷ revenue | 24.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 166.1% |
| Cash vs. profit gap | 1,680 JPY mn (of net income 104.2%) |
| Shareholder returns / net income | 36.3% |
| Shareholder returns / FCF | 26.4% |
| Shareholder payments — dividends / net income | 26.8% |
| Shareholder payments — dividends / FCF | 19.5% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 32.3% |

## 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 | 4.1% | 0.96× | 3.9% | 1.51× | 5.9% | S100RH5U |
| 2023 | 5.7% | 1.03× | 5.9% | 1.47× | 8.7% | S100U4OI |
| 2024 | 8.0% | 0.99× | 7.9% | 1.39× | 11.0% | S100WFAY |
| 2025 | 3.1% | 1.00× | 3.1% | 1.36× | 4.2% | S100YSDU |
| 2026 | 6.0% | 0.97× | 5.8% | 1.36× | 7.9% | S100YSDU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱ＭＯＮＹ | Major shareholder | 11.9% | 2026-04-30 |
| ㈱ミナックス | Major shareholder | 8.3% | 2026-04-30 |
| 中田 みち | Major shareholder | 8.1% | 2026-04-30 |
| 敷地 みか | Major shareholder | 5.5% | 2026-04-30 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 5.3% | 2026-04-30 |
| 岩谷産業㈱ | Major shareholder | 4.6% | 2026-04-30 |
| 稲永 紀 | Major shareholder | 4.1% | 2026-04-30 |
| 一般財団法人稲永修記念財団 | Major shareholder | 3.1% | 2026-04-30 |
| トーエル取引先持株会 | Major shareholder | 2.2% | 2026-04-30 |
| 日下 みな | Major shareholder | 2.1% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2025/05/01－2026/04/30) | S100YSDU | 2026-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSDU,, |
| 有価証券報告書－第62期(2024/05/01－2025/04/30) | S100WFAY | 2025-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFAY,, |
| 有価証券報告書－第61期(2023/05/01－2024/04/30) | S100U4OI | 2024-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4OI,, |
| 有価証券報告書－第60期(2022/05/01－2023/04/30) | S100RH5U | 2023-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RH5U,, |
| 有価証券報告書－第59期(令和3年5月1日－令和4年4月30日) | S100OT2E | 2022-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OT2E,, |
| 有価証券報告書－第58期(令和2年5月1日－令和3年4月30日) | S100M2TV | 2021-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M2TV,, |

## 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).