# TOENEC CORPORATION: 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108期(2025/04/01－2026/03/31) (S100YIKH)
> Page: https://vizora.meequs.com/en/company/toenec
> Retrieved: 2026-09-30T17:53:55.764Z

## Company

Toenec, founded in 1944, is a company in Electric Power & Gas listed on TSE Prime. It has 6,487 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOENEC CORPORATION |
| Ticker | 1946 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1946.T) |
| Listing | TSE Prime |
| Head office | 名古屋市中区栄一丁目31番23号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 滝本嗣久 |
| Founded | Oct 1944 |
| Share capital | ¥7.68B |
| Employees (consolidated) | 6,487 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.toenec.co.jp (https://www.toenec.co.jp/) |
| Corporate number | 8180001038758 |
| EDINET | E00076 |
| Industries (Vizora) | Electric Power & Gas, Plant Engineering & Building Services |

> Profile source: annual securities report (S100YIKH, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34 | 72 |
| Profitability | 38.8 | 76 |
| Cash conversion | 81.8 | 74 |
| Efficiency | 33.6 | 76 |
| Financial strength | 72.2 | 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 94% of Toenec's sales come from Equipment installation, with Energy business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit +33.5%.

## Company structure

- Segment revenue mix: Equipment installation 93.6%、Energy business 4.7%、Other 1.8%
- Revenue → net income: ¥272468000000 → ¥17816000000
- Net income → operating cash flow: ¥17816000000 → ¥26095000000（difference ¥8279000000）
- Main uses of operating cash flow: CapEx ¥7073000000 / dividends ¥5372000000 / buybacks ¥0
- Change in cash: ¥5747000000
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 | ¥272.5B |  |
| Operating income | ¥21.4B | Margin 7.9% |
| Net income | ¥17.8B | Margin 6.5% |
| Free cash flow | ¥19B |  |
| Largest business | Equipment installation | of segment revenue 93.6% |
| Employees (consolidated) | 6,487 |  |
| EPS | ¥168.96 |  |
| Book value per share | ¥1257.97 |  |
| Equity ratio | 49.1% |  |
| Shares outstanding | 96,649,950 |  |
| Treasury shares | 3,817,000 |  |
| Shareholders | 11,363 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 14.8% | Net cash ¥2.43B · Cash ÷ revenue 16.9% |
| Vs. industry median margin | -1.2 pp | Plant Engineering & Building Services |
| ROE | 13.8% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 86% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥215677000000 | ¥272468000000 | +26.3% |
| Operating income | ¥15509000000 | ¥21421000000 | +38.1% |
| Operating margin | 7.2% | 7.9% | +0.7 pp |
| Employees | 5,918 people | 6,487 people | +9.6% |
| Cash and equivalents | ¥46857000000 | ¥46046000000 | -1.7% |

### 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 |
| --- | ---: |
| 設備工事業 → 設備工事業 | 93.3% |
| エネルギー事業 → エネルギー事業 | 4.7% |
| エネルギー事業 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 1.8% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 設備工事業 | 0.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Equipment installation | 5 years | +4.8% | ¥254991000000 | 10.0% | 2 |
| Energy business | 5 years | +4.3% | ¥12704000000 | 27.7% | 2 |
| Other | 5 years | +3.3% | ¥4771000000 | 11.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 272,468 | 100.0% | S100YIKH |
| Cost of revenue | 224,020 | 82.2% | S100YIKH |
| Gross profit | 48,447 | 17.8% | S100YIKH |
| SG&A | 27,026 | 9.9% | S100YIKH |
| Operating income | 21,421 | 7.9% | S100YIKH |
| Ordinary income | 22,639 | 8.3% | S100YIKH |
| Pretax income | 25,475 | 9.3% | S100YIKH |
| Income tax | 7,659 | 2.8% | S100YIKH |
| Net income | 17,816 | 6.5% | S100YIKH |
| Net income attributable to owners | 17,810 | 6.5% | S100YIKH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 10 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 17.8% → Operating margin 7.9% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.6%; Core profit growth: +33.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 60.51×
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 | 270,966 | 272,468 | 1,502 | +0.6% |
| Gross profit | 40,475 | 48,447 | 7,972 | +19.7% |
| Operating income | 16,041 | 21,421 | 5,380 | +33.5% |
| Net income attributable to owners | 10,765 | 17,810 | 7,045 | +65.4% |
| Operating cash flow | 19,014 | 26,095 | 7,081 | +37.2% |
| Free cash flow | 12,861 | 19,022 | 6,161 | +47.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 224,843 | 13,307 | 5.9% | 9,314 | 16,593 | 12,468 | S100LRO6 |
| FY ending Mar 2021 | 215,677 | 15,509 | 7.2% | 8,832 | 24,111 | 19,286 | S100OJTL |
| FY ending Mar 2022 | 219,617 | 14,072 | 6.4% | 8,283 | 5,943 | 969 | S100R7IM |
| FY ending Mar 2023 | 232,053 | 10,287 | 4.4% | -5,548 | 12,640 | 10,262 | S100TV1S |
| FY ending Mar 2024 | 252,863 | 15,910 | 6.3% | 9,345 | 19,118 | 15,808 | S100W5OK |
| FY ending Mar 2025 | 270,966 | 16,041 | 5.9% | 10,765 | 19,014 | 12,861 | S100YIKH |
| FY ending Mar 2026 | 272,468 | 21,421 | 7.9% | 17,810 | 26,095 | 19,022 | S100YIKH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 5,938 | 6,038 | 6,077 | 6,416 | 6,487 |
| Average salary (parent company) | ¥7.1M | ¥7.1M | ¥7.1M | ¥7.5M | ¥7.9M |
| Average age (parent company) | 41.5 years | 41.5 years | 41.7 years | 41.7 years | 41.8 years |
| Average tenure (parent company) | 19.3 years | 19.4 years | 19.5 years | 19.5 years | 19.4 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +0.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Equipment installation | 254,991 | 93.6% | 25,544 | 10.0% |
| Energy business | 12,704 | 4.7% | 3,514 | 27.7% |
| Other | 4,771 | 1.8% | 560 | 11.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Equipment installation | 93.6% | 86.2% | -7.3 | 10.0% |
| Energy business | 4.7% | 11.9% | 7.2 | 27.7% |
| Other | 1.8% | 1.9% | 0.1 | 11.7% |

Segment → industry: Energy business → Electric Power & Gas / Equipment installation → Plant Engineering & Building 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 | 26,095 | 9.6% | S100YIKH |
| Capital expenditure | 7,073 | 2.6% | S100YIKH |
| Free cash flow | 19,022 | 7.0% | 算出 |
| Investing cash flow | -3,717 | -1.4% | S100YIKH |
| Financing cash flow | -16,697 | -6.1% | S100YIKH |
| Dividends paid | 5,372 | 2.0% | S100YIKH |
| Share buyback | 0 | 0.0% | S100YIKH |
| Change in cash | 5,747 | 2.1% | S100YIKH |
| Cash and equivalents | 46,046 | 16.9% | S100YIKH |

## 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 | 28,424 | 30,601 | 38,018 | 40,299 | 46,046 | S100TV1S, S100W5OK, S100YIKH |
| Total assets | 301,599 | 300,172 | 304,931 | 310,561 | 312,053 | S100R7IM, S100TV1S, S100W5OK, S100YIKH |
| Net assets | 126,596 | 117,193 | 131,140 | 136,681 | 153,170 | S100TV1S, S100W5OK, S100YIKH |
| Share capital | 7,680 | 7,680 | 7,680 | 7,680 | 7,680 | S100R7IM, S100TV1S, S100W5OK, S100YIKH |
| Property, plant and equipment | 145,891 | 131,931 | 128,111 | 127,535 | 126,857 | S100R7IM, S100TV1S, S100W5OK, S100YIKH |
| Intangible assets excluding goodwill | 4,047 | 4,061 | 3,399 | 2,604 | 1,846 | S100R7IM, S100TV1S, S100W5OK, S100YIKH |
| Goodwill | 1,253 | 940 | 626 | 313 | — | S100R7IM, S100TV1S, S100W5OK, S100YIKH |
| Investment securities | 28,877 | 28,405 | 29,167 | 25,958 | 27,346 | S100R7IM, S100TV1S, S100W5OK, S100YIKH |
| Current assets | 113,270 | 125,633 | 136,494 | 146,274 | 149,742 | S100R7IM, S100TV1S, S100W5OK, S100YIKH |
| Current liabilities | 64,704 | 77,937 | 83,785 | 94,343 | 92,848 | S100R7IM, S100TV1S, S100W5OK, S100YIKH |
| Short-term borrowings | 4,182 | 9,082 | 12,082 | 16,327 | 16,082 | S100R7IM, S100TV1S, S100W5OK, S100YIKH |
| Long-term borrowings | 23,463 | 22,381 | 21,299 | 20,217 | 19,135 | S100R7IM, S100TV1S, S100W5OK, S100YIKH |
| Bonds | 8,400 | 8,400 | 8,400 | 8,400 | 8,400 | S100R7IM, S100TV1S, S100W5OK, S100YIKH |
| Interest-bearing debt | 36,045 | 39,863 | 41,781 | 44,944 | 43,617 | 算出 |
| Total liabilities | 175,002 | 182,978 | 173,790 | 173,879 | 158,882 | S100R7IM, S100TV1S, S100W5OK, S100YIKH |
| Non-controlling interests | 26 | 34 | 42 | 51 | 52 | S100R7IM, S100TV1S, S100W5OK, S100YIKH |
| Equity attributable to owners of parent | 118,354 | 110,302 | 117,609 | 123,256 | 135,708 | S100R7IM, S100TV1S, S100W5OK, S100YIKH |
| Retained earnings | 105,381 | 97,310 | 104,598 | 110,888 | 123,315 | S100R7IM, S100TV1S, S100W5OK, S100YIKH |
| Treasury stock | -1,548 | -1,537 | -1,525 | -2,181 | -2,171 | S100R7IM, S100TV1S, S100W5OK, S100YIKH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YIKH |
| Property, plant and equipment | 41% | S100YIKH |
| Intangibles and goodwill | 0% | S100YIKH |
| Investment securities | 9% | S100YIKH |
| Other assets | 35% | S100YIKH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 14% | 算出 |
| Other liabilities | 37% | S100YIKH |
| Equity | 49% | S100YIKH |
| Other liabilities | 0% | S100YIKH |

### 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 | 301,599 | 300,172 | 304,931 | 310,561 | 312,053 |
| Equity | 126,596 | 117,193 | 131,140 | 136,681 | 153,170 |
| Interest-bearing debt | 36,045 | 39,863 | 41,781 | 44,944 | 43,617 |
| Cash | 28,424 | 30,601 | 38,018 | 40,299 | 46,046 |

## 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) | 46.6% | S100YIKH |
| Fixed assets ÷ total assets | 40.7% | S100YIKH |
| Goodwill ÷ parent equity | — | —, S100YIKH |

### 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) | 14.8% |
| Cash ÷ revenue | 16.9% |
| Net cash (cash − interest-bearing debt) | ¥2.43B |
| Net debt ÷ operating cash flow | -0.09× |
| Cash conversion (operating CF ÷ operating income) | 121.8% |
| Cash vs. profit gap | 8,285 JPY mn (of net income 46.5%) |
| Shareholder returns / net income | 30.2% |
| Shareholder returns / FCF | 28.2% |
| Shareholder payments — dividends / net income | 30.2% |
| Shareholder payments — dividends / FCF | 28.2% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 14.2% |

## 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 | 3.8% | 0.73× | 2.7% | 2.55× | 7.0% | S100R7IM |
| 2023 | — | —× | -1.8% | —× | — | S100TV1S |
| 2024 | 3.7% | 0.84× | 3.1% | 2.65× | 8.2% | S100W5OK |
| 2025 | 4.0% | 0.88× | 3.5% | 2.56× | 8.9% | S100YIKH |
| 2026 | 6.5% | 0.88× | 5.7% | 2.40× | 13.8% | S100YIKH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中部電力株式会社 | Major shareholder | 44.6% | 2026-03-31 |
| トーエネック従業員持株会 | Major shareholder | 5.7% | 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 | 4.9% | 2026-03-31 |
| トーエネック共栄会 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 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 | 1.0% | 2026-03-31 |
| トーエネック名古屋協力会持株会 | Major shareholder | 0.9% | 2026-03-31 |
| トーエネック岡崎協力会持株会 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第108期(2025/04/01－2026/03/31) | S100YIKH | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIKH,, |
| 有価証券報告書－第107期(2024/04/01－2025/03/31) | S100W5OK | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5OK,, |
| 有価証券報告書－第106期(2023/04/01－2024/03/31) | S100TV1S | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV1S,, |
| 有価証券報告書－第105期(2022/04/01－2023/03/31) | S100R7IM | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7IM,, |
| 有価証券報告書－第104期(令和3年4月1日－令和4年3月31日) | S100OJTL | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJTL,, |
| 有価証券報告書－第103期(令和2年4月1日－令和3年3月31日) | S100LRO6 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRO6,, |

## 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).