# TOHO CO., LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第137期(2025/03/01－2026/02/28) (S100Y5O3)
> Page: https://vizora.meequs.com/en/company/toho-9602
> Retrieved: 2026-09-30T19:50:33.599Z

## Company

Toho, founded in 1932, is a company in Toys & Hobbies listed on TSE Prime. It has 4,088 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOHO CO.,LTD. |
| Ticker | 9602 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9602.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区有楽町一丁目2番2号 |
| Representative (per filing) | 代表取締役社長 松岡宏泰 |
| Founded | Aug 1932 |
| Share capital | ¥10.4B |
| Employees (consolidated) | 4,088 |
| Average salary (parent only) | ¥9.5M |
| Fiscal year end | February |
| Website | www.toho.co.jp (https://www.toho.co.jp/) |
| Corporate number | 3010001008708 |
| EDINET | E04583 |
| Industries (Vizora) | Toys & Hobbies, Film & Anime, Events & Ticketing, Real Estate Development & Leasing, Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100Y5O3, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Film & Anime (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.2 | 9 |
| Profitability | 72.2 | 9 |
| Cash conversion | 43.8 | 8 |
| Efficiency | 38.9 | 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 51% of Toho's sales come from Film business, with Real estate business and IP and Anime business making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +15.2% from the prior year, operating profit +5.0%.

## Company structure

- Segment revenue mix: Film business 50.6%、Real estate business 22.0%、IP and Anime business 20.9%、Theatrical business 6.2%、Other 0.4%
- Revenue → net income: ¥360663000000 → ¥53079000000
- Net income → operating cash flow: ¥53079000000 → ¥65334000000（difference ¥12255000000）
- Main uses of operating cash flow: CapEx ¥15438000000 / dividends ¥15663000000 / buybacks ¥14969000000
- Change in cash: ¥9248000000
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 | ¥360.7B |  |
| Operating income | ¥67.9B | Margin 18.8% |
| Net income | ¥51.8B | Margin 14.4% |
| Free cash flow | ¥49.9B |  |
| Largest business | Film business | of segment revenue 50.6% |
| Employees (consolidated) | 4,088 |  |
| EPS | ¥46.74 |  |
| Book value per share | ¥445.06 |  |
| Equity ratio | 73.3% |  |
| Shares outstanding | 176,000,000 |  |
| Treasury shares | 8,129,500 |  |
| Shareholders | 48,012 |  |
| Average salary (parent only) | ¥9.5M | Filing company only |
| Cash ratio | 12.3% | Cash ÷ revenue 24.0% |
| Vs. industry median margin | +9.2 pp | Film & Anime |
| ROE | 11.9% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥191948000000 | ¥360663000000 | +87.9% |
| Operating income | ¥22447000000 | ¥67889000000 | +202.4% |
| Operating margin | 11.7% | 18.8% | +7.1 pp |
| Employees | 3,305 people | 4,088 people | +23.7% |
| Cash and equivalents | ¥85827000000 | ¥86683000000 | +1.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 映画事業 → 事業再編・廃止 | 60.5% |
| 演劇事業 → 演劇事業 | 4.1% |
| 不動産事業 → 不動産事業 | 22.0% |
| 不動産事業 → 事業再編・廃止 | 12.0% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 映画事業 | 50.6% |
| 新設・再編 → IP・アニメ事業 | 20.9% |
| 新設・再編 → 演劇事業 | 2.0% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Film business | — | — | ¥182617000000 | 20.4% | 2 |
| Real estate business | 5 years | +4.0% | ¥79179000000 | 24.0% | 2 |
| IP and Anime business | — | — | ¥75265000000 | 23.0% | 2 |
| Theatrical business | 5 years | +22.9% | ¥22310000000 | 15.5% | 2 |
| Other | 5 years | -13.6% | ¥1291000000 | 5.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 360,663 | 100.0% | S100Y5O3 |
| Cost of revenue | 201,070 | 55.8% | 算出 |
| Gross profit | 159,593 | 44.2% | S100Y5O3 |
| SG&A | 91,704 | 25.4% | S100Y5O3 |
| Operating income | 67,889 | 18.8% | S100Y5O3 |
| Ordinary income | 70,140 | 19.4% | S100Y5O3 |
| Pretax income | 75,903 | 21.0% | S100Y5O3 |
| Income tax | 22,823 | 6.3% | S100Y5O3 |
| Net income | 53,079 | 14.7% | S100Y5O3 |
| Net income attributable to owners | 51,768 | 14.4% | S100Y5O3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 25 |
| Operating income | 19 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 44.2% → Operating margin 18.8% → Net margin 14.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.2%; Core profit growth: +5.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.33×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 313,171 | 360,663 | 47,492 | +15.2% |
| Gross profit | 144,559 | 159,593 | 15,034 | +10.4% |
| Operating income | 64,684 | 67,889 | 3,205 | +5.0% |
| Net income attributable to owners | 43,357 | 51,768 | 8,411 | +19.4% |
| Operating cash flow | 51,617 | 65,334 | 13,717 | +26.6% |
| Free cash flow | 19,085 | 49,896 | 30,811 | +161.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 262,766 | 52,857 | 20.1% | 36,609 | 55,892 | 45,203 | S100LE5F |
| FY ending Feb 2021 | 191,948 | 22,447 | 11.7% | 14,688 | 12,512 | 2,995 | S100O3B2 |
| FY ending Feb 2022 | 228,367 | 39,948 | 17.5% | 29,568 | 53,460 | 26,518 | S100QT8H |
| FY ending Feb 2023 | 244,295 | 44,880 | 18.4% | 33,430 | 45,404 | 28,482 | S100TH4Z |
| FY ending Feb 2024 | 283,347 | 59,251 | 20.9% | 45,283 | 43,350 | 21,665 | S100VTOG |
| FY ending Feb 2025 | 313,171 | 64,684 | 20.7% | 43,357 | 51,617 | 19,085 | S100Y5O3 |
| FY ending Feb 2026 | 360,663 | 67,889 | 18.8% | 51,768 | 65,334 | 49,896 | S100Y5O3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥88.2M |
| Operating income per employee (consolidated) | ¥16.6M |
| Net income per employee (consolidated) | ¥12.7M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,239 | 3,297 | 3,617 | 3,873 | 4,088 |
| Average salary (parent company) | ¥8.8M | ¥9M | ¥10.3M | ¥10.8M | ¥9.5M |
| Average age (parent company) | 39.5 years | 39.3 years | 39.1 years | 38.7 years | 37.9 years |
| Average tenure (parent company) | 15.6 years | 14.3 years | 12.8 years | 11.0 years | 9.2 years |

Year over year: Employees (consolidated) +5.6% · Revenue (consolidated) +15.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Film business | 182,617 | 50.6% | 37,302 | 20.4% |
| IP and Anime business | 75,265 | 20.9% | 17,296 | 23.0% |
| Theatrical business | 22,310 | 6.2% | 3,463 | 15.5% |
| Real estate business | 79,179 | 22.0% | 19,030 | 24.0% |
| Other | 1,291 | 0.4% | 66 | 5.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Film business | 50.6% | 48.3% | -2.3 | 20.4% |
| IP and Anime business | 20.9% | 22.4% | 1.5 | 23.0% |
| Theatrical business | 6.2% | 4.5% | -1.7 | 15.5% |
| Real estate business | 22.0% | 24.7% | 2.7 | 24.0% |
| Other | 0.4% | 0.1% | -0.3 | 5.1% |

Segment → industry: IP and Anime business → Toys & Hobbies / IP and Anime business → Film & Anime / Film business → Film & Anime / Theatrical business → Events & Ticketing / Real estate business → Real Estate Development & Leasing / Real estate business → Disaster Prevention & Infrastructure Maintenance

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 65,334 | 18.1% | S100Y5O3 |
| Capital expenditure | 15,438 | 4.3% | S100Y5O3 |
| Free cash flow | 49,896 | 13.8% | 算出 |
| Investing cash flow | -24,904 | -6.9% | S100Y5O3 |
| Financing cash flow | -31,326 | -8.7% | S100Y5O3 |
| Dividends paid | 15,663 | 4.3% | S100Y5O3 |
| Share buyback | 14,969 | 4.2% | S100Y5O3 |
| Change in cash | 9,248 | 2.6% | S100Y5O3 |
| Cash and equivalents | 86,683 | 24.0% | S100Y5O3 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 92,341 | 112,121 | 82,424 | 76,608 | 86,683 | S100TH4Z, S100VTOG, S100Y5O3 |
| Total assets | 502,532 | 534,097 | 615,826 | 653,068 | 702,934 | S100QT8H, S100TH4Z, S100VTOG, S100Y5O3 |
| Net assets | 409,181 | 423,691 | 484,755 | 494,815 | 532,990 | S100TH4Z, S100VTOG, S100Y5O3 |
| Share capital | 10,355 | 10,355 | 10,355 | 10,355 | 10,355 | S100QT8H, S100TH4Z, S100VTOG, S100Y5O3 |
| Trade receivables | 22,852 | — | — | — | — | S100QT8H |
| Inventories | 8,417 | 11,003 | 13,130 | 21,067 | 21,175 | S100QT8H, S100TH4Z, S100VTOG, S100Y5O3 |
| Property, plant and equipment | 169,865 | 177,451 | 224,851 | 243,502 | 247,927 | S100QT8H, S100TH4Z, S100VTOG, S100Y5O3 |
| Intangible assets excluding goodwill | 5,386 | 4,953 | 7,017 | 30,751 | 30,739 | S100QT8H, S100TH4Z, S100VTOG, S100Y5O3 |
| Goodwill | 2,745 | 2,032 | 1,927 | 18,046 | 16,832 | S100QT8H, S100TH4Z, S100VTOG, S100Y5O3 |
| Investment securities | 121,891 | 108,499 | 154,175 | 153,764 | 164,204 | S100QT8H, S100TH4Z, S100VTOG, S100Y5O3 |
| Current assets | 187,866 | 224,708 | 208,503 | 202,050 | 234,036 | S100QT8H, S100TH4Z, S100VTOG, S100Y5O3 |
| Current liabilities | 47,531 | 65,762 | 69,141 | 90,941 | 95,252 | S100QT8H, S100TH4Z, S100VTOG, S100Y5O3 |
| Short-term borrowings | 60 | 53 | 41 | 22 | 45 | S100QT8H, S100TH4Z, S100VTOG, S100Y5O3 |
| Long-term borrowings | — | 326 | 2,189 | 1,575 | 1,275 | S100TH4Z, S100VTOG, S100Y5O3 |
| Total liabilities | 93,351 | 110,405 | 131,071 | 158,253 | 169,943 | S100QT8H, S100TH4Z, S100VTOG, S100Y5O3 |
| Non-controlling interests | 13,458 | 14,384 | 25,865 | 16,425 | 17,622 | S100QT8H, S100TH4Z, S100VTOG, S100Y5O3 |
| Equity attributable to owners of parent | 376,197 | 389,894 | 421,667 | 425,608 | 446,986 | S100QT8H, S100TH4Z, S100VTOG, S100Y5O3 |
| Retained earnings | 380,430 | 404,225 | 439,921 | 466,066 | 465,223 | S100QT8H, S100TH4Z, S100VTOG, S100Y5O3 |
| Treasury stock | -28,712 | -38,866 | -42,827 | -65,031 | -39,629 | S100QT8H, S100TH4Z, S100VTOG, S100Y5O3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100Y5O3 |
| Inventories | 3% | S100Y5O3 |
| Property, plant and equipment | 35% | S100Y5O3 |
| Intangibles and goodwill | 7% | S100Y5O3 |
| Investment securities | 24% | S100Y5O3 |
| Other assets | 19% | S100Y5O3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100Y5O3 |
| Equity | 76% | S100Y5O3 |
| Other liabilities | 0% | S100Y5O3 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 502,532 | 534,097 | 615,826 | 653,068 | 702,934 |
| Equity | 409,181 | 423,691 | 484,755 | 494,815 | 532,990 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 92,341 | 112,121 | 82,424 | 76,608 | 86,683 |

## 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) | 68.7% | S100Y5O3 |
| Fixed assets ÷ total assets | 35.3% | S100Y5O3 |
| Goodwill ÷ parent equity | 3.8% | S100Y5O3 |

Goodwill over 4 years: 2,745 → 16,832 JPY; total investing cash flow: -151,280 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) | 12.3% |
| Cash ÷ revenue | 24.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 96.2% |
| Cash vs. profit gap | 13,566 JPY mn (of net income 26.2%) |
| Shareholder returns / net income | 59.2% |
| Shareholder returns / FCF | 61.4% |
| Shareholder payments — dividends / net income | 30.3% |
| Shareholder payments — dividends / FCF | 31.4% |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 38.1% |

## 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 | 12.9% | 0.45× | 5.9% | 1.34× | 7.9% | S100QT8H |
| 2023 | 13.7% | 0.47× | 6.4% | 1.35× | 8.7% | S100TH4Z |
| 2024 | 16.0% | 0.49× | 7.9% | 1.42× | 11.2% | S100VTOG |
| 2025 | 13.8% | 0.49× | 6.8% | 1.50× | 10.2% | S100Y5O3 |
| 2026 | 14.4% | 0.53× | 7.6% | 1.55× | 11.9% | S100Y5O3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 阪急阪神ホールディングス株式会社 | Major shareholder | 13.6% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.0% | 2026-02-28 |
| 阪急阪神不動産株式会社 | Major shareholder | 9.0% | 2026-02-28 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.9% | 2026-02-28 |
| エイチ・ツー・オー リテイリング株式会社 | Major shareholder | 4.2% | 2026-02-28 |
| 株式会社フジ・メディア・ホールディングス | Major shareholder | 2.9% | 2026-02-28 |
| 株式会社TBSテレビ | Major shareholder | 2.7% | 2026-02-28 |
| 株式会社竹中工務店 | Major shareholder | 2.3% | 2026-02-28 |
| 株式会社丸井グループ | Major shareholder | 1.5% | 2026-02-28 |
| 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 | 1.5% | 2026-02-28 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Feb 2026 was ¥360.7B, up 15.2% from ¥313.2B.
- Operating income rose to ¥67.9B, a smaller gain of 5.0%.
- Net income attributable to owners reached ¥51.8B, up 19.4%.
- Operating cash flow climbed to ¥65.3B, and free cash flow went from ¥19.1B to ¥49.9B.

### Drivers

- A run of big hits, led by Demon Slayer: Infinity Castle and Kokuho, lifted both film distribution and the TOHO Cinemas theaters.
- The IP and anime business grew its revenue on streaming and licensing of TOHO animation titles and Godzilla, though its operating income declined.
- SG&A rose on higher staff costs, rent and advertising. Gains from selling investment securities also went up.

### Risks

- Film, anime and stage revenue depends on each title. A title can earn far less than planned, or be delayed or cancelled.
- Rising prices, wages and construction costs could push up theater running costs, stage production costs and redevelopment spending.
- Subsidiary Subaru Kogyo received a cease-and-desist order and a surcharge order under Japan's Antimonopoly Act over bid rigging, and the group booked a related loss.

Cited: Annual Securities Report (137th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (137th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第137期(2025/03/01－2026/02/28) | S100Y5O3 | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5O3,, |
| 有価証券報告書－第136期(2024/03/01－2025/02/28) | S100VTOG | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTOG,, |
| 有価証券報告書－第135期(2023/03/01－2024/02/29) | S100TH4Z | 2024-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TH4Z,, |
| 有価証券報告書－第134期(2022/03/01－2023/02/28) | S100QT8H | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QT8H,, |
| 有価証券報告書－第133期(令和3年3月1日－令和4年2月28日) | S100O3B2 | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3B2,, |
| 有価証券報告書－第132期(令和2年3月1日－令和3年2月28日) | S100LE5F | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LE5F,, |

## 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).