# toho acetylene co.,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92期(2025/04/01－2026/03/31) (S100YL3N)
> Page: https://vizora.meequs.com/en/company/toho-acetylene
> Retrieved: 2026-09-30T19:51:11.364Z

## Company

toho acetylene, founded in 1955, is a company in Chemicals listed on TSE Standard. It has 763 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Toho Acetylene Co., Ltd. |
| Ticker | 4093 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4093.T) |
| Listing | TSE Standard |
| Head office | 宮城県多賀城市栄二丁目3番32号 |
| Representative (per filing) | 代表取締役社長 堀内秀敏 |
| Founded | Mar 1955 |
| Share capital | ¥2.26B |
| Employees (consolidated) | 763 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.toho-ace.co.jp (https://www.toho-ace.co.jp/) |
| Corporate number | 8010001034831 |
| EDINET | E00787 |
| Industries (Vizora) | Chemicals, Electric Power & Gas, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YL3N, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17.9 | 42 |
| Profitability | 35.2 | 44 |
| Cash conversion | 29.8 | 42 |
| Efficiency | 67 | 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 60% of toho acetylene's sales come from Gas related, with Equipment and materials related and Espuma related making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -0.7% from the prior year, operating profit -0.8%.

## Company structure

- Segment revenue mix: Gas related 59.7%、Equipment and materials related 26.7%、Espuma related 5.2%、Ice machinery related equipment 4.9%、Automobile machinery related equipment 2.8%
- Revenue → net income: ¥34576820000 → ¥1396690000
- Net income → operating cash flow: ¥1396690000 → ¥2399471000（difference ¥1002781000）
- Main uses of operating cash flow: CapEx ¥1582795000 / dividends ¥486477000 / buybacks ¥51000
- Change in cash: ¥-51348000
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 | ¥34.6B |  |
| Operating income | ¥1.9B | Margin 5.5% |
| Net income | ¥1.29B | Margin 3.7% |
| Free cash flow | ¥816.7M |  |
| Largest business | Gas related | of segment revenue 59.7% |
| Employees (consolidated) | 763 |  |
| EPS | ¥24.07 |  |
| Book value per share | ¥253.3 |  |
| Equity ratio | 56.4% |  |
| Shares outstanding | 35,020,000 |  |
| Treasury shares | 309,300 |  |
| Shareholders | 11,276 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 27.8% | Cash ÷ revenue 27.3% |
| Vs. industry median margin | -2 pp | Chemicals |
| ROE | 6.9% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 62% of positive segment profit
- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29826010000 | ¥34576820000 | +15.9% |
| Operating income | ¥1189444000 | ¥1900024000 | +59.7% |
| Operating margin | 4.0% | 5.5% | +1.5 pp |
| Employees | 797 people | 763 people | -4.3% |
| Cash and equivalents | ¥7862804000 | ¥9443844000 | +20.1% |

### 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 |
| --- | ---: |
| ガス関連事業 → ガス関連事業 | 58.6% |
| 器具器材関連事業 → 器具器材関連事業 | 26.7% |
| 器具器材関連事業 → 事業再編・廃止 | 6.0% |
| 自動車機器関連事業 → 自動車機器関連事業 | 2.8% |
| 自動車機器関連事業 → 事業再編・廃止 | 0.6% |
| 製氷機関連事業 → 製氷機関連事業 | 4.9% |
| 製氷機関連事業 → 事業再編・廃止 | 0.4% |
| 新設・再編 → ガス関連事業 | 1.1% |
| 新設・再編 → エスプーマ関連事業 | 5.2% |
| 新設・再編 → その他 | 0.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Gas related | 5 years | +3.5% | ¥20638231000 | 9.3% | 2 |
| Equipment and materials related | 5 years | -1.0% | ¥9227048000 | 2.8% | 2 |
| Espuma related | 3 years | +1.7% | ¥1786695000 | 29.2% | 2 |
| Ice machinery related equipment | 5 years | +1.5% | ¥1706449000 | 18.8% | 2 |
| Automobile machinery related equipment | 5 years | -1.0% | ¥953012000 | 1.4% | 2 |
| Other | 4 years | -6.9% | ¥265382000 | 20.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 34,577 | 100.0% | S100YL3N |
| Cost of revenue | 23,335 | 67.5% | S100YL3N |
| Gross profit | 11,242 | 32.5% | S100YL3N |
| SG&A | 9,342 | 27.0% | S100YL3N |
| Operating income | 1,900 | 5.5% | S100YL3N |
| Ordinary income | 2,109 | 6.1% | S100YL3N |
| Pretax income | 2,071 | 6.0% | S100YL3N |
| Income tax | 674 | 1.9% | S100YL3N |
| Net income | 1,397 | 4.0% | S100YL3N |
| Net income attributable to owners | 1,287 | 3.7% | S100YL3N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 27 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 32.5% → Operating margin 5.5% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.7%; Core profit growth: -0.8%
Operating leverage (core profit growth ÷ revenue growth): 1.17×
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 | 34,804 | 34,577 | -228 | -0.7% |
| Gross profit | 10,974 | 11,242 | 268 | +2.4% |
| Operating income | 1,915 | 1,900 | -15 | -0.8% |
| Net income attributable to owners | 1,287 | 1,287 | -0 | -0.0% |
| Operating cash flow | 2,232 | 2,399 | 168 | +7.5% |
| Free cash flow | 1,454 | 817 | -638 | -43.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 33,561 | 1,523 | 4.5% | 923 | 1,571 | 1,035 | S100LQFJ |
| FY ending Mar 2021 | 29,826 | 1,189 | 4.0% | 738 | 1,211 | 623 | S100OJ6Y |
| FY ending Mar 2022 | 31,286 | 1,228 | 3.9% | 824 | 1,781 | 949 | S100R36Q |
| FY ending Mar 2023 | 34,088 | 1,522 | 4.5% | 989 | 1,105 | 640 | S100TSA4 |
| FY ending Mar 2024 | 35,424 | 2,117 | 6.0% | 1,416 | 2,407 | 1,367 | S100W44P |
| FY ending Mar 2025 | 34,804 | 1,915 | 5.5% | 1,287 | 2,232 | 1,454 | S100YL3N |
| FY ending Mar 2026 | 34,577 | 1,900 | 5.5% | 1,287 | 2,399 | 817 | S100YL3N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.3M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 778 | 773 | 764 | 761 | 763 |
| Average salary (parent company) | ¥5.8M | ¥6M | ¥6M | ¥6.1M | ¥6.2M |
| Average age (parent company) | 42.2 years | 41.4 years | 40.2 years | 40.9 years | 40.4 years |
| Average tenure (parent company) | 16.0 years | 16.3 years | 16.2 years | 16.3 years | 16.1 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) -0.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Gas related | 20,638 | 59.7% | 1,909 | 9.3% |
| Espuma related | 1,787 | 5.2% | 522 | 29.2% |
| Equipment and materials related | 9,227 | 26.7% | 262 | 2.8% |
| Automobile machinery related equipment | 953 | 2.8% | 13 | 1.4% |
| Ice machinery related equipment | 1,706 | 4.9% | 321 | 18.8% |
| Other | 265 | 0.8% | 53 | 20.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Gas related | 59.7% | 62.0% | 2.3 | 9.3% |
| Espuma related | 5.2% | 16.9% | 11.8 | 29.2% |
| Equipment and materials related | 26.7% | 8.5% | -18.2 | 2.8% |
| Automobile machinery related equipment | 2.8% | 0.4% | -2.3 | 1.4% |
| Ice machinery related equipment | 4.9% | 10.4% | 5.5 | 18.8% |
| Other | 0.8% | 1.7% | 1.0 | 20.1% |

Segment → industry: Gas related → Chemicals / Gas related → Electric Power & Gas / Ice machinery related equipment → Specialty Trading & Wholesale / Automobile machinery related equipment → Specialty Trading & Wholesale / Equipment and materials related → Specialty Trading & Wholesale / Espuma related → Specialty Trading & Wholesale

## 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 | 2,399 | 6.9% | S100YL3N |
| Capital expenditure | 1,583 | 4.6% | S100YL3N |
| Free cash flow | 817 | 2.4% | 算出 |
| Investing cash flow | -1,704 | -4.9% | S100YL3N |
| Financing cash flow | -746 | -2.2% | S100YL3N |
| Dividends paid | 486 | 1.4% | S100YL3N |
| Share buyback | 0 | 0.0% | S100YL3N |
| Change in cash | -51 | -0.1% | S100YL3N |
| Cash and equivalents | 9,444 | 27.3% | S100YL3N |

## 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 | 8,329 | 8,538 | 8,988 | 9,495 | 9,444 | S100TSA4, S100W44P, S100YL3N |
| Total assets | 30,272 | 31,364 | 33,660 | 33,642 | 33,962 | S100R36Q, S100TSA4, S100W44P, S100YL3N |
| Net assets | 17,562 | 18,330 | 19,478 | 20,392 | 21,319 | S100TSA4, S100W44P, S100YL3N |
| Share capital | 2,261 | 2,261 | 2,261 | 2,261 | 2,261 | S100R36Q, S100TSA4, S100W44P, S100YL3N |
| Property, plant and equipment | 10,068 | 10,002 | 10,567 | 10,865 | 11,629 | S100R36Q, S100TSA4, S100W44P, S100YL3N |
| Intangible assets excluding goodwill | 195 | 153 | 130 | 106 | 116 | S100R36Q, S100TSA4, S100W44P, S100YL3N |
| Goodwill | 102 | 73 | 52 | — | — | S100R36Q, S100TSA4 |
| Investment securities | 1,098 | 1,096 | 1,741 | 2,210 | 2,228 | S100R36Q, S100TSA4, S100W44P, S100YL3N |
| Current assets | 17,978 | 19,210 | 20,308 | 19,490 | 18,963 | S100R36Q, S100TSA4, S100W44P, S100YL3N |
| Current liabilities | 10,605 | 10,998 | 11,892 | 10,881 | 10,263 | S100R36Q, S100TSA4, S100W44P, S100YL3N |
| Trade payables | 4,908 | 4,566 | 5,296 | 4,464 | 4,188 | S100R36Q, S100TSA4, S100W44P, S100YL3N |
| Short-term borrowings | 3,230 | 3,330 | 3,200 | 3,180 | 3,170 | S100R36Q, S100TSA4, S100W44P, S100YL3N |
| Long-term borrowings | 57 | 1 | 168 | 86 | 20 | S100R36Q, S100TSA4, S100W44P, S100YL3N |
| Total liabilities | 12,710 | 13,034 | 14,182 | 13,250 | 12,643 | S100R36Q, S100TSA4, S100W44P, S100YL3N |
| Non-controlling interests | 1,736 | 1,854 | 1,976 | 2,088 | 2,176 | S100R36Q, S100TSA4, S100W44P, S100YL3N |
| Equity attributable to owners of parent | 15,825 | 16,474 | 17,444 | 18,251 | 19,057 | S100R36Q, S100TSA4, S100W44P, S100YL3N |
| Retained earnings | 12,524 | 13,165 | 14,129 | 14,929 | 15,728 | S100R36Q, S100TSA4, S100W44P, S100YL3N |
| Treasury stock | -83 | -73 | -66 | -61 | -56 | S100R36Q, S100TSA4, S100W44P, S100YL3N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YL3N |
| Property, plant and equipment | 34% | S100YL3N |
| Intangibles and goodwill | 0% | S100YL3N |
| Investment securities | 7% | S100YL3N |
| Other assets | 31% | S100YL3N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YL3N |
| Other liabilities | 25% | S100YL3N |
| Equity | 63% | S100YL3N |

### 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 | 30,272 | 31,364 | 33,660 | 33,642 | 33,962 |
| Equity | 17,562 | 18,330 | 19,478 | 20,392 | 21,319 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,329 | 8,538 | 8,988 | 9,495 | 9,444 |

## 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) | 33.6% | S100YL3N |
| Fixed assets ÷ total assets | 34.2% | S100YL3N |
| Goodwill ÷ parent equity | — | —, S100YL3N |

### 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) | 27.8% |
| Cash ÷ revenue | 27.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 126.3% |
| Cash vs. profit gap | 1,113 JPY mn (of net income 86.4%) |
| Shareholder returns / net income | 37.8% |
| Shareholder returns / FCF | 59.6% |
| Shareholder payments — dividends / net income | 37.8% |
| Shareholder payments — dividends / FCF | 59.6% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 71.0% |

## 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 | 2.6% | 1.03× | 2.7% | 1.91× | 5.2% | S100R36Q |
| 2023 | 2.9% | 1.11× | 3.2% | 1.91× | 6.1% | S100TSA4 |
| 2024 | 4.0% | 1.09× | 4.4% | 1.92× | 8.3% | S100W44P |
| 2025 | 3.7% | 1.03× | 3.8% | 1.89× | 7.2% | S100YL3N |
| 2026 | 3.7% | 1.02× | 3.8% | 1.81× | 6.9% | S100YL3N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東ソー株式会社 | Major shareholder | 24.6% | 2026-03-31 |
| 日本酸素ホールディングス株式会社 | Major shareholder | 9.9% | 2026-03-31 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合 | Major shareholder | 7.5% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.5% | 2026-03-31 |
| 丸紅株式会社 | Major shareholder | 6.3% | 2026-03-31 |
| 株式会社ＵＨ Ｐａｒｔｎｅｒｓ ３ | Major shareholder | 5.1% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 神鋼商事株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ １４００４０（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.8% | 2026-03-31 |
| シナネンホールディングス株式会社 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第92期(2025/04/01－2026/03/31) | S100YL3N | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL3N,, |
| 有価証券報告書－第91期(2024/04/01－2025/03/31) | S100W44P | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W44P,, |
| 有価証券報告書－第90期(2023/04/01－2024/03/31) | S100TSA4 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSA4,, |
| 有価証券報告書－第89期(2022/04/01－2023/03/31) | S100R36Q | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R36Q,, |
| 有価証券報告書－第88期(令和3年4月1日－令和4年3月31日) | S100OJ6Y | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ6Y,, |
| 有価証券報告書 | S100LQFJ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQFJ,, |

## 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).