# Toho Zinc 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127期(2025/04/01－2026/03/31) (S100YI2P)
> Page: https://vizora.meequs.com/en/company/toho-zinc
> Retrieved: 2026-09-30T21:40:20.284Z

## Company

Toho Zinc, founded in 1937, is a company in Non-ferrous Metals & Wires listed on TSE Prime. It has 663 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Toho Zinc Co.,Ltd. |
| Ticker | 5707 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5707.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門三丁目18番19号 |
| Representative (per filing) | 代表取締役社長 佐藤 義和 |
| Founded | Feb 1937 |
| Share capital | ¥1.1B |
| Employees (consolidated) | 663 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.toho-zinc.co.jp (https://www.toho-zinc.co.jp/) |
| Corporate number | 9010001034863 |
| EDINET | E01308 |
| Industries (Vizora) | Non-ferrous Metals & Wires, Electronic Components, Waste Management & Recycling |

> Profile source: annual securities report (S100YI2P, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6 | 25 |
| Profitability | 48.1 | 26 |
| Cash conversion | 26 | 25 |
| Efficiency | 68.5 | 27 |

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 82% of Toho Zinc's sales come from Smelting, with Metal recycling business and Environment and recycling making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -0.6% from the prior year, operating profit +19.5%.

## Company structure

- Segment revenue mix: Smelting 82.1%、Metal recycling business 6.0%、Environment and recycling 5.5%、Other 3.5%、Electronic components and advanced materials 2.8%
- Revenue → net income: ¥125550000000 → ¥4782000000
- Net income → operating cash flow: ¥4782000000 → ¥1945000000（difference ¥-2837000000）
- Main uses of operating cash flow: CapEx ¥1361000000 / dividends — / buybacks —
- Change in cash: ¥-9846000000
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 | ¥125.5B |  |
| Operating income | ¥6.72B | Margin 5.4% |
| Net income | ¥4.78B | Margin 3.8% |
| Free cash flow | ¥584M |  |
| Largest business | Smelting | of segment revenue 82.1% |
| Employees (consolidated) | 663 |  |
| EPS | ¥146.08 |  |
| Diluted EPS | ¥91.66 |  |
| Book value per share | ¥366.51 |  |
| Equity ratio | 13.8% |  |
| Treasury shares | 7,800 |  |
| Shareholders | 16,747 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 11.3% | Cash ÷ revenue 8.9% |
| Vs. industry median margin | -0.2 pp | Non-ferrous Metals & Wires |
| ROE | 237.6% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -16% while operating income rose 20%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥103469000000 | ¥125550000000 | +21.3% |
| Operating income | ¥5894000000 | ¥6722000000 | +14.0% |
| Operating margin | 5.7% | 5.4% | -0.3 pp |
| Employees | 1,062 people | 663 people | -37.6% |
| Cash and equivalents | ¥5934000000 | ¥11133000000 | +87.6% |

### 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 |
| --- | ---: |
| 製錬 → 製錬 | 77.0% |
| 環境・リサイクル → 環境・リサイクル | 3.4% |
| 資源 → 事業再編・廃止 | 5.9% |
| 電子部材 → 事業再編・廃止 | 3.8% |
| 電子部材・機能材料 → 電子部材・機能材料 | 2.8% |
| 電子部材・機能材料 → 事業再編・廃止 | 1.0% |
| 土木・建築・プラントエンジニアリング → 事業再編・廃止 | 1.8% |
| その他 → その他 | 3.5% |
| その他 → 事業再編・廃止 | 0.9% |
| 新設・再編 → 製錬 | 5.1% |
| 新設・再編 → 環境・リサイクル | 2.1% |
| 新設・再編 → 金属リサイクル | 6.0% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Smelting | 5 years | +4.1% | ¥103131000000 | 3.7% | 2 |
| Metal recycling business | — | — | ¥7521000000 | 19.3% | 2 |
| Environment and recycling | 5 years | +13.3% | ¥6926000000 | 13.3% | 2 |
| Other | 5 years | -1.6% | ¥4451000000 | 6.9% | 2 |
| Electronic components and advanced materials | 5 years | -3.2% | ¥3519000000 | 12.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 125,550 | 100.0% | S100YI2P |
| Cost of revenue | 112,927 | 89.9% | S100YI2P |
| Gross profit | 12,622 | 10.1% | S100YI2P |
| SG&A | 5,900 | 4.7% | S100YI2P |
| Operating income | 6,722 | 5.4% | S100YI2P |
| Ordinary income | 5,678 | 4.5% | S100YI2P |
| Pretax income | 5,717 | 4.6% | S100YI2P |
| Income tax | 935 | 0.7% | S100YI2P |
| Net income | 4,782 | 3.8% | S100YI2P |
| Net income attributable to owners | 4,782 | 3.8% | S100YI2P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 5 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 10.1% → Operating margin 5.4% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.6%; Core profit growth: +19.5%
Operating leverage (core profit growth ÷ revenue growth): -34.34×
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 | 126,267 | 125,550 | -717 | -0.6% |
| Gross profit | 13,196 | 12,622 | -574 | -4.3% |
| Operating income | 5,625 | 6,722 | 1,097 | +19.5% |
| Net income attributable to owners | -1,458 | 4,782 | 6,240 | — |
| Operating cash flow | 2,896 | 1,945 | -951 | -32.8% |
| Free cash flow | 1,280 | 584 | -696 | -54.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 97,445 | -14,217 | -14.6% | -18,364 | 6,723 | 401 | S100LUGD |
| FY ending Mar 2021 | 103,469 | 5,894 | 5.7% | 5,508 | 4,313 | -518 | S100OLEY |
| FY ending Mar 2022 | 124,279 | 10,509 | 8.5% | 7,922 | -5,178 | -9,996 | S100R96U |
| FY ending Mar 2023 | 145,764 | 4,049 | 2.8% | 794 | 11,009 | 5,386 | S100TWQJ |
| FY ending Mar 2024 | 130,803 | -690 | -0.5% | -46,452 | 3,749 | -3,078 | S100W86P |
| FY ending Mar 2025 | 126,267 | 5,625 | 4.5% | -1,458 | 2,896 | 1,280 | S100YI2P |
| FY ending Mar 2026 | 125,550 | 6,722 | 5.4% | 4,782 | 1,945 | 584 | S100YI2P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥189.4M |
| Operating income per employee (consolidated) | ¥10.1M |
| Net income per employee (consolidated) | ¥7.2M |

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) | 1,051 | 1,057 | 1,007 | 785 | 663 |
| Average salary (parent company) | ¥5.5M | ¥5.8M | ¥5.7M | ¥5.5M | ¥6.2M |
| Average age (parent company) | 43.3 years | 43.6 years | 43.9 years | 45.2 years | 47.5 years |
| Average tenure (parent company) | 19.4 years | 19.3 years | 19.3 years | 20.6 years | 21.9 years |

Year over year: Employees (consolidated) -15.5% · Revenue (consolidated) -0.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Smelting | 103,131 | 82.1% | 3,793 | 3.7% |
| Environment and recycling | 6,926 | 5.5% | 920 | 13.3% |
| Electronic components and advanced materials | 3,519 | 2.8% | 455 | 12.9% |
| Metal recycling business | 7,521 | 6.0% | 1,451 | 19.3% |
| Other | 4,451 | 3.5% | 307 | 6.9% |

### 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 |
| --- | ---: |
| Smelting | 82.1% |
| Environment and recycling | 5.5% |
| Electronic components and advanced materials | 2.8% |
| Metal recycling business | 6.0% |
| Other | 3.5% |

Segment → industry: Metal recycling business → Non-ferrous Metals & Wires / Environment and recycling → Non-ferrous Metals & Wires / Smelting → Non-ferrous Metals & Wires / Electronic components and advanced materials → Electronic Components / Metal recycling business → Waste Management & Recycling / Environment and recycling → Waste Management & Recycling

## 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 | 1,945 | 1.5% | S100YI2P |
| Capital expenditure | 1,361 | 1.1% | S100YI2P |
| Free cash flow | 584 | 0.5% | 算出 |
| Investing cash flow | -991 | -0.8% | S100YI2P |
| Financing cash flow | -10,809 | -8.6% | S100YI2P |
| Change in cash | -9,846 | -7.8% | S100YI2P |
| Cash and equivalents | 11,133 | 8.9% | S100YI2P |

## 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 | 7,929 | 9,536 | 13,409 | 20,979 | 11,133 | S100TWQJ, S100W86P, S100YI2P |
| Total assets | 145,796 | 142,999 | 108,436 | 99,299 | 98,932 | S100R96U, S100TWQJ, S100W86P, S100YI2P |
| Net assets | 45,964 | 50,519 | 2,705 | 10,082 | 13,668 | S100TWQJ, S100W86P, S100YI2P |
| Share capital | 14,630 | 14,630 | 14,630 | 18,380 | 1,105 | S100R96U, S100TWQJ, S100W86P, S100YI2P |
| Property, plant and equipment | 35,271 | 36,068 | 30,994 | 21,448 | 21,158 | S100R96U, S100TWQJ, S100W86P, S100YI2P |
| Intangible assets excluding goodwill | 12,059 | 14,196 | 1,252 | 49 | 37 | S100R96U, S100TWQJ, S100W86P, S100YI2P |
| Investment securities | 10,246 | 10,698 | 1,081 | 156 | 75 | S100R96U, S100TWQJ, S100W86P, S100YI2P |
| Current assets | 82,613 | 76,618 | 72,470 | 74,896 | 74,125 | S100R96U, S100TWQJ, S100W86P, S100YI2P |
| Current liabilities | 72,404 | 62,433 | 73,722 | 23,040 | 20,158 | S100R96U, S100TWQJ, S100W86P, S100YI2P |
| Trade payables | 10,720 | 7,749 | 6,955 | 6,974 | 8,348 | S100R96U, S100TWQJ, S100W86P, S100YI2P |
| Short-term borrowings | 30,100 | 32,835 | 50,727 | — | — | S100R96U, S100TWQJ, S100W86P |
| Long-term borrowings | 18,153 | 21,118 | 17,225 | 62,500 | 61,520 | S100R96U, S100TWQJ, S100W86P, S100YI2P |
| Total liabilities | 99,831 | 92,480 | 105,730 | 89,216 | 85,263 | S100R96U, S100TWQJ, S100W86P, S100YI2P |
| Equity attributable to owners of parent | 39,264 | 39,040 | -8,435 | -457 | 4,482 | S100R96U, S100TWQJ, S100W86P, S100YI2P |
| Retained earnings | 14,787 | 14,563 | -32,907 | -32,432 | -27,703 | S100R96U, S100TWQJ, S100W86P, S100YI2P |
| Treasury stock | -31 | -31 | -22 | -22 | -22 | S100R96U, S100TWQJ, S100W86P, S100YI2P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YI2P |
| Property, plant and equipment | 22% | S100YI2P |
| Intangibles and goodwill | 0% | S100YI2P |
| Investment securities | 0% | S100YI2P |
| Other assets | 67% | S100YI2P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YI2P |
| Other liabilities | 78% | S100YI2P |
| Equity | 14% | S100YI2P |
| Other liabilities | 0% | S100YI2P |

### 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 | 145,796 | 142,999 | 108,436 | 99,299 | 98,932 |
| Equity | 45,964 | 50,519 | 2,705 | 10,082 | 13,668 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,929 | 9,536 | 13,409 | 20,979 | 11,133 |

## 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) | 16.9% | S100YI2P |
| Fixed assets ÷ total assets | 21.4% | S100YI2P |
| Goodwill ÷ parent equity | — | —, S100YI2P |

### 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) | 11.3% |
| Cash ÷ revenue | 8.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 28.9% |
| Cash vs. profit gap | -2,837 JPY mn (of net income -59.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 51.0% |

## 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 | 6.4% | 0.85× | 5.4% | 3.71× | 20.2% | S100R96U |
| 2023 | 0.5% | 1.01× | 0.5% | 3.69× | 2.0% | S100TWQJ |
| 2024 | — | —× | -36.9% | —× | — | S100W86P |
| 2025 | — | —× | -1.4% | —× | — | S100YI2P |
| 2026 | 3.8% | 1.27× | 4.8% | 49.25× | 237.6% | S100YI2P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 投資事業有限責任組合アドバンテッジパートナーズⅦ号 | Major shareholder | 22.8% | 2026-03-31 |
| JBO (AP) Ⅶ, L.P.（国内連絡先 株式会社アドバンテッジパートナーズ） | Major shareholder | 10.6% | 2026-03-31 |
| APCP Ⅶ, L.P.（国内連絡先 株式会社アドバンテッジパートナーズ） | Major shareholder | 10.5% | 2026-03-31 |
| CJIP (AP) Ⅶ, L.P.（国内連絡先 株式会社アドバンテッジパートナーズ） | Major shareholder | 7.0% | 2026-03-31 |
| 株式会社辰巳商会 | Major shareholder | 5.8% | 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 | 3.0% | 2026-03-31 |
| AP Reiwa F7-B, L.P.（国内連絡先 株式会社アドバンテッジパートナーズ） | Major shareholder | 1.9% | 2026-03-31 |
| AP Reiwa F7-A, L.P.（国内連絡先 株式会社アドバンテッジパートナーズ） | Major shareholder | 1.4% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| BNP PARIBAS NEW YORK BRANCH - PRIME BROKERAGE CLEARANCE ACCOUNT（常任代理人 香港上海銀行東京支店） | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第127期(2025/04/01－2026/03/31) | S100YI2P | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI2P,, |
| 有価証券報告書－第126期(2024/04/01－2025/03/31) | S100W86P | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W86P,, |
| 有価証券報告書－第125期(2023/04/01－2024/03/31) | S100TWQJ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWQJ,, |
| 有価証券報告書－第124期(2022/04/01－2023/03/31) | S100R96U | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R96U,, |
| 有価証券報告書－第123期(令和3年4月1日－令和4年3月31日) | S100OLEY | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLEY,, |
| 有価証券報告書－第122期(令和2年4月1日－令和3年3月31日) | S100LUGD | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUGD,, |

## 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).