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

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第73期(2025/02/01－2026/01/31) (S100Y0S6)
> Page: https://vizora.meequs.com/en/company/toho
> Retrieved: 2026-09-30T18:07:27.422Z

## Company

Toho, founded in 1953, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 2,540 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOHO Co.,Ltd. |
| Ticker | 8142 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8142.T) |
| Listing | TSE Prime |
| Head office | 神戸市東灘区向洋町西5丁目9番 |
| Representative (per filing) | 代表取締役社長 奥野 邦治 |
| Founded | Mar 1953 |
| Share capital | ¥5.34B |
| Employees (consolidated) | 2,540 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | January |
| Website | www.to-ho.co.jp (https://www.to-ho.co.jp/) |
| Corporate number | 1140001002071 |
| EDINET | E02665 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100Y0S6, filed 2026-04-27). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.5 | 179 |
| Profitability | 53.2 | 185 |
| Cash conversion | 51.7 | 179 |
| Efficiency | 90.5 | 185 |

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 77% of Toho's sales come from Distributor business, with Cash and carry business and Food solution making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +5.4% from the prior year, operating profit +4.8%.

## Company structure

- Segment revenue mix: Distributor business 77.3%、Cash and carry business 17.6%、Food solution 5.1%
- Revenue → net income: ¥259747000000 → ¥4583000000
- Net income → operating cash flow: ¥4583000000 → ¥7935000000（difference ¥3352000000）
- Main uses of operating cash flow: CapEx ¥2609000000 / dividends ¥1551000000 / buybacks ¥388000000
- Change in cash: ¥2040000000
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 | ¥259.7B |  |
| Operating income | ¥7.85B | Margin 3.0% |
| Net income | ¥4.58B | Margin 1.8% |
| Free cash flow | ¥5.33B |  |
| Largest business | Distributor business | of segment revenue 77.3% |
| Employees (consolidated) | 2,540 |  |
| EPS | ¥111.32 |  |
| Book value per share | ¥597.51 |  |
| Equity ratio | 35.7% |  |
| Shares outstanding | 11,012,000 |  |
| Treasury shares | 355,900 |  |
| Shareholders | 12,778 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 11.6% | Cash ÷ revenue 4.3% |
| Vs. industry median margin | +0.1 pp | Specialty Trading & Wholesale |
| ROE | 16.7% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 74% of positive segment profit
- FY2026, parent-company salary changed +31% over five years

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥186217000000 | ¥259747000000 | +39.5% |
| Operating income | ¥-3141000000 | ¥7853000000 | — |
| Operating margin | -1.7% | 3.0% | +4.7 pp |
| Employees | 2,742 people | 2,540 people | -7.4% |
| Cash and equivalents | ¥6839000000 | ¥11150000000 | +63.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ディストリビューター事業 → ディストリビューター事業 | 62.4% |
| キャッシュアンドキャリー事業 → キャッシュアンドキャリー事業 | 17.6% |
| キャッシュアンドキャリー事業 → 事業再編・廃止 | 3.4% |
| フードソリューション事業 → フードソリューション事業 | 5.1% |
| フードソリューション事業 → 事業再編・廃止 | 1.4% |
| 食品スーパー事業 → 事業再編・廃止 | 10.1% |
| 新設・再編 → ディストリビューター事業 | 14.9% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Distributor business | 5 years | +11.6% | ¥200910000000 | 2.9% | 2 |
| Cash and carry business | 5 years | +3.2% | ¥45644000000 | 3.4% | 2 |
| Food solution | 5 years | +1.8% | ¥13193000000 | 3.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 259,747 | 100.0% | S100Y0S6 |
| Cost of revenue | 209,768 | 80.8% | S100Y0S6 |
| Gross profit | 49,980 | 19.2% | S100Y0S6 |
| SG&A | 42,126 | 16.2% | S100Y0S6 |
| Operating income | 7,853 | 3.0% | S100Y0S6 |
| Ordinary income | 7,928 | 3.1% | S100Y0S6 |
| Pretax income | 7,377 | 2.8% | S100Y0S6 |
| Income tax | 2,794 | 1.1% | S100Y0S6 |
| Net income | 4,583 | 1.8% | S100Y0S6 |
| Net income attributable to owners | 4,576 | 1.8% | S100Y0S6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 16 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 19.2% → Operating margin 3.0% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.4%; Core profit growth: +4.8%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.88×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 246,465 | 259,747 | 13,282 | +5.4% |
| Gross profit | 49,030 | 49,980 | 950 | +1.9% |
| Operating income | 7,496 | 7,853 | 357 | +4.8% |
| Net income attributable to owners | 4,485 | 4,576 | 91 | +2.0% |
| Operating cash flow | 6,490 | 7,935 | 1,445 | +22.3% |
| Free cash flow | 3,242 | 5,326 | 2,084 | +64.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 231,266 | 1,433 | 0.6% | 474 | 2,500 | 618 | S100L79W |
| FY ending Jan 2021 | 186,217 | -3,141 | -1.7% | -3,591 | 139 | -1,860 | S100NXCA |
| FY ending Jan 2022 | 188,567 | -446 | -0.2% | 335 | 3,547 | 2,532 | S100QN6X |
| FY ending Jan 2023 | 215,573 | 3,650 | 1.7% | 1,007 | 4,110 | 3,001 | S100TB95 |
| FY ending Jan 2024 | 244,930 | 7,819 | 3.2% | 3,605 | 9,303 | 7,295 | S100VNGV |
| FY ending Jan 2025 | 246,465 | 7,496 | 3.0% | 4,485 | 6,490 | 3,242 | S100Y0S6 |
| FY ending Jan 2026 | 259,747 | 7,853 | 3.0% | 4,576 | 7,935 | 5,326 | S100Y0S6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥102.3M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥1.8M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,579 | 2,515 | 2,511 | 2,409 | 2,540 |
| Average salary (parent company) | ¥5.2M | ¥6M | ¥6.5M | ¥6.8M | ¥6.8M |
| Average age (parent company) | 43.8 years | 44.1 years | 43.9 years | 43.6 years | 44.0 years |
| Average tenure (parent company) | 17.1 years | 17.3 years | 16.9 years | 16.4 years | 16.4 years |

Year over year: Employees (consolidated) +5.4% · Revenue (consolidated) +5.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Distributor business | 200,910 | 77.3% | 5,810 | 2.9% |
| Cash and carry business | 45,644 | 17.6% | 1,543 | 3.4% |
| Food solution | 13,193 | 5.1% | 500 | 3.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Distributor business | 77.3% | 74.0% | -3.4 | 2.9% |
| Cash and carry business | 17.6% | 19.6% | 2.1 | 3.4% |
| Food solution | 5.1% | 6.4% | 1.3 | 3.8% |

Segment → industry: Cash and carry business → Specialty Trading & Wholesale / Distributor business → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,935 | 3.1% | S100Y0S6 |
| Capital expenditure | 2,609 | 1.0% | S100Y0S6 |
| Free cash flow | 5,326 | 2.1% | 算出 |
| Investing cash flow | -500 | -0.2% | S100Y0S6 |
| Financing cash flow | -5,484 | -2.1% | S100Y0S6 |
| Dividends paid | 1,551 | 0.6% | S100Y0S6 |
| Share buyback | 388 | 0.1% | S100Y0S6 |
| Change in cash | 2,040 | 0.8% | S100Y0S6 |
| Cash and equivalents | 11,150 | 4.3% | S100Y0S6 |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,597 | 7,512 | 9,216 | 9,109 | 11,150 | S100TB95, S100VNGV, S100Y0S6 |
| Total assets | 82,702 | 87,352 | 88,297 | 88,320 | 96,454 | S100QN6X, S100TB95, S100VNGV, S100Y0S6 |
| Net assets | 20,238 | 22,753 | 27,564 | 31,119 | 34,542 | S100TB95, S100VNGV, S100Y0S6 |
| Share capital | 5,344 | 5,345 | 5,345 | 5,345 | 5,345 | S100QN6X, S100TB95, S100VNGV, S100Y0S6 |
| Trade receivables | 15,108 | — | — | — | — | S100QN6X |
| Inventories | 10,841 | 12,588 | 12,967 | 13,755 | 14,601 | S100QN6X, S100TB95, S100VNGV, S100Y0S6 |
| Property, plant and equipment | 27,468 | 26,951 | 25,679 | 26,006 | 26,209 | S100QN6X, S100TB95, S100VNGV, S100Y0S6 |
| Intangible assets excluding goodwill | 6,833 | 5,347 | 3,765 | 3,245 | 2,826 | S100QN6X, S100TB95, S100VNGV, S100Y0S6 |
| Goodwill | 6,150 | 4,719 | 2,800 | 1,763 | 1,305 | S100QN6X, S100TB95, S100VNGV, S100Y0S6 |
| Investment securities | 1,635 | 1,759 | 2,694 | 2,369 | 2,907 | S100QN6X, S100TB95, S100VNGV, S100Y0S6 |
| Current assets | 37,750 | 42,477 | 45,526 | 46,383 | 52,969 | S100QN6X, S100TB95, S100VNGV, S100Y0S6 |
| Current liabilities | 39,977 | 45,328 | 44,476 | 42,798 | 45,932 | S100QN6X, S100TB95, S100VNGV, S100Y0S6 |
| Trade payables | 23,556 | 26,301 | 28,063 | 28,971 | 31,947 | S100QN6X, S100TB95, S100VNGV, S100Y0S6 |
| Short-term borrowings | 11,729 | 11,180 | 8,387 | — | — | S100QN6X, S100TB95 |
| Long-term borrowings | 18,998 | 15,647 | 13,040 | 10,918 | 11,179 | S100QN6X, S100TB95, S100VNGV, S100Y0S6 |
| Total liabilities | 62,464 | 64,600 | 60,734 | 57,202 | 61,911 | S100QN6X, S100TB95, S100VNGV, S100Y0S6 |
| Non-controlling interests | 314 | 343 | 367 | 386 | 108 | S100QN6X, S100TB95, S100VNGV, S100Y0S6 |
| Equity attributable to owners of parent | 19,004 | 19,849 | 22,769 | 26,066 | 28,720 | S100QN6X, S100TB95, S100VNGV, S100Y0S6 |
| Retained earnings | 9,198 | 10,044 | 13,004 | 16,303 | 19,325 | S100QN6X, S100TB95, S100VNGV, S100Y0S6 |
| Treasury stock | -639 | -640 | -640 | -661 | -1,043 | S100QN6X, S100TB95, S100VNGV, S100Y0S6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100Y0S6 |
| Inventories | 15% | S100Y0S6 |
| Property, plant and equipment | 27% | S100Y0S6 |
| Intangibles and goodwill | 4% | S100Y0S6 |
| Investment securities | 3% | S100Y0S6 |
| Other assets | 39% | S100Y0S6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 33% | S100Y0S6 |
| Other liabilities | 31% | S100Y0S6 |
| Equity | 36% | S100Y0S6 |
| Other liabilities | 0% | S100Y0S6 |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 82,702 | 87,352 | 88,297 | 88,320 | 96,454 |
| Equity | 20,238 | 22,753 | 27,564 | 31,119 | 34,542 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,597 | 7,512 | 9,216 | 9,109 | 11,150 |

## 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) | 10.1% | S100Y0S6 |
| Fixed assets ÷ total assets | 27.2% | S100Y0S6 |
| Goodwill ÷ parent equity | 4.5% | S100Y0S6 |

Goodwill over 4 years: 6,150 → 1,305 JPY; total investing cash flow: -2,724 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) | 11.6% |
| Cash ÷ revenue | 4.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 101.0% |
| Cash vs. profit gap | 3,359 JPY mn (of net income 73.4%) |
| Shareholder returns / net income | 42.4% |
| Shareholder returns / FCF | 36.4% |
| Shareholder payments — dividends / net income | 33.9% |
| Shareholder payments — dividends / FCF | 29.1% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 6.3% |

## 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 | 0.2% | 2.28× | 0.4% | 4.35× | 1.8% | S100QN6X |
| 2023 | 0.5% | 2.54× | 1.2% | 4.38× | 5.2% | S100TB95 |
| 2024 | 1.5% | 2.79× | 4.1% | 4.12× | 16.9% | S100VNGV |
| 2025 | 1.8% | 2.79× | 5.1% | 3.62× | 18.4% | S100Y0S6 |
| 2026 | 1.8% | 2.81× | 5.0% | 3.37× | 16.7% | S100Y0S6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 国分ホールディングス株式会社 | Major shareholder | 9.2% | 2026-01-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 6.7% | 2026-01-31 |
| 国分グループ本社株式会社 | Major shareholder | 5.2% | 2026-01-31 |
| トーホー社員持株会 | Major shareholder | 4.1% | 2026-01-31 |
| 第一生命保険株式会社 | Major shareholder | 2.9% | 2026-01-31 |
| 前田 美也子 | Major shareholder | 2.3% | 2026-01-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) | Major shareholder | 1.9% | 2026-01-31 |
| RE FUND 107-CLIENT AC | Major shareholder | 1.8% | 2026-01-31 |
| 日本生命保険相互会社 | Major shareholder | 1.8% | 2026-01-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 1.1% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第73期(2025/02/01－2026/01/31) | S100Y0S6 | 2026-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0S6,, |
| 有価証券報告書－第72期(2024/02/01－2025/01/31) | S100VNGV | 2025-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VNGV,, |
| 有価証券報告書－第71期(2023/02/01－2024/01/31) | S100TB95 | 2024-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TB95,, |
| 有価証券報告書－第70期(2022/02/01－2023/01/31) | S100QN6X | 2023-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QN6X,, |
| 有価証券報告書－第69期(令和3年2月1日－令和4年1月31日) | S100NXCA | 2022-04-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NXCA,, |
| 有価証券報告書－第68期(令和2年2月1日－令和3年1月31日) | S100L79W | 2021-04-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L79W,, |

## 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).