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TOKAI HoldingsTOKAI Holdings Corporation3167東証プライム卸売業FY ending Mar 2026, consolidated, J-GAAP

TOKAI Holdings revenue and profit

Out of every ¥100 of sales, about ¥8 is left as operating profit. Revenue changed +0.6% from the prior year, operating profit +11.0%.

Five-year trend

Revenue¥244.8B
FY ending Mar 2022: ¥210.7B¥210.7BFY ending Mar 2023: ¥230.2B¥230.2BFY ending Mar 2024: ¥231.5B¥231.5BFY ending Mar 2025: ¥243.5B¥243.5BFY ending Mar 2026: ¥244.8B¥244.8BFY22FY23FY24FY25FY26
Operating income¥18.7B
FY ending Mar 2022: ¥15.8B¥15.8BFY ending Mar 2023: ¥14.9B¥14.9BFY ending Mar 2024: ¥15.5B¥15.5BFY ending Mar 2025: ¥16.8B¥16.8BFY ending Mar 2026: ¥18.7B¥18.7BFY22FY23FY24FY25FY26
Operating margin7.6%
FY ending Mar 2022: 7.5%7.5%FY ending Mar 2023: 6.5%6.5%FY ending Mar 2024: 6.7%6.7%FY ending Mar 2025: 6.9%6.9%FY ending Mar 2026: 7.6%7.6%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin4.4%
Asset turnover1.14×
ROA5.0%
ROA5.0%
Financial leverage2.48×
ROE12.4%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin4.4%
2022: 4.3%4.3%2023: 2.8%2.8%2024: 3.7%3.7%2025: 3.8%3.8%2026: 4.4%4.4%2223242526
Asset turnover1.14×
2022: 1.14×1.14×2023: 1.22×1.22×2024: 1.16×1.16×2025: 1.17×1.17×2026: 1.14×1.14×2223242526
ROA5.0%
2022: 4.9%4.9%2023: 3.4%3.4%2024: 4.3%4.3%2025: 4.4%4.4%2026: 5.0%5.0%2223242526
Financial leverage2.48×
2022: 2.51×2.51×2023: 2.53×2.53×2024: 2.57×2.57×2025: 2.53×2.53×2026: 2.48×2.48×2223242526
ROE12.4%
2022: 12.2%12.2%2023: 8.7%8.7%2024: 10.9%10.9%2025: 11.2%11.2%2026: 12.4%12.4%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20224.3%1.14×4.9%2.51×12.2%
20232.8%1.22×3.4%2.53×8.7%
20243.7%1.16×4.3%2.57×10.9%
20253.8%1.17×4.4%2.53×11.2%
20264.4%1.14×5.0%2.48×12.4%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue47.3%
2021: 51.7%51.7%2022: 50.3%50.3%2023: 48.0%48.0%2024: 49.4%49.4%2025: 47.1%47.1%2026: 47.3%47.3%212223242526
PPE ÷ total assets52.8%
2021: 56.9%56.9%2022: 57.5%57.5%2023: 57.1%57.1%2024: 55.7%55.7%2025: 54.3%54.3%2026: 52.8%52.8%212223242526
Goodwill ÷ parent equity5.1%
2021: 7.6%7.6%2022: 8.2%8.2%2023: 7.8%7.8%2024: 6.8%6.8%2025: 7.3%7.3%2026: 5.1%5.1%212223242526
Goodwill balance¥4.51B
2021: ¥5.26B¥5.26B2022: ¥6.04B¥6.04B2023: ¥5.9B¥5.9B2024: ¥5.42B¥5.42B2025: ¥6.14B¥6.14B2026: ¥4.51B¥4.51B212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

Receivable days—
2021: 49d49d212223242526
Payable days38d
2021: 55d55d2022: 54d54d2023: 50d50d2024: 51d51d2025: 43d43d2026: 38d38d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue210,691230,190231,513243,482244,838
Cost of revenue125,479144,129141,561149,742148,208
Gross profit85,21286,06089,95193,73996,630
SG&A69,41871,14174,44076,89877,930
Operating income15,79414,91915,51116,84118,699
Pretax income14,99011,88213,83314,91916,396
Income tax5,8575,2315,2105,5925,484
Net income attributable to owners8,9696,4658,4819,21610,749
Operating margin7.5%6.5%6.7%6.9%7.6%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

2%
Property, plant and equipment 53%
8%
Investment securities 9%
Other assets 28%

Funding

7%
Other liabilities 45%
Equity 48%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥4.45B¥4.03B¥5.6B¥5.46B¥5.21B
Total assets¥184.5B¥193.3B¥205.3B¥211.1B¥219.6B
Net assets¥78.9B¥82.3B¥91.3B¥95.9B¥104.5B
Share capital¥14B¥14B¥14B¥14B¥14B
Property, plant and equipment¥106B¥110.4B¥114.3B¥114.7B¥115.9B
Intangible assets excluding goodwill¥11B¥10.5B¥10.1B¥13B¥13.2B
Goodwill¥6.04B¥5.9B¥5.42B¥6.14B¥4.51B
Investment securities¥9.45B¥9.83B¥14.8B¥16.3B¥20.4B
Current assets¥47.1B¥51.8B¥54.7B¥55B¥55.3B
Current liabilities¥57.8B¥61B¥61.8B¥61.6B¥61.3B
Trade payables¥18.7B¥19.8B¥19.8B¥17.8B¥15.2B
Short-term borrowings¥14.4B¥15.8B¥14.2B¥14B¥17.2B
Long-term borrowings¥29.7B¥30.9B¥32.1B¥32.1B¥30.6B
Total liabilities¥105.5B¥111B¥114B¥115.3B¥115.1B
Non-controlling interests¥1.7B¥2.08B¥2.22B¥2.39B¥2.54B
Equity attributable to owners of parent¥73.6B¥75.5B¥79.8B¥84.6B¥88.9B
Retained earnings¥36.4B¥38.5B¥42.8B¥47.6B¥53.8B
Treasury stock-¥2.33B-¥2.6B-¥2.56B-¥2.55B-¥4.49B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第15期(2025/04/01－2026/03/31)

    ID S100YFV52026-06-22Open

  • EDINET (FSA Japan)

    有価証券報告書－第14期(2024/04/01－2025/03/31)

    ID S100W1KU2025-06-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第13期(2023/04/01－2024/03/31)

    ID S100TT5R2024-06-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第12期(2022/04/01－2023/03/31)

    ID S100R6WQ2023-06-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第11期(令和3年4月1日－令和4年3月31日)

    ID S100OI342022-06-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第10期(令和2年4月1日－令和3年3月31日)

    ID S100LPQU2021-06-25Open

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