# TOKAI RIKA CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第79期(2025/04/01－2026/03/31) (S100Z2Z0)
> Page: https://vizora.meequs.com/en/company/tokai-rika
> Retrieved: 2026-09-30T17:56:53.042Z

## Company

Tokai Rika, founded in 1948, is a company in Auto Parts listed on TSE Prime. It has 19,381 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKAI RIKA CO.,LTD. |
| Ticker | 6995 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6995.T) |
| Listing | TSE Prime |
| Head office | 愛知県丹羽郡大口町豊田三丁目260番地 |
| Representative (per filing) | 代表取締役社長 二之夕裕美 |
| Founded | Aug 1948 |
| Share capital | ¥22.9B |
| Employees (consolidated) | 19,381 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.tokai-rika.co.jp (https://www.tokai-rika.co.jp/) |
| Corporate number | 5180001081083 |
| EDINET | E01898 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100Z2Z0, filed 2026-09-18). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.3 | 110 |
| Profitability | 59.9 | 111 |
| Cash conversion | 26.4 | 108 |
| Efficiency | 86 | 111 |

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 40% of Tokai Rika's sales come from Japan, Reportable segments, with North America, Reportable segments and Asia, Reportable segments making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +4.4% from the prior year, operating profit +1.0%.

## Company structure

- Segment revenue mix: Japan, Reportable segments 40.3%、North America, Reportable segments 26.9%、Asia, Reportable segments 25.1%、Other 7.7%
- Revenue → net income: ¥644701000000 → ¥31650000000
- Net income → operating cash flow: ¥31650000000 → ¥43754000000（difference ¥12104000000）
- Main uses of operating cash flow: CapEx ¥35232000000 / dividends ¥8961000000 / buybacks ¥0
- Change in cash: ¥19147000000
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 | ¥644.7B |  |
| Operating income | ¥35.6B | Margin 5.5% |
| Net income | ¥29.5B | Margin 4.6% |
| Free cash flow | ¥8.52B |  |
| Largest business | Japan, Reportable segments | of segment revenue 40.3% |
| Employees (consolidated) | 19,381 |  |
| EPS | ¥272.65 |  |
| Book value per share | ¥2307.32 |  |
| Equity ratio | 63.4% |  |
| Shares outstanding | 89,234,000 |  |
| Treasury shares | 3,814,400 |  |
| Shareholders | 8,953 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 17.1% | Cash ÷ revenue 14.5% |
| Vs. industry median margin | +0.8 pp | Auto Parts |
| ROE | 10.8% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 67% of positive segment profit
- FY2026, segment profit share differs by 41 points
- FY2026, parent-company salary changed +20% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥440061000000 | ¥644701000000 | +46.5% |
| Operating income | ¥14045000000 | ¥35623000000 | +153.6% |
| Operating margin | 3.2% | 5.5% | +2.3 pp |
| Employees | 19,888 people | 19,381 people | -2.5% |
| Cash and equivalents | ¥69604000000 | ¥93757000000 | +34.7% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 40.3% |
| 日本 → 事業再編・廃止 | 8.6% |
| 北米 → 北米 | 20.3% |
| アジア → アジア | 24.6% |
| その他 → その他 | 6.2% |
| 新設・再編 → 北米 | 6.5% |
| 新設・再編 → アジア | 0.5% |
| 新設・再編 → その他 | 1.5% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan, Reportable segments | 5 years | +3.8% | ¥259592000000 | -0.5% | 2 |
| North America, Reportable segments | 5 years | +14.1% | ¥173250000000 | 4.8% | 2 |
| Asia, Reportable segments | 5 years | +8.4% | ¥161962000000 | 15.3% | 2 |
| Other | 5 years | +12.8% | ¥49895000000 | 8.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 644,701 | 100.0% | S100Z2Z0 |
| Cost of revenue | 552,795 | 85.7% | S100Z2Z0 |
| Gross profit | 91,905 | 14.3% | S100Z2Z0 |
| SG&A | 56,282 | 8.7% | S100Z2Z0 |
| Operating income | 35,623 | 5.5% | S100Z2Z0 |
| Ordinary income | 43,756 | 6.8% | S100Z2Z0 |
| Pretax income | 45,850 | 7.1% | S100Z2Z0 |
| Income tax | 14,200 | 2.2% | S100Z2Z0 |
| Net income | 31,650 | 4.9% | S100Z2Z0 |
| Net income attributable to owners | 29,471 | 4.6% | S100Z2Z0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 9 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 14.3% → Operating margin 5.5% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.4%; Core profit growth: +1.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.23×
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 | 617,660 | 644,701 | 27,041 | +4.4% |
| Gross profit | 89,670 | 91,905 | 2,235 | +2.5% |
| Operating income | 35,270 | 35,623 | 353 | +1.0% |
| Net income attributable to owners | 26,047 | 29,471 | 3,424 | +13.1% |
| Operating cash flow | 39,196 | 43,754 | 4,558 | +11.6% |
| Free cash flow | 8,575 | 8,522 | -53 | -0.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 500,002 | 22,597 | 4.5% | 15,067 | 40,346 | 17,969 | S100LJ1X |
| FY ending Mar 2021 | 440,061 | 14,045 | 3.2% | 12,026 | 34,682 | 18,515 | S100O8T3 |
| FY ending Mar 2022 | 487,303 | 9,211 | 1.9% | 3,569 | 14,677 | -3,401 | S100QXV7 |
| FY ending Mar 2023 | 553,124 | 16,656 | 3.0% | 10,900 | 26,755 | 4,225 | S100U402 |
| FY ending Mar 2024 | 623,558 | 28,822 | 4.6% | 24,850 | 53,266 | 26,397 | S100VWO0 |
| FY ending Mar 2025 | 617,660 | 35,270 | 5.7% | 26,047 | 39,196 | 8,575 | S100Z2Z0 |
| FY ending Mar 2026 | 644,701 | 35,623 | 5.5% | 29,471 | 43,754 | 8,522 | S100Z2Z0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.3M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 20,083 | 20,006 | 20,247 | 20,157 | 19,381 |
| Average salary (parent company) | ¥6.3M | ¥6.4M | ¥6.7M | ¥7.3M | ¥7.5M |
| Average age (parent company) | 41.8 years | 42.4 years | 42.9 years | 43.5 years | 43.6 years |
| Average tenure (parent company) | 19.9 years | 20.5 years | 21.0 years | 21.5 years | 21.5 years |

Year over year: Employees (consolidated) -3.8% · Revenue (consolidated) +4.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan, Reportable segments | 259,592 | 40.3% | -1,426 | -0.5% |
| North America, Reportable segments | 173,250 | 26.9% | 8,260 | 4.8% |
| Asia, Reportable segments | 161,962 | 25.1% | 24,848 | 15.3% |
| Other | 49,895 | 7.7% | 4,248 | 8.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan, Reportable segments | 40.3% | — | — | -0.5% |
| North America, Reportable segments | 26.9% | 22.1% | -4.8 | 4.8% |
| Asia, Reportable segments | 25.1% | 66.5% | 41.4 | 15.3% |
| Other | 7.7% | 11.4% | 3.6 | 8.5% |

Loss-making segment (excluded from profit shares): Japan, Reportable segments -1,426 JPY mn

Segment → industry: Other → Auto Parts / Asia, Reportable segments → Auto Parts / North America, Reportable segments → Auto Parts / Japan, Reportable segments → Auto Parts

## 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 | 43,754 | 6.8% | S100Z2Z0 |
| Capital expenditure | 35,232 | 5.5% | S100Z2Z0 |
| Free cash flow | 8,522 | 1.3% | 算出 |
| Investing cash flow | -17,294 | -2.7% | S100Z2Z0 |
| Financing cash flow | -10,925 | -1.7% | S100Z2Z0 |
| Dividends paid | 8,961 | 1.4% | S100Z2Z0 |
| Share buyback | 0 | 0.0% | S100Z2Z0 |
| Change in cash | 19,147 | 3.0% | S100Z2Z0 |
| Cash and equivalents | 93,757 | 14.5% | S100Z2Z0 |

## 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 | 53,854 | 66,494 | 69,414 | 74,609 | 93,757 | S100U402, S100VWO0, S100Z2Z0 |
| Total assets | 447,834 | 456,146 | 519,718 | 510,894 | 548,334 | S100QXV7, S100U402, S100VWO0, S100Z2Z0 |
| Net assets | 285,538 | 296,401 | 333,261 | 329,699 | 371,521 | S100U402, S100VWO0, S100Z2Z0 |
| Share capital | 22,856 | 22,856 | 22,856 | 22,856 | 22,856 | S100QXV7, S100U402, S100VWO0, S100Z2Z0 |
| Trade receivables | 81,137 | 83,904 | — | 81,774 | 84,997 | S100QXV7, S100U402, S100Z2Z0 |
| Property, plant and equipment | 97,357 | 104,833 | — | 123,591 | 135,305 | S100QXV7, S100U402, S100Z2Z0 |
| Intangible assets excluding goodwill | 2,509 | 3,567 | — | 4,445 | 5,149 | S100QXV7, S100U402, S100Z2Z0 |
| Investment securities | 63,084 | 51,749 | — | 32,579 | 18,051 | S100QXV7, S100U402, S100Z2Z0 |
| Current assets | 237,732 | 251,595 | — | 285,604 | 313,639 | S100QXV7, S100U402, S100Z2Z0 |
| Current liabilities | 119,513 | 118,624 | — | 131,106 | 124,751 | S100QXV7, S100U402, S100Z2Z0 |
| Trade payables | 51,651 | 53,374 | — | 51,306 | — | S100QXV7, S100U402, S100VWO0 |
| Bonds | 10,000 | 10,000 | — | 10,000 | 10,000 | S100QXV7, S100U402, S100Z2Z0 |
| Total liabilities | 162,296 | 159,744 | — | 181,194 | 176,812 | S100QXV7, S100U402, S100Z2Z0 |
| Non-controlling interests | 16,825 | 19,026 | — | 21,801 | 23,745 | S100QXV7, S100U402, S100Z2Z0 |
| Equity attributable to owners of parent | 239,957 | 245,167 | — | 262,542 | 283,198 | S100QXV7, S100U402, S100Z2Z0 |
| Retained earnings | 196,514 | 201,936 | — | 233,047 | 243,617 | S100QXV7, S100U402, S100Z2Z0 |
| Treasury stock | -5,285 | -5,238 | — | -19,001 | -8,520 | S100QXV7, S100U402, S100Z2Z0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100Z2Z0 |
| Receivables | 16% | S100Z2Z0 |
| Property, plant and equipment | 25% | S100Z2Z0 |
| Intangibles and goodwill | 1% | S100Z2Z0 |
| Investment securities | 3% | S100Z2Z0 |
| Other assets | 38% | S100Z2Z0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100Z2Z0 |
| Equity | 68% | S100Z2Z0 |
| Other liabilities | 0% | S100Z2Z0 |

### 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 | 447,834 | 456,146 | 519,718 | 510,894 | 548,334 |
| Equity | 285,538 | 296,401 | 333,261 | 329,699 | 371,521 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 53,854 | 66,494 | 69,414 | 74,609 | 93,757 |

## 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) | 21.0% | S100Z2Z0 |
| Fixed assets ÷ total assets | 24.7% | S100Z2Z0 |
| Goodwill ÷ parent equity | — | —, S100Z2Z0 |

### 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) | 17.1% |
| Cash ÷ revenue | 14.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 122.8% |
| Cash vs. profit gap | 14,283 JPY mn (of net income 48.5%) |
| Shareholder returns / net income | 30.4% |
| Shareholder returns / FCF | 105.2% |
| Shareholder payments — dividends / net income | 30.4% |
| Shareholder payments — dividends / FCF | 105.2% |
| CapEx intensity (capex ÷ revenue) | 5.5% |
| Investing CF relative to operating CF | 39.5% |

## 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 | 0.7% | 1.09× | 0.8% | 1.87× | 1.5% | S100QXV7 |
| 2023 | 2.0% | 1.22× | 2.4% | 1.86× | 4.5% | S100U402 |
| 2024 | 4.0% | 1.28× | 5.1% | 1.55× | 7.9% | S100VWO0, S100Z2Z0 |
| 2025 | 4.2% | 1.20× | 5.1% | 1.96× | 9.9% | S100Z2Z0 |
| 2026 | 4.6% | 1.22× | 5.6% | 1.94× | 10.8% | S100Z2Z0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トヨタ自動車株式会社 | Major shareholder | 34.4% | 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 | 9.0% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５００１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 東海理化社員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５２２３ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-03-31 |
| ジェーピー モルガン チェース バンク ３８０６８４ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-03-31 |
| ザ バンク オブ ニューヨー ク トリーティー ジャスデッ ク アカウント (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.6% | 2026-03-31 |
| ジェーピー モルガン バンク ルクセンブルク エスエイ ３８１５７２ (常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥644.7B, up +4.4% from ¥617.7B the year before.
- Operating income only inched up +1.0%, from ¥35.3B to ¥35.6B, so profit did not keep pace with sales.
- Net income rose +13.1% to ¥29.5B, and operating cash flow climbed +11.6% to ¥43.8B.

### Drivers

- In Japan and North America, customers built more cars, which lifted sales.
- Japan cut costs but its fixed costs rose, so its operating loss got bigger.
- In North America the company passed more of the rise in material prices on to customers, which pushed profit above its early-year forecast. Asia made fewer parts for fewer cars but still grew profit through efficiency work.

### Risks

- A large share of sales goes to Toyota and its group, so Toyota's production plans and US tariff policy weigh heavily on results.
- Electric and self-driving cars could change which parts are needed; falling behind on new products could cost business.
- Much of the revenue comes from overseas, so currency swings can move results a lot.

Cited: Amended Annual Securities Report, 79th fiscal 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); Amended Annual Securities Report, 79th fiscal term (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第79期(2025/04/01－2026/03/31) | S100Z2Z0 | 2026-09-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z2Z0,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100VWO0 | 2025-06-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWO0,, |
| 訂正有価証券報告書－第77期(2023/04/01－2024/03/31) | S100U402 | 2024-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U402,, |
| 訂正有価証券報告書－第76期(2022/04/01－2023/03/31) | S100QXV7 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QXV7,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100O8T3 | 2022-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8T3,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LJ1X | 2021-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ1X,, |

## 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).