# TOKYO STEEL MANUFACTURING CO., LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第112期(2025/04/01－2026/03/31) (S100YDWW)
> Page: https://vizora.meequs.com/en/company/tokyo-steel-manufacturing
> Retrieved: 2026-09-30T20:39:04.944Z

## Company

Tokyo Steel Manufacturing, founded in 1934, is a company in Steel listed on TSE Prime. It has 1,161 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYO STEEL MANUFACTURING CO.,LTD. |
| Ticker | 5423 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5423.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区霞が関三丁目7番1号 霞が関東急ビル |
| Representative (per filing) | 代表取締役社長 奈良 暢明 |
| Founded | Nov 1934 |
| Share capital | ¥30.9B |
| Employees (consolidated) | 1,161 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.tokyosteel.co.jp (https://www.tokyosteel.co.jp/) |
| Corporate number | 8010001008819 |
| EDINET | E01261 |
| Industries (Vizora) | Steel |

> Profile source: annual securities report (S100YDWW, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.4 | 33 |
| Profitability | 35.7 | 35 |
| Cash conversion | 4.8 | 31 |
| Efficiency | 81.4 | 35 |

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)

- Tokyo Steel Manufacturing brought in ¥268.1B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -18.0% from the prior year, operating profit -76.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥268.1B |  |
| Operating income | ¥7.23B | Margin 2.7% |
| Net income | ¥11.6B | Margin 4.3% |
| Free cash flow | -¥25.8B |  |
| Employees (consolidated) | 1,161 |  |
| Book value per share | ¥2166.3 |  |
| Equity ratio | 75.8% |  |
| Shares outstanding | 110,064,249 |  |
| Treasury shares | 7,544,100 |  |
| Shareholders | 10,140 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 25.1% | Cash ÷ revenue 27.4% |
| Vs. industry median margin | -0.8 pp | Steel |
| ROE | 5.8% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 25% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥141448000000 | ¥268095000000 | +89.5% |
| Operating income | ¥3995000000 | ¥7230000000 | +81.0% |
| Operating margin | 2.8% | 2.7% | -0.1 pp |
| Employees | 1,020 people | 1,161 people | +13.8% |
| Cash and equivalents | ¥58332000000 | ¥73470000000 | +26.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 268,095 | 100.0% | S100YDWW |
| Cost of revenue | 236,022 | 88.0% | S100YDWW |
| Gross profit | 32,072 | 12.0% | S100YDWW |
| SG&A | 24,841 | 9.3% | S100YDWW |
| Operating income | 7,230 | 2.7% | S100YDWW |
| Ordinary income | 8,632 | 3.2% | S100YDWW |
| Pretax income | 14,098 | 5.3% | S100YDWW |
| Income tax | 2,540 | 0.9% | S100YDWW |
| Net income | 11,557 | 4.3% | S100YDWW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 9 |
| Operating income | 3 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 12.0% → Operating margin 2.7% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -18.0%; Core profit growth: -76.0%
Operating leverage (core profit growth ÷ revenue growth): 4.23×
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 | 326,775 | 268,095 | -58,680 | -18.0% |
| Gross profit | 58,023 | 32,072 | -25,951 | -44.7% |
| Operating income | 30,105 | 7,230 | -22,875 | -76.0% |
| Operating cash flow | 19,588 | -3,282 | -22,870 | -116.8% |
| Free cash flow | -2,774 | -25,837 | -23,063 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 179,924 | 17,360 | 9.6% | 13,795 | 23,738 | 16,512 | S100LO6J |
| FY ending Mar 2021 | 141,448 | 3,995 | 2.8% | 5,889 | 7,585 | 167 | S100OET5 |
| FY ending Mar 2022 | 270,883 | 31,773 | 11.7% | 31,937 | 26,913 | 17,123 | S100R5G3 |
| FY ending Mar 2023 | 361,245 | 38,063 | 10.5% | 30,848 | 39,767 | 30,590 | S100TT66 |
| FY ending Mar 2024 | 367,242 | 38,066 | 10.4% | 27,958 | 53,376 | 36,657 | S100W38V |
| FY ending Mar 2025 | 326,775 | 30,105 | 9.2% | 21,203 | 19,588 | -2,774 | S100YDWW |
| FY ending Mar 2026 | 268,095 | 7,230 | 2.7% | 11,557 | -3,282 | -25,837 | S100YDWW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥230.9M |
| Operating income per employee (consolidated) | ¥6.2M |
| Net income per employee (consolidated) | ¥10M |

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) | 1,028 | 1,055 | 1,103 | 1,135 | 1,161 |
| Average salary (parent company) | ¥6.9M | ¥8.1M | ¥8.3M | ¥8.7M | ¥8.2M |
| Average age (parent company) | 38.8 years | 39.0 years | 39.3 years | 39.5 years | 39.8 years |
| Average tenure (parent company) | 16.5 years | 16.6 years | 16.5 years | 16.7 years | 16.9 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) -18.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -3,282 | -1.2% | S100YDWW |
| Capital expenditure | 22,555 | 8.4% | S100YDWW |
| Free cash flow | -25,837 | -9.6% | 算出 |
| Investing cash flow | -10,837 | -4.0% | S100YDWW |
| Financing cash flow | -8,156 | -3.0% | S100YDWW |
| Dividends paid | 5,161 | 1.9% | S100YDWW |
| Share buyback | 2,648 | 1.0% | S100YDWW |
| Change in cash | -22,640 | -8.4% | S100YDWW |
| Cash and equivalents | 73,470 | 27.4% | S100YDWW |

## 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 | 68,644 | 85,074 | 112,219 | 96,111 | 73,470 | S100TT66, S100W38V, S100YDWW |
| Total assets | 240,325 | 270,975 | 310,604 | 292,973 | 292,995 | S100R5G3, S100TT66, S100W38V, S100YDWW |
| Net assets | 158,280 | 179,254 | 203,907 | 209,918 | 222,089 | S100TT66, S100W38V, S100YDWW |
| Share capital | 30,894 | 30,894 | 30,894 | 30,894 | 30,894 | S100R5G3, S100TT66, S100W38V, S100YDWW |
| Property, plant and equipment | 71,720 | 79,411 | 86,231 | 102,760 | 111,385 | S100R5G3, S100TT66, S100W38V, S100YDWW |
| Intangible assets excluding goodwill | 357 | 334 | 350 | 460 | 546 | S100R5G3, S100TT66, S100W38V, S100YDWW |
| Investment securities | 16,174 | 20,127 | 28,110 | 25,392 | 35,410 | S100R5G3, S100TT66, S100W38V, S100YDWW |
| Current assets | 148,502 | 170,877 | 195,696 | 164,153 | 145,465 | S100R5G3, S100TT66, S100W38V, S100YDWW |
| Current liabilities | 68,843 | 78,050 | 89,554 | 66,107 | 51,566 | S100R5G3, S100TT66, S100W38V, S100YDWW |
| Long-term borrowings | 175 | — | — | — | — | S100R5G3 |
| Total liabilities | 82,044 | 91,720 | 106,696 | 83,055 | 70,906 | S100R5G3, S100TT66, S100W38V, S100YDWW |
| Equity attributable to owners of parent | 150,809 | 170,856 | 191,090 | 198,562 | 202,329 | S100R5G3, S100TT66, S100W38V, S100YDWW |
| Retained earnings | 124,814 | 151,660 | 174,633 | 147,963 | 154,353 | S100R5G3, S100TT66, S100W38V, S100YDWW |
| Treasury stock | -33,747 | -40,553 | -43,299 | -9,140 | -11,763 | S100R5G3, S100TT66, S100W38V, S100YDWW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YDWW |
| Property, plant and equipment | 38% | S100YDWW |
| Intangibles and goodwill | 0% | S100YDWW |
| Investment securities | 12% | S100YDWW |
| Other assets | 25% | S100YDWW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YDWW |
| Equity | 76% | S100YDWW |

### 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 | 240,325 | 270,975 | 310,604 | 292,973 | 292,995 |
| Equity | 158,280 | 179,254 | 203,907 | 209,918 | 222,089 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 68,644 | 85,074 | 112,219 | 96,111 | 73,470 |

## 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) | 41.5% | S100YDWW |
| Fixed assets ÷ total assets | 38.0% | S100YDWW |
| Goodwill ÷ parent equity | — | —, S100YDWW |

### 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) | 25.1% |
| Cash ÷ revenue | 27.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -45.4% |
| Cash vs. profit gap | -14,839 JPY mn (of net income -128.4%) |
| Shareholder returns / net income | 67.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 44.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.4% |
| Investing CF relative to operating CF | — |

## 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 | 11.8% | 1.13× | 13.3% | 1.59× | 21.2% | S100R5G3 |
| 2023 | 8.5% | 1.41× | 12.1% | 1.59× | 19.2% | S100TT66 |
| 2024 | 7.6% | 1.26× | 9.6% | 1.61× | 15.4% | S100W38V |
| 2025 | 6.5% | 1.08× | 7.0% | 1.55× | 10.9% | S100YDWW |
| 2026 | 4.3% | 0.92× | 3.9% | 1.46× | 5.8% | S100YDWW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社ＴＯＳ | Major shareholder | 24.4% | 2026-03-31 |
| 公益財団法人池谷科学技術振興財団 | Major shareholder | 12.7% | 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 | 8.5% | 2026-03-31 |
| 合同会社ＭＹＭ | Major shareholder | 5.2% | 2026-03-31 |
| 合同会社ＭＹＪ | Major shareholder | 4.7% | 2026-03-31 |
| 宜本興産株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.1% | 2026-03-31 |
| ＫＳＤ－ＫＢ(常任代理人 シティバンクエヌ・エイ東京支店) | Major shareholder | 1.4% | 2026-03-31 |
| ＦＩＲＳＴ ＩＮＴＥＲＮＡＴＩＯＮＡＬ ＢＡＮＫ ＯＦ ＩＳＲＡＥＬ ＣＬＩＥＮＴＳ－ＧＬＯＢＡＬ | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第112期(2025/04/01－2026/03/31) | S100YDWW | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDWW,, |
| 有価証券報告書－第111期(2024/04/01－2025/03/31) | S100W38V | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W38V,, |
| 有価証券報告書－第110期(2023/04/01－2024/03/31) | S100TT66 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT66,, |
| 有価証券報告書－第109期(2022/04/01－2023/03/31) | S100R5G3 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5G3,, |
| 有価証券報告書－第108期(令和3年4月1日－令和4年3月31日) | S100OET5 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OET5,, |
| 有価証券報告書－第107期(令和2年4月1日－令和3年3月31日) | S100LO6J | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO6J,, |

## 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).