# TOKYO TEKKO 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98期(2025/04/01－2026/03/31) (S100YJ6R)
> Page: https://vizora.meequs.com/en/company/tokyo-tekko
> Retrieved: 2026-09-30T20:25:16.153Z

## Company

Tokyo Tekko, founded in 1939, is a company in Steel listed on TSE Prime. It has 815 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYO TEKKO CO., LTD. |
| Ticker | 5445 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5445.T) |
| Listing | TSE Prime |
| Head office | 栃木県小山市横倉新田520番地(上記は本社工場の所在地であり、本社経理業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役会長 吉原毎文 |
| Founded | Jun 1939 |
| Share capital | ¥5.84B |
| Employees (consolidated) | 815 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.tokyotekko.co.jp (https://www.tokyotekko.co.jp/) |
| Corporate number | 8060001014498 |
| EDINET | E01292 |
| Industries (Vizora) | Steel, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YJ6R, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 33 |
| Profitability | 98.6 | 35 |
| Cash conversion | 8.1 | 31 |
| Efficiency | 75.7 | 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)

- About 99% of Tokyo Tekko's sales come from Steel, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed -12.2% from the prior year, operating profit -17.9%.

## Company structure

- Segment revenue mix: Steel 98.7%、Other 1.3%
- Revenue → net income: ¥72540000000 → ¥8072000000
- Net income → operating cash flow: ¥8072000000 → ¥5181000000（difference ¥-2891000000）
- Main uses of operating cash flow: CapEx ¥6994000000 / dividends ¥3238000000 / buybacks ¥1502000000
- Change in cash: ¥-6998000000
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 | ¥72.5B |  |
| Operating income | ¥12B | Margin 16.6% |
| Net income | ¥8.07B | Margin 11.1% |
| Free cash flow | -¥1.81B |  |
| Largest business | Steel | of segment revenue 98.7% |
| Employees (consolidated) | 815 |  |
| EPS | ¥341.63 |  |
| Book value per share | ¥2278.2 |  |
| Equity ratio | 78.8% |  |
| Shares outstanding | 25,335,915 |  |
| Treasury shares | 8,700 |  |
| Shareholders | 20,079 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 8.9% | Cash ÷ revenue 9.9% |
| Vs. industry median margin | +13.1 pp | Steel |
| ROE | 13.8% | Derived from disclosed figures |
| ROA | 10.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 98% of positive segment profit
- FY2026, parent-company salary changed +28% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥62391000000 | ¥72540000000 | +16.3% |
| Operating income | ¥7514000000 | ¥12042000000 | +60.3% |
| Operating margin | 12.0% | 16.6% | +4.6 pp |
| Employees | 830 people | 815 people | -1.8% |
| Cash and equivalents | ¥11361000000 | ¥7162000000 | -37.0% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 鉄鋼事業 → 鉄鋼事業 | 98.7% |
| 鉄鋼事業 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 0.7% |
| 新設・再編 → その他 | 0.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 72,540 | 100.0% | S100YJ6R |
| Cost of revenue | 52,083 | 71.8% | S100YJ6R |
| Gross profit | 20,457 | 28.2% | S100YJ6R |
| SG&A | 8,414 | 11.6% | S100YJ6R |
| Operating income | 12,042 | 16.6% | S100YJ6R |
| Ordinary income | 12,040 | 16.6% | S100YJ6R |
| Pretax income | 11,775 | 16.2% | S100YJ6R |
| Income tax | 3,703 | 5.1% | S100YJ6R |
| Net income | 8,072 | 11.1% | S100YJ6R |
| Net income attributable to owners | 8,075 | 11.1% | S100YJ6R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 11 |
| Operating income | 17 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 28.2% → Operating margin 16.6% → Net margin 11.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -12.2%; Core profit growth: -17.9%
Operating leverage (core profit growth ÷ revenue growth): 1.47×
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 | 82,593 | 72,540 | -10,053 | -12.2% |
| Gross profit | 23,376 | 20,457 | -2,919 | -12.5% |
| Operating income | 14,676 | 12,042 | -2,634 | -17.9% |
| Net income attributable to owners | 10,853 | 8,075 | -2,778 | -25.6% |
| Operating cash flow | 8,183 | 5,181 | -3,002 | -36.7% |
| Free cash flow | 2,161 | -1,813 | -3,974 | -183.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 58,984 | 5,483 | 9.3% | 3,993 | 7,665 | 5,308 | S100LRCB |
| FY ending Mar 2021 | 62,391 | 7,514 | 12.0% | 4,980 | 7,894 | 4,742 | S100OK9U |
| FY ending Mar 2022 | 66,089 | -192 | -0.3% | -4,724 | -5,104 | -8,476 | S100R8DP |
| FY ending Mar 2023 | 79,229 | 4,355 | 5.5% | 3,657 | 6,879 | 5,078 | S100TVBS |
| FY ending Mar 2024 | 79,617 | 10,624 | 13.3% | 7,887 | 12,089 | 7,537 | S100W5X9 |
| FY ending Mar 2025 | 82,593 | 14,676 | 17.8% | 10,853 | 8,183 | 2,161 | S100YJ6R |
| FY ending Mar 2026 | 72,540 | 12,042 | 16.6% | 8,075 | 5,181 | -1,813 | S100YJ6R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥89M |
| Operating income per employee (consolidated) | ¥14.8M |
| Net income per employee (consolidated) | ¥9.9M |

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) | 841 | 832 | 815 | 810 | 815 |
| Average salary (parent company) | ¥5.9M | ¥5.5M | ¥6M | ¥6.9M | ¥7.6M |
| Average age (parent company) | 37.2 years | 37.4 years | 38.2 years | 38.8 years | 38.9 years |
| Average tenure (parent company) | 11.8 years | 12.0 years | 12.8 years | 13.3 years | 13.4 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) -12.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel | 71,575 | 98.7% | 11,783 | 16.5% |
| Other | 964 | 1.3% | 227 | 23.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Steel | 98.7% | 98.1% | -0.6 | 16.5% |
| Other | 1.3% | 1.9% | 0.6 | 23.5% |

Segment → industry: Steel → Steel / Other → Trucking & Parcel Delivery

## 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 | 5,181 | 7.1% | S100YJ6R |
| Capital expenditure | 6,994 | 9.6% | S100YJ6R |
| Free cash flow | -1,813 | -2.5% | 算出 |
| Investing cash flow | -6,961 | -9.6% | S100YJ6R |
| Financing cash flow | -5,222 | -7.2% | S100YJ6R |
| Dividends paid | 3,238 | 4.5% | S100YJ6R |
| Share buyback | 1,502 | 2.1% | S100YJ6R |
| Change in cash | -6,998 | -9.6% | S100YJ6R |
| Cash and equivalents | 7,162 | 9.9% | S100YJ6R |

## 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 | 7,365 | 11,865 | 16,341 | 14,161 | 7,162 | S100TVBS, S100W5X9, S100YJ6R |
| Total assets | 63,062 | 69,773 | 77,903 | 81,247 | 80,449 | S100R8DP, S100TVBS, S100W5X9, S100YJ6R |
| Net assets | 42,413 | 46,149 | 53,160 | 59,713 | 63,416 | S100TVBS, S100W5X9, S100YJ6R |
| Share capital | 5,839 | 5,839 | 5,839 | 5,839 | 5,839 | S100R8DP, S100TVBS, S100W5X9, S100YJ6R |
| Trade receivables | 7,670 | 8,111 | 9,111 | 7,774 | 7,741 | S100R8DP, S100TVBS, S100W5X9, S100YJ6R |
| Property, plant and equipment | 22,615 | 24,445 | 26,727 | 30,189 | 33,013 | S100R8DP, S100TVBS, S100W5X9, S100YJ6R |
| Intangible assets excluding goodwill | 166 | 158 | 142 | 136 | 215 | S100R8DP, S100TVBS, S100W5X9, S100YJ6R |
| Investment securities | 6,372 | 7,101 | 8,966 | 8,378 | 8,700 | S100R8DP, S100TVBS, S100W5X9, S100YJ6R |
| Current assets | 31,613 | 36,413 | 40,711 | 40,591 | 36,783 | S100R8DP, S100TVBS, S100W5X9, S100YJ6R |
| Current liabilities | 14,233 | 15,267 | 16,980 | 15,586 | 10,947 | S100R8DP, S100TVBS, S100W5X9, S100YJ6R |
| Trade payables | 7,487 | 6,427 | 5,688 | 3,974 | 3,704 | S100R8DP, S100TVBS, S100W5X9, S100YJ6R |
| Short-term borrowings | 3,000 | — | — | — | — | S100R8DP |
| Long-term borrowings | 3,735 | 5,589 | 4,982 | 3,190 | 3,359 | S100R8DP, S100TVBS, S100W5X9, S100YJ6R |
| Total liabilities | 20,649 | 23,623 | 24,743 | 21,533 | 17,033 | S100R8DP, S100TVBS, S100W5X9, S100YJ6R |
| Non-controlling interests | 65 | 59 | 48 | 31 | 28 | S100R8DP, S100TVBS, S100W5X9, S100YJ6R |
| Equity attributable to owners of parent | 40,323 | 43,800 | 49,838 | 56,885 | 60,242 | S100R8DP, S100TVBS, S100W5X9, S100YJ6R |
| Retained earnings | 33,192 | 36,669 | 43,210 | 51,234 | 52,594 | S100R8DP, S100TVBS, S100W5X9, S100YJ6R |
| Treasury stock | -560 | -561 | -1,063 | -2,051 | -43 | S100R8DP, S100TVBS, S100W5X9, S100YJ6R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YJ6R |
| Receivables | 10% | S100YJ6R |
| Property, plant and equipment | 41% | S100YJ6R |
| Intangibles and goodwill | 0% | S100YJ6R |
| Investment securities | 11% | S100YJ6R |
| Other assets | 29% | S100YJ6R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YJ6R |
| Other liabilities | 16% | S100YJ6R |
| Equity | 79% | S100YJ6R |

### 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 | 63,062 | 69,773 | 77,903 | 81,247 | 80,449 |
| Equity | 42,413 | 46,149 | 53,160 | 59,713 | 63,416 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,365 | 11,865 | 16,341 | 14,161 | 7,162 |

## 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) | 45.5% | S100YJ6R |
| Fixed assets ÷ total assets | 41.0% | S100YJ6R |
| Goodwill ÷ parent equity | — | —, S100YJ6R |

### 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) | 8.9% |
| Cash ÷ revenue | 9.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 43.0% |
| Cash vs. profit gap | -2,894 JPY mn (of net income -35.8%) |
| Shareholder returns / net income | 58.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 40.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.6% |
| Investing CF relative to operating CF | 134.4% |

## 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 | — | —× | -7.5% | —× | — | S100R8DP |
| 2023 | 4.6% | 1.19× | 5.5% | 1.58× | 8.7% | S100TVBS |
| 2024 | 9.9% | 1.08× | 10.7% | 1.58× | 16.8% | S100W5X9 |
| 2025 | 13.1% | 1.04× | 13.6% | 1.49× | 20.3% | S100YJ6R |
| 2026 | 11.1% | 0.90× | 10.0% | 1.38× | 13.8% | S100YJ6R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 9.9% | 2026-03-31 |
| 合同製鐵株式会社 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 5.0% | 2026-03-31 |
| STATE STREET BANK ANDTRUST COMPANY 505223（常任代理人 株式会社みずほ銀行） | Major shareholder | 2.5% | 2026-03-31 |
| 朝日工業株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2026-03-31 |
| 東京鐵鋼従業員持株会 | Major shareholder | 1.5% | 2026-03-31 |
| MURAKAMI TAKATERU（常任代理人 三田証券株式会社） | Major shareholder | 1.2% | 2026-03-31 |
| 日本酸素ホールディングス株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第98期(2025/04/01－2026/03/31) | S100YJ6R | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ6R,, |
| 有価証券報告書－第97期(2024/04/01－2025/03/31) | S100W5X9 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5X9,, |
| 有価証券報告書－第96期(2023/04/01－2024/03/31) | S100TVBS | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVBS,, |
| 有価証券報告書－第95期(2022/04/01－2023/03/31) | S100R8DP | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8DP,, |
| 有価証券報告書－第94期(令和3年4月1日－令和4年3月31日) | S100OK9U | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK9U,, |
| 有価証券報告書－第93期(令和2年4月1日－令和3年3月31日) | S100LRCB | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRCB,, |

## 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).