# TOLI  Corporation: 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162期(2025/04/01－2026/03/31) (S100YB1Q)
> Page: https://vizora.meequs.com/en/company/toli
> Retrieved: 2026-09-30T19:42:06.059Z

## Company

Toli, founded in 1919, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 1,940 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOLI Corporation |
| Ticker | 7971 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7971.T) |
| Listing | TSE Standard |
| Head office | 兵庫県伊丹市東有岡5丁目125番地 |
| Representative (per filing) | 代表取締役社長 永嶋 元博 |
| Founded | Dec 1919 |
| Share capital | ¥6.86B |
| Employees (consolidated) | 1,940 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.toli.co.jp (https://www.toli.co.jp/) |
| Corporate number | 6140001078660 |
| EDINET | E00995 |
| Industries (Vizora) | Housing Equipment & Building Materials, Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100YB1Q, filed 2026-06-12). As of filing

## Five-axis industry profile

Primary industry: Furniture, Interior & Lifestyle Goods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 14 |
| Profitability | 52.8 | 18 |
| Cash conversion | 79.4 | 17 |
| Efficiency | 41.7 | 18 |

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 93% of Toli's sales come from Interior business, with Building Materials and Other business and Global business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +6.3% from the prior year, operating profit +16.5%.

## Company structure

- Segment revenue mix: Interior business 93.5%、Building Materials and Other business 4.4%、Global business 2.1%
- Revenue → net income: ¥112337000000 → ¥4514000000
- Net income → operating cash flow: ¥4514000000 → ¥9115000000（difference ¥4601000000）
- Main uses of operating cash flow: CapEx ¥5224000000 / dividends ¥1514000000 / buybacks ¥1192000000
- Change in cash: ¥1975000000
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 | ¥112.3B |  |
| Operating income | ¥5.1B | Margin 4.5% |
| Net income | ¥4.46B | Margin 4.0% |
| Free cash flow | ¥3.89B |  |
| Largest business | Interior business | of segment revenue 93.5% |
| Employees (consolidated) | 1,940 |  |
| EPS | ¥57.01 |  |
| Book value per share | ¥626.08 |  |
| Equity ratio | 52.0% |  |
| Shares outstanding | 60,129,000 |  |
| Treasury shares | 3,384,200 |  |
| Shareholders | 17,745 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 10.0% | Cash ÷ revenue 8.9% |
| Vs. industry median margin | +0.1 pp | Housing Equipment & Building Materials |
| ROE | 10.3% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income
- FY2026, one segment accounts for 96% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥85931000000 | ¥112337000000 | +30.7% |
| Operating income | ¥1595000000 | ¥5100000000 | +219.7% |
| Operating margin | 1.9% | 4.5% | +2.7 pp |
| Employees | 1,869 people | 1,940 people | +3.8% |
| Cash and equivalents | ¥10268000000 | ¥10001000000 | -2.6% |

### 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 |
| --- | ---: |
| プロダクト事業 → 事業再編・廃止 | 33.6% |
| インテリア卸及び工事事業 → 事業再編・廃止 | 66.4% |
| 新設・再編 → インテリア事業 | 93.5% |
| 新設・再編 → グローバル事業 | 2.1% |
| 新設・再編 → 建材その他事業 | 4.4% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Interior business | — | — | ¥105022000000 | 4.9% | 2 |
| Building Materials and Other business | — | — | ¥4993000000 | 4.4% | 2 |
| Global business | — | — | ¥2321000000 | -11.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 112,337 | 100.0% | S100YB1Q |
| Cost of revenue | 78,727 | 70.1% | S100YB1Q |
| Gross profit | 33,610 | 29.9% | S100YB1Q |
| SG&A | 28,510 | 25.4% | S100YB1Q |
| Operating income | 5,100 | 4.5% | S100YB1Q |
| Ordinary income | 5,733 | 5.1% | S100YB1Q |
| Pretax income | 6,363 | 5.7% | S100YB1Q |
| Income tax | 1,848 | 1.6% | S100YB1Q |
| Net income | 4,514 | 4.0% | S100YB1Q |
| Net income attributable to owners | 4,459 | 4.0% | S100YB1Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 25 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 29.9% → Operating margin 4.5% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.3%; Core profit growth: +16.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.64×
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 | 105,709 | 112,337 | 6,628 | +6.3% |
| Gross profit | 30,659 | 33,610 | 2,951 | +9.6% |
| Operating income | 4,376 | 5,100 | 724 | +16.5% |
| Net income attributable to owners | 3,507 | 4,459 | 952 | +27.1% |
| Operating cash flow | 2,469 | 9,115 | 6,646 | +269.2% |
| Free cash flow | -2,841 | 3,891 | 6,732 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 94,701 | 2,382 | 2.5% | 2,059 | 5,095 | 2,523 | S100LM32 |
| FY ending Mar 2021 | 85,931 | 1,595 | 1.9% | 1,386 | 4,161 | 1,632 | S100OD7U |
| FY ending Mar 2022 | 88,513 | 878 | 1.0% | 720 | 4,962 | 1,192 | S100R0MC |
| FY ending Mar 2023 | 95,230 | 3,531 | 3.7% | 2,562 | 3,599 | 115 | S100TNKE |
| FY ending Mar 2024 | 102,470 | 4,978 | 4.9% | 3,689 | 5,288 | 1,513 | S100VXRC |
| FY ending Mar 2025 | 105,709 | 4,376 | 4.1% | 3,507 | 2,469 | -2,841 | S100YB1Q |
| FY ending Mar 2026 | 112,337 | 5,100 | 4.5% | 4,459 | 9,115 | 3,891 | S100YB1Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.9M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 1,874 | 1,856 | 1,883 | 1,910 | 1,940 |
| Average salary (parent company) | ¥5.6M | ¥5.6M | ¥5.9M | ¥6.3M | ¥6.4M |
| Average age (parent company) | 41.7 years | 42.2 years | 42.4 years | 43.0 years | 43.0 years |
| Average tenure (parent company) | 16.5 years | 16.7 years | 16.6 years | 17.1 years | 17.0 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +6.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Interior business | 105,022 | 93.5% | 5,156 | 4.9% |
| Global business | 2,321 | 2.1% | -275 | -11.8% |
| Building Materials and Other business | 4,993 | 4.4% | 219 | 4.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Interior business | 93.5% | 95.9% | 2.4 | 4.9% |
| Global business | 2.1% | — | — | -11.8% |
| Building Materials and Other business | 4.4% | 4.1% | -0.4 | 4.4% |

Loss-making segment (excluded from profit shares): Global business -275 JPY mn

Segment → industry: Building Materials and Other business → Housing Equipment & Building Materials / Global business → Housing Equipment & Building Materials / Interior business → Housing Equipment & Building Materials / Interior business → Furniture, Interior & Lifestyle Goods

## 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 | 9,115 | 8.1% | S100YB1Q |
| Capital expenditure | 5,224 | 4.7% | S100YB1Q |
| Free cash flow | 3,891 | 3.5% | 算出 |
| Investing cash flow | -4,351 | -3.9% | S100YB1Q |
| Financing cash flow | -2,862 | -2.5% | S100YB1Q |
| Dividends paid | 1,514 | 1.3% | S100YB1Q |
| Share buyback | 1,192 | 1.1% | S100YB1Q |
| Change in cash | 1,975 | 1.8% | S100YB1Q |
| Cash and equivalents | 10,001 | 8.9% | S100YB1Q |

## 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 | 10,189 | 9,587 | 9,460 | 8,026 | 10,001 | S100TNKE, S100VXRC, S100YB1Q |
| Total assets | 79,982 | 84,791 | 90,849 | 94,063 | 99,639 | S100R0MC, S100TNKE, S100VXRC, S100YB1Q |
| Net assets | 38,285 | 40,894 | 45,760 | 48,377 | 52,188 | S100TNKE, S100VXRC, S100YB1Q |
| Share capital | 6,855 | 6,855 | 6,855 | 6,855 | 6,855 | S100R0MC, S100TNKE, S100VXRC, S100YB1Q |
| Trade receivables | 18,899 | 20,287 | 20,130 | 19,294 | 16,616 | S100R0MC, S100TNKE, S100VXRC, S100YB1Q |
| Property, plant and equipment | 22,116 | 23,042 | 24,606 | 26,857 | 28,699 | S100R0MC, S100TNKE, S100VXRC, S100YB1Q |
| Intangible assets excluding goodwill | 989 | 811 | 675 | 638 | 706 | S100R0MC, S100TNKE, S100VXRC, S100YB1Q |
| Investment securities | 4,705 | 5,200 | 7,628 | 8,276 | 10,332 | S100R0MC, S100TNKE, S100VXRC, S100YB1Q |
| Current assets | 46,839 | 50,677 | 52,928 | 52,734 | 54,083 | S100R0MC, S100TNKE, S100VXRC, S100YB1Q |
| Current liabilities | 29,353 | 31,726 | 34,066 | 32,761 | 34,237 | S100R0MC, S100TNKE, S100VXRC, S100YB1Q |
| Trade payables | 17,583 | 18,232 | 17,706 | 15,157 | 14,390 | S100R0MC, S100TNKE, S100VXRC, S100YB1Q |
| Short-term borrowings | 920 | 1,020 | 2,220 | 4,050 | 4,430 | S100R0MC, S100TNKE, S100VXRC, S100YB1Q |
| Long-term borrowings | 5,780 | 5,680 | 4,480 | 5,730 | 5,750 | S100R0MC, S100TNKE, S100VXRC, S100YB1Q |
| Total liabilities | 41,697 | 43,896 | 45,088 | 45,685 | 47,451 | S100R0MC, S100TNKE, S100VXRC, S100YB1Q |
| Non-controlling interests | 271 | 281 | 326 | 331 | 379 | S100R0MC, S100TNKE, S100VXRC, S100YB1Q |
| Equity attributable to owners of parent | 36,045 | 38,092 | 40,658 | 42,492 | 44,243 | S100R0MC, S100TNKE, S100VXRC, S100YB1Q |
| Retained earnings | 24,231 | 26,311 | 29,217 | 31,482 | 34,426 | S100R0MC, S100TNKE, S100VXRC, S100YB1Q |
| Treasury stock | -1,467 | -1,500 | -227 | -687 | -1,880 | S100R0MC, S100TNKE, S100VXRC, S100YB1Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YB1Q |
| Receivables | 17% | S100YB1Q |
| Property, plant and equipment | 29% | S100YB1Q |
| Intangibles and goodwill | 1% | S100YB1Q |
| Investment securities | 10% | S100YB1Q |
| Other assets | 33% | S100YB1Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 15% | S100YB1Q |
| Other liabilities | 33% | S100YB1Q |
| Equity | 52% | S100YB1Q |

### 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 | 79,982 | 84,791 | 90,849 | 94,063 | 99,639 |
| Equity | 38,285 | 40,894 | 45,760 | 48,377 | 52,188 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,189 | 9,587 | 9,460 | 8,026 | 10,001 |

## 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) | 25.5% | S100YB1Q |
| Fixed assets ÷ total assets | 28.8% | S100YB1Q |
| Goodwill ÷ parent equity | — | —, S100YB1Q |

### 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) | 10.0% |
| Cash ÷ revenue | 8.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 178.7% |
| Cash vs. profit gap | 4,656 JPY mn (of net income 104.4%) |
| Shareholder returns / net income | 60.7% |
| Shareholder returns / FCF | 69.5% |
| Shareholder payments — dividends / net income | 34.0% |
| Shareholder payments — dividends / FCF | 38.9% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 47.7% |

## 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 | 0.8% | 1.11× | 0.9% | 2.22× | 2.0% | S100R0MC |
| 2023 | 2.7% | 1.16× | 3.1% | 2.22× | 6.9% | S100TNKE |
| 2024 | 3.6% | 1.17× | 4.2% | 2.23× | 9.4% | S100VXRC |
| 2025 | 3.3% | 1.14× | 3.8% | 2.22× | 8.4% | S100YB1Q |
| 2026 | 4.0% | 1.16× | 4.6% | 2.23× | 10.3% | S100YB1Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本生命保険相互会社 | Major shareholder | 6.4% | 2026-03-31 |
| 株式会社トクヤマ | Major shareholder | 4.9% | 2026-03-31 |
| 東親会持株会 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.1% | 2026-03-31 |
| 三信株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.7% | 2026-03-31 |
| 東リ社員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社池田泉州銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第162期(2025/04/01－2026/03/31) | S100YB1Q | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB1Q,, |
| 有価証券報告書－第161期(2024/04/01－2025/03/31) | S100VXRC | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXRC,, |
| 有価証券報告書－第160期(2023/04/01－2024/03/31) | S100TNKE | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNKE,, |
| 有価証券報告書－第159期(2022/04/01－2023/03/31) | S100R0MC | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0MC,, |
| 有価証券報告書－第158期(令和3年4月1日－令和4年3月31日) | S100OD7U | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD7U,, |
| 有価証券報告書－第157期(令和2年4月1日－令和3年3月31日) | S100LM32 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM32,, |

## 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).