# TOMOE ENGINEERING CO.,LTD.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第96期(2024/11/01－2025/10/31) (S100XHQ6)
> Page: https://vizora.meequs.com/en/company/tomoe-engineering
> Retrieved: 2026-09-30T18:04:25.121Z

## Company

Tomoe Engineering, founded in 1941, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 724 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOMOE ENGINEERING CO.,LTD.または TOMOE KOGYO CO.,LTD. |
| Ticker | 6309 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6309.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区北品川五丁目5番15号 |
| Representative (per filing) | 代表取締役社長 玉井章友 |
| Founded | May 1941 |
| Share capital | ¥1.06B |
| Employees (consolidated) | 724 |
| Average salary (parent only) | ¥9.5M |
| Fiscal year end | October |
| Website | www.tomo-e.co.jp (https://www.tomo-e.co.jp/) |
| Corporate number | 2010701018429 |
| EDINET | E01705 |
| Industries (Vizora) | Specialty Trading & Wholesale, Industrial Machinery |

> Profile source: annual securities report (S100XHQ6, filed 2026-01-28). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.3 | 179 |
| Profitability | 93.2 | 185 |
| Cash conversion | 22.1 | 179 |
| Efficiency | 17.6 | 185 |

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 74% of Tomoe Engineering's sales come from Chemical industry products sales, with Machinery manufacturing and sales making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +13.9% from the prior year, operating profit +13.8%.

## Company structure

- Segment revenue mix: Chemical industry products sales 74.3%、Machinery manufacturing and sales 25.7%
- Revenue → net income: ¥59365470000 → ¥3851323000
- Net income → operating cash flow: ¥3851323000 → ¥2376391000（difference ¥-1474932000）
- Main uses of operating cash flow: CapEx ¥2511556000 / dividends ¥1546627000 / buybacks ¥163000
- Change in cash: ¥-1565473000
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 | ¥59.4B |  |
| Operating income | ¥5.35B | Margin 9.0% |
| Net income | ¥3.85B | Margin 6.5% |
| Free cash flow | -¥135.2M |  |
| Largest business | Chemical industry products sales | of segment revenue 74.3% |
| Employees (consolidated) | 724 |  |
| EPS | ¥116.64 |  |
| Book value per share | ¥1282.7 |  |
| Equity ratio | 75.8% |  |
| Shares outstanding | 29,949,600 |  |
| Treasury shares | 14,900 |  |
| Shareholders | 14,090 |  |
| Average salary (parent only) | ¥9.5M | Filing company only |
| Cash ratio | 23.7% | Cash ÷ revenue 22.5% |
| Vs. industry median margin | +6.1 pp | Specialty Trading & Wholesale |
| ROE | 10.0% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 66% of positive segment profit
- FY2025, parent-company salary changed +25% over five years
- FY2025, employees -8% while operating income rose 14%

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39218418000 | ¥59365470000 | +51.4% |
| Operating income | ¥2260635000 | ¥5352550000 | +136.8% |
| Operating margin | 5.8% | 9.0% | +3.3 pp |
| Employees | 733 people | 724 people | -1.2% |
| Cash and equivalents | ¥11857553000 | ¥13367527000 | +12.7% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 機械製造販売 → 機械製造販売 | 25.7% |
| 機械製造販売 → 事業再編・廃止 | 3.8% |
| 化学工業製品販売 → 化学工業製品販売 | 70.5% |
| 新設・再編 → 化学工業製品販売 | 3.8% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 59,365 | 100.0% | S100XHQ6 |
| Cost of revenue | 44,377 | 74.8% | S100XHQ6 |
| Gross profit | 14,988 | 25.2% | S100XHQ6 |
| SG&A | 9,635 | 16.2% | S100XHQ6 |
| Operating income | 5,353 | 9.0% | S100XHQ6 |
| Ordinary income | 5,402 | 9.1% | S100XHQ6 |
| Pretax income | 5,478 | 9.2% | S100XHQ6 |
| Income tax | 1,627 | 2.7% | S100XHQ6 |
| Net income | 3,851 | 6.5% | S100XHQ6 |
| Net income attributable to owners | 3,851 | 6.5% | S100XHQ6 |

## Per ¥100 of revenue（FY ending Oct 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 16 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 25.2% → Operating margin 9.0% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.9%; Core profit growth: +13.8%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.99×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 52,119 | 59,365 | 7,246 | +13.9% |
| Gross profit | 13,492 | 14,988 | 1,496 | +11.1% |
| Operating income | 4,703 | 5,353 | 649 | +13.8% |
| Net income attributable to owners | 3,616 | 3,851 | 235 | +6.5% |
| Operating cash flow | 3,364 | 2,376 | -988 | -29.4% |
| Free cash flow | 2,816 | -135 | -2,952 | -104.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 41,356 | 2,376 | 5.7% | 1,569 | 3,869 | 3,339 | S100KLK1 |
| FY ending Oct 2020 | 39,218 | 2,261 | 5.8% | 1,532 | 662 | 243 | S100NANL |
| FY ending Oct 2021 | 45,133 | 2,844 | 6.3% | 2,108 | 2,143 | 1,132 | S100Q172 |
| FY ending Oct 2022 | 45,589 | 3,300 | 7.2% | 2,659 | -1,740 | -2,020 | S100SP1J |
| FY ending Oct 2023 | 49,629 | 4,048 | 8.2% | 2,734 | 3,512 | 3,282 | S100V5U9 |
| FY ending Oct 2024 | 52,119 | 4,703 | 9.0% | 3,616 | 3,364 | 2,816 | S100XHQ6 |
| FY ending Oct 2025 | 59,365 | 5,353 | 9.0% | 3,851 | 2,376 | -135 | S100XHQ6 |

## People and productivity（FY ending Oct 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥82M |
| Operating income per employee (consolidated) | ¥7.4M |
| Net income per employee (consolidated) | ¥5.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 744 | 753 | 767 | 786 | 724 |
| Average salary (parent company) | ¥7.6M | ¥7.9M | ¥8.1M | ¥8.8M | ¥9.5M |
| Average age (parent company) | 40.1 years | 40.0 years | 40.0 years | 40.0 years | 40.2 years |
| Average tenure (parent company) | 13.7 years | 13.7 years | 13.6 years | 13.6 years | 13.7 years |

Year over year: Employees (consolidated) -7.9% · Revenue (consolidated) +13.9%

## Segments（FY ending Oct 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Machinery manufacturing and sales | 15,238 | 25.7% | 1,844 | 12.1% |
| Chemical industry products sales | 44,127 | 74.3% | 3,508 | 8.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Machinery manufacturing and sales | 25.7% | 34.5% | 8.8 | 12.1% |
| Chemical industry products sales | 74.3% | 65.5% | -8.8 | 8.0% |

Segment → industry: Chemical industry products sales → Specialty Trading & Wholesale / Machinery manufacturing and sales → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,376 | 4.0% | S100XHQ6 |
| Capital expenditure | 2,512 | 4.2% | S100XHQ6 |
| Free cash flow | -135 | -0.2% | 算出 |
| Investing cash flow | -2,474 | -4.2% | S100XHQ6 |
| Financing cash flow | -1,547 | -2.6% | S100XHQ6 |
| Dividends paid | 1,547 | 2.6% | S100XHQ6 |
| Share buyback | 0 | 0.0% | S100XHQ6 |
| Change in cash | -1,565 | -2.6% | S100XHQ6 |
| Cash and equivalents | 13,368 | 22.5% | S100XHQ6 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,607 | 10,733 | 13,520 | 14,933 | 13,368 | S100SP1J, S100V5U9, S100XHQ6 |
| Total assets | 43,254 | 45,742 | 49,007 | 53,190 | 56,386 | S100Q172, S100SP1J, S100V5U9, S100XHQ6 |
| Net assets | 31,841 | 34,388 | 36,833 | 39,351 | 42,737 | S100SP1J, S100V5U9, S100XHQ6 |
| Share capital | 1,061 | 1,061 | 1,061 | 1,061 | 1,061 | S100Q172, S100SP1J, S100V5U9, S100XHQ6 |
| Trade receivables | 11,694 | — | — | — | — | S100Q172 |
| Property, plant and equipment | 5,910 | 5,824 | 5,495 | 5,660 | 7,815 | S100Q172, S100SP1J, S100V5U9, S100XHQ6 |
| Intangible assets excluding goodwill | 81 | 87 | 136 | 104 | 75 | S100Q172, S100SP1J, S100V5U9, S100XHQ6 |
| Investment securities | 1,425 | 1,307 | 1,462 | 1,523 | 2,202 | S100Q172, S100SP1J, S100V5U9, S100XHQ6 |
| Current assets | 33,405 | 35,980 | 39,030 | 42,240 | 41,756 | S100Q172, S100SP1J, S100V5U9, S100XHQ6 |
| Current liabilities | 10,671 | 10,675 | 11,359 | 13,248 | 12,693 | S100Q172, S100SP1J, S100V5U9, S100XHQ6 |
| Trade payables | 4,209 | 4,583 | 4,348 | 4,978 | 4,578 | S100Q172, S100SP1J, S100V5U9, S100XHQ6 |
| Total liabilities | 11,413 | 11,354 | 12,174 | 13,838 | 13,649 | S100Q172, S100SP1J, S100V5U9, S100XHQ6 |
| Equity attributable to owners of parent | 30,902 | 33,063 | 35,118 | 37,407 | 39,711 | S100Q172, S100SP1J, S100V5U9, S100XHQ6 |
| Retained earnings | 28,722 | 30,882 | 32,937 | 35,226 | 37,170 | S100Q172, S100SP1J, S100V5U9, S100XHQ6 |
| Treasury stock | -364 | -364 | -364 | -364 | -3 | S100Q172, S100SP1J, S100V5U9, S100XHQ6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100XHQ6 |
| Property, plant and equipment | 14% | S100XHQ6 |
| Intangibles and goodwill | 0% | S100XHQ6 |
| Investment securities | 4% | S100XHQ6 |
| Other assets | 58% | S100XHQ6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100XHQ6 |
| Other liabilities | 16% | S100XHQ6 |
| Equity | 76% | S100XHQ6 |
| Other liabilities | 0% | S100XHQ6 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 43,254 | 45,742 | 49,007 | 53,190 | 56,386 |
| Equity | 31,841 | 34,388 | 36,833 | 39,351 | 42,737 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,607 | 10,733 | 13,520 | 14,933 | 13,368 |

## 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) | 13.2% | S100XHQ6 |
| Fixed assets ÷ total assets | 13.9% | S100XHQ6 |
| Goodwill ÷ parent equity | — | —, S100XHQ6 |

### 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) | 23.7% |
| Cash ÷ revenue | 22.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 44.4% |
| Cash vs. profit gap | -1,475 JPY mn (of net income -38.3%) |
| Shareholder returns / net income | 40.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 40.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 104.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.7% | 1.04× | 4.9% | 1.40× | 6.8% | S100Q172 |
| 2022 | 5.8% | 1.02× | 6.0% | 1.39× | 8.3% | S100SP1J |
| 2023 | 5.5% | 1.05× | 5.8% | 1.39× | 8.0% | S100V5U9 |
| 2024 | 6.9% | 1.02× | 7.1% | 1.41× | 10.0% | S100XHQ6 |
| 2025 | 6.5% | 1.08× | 7.0% | 1.42× | 10.0% | S100XHQ6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱ | Major shareholder | 8.4% | 2025-10-31 |
| UH Partners ２投資事業有限責任組合 | Major shareholder | 6.8% | 2025-10-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.4% | 2025-10-31 |
| 巴工業取引先持株会 | Major shareholder | 3.2% | 2025-10-31 |
| 山口 温子 | Major shareholder | 3.1% | 2025-10-31 |
| 野田 眞利子 | Major shareholder | 3.0% | 2025-10-31 |
| 巴工業従業員持株会 | Major shareholder | 2.3% | 2025-10-31 |
| エスアイエル投資事業有限責任組合 | Major shareholder | 2.2% | 2025-10-31 |
| ㈱みずほ銀行 | Major shareholder | 1.7% | 2025-10-31 |
| 土肥 幸子 | Major shareholder | 1.6% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第96期(2024/11/01－2025/10/31) | S100XHQ6 | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHQ6,, |
| 有価証券報告書－第95期(2023/11/01－2024/10/31) | S100V5U9 | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5U9,, |
| 有価証券報告書－第94期(2022/11/01－2023/10/31) | S100SP1J | 2024-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SP1J,, |
| 有価証券報告書－第93期(2021/11/01－2022/10/31) | S100Q172 | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q172,, |
| 有価証券報告書－第92期(令和2年11月1日－令和3年10月31日) | S100NANL | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NANL,, |
| 有価証券報告書－第91期(令和1年11月1日－令和2年10月31日) | S100KLK1 | 2021-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLK1,, |

## 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).