# TOMOKU 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87期(2025/04/01－2026/03/31) (S100YFA2)
> Page: https://vizora.meequs.com/en/company/tomoku
> Retrieved: 2026-09-30T20:24:40.530Z

## Company

Tomoku, founded in 1949, is a company in Paper & Pulp listed on TSE Prime. It has 3,965 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOMOKU CO., LTD. |
| Ticker | 3946 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3946.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内二丁目2番2号 |
| Representative (per filing) | 代表取締役社長執行役員 中橋光男 |
| Founded | May 1949 |
| Share capital | ¥13.7B |
| Employees (consolidated) | 3,965 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.tomoku.co.jp (https://www.tomoku.co.jp/) |
| Corporate number | 7010001024692 |
| EDINET | E00669 |
| Industries (Vizora) | Paper & Pulp, Homebuilders, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YFA2, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Paper & Pulp (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.8 | 17 |
| Profitability | 67.6 | 17 |
| Cash conversion | 32.4 | 17 |
| Efficiency | 91.2 | 17 |

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 56% of Tomoku's sales come from Cardboard, with Housing and Transportation warehouse making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +2.0% from the prior year, operating profit +21.6%.

## Company structure

- Segment revenue mix: Cardboard 55.6%、Housing 24.6%、Transportation warehouse 19.8%
- Revenue → net income: ¥224090000000 → ¥7470000000
- Net income → operating cash flow: ¥7470000000 → ¥15172000000（difference ¥7702000000）
- Main uses of operating cash flow: CapEx ¥9854000000 / dividends ¥1971000000 / buybacks ¥3000000
- Change in cash: ¥2539000000
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 | ¥224.1B |  |
| Operating income | ¥11.4B | Margin 5.1% |
| Net income | ¥7.36B | Margin 3.3% |
| Free cash flow | ¥5.32B |  |
| Largest business | Cardboard | of segment revenue 55.6% |
| Employees (consolidated) | 3,965 |  |
| EPS | ¥378.62 |  |
| Book value per share | ¥4359.23 |  |
| Equity ratio | 45.6% |  |
| Shares outstanding | 19,341,000 |  |
| Treasury shares | 2,927,000 |  |
| Shareholders | 5,781 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 10.6% | Cash ÷ revenue 10.6% |
| Vs. industry median margin | +1.4 pp | Paper & Pulp |
| ROE | 8.4% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 83% of positive segment profit
- FY2026, segment profit share differs by 28 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥175647000000 | ¥224090000000 | +27.6% |
| Operating income | ¥7230000000 | ¥11378000000 | +57.4% |
| Operating margin | 4.1% | 5.1% | +1 pp |
| Employees | 3,613 people | 3,965 people | +9.7% |
| Cash and equivalents | ¥13813000000 | ¥23825000000 | +72.5% |

### 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 |
| --- | ---: |
| 段ボール → 段ボール | 55.3% |
| 住宅 → 住宅 | 24.3% |
| 運輸倉庫 → 運輸倉庫 | 19.8% |
| 運輸倉庫 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 段ボール | 0.3% |
| 新設・再編 → 住宅 | 0.3% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cardboard | 5 years | +5.1% | ¥124628000000 | 8.4% | 2 |
| Housing | 5 years | +5.2% | ¥55171000000 | 1.8% | 2 |
| Transportation warehouse | 5 years | +4.3% | ¥44290000000 | 2.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 224,090 | 100.0% | S100YFA2 |
| Cost of revenue | 183,492 | 81.9% | S100YFA2 |
| Gross profit | 40,597 | 18.1% | S100YFA2 |
| SG&A | 29,218 | 13.0% | S100YFA2 |
| Operating income | 11,378 | 5.1% | S100YFA2 |
| Ordinary income | 11,445 | 5.1% | S100YFA2 |
| Pretax income | 11,220 | 5.0% | S100YFA2 |
| Income tax | 3,750 | 1.7% | S100YFA2 |
| Net income | 7,470 | 3.3% | S100YFA2 |
| Net income attributable to owners | 7,361 | 3.3% | S100YFA2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 13 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 18.1% → Operating margin 5.1% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.0%; Core profit growth: +21.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 10.58×
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 | 219,613 | 224,090 | 4,477 | +2.0% |
| Gross profit | 36,942 | 40,597 | 3,655 | +9.9% |
| Operating income | 9,360 | 11,378 | 2,018 | +21.6% |
| Net income attributable to owners | 6,508 | 7,361 | 853 | +13.1% |
| Operating cash flow | 18,142 | 15,172 | -2,970 | -16.4% |
| Free cash flow | 7,754 | 5,318 | -2,436 | -31.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 176,583 | 6,911 | 3.9% | 4,562 | 10,873 | 436 | S100LLOG |
| FY ending Mar 2021 | 175,647 | 7,230 | 4.1% | 4,887 | 11,074 | 1,303 | S100OODA |
| FY ending Mar 2022 | 206,007 | 8,331 | 4.0% | 5,980 | 16,701 | -1,070 | S100R35K |
| FY ending Mar 2023 | 212,817 | 7,452 | 3.5% | 5,251 | 7,013 | -2,474 | S100TPY1 |
| FY ending Mar 2024 | 211,526 | 8,057 | 3.8% | 5,308 | 11,116 | 4,029 | S100W080 |
| FY ending Mar 2025 | 219,613 | 9,360 | 4.3% | 6,508 | 18,142 | 7,754 | S100YFA2 |
| FY ending Mar 2026 | 224,090 | 11,378 | 5.1% | 7,361 | 15,172 | 5,318 | S100YFA2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.5M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 3,790 | 3,717 | 3,783 | 3,830 | 3,965 |
| Average salary (parent company) | ¥5.2M | ¥5.4M | ¥5.5M | ¥5.7M | ¥5.8M |
| Average age (parent company) | 37.5 years | 38.3 years | 38.9 years | 39.3 years | 39.7 years |
| Average tenure (parent company) | 14.1 years | 14.5 years | 14.2 years | 14.0 years | 14.4 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) +2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cardboard | 124,628 | 55.6% | 10,455 | 8.4% |
| Housing | 55,171 | 24.6% | 1,015 | 1.8% |
| Transportation warehouse | 44,290 | 19.8% | 1,076 | 2.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cardboard | 55.6% | 83.3% | 27.7 | 8.4% |
| Housing | 24.6% | 8.1% | -16.5 | 1.8% |
| Transportation warehouse | 19.8% | 8.6% | -11.2 | 2.4% |

Segment → industry: Cardboard → Paper & Pulp / Housing → Homebuilders / Transportation warehouse → Trucking & Parcel Delivery / Transportation warehouse → Warehouses & Logistics Facilities

## 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 | 15,172 | 6.8% | S100YFA2 |
| Capital expenditure | 9,854 | 4.4% | S100YFA2 |
| Free cash flow | 5,318 | 2.4% | 算出 |
| Investing cash flow | -10,647 | -4.8% | S100YFA2 |
| Financing cash flow | -2,183 | -1.0% | S100YFA2 |
| Dividends paid | 1,971 | 0.9% | S100YFA2 |
| Share buyback | 3 | 0.0% | S100YFA2 |
| Change in cash | 2,539 | 1.1% | S100YFA2 |
| Cash and equivalents | 23,825 | 10.6% | S100YFA2 |

## 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 | 16,568 | 14,882 | 17,992 | 20,869 | 23,825 | S100TPY1, S100W080, S100YFA2 |
| Total assets | 190,018 | 195,378 | 213,366 | 206,825 | 223,835 | S100R35K, S100TPY1, S100W080, S100YFA2 |
| Net assets | 76,126 | 80,707 | 89,203 | 93,371 | 102,966 | S100TPY1, S100W080, S100YFA2 |
| Share capital | 13,669 | 13,669 | 13,669 | 13,669 | 13,669 | S100R35K, S100TPY1, S100W080, S100YFA2 |
| Property, plant and equipment | 90,916 | 94,597 | 96,350 | 95,405 | 99,125 | S100R35K, S100TPY1, S100W080, S100YFA2 |
| Intangible assets excluding goodwill | 1,725 | 1,433 | 1,051 | 718 | 364 | S100R35K, S100TPY1, S100W080, S100YFA2 |
| Goodwill | 1,410 | 1,136 | 776 | 446 | 62 | S100R35K, S100TPY1, S100W080, S100YFA2 |
| Investment securities | 7,855 | 7,634 | 12,047 | 11,012 | 15,178 | S100R35K, S100TPY1, S100W080, S100YFA2 |
| Current assets | 81,213 | 83,628 | 93,759 | 89,483 | 96,451 | S100R35K, S100TPY1, S100W080, S100YFA2 |
| Current liabilities | 49,426 | 67,641 | 66,491 | 53,497 | 65,737 | S100R35K, S100TPY1, S100W080, S100YFA2 |
| Trade payables | 22,633 | 22,793 | 23,518 | 22,223 | 24,486 | S100R35K, S100TPY1, S100W080, S100YFA2 |
| Short-term borrowings | 9,133 | 8,480 | 13,511 | 10,096 | 12,823 | S100R35K, S100TPY1, S100W080, S100YFA2 |
| Long-term borrowings | 54,164 | 37,276 | 47,355 | 50,328 | 44,161 | S100R35K, S100TPY1, S100W080, S100YFA2 |
| Total liabilities | 113,891 | 114,671 | 124,162 | 113,453 | 120,868 | S100R35K, S100TPY1, S100W080, S100YFA2 |
| Non-controlling interests | 464 | 509 | 579 | 637 | 819 | S100R35K, S100TPY1, S100W080, S100YFA2 |
| Equity attributable to owners of parent | 71,291 | 75,629 | 79,858 | 85,119 | 90,585 | S100R35K, S100TPY1, S100W080, S100YFA2 |
| Retained earnings | 50,558 | 54,882 | 59,090 | 64,509 | 69,891 | S100R35K, S100TPY1, S100W080, S100YFA2 |
| Treasury stock | -4,213 | -4,199 | -4,185 | -4,146 | -4,104 | S100R35K, S100TPY1, S100W080, S100YFA2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YFA2 |
| Property, plant and equipment | 44% | S100YFA2 |
| Intangibles and goodwill | 0% | S100YFA2 |
| Investment securities | 7% | S100YFA2 |
| Other assets | 38% | S100YFA2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YFA2 |
| Other liabilities | 43% | S100YFA2 |
| Equity | 46% | S100YFA2 |
| Other liabilities | 0% | S100YFA2 |

### 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 | 190,018 | 195,378 | 213,366 | 206,825 | 223,835 |
| Equity | 76,126 | 80,707 | 89,203 | 93,371 | 102,966 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,568 | 14,882 | 17,992 | 20,869 | 23,825 |

## 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) | 44.2% | S100YFA2 |
| Fixed assets ÷ total assets | 44.3% | S100YFA2 |
| Goodwill ÷ parent equity | 0.1% | S100YFA2 |

Goodwill over 4 years: 1,410 → 62 JPY; total investing cash flow: -55,800 JPY. This does not imply causation.

### 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) | 10.6% |
| Cash ÷ revenue | 10.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.3% |
| Cash vs. profit gap | 7,811 JPY mn (of net income 106.1%) |
| Shareholder returns / net income | 26.8% |
| Shareholder returns / FCF | 37.1% |
| Shareholder payments — dividends / net income | 26.8% |
| Shareholder payments — dividends / FCF | 37.1% |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 70.2% |

## 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 | 2.9% | 1.08× | 3.1% | 2.67× | 8.4% | S100R35K |
| 2023 | 2.5% | 1.10× | 2.7% | 2.62× | 7.1% | S100TPY1 |
| 2024 | 2.5% | 1.04× | 2.6% | 2.63× | 6.8% | S100W080 |
| 2025 | 3.0% | 1.05× | 3.1% | 2.55× | 7.9% | S100YFA2 |
| 2026 | 3.3% | 1.04× | 3.4% | 2.45× | 8.4% | S100YFA2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 9.8% | 2026-03-31 |
| 丸紅㈱ | Major shareholder | 5.6% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 5.2% | 2026-03-31 |
| 日本製紙㈱ | Major shareholder | 4.3% | 2026-03-31 |
| ホッカンホールディングス㈱ | Major shareholder | 3.7% | 2026-03-31 |
| 特種東海製紙㈱ | Major shareholder | 3.3% | 2026-03-31 |
| トーモク社員持株会 | Major shareholder | 3.3% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行㈱） | Major shareholder | 2.4% | 2026-03-31 |
| ㈱みずほ銀行（常任代理人 ㈱日本カストディ銀行） | Major shareholder | 2.4% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行㈱（常任代理人 日本マスタートラスト信託銀行㈱） | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第87期(2025/04/01－2026/03/31) | S100YFA2 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFA2,, |
| 有価証券報告書－第86期(2024/04/01－2025/03/31) | S100W080 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W080,, |
| 有価証券報告書－第85期(2023/04/01－2024/03/31) | S100TPY1 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPY1,, |
| 有価証券報告書－第84期(2022/04/01－2023/03/31) | S100R35K | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R35K,, |
| 訂正有価証券報告書－第83期(令和3年4月1日－令和4年3月31日) | S100OODA | 2022-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OODA,, |
| 有価証券報告書－第82期(令和2年4月1日－令和3年3月31日) | S100LLOG | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLOG,, |

## 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).