# TONE CO.,LTD.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第91期(2025/06/01－2026/05/31) (S100YZDE)
> Page: https://vizora.meequs.com/en/company/tone
> Retrieved: 2026-09-30T19:05:58.203Z

## Company

Tone, founded in 1925, is a company in Machine Tools listed on TSE Standard. It has 149 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TONE CO., LTD. |
| Ticker | 5967 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5967.T) |
| Listing | TSE Standard |
| Head office | 大阪府河内長野市寿町6番25号 |
| Representative (per filing) | 代表取締役社長執行役員 矢野 大司郎 |
| Founded | Jan 1925 |
| Share capital | ¥605M |
| Employees (consolidated) | 149 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | May |
| Website | www.tonetool.co.jp (https://www.tonetool.co.jp/) |
| Corporate number | 9120001013625 |
| EDINET | E01380 |
| Industries (Vizora) | Machine Tools |

> Profile source: annual securities report (S100YZDE, filed 2026-08-28). As of filing

## Five-axis industry profile

Primary industry: Machine Tools (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.8 | 34 |
| Profitability | 86.8 | 34 |
| Cash conversion | 69.4 | 31 |
| Efficiency | 25 | 34 |

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 80% of Tone's sales come from Japan, with Overseas making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +3.5% from the prior year, operating profit +36.1%.

## Company structure

- Segment revenue mix: Japan 79.8%、Overseas 20.2%
- Revenue → net income: ¥7859934000 → ¥1089735000
- Net income → operating cash flow: ¥1089735000 → ¥2258024000（difference ¥1168289000）
- Main uses of operating cash flow: CapEx ¥65016000 / dividends ¥179186000 / buybacks ¥171240000
- Change in cash: ¥3156853000
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 | ¥7.86B |  |
| Operating income | ¥1.36B | Margin 17.4% |
| Net income | ¥1.09B | Margin 13.9% |
| Free cash flow | ¥2.19B |  |
| Largest business | Japan | of segment revenue 79.8% |
| Employees (consolidated) | 149 |  |
| EPS | ¥38.98 |  |
| Book value per share | ¥558.58 |  |
| Equity ratio | 69.9% |  |
| Shares outstanding | 23,426,000 |  |
| Treasury shares | 750,700 |  |
| Shareholders | 8,001 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 28.0% | Cash ÷ revenue 64.5% |
| Vs. industry median margin | +10.2 pp | Machine Tools |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 6.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, employees -7% while operating income rose 36%
- FY2026, segment profit share differs by -26 points

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6120194000 | ¥7859934000 | +28.4% |
| Operating income | ¥1146630000 | ¥1364025000 | +19.0% |
| Operating margin | 18.7% | 17.4% | -1.4 pp |
| Employees | 137 people | 149 people | +8.8% |
| Cash and equivalents | ¥2374697000 | ¥5069902000 | +113.5% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内 → 国内 | 79.0% |
| 海外 → 海外 | 20.2% |
| 海外 → 事業再編・廃止 | 0.8% |
| 新設・再編 → 国内 | 0.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,860 | 100.0% | S100YZDE |
| Cost of revenue | 4,591 | 58.4% | S100YZDE |
| Gross profit | 3,269 | 41.6% | S100YZDE |
| SG&A | 1,905 | 24.2% | S100YZDE |
| Operating income | 1,364 | 17.4% | S100YZDE |
| Ordinary income | 1,473 | 18.7% | S100YZDE |
| Pretax income | 1,554 | 19.8% | S100YZDE |
| Income tax | 464 | 5.9% | S100YZDE |
| Net income | 1,090 | 13.9% | S100YZDE |
| Net income attributable to owners | 1,090 | 13.9% | S100YZDE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 24 |
| Operating income | 17 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 41.6% → Operating margin 17.4% → Net margin 13.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.5%; Core profit growth: +36.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 10.22×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,592 | 7,860 | 268 | +3.5% |
| Gross profit | 2,963 | 3,269 | 306 | +10.3% |
| Operating income | 1,002 | 1,364 | 362 | +36.1% |
| Net income attributable to owners | 787 | 1,090 | 303 | +38.5% |
| Operating cash flow | 629 | 2,258 | 1,629 | +258.9% |
| Free cash flow | 240 | 2,193 | 1,953 | +815.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 5,949 | 906 | 15.2% | 629 | 852 | 623 | S100MCJU |
| FY ending May 2021 | 6,120 | 1,147 | 18.7% | 842 | 1,051 | 998 | S100P31T |
| FY ending May 2022 | 6,446 | 986 | 15.3% | 693 | 770 | 80 | S100RIJC |
| FY ending May 2023 | 6,801 | 1,223 | 18.0% | 867 | 382 | 151 | S100UAHW |
| FY ending May 2024 | 7,579 | 1,125 | 14.8% | 943 | -760 | -1,199 | S100WLV7 |
| FY ending May 2025 | 7,592 | 1,002 | 13.2% | 787 | 629 | 240 | S100YZDE |
| FY ending May 2026 | 7,860 | 1,364 | 17.4% | 1,090 | 2,258 | 2,193 | S100YZDE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.8M |
| Operating income per employee (consolidated) | ¥9.2M |
| Net income per employee (consolidated) | ¥7.3M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 156 | 152 | 155 | 160 | 149 |
| Average salary (parent company) | ¥5.9M | ¥6M | ¥7.2M | ¥6.7M | ¥6.5M |
| Average age (parent company) | 44.1 years | 45.7 years | 44.7 years | 43.1 years | 42.6 years |
| Average tenure (parent company) | 18.4 years | 20.0 years | 19.1 years | 18.0 years | 17.9 years |

Year over year: Employees (consolidated) -6.9% · Revenue (consolidated) +3.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 6,271 | 79.8% | 734 | 11.7% |
| Overseas | 1,588 | 20.2% | 631 | 39.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 79.8% | 53.8% | -26.0 | 11.7% |
| Overseas | 20.2% | 46.2% | 26.0 | 39.7% |

Segment → industry: Overseas → Machine Tools / Japan → Machine Tools

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,258 | 28.7% | S100YZDE |
| Capital expenditure | 65 | 0.8% | S100YZDE |
| Free cash flow | 2,193 | 27.9% | 算出 |
| Investing cash flow | -724 | -9.2% | S100YZDE |
| Financing cash flow | 1,614 | 20.5% | S100YZDE |
| Dividends paid | 179 | 2.3% | S100YZDE |
| Share buyback | 171 | 2.2% | S100YZDE |
| Change in cash | 3,157 | 40.2% | S100YZDE |
| Cash and equivalents | 5,070 | 64.5% | S100YZDE |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,698 | 1,840 | 2,249 | 1,913 | 5,070 | S100UAHW, S100WLV7, S100YZDE |
| Total assets | 9,973 | 11,345 | 14,874 | 14,532 | 18,109 | S100RIJC, S100UAHW, S100WLV7, S100YZDE |
| Net assets | 8,514 | 9,727 | 10,670 | 11,299 | 12,656 | S100UAHW, S100WLV7, S100YZDE |
| Share capital | 605 | 605 | 605 | 605 | 605 | S100RIJC, S100UAHW, S100WLV7, S100YZDE |
| Trade receivables | 1,459 | 1,688 | 1,850 | 1,717 | 1,746 | S100RIJC, S100UAHW, S100WLV7, S100YZDE |
| Property, plant and equipment | 2,414 | 2,555 | 3,012 | 3,127 | 3,060 | S100RIJC, S100UAHW, S100WLV7, S100YZDE |
| Intangible assets excluding goodwill | 87 | 67 | 51 | 31 | 18 | S100RIJC, S100UAHW, S100WLV7, S100YZDE |
| Investment securities | 1,230 | 1,476 | 2,250 | 2,293 | 3,139 | S100RIJC, S100UAHW, S100WLV7, S100YZDE |
| Current assets | 5,873 | 6,879 | 9,183 | 8,715 | 11,573 | S100RIJC, S100UAHW, S100WLV7, S100YZDE |
| Current liabilities | 1,345 | 1,406 | 2,018 | 1,377 | 1,611 | S100RIJC, S100UAHW, S100WLV7, S100YZDE |
| Trade payables | 613 | 734 | 817 | 440 | 276 | S100RIJC, S100UAHW, S100WLV7, S100YZDE |
| Long-term borrowings | — | — | 1,761 | 1,401 | 3,138 | S100WLV7, S100YZDE |
| Bonds | — | — | 43 | 36 | 29 | S100WLV7, S100YZDE |
| Total liabilities | 1,459 | 1,618 | 4,203 | 3,233 | 5,453 | S100RIJC, S100UAHW, S100WLV7, S100YZDE |
| Equity attributable to owners of parent | 8,296 | 9,287 | 9,752 | 10,357 | 11,111 | S100RIJC, S100UAHW, S100WLV7, S100YZDE |
| Retained earnings | 7,569 | 8,300 | 9,004 | 9,556 | 10,439 | S100RIJC, S100UAHW, S100WLV7, S100YZDE |
| Treasury stock | -511 | -406 | -660 | -612 | -738 | S100RIJC, S100UAHW, S100WLV7, S100YZDE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YZDE |
| Receivables | 10% | S100YZDE |
| Property, plant and equipment | 17% | S100YZDE |
| Intangibles and goodwill | 0% | S100YZDE |
| Investment securities | 17% | S100YZDE |
| Other assets | 28% | S100YZDE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YZDE |
| Other liabilities | 29% | S100YZDE |
| Equity | 70% | S100YZDE |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,973 | 11,345 | 14,874 | 14,532 | 18,109 |
| Equity | 8,514 | 9,727 | 10,670 | 11,299 | 12,656 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,698 | 1,840 | 2,249 | 1,913 | 5,070 |

## 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) | 38.9% | S100YZDE |
| Fixed assets ÷ total assets | 16.9% | S100YZDE |
| Goodwill ÷ parent equity | — | —, S100YZDE |

### 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) | 28.0% |
| Cash ÷ revenue | 64.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 165.5% |
| Cash vs. profit gap | 1,168 JPY mn (of net income 107.2%) |
| Shareholder returns / net income | 32.2% |
| Shareholder returns / FCF | 16.0% |
| Shareholder payments — dividends / net income | 16.4% |
| Shareholder payments — dividends / FCF | 8.2% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 32.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 10.7% | 0.65× | 6.9% | 1.20× | 8.3% | S100RIJC |
| 2023 | 12.7% | 0.64× | 8.1% | 1.21× | 9.9% | S100UAHW |
| 2024 | 12.4% | 0.58× | 7.2% | 1.38× | 9.9% | S100WLV7 |
| 2025 | 10.4% | 0.52× | 5.4% | 1.46× | 7.8% | S100YZDE |
| 2026 | 13.9% | 0.48× | 6.7% | 1.52× | 10.2% | S100YZDE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| スパイラルキャピタルパートナーズ 株式会社 | Major shareholder | 13.7% | 2026-05-31 |
| 中央自動車工業株式会社 | Major shareholder | 8.8% | 2026-05-31 |
| 日本生命保険相互会社 | Major shareholder | 5.0% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.4% | 2026-05-31 |
| 株式会社山善 | Major shareholder | 4.2% | 2026-05-31 |
| ＴＯＮＥ株式会社従業員持株会 | Major shareholder | 3.7% | 2026-05-31 |
| アスカ株式会社 | Major shareholder | 3.5% | 2026-05-31 |
| 株式会社北陸銀行 | Major shareholder | 3.4% | 2026-05-31 |
| 株式会社関西みらい銀行 | Major shareholder | 3.4% | 2026-05-31 |
| 上田八木短資株式会社 | Major shareholder | 2.5% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第91期(2025/06/01－2026/05/31) | S100YZDE | 2026-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YZDE,, |
| 有価証券報告書－第90期(2024/06/01－2025/05/31) | S100WLV7 | 2025-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLV7,, |
| 有価証券報告書－第89期(2023/06/01－2024/05/31) | S100UAHW | 2024-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAHW,, |
| 有価証券報告書－第88期(2022/06/01－2023/05/31) | S100RIJC | 2023-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RIJC,, |
| 有価証券報告書－第87期(令和3年6月1日－令和4年5月31日) | S100P31T | 2022-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P31T,, |
| 有価証券報告書－第86期(令和2年6月1日－令和3年5月31日) | S100MCJU | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCJU,, |

## 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).