# TOPY INDUSTRIES,LIMITED: 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132期(2025/04/01－2026/03/31) (S100YJBN)
> Page: https://vizora.meequs.com/en/company/topy-industries
> Retrieved: 2026-09-30T18:36:33.542Z

## Company

Topy Industries, founded in 1921, is a company in Auto Parts listed on TSE Prime. It has 5,290 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOPY INDUSTRIES, LIMITED |
| Ticker | 7231 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7231.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区大崎一丁目2番2号 |
| Representative (per filing) | 代表取締役社長 石井 博美 |
| Founded | Oct 1921 |
| Share capital | ¥21B |
| Employees (consolidated) | 5,290 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.topy.co.jp (https://www.topy.co.jp/) |
| Corporate number | 2010701019419 |
| EDINET | E01230 |
| Industries (Vizora) | Auto Parts, Steel, Construction & Farm Machinery |

> Profile source: annual securities report (S100YJBN, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35 | 110 |
| Profitability | 22.1 | 111 |
| Cash conversion | 48.6 | 108 |
| Efficiency | 64.4 | 111 |
| Financial strength | 46.4 | 14 |

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 68% of Topy Industries's sales come from Automobile and Industrial Machinery Components Business, with Steel Business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -1.0% from the prior year, operating profit +46.8%.

## Company structure

- Segment revenue mix: Automobile and Industrial Machinery Components Business 67.7%、Steel Business 30.0%、Other 2.3%
- Revenue → net income: ¥297750000000 → ¥10233000000
- Net income → operating cash flow: ¥10233000000 → ¥13129000000（difference ¥2896000000）
- Main uses of operating cash flow: CapEx ¥10155000000 / dividends ¥2478000000 / buybacks ¥1250000000
- Change in cash: ¥1226000000
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 | ¥297.8B |  |
| Operating income | ¥7.78B | Margin 2.6% |
| Net income | ¥10.2B | Margin 3.4% |
| Free cash flow | ¥2.97B |  |
| Largest business | Automobile and Industrial Machinery Components Business | of segment revenue 67.7% |
| Employees (consolidated) | 5,290 |  |
| EPS | ¥460.12 |  |
| Book value per share | ¥3938.28 |  |
| Equity ratio | 53.0% |  |
| Shares outstanding | 24,077,000 |  |
| Treasury shares | 2,193,800 |  |
| Shareholders | 13,430 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 10.3% | Net cash -¥23.9B · Cash ÷ revenue 9.4% |
| Vs. industry median margin | -2.1 pp | Auto Parts |
| ROE | 9.0% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 77% of positive segment profit
- FY2026, employees -1% while operating income rose 47%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥225121000000 | ¥297750000000 | +32.3% |
| Operating income | ¥-2943000000 | ¥7783000000 | — |
| Operating margin | -1.3% | 2.6% | +3.9 pp |
| Employees | 6,153 people | 5,290 people | -14.0% |
| Cash and equivalents | ¥23319000000 | ¥27847000000 | +19.4% |

### 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 → 事業再編・廃止 | 33.4% |
| 自動車・産業機械部品 → 事業再編・廃止 | 60.2% |
| その他 → その他 | 2.2% |
| 発電 → 事業再編・廃止 | 3.4% |
| サイエンス → 事業再編・廃止 | 0.4% |
| 賃貸 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 鉄鋼 | 30.0% |
| 新設・再編 → 自動車・産業機械部品 | 67.7% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automobile and Industrial Machinery Components Business | — | — | ¥201635000000 | 5.4% | 2 |
| Steel Business | — | — | ¥89226000000 | 2.8% | 2 |
| Other | 5 years | +7.0% | ¥6889000000 | 12.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 297,750 | 100.0% | S100YJBN |
| Cost of revenue | 251,434 | 84.4% | S100YJBN |
| Gross profit | 46,315 | 15.6% | S100YJBN |
| SG&A | 38,531 | 12.9% | S100YJBN |
| Operating income | 7,783 | 2.6% | S100YJBN |
| Ordinary income | 8,618 | 2.9% | S100YJBN |
| Pretax income | 14,484 | 4.9% | S100YJBN |
| Income tax | 4,250 | 1.4% | S100YJBN |
| Net income | 10,233 | 3.4% | S100YJBN |
| Net income attributable to owners | 10,151 | 3.4% | S100YJBN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 13 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 15.6% → Operating margin 2.6% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.0%; Core profit growth: +46.8%
Operating leverage (core profit growth ÷ revenue growth): -49.24×
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 | 300,610 | 297,750 | -2,860 | -1.0% |
| Gross profit | 42,429 | 46,315 | 3,886 | +9.2% |
| Operating income | 5,300 | 7,783 | 2,483 | +46.8% |
| Net income attributable to owners | 6,387 | 10,151 | 3,764 | +58.9% |
| Operating cash flow | 15,390 | 13,129 | -2,261 | -14.7% |
| Free cash flow | 7,014 | 2,974 | -4,040 | -57.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 263,305 | 2,851 | 1.1% | -4,497 | 16,206 | -458 | S100LPMY |
| FY ending Mar 2021 | 225,121 | -2,943 | -1.3% | 578 | 5,730 | -5,902 | S100OEG3 |
| FY ending Mar 2022 | 271,178 | -1,706 | -0.6% | 386 | -5,528 | -14,014 | S100R3BF |
| FY ending Mar 2023 | 334,496 | 7,175 | 2.1% | 6,321 | 15,058 | 6,472 | S100TPYF |
| FY ending Mar 2024 | 333,992 | 10,440 | 3.1% | 4,676 | 22,318 | 12,980 | S100W2NQ |
| FY ending Mar 2025 | 300,610 | 5,300 | 1.8% | 6,387 | 15,390 | 7,014 | S100YJBN |
| FY ending Mar 2026 | 297,750 | 7,783 | 2.6% | 10,151 | 13,129 | 2,974 | S100YJBN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.3M |
| Operating income per employee (consolidated) | ¥1.5M |
| 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) | 5,897 | 5,706 | 5,621 | 5,340 | 5,290 |
| Average salary (parent company) | ¥6.1M | ¥6.4M | ¥6.7M | ¥7.1M | ¥7.2M |
| Average age (parent company) | 41.3 years | 41.7 years | 41.6 years | 41.6 years | 41.7 years |
| Average tenure (parent company) | 18.2 years | 18.1 years | 17.9 years | 17.7 years | 17.5 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) -1.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel Business | 89,226 | 30.0% | 2,470 | 2.8% |
| Automobile and Industrial Machinery Components Business | 201,635 | 67.7% | 10,917 | 5.4% |
| Other | 6,889 | 2.3% | 882 | 12.8% |

### 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 Business | 30.0% | 17.3% | -12.7 | 2.8% |
| Automobile and Industrial Machinery Components Business | 67.7% | 76.5% | 8.8 | 5.4% |
| Other | 2.3% | 6.2% | 3.9 | 12.8% |

Segment → industry: Automobile and Industrial Machinery Components Business → Auto Parts / Steel Business → Steel / Automobile and Industrial Machinery Components Business → Construction & Farm Machinery

## 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 | 13,129 | 4.4% | S100YJBN |
| Capital expenditure | 10,155 | 3.4% | S100YJBN |
| Free cash flow | 2,974 | 1.0% | 算出 |
| Investing cash flow | 1,644 | 0.6% | S100YJBN |
| Financing cash flow | -13,678 | -4.6% | S100YJBN |
| Dividends paid | 2,478 | 0.8% | S100YJBN |
| Share buyback | 1,250 | 0.4% | S100YJBN |
| Change in cash | 1,226 | 0.4% | S100YJBN |
| Cash and equivalents | 27,847 | 9.4% | S100YJBN |

## 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 | 19,850 | 22,588 | 23,208 | 26,621 | 27,847 | S100TPYF, S100W2NQ, S100YJBN |
| Total assets | 282,195 | 292,322 | 298,291 | 281,751 | 271,578 | S100R3BF, S100TPYF, S100W2NQ, S100YJBN |
| Net assets | 113,703 | 121,425 | 140,988 | 136,713 | 145,410 | S100TPYF, S100W2NQ, S100YJBN |
| Share capital | 20,983 | 20,983 | 20,983 | 20,983 | 20,983 | S100R3BF, S100TPYF, S100W2NQ, S100YJBN |
| Property, plant and equipment | 95,338 | 92,662 | 84,558 | 80,616 | 78,469 | S100R3BF, S100TPYF, S100W2NQ, S100YJBN |
| Intangible assets excluding goodwill | 3,440 | 3,014 | 3,400 | 3,436 | 2,972 | S100R3BF, S100TPYF, S100W2NQ, S100YJBN |
| Goodwill | 780 | 655 | 530 | 405 | 280 | S100R3BF, S100TPYF, S100W2NQ, S100YJBN |
| Investment securities | 27,506 | 27,263 | 42,580 | 30,748 | 26,713 | S100R3BF, S100TPYF, S100W2NQ, S100YJBN |
| Current assets | 144,420 | 158,573 | 157,212 | 155,185 | 150,872 | S100R3BF, S100TPYF, S100W2NQ, S100YJBN |
| Current liabilities | 87,196 | 95,295 | 96,223 | 95,852 | 88,407 | S100R3BF, S100TPYF, S100W2NQ, S100YJBN |
| Trade payables | 33,731 | 36,097 | 31,494 | 30,375 | 29,786 | S100R3BF, S100TPYF, S100W2NQ, S100YJBN |
| Short-term borrowings | 22,807 | 17,305 | 21,059 | 26,280 | 22,720 | S100R3BF, S100TPYF, S100W2NQ, S100YJBN |
| Long-term borrowings | 26,228 | 29,282 | 18,381 | 11,891 | 11,029 | S100R3BF, S100TPYF, S100W2NQ, S100YJBN |
| Bonds | 37,000 | 30,000 | 30,000 | 25,000 | 18,000 | S100R3BF, S100TPYF, S100W2NQ, S100YJBN |
| Interest-bearing debt | 86,035 | 76,587 | 69,440 | 63,171 | 51,749 | 算出 |
| Total liabilities | 168,492 | 170,897 | 157,303 | 145,038 | 126,168 | S100R3BF, S100TPYF, S100W2NQ, S100YJBN |
| Non-controlling interests | 1,045 | 1,159 | 1,306 | 1,435 | 1,440 | S100R3BF, S100TPYF, S100W2NQ, S100YJBN |
| Equity attributable to owners of parent | 99,417 | 104,604 | 107,040 | 109,379 | 115,804 | S100R3BF, S100TPYF, S100W2NQ, S100YJBN |
| Retained earnings | 62,114 | 67,518 | 69,953 | 73,984 | 81,651 | S100R3BF, S100TPYF, S100W2NQ, S100YJBN |
| Treasury stock | -2,287 | -2,503 | -2,503 | -4,210 | -5,684 | S100R3BF, S100TPYF, S100W2NQ, S100YJBN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YJBN |
| Property, plant and equipment | 29% | S100YJBN |
| Intangibles and goodwill | 1% | S100YJBN |
| Investment securities | 10% | S100YJBN |
| Other assets | 50% | S100YJBN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YJBN |
| Interest-bearing debt | 19% | 算出 |
| Other liabilities | 16% | S100YJBN |
| Equity | 54% | S100YJBN |

### 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 | 282,195 | 292,322 | 298,291 | 281,751 | 271,578 |
| Equity | 113,703 | 121,425 | 140,988 | 136,713 | 145,410 |
| Interest-bearing debt | 86,035 | 76,587 | 69,440 | 63,171 | 51,749 |
| Cash | 19,850 | 22,588 | 23,208 | 26,621 | 27,847 |

## 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) | 26.4% | S100YJBN |
| Fixed assets ÷ total assets | 28.9% | S100YJBN |
| Goodwill ÷ parent equity | 0.2% | S100YJBN |

Goodwill over 4 years: 780 → 280 JPY; total investing cash flow: -20,702 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) | 10.3% |
| Cash ÷ revenue | 9.4% |
| Net cash (cash − interest-bearing debt) | -¥23.9B |
| Net debt ÷ operating cash flow | 1.82× |
| Cash conversion (operating CF ÷ operating income) | 168.7% |
| Cash vs. profit gap | 2,978 JPY mn (of net income 29.3%) |
| Shareholder returns / net income | 36.7% |
| Shareholder returns / FCF | 125.4% |
| Shareholder payments — dividends / net income | 24.4% |
| Shareholder payments — dividends / FCF | 83.3% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 12.5% |

## 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 | 0.1% | 0.96× | 0.1% | 2.84× | 0.4% | S100R3BF |
| 2023 | 1.9% | 1.16× | 2.2% | 2.82× | 6.2% | S100TPYF |
| 2024 | 1.4% | 1.13× | 1.6% | 2.79× | 4.4% | S100W2NQ |
| 2025 | 2.1% | 1.04× | 2.2% | 2.68× | 5.9% | S100YJBN |
| 2026 | 3.4% | 1.08× | 3.7% | 2.46× | 9.0% | S100YJBN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本製鉄株式会社 | Major shareholder | 22.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 8.6% | 2026-03-31 |
| トピーファンド | Major shareholder | 5.7% | 2026-03-31 |
| 明治安田生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社みずほ銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 3.6% | 2026-03-31 |
| トピー工業グループ社員持株会 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.3% | 2026-03-31 |
| INTERACTIVE BROKERS LLC(常任代理人 インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 2.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC(常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第132期(2025/04/01－2026/03/31) | S100YJBN | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJBN,, |
| 有価証券報告書－第131期(2024/04/01－2025/03/31) | S100W2NQ | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2NQ,, |
| 有価証券報告書－第130期(2023/04/01－2024/03/31) | S100TPYF | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPYF,, |
| 有価証券報告書－第129期(2022/04/01－2023/03/31) | S100R3BF | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3BF,, |
| 有価証券報告書－第128期(令和3年4月1日－令和4年3月31日) | S100OEG3 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEG3,, |
| 有価証券報告書－第127期(令和2年4月1日－令和3年3月31日) | S100LPMY | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPMY,, |

## 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).