# TOSHIBA TEC 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101期(2025/04/01－2026/03/31) (S100YHCF)
> Page: https://vizora.meequs.com/en/company/toshiba-tec
> Retrieved: 2026-09-30T20:27:52.070Z

## Company

Toshiba TEC, founded in 1980, is a company in PCs & Peripherals listed on TSE Prime. It has 15,078 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOSHIBA TEC CORPORATION |
| Ticker | 6588 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6588.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区大崎一丁目11番1号 |
| Representative (per filing) | 代表取締役社長 錦織弘信 |
| Founded | Mar 1980 |
| Share capital | ¥40B |
| Employees (consolidated) | 15,078 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.toshibatec.co.jp (https://www.toshibatec.co.jp/) |
| Corporate number | 8010701016022 |
| EDINET | E01884 |
| Industries (Vizora) | PCs & Peripherals, Printers & Office Equipment |

> Profile source: annual securities report (S100YHCF, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: PCs & Peripherals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.2 | 11 |
| Profitability | 39.3 | 14 |
| Cash conversion | 40.9 | 11 |
| Efficiency | 75 | 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 61% of Toshiba TEC's sales come from Retail Solutions Business, with Workplace solutions Business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -1.3% from the prior year, operating profit -29.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥569.3B |  |
| Operating income | ¥14.3B | Margin 2.5% |
| Net income | -¥2.29B | Margin -0.4% |
| Free cash flow | -¥9.65B |  |
| Largest business | Retail Solutions Business | of segment revenue 61.1% |
| Employees (consolidated) | 15,078 |  |
| EPS | ¥-227.51 |  |
| Book value per share | ¥1303.17 |  |
| Equity ratio | 26.0% |  |
| Shares outstanding | 57,629,140 |  |
| Treasury shares | 4,641,300 |  |
| Shareholders | 6,694 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 10.9% | Cash ÷ revenue 6.9% |
| Vs. industry median margin | -1.2 pp | PCs & Peripherals |
| ROA | -0.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥405694000000 | ¥569265000000 | +40.3% |
| Operating income | ¥8263000000 | ¥14336000000 | +73.5% |
| Operating margin | 2.0% | 2.5% | +0.5 pp |
| Employees | 18,511 people | 15,078 people | -18.5% |
| Cash and equivalents | ¥51753000000 | ¥39500000000 | -23.7% |

### 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 |
| --- | ---: |
| リテールソリューション → リテールソリューション | 45.6% |
| プリンティングソリューション → 事業再編・廃止 | 25.4% |
| ワークプレイスソリューション → ワークプレイスソリューション | 28.9% |
| 新設・再編 → リテールソリューション | 15.4% |
| 新設・再編 → ワークプレイスソリューション | 10.0% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 569,265 | 100.0% | S100YHCF |
| Cost of revenue | 351,860 | 61.8% | S100YHCF |
| Gross profit | 217,405 | 38.2% | S100YHCF |
| SG&A | 203,069 | 35.7% | S100YHCF |
| Operating income | 14,336 | 2.5% | S100YHCF |
| Ordinary income | 10,608 | 1.9% | S100YHCF |
| Pretax income | 2,625 | 0.5% | S100YHCF |
| Income tax | 5,710 | 1.0% | S100YHCF |
| Net income | -3,085 | -0.5% | S100YHCF |
| Net income attributable to owners | -2,285 | -0.4% | S100YHCF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 36 |
| Operating income | 2 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 38.2% → Operating margin 2.5% → Net margin -0.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.3%; Core profit growth: -29.2%
Operating leverage (core profit growth ÷ revenue growth): 21.72×
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 | 577,023 | 569,265 | -7,758 | -1.3% |
| Gross profit | 227,829 | 217,405 | -10,424 | -4.6% |
| Operating income | 20,251 | 14,336 | -5,915 | -29.2% |
| Net income attributable to owners | 29,937 | -2,285 | -32,222 | -107.6% |
| Operating cash flow | 24,886 | 4,296 | -20,590 | -82.7% |
| Free cash flow | 7,941 | -9,648 | -17,589 | -221.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 483,799 | 13,977 | 2.9% | 3,730 | 20,751 | 8,089 | S100LSB6 |
| FY ending Mar 2021 | 405,694 | 8,263 | 2.0% | 7,126 | 9,240 | 126 | S100OGQX |
| FY ending Mar 2022 | 445,317 | 11,566 | 2.6% | 5,381 | 10,037 | 572 | S100R93T |
| FY ending Mar 2023 | 510,767 | 16,078 | 3.1% | -13,745 | 15,106 | 4,102 | S100TXJE |
| FY ending Mar 2024 | 548,135 | 15,854 | 2.9% | -6,707 | 19,411 | 3,545 | S100XC5X |
| FY ending Mar 2025 | 577,023 | 20,251 | 3.5% | 29,937 | 24,886 | 7,941 | S100YHCF |
| FY ending Mar 2026 | 569,265 | 14,336 | 2.5% | -2,285 | 4,296 | -9,648 | S100YHCF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.8M |
| Operating income per employee (consolidated) | ¥950.8K |
| Net income per employee (consolidated) | -¥151.5K |

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) | 18,539 | 18,906 | 19,093 | 15,509 | 15,078 |
| Average salary (parent company) | ¥8M | ¥7.5M | ¥7.8M | ¥7.9M | ¥8M |
| Average age (parent company) | 45.4 years | 45.9 years | 46.2 years | 46.0 years | 45.7 years |
| Average tenure (parent company) | 18.2 years | 21.0 years | 17.1 years | 15.9 years | 15.0 years |

Year over year: Employees (consolidated) -2.8% · Revenue (consolidated) -1.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retail Solutions Business | 347,570 | 61.1% | 7,630 | 2.2% |
| Workplace solutions Business | 221,694 | 38.9% | 6,706 | 3.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Retail Solutions Business | 61.1% | 53.2% | -7.8 | 2.2% |
| Workplace solutions Business | 38.9% | 46.8% | 7.8 | 3.0% |

Segment → industry: Retail Solutions Business → PCs & Peripherals / Workplace solutions Business → Printers & Office Equipment

## 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 | 4,296 | 0.8% | S100YHCF |
| Capital expenditure | 13,944 | 2.4% | S100YHCF |
| Free cash flow | -9,648 | -1.7% | 算出 |
| Investing cash flow | -11,366 | -2.0% | S100YHCF |
| Financing cash flow | -3,097 | -0.5% | S100YHCF |
| Dividends paid | 1,324 | 0.2% | S100YHCF |
| Share buyback | 5 | 0.0% | S100YHCF |
| Change in cash | -8,432 | -1.5% | S100YHCF |
| Cash and equivalents | 39,500 | 6.9% | S100YHCF |

## 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 | 46,709 | 43,815 | 48,581 | 47,933 | 39,500 | S100TXJE, S100XC5X, S100YHCF |
| Total assets | 310,256 | 310,692 | 337,509 | 346,371 | 361,435 | S100R93T, S100TXJE, S100XC5X, S100YHCF |
| Net assets | 117,662 | 102,206 | 96,236 | 115,685 | 101,375 | S100TXJE, S100XC5X, S100YHCF |
| Share capital | 39,970 | 39,970 | 39,970 | 39,970 | 39,970 | S100R93T, S100TXJE, S100XC5X, S100YHCF |
| Property, plant and equipment | 43,764 | 45,173 | 48,239 | 44,557 | 45,647 | S100R93T, S100TXJE, S100XC5X, S100YHCF |
| Intangible assets excluding goodwill | 11,223 | 11,086 | 11,569 | 11,166 | 12,090 | S100R93T, S100TXJE, S100XC5X, S100YHCF |
| Goodwill | 1,026 | 557 | 357 | 180 | 921 | S100R93T, S100TXJE, S100XC5X, S100YHCF |
| Investment securities | 11,214 | 11,103 | 10,586 | 37,148 | 13,154 | S100R93T, S100TXJE, S100XC5X, S100YHCF |
| Current assets | 194,004 | 200,575 | 223,572 | 209,574 | 238,192 | S100R93T, S100TXJE, S100XC5X, S100YHCF |
| Current liabilities | 137,014 | 150,546 | 175,807 | 169,652 | 198,946 | S100R93T, S100TXJE, S100XC5X, S100YHCF |
| Trade payables | 53,341 | 54,167 | 65,845 | 64,367 | 87,702 | S100R93T, S100TXJE, S100XC5X, S100YHCF |
| Short-term borrowings | 859 | 1,779 | 2,871 | 3,359 | 3,817 | S100R93T, S100TXJE, S100XC5X, S100YHCF |
| Long-term borrowings | 1,043 | 2,581 | 11,533 | 11,321 | 12,949 | S100R93T, S100TXJE, S100XC5X, S100YHCF |
| Total liabilities | 192,594 | 208,486 | 241,272 | 230,686 | 260,060 | S100R93T, S100TXJE, S100XC5X, S100YHCF |
| Non-controlling interests | 5,667 | 5,966 | 8,156 | 7,593 | 7,303 | S100R93T, S100TXJE, S100XC5X, S100YHCF |
| Equity attributable to owners of parent | 92,068 | 76,195 | 58,683 | 86,287 | 64,736 | S100R93T, S100TXJE, S100XC5X, S100YHCF |
| Retained earnings | 55,977 | 40,017 | 31,145 | 58,525 | 36,872 | S100R93T, S100TXJE, S100XC5X, S100YHCF |
| Treasury stock | -4,733 | -4,695 | -13,382 | -13,319 | -13,216 | S100R93T, S100TXJE, S100XC5X, S100YHCF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YHCF |
| Property, plant and equipment | 13% | S100YHCF |
| Intangibles and goodwill | 3% | S100YHCF |
| Investment securities | 4% | S100YHCF |
| Other assets | 69% | S100YHCF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 24% | S100YHCF |
| Other liabilities | 48% | S100YHCF |
| Equity | 28% | S100YHCF |

### 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 | 310,256 | 310,692 | 337,509 | 346,371 | 361,435 |
| Equity | 117,662 | 102,206 | 96,236 | 115,685 | 101,375 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 46,709 | 43,815 | 48,581 | 47,933 | 39,500 |

## 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) | 8.0% | S100YHCF |
| Fixed assets ÷ total assets | 12.6% | S100YHCF |
| Goodwill ÷ parent equity | 1.4% | S100YHCF |

Goodwill over 4 years: 1,026 → 921 JPY; total investing cash flow: -63,789 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) | 10.9% |
| Cash ÷ revenue | 6.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 30.0% |
| Cash vs. profit gap | 6,581 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 264.6% |

## 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 | 1.2% | 1.44× | 1.7% | 3.37× | 5.8% | S100R93T |
| 2023 | — | —× | -4.4% | —× | — | S100TXJE |
| 2024 | — | —× | -2.1% | —× | — | S100XC5X |
| 2025 | 5.2% | 1.69× | 8.8% | 4.72× | 41.3% | S100YHCF |
| 2026 | — | —× | -0.6% | —× | — | S100YHCF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱東芝 | Major shareholder | 50.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 6.0% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券㈱ | Major shareholder | 5.5% | 2026-03-31 |
| ステート ストリート バンクアンド トラスト カンパニー５１０３１２（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.7% | 2026-03-31 |
| ステート ストリート バンクアンド トラスト カンパニー５１０３１１（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-03-31 |
| ㈱デジタルガレージ | Major shareholder | 1.9% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2026-03-31 |
| ゴールドマン・サックス・インターナショナル（常任代理人 ゴールドマン・サックス証券㈱） | Major shareholder | 1.4% | 2026-03-31 |
| 東芝テック社員持株会 | Major shareholder | 1.4% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT（常任代理人 シティバンク、エヌ・エイ東京 支店） | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥569.3B, down -1.3% from ¥577B.
- Operating income dropped harder, falling -29.2% from ¥20.3B to ¥14.3B.
- Net income swung from a ¥29.9B profit to a loss of -¥2.29B.
- Operating cash flow shrank from ¥24.9B to ¥4.3B, and free cash flow turned negative at -¥9.65B.

### Drivers

- US tariffs hit the first half hard, cutting overseas POS and printer sales and profit, especially in the Americas
- In the second half, strong domestic POS sales, price increases and a leaner production footprint lifted profit above the prior year, but not enough to make up for the weak first half
- Special losses pushed the bottom line into the red: a provision for severance costs at a Chinese unit being scaled down under the Etria joint venture, and write-downs on investment securities

### Risks

- Retailers are shifting spending toward self-checkout, software and services, lowering the priority of traditional POS hardware and bringing tougher software competitors
- Office printing demand, and the maintenance revenue tied to it, may keep shrinking as work goes paperless and hybrid
- Higher oil, oil-based materials and chip prices are expected to raise costs

Cited: Annual Securities Report, 101st term (Apr 2025 – Mar 2026) (Management's analysis of financial position, operating results and cash flows); Annual Securities Report, 101st term (Apr 2025 – Mar 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第101期(2025/04/01－2026/03/31) | S100YHCF | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHCF,, |
| 訂正有価証券報告書－第100期(2024/04/01－2025/03/31) | S100XC5X | 2025-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XC5X,, |
| 有価証券報告書－第99期(2023/04/01－2024/03/31) | S100TXJE | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXJE,, |
| 有価証券報告書－第98期(2022/04/01－2023/03/31) | S100R93T | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R93T,, |
| 有価証券報告書－第97期(令和3年4月1日－令和4年3月31日) | S100OGQX | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGQX,, |
| 有価証券報告書－第96期(令和2年4月1日－令和3年3月31日) | S100LSB6 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSB6,, |

## 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).