# TOSO 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86期(2025/04/01－2026/03/31) (S100YHLG)
> Page: https://vizora.meequs.com/en/company/toso
> Retrieved: 2026-09-30T21:36:07.827Z

## Company

Toso, founded in 1949, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 990 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOSO CO.,LTD. |
| Ticker | 5956 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5956.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区新川一丁目4番9号 |
| Representative (per filing) | 代表取締役社長 八重島 真人 |
| Founded | Sep 1949 |
| Share capital | ¥1.17B |
| Employees (consolidated) | 990 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | toso.co.jp (https://toso.co.jp/) |
| Corporate number | 6010001052315 |
| EDINET | E02442 |
| Industries (Vizora) | Housing Equipment & Building Materials, Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100YHLG, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Furniture, Interior & Lifestyle Goods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39.3 | 14 |
| Profitability | 47.2 | 18 |
| Cash conversion | 26.5 | 17 |
| Efficiency | 30.6 | 18 |

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 98% of Toso's sales come from Interior decoration associated business, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +2.0% from the prior year, operating profit +28.0%.

## Company structure

- Segment revenue mix: Interior decoration associated business 97.9%、Other 2.1%
- Revenue → net income: ¥23253616000 → ¥677598000
- Net income → operating cash flow: ¥677598000 → ¥679527000（difference ¥1929000）
- Main uses of operating cash flow: CapEx ¥908613000 / dividends ¥101928000 / buybacks ¥28094000
- Change in cash: ¥480686000
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 | ¥23.3B |  |
| Operating income | ¥955.5M | Margin 4.1% |
| Net income | ¥671.1M | Margin 2.9% |
| Free cash flow | -¥229.1M |  |
| Largest business | Interior decoration associated business | of segment revenue 97.9% |
| Employees (consolidated) | 990 |  |
| EPS | ¥69.5 |  |
| Book value per share | ¥1585.82 |  |
| Equity ratio | 68.3% |  |
| Shares outstanding | 10,000,000 |  |
| Treasury shares | 1,162,700 |  |
| Shareholders | 10,727 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 17.8% | Cash ÷ revenue 17.6% |
| Vs. industry median margin | -0.3 pp | Housing Equipment & Building Materials |
| ROE | 4.9% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 98% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21421441000 | ¥23253616000 | +8.6% |
| Operating income | ¥1097563000 | ¥955507000 | -12.9% |
| Operating margin | 5.1% | 4.1% | -1 pp |
| Employees | 932 people | 990 people | +6.2% |
| Cash and equivalents | ¥3819886000 | ¥4099221000 | +7.3% |

### 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 |
| --- | ---: |
| 室内装飾関連事業 → 室内装飾関連事業 | 97.9% |
| 室内装飾関連事業 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 1.5% |
| 新設・再編 → その他 | 0.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,254 | 100.0% | S100YHLG |
| Cost of revenue | 13,659 | 58.7% | S100YHLG |
| Gross profit | 9,594 | 41.3% | S100YHLG |
| SG&A | 8,639 | 37.2% | S100YHLG |
| Operating income | 956 | 4.1% | S100YHLG |
| Ordinary income | 983 | 4.2% | S100YHLG |
| Pretax income | 865 | 3.7% | S100YHLG |
| Income tax | 187 | 0.8% | S100YHLG |
| Net income | 678 | 2.9% | S100YHLG |
| Net income attributable to owners | 671 | 2.9% | S100YHLG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 37 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 41.3% → Operating margin 4.1% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.0%; Core profit growth: +28.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 13.74×
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 | 22,790 | 23,254 | 464 | +2.0% |
| Gross profit | 9,247 | 9,594 | 347 | +3.8% |
| Operating income | 747 | 956 | 209 | +28.0% |
| Net income attributable to owners | 500 | 671 | 171 | +34.2% |
| Operating cash flow | 457 | 680 | 222 | +48.6% |
| Free cash flow | -117 | -229 | -112 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,688 | 901 | 4.0% | 583 | 1,974 | 1,500 | S100LQYI |
| FY ending Mar 2021 | 21,421 | 1,098 | 5.1% | 751 | 1,326 | 903 | S100OFBH |
| FY ending Mar 2022 | 20,861 | 785 | 3.8% | 532 | 1,333 | 783 | S100R88M |
| FY ending Mar 2023 | 21,305 | 726 | 3.4% | 367 | 607 | 111 | S100TUJV |
| FY ending Mar 2024 | 21,606 | 483 | 2.2% | 295 | 691 | 78 | S100W8AE |
| FY ending Mar 2025 | 22,790 | 747 | 3.3% | 500 | 457 | -117 | S100YHLG |
| FY ending Mar 2026 | 23,254 | 956 | 4.1% | 671 | 680 | -229 | S100YHLG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.5M |
| Operating income per employee (consolidated) | ¥965.2K |
| Net income per employee (consolidated) | ¥677.9K |

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) | 904 | 928 | 928 | 984 | 990 |
| Average salary (parent company) | ¥5.7M | ¥5.5M | ¥5.3M | ¥5.4M | ¥5.9M |
| Average age (parent company) | 43.4 years | 43.7 years | 43.7 years | 43.5 years | 43.6 years |
| Average tenure (parent company) | 12.7 years | 12.2 years | 12.3 years | 12.5 years | 12.2 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) +2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Interior decoration associated business | 22,771 | 97.9% | 938 | 4.1% |
| Other | 483 | 2.1% | 17 | 3.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Interior decoration associated business | 97.9% | 98.2% | 0.3 | 4.1% |
| Other | 2.1% | 1.8% | -0.3 | 3.5% |

Segment → industry: Interior decoration associated business → Housing Equipment & Building Materials / Interior decoration associated business → Furniture, Interior & Lifestyle Goods

## 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 | 680 | 2.9% | S100YHLG |
| Capital expenditure | 909 | 3.9% | S100YHLG |
| Free cash flow | -229 | -1.0% | 算出 |
| Investing cash flow | -898 | -3.9% | S100YHLG |
| Financing cash flow | 709 | 3.0% | S100YHLG |
| Dividends paid | 102 | 0.4% | S100YHLG |
| Share buyback | 28 | 0.1% | S100YHLG |
| Change in cash | 481 | 2.1% | S100YHLG |
| Cash and equivalents | 4,099 | 17.6% | S100YHLG |

## 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 | 3,813 | 3,276 | 3,235 | 3,619 | 4,099 | S100TUJV, S100W8AE, S100YHLG |
| Total assets | 20,502 | 20,470 | 21,657 | 22,205 | 23,070 | S100R88M, S100TUJV, S100W8AE, S100YHLG |
| Net assets | 13,279 | 13,613 | 14,414 | 14,781 | 15,851 | S100TUJV, S100W8AE, S100YHLG |
| Share capital | 1,170 | 1,170 | 1,170 | 1,170 | 1,170 | S100R88M, S100TUJV, S100W8AE, S100YHLG |
| Property, plant and equipment | 2,893 | 2,880 | 2,987 | 3,096 | 3,044 | S100R88M, S100TUJV, S100W8AE, S100YHLG |
| Intangible assets excluding goodwill | 317 | 298 | 302 | 271 | 254 | S100R88M, S100TUJV, S100W8AE, S100YHLG |
| Investment securities | 581 | 647 | 905 | 1,000 | 1,312 | S100R88M, S100TUJV, S100W8AE, S100YHLG |
| Current assets | 15,367 | 15,415 | 16,038 | 16,492 | 16,858 | S100R88M, S100TUJV, S100W8AE, S100YHLG |
| Current liabilities | 6,238 | 5,862 | 5,921 | 6,199 | 5,787 | S100R88M, S100TUJV, S100W8AE, S100YHLG |
| Trade payables | 873 | 908 | 905 | 1,007 | 895 | S100R88M, S100TUJV, S100W8AE, S100YHLG |
| Short-term borrowings | 1,276 | 1,269 | 1,262 | 1,854 | 2,718 | S100R88M, S100TUJV, S100W8AE, S100YHLG |
| Long-term borrowings | 40 | — | — | — | — | S100R88M |
| Total liabilities | 7,223 | 6,857 | 7,243 | 7,424 | 7,220 | S100R88M, S100TUJV, S100W8AE, S100YHLG |
| Non-controlling interests | 61 | 68 | 74 | 82 | 85 | S100R88M, S100TUJV, S100W8AE, S100YHLG |
| Equity attributable to owners of parent | 12,573 | 12,862 | 13,079 | 13,424 | 13,975 | S100R88M, S100TUJV, S100W8AE, S100YHLG |
| Retained earnings | 10,539 | 10,817 | 11,022 | 11,432 | 12,001 | S100R88M, S100TUJV, S100W8AE, S100YHLG |
| Treasury stock | -485 | -474 | -464 | -531 | -550 | S100R88M, S100TUJV, S100W8AE, S100YHLG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YHLG |
| Property, plant and equipment | 13% | S100YHLG |
| Intangibles and goodwill | 1% | S100YHLG |
| Investment securities | 6% | S100YHLG |
| Other assets | 62% | S100YHLG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YHLG |
| Other liabilities | 27% | S100YHLG |
| Equity | 69% | S100YHLG |
| Other liabilities | 0% | S100YHLG |

### 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 | 20,502 | 20,470 | 21,657 | 22,205 | 23,070 |
| Equity | 13,279 | 13,613 | 14,414 | 14,781 | 15,851 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,813 | 3,276 | 3,235 | 3,619 | 4,099 |

## 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) | 13.1% | S100YHLG |
| Fixed assets ÷ total assets | 13.2% | S100YHLG |
| Goodwill ÷ parent equity | — | —, S100YHLG |

### 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) | 17.8% |
| Cash ÷ revenue | 17.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 71.1% |
| Cash vs. profit gap | 8 JPY mn (of net income 1.3%) |
| Shareholder returns / net income | 19.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 132.1% |

## 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 | 2.5% | 1.02× | 2.6% | 1.63× | 4.2% | S100R88M |
| 2023 | 1.7% | 1.04× | 1.8% | 1.61× | 2.9% | S100TUJV |
| 2024 | 1.4% | 1.03× | 1.4% | 1.62× | 2.3% | S100W8AE |
| 2025 | 2.2% | 1.04× | 2.3% | 1.66× | 3.8% | S100YHLG |
| 2026 | 2.9% | 1.03× | 3.0% | 1.65× | 4.9% | S100YHLG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社みずほ銀行 | Major shareholder | 6.9% | 2026-03-31 |
| 十和運送株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| トーソー取引先持株会 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 3.8% | 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 | 3.3% | 2026-03-31 |
| トーソー社員持株会 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社きらぼし銀行(常任代理人株式会社日本カストディ銀行) | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社常陽銀行(常任代理人日本マスタートラスト信託銀行株式会社) | Major shareholder | 2.4% | 2026-03-31 |
| 東大運輸株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 日金スチール株式会社 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第86期(2025/04/01－2026/03/31) | S100YHLG | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHLG,, |
| 有価証券報告書－第85期(2024/04/01－2025/03/31) | S100W8AE | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8AE,, |
| 有価証券報告書－第84期(2023/04/01－2024/03/31) | S100TUJV | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUJV,, |
| 有価証券報告書－第83期(2022/04/01－2023/03/31) | S100R88M | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R88M,, |
| 有価証券報告書－第82期(令和3年4月1日－令和4年3月31日) | S100OFBH | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFBH,, |
| 有価証券報告書－第81期(令和2年4月1日－令和3年3月31日) | S100LQYI | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQYI,, |

## 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).