# TOTECH 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71期(2025/04/01－2026/03/31) (S100YGTS)
> Page: https://vizora.meequs.com/en/company/totech
> Retrieved: 2026-09-30T18:07:17.012Z

## Company

Totech, founded in 1955, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 2,855 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOTECH CORPORATION |
| Ticker | 9960 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9960.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋本町三丁目11番11号 |
| Representative (per filing) | 代表取締役社長 小山 馨 |
| Founded | Jul 1955 |
| Share capital | ¥1.86B |
| Employees (consolidated) | 2,855 |
| Average salary (parent only) | ¥9.2M |
| Fiscal year end | March |
| Website | www.totech.co.jp (https://www.totech.co.jp/) |
| Corporate number | 2010001051477 |
| EDINET | E02769 |
| Industries (Vizora) | Plant Engineering & Building Services, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YGTS, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.6 | 179 |
| Profitability | 95.4 | 185 |
| Cash conversion | 24.9 | 179 |
| Efficiency | 51.6 | 185 |

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 55% of Totech's sales come from Goods sales, with Engineering and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +9.0% from the prior year, operating profit +16.6%.

## Company structure

- Segment revenue mix: Goods sales 55.2%、Engineering 44.8%、Other 0.0%
- Revenue → net income: ¥170013000000 → ¥13133000000
- Net income → operating cash flow: ¥13133000000 → ¥9594000000（difference ¥-3539000000）
- Main uses of operating cash flow: CapEx ¥6312000000 / dividends ¥5246000000 / buybacks ¥779000000
- Change in cash: ¥-3835000000
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 | ¥170B |  |
| Operating income | ¥17.1B | Margin 10.1% |
| Net income | ¥13.1B | Margin 7.7% |
| Free cash flow | ¥3.28B |  |
| Largest business | Goods sales | of segment revenue 55.2% |
| Employees (consolidated) | 2,855 |  |
| EPS | ¥223.67 |  |
| Book value per share | ¥1274.1 |  |
| Equity ratio | 64.0% |  |
| Shares outstanding | 41,964,000 |  |
| Treasury shares | 813,400 |  |
| Shareholders | 6,023 |  |
| Average salary (parent only) | ¥9.2M | Filing company only |
| Cash ratio | 8.0% | Cash ÷ revenue 5.4% |
| Vs. industry median margin | +7.2 pp | Specialty Trading & Wholesale |
| ROE | 23.4% | Derived from disclosed figures |
| ROA | 11.9% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥109650000000 | ¥170013000000 | +55.1% |
| Operating income | ¥6176000000 | ¥17125000000 | +177.3% |
| Operating margin | 5.6% | 10.1% | +4.4 pp |
| Employees | 2,087 people | 2,855 people | +36.8% |
| Cash and equivalents | ¥4880000000 | ¥9211000000 | +88.8% |

### 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 |
| --- | ---: |
| 商品販売事業 → 商品販売事業 | 55.2% |
| 商品販売事業 → 事業再編・廃止 | 11.1% |
| 工事事業 → 工事事業 | 33.7% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 工事事業 | 11.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Goods sales | 5 years | +5.2% | ¥93786000000 | — | 2 |
| Engineering | 5 years | +15.6% | ¥76193000000 | — | 2 |
| Other | 5 years | -5.2% | ¥33000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 170,013 | 100.0% | S100YGTS |
| Cost of revenue | 121,732 | 71.6% | S100YGTS |
| Gross profit | 48,281 | 28.4% | S100YGTS |
| SG&A | 31,155 | 18.3% | S100YGTS |
| Operating income | 17,125 | 10.1% | S100YGTS |
| Ordinary income | 17,983 | 10.6% | S100YGTS |
| Pretax income | 18,101 | 10.6% | S100YGTS |
| Income tax | 4,967 | 2.9% | S100YGTS |
| Net income | 13,133 | 7.7% | S100YGTS |
| Net income attributable to owners | 13,133 | 7.7% | S100YGTS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 18 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 28.4% → Operating margin 10.1% → Net margin 7.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.0%; Core profit growth: +16.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.84×
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 | 155,958 | 170,013 | 14,055 | +9.0% |
| Gross profit | 41,887 | 48,281 | 6,394 | +15.3% |
| Operating income | 14,691 | 17,125 | 2,434 | +16.6% |
| Net income attributable to owners | 11,194 | 13,133 | 1,939 | +17.3% |
| Operating cash flow | 13,883 | 9,594 | -4,289 | -30.9% |
| Free cash flow | 12,373 | 3,282 | -9,091 | -73.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 117,141 | 6,464 | 5.5% | 4,763 | 7,971 | 3,170 | S100LNW9 |
| FY ending Mar 2021 | 109,650 | 6,176 | 5.6% | 4,795 | 5,242 | 2,811 | S100OF36 |
| FY ending Mar 2022 | 110,120 | 6,297 | 5.7% | 4,724 | 11,010 | 8,778 | S100RA0S |
| FY ending Mar 2023 | 126,696 | 7,730 | 6.1% | 5,230 | 4,758 | 414 | S100TRGD |
| FY ending Mar 2024 | 140,732 | 9,905 | 7.0% | 7,004 | 9,939 | 8,405 | S100W4DK |
| FY ending Mar 2025 | 155,958 | 14,691 | 9.4% | 11,194 | 13,883 | 12,373 | S100YGTS |
| FY ending Mar 2026 | 170,013 | 17,125 | 10.1% | 13,133 | 9,594 | 3,282 | S100YGTS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.5M |
| Operating income per employee (consolidated) | ¥6M |
| Net income per employee (consolidated) | ¥4.6M |

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) | 2,419 | 2,505 | 2,614 | 2,679 | 2,855 |
| Average salary (parent company) | ¥7.4M | ¥7.5M | ¥7.9M | ¥8.4M | ¥9.2M |
| Average age (parent company) | 42.0 years | 41.0 years | 41.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 12.0 years | 12.0 years | 12.0 years | 12.0 years | 11.0 years |

Year over year: Employees (consolidated) +6.6% · Revenue (consolidated) +9.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Goods sales | 93,786 | 55.2% | — | — |
| Engineering | 76,193 | 44.8% | — | — |
| Other | 33 | 0.0% | — | — |

### 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 |
| --- | ---: |
| Goods sales | 55.2% |
| Engineering | 44.8% |
| Other | 0.0% |

Segment → industry: Engineering → Plant Engineering & Building Services / Goods sales → Specialty Trading & Wholesale

## 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 | 9,594 | 5.6% | S100YGTS |
| Capital expenditure | 6,312 | 3.7% | S100YGTS |
| Free cash flow | 3,282 | 1.9% | 算出 |
| Investing cash flow | -8,506 | -5.0% | S100YGTS |
| Financing cash flow | -4,973 | -2.9% | S100YGTS |
| Dividends paid | 5,246 | 3.1% | S100YGTS |
| Share buyback | 779 | 0.5% | S100YGTS |
| Change in cash | -3,835 | -2.3% | S100YGTS |
| Cash and equivalents | 9,211 | 5.4% | S100YGTS |

## 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 | 7,660 | 4,938 | 8,524 | 13,046 | 9,211 | S100TRGD, S100W4DK, S100YGTS |
| Total assets | 84,693 | 92,058 | 100,479 | 105,229 | 115,120 | S100RA0S, S100TRGD, S100W4DK, S100YGTS |
| Net assets | 41,669 | 45,492 | 53,437 | 61,229 | 73,670 | S100TRGD, S100W4DK, S100YGTS |
| Share capital | 1,857 | 1,857 | 1,857 | 1,857 | 1,857 | S100RA0S, S100TRGD, S100W4DK, S100YGTS |
| Inventories | 3,733 | 4,424 | 4,248 | 4,632 | 3,796 | S100RA0S, S100TRGD, S100W4DK, S100YGTS |
| Property, plant and equipment | 17,528 | 20,639 | 20,269 | 20,938 | 26,425 | S100RA0S, S100TRGD, S100W4DK, S100YGTS |
| Intangible assets excluding goodwill | 4,983 | 4,318 | 3,310 | 2,906 | 3,604 | S100RA0S, S100TRGD, S100W4DK, S100YGTS |
| Goodwill | 1,992 | 1,633 | 1,171 | 1,058 | 885 | S100RA0S, S100TRGD, S100W4DK, S100YGTS |
| Investment securities | 11,761 | 12,655 | 15,519 | 15,055 | 21,278 | S100RA0S, S100TRGD, S100W4DK, S100YGTS |
| Current assets | 46,231 | 50,103 | 55,978 | 60,285 | 56,321 | S100RA0S, S100TRGD, S100W4DK, S100YGTS |
| Current liabilities | 33,307 | 37,779 | 39,184 | 39,235 | 34,689 | S100RA0S, S100TRGD, S100W4DK, S100YGTS |
| Trade payables | 12,607 | 13,480 | 14,388 | 16,561 | 13,365 | S100RA0S, S100TRGD, S100W4DK, S100YGTS |
| Short-term borrowings | 5,490 | 6,790 | 5,313 | 2,998 | 4,960 | S100RA0S, S100TRGD, S100W4DK, S100YGTS |
| Long-term borrowings | 6,763 | 5,537 | 3,688 | 819 | 333 | S100RA0S, S100TRGD, S100W4DK, S100YGTS |
| Total liabilities | 43,023 | 46,565 | 47,041 | 44,000 | 41,449 | S100RA0S, S100TRGD, S100W4DK, S100YGTS |
| Non-controlling interests | — | — | 3 | 0 | 0 | S100W4DK, S100YGTS |
| Equity attributable to owners of parent | 36,750 | 39,688 | 44,360 | 52,626 | 59,783 | S100RA0S, S100TRGD, S100W4DK, S100YGTS |
| Retained earnings | 32,946 | 35,833 | 40,439 | 48,660 | 56,546 | S100RA0S, S100TRGD, S100W4DK, S100YGTS |
| Treasury stock | -134 | -261 | -222 | -210 | -972 | S100RA0S, S100TRGD, S100W4DK, S100YGTS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YGTS |
| Inventories | 3% | S100YGTS |
| Property, plant and equipment | 23% | S100YGTS |
| Intangibles and goodwill | 4% | S100YGTS |
| Investment securities | 19% | S100YGTS |
| Other assets | 43% | S100YGTS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YGTS |
| Other liabilities | 24% | S100YGTS |
| Equity | 64% | S100YGTS |
| Other liabilities | 0% | S100YGTS |

### 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 | 84,693 | 92,058 | 100,479 | 105,229 | 115,120 |
| Equity | 41,669 | 45,492 | 53,437 | 61,229 | 73,670 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,660 | 4,938 | 8,524 | 13,046 | 9,211 |

## 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) | 15.5% | S100YGTS |
| Fixed assets ÷ total assets | 23.0% | S100YGTS |
| Goodwill ÷ parent equity | 1.5% | S100YGTS |

Goodwill over 4 years: 1,992 → 885 JPY; total investing cash flow: -20,206 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) | 8.0% |
| Cash ÷ revenue | 5.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 56.0% |
| Cash vs. profit gap | -3,539 JPY mn (of net income -26.9%) |
| Shareholder returns / net income | 45.9% |
| Shareholder returns / FCF | 183.6% |
| Shareholder payments — dividends / net income | 39.9% |
| Shareholder payments — dividends / FCF | 159.8% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 88.7% |

## 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 | 4.3% | 1.30× | 5.6% | 2.30× | 12.9% | S100RA0S |
| 2023 | 4.1% | 1.43× | 5.9% | 2.31× | 13.7% | S100TRGD |
| 2024 | 5.0% | 1.46× | 7.3% | 2.29× | 16.7% | S100W4DK |
| 2025 | 7.2% | 1.52× | 10.9% | 2.12× | 23.1% | S100YGTS |
| 2026 | 7.7% | 1.54× | 11.9% | 1.96× | 23.4% | S100YGTS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本レイ株式会社 | Major shareholder | 12.8% | 2026-03-31 |
| ダイキン工業株式会社 | Major shareholder | 7.3% | 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 | 6.8% | 2026-03-31 |
| BBH FOR FIDELITY LOW－PRICED STOCK FUND(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 東テクグループ従業員持株会 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.6% | 2026-03-31 |
| 昭和鉄工株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 草野 洵哉 | Major shareholder | 2.4% | 2026-03-31 |
| 住友商事株式会社 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/04/01－2026/03/31) | S100YGTS | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGTS,, |
| 有価証券報告書－第70期(2024/04/01－2025/03/31) | S100W4DK | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4DK,, |
| 有価証券報告書－第69期(2023/04/01－2024/03/31) | S100TRGD | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRGD,, |
| 有価証券報告書－第68期(2022/04/01－2023/03/31) | S100RA0S | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA0S,, |
| 有価証券報告書－第67期(令和3年4月1日－令和4年3月31日) | S100OF36 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF36,, |
| 有価証券報告書－第66期(令和2年4月1日－令和3年3月31日) | S100LNW9 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNW9,, |

## 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).