# TOTO 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160期(2025/04/01－2026/03/31) (S100YC72)
> Page: https://vizora.meequs.com/en/company/toto
> Retrieved: 2026-09-30T17:58:18.150Z

## Company

Toto, founded in 1917, is a company in Housing Equipment & Building Materials listed on TSE Prime. It has 30,324 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOTO LTD. |
| Ticker | 5332 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5332.T) |
| Listing | TSE Prime |
| Head office | 福岡県北九州市小倉北区中島二丁目1番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 田村 信也 |
| Founded | May 1917 |
| Share capital | ¥35.6B |
| Employees (consolidated) | 30,324 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.toto.co.jp (https://www.toto.co.jp/) |
| Corporate number | 1290801002603 |
| EDINET | E01138 |
| Industries (Vizora) | Housing Equipment & Building Materials, Semiconductor Equipment, Glass & Ceramics, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YC72, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67 | 56 |
| Profitability | 73.3 | 58 |
| Cash conversion | 61 | 50 |
| Efficiency | 64.7 | 58 |

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 48% of Toto's sales come from Global Housing Equipment Business, with Japan housing equipment business and Americas making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +1.8% from the prior year, operating profit +10.9%.

## Company structure

- Segment revenue mix: Global Housing Equipment Business 47.6%、Japan housing equipment business 34.1%、Americas 5.4%、Advanced Ceramics business 4.8%、Asia Oceania 3.9%
- Revenue → net income: ¥737441000000 → ¥38226000000
- Net income → operating cash flow: ¥38226000000 → ¥71240000000（difference ¥33014000000）
- Main uses of operating cash flow: CapEx ¥43158000000 / dividends ¥16703000000 / buybacks ¥20005000000
- Change in cash: ¥10485000000
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 | ¥737.4B |  |
| Operating income | ¥53.8B | Margin 7.3% |
| Net income | ¥40.3B | Margin 5.5% |
| Free cash flow | ¥28.1B |  |
| Largest business | Global Housing Equipment Business | of segment revenue 47.6% |
| Employees (consolidated) | 30,324 |  |
| EPS | ¥271.75 |  |
| Diluted EPS | ¥271.63 |  |
| Book value per share | ¥2026.62 |  |
| Equity ratio | 63.8% |  |
| Shares outstanding | 166,358,000 |  |
| Treasury shares | 1,942,000 |  |
| Shareholders | 41,951 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 15.9% | Cash ÷ revenue 17.8% |
| Vs. industry median margin | +2.8 pp | Housing Equipment & Building Materials |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.2× dividends
- FY2026, segment profit share differs by 27 points
- FY2026, employees -8% while operating income rose 11%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥577840000000 | ¥737441000000 | +27.6% |
| Operating income | ¥39656000000 | ¥53759000000 | +35.6% |
| Operating margin | 6.9% | 7.3% | +0.4 pp |
| Employees | 33,800 people | 30,324 people | -10.3% |
| Cash and equivalents | ¥141419000000 | ¥131188000000 | -7.2% |

### 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 |
| --- | ---: |
| 日本住設事業 → 事業再編・廃止 | 36.0% |
| 米州事業 → 事業再編・廃止 | 3.1% |
| アジア・オセアニア事業 → 事業再編・廃止 | 2.4% |
| 中国大陸事業 → 事業再編・廃止 | 6.0% |
| 欧州事業 → 事業再編・廃止 | 0.3% |
| グローバル住設事業 → 事業再編・廃止 | 47.8% |
| セラミック事業 → 事業再編・廃止 | 1.7% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 環境建材事業 → 事業再編・廃止 | 0.5% |
| 新領域事業 → 事業再編・廃止 | 2.2% |
| 新設・再編 → 日本住設事業 | 34.1% |
| 新設・再編 → 米州事業 | 5.4% |
| 新設・再編 → アジア・オセアニア事業 | 3.9% |
| 新設・再編 → 欧州事業 | 0.4% |
| 新設・再編 → 中国大陸事業 | 3.8% |
| 新設・再編 → グローバル住設事業 | 47.6% |
| 新設・再編 → セラミック事業 | 4.8% |

Segment revenue source references: 18 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Global Housing Equipment Business | — | — | ¥669742000000 | 4.2% | 2 |
| Japan housing equipment business | — | — | ¥479663000000 | 4.2% | 2 |
| Americas | — | — | ¥75623000000 | 6.3% | 2 |
| Advanced Ceramics business | — | — | ¥67414000000 | 42.9% | 2 |
| Asia Oceania | — | — | ¥54914000000 | 18.6% | 2 |
| Mainland China Business | — | — | ¥53863000000 | -12.9% | 2 |
| Europe | — | — | ¥5677000000 | -7.5% | 2 |
| Other | 5 years | +1.4% | ¥285000000 | 23.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 737,441 | 100.0% | S100YC72 |
| Cost of revenue | 474,861 | 64.4% | S100YC72 |
| Gross profit | 262,579 | 35.6% | S100YC72 |
| SG&A | 208,820 | 28.3% | S100YC72 |
| Operating income | 53,759 | 7.3% | S100YC72 |
| Ordinary income | 60,689 | 8.2% | S100YC72 |
| Pretax income | 58,661 | 8.0% | S100YC72 |
| Income tax | 20,435 | 2.8% | S100YC72 |
| Net income | 38,226 | 5.2% | S100YC72 |
| Net income attributable to owners | 40,257 | 5.5% | S100YC72 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 28 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 35.6% → Operating margin 7.3% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.8%; Core profit growth: +10.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.08×
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 | 724,454 | 737,441 | 12,987 | +1.8% |
| Gross profit | 254,068 | 262,579 | 8,511 | +3.3% |
| Operating income | 48,479 | 53,759 | 5,280 | +10.9% |
| Net income attributable to owners | 12,168 | 40,257 | 28,089 | +230.8% |
| Operating cash flow | 71,381 | 71,240 | -141 | -0.2% |
| Free cash flow | 20,683 | 28,082 | 7,399 | +35.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 596,497 | 36,760 | 6.2% | 23,583 | 63,843 | 28,245 | S100LQEI |
| FY ending Mar 2021 | 577,840 | 39,656 | 6.9% | 26,978 | 59,551 | 15,820 | S100ONXC |
| FY ending Mar 2022 | 645,273 | 52,180 | 8.1% | 40,131 | 49,356 | 14,255 | S100R4UY |
| FY ending Mar 2023 | 701,187 | 49,121 | 7.0% | 38,943 | 31,579 | -4,752 | S100TRCX |
| FY ending Mar 2024 | 702,284 | 42,766 | 6.1% | 37,196 | 76,311 | 18,166 | S100W0X9 |
| FY ending Mar 2025 | 724,454 | 48,479 | 6.7% | 12,168 | 71,381 | 20,683 | S100YC72 |
| FY ending Mar 2026 | 737,441 | 53,759 | 7.3% | 40,257 | 71,240 | 28,082 | S100YC72 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.3M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 34,614 | 34,152 | 33,386 | 32,968 | 30,324 |
| Average salary (parent company) | ¥7.1M | ¥7.1M | ¥7.3M | ¥7.6M | ¥7.8M |
| Average age (parent company) | 43.8 years | 44.3 years | 44.8 years | 45.1 years | 45.2 years |
| Average tenure (parent company) | 17.3 years | 18.1 years | 18.5 years | 18.8 years | 18.9 years |

Year over year: Employees (consolidated) -8.0% · Revenue (consolidated) +1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan housing equipment business | 479,663 | 34.1% | 20,253 | 4.2% |
| Americas | 75,623 | 5.4% | 4,790 | 6.3% |
| Asia Oceania | 54,914 | 3.9% | 10,239 | 18.6% |
| Europe | 5,677 | 0.4% | -428 | -7.5% |
| Mainland China Business | 53,863 | 3.8% | -6,934 | -12.9% |
| Global Housing Equipment Business | 669,742 | 47.6% | 27,921 | 4.2% |
| Advanced Ceramics business | 67,414 | 4.8% | 28,943 | 42.9% |
| Other | 285 | 0.0% | 66 | 23.2% |

### 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 housing equipment business | 34.1% | 22.0% | -12.1 | 4.2% |
| Americas | 5.4% | 5.2% | -0.2 | 6.3% |
| Asia Oceania | 3.9% | 11.1% | 7.2 | 18.6% |
| Europe | 0.4% | — | — | -7.5% |
| Mainland China Business | 3.8% | — | — | -12.9% |
| Global Housing Equipment Business | 47.6% | 30.3% | -17.3 | 4.2% |
| Advanced Ceramics business | 4.8% | 31.4% | 26.6 | 42.9% |
| Other | 0.0% | 0.1% | 0.1 | 23.2% |

Loss-making segment (excluded from profit shares): Europe -428 JPY mn

Loss-making segment (excluded from profit shares): Mainland China Business -6,934 JPY mn

Segment → industry: Japan housing equipment business → Housing Equipment & Building Materials / Americas → Housing Equipment & Building Materials / Asia Oceania → Housing Equipment & Building Materials / Europe → Housing Equipment & Building Materials / Mainland China Business → Housing Equipment & Building Materials / Global Housing Equipment Business → Housing Equipment & Building Materials / Advanced Ceramics business → Semiconductor Equipment / Advanced Ceramics business → Glass & Ceramics / Other → Real Estate Development & Leasing

## 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 | 71,240 | 9.7% | S100YC72 |
| Capital expenditure | 43,158 | 5.9% | S100YC72 |
| Free cash flow | 28,082 | 3.8% | 算出 |
| Investing cash flow | -21,816 | -3.0% | S100YC72 |
| Financing cash flow | -38,555 | -5.2% | S100YC72 |
| Dividends paid | 16,703 | 2.3% | S100YC72 |
| Share buyback | 20,005 | 2.7% | S100YC72 |
| Change in cash | 10,485 | 1.4% | S100YC72 |
| Cash and equivalents | 131,188 | 17.8% | S100YC72 |

## 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 | 89,601 | 97,493 | 102,636 | 120,702 | 131,188 | S100TRCX, S100W0X9, S100YC72 |
| Total assets | 641,025 | 731,638 | 790,255 | 813,924 | 827,483 | S100R4UY, S100TRCX, S100W0X9, S100YC72 |
| Net assets | 413,372 | 461,092 | 510,556 | 530,404 | 533,914 | S100TRCX, S100W0X9, S100YC72 |
| Share capital | 35,579 | 35,579 | 35,579 | 35,579 | 35,579 | S100R4UY, S100TRCX, S100W0X9, S100YC72 |
| Property, plant and equipment | 231,818 | 242,500 | 268,634 | 261,418 | 267,941 | S100R4UY, S100TRCX, S100W0X9, S100YC72 |
| Intangible assets excluding goodwill | 24,043 | 29,467 | 33,434 | 36,460 | 38,983 | S100R4UY, S100TRCX, S100W0X9, S100YC72 |
| Investment securities | 54,384 | 60,859 | 81,216 | 67,536 | 63,431 | S100R4UY, S100TRCX, S100W0X9, S100YC72 |
| Current assets | 307,623 | 359,288 | 354,030 | 374,570 | 372,102 | S100R4UY, S100TRCX, S100W0X9, S100YC72 |
| Current liabilities | 199,471 | 228,839 | 224,199 | 230,782 | 238,392 | S100R4UY, S100TRCX, S100W0X9, S100YC72 |
| Trade payables | 78,521 | 85,047 | 76,691 | 82,583 | 80,716 | S100R4UY, S100TRCX, S100W0X9, S100YC72 |
| Short-term borrowings | 23,714 | 23,135 | 23,218 | 23,657 | 23,271 | S100R4UY, S100TRCX, S100W0X9, S100YC72 |
| Long-term borrowings | 1,124 | 1,583 | 1,469 | 1,016 | 1,314 | S100R4UY, S100TRCX, S100W0X9, S100YC72 |
| Total liabilities | 227,652 | 270,546 | 279,699 | 283,519 | 293,568 | S100R4UY, S100TRCX, S100W0X9, S100YC72 |
| Non-controlling interests | 7,637 | 7,294 | 7,839 | 8,128 | 5,687 | S100R4UY, S100TRCX, S100W0X9, S100YC72 |
| Equity attributable to owners of parent | 374,147 | 396,262 | 416,620 | 411,935 | 415,639 | S100R4UY, S100TRCX, S100W0X9, S100YC72 |
| Retained earnings | 322,980 | 344,968 | 365,204 | 360,408 | 356,012 | S100R4UY, S100TRCX, S100W0X9, S100YC72 |
| Treasury stock | -13,793 | -13,715 | -13,653 | -13,590 | -5,168 | S100R4UY, S100TRCX, S100W0X9, S100YC72 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YC72 |
| Property, plant and equipment | 32% | S100YC72 |
| Intangibles and goodwill | 5% | S100YC72 |
| Investment securities | 8% | S100YC72 |
| Other assets | 39% | S100YC72 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YC72 |
| Other liabilities | 26% | S100YC72 |
| Equity | 64% | S100YC72 |
| Other liabilities | 0% | S100YC72 |

### 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 | 641,025 | 731,638 | 790,255 | 813,924 | 827,483 |
| Equity | 413,372 | 461,092 | 510,556 | 530,404 | 533,914 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 89,601 | 97,493 | 102,636 | 120,702 | 131,188 |

## 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) | 36.3% | S100YC72 |
| Fixed assets ÷ total assets | 32.4% | S100YC72 |
| Goodwill ÷ parent equity | — | —, S100YC72 |

### 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) | 15.9% |
| Cash ÷ revenue | 17.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 132.5% |
| Cash vs. profit gap | 30,983 JPY mn (of net income 77.0%) |
| Shareholder returns / net income | 91.2% |
| Shareholder returns / FCF | 130.7% |
| Shareholder payments — dividends / net income | 41.5% |
| Shareholder payments — dividends / FCF | 59.5% |
| CapEx intensity (capex ÷ revenue) | 5.9% |
| Investing CF relative to operating CF | 30.6% |

## 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 | 6.2% | 1.01× | 6.3% | 1.71× | 10.7% | S100R4UY |
| 2023 | 5.6% | 1.02× | 5.7% | 1.78× | 10.1% | S100TRCX |
| 2024 | 5.3% | 0.92× | 4.9% | 1.87× | 9.2% | S100W0X9 |
| 2025 | 1.7% | 0.90× | 1.5% | 1.94× | 2.9% | S100YC72 |
| 2026 | 5.5% | 0.90× | 4.9% | 1.98× | 9.7% | S100YC72 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 17.1% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 8.9% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 6.3% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.2% | 2026-03-31 |
| TOTO持株会 | Major shareholder | 2.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.7% | 2026-03-31 |
| HSBC-FUND SERVICES CLIENTS A/C 500 HKMPF 10PCT POOL (常任代理人 香港上海銀行東京支店) | Major shareholder | 1.6% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.5% | 2026-03-31 |
| JOHN HANCOCK INVESTMENT TRUST- JOHN HANCOCK DISCIPLINED VALUE INTERNATIONAL FUND(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.4% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥737.4B, up 1.8% from ¥724.5B.
- Operating income grew faster, rising 10.9% from ¥48.5B to ¥53.8B.
- Net income rose 230.8% to ¥40.3B from ¥12.2B, a jump that includes one-off gains and losses.
- Operating cash flow held steady at ¥71.2B, and free cash flow increased from ¥20.7B to ¥28.1B.

### Drivers

- Ceramics sales and profit grew as chipmakers ran their existing plants harder, keeping replacement demand for parts strong
- Asia Oceania grew sales and profit by pushing WASHLET and winning orders from high-profile projects such as luxury hotels
- Sales fell in Japan and mainland China; the China business widened its operating loss while closing plants, and the restructuring costs there, along with gains on selling investment securities, shaped net income

### Risks

- Big swings in housing demand or the semiconductor market could hit results
- Geopolitical tension or disasters could disrupt supplies of materials and parts
- Tougher competition could push product prices down

Cited: Annual Securities Report, 160th fiscal period (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 160th fiscal period (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第160期(2025/04/01－2026/03/31) | S100YC72 | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC72,, |
| 有価証券報告書－第159期(2024/04/01－2025/03/31) | S100W0X9 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0X9,, |
| 有価証券報告書－第158期(2023/04/01－2024/03/31) | S100TRCX | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRCX,, |
| 有価証券報告書－第157期(2022/04/01－2023/03/31) | S100R4UY | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4UY,, |
| 訂正有価証券報告書－第156期(令和3年4月1日－令和4年3月31日) | S100ONXC | 2022-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ONXC,, |
| 有価証券報告書－第155期(令和2年4月1日－令和3年3月31日) | S100LQEI | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQEI,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 厦門和利多衛浴科技有限公司 | Co-development | TOTOが便座・便蓋・排水弁等の製造技術等を提供する技術許諾契約（ロイヤルティを受け取る） | S100YC72 |
| P.T. Surya TOTO Indonesia Tbk. | Co-development | TOTOが水栓金具の製造技術等を提供する技術許諾契約（ロイヤルティを受け取る） | S100YC72 |

## 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).