# Toyo Asano Foundation Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第83期(2025/03/01－2026/02/28) (S100Y4LV)
> Page: https://vizora.meequs.com/en/company/toyo-asano-foundation
> Retrieved: 2026-09-30T21:50:04.916Z

## Company

Toyo Asano Foundation, founded in 1951, is a company in Cement & Concrete listed on TSE Standard. It has 179 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Toyo Asano Foundation Co.,Ltd. |
| Ticker | 5271 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5271.T) |
| Listing | TSE Standard |
| Head office | 静岡県沼津市原815番地の1 |
| Representative (per filing) | 代表取締役社長 植松泰右 |
| Founded | Dec 1951 |
| Share capital | ¥100M |
| Employees (consolidated) | 179 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | February |
| Website | www.toyoasano.co.jp (https://www.toyoasano.co.jp/) |
| Corporate number | 4080101001290 |
| EDINET | E01165 |
| Industries (Vizora) | Cement & Concrete, Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100Y4LV, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Cement & Concrete (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9.4 | 16 |
| Profitability | 9.4 | 16 |
| Cash conversion | 96.9 | 16 |
| Efficiency | 46.9 | 16 |

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 Toyo Asano Foundation's sales come from Foundation, with Leasing making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -18.8% from the prior year, operating profit -83.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥11.7B |  |
| Operating income | ¥102.5M | Margin 0.9% |
| Net income | -¥221.1M | Margin -1.9% |
| Free cash flow | ¥1.07B |  |
| Largest business | Foundation | of segment revenue 98.3% |
| Employees (consolidated) | 179 |  |
| EPS | ¥-179.44 |  |
| Book value per share | ¥2889.84 |  |
| Equity ratio | 27.0% |  |
| Shares outstanding | 1,440,000 |  |
| Treasury shares | 145,400 |  |
| Shareholders | 1,490 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 12.1% | Cash ÷ revenue 15.0% |
| Vs. industry median margin | -7.3 pp | Cement & Concrete |
| ROA | -1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 84% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16421930000 | ¥11690853000 | -28.8% |
| Operating income | ¥304749000 | ¥102470000 | -66.4% |
| Operating margin | 1.9% | 0.9% | -1 pp |
| Employees | 228 people | 179 people | -21.5% |
| Cash and equivalents | ¥2580563000 | ¥1748668000 | -32.2% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| コンクリート二次製品事業 → 事業再編・廃止 | 48.3% |
| 不動産賃貸事業 → 不動産賃貸事業 | 1.2% |
| コンクリートセグメント事業 → 事業再編・廃止 | 9.4% |
| 工事事業 → 事業再編・廃止 | 41.1% |
| 新設・再編 → 基礎事業 | 98.3% |
| 新設・再編 → 不動産賃貸事業 | 0.5% |

Segment revenue source references: 6 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,691 | 100.0% | S100Y4LV |
| Cost of revenue | 9,649 | 82.5% | S100Y4LV |
| Gross profit | 2,042 | 17.5% | S100Y4LV |
| SG&A | 1,940 | 16.6% | S100Y4LV |
| Operating income | 102 | 0.9% | S100Y4LV |
| Ordinary income | 28 | 0.2% | S100Y4LV |
| Pretax income | -292 | -2.5% | S100Y4LV |
| Income tax | -71 | -0.6% | S100Y4LV |
| Net income | -221 | -1.9% | S100Y4LV |
| Net income attributable to owners | -221 | -1.9% | S100Y4LV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 17 |
| Operating income | 1 |
| (Ref.) Net income | -2 |

### Margin funnel

Gross margin 17.5% → Operating margin 0.9% → Net margin -1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -18.8%; Core profit growth: -83.1%
Operating leverage (core profit growth ÷ revenue growth): 4.41×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,403 | 11,691 | -2,712 | -18.8% |
| Gross profit | 2,723 | 2,042 | -681 | -25.0% |
| Operating income | 607 | 102 | -504 | -83.1% |
| Net income attributable to owners | 363 | -221 | -584 | -160.8% |
| Operating cash flow | -1,532 | 1,540 | 3,072 | — |
| Free cash flow | -2,671 | 1,071 | 3,742 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 13,391 | 234 | 1.7% | 96 | 857 | 322 | S100LE5S |
| FY ending Feb 2021 | 16,422 | 305 | 1.9% | 160 | 1,767 | 824 | S100O3AO |
| FY ending Feb 2022 | 17,760 | 142 | 0.8% | 115 | 97 | -838 | S100QSYI |
| FY ending Feb 2023 | 18,259 | 229 | 1.3% | -191 | 719 | 383 | S100THRE |
| FY ending Feb 2024 | 15,067 | 923 | 6.1% | 604 | 350 | 33 | S100VTEU |
| FY ending Feb 2025 | 14,403 | 607 | 4.2% | 363 | -1,532 | -2,671 | S100Y4LV |
| FY ending Feb 2026 | 11,691 | 102 | 0.9% | -221 | 1,540 | 1,071 | S100Y4LV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.3M |
| Operating income per employee (consolidated) | ¥572.5K |
| Net income per employee (consolidated) | -¥1.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 218 | 199 | 197 | 190 | 179 |
| Average salary (parent company) | ¥6M | ¥5.6M | ¥5.7M | ¥5.6M | ¥5.3M |
| Average age (parent company) | 43.0 years | 45.1 years | 44.8 years | 45.6 years | 46.3 years |
| Average tenure (parent company) | 13.9 years | 12.1 years | 12.5 years | 13.5 years | 14.1 years |

Year over year: Employees (consolidated) -5.8% · Revenue (consolidated) -18.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Foundation | 11,493 | 98.3% | 633 | 5.5% |
| Leasing | 198 | 1.7% | 121 | 61.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Foundation | 98.3% | 84.0% | -14.3 | 5.5% |
| Leasing | 1.7% | 16.0% | 14.3 | 61.0% |

Segment → industry: Foundation → Cement & Concrete / Leasing → Real Estate Development & Leasing / Foundation → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,540 | 13.2% | S100Y4LV |
| Capital expenditure | 469 | 4.0% | S100Y4LV |
| Free cash flow | 1,071 | 9.2% | 算出 |
| Investing cash flow | -446 | -3.8% | S100Y4LV |
| Financing cash flow | -329 | -2.8% | S100Y4LV |
| Dividends paid | 116 | 1.0% | S100Y4LV |
| Change in cash | 766 | 6.5% | S100Y4LV |
| Cash and equivalents | 1,749 | 15.0% | S100Y4LV |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,082 | 1,523 | 1,238 | 983 | 1,749 | S100THRE, S100VTEU, S100Y4LV |
| Total assets | 17,629 | 14,920 | 15,018 | 16,149 | 14,401 | S100QSYI, S100THRE, S100VTEU, S100Y4LV |
| Net assets | 3,755 | 3,408 | 3,931 | 4,198 | 3,883 | S100THRE, S100VTEU, S100Y4LV |
| Share capital | 720 | 720 | 100 | 100 | 100 | S100QSYI, S100THRE, S100VTEU, S100Y4LV |
| Trade receivables | 3,452 | — | — | — | — | S100QSYI |
| Property, plant and equipment | 7,963 | 7,252 | 7,272 | 7,935 | 7,920 | S100QSYI, S100THRE, S100VTEU, S100Y4LV |
| Intangible assets excluding goodwill | 200 | 153 | 318 | 406 | 417 | S100QSYI, S100THRE, S100VTEU, S100Y4LV |
| Investment securities | 330 | 337 | 334 | 335 | 371 | S100QSYI, S100THRE, S100VTEU, S100Y4LV |
| Current assets | 8,528 | 6,664 | 6,551 | 6,913 | 5,042 | S100QSYI, S100THRE, S100VTEU, S100Y4LV |
| Current liabilities | 9,437 | 7,507 | 7,005 | 5,626 | 4,350 | S100QSYI, S100THRE, S100VTEU, S100Y4LV |
| Trade payables | 3,558 | 2,174 | 1,805 | 1,474 | 929 | S100QSYI, S100THRE, S100VTEU, S100Y4LV |
| Short-term borrowings | 300 | 442 | — | — | — | S100QSYI, S100THRE |
| Long-term borrowings | 3,884 | 3,610 | 3,861 | 6,092 | 5,718 | S100QSYI, S100THRE, S100VTEU, S100Y4LV |
| Total liabilities | 13,874 | 11,512 | 11,088 | 11,951 | 10,517 | S100QSYI, S100THRE, S100VTEU, S100Y4LV |
| Non-controlling interests | 72 | — | — | — | — | S100QSYI |
| Equity attributable to owners of parent | 3,673 | 3,393 | 3,919 | 4,185 | 3,847 | S100QSYI, S100THRE, S100VTEU, S100Y4LV |
| Retained earnings | 2,352 | 2,072 | 2,598 | 2,865 | 2,527 | S100QSYI, S100THRE, S100VTEU, S100Y4LV |
| Treasury stock | -107 | -107 | -107 | -107 | -107 | S100QSYI, S100THRE, S100VTEU, S100Y4LV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100Y4LV |
| Property, plant and equipment | 55% | S100Y4LV |
| Intangibles and goodwill | 3% | S100Y4LV |
| Investment securities | 3% | S100Y4LV |
| Other assets | 27% | S100Y4LV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100Y4LV |
| Other liabilities | 67% | S100Y4LV |
| Equity | 27% | S100Y4LV |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 17,629 | 14,920 | 15,018 | 16,149 | 14,401 |
| Equity | 3,755 | 3,408 | 3,931 | 4,198 | 3,883 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,082 | 1,523 | 1,238 | 983 | 1,749 |

## 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) | 67.7% | S100Y4LV |
| Fixed assets ÷ total assets | 55.0% | S100Y4LV |
| Goodwill ÷ parent equity | — | —, S100Y4LV |

### 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) | 12.1% |
| Cash ÷ revenue | 15.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1502.7% |
| Cash vs. profit gap | 1,761 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 10.9% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 28.9% |

## 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 | 0.6% | 1.01× | 0.7% | 4.80× | 3.1% | S100QSYI |
| 2023 | — | —× | -1.2% | —× | — | S100THRE |
| 2024 | 4.0% | 1.01× | 4.0% | 4.09× | 16.5% | S100VTEU |
| 2025 | 2.5% | 0.92× | 2.3% | 3.85× | 9.0% | S100Y4LV |
| 2026 | — | —× | -1.4% | —× | — | S100Y4LV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社直木商事 | Major shareholder | 28.4% | 2026-02-28 |
| 太平洋セメント株式会社 | Major shareholder | 13.2% | 2026-02-28 |
| トーヨーアサノ取引先持株会 | Major shareholder | 7.4% | 2026-02-28 |
| 株式会社静岡銀行（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 | 4.3% | 2026-02-28 |
| 高周波熱錬株式会社 | Major shareholder | 3.1% | 2026-02-28 |
| 三京化成株式会社 | Major shareholder | 2.1% | 2026-02-28 |
| 丸幸商事株式会社 | Major shareholder | 1.9% | 2026-02-28 |
| 植松 昭子 | Major shareholder | 1.9% | 2026-02-28 |
| 鈴木 和見 | Major shareholder | 0.8% | 2026-02-28 |
| 櫻田 美弥子 | Major shareholder | 0.7% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第83期(2025/03/01－2026/02/28) | S100Y4LV | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4LV,, |
| 有価証券報告書－第82期(2024/03/01－2025/02/28) | S100VTEU | 2025-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTEU,, |
| 有価証券報告書－第81期(2023/03/01－2024/02/29) | S100THRE | 2024-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THRE,, |
| 有価証券報告書－第80期(2022/03/01－2023/02/28) | S100QSYI | 2023-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QSYI,, |
| 有価証券報告書－第79期(令和3年3月1日－令和4年2月28日) | S100O3AO | 2022-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3AO,, |
| 有価証券報告書－第78期(令和2年3月1日－令和3年2月28日) | S100LE5S | 2021-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LE5S,, |

## 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).