# TOYO ELECTRIC 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87期(2025/04/01－2026/03/31) (S100YKQN)
> Page: https://vizora.meequs.com/en/company/toyo-electric
> Retrieved: 2026-09-30T19:08:42.126Z

## Company

Toyo Electric, founded in 1947, is a company in Chemicals listed on Nagoya. It has 366 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOYO ELECTRIC CORPORATION |
| Ticker | 6655 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6655.T) |
| Listing | Nagoya |
| Head office | 愛知県春日井市味美町2丁目156番地 |
| Representative (per filing) | 代表取締役 社長執行役員 松尾 昇光 |
| Founded | Jul 1947 |
| Share capital | ¥1.04B |
| Employees (consolidated) | 366 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Corporate number | 2180001074585 |
| EDINET | E02028 |
| Industries (Vizora) | Chemicals, Electrical Equipment, Electronic Components |

> Profile source: annual securities report (S100YKQN, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.1 | 24 |
| Profitability | 6.3 | 24 |
| Cash conversion | 97.8 | 23 |
| Efficiency | 62 | 25 |

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 83% of Toyo Electric's sales come from Domestic control device related, with Plastic related and Overseas control device related making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -5.1% from the prior year, operating profit +20.6%.

## Company structure

- Segment revenue mix: Domestic control device related 83.4%、Plastic related 9.3%、Overseas control device related 7.3%
- Revenue → net income: ¥8872739000 → ¥257997000
- Net income → operating cash flow: ¥257997000 → ¥895505000（difference ¥637508000）
- Main uses of operating cash flow: CapEx ¥154795000 / dividends ¥92680000 / buybacks —
- Change in cash: ¥20247000
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 | ¥8.87B |  |
| Operating income | ¥353M | Margin 4.0% |
| Net income | ¥266M | Margin 3.0% |
| Free cash flow | ¥740.7M |  |
| Largest business | Domestic control device related | of segment revenue 83.4% |
| Employees (consolidated) | 366 |  |
| EPS | ¥71.59 |  |
| Book value per share | ¥1402.3 |  |
| Equity ratio | 60.2% |  |
| Shares outstanding | 4,694,000 |  |
| Treasury shares | 453,700 |  |
| Shareholders | 3,108 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 15.6% | Cash ÷ revenue 19.5% |
| Vs. industry median margin | -4.4 pp | Electrical Equipment |
| ROE | 4.6% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.4× net income
- FY2026, employees -4% while operating income rose 21%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7766838000 | ¥8872739000 | +14.2% |
| Operating income | ¥93738000 | ¥352963000 | +276.5% |
| Operating margin | 1.2% | 4.0% | +2.8 pp |
| Employees | 438 people | 366 people | -16.4% |
| Cash and equivalents | ¥2310741000 | ¥1728108000 | -25.2% |

### 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 |
| --- | ---: |
| 国内制御装置関連事業 → 国内制御装置関連事業 | 83.2% |
| 海外制御装置関連事業 → 海外制御装置関連事業 | 7.3% |
| 海外制御装置関連事業 → 事業再編・廃止 | 0.5% |
| 樹脂関連事業 → 樹脂関連事業 | 9.1% |
| 新設・再編 → 国内制御装置関連事業 | 0.2% |
| 新設・再編 → 樹脂関連事業 | 0.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic control device related | 5 years | +2.7% | ¥7397002000 | 6.0% | 2 |
| Plastic related | 5 years | +3.2% | ¥825886000 | 3.1% | 2 |
| Overseas control device related | 5 years | +1.5% | ¥649849000 | -0.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,873 | 100.0% | S100YKQN |
| Cost of revenue | 6,348 | 71.5% | S100YKQN |
| Gross profit | 2,525 | 28.5% | S100YKQN |
| SG&A | 2,172 | 24.5% | S100YKQN |
| Operating income | 353 | 4.0% | S100YKQN |
| Ordinary income | 420 | 4.7% | S100YKQN |
| Pretax income | 378 | 4.3% | S100YKQN |
| Income tax | 120 | 1.4% | S100YKQN |
| Net income | 258 | 2.9% | S100YKQN |
| Net income attributable to owners | 266 | 3.0% | S100YKQN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 24 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 28.5% → Operating margin 4.0% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -5.1%; Core profit growth: +20.6%
Operating leverage (core profit growth ÷ revenue growth): -4.05×
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 | 9,348 | 8,873 | -476 | -5.1% |
| Gross profit | 2,406 | 2,525 | 119 | +4.9% |
| Operating income | 293 | 353 | 60 | +20.6% |
| Net income attributable to owners | 282 | 266 | -16 | -5.6% |
| Operating cash flow | -80 | 896 | 976 | — |
| Free cash flow | -244 | 741 | 985 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,166 | 213 | 2.3% | 205 | 434 | 318 | S100LOGO |
| FY ending Mar 2021 | 7,767 | 94 | 1.2% | 163 | 980 | 934 | S100OE0I |
| FY ending Mar 2022 | 7,703 | 102 | 1.3% | 83 | 69 | 17 | S100R2UP |
| FY ending Mar 2023 | 7,567 | -87 | -1.2% | -281 | -427 | -519 | S100TPKZ |
| FY ending Mar 2024 | 8,829 | 379 | 4.3% | 453 | 618 | 503 | S100W16M |
| FY ending Mar 2025 | 9,348 | 293 | 3.1% | 282 | -80 | -244 | S100YKQN |
| FY ending Mar 2026 | 8,873 | 353 | 4.0% | 266 | 896 | 741 | S100YKQN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.2M |
| Operating income per employee (consolidated) | ¥964.4K |
| Net income per employee (consolidated) | ¥726.8K |

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) | 413 | 393 | 383 | 382 | 366 |
| Average salary (parent company) | ¥5.4M | ¥5.3M | ¥5.9M | ¥6.1M | ¥5.9M |
| Average age (parent company) | 42.8 years | 43.9 years | 44.9 years | 44.7 years | 44.3 years |
| Average tenure (parent company) | 17.2 years | 17.9 years | 18.2 years | 18.0 years | 16.7 years |

Year over year: Employees (consolidated) -4.2% · Revenue (consolidated) -5.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic control device related | 7,397 | 83.4% | 440 | 6.0% |
| Overseas control device related | 650 | 7.3% | -4 | -0.6% |
| Plastic related | 826 | 9.3% | 25 | 3.1% |

### 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 |
| --- | ---: |
| Domestic control device related | 83.4% |
| Overseas control device related | 7.3% |
| Plastic related | 9.3% |

Segment → industry: Plastic related → Chemicals / Overseas control device related → Electrical Equipment / Domestic control device related → Electrical Equipment / Overseas control device related → Electronic Components

## 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 | 896 | 10.1% | S100YKQN |
| Capital expenditure | 155 | 1.7% | S100YKQN |
| Free cash flow | 741 | 8.3% | 算出 |
| Investing cash flow | -375 | -4.2% | S100YKQN |
| Financing cash flow | -518 | -5.8% | S100YKQN |
| Dividends paid | 93 | 1.0% | S100YKQN |
| Change in cash | 20 | 0.2% | S100YKQN |
| Cash and equivalents | 1,728 | 19.5% | S100YKQN |

## 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 | 1,654 | 1,627 | 1,798 | 1,708 | 1,728 | S100TPKZ, S100W16M, S100YKQN |
| Total assets | 9,636 | 10,046 | 10,855 | 10,815 | 11,050 | S100R2UP, S100TPKZ, S100W16M, S100YKQN |
| Net assets | 5,875 | 5,606 | 6,057 | 6,346 | 6,780 | S100TPKZ, S100W16M, S100YKQN |
| Share capital | 1,037 | 1,037 | 1,037 | 1,037 | 1,037 | S100R2UP, S100TPKZ, S100W16M, S100YKQN |
| Property, plant and equipment | 2,106 | 2,069 | 2,135 | 2,219 | 2,205 | S100R2UP, S100TPKZ, S100W16M, S100YKQN |
| Intangible assets excluding goodwill | 271 | 225 | 213 | 269 | 233 | S100R2UP, S100TPKZ, S100W16M, S100YKQN |
| Goodwill | — | — | — | 49 | — | S100YKQN |
| Investment securities | 316 | 366 | 493 | 486 | 736 | S100R2UP, S100TPKZ, S100W16M, S100YKQN |
| Current assets | 6,567 | 7,222 | 7,665 | 7,511 | 7,542 | S100R2UP, S100TPKZ, S100W16M, S100YKQN |
| Current liabilities | 2,767 | 3,166 | 3,489 | 2,882 | 2,936 | S100R2UP, S100TPKZ, S100W16M, S100YKQN |
| Trade payables | 738 | 829 | 588 | 459 | 479 | S100R2UP, S100TPKZ, S100W16M, S100YKQN |
| Short-term borrowings | 966 | 1,315 | 1,253 | 1,346 | 1,180 | S100R2UP, S100TPKZ, S100W16M, S100YKQN |
| Long-term borrowings | 338 | 613 | 462 | 735 | 494 | S100R2UP, S100TPKZ, S100W16M, S100YKQN |
| Total liabilities | 3,760 | 4,440 | 4,798 | 4,469 | 4,270 | S100R2UP, S100TPKZ, S100W16M, S100YKQN |
| Non-controlling interests | 123 | 121 | 127 | 136 | 133 | S100R2UP, S100TPKZ, S100W16M, S100YKQN |
| Equity attributable to owners of parent | 5,532 | 5,173 | 5,474 | 5,666 | 5,865 | S100R2UP, S100TPKZ, S100W16M, S100YKQN |
| Retained earnings | 3,874 | 3,508 | 3,876 | 4,053 | 4,226 | S100R2UP, S100TPKZ, S100W16M, S100YKQN |
| Treasury stock | -253 | -248 | -315 | -303 | -281 | S100R2UP, S100TPKZ, S100W16M, S100YKQN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YKQN |
| Property, plant and equipment | 20% | S100YKQN |
| Intangibles and goodwill | 2% | S100YKQN |
| Investment securities | 7% | S100YKQN |
| Other assets | 55% | S100YKQN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YKQN |
| Other liabilities | 34% | S100YKQN |
| Equity | 62% | S100YKQN |
| Other liabilities | 0% | S100YKQN |

### 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 | 9,636 | 10,046 | 10,855 | 10,815 | 11,050 |
| Equity | 5,875 | 5,606 | 6,057 | 6,346 | 6,780 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,654 | 1,627 | 1,798 | 1,708 | 1,728 |

## 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) | 24.9% | S100YKQN |
| Fixed assets ÷ total assets | 20.0% | S100YKQN |
| Goodwill ÷ parent equity | — | —, S100YKQN |

### 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) | 15.6% |
| Cash ÷ revenue | 19.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 253.7% |
| Cash vs. profit gap | 629 JPY mn (of net income 236.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.8% |
| Shareholder payments — dividends / FCF | 12.5% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 41.9% |

## 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 | 1.1% | 0.80× | 0.9% | 1.74× | 1.5% | S100R2UP |
| 2023 | — | —× | -2.9% | —× | — | S100TPKZ |
| 2024 | 5.1% | 0.84× | 4.3% | 1.96× | 8.5% | S100W16M |
| 2025 | 3.0% | 0.86× | 2.6% | 1.95× | 5.1% | S100YKQN |
| 2026 | 3.0% | 0.81× | 2.4% | 1.90× | 4.6% | S100YKQN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社城西 | Major shareholder | 10.2% | 2026-03-31 |
| 東洋電機取引先持株会 | Major shareholder | 7.5% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社百五銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 松尾隆徳 | Major shareholder | 4.1% | 2026-03-31 |
| 東洋電機従業員持株会 | Major shareholder | 4.0% | 2026-03-31 |
| 松尾昇光 | Major shareholder | 4.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.9% | 2026-03-31 |
| 三浦陽子 | Major shareholder | 2.6% | 2026-03-31 |
| あいおいニッセイ同和損害保険株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第87期(2025/04/01－2026/03/31) | S100YKQN | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKQN,, |
| 有価証券報告書－第86期(2024/04/01－2025/03/31) | S100W16M | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W16M,, |
| 有価証券報告書－第85期(2023/04/01－2024/03/31) | S100TPKZ | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPKZ,, |
| 有価証券報告書－第84期(2022/04/01－2023/03/31) | S100R2UP | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2UP,, |
| 有価証券報告書－第83期(令和3年4月1日－令和4年3月31日) | S100OE0I | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE0I,, |
| 有価証券報告書－第82期(令和2年4月1日－令和3年3月31日) | S100LOGO | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOGO,, |

## 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).