# TOYO KANETSU K.K.: 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118期(2025/04/01－2026/03/31) (S100YDS7)
> Page: https://vizora.meequs.com/en/company/toyo-kanetsu
> Retrieved: 2026-09-30T20:31:07.283Z

## Company

Toyo Kanetsu, founded in 1941, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 1,419 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOYO KANETSU K.K. |
| Ticker | 6369 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6369.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区南砂二丁目11番1号 |
| Representative (per filing) | 代表取締役社長 大和田 能史 |
| Founded | May 1941 |
| Share capital | ¥18.6B |
| Employees (consolidated) | 1,419 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.toyokanetsu.co.jp (https://www.toyokanetsu.co.jp/) |
| Corporate number | 2010601004909 |
| EDINET | E01572 |
| Industries (Vizora) | Plant Engineering & Building Services, Disaster Prevention & Infrastructure Maintenance, Industrial Machinery |

> Profile source: annual securities report (S100YDS7, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.8 | 110 |
| Profitability | 36.5 | 122 |
| Cash conversion | 74.6 | 116 |
| Efficiency | 77.5 | 122 |
| Financial strength | 38.9 | 9 |

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 59% of Toyo Kanetsu's sales come from Logistics Solutions Business, with Plant Business and Business Innovation and Incubation making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -1.4% from the prior year, operating profit -13.3%.

## Company structure

- Segment revenue mix: Logistics Solutions Business 58.6%、Plant Business 21.5%、Business Innovation and Incubation 19.2%、Others 0.7%
- Revenue → net income: ¥59617000000 → ¥2558000000
- Net income → operating cash flow: ¥2558000000 → ¥6567000000（difference ¥4009000000）
- Main uses of operating cash flow: CapEx ¥2302000000 / dividends ¥2232000000 / buybacks ¥443000000
- Change in cash: ¥620000000
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 | ¥59.6B |  |
| Operating income | ¥3.58B | Margin 6.0% |
| Net income | ¥2.56B | Margin 4.3% |
| Free cash flow | ¥4.26B |  |
| Largest business | Logistics Solutions Business | of segment revenue 58.6% |
| Employees (consolidated) | 1,419 |  |
| EPS | ¥139.75 |  |
| Book value per share | ¥2235.63 |  |
| Equity ratio | 58.0% |  |
| Shares outstanding | 16,046,148 |  |
| Treasury shares | 221,100 |  |
| Shareholders | 10,449 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 10.2% | Net cash -¥5.71B · Cash ÷ revenue 11.9% |
| Vs. industry median margin | -1.6 pp | Industrial Machinery |
| ROE | 6.8% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, one segment accounts for 68% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43617000000 | ¥59617000000 | +36.7% |
| Operating income | ¥2623000000 | ¥3581000000 | +36.5% |
| Operating margin | 6.0% | 6.0% | 0 pp |
| Employees | 986 people | 1,419 people | +43.9% |
| Cash and equivalents | ¥7309000000 | ¥7071000000 | -3.3% |

### 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 |
| --- | ---: |
| 物流ソリューション事業 → 事業再編・廃止 | 62.5% |
| 機械・プラント事業 → 事業再編・廃止 | 22.5% |
| その他 → 事業再編・廃止 | 15.1% |
| 新設・再編 → 物流ソリューション事業 | 58.6% |
| 新設・再編 → プラント事業 | 21.5% |
| 新設・再編 → みらい創生事業 | 19.2% |
| 新設・再編 → その他（注） | 0.7% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Logistics Solutions Business | 2 years | +3.7% | ¥34957000000 | 9.8% | 2 |
| Plant Business | 2 years | +16.6% | ¥12799000000 | 7.8% | 2 |
| Business Innovation and Incubation | — | — | ¥11459000000 | 4.1% | 2 |
| Others | 3 years | -15.2% | ¥399000000 | 40.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 59,617 | 100.0% | S100YDS7 |
| Cost of revenue | 45,924 | 77.0% | S100YDS7 |
| Gross profit | 13,692 | 23.0% | S100YDS7 |
| SG&A | 10,110 | 17.0% | S100YDS7 |
| Operating income | 3,581 | 6.0% | S100YDS7 |
| Ordinary income | 3,897 | 6.5% | S100YDS7 |
| Pretax income | 3,739 | 6.3% | S100YDS7 |
| Income tax | 1,181 | 2.0% | S100YDS7 |
| Net income | 2,558 | 4.3% | S100YDS7 |
| Net income attributable to owners | 2,556 | 4.3% | S100YDS7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 17 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 23.0% → Operating margin 6.0% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.4%; Core profit growth: -13.3%
Operating leverage (core profit growth ÷ revenue growth): 9.39×
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 | 60,474 | 59,617 | -857 | -1.4% |
| Gross profit | 13,241 | 13,692 | 451 | +3.4% |
| Operating income | 4,131 | 3,581 | -550 | -13.3% |
| Net income attributable to owners | 3,638 | 2,556 | -1,082 | -29.7% |
| Operating cash flow | 5,300 | 6,567 | 1,267 | +23.9% |
| Free cash flow | 3,165 | 4,265 | 1,100 | +34.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 46,518 | 2,591 | 5.6% | 1,717 | 6,955 | 5,531 | S100LU93 |
| FY ending Mar 2021 | 43,617 | 2,623 | 6.0% | 1,777 | 1,482 | 351 | S100QFOQ |
| FY ending Mar 2022 | 59,177 | 2,808 | 4.7% | 2,334 | -1,097 | -2,110 | S100R52I |
| FY ending Mar 2023 | 47,351 | 2,497 | 5.3% | 2,378 | 1,105 | -82 | S100TQN8 |
| FY ending Mar 2024 | 53,787 | 3,090 | 5.7% | 3,554 | -739 | -2,199 | S100W5UY |
| FY ending Mar 2025 | 60,474 | 4,131 | 6.8% | 3,638 | 5,300 | 3,165 | S100YDS7 |
| FY ending Mar 2026 | 59,617 | 3,581 | 6.0% | 2,556 | 6,567 | 4,265 | S100YDS7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 1,173 | 1,143 | 1,157 | 1,218 | 1,419 |
| Average salary (parent company) | ¥6.8M | ¥6.8M | ¥6.7M | ¥7.3M | ¥7.7M |
| Average age (parent company) | 44.6 years | 44.8 years | 44.5 years | 44.5 years | 43.8 years |
| Average tenure (parent company) | 15.7 years | 15.7 years | 15.3 years | 15.1 years | 14.2 years |

Year over year: Employees (consolidated) +16.5% · Revenue (consolidated) -1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistics Solutions Business | 34,957 | 58.6% | 3,425 | 9.8% |
| Plant Business | 12,799 | 21.5% | 1,002 | 7.8% |
| Business Innovation and Incubation | 11,459 | 19.2% | 466 | 4.1% |
| Others | 399 | 0.7% | 162 | 40.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Logistics Solutions Business | 58.6% | 67.8% | 9.1 | 9.8% |
| Plant Business | 21.5% | 19.8% | -1.6 | 7.8% |
| Business Innovation and Incubation | 19.2% | 9.2% | -10.0 | 4.1% |
| Others | 0.7% | 3.2% | 2.5 | 40.6% |

Segment → industry: Plant Business → Plant Engineering & Building Services / Business Innovation and Incubation → Disaster Prevention & Infrastructure Maintenance / Logistics Solutions Business → Industrial Machinery

## 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 | 6,567 | 11.0% | S100YDS7 |
| Capital expenditure | 2,302 | 3.9% | S100YDS7 |
| Free cash flow | 4,265 | 7.2% | 算出 |
| Investing cash flow | -2,072 | -3.5% | S100YDS7 |
| Financing cash flow | -3,877 | -6.5% | S100YDS7 |
| Dividends paid | 2,232 | 3.7% | S100YDS7 |
| Share buyback | 443 | 0.7% | S100YDS7 |
| Change in cash | 620 | 1.0% | S100YDS7 |
| Cash and equivalents | 7,071 | 11.9% | S100YDS7 |

## 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 | 8,654 | 6,921 | 8,285 | 6,450 | 7,071 | S100TQN8, S100W5UY, S100YDS7 |
| Total assets | 64,290 | 64,001 | 67,891 | 67,436 | 69,521 | S100R52I, S100TQN8, S100W5UY, S100YDS7 |
| Net assets | 36,477 | 38,087 | 37,752 | 38,909 | 40,301 | S100TQN8, S100W5UY, S100YDS7 |
| Share capital | 18,580 | 18,580 | 18,580 | 18,580 | 18,580 | S100R52I, S100TQN8, S100W5UY, S100YDS7 |
| Property, plant and equipment | 16,321 | 15,903 | 16,551 | 17,988 | 19,848 | S100R52I, S100TQN8, S100W5UY, S100YDS7 |
| Intangible assets excluding goodwill | 667 | 877 | 634 | 690 | 757 | S100R52I, S100TQN8, S100W5UY, S100YDS7 |
| Goodwill | — | 5 | 42 | 40 | 7 | S100TQN8, S100W5UY, S100YDS7 |
| Investment securities | 7,663 | 8,059 | 6,971 | 6,497 | 7,700 | S100R52I, S100TQN8, S100W5UY, S100YDS7 |
| Current assets | 38,332 | 37,734 | 41,975 | 40,140 | 38,649 | S100R52I, S100TQN8, S100W5UY, S100YDS7 |
| Current liabilities | 18,202 | 17,430 | 23,685 | 20,393 | 18,855 | S100R52I, S100TQN8, S100W5UY, S100YDS7 |
| Trade payables | 1,761 | 1,243 | 997 | 860 | 951 | S100R52I, S100TQN8, S100W5UY, S100YDS7 |
| Short-term borrowings | 8,120 | 5,357 | 11,375 | 8,240 | 6,725 | S100R52I, S100TQN8, S100W5UY, S100YDS7 |
| Long-term borrowings | 4,580 | 3,380 | 2,160 | 4,213 | 5,027 | S100R52I, S100TQN8, S100W5UY, S100YDS7 |
| Bonds | 1,000 | 1,000 | 1,000 | 1,080 | 1,030 | S100R52I, S100TQN8, S100W5UY, S100YDS7 |
| Interest-bearing debt | 13,700 | 9,737 | 14,535 | 13,533 | 12,782 | 算出 |
| Total liabilities | 27,813 | 25,914 | 30,139 | 28,526 | 29,219 | S100R52I, S100TQN8, S100W5UY, S100YDS7 |
| Non-controlling interests | 2 | 4 | 5 | 7 | 9 | S100R52I, S100TQN8, S100W5UY, S100YDS7 |
| Equity attributable to owners of parent | 34,450 | 34,789 | 35,871 | 37,414 | 37,901 | S100R52I, S100TQN8, S100W5UY, S100YDS7 |
| Retained earnings | 17,533 | 18,135 | 17,722 | 18,353 | 18,671 | S100R52I, S100TQN8, S100W5UY, S100YDS7 |
| Treasury stock | -2,936 | -3,200 | -1,704 | -798 | -783 | S100R52I, S100TQN8, S100W5UY, S100YDS7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YDS7 |
| Property, plant and equipment | 29% | S100YDS7 |
| Intangibles and goodwill | 1% | S100YDS7 |
| Investment securities | 11% | S100YDS7 |
| Other assets | 49% | S100YDS7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YDS7 |
| Interest-bearing debt | 19% | 算出 |
| Other liabilities | 22% | S100YDS7 |
| Equity | 58% | S100YDS7 |
| Other liabilities | 0% | S100YDS7 |

### 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 | 64,290 | 64,001 | 67,891 | 67,436 | 69,521 |
| Equity | 36,477 | 38,087 | 37,752 | 38,909 | 40,301 |
| Interest-bearing debt | 13,700 | 9,737 | 14,535 | 13,533 | 12,782 |
| Cash | 8,654 | 6,921 | 8,285 | 6,450 | 7,071 |

## 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) | 33.3% | S100YDS7 |
| Fixed assets ÷ total assets | 28.5% | S100YDS7 |
| Goodwill ÷ parent equity | 0.0% | S100YDS7 |

### 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) | 10.2% |
| Cash ÷ revenue | 11.9% |
| Net cash (cash − interest-bearing debt) | -¥5.71B |
| Net debt ÷ operating cash flow | 0.87× |
| Cash conversion (operating CF ÷ operating income) | 183.4% |
| Cash vs. profit gap | 4,011 JPY mn (of net income 156.9%) |
| Shareholder returns / net income | 104.7% |
| Shareholder returns / FCF | 62.7% |
| Shareholder payments — dividends / net income | 87.3% |
| Shareholder payments — dividends / FCF | 52.3% |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 31.6% |

## 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 | 3.9% | 0.92× | 3.6% | 1.87× | 6.8% | S100R52I |
| 2023 | 5.0% | 0.74× | 3.7% | 1.85× | 6.9% | S100TQN8 |
| 2024 | 6.6% | 0.82× | 5.4% | 1.87× | 10.1% | S100W5UY |
| 2025 | 6.0% | 0.89× | 5.4% | 1.85× | 9.9% | S100YDS7 |
| 2026 | 4.3% | 0.87× | 3.7% | 1.82× | 6.8% | S100YDS7 |

## 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 | 12.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.3% | 2026-03-31 |
| 日本生命保険相互会社 （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 | 2.6% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.3% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| トーヨーカネツ従業員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE-AC) （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| 住友生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| 大栄不動産株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 佐藤工業株式会社 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第118期(2025/04/01－2026/03/31) | S100YDS7 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDS7,, |
| 有価証券報告書－第117期(2024/04/01－2025/03/31) | S100W5UY | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5UY,, |
| 有価証券報告書－第116期(2023/04/01－2024/03/31) | S100TQN8 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQN8,, |
| 有価証券報告書－第115期(2022/04/01－2023/03/31) | S100R52I | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R52I,, |
| 訂正有価証券報告書－第114期(2021/04/01－2022/03/31) | S100QFOQ | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFOQ,, |
| 有価証券報告書－第113期(令和2年4月1日－令和3年3月31日) | S100LU93 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU93,, |

## 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).