# TOYO SECURITIES CO., 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104期(2025/04/01－2026/03/31) (S100YH08)
> Page: https://vizora.meequs.com/en/company/toyo-securities
> Retrieved: 2026-09-30T22:12:19.168Z

## Company

Toyo Securities, founded in 1934, is a company in Securities & Asset Management listed on TSE Prime. It has 632 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOYO SECURITIES CO., LTD. |
| Ticker | 8614 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8614.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区八丁堀4丁目7番1号 |
| Representative (per filing) | 代表取締役社長 小川憲洋 |
| Founded | Apr 1934 |
| Share capital | ¥13.5B |
| Employees (consolidated) | 632 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.toyo-sec.co.jp (https://www.toyo-sec.co.jp/) |
| Corporate number | 7010001051893 |
| EDINET | E03768 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YH08, filed 2026-06-23). As of filing

## Key points (generated from figures)

- Toyo Securities brought in ¥13.6B in revenue.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +20.3% from the prior year, operating profit +306.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥13.6B |  |
| Operating income | ¥2.82B | Margin 20.8% |
| Net income | ¥3.94B | Margin 29.0% |
| Free cash flow | -¥906M |  |
| Employees (consolidated) | 632 |  |
| EPS | ¥57.88 |  |
| Book value per share | ¥436.57 |  |
| Equity ratio | 42.5% |  |
| Shares outstanding | 73,877,569 |  |
| Treasury shares | 3,694,500 |  |
| Shareholders | 28,116 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 30.9% | Cash ÷ revenue 163.6% |
| Vs. industry median margin | 0 pp | Securities & Asset Management |
| ROE | 14.8% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 306%
- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11966000000 | ¥13576000000 | +13.5% |
| Operating income | ¥643000000 | ¥2820000000 | +338.6% |
| Operating margin | 5.4% | 20.8% | +15.4 pp |
| Employees | 733 people | 632 people | -13.8% |
| Cash and equivalents | ¥31932000000 | ¥22217000000 | -30.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,576 | 100.0% | S100YH08 |
| SG&A | 10,392 | 76.5% | S100YH08 |
| Operating income | 2,820 | 20.8% | S100YH08 |
| Ordinary income | 3,259 | 24.0% | S100YH08 |
| Pretax income | 4,679 | 34.5% | S100YH08 |
| Income tax | 742 | 5.5% | S100YH08 |
| Net income | 3,937 | 29.0% | S100YH08 |
| Net income attributable to owners | 3,937 | 29.0% | S100YH08 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 79 |
| Operating income | 21 |
| (Ref.) Net income | 29 |

### Margin funnel

Operating margin 20.8% → Net margin 29.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.3%; Core profit growth: +306.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 15.12×
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 | 11,289 | 13,576 | 2,287 | +20.3% |
| Operating income | 694 | 2,820 | 2,126 | +306.3% |
| Net income attributable to owners | 2,653 | 3,937 | 1,284 | +48.4% |
| Operating cash flow | 853 | -499 | -1,352 | -158.5% |
| Free cash flow | 518 | -906 | -1,424 | -274.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,697 | -1,747 | -18.0% | -619 | 4,271 | 4,080 | S100TRBW |
| FY ending Mar 2021 | 11,966 | 643 | 5.4% | 937 | 2,065 | 1,918 | S100W34W |
| FY ending Mar 2022 | 10,864 | 114 | 1.0% | 875 | -4,071 | -6,734 | S100YH08 |
| FY ending Mar 2023 | 8,341 | -2,167 | -26.0% | -2,955 | -2,577 | -2,887 | S100YH08 |
| FY ending Mar 2024 | 12,023 | 1,153 | 9.6% | 1,305 | 3,491 | 2,951 | S100YH08 |
| FY ending Mar 2025 | 11,289 | 694 | 6.1% | 2,653 | 853 | 518 | S100YH08 |
| FY ending Mar 2026 | 13,576 | 2,820 | 20.8% | 3,937 | -499 | -906 | S100YH08 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.5M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥6.2M |

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) | 729 | 687 | 646 | 646 | 632 |
| Average salary (parent company) | ¥6.4M | ¥5.6M | ¥6.4M | ¥6.4M | ¥6.7M |
| Average age (parent company) | 41.8 years | 43.2 years | 43.7 years | 43.4 years | 43.3 years |
| Average tenure (parent company) | 16.4 years | 17.5 years | 18.1 years | 17.9 years | 17.7 years |

Year over year: Employees (consolidated) -2.2% · Revenue (consolidated) +20.3%

## 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 | -499 | -3.7% | S100YH08 |
| Capital expenditure | 407 | 3.0% | S100YH08 |
| Free cash flow | -906 | -6.7% | 算出 |
| Investing cash flow | 2,345 | 17.3% | S100YH08 |
| Financing cash flow | -2,109 | -15.5% | S100YH08 |
| Dividends paid | 3,509 | 25.8% | S100YH08 |
| Share buyback | 0 | 0.0% | S100YH08 |
| Change in cash | 36 | 0.3% | S100YH08 |
| Cash and equivalents | 22,217 | 163.6% | S100YH08 |

## 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 | 28,286 | 21,346 | 24,566 | 22,181 | 22,217 | S100TRBW, S100W34W, S100YH08 |
| Total assets | 80,374 | 66,190 | 80,750 | 69,387 | 71,950 | S100SRRI, S100TRBW, S100W34W, S100YH08 |
| Net assets | 38,437 | 34,200 | 39,404 | 30,122 | 30,639 | S100TRBW, S100W34W, S100YH08 |
| Share capital | 13,494 | 13,494 | 13,494 | 13,494 | 13,494 | S100SRRI, S100TRBW, S100W34W, S100YH08 |
| Property, plant and equipment | 3,572 | 2,435 | 2,649 | 2,749 | 2,752 | S100SRRI, S100TRBW, S100W34W, S100YH08 |
| Intangible assets excluding goodwill | 281 | 13 | 43 | 56 | 126 | S100SRRI, S100TRBW, S100W34W, S100YH08 |
| Investment securities | 9,222 | 7,305 | 11,144 | 7,050 | 5,397 | S100SRRI, S100TRBW, S100W34W, S100YH08 |
| Current assets | 61,662 | 51,678 | 60,798 | 53,473 | 56,246 | S100SRRI, S100TRBW, S100W34W, S100YH08 |
| Current liabilities | 31,683 | 25,176 | 32,330 | 31,443 | 36,695 | S100SRRI, S100TRBW, S100W34W, S100YH08 |
| Short-term borrowings | 7,350 | 3,100 | 3,650 | 6,550 | 7,150 | S100SRRI, S100TRBW, S100W34W, S100YH08 |
| Long-term borrowings | 7,000 | 4,000 | 4,500 | 4,800 | 1,440 | S100SRRI, S100TRBW, S100W34W, S100YH08 |
| Total liabilities | 41,937 | 31,990 | 41,345 | 39,264 | 41,311 | S100SRRI, S100TRBW, S100W34W, S100YH08 |
| Equity attributable to owners of parent | 34,604 | 31,255 | 32,410 | 26,407 | 26,836 | S100SRRI, S100TRBW, S100W34W, S100YH08 |
| Retained earnings | 13,504 | 10,049 | 11,187 | 5,610 | 6,038 | S100SRRI, S100TRBW, S100W34W, S100YH08 |
| Treasury stock | -2,045 | -1,939 | -1,922 | -2,348 | -2,346 | S100SRRI, S100TRBW, S100W34W, S100YH08 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YH08 |
| Property, plant and equipment | 4% | S100YH08 |
| Intangibles and goodwill | 0% | S100YH08 |
| Investment securities | 7% | S100YH08 |
| Other assets | 58% | S100YH08 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100YH08 |
| Equity | 43% | S100YH08 |

### 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 | 80,374 | 66,190 | 80,750 | 69,387 | 71,950 |
| Equity | 38,437 | 34,200 | 39,404 | 30,122 | 30,639 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 28,286 | 21,346 | 24,566 | 22,181 | 22,217 |

## 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) | 20.3% | S100YH08 |
| Fixed assets ÷ total assets | 3.8% | S100YH08 |
| Goodwill ÷ parent equity | — | —, S100YH08 |

### 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) | 30.9% |
| Cash ÷ revenue | 163.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -17.7% |
| Cash vs. profit gap | -4,436 JPY mn (of net income -112.7%) |
| Shareholder returns / net income | 89.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 89.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | — |

## 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 | 8.1% | 0.14× | 1.1% | 2.32× | 2.5% | S100SRRI, S100YH08 |
| 2023 | — | —× | -4.0% | —× | — | S100TRBW, S100YH08 |
| 2024 | 10.9% | 0.16× | 1.8% | 2.31× | 4.1% | S100W34W, S100YH08 |
| 2025 | 23.5% | 0.15× | 3.5% | 2.55× | 9.0% | S100YH08 |
| 2026 | 29.0% | 0.19× | 5.6% | 2.65× | 14.8% | S100YH08 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社野村総合研究所 | Major shareholder | 9.8% | 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 | 7.8% | 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 | 6.6% | 2026-03-31 |
| 株式会社広島銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（役員報酬BIP信託口・76402口） | Major shareholder | 3.2% | 2026-03-31 |
| 朝日生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.3% | 2026-03-31 |
| フィンテック グローバル株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社西京銀行 | Major shareholder | 0.9% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社（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 | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第104期(2025/04/01－2026/03/31) | S100YH08 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH08,, |
| 有価証券報告書－第103期(2024/04/01－2025/03/31) | S100W34W | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W34W,, |
| 有価証券報告書－第102期(2023/04/01－2024/03/31) | S100TRBW | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRBW,, |
| 訂正有価証券報告書－第101期(2022/04/01－2023/03/31) | S100SRRI | 2024-02-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SRRI,, |
| 有価証券報告書－第100期(令和3年4月1日－令和4年3月31日) | S100OJT4 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJT4,, |
| 有価証券報告書－第99期(令和2年4月1日－令和3年3月31日) | S100LNUS | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNUS,, |

## 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).