# TOYO SHUTTER 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71期(2025/04/01－2026/03/31) (S100YKHR)
> Page: https://vizora.meequs.com/en/company/toyo-shutter
> Retrieved: 2026-09-30T21:00:04.307Z

## Company

Toyo Shutter is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 543 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOYO SHUTTER CO., LTD. |
| Ticker | 5936 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5936.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区南船場二丁目3番2号 |
| Representative (per filing) | 代表取締役社長 岡田敏夫 |
| Share capital | ¥2.02B |
| Employees (consolidated) | 543 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.toyo-shutter.co.jp (https://www.toyo-shutter.co.jp/) |
| Corporate number | 4120001085479 |
| EDINET | E01415 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YKHR, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25.9 | 56 |
| Profitability | 57.8 | 58 |
| Cash conversion | 13 | 50 |
| Efficiency | 83.6 | 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)

- Toyo Shutter brought in ¥21.5B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +2.8% from the prior year, operating profit -3.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥21455242000 → ¥829895000
- Net income → operating cash flow: ¥829895000 → ¥197175000（difference ¥-632720000）
- Main uses of operating cash flow: CapEx ¥101494000 / dividends ¥239187000 / buybacks ¥532000
- Change in cash: ¥-691735000
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 | ¥21.5B |  |
| Operating income | ¥1.25B | Margin 5.8% |
| Net income | ¥829.9M | Margin 3.9% |
| Free cash flow | ¥95.7M |  |
| Employees (consolidated) | 543 |  |
| EPS | ¥130.61 |  |
| Book value per share | ¥1581.02 |  |
| Equity ratio | 57.8% |  |
| Shares outstanding | 6,387,000 |  |
| Treasury shares | 54,900 |  |
| Shareholders | 3,771 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 17.2% | Cash ÷ revenue 14.5% |
| Vs. industry median margin | +1.4 pp | Housing Equipment & Building Materials |
| ROE | 8.6% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19714275000 | ¥21455242000 | +8.8% |
| Operating income | ¥617796000 | ¥1249940000 | +102.3% |
| Operating margin | 3.1% | 5.8% | +2.7 pp |
| Employees | 562 people | 543 people | -3.4% |
| Cash and equivalents | ¥2236504000 | ¥3107547000 | +38.9% |

### 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 | 21,455 | 100.0% | S100YKHR |
| Cost of revenue | 15,677 | 73.1% | S100YKHR |
| Gross profit | 5,779 | 26.9% | S100YKHR |
| SG&A | 4,529 | 21.1% | S100YKHR |
| Operating income | 1,250 | 5.8% | S100YKHR |
| Ordinary income | 1,179 | 5.5% | S100YKHR |
| Pretax income | 1,179 | 5.5% | S100YKHR |
| Income tax | 349 | 1.6% | S100YKHR |
| Net income | 830 | 3.9% | S100YKHR |
| Net income attributable to owners | 830 | 3.9% | S100YKHR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 21 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 26.9% → Operating margin 5.8% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.8%; Core profit growth: -3.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.41×
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 | 20,871 | 21,455 | 584 | +2.8% |
| Gross profit | 5,698 | 5,779 | 81 | +1.4% |
| Operating income | 1,301 | 1,250 | -51 | -3.9% |
| Net income attributable to owners | 793 | 830 | 37 | +4.7% |
| Operating cash flow | -161 | 197 | 358 | — |
| Free cash flow | -218 | 96 | 314 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,506 | 1,277 | 5.7% | 788 | 519 | 441 | S100LMZT |
| FY ending Mar 2021 | 19,714 | 618 | 3.1% | 421 | 530 | 399 | S100OD4O |
| FY ending Mar 2022 | 19,737 | 689 | 3.5% | 413 | 1,282 | 1,243 | S100R0E1 |
| FY ending Mar 2023 | 20,688 | 865 | 4.2% | 559 | 1,125 | 1,086 | S100TOK0 |
| FY ending Mar 2024 | 21,488 | 1,481 | 6.9% | 960 | 1,543 | 1,401 | S100VZNK |
| FY ending Mar 2025 | 20,871 | 1,301 | 6.2% | 793 | -161 | -218 | S100YKHR |
| FY ending Mar 2026 | 21,455 | 1,250 | 5.8% | 830 | 197 | 96 | S100YKHR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.5M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 552 | 532 | 518 | 534 | 543 |
| Average salary (parent company) | ¥5.4M | ¥5.8M | ¥6.4M | ¥6.4M | ¥6.6M |
| Average age (parent company) | 42.7 years | 43.0 years | 43.2 years | 42.5 years | 42.4 years |
| Average tenure (parent company) | 16.8 years | 17.1 years | 17.5 years | 16.5 years | 16.2 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) +2.8%

## 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 | 197 | 0.9% | S100YKHR |
| Capital expenditure | 101 | 0.5% | S100YKHR |
| Free cash flow | 96 | 0.4% | 算出 |
| Investing cash flow | -107 | -0.5% | S100YKHR |
| Financing cash flow | -782 | -3.6% | S100YKHR |
| Dividends paid | 239 | 1.1% | S100YKHR |
| Share buyback | 1 | 0.0% | S100YKHR |
| Change in cash | -692 | -3.2% | S100YKHR |
| Cash and equivalents | 3,108 | 14.5% | S100YKHR |

## 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 | 2,945 | 3,480 | 4,700 | 3,799 | 3,108 | S100TOK0, S100VZNK, S100YKHR |
| Total assets | 17,737 | 18,665 | 20,327 | 18,720 | 18,090 | S100R0E1, S100TOK0, S100VZNK, S100YKHR |
| Net assets | 7,518 | 7,930 | 8,975 | 9,493 | 10,448 | S100TOK0, S100VZNK, S100YKHR |
| Share capital | 2,024 | 2,024 | 2,024 | 2,024 | 2,024 | S100R0E1, S100TOK0, S100VZNK, S100YKHR |
| Property, plant and equipment | 5,377 | 5,324 | 5,408 | 5,617 | 5,506 | S100R0E1, S100TOK0, S100VZNK, S100YKHR |
| Intangible assets excluding goodwill | 163 | 107 | 239 | 188 | 203 | S100R0E1, S100TOK0, S100VZNK, S100YKHR |
| Investment securities | 52 | 158 | 70 | 170 | 103 | S100R0E1, S100TOK0, S100VZNK, S100YKHR |
| Current assets | 11,036 | 11,922 | 13,328 | 11,415 | 10,597 | S100R0E1, S100TOK0, S100VZNK, S100YKHR |
| Current liabilities | 7,270 | 7,890 | 10,230 | 5,999 | 4,646 | S100R0E1, S100TOK0, S100VZNK, S100YKHR |
| Trade payables | 3,987 | 4,234 | 4,577 | 1,728 | 758 | S100R0E1, S100TOK0, S100VZNK, S100YKHR |
| Short-term borrowings | 1,000 | 1,000 | 1,000 | 1,000 | 900 | S100R0E1, S100TOK0, S100VZNK, S100YKHR |
| Long-term borrowings | 2,471 | 2,305 | 330 | 2,137 | 2,076 | S100R0E1, S100TOK0, S100VZNK, S100YKHR |
| Total liabilities | 10,218 | 10,735 | 11,352 | 9,226 | 7,642 | S100R0E1, S100TOK0, S100VZNK, S100YKHR |
| Equity attributable to owners of parent | 7,500 | 7,964 | 8,809 | 9,404 | 9,993 | S100R0E1, S100TOK0, S100VZNK, S100YKHR |
| Retained earnings | 5,338 | 5,802 | 6,648 | 7,244 | 7,833 | S100R0E1, S100TOK0, S100VZNK, S100YKHR |
| Treasury stock | -48 | -48 | -49 | -50 | -50 | S100R0E1, S100TOK0, S100VZNK, S100YKHR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YKHR |
| Property, plant and equipment | 30% | S100YKHR |
| Intangibles and goodwill | 1% | S100YKHR |
| Investment securities | 1% | S100YKHR |
| Other assets | 51% | S100YKHR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YKHR |
| Other liabilities | 38% | S100YKHR |
| Equity | 58% | S100YKHR |
| Other liabilities | 0% | S100YKHR |

### 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 | 17,737 | 18,665 | 20,327 | 18,720 | 18,090 |
| Equity | 7,518 | 7,930 | 8,975 | 9,493 | 10,448 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,945 | 3,480 | 4,700 | 3,799 | 3,108 |

## 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) | 25.7% | S100YKHR |
| Fixed assets ÷ total assets | 30.4% | S100YKHR |
| Goodwill ÷ parent equity | — | —, S100YKHR |

### 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) | 17.2% |
| Cash ÷ revenue | 14.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 15.8% |
| Cash vs. profit gap | -633 JPY mn (of net income -76.2%) |
| Shareholder returns / net income | 28.9% |
| Shareholder returns / FCF | 250.5% |
| Shareholder payments — dividends / net income | 28.8% |
| Shareholder payments — dividends / FCF | 250.0% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 54.0% |

## 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 | 2.1% | 1.11× | 2.3% | 2.36× | 5.5% | S100R0E1 |
| 2023 | 2.7% | 1.14× | 3.1% | 2.35× | 7.2% | S100TOK0 |
| 2024 | 4.5% | 1.10× | 4.9% | 2.32× | 11.4% | S100VZNK |
| 2025 | 3.8% | 1.07× | 4.1% | 2.14× | 8.7% | S100YKHR |
| 2026 | 3.9% | 1.17× | 4.5% | 1.90× | 8.6% | S100YKHR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ドイチェ バンク アーゲー フランクフルト シーシー シーエルティー ハーマン ベタイリグ 4004020 (常任代理人 ㈱みずほ銀行 決済営業部) | Major shareholder | 19.9% | 2026-03-31 |
| 東洋シヤッター取引先持株会 | Major shareholder | 13.2% | 2026-03-31 |
| 東洋シヤッター従業員持株会 | Major shareholder | 8.3% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 愛知電機株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.9% | 2026-03-31 |
| 中央日本土地建物株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| JFE商事鉄鋼建材株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| スガツネ工業株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| ヨシダ トモヒロ | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/04/01－2026/03/31) | S100YKHR | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKHR,, |
| 有価証券報告書－第70期(2024/04/01－2025/03/31) | S100VZNK | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZNK,, |
| 有価証券報告書－第69期(2023/04/01－2024/03/31) | S100TOK0 | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOK0,, |
| 有価証券報告書－第68期(2022/04/01－2023/03/31) | S100R0E1 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0E1,, |
| 有価証券報告書－第67期(令和3年4月1日－令和4年3月31日) | S100OD4O | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD4O,, |
| 有価証券報告書－第66期(令和2年4月1日－令和3年3月31日) | S100LMZT | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMZT,, |

## 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).