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Toyo TansoTOYO TANSO CO.,LTD.5310東証プライムガラス・土石製品FY ending Dec 2025, consolidated, J-GAAP

Toyo Tanso revenue and profit

Out of every ¥100 of sales, about ¥15 is left as operating profit. Revenue changed -13.0% from the prior year, operating profit -44.8%.

Five-year trend

Revenue¥46.2B
FY ending Dec 2021: ¥37.7B¥37.7BFY ending Dec 2022: ¥43.8B¥43.8BFY ending Dec 2023: ¥49.3B¥49.3BFY ending Dec 2024: ¥53.1B¥53.1BFY ending Dec 2025: ¥46.2B¥46.2BFY21FY22FY23FY24FY25
Operating income¥6.76B
FY ending Dec 2021: ¥5.67B¥5.67BFY ending Dec 2022: ¥6.67B¥6.67BFY ending Dec 2023: ¥9.28B¥9.28BFY ending Dec 2024: ¥12.2B¥12.2BFY ending Dec 2025: ¥6.76B¥6.76BFY21FY22FY23FY24FY25
Operating margin14.6%
FY ending Dec 2021: 15.0%15.0%FY ending Dec 2022: 15.2%15.2%FY ending Dec 2023: 18.8%18.8%FY ending Dec 2024: 23.1%23.1%FY ending Dec 2025: 14.6%14.6%FY21FY22FY23FY24FY25

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin11.8%
Asset turnover0.40×
ROA4.7%
ROA4.7%
Financial leverage1.31×
ROE6.2%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin11.8%
2021: 11.8%11.8%2022: 11.8%11.8%2023: 15.2%15.2%2024: 18.8%18.8%2025: 11.8%11.8%2122232425
Asset turnover0.40×
2021: 0.45×0.45×2022: 0.51×0.51×2023: 0.53×0.53×2024: 0.51×0.51×2025: 0.40×0.40×2122232425
ROA4.7%
2021: 5.3%5.3%2022: 6.0%6.0%2023: 8.1%8.1%2024: 9.5%9.5%2025: 4.7%4.7%2122232425
Financial leverage1.31×
2021: 1.21×1.21×2022: 1.22×1.22×2023: 1.22×1.22×2024: 1.26×1.26×2025: 1.31×1.31×2122232425
ROE6.2%
2021: 6.4%6.4%2022: 7.3%7.3%2023: 9.9%9.9%2024: 12.0%12.0%2025: 6.2%6.2%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
202111.8%0.45×5.3%1.21×6.4%
202211.8%0.51×6.0%1.22×7.3%
202315.2%0.53×8.1%1.22×9.9%
202418.8%0.51×9.5%1.26×12.0%
202511.8%0.40×4.7%1.31×6.2%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue104.1%
2020: 91.1%91.1%2021: 82.3%82.3%2022: 71.1%71.1%2023: 67.5%67.5%2024: 80.7%80.7%2025: 104.1%104.1%202122232425
PPE ÷ total assets40.8%
2020: 37.4%37.4%2021: 37.1%37.1%2022: 34.8%34.8%2023: 34.4%34.4%2024: 37.9%37.9%2025: 40.8%40.8%202122232425

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥1.24B
2020: ¥1.11B¥1.11B2021: ¥1.39B¥1.39B2022: ¥1.12B¥1.12B2023: ¥1.04B¥1.04B2024: ¥1.09B¥1.09B2025: ¥1.24B¥1.24B202122232425
R&D / revenue2.7%
2020: 3.5%3.5%2021: 3.7%3.7%2022: 2.6%2.6%2023: 2.1%2.1%2024: 2.1%2.1%2025: 2.7%2.7%202122232425
Receivable days126d
2020: 133d133d2021: 137d137d2022: 138d138d2023: 130d130d2024: 121d121d2025: 126d126d202122232425
Payable days19d
2020: 27d27d2021: 32d32d2022: 29d29d2023: 31d31d2024: 25d25d2025: 19d19d202122232425

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Revenue37,73443,77449,25153,09346,189
Cost of revenue25,35229,34631,52831,60330,443
Gross profit12,38214,42717,72221,48915,745
SG&A6,7167,7598,4399,2518,986
Operating income5,6666,6679,28312,2386,759
Pretax income6,1307,29810,31713,7347,594
Income tax1,6602,1122,8093,7712,126
Net income attributable to owners4,4655,1817,5069,9605,464
Operating margin15.0%15.2%18.8%23.1%14.6%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 10%
Receivables 13%
Property, plant and equipment 41%
1%
1%
Other assets 34%

Funding

1%
Other liabilities 16%
Equity 83%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Cash and equivalents¥12.5B¥11.8B¥13.6B¥14.7B¥12.1B
Total assets¥83.7B¥89.4B¥96.6B¥113.2B¥117.9B
Net assets¥72.3B¥77.2B¥84.5B¥94.2B¥97.6B
Share capital¥7.95B¥7.95B¥7.95B¥7.95B¥7.95B
Trade receivables¥14.2B¥16.6B¥17.5B¥17.6B¥15.9B
Property, plant and equipment¥31B¥31.1B¥33.2B¥42.9B¥48.1B
Intangible assets excluding goodwill¥283M¥289M¥488M¥849M¥1.09B
Investment securities¥384M¥350M¥503M¥533M¥795M
Current assets¥49B¥53.9B¥58.1B¥64.1B¥63B
Current liabilities¥10.1B¥11.1B¥11.1B¥17.4B¥14.6B
Trade payables¥2.23B¥2.33B¥2.72B¥2.2B¥1.57B
Short-term borrowings¥191M¥285M——¥831M
Long-term borrowings¥8M———¥3.76B
Total liabilities¥11.4B¥12.2B¥12.1B¥19B¥20.4B
Non-controlling interests¥52M¥53M¥53M¥57M¥60M
Equity attributable to owners of parent¥69.2B¥73.2B¥79.2B¥86.9B¥89.3B
Retained earnings¥51.7B¥55.7B¥61.7B¥69.4B¥71.8B
Treasury stock-¥60M-¥60M-¥61M-¥61M-¥62M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第84期(2025/01/01－2025/12/31)

    ID S100XTP92026-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第83期(2024/01/01－2024/12/31)

    ID S100VJ1Y2025-03-31Open

  • EDINET (FSA Japan)

    有価証券報告書－第82期(2023/01/01－2023/12/31)

    ID S100T6IX2024-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第81期(2022/01/01－2022/12/31)

    ID S100QIRK2023-03-31Open

  • EDINET (FSA Japan)

    有価証券報告書－第80期(令和3年1月1日－令和3年12月31日)

    ID S100NSDA2022-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第79期(令和2年1月1日－令和2年12月31日)

    ID S100L3B52021-03-31Open

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