# TOYO TANSO CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第84期(2025/01/01－2025/12/31) (S100XTP9)
> Page: https://vizora.meequs.com/en/company/toyo-tanso
> Retrieved: 2026-09-30T23:25:44.334Z

## Company

Toyo Tanso, founded in 1947, is a company in Glass & Ceramics listed on TSE Prime. It has 1,678 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOYO TANSO CO., LTD. |
| Ticker | 5310 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5310.T) |
| Listing | TSE Prime |
| Head office | 大阪市西淀川区竹島五丁目7番12号 (上記は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役会長兼社長兼CEO 近藤 尚孝 |
| Founded | Jul 1947 |
| Share capital | ¥7.95B |
| Employees (consolidated) | 1,678 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | December |
| Website | www.toyotanso.co.jp (https://www.toyotanso.co.jp/) |
| Corporate number | 1120001050238 |
| EDINET | E01223 |
| Industries (Vizora) | Glass & Ceramics |

> Profile source: annual securities report (S100XTP9, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Glass & Ceramics (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.8 | 17 |
| Profitability | 79.4 | 17 |
| Cash conversion | 34.4 | 16 |
| Efficiency | 14.7 | 17 |

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 52% of Toyo Tanso's sales come from JAPAN, with ASIA and EUROPE making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: JAPAN 52.4%、ASIA 27.0%、EUROPE 10.6%、UNITED STATES 10.0%
- Revenue → net income: ¥46189000000 → ¥5467000000
- Net income → operating cash flow: ¥5467000000 → ¥6065000000（difference ¥598000000）
- Main uses of operating cash flow: CapEx ¥12168000000 / dividends ¥3037000000 / buybacks ¥0
- Change in cash: ¥-2582000000
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 | ¥46.2B |  |
| Operating income | ¥6.76B | Margin 14.6% |
| Net income | ¥5.46B | Margin 11.8% |
| Free cash flow | -¥6.1B |  |
| Largest business | JAPAN | of segment revenue 52.4% |
| Employees (consolidated) | 1,678 |  |
| EPS | ¥245.93 |  |
| Book value per share | ¥3544.9 |  |
| Equity ratio | 82.7% |  |
| Shares outstanding | 20,992,588 |  |
| Treasury shares | 20,300 |  |
| Shareholders | 13,961 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 10.2% | Cash ÷ revenue 26.1% |
| Vs. industry median margin | +3.7 pp | Glass & Ceramics |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 88% of positive segment profit
- FY2025, segment profit share differs by 36 points
- FY2025, parent-company salary changed +28% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31226000000 | ¥46189000000 | +47.9% |
| Operating income | ¥3422000000 | ¥6759000000 | +97.5% |
| Operating margin | 11.0% | 14.6% | +3.7 pp |
| Employees | 1,658 people | 1,678 people | +1.2% |
| Cash and equivalents | ¥12093000000 | ¥12069000000 | -0.2% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 52.4% |
| 日本 → 事業再編・廃止 | 1.7% |
| 米国 → 米国 | 8.0% |
| 欧州 → 欧州 | 9.4% |
| アジア → アジア | 27.0% |
| アジア → 事業再編・廃止 | 1.6% |
| 新設・再編 → 米国 | 2.0% |
| 新設・再編 → 欧州 | 1.3% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| JAPAN | 5 years | +7.5% | ¥24184000000 | 18.1% | 2 |
| ASIA | 5 years | +6.9% | ¥12477000000 | 3.3% | 2 |
| EUROPE | 5 years | +10.9% | ¥4908000000 | 1.5% | 2 |
| UNITED STATES | 5 years | +13.2% | ¥4618000000 | 2.2% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 46,189 | 100.0% | S100XTP9 |
| Cost of revenue | 30,443 | 65.9% | S100XTP9 |
| Gross profit | 15,745 | 34.1% | S100XTP9 |
| SG&A | 8,986 | 19.5% | S100XTP9 |
| Operating income | 6,759 | 14.6% | S100XTP9 |
| Ordinary income | 8,091 | 17.5% | S100XTP9 |
| Pretax income | 7,594 | 16.4% | S100XTP9 |
| Income tax | 2,126 | 4.6% | S100XTP9 |
| Net income | 5,467 | 11.8% | S100XTP9 |
| Net income attributable to owners | 5,464 | 11.8% | S100XTP9 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 19 |
| Operating income | 15 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 34.1% → Operating margin 14.6% → Net margin 11.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -13.0%; Core profit growth: -44.8%
Operating leverage (core profit growth ÷ revenue growth): 3.44×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 53,093 | 46,189 | -6,904 | -13.0% |
| Gross profit | 21,489 | 15,745 | -5,744 | -26.7% |
| Operating income | 12,238 | 6,759 | -5,479 | -44.8% |
| Net income attributable to owners | 9,960 | 5,464 | -4,496 | -45.1% |
| Operating cash flow | 9,489 | 6,065 | -3,424 | -36.1% |
| Free cash flow | 2,332 | -6,103 | -8,435 | -361.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 36,402 | 5,175 | 14.2% | 2,944 | 5,149 | 1,753 | S100L3B5 |
| FY ending Dec 2020 | 31,226 | 3,422 | 11.0% | 2,662 | 7,020 | 744 | S100NSDA |
| FY ending Dec 2021 | 37,734 | 5,666 | 15.0% | 4,465 | 7,328 | 2,151 | S100QIRK |
| FY ending Dec 2022 | 43,774 | 6,667 | 15.2% | 5,181 | 5,625 | 1,315 | S100T6IX |
| FY ending Dec 2023 | 49,251 | 9,283 | 18.8% | 7,506 | 6,216 | 1,242 | S100VJ1Y |
| FY ending Dec 2024 | 53,093 | 12,238 | 23.1% | 9,960 | 9,489 | 2,332 | S100XTP9 |
| FY ending Dec 2025 | 46,189 | 6,759 | 14.6% | 5,464 | 6,065 | -6,103 | S100XTP9 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.5M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥3.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,640 | 1,690 | 1,736 | 1,785 | 1,678 |
| Average salary (parent company) | ¥5.6M | ¥6.7M | ¥7.3M | ¥7.6M | ¥7.2M |
| Average age (parent company) | 43.0 years | 43.2 years | 42.9 years | 41.7 years | 40.9 years |
| Average tenure (parent company) | 18.1 years | 18.0 years | 17.6 years | 16.2 years | 15.2 years |

Year over year: Employees (consolidated) -6.0% · Revenue (consolidated) -13.0%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 24,184 | 52.4% | 4,374 | 18.1% |
| UNITED STATES | 4,618 | 10.0% | 103 | 2.2% |
| EUROPE | 4,908 | 10.6% | 73 | 1.5% |
| ASIA | 12,477 | 27.0% | 406 | 3.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 52.4% | 88.3% | 35.9 | 18.1% |
| UNITED STATES | 10.0% | 2.1% | -7.9 | 2.2% |
| EUROPE | 10.6% | 1.5% | -9.2 | 1.5% |
| ASIA | 27.0% | 8.2% | -18.8 | 3.3% |

Segment → industry: ASIA → Glass & Ceramics / EUROPE → Glass & Ceramics / UNITED STATES → Glass & Ceramics / JAPAN → Glass & Ceramics

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,065 | 13.1% | S100XTP9 |
| Capital expenditure | 12,168 | 26.3% | S100XTP9 |
| Free cash flow | -6,103 | -13.2% | 算出 |
| Investing cash flow | -11,314 | -24.5% | S100XTP9 |
| Financing cash flow | 2,398 | 5.2% | S100XTP9 |
| Dividends paid | 3,037 | 6.6% | S100XTP9 |
| Share buyback | 0 | 0.0% | S100XTP9 |
| Change in cash | -2,582 | -5.6% | S100XTP9 |
| Cash and equivalents | 12,069 | 26.1% | S100XTP9 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,470 | 11,773 | 13,601 | 14,652 | 12,069 | S100T6IX, S100VJ1Y, S100XTP9 |
| Total assets | 83,655 | 89,432 | 96,612 | 113,190 | 117,916 | S100QIRK, S100T6IX, S100VJ1Y, S100XTP9 |
| Net assets | 72,256 | 77,200 | 84,524 | 94,205 | 97,551 | S100T6IX, S100VJ1Y, S100XTP9 |
| Share capital | 7,947 | 7,947 | 7,947 | 7,947 | 7,947 | S100QIRK, S100T6IX, S100VJ1Y, S100XTP9 |
| Trade receivables | 14,198 | 16,606 | 17,494 | 17,609 | 15,945 | S100QIRK, S100T6IX, S100VJ1Y, S100XTP9 |
| Property, plant and equipment | 31,046 | 31,138 | 33,243 | 42,863 | 48,101 | S100QIRK, S100T6IX, S100VJ1Y, S100XTP9 |
| Intangible assets excluding goodwill | 283 | 289 | 488 | 849 | 1,095 | S100QIRK, S100T6IX, S100VJ1Y, S100XTP9 |
| Investment securities | 384 | 350 | 503 | 533 | 795 | S100QIRK, S100T6IX, S100VJ1Y, S100XTP9 |
| Current assets | 49,009 | 53,861 | 58,099 | 64,112 | 63,045 | S100QIRK, S100T6IX, S100VJ1Y, S100XTP9 |
| Current liabilities | 10,145 | 11,147 | 11,111 | 17,359 | 14,642 | S100QIRK, S100T6IX, S100VJ1Y, S100XTP9 |
| Trade payables | 2,225 | 2,328 | 2,718 | 2,202 | 1,573 | S100QIRK, S100T6IX, S100VJ1Y, S100XTP9 |
| Short-term borrowings | 191 | 285 | — | — | 831 | S100QIRK, S100T6IX, S100XTP9 |
| Long-term borrowings | 8 | — | — | — | 3,764 | S100QIRK, S100XTP9 |
| Total liabilities | 11,398 | 12,231 | 12,088 | 18,985 | 20,365 | S100QIRK, S100T6IX, S100VJ1Y, S100XTP9 |
| Non-controlling interests | 52 | 53 | 53 | 57 | 60 | S100QIRK, S100T6IX, S100VJ1Y, S100XTP9 |
| Equity attributable to owners of parent | 69,245 | 73,168 | 79,206 | 86,859 | 89,282 | S100QIRK, S100T6IX, S100VJ1Y, S100XTP9 |
| Retained earnings | 51,748 | 55,672 | 61,710 | 69,364 | 71,787 | S100QIRK, S100T6IX, S100VJ1Y, S100XTP9 |
| Treasury stock | -60 | -60 | -61 | -61 | -62 | S100QIRK, S100T6IX, S100VJ1Y, S100XTP9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XTP9 |
| Receivables | 13% | S100XTP9 |
| Property, plant and equipment | 41% | S100XTP9 |
| Intangibles and goodwill | 1% | S100XTP9 |
| Investment securities | 1% | S100XTP9 |
| Other assets | 34% | S100XTP9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100XTP9 |
| Other liabilities | 16% | S100XTP9 |
| Equity | 83% | S100XTP9 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 83,655 | 89,432 | 96,612 | 113,190 | 117,916 |
| Equity | 72,256 | 77,200 | 84,524 | 94,205 | 97,551 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,470 | 11,773 | 13,601 | 14,652 | 12,069 |

## 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) | 104.1% | S100XTP9 |
| Fixed assets ÷ total assets | 40.8% | S100XTP9 |
| Goodwill ÷ parent equity | — | —, S100XTP9 |

### 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 | 26.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 89.7% |
| Cash vs. profit gap | 601 JPY mn (of net income 11.0%) |
| Shareholder returns / net income | 55.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 55.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 26.3% |
| Investing CF relative to operating CF | 186.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 11.8% | 0.45× | 5.3% | 1.21× | 6.4% | S100QIRK |
| 2022 | 11.8% | 0.51× | 6.0% | 1.22× | 7.3% | S100T6IX |
| 2023 | 15.2% | 0.53× | 8.1% | 1.22× | 9.9% | S100VJ1Y |
| 2024 | 18.8% | 0.51× | 9.5% | 1.26× | 12.0% | S100XTP9 |
| 2025 | 11.8% | 0.40× | 4.7% | 1.31× | 6.2% | S100XTP9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 9.6% | 2025-12-31 |
| 近藤朋子 | Major shareholder | 7.4% | 2025-12-31 |
| 近藤尚孝 | Major shareholder | 5.8% | 2025-12-31 |
| 近藤ホールディングス㈱ | Major shareholder | 5.5% | 2025-12-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 4.9% | 2025-12-31 |
| 公益財団法人近藤記念財団 | Major shareholder | 4.0% | 2025-12-31 |
| ＮＴコーポレーション㈱ | Major shareholder | 3.0% | 2025-12-31 |
| 近藤孝子 | Major shareholder | 3.0% | 2025-12-31 |
| 森田純子 | Major shareholder | 2.9% | 2025-12-31 |
| 野村信託銀行㈱（投信口） | Major shareholder | 2.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/01/01－2025/12/31) | S100XTP9 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTP9,, |
| 有価証券報告書－第83期(2024/01/01－2024/12/31) | S100VJ1Y | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ1Y,, |
| 有価証券報告書－第82期(2023/01/01－2023/12/31) | S100T6IX | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6IX,, |
| 有価証券報告書－第81期(2022/01/01－2022/12/31) | S100QIRK | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIRK,, |
| 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) | S100NSDA | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSDA,, |
| 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) | S100L3B5 | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3B5,, |

## 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).