# toyo tec co ., ltd: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第62期(2025/04/01－2026/03/31) (S100YXF2)
> Page: https://vizora.meequs.com/en/company/toyo-tec-co
> Retrieved: 2026-09-30T20:31:00.530Z

## Company

toyo tec co ., founded in 1966, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 2,096 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOYO TEC CO., LTD. |
| Ticker | 9686 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9686.T) |
| Listing | TSE Standard |
| Head office | 大阪市浪速区桜川一丁目7番18号 |
| Representative (per filing) | 代表取締役社長 竹野讓 |
| Founded | Jan 1966 |
| Share capital | ¥4.62B |
| Employees (consolidated) | 2,096 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.toyo-tec.co.jp (https://www.toyo-tec.co.jp/) |
| Corporate number | 8120001039200 |
| EDINET | E04857 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Security Services |

> Profile source: annual securities report (S100YXF2, filed 2026-08-18). As of filing

## Five-axis industry profile

Primary industry: Security Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 7 |
| Profitability | 50 | 7 |
| Cash conversion | 92.9 | 7 |
| Efficiency | 50 | 7 |
| Financial strength | 37.5 | 4 |

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 75% of toyo tec co .'s sales come from Security, with Building management and Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +23.3% from the prior year, operating profit +177.6%.

## Company structure

- Segment revenue mix: Security 75.0%、Building management 23.9%、Real estate business 1.1%
- Revenue → net income: ¥43071366000 → ¥1968261000
- Net income → operating cash flow: ¥1968261000 → ¥5023800000（difference ¥3055539000）
- Main uses of operating cash flow: CapEx ¥968333000 / dividends ¥556645000 / buybacks ¥1403000
- Change in cash: ¥1942275000
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 | ¥43.1B |  |
| Operating income | ¥2.91B | Margin 6.8% |
| Net income | ¥1.97B | Margin 4.6% |
| Free cash flow | ¥4.06B |  |
| Largest business | Security | of segment revenue 75.0% |
| Employees (consolidated) | 2,096 |  |
| EPS | ¥192.69 |  |
| Book value per share | ¥2056.01 |  |
| Equity ratio | 59.2% |  |
| Shares outstanding | 11,432,000 |  |
| Treasury shares | 724,900 |  |
| Shareholders | 2,301 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 21.0% | Net cash ¥3.44B · Cash ÷ revenue 19.2% |
| Vs. industry median margin | 0 pp | Security Services |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, employees -2% while operating income rose 178%
- FY2026, one segment accounts for 71% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26000822000 | ¥43071366000 | +65.7% |
| Operating income | ¥697205000 | ¥2912809000 | +317.8% |
| Operating margin | 2.7% | 6.8% | +4.1 pp |
| Employees | 1,639 people | 2,096 people | +27.9% |
| Cash and equivalents | ¥5384311000 | ¥8285868000 | +53.9% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 警備事業 → 警備事業 | 66.2% |
| ビル管理事業 → ビル管理事業 | 23.9% |
| ビル管理事業 → 事業再編・廃止 | 8.0% |
| 不動産事業 → 不動産事業 | 1.1% |
| 不動産事業 → 事業再編・廃止 | 0.8% |
| 新設・再編 → 警備事業 | 8.8% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Security | 5 years | +13.4% | ¥32291198000 | 6.4% | 2 |
| Building management | 5 years | +4.4% | ¥10289128000 | 6.7% | 2 |
| Real estate business | 5 years | -0.3% | ¥491039000 | 36.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 43,071 | 100.0% | S100YXF2 |
| Cost of revenue | 34,109 | 79.2% | S100YXF2 |
| Gross profit | 8,963 | 20.8% | S100YXF2 |
| SG&A | 6,050 | 14.0% | S100YXF2 |
| Operating income | 2,913 | 6.8% | S100YXF2 |
| Ordinary income | 2,996 | 7.0% | S100YXF2 |
| Pretax income | 3,135 | 7.3% | S100YXF2 |
| Income tax | 1,167 | 2.7% | S100YXF2 |
| Net income | 1,968 | 4.6% | S100YXF2 |
| Net income attributable to owners | 1,968 | 4.6% | S100YXF2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 14 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 20.8% → Operating margin 6.8% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.3%; Core profit growth: +177.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.62×
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 | 34,925 | 43,071 | 8,146 | +23.3% |
| Gross profit | 6,910 | 8,963 | 2,052 | +29.7% |
| Operating income | 1,049 | 2,913 | 1,864 | +177.6% |
| Net income attributable to owners | 693 | 1,968 | 1,276 | +184.1% |
| Operating cash flow | 2,862 | 5,024 | 2,162 | +75.5% |
| Free cash flow | 1,580 | 4,055 | 2,476 | +156.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 24,843 | 1,079 | 4.3% | 862 | 2,039 | 565 | S100M4QN |
| FY ending Mar 2021 | 26,001 | 697 | 2.7% | 561 | 1,273 | -222 | S100O95S |
| FY ending Mar 2022 | 27,465 | 849 | 3.1% | 460 | 784 | -1,334 | S100QYK5 |
| FY ending Mar 2023 | 30,139 | 845 | 2.8% | 742 | 1,496 | 405 | S100TM5Y |
| FY ending Mar 2024 | 31,249 | 966 | 3.1% | 626 | 1,900 | -2,090 | S100W0WH |
| FY ending Mar 2025 | 34,925 | 1,049 | 3.0% | 693 | 2,862 | 1,580 | S100YXF2 |
| FY ending Mar 2026 | 43,071 | 2,913 | 6.8% | 1,968 | 5,024 | 4,055 | S100YXF2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.5M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥939.1K |

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) | 1,619 | 1,935 | 1,953 | 2,131 | 2,096 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥5.1M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 43.0 years | 44.0 years | 44.4 years | 45.0 years | 45.1 years |
| Average tenure (parent company) | 12.0 years | 12.0 years | 12.4 years | 12.0 years | 12.4 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) +23.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Security | 32,291 | 75.0% | 2,081 | 6.4% |
| Building management | 10,289 | 23.9% | 688 | 6.7% |
| Real estate business | 491 | 1.1% | 178 | 36.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Security | 75.0% | 70.6% | -4.4 | 6.4% |
| Building management | 23.9% | 23.3% | -0.6 | 6.7% |
| Real estate business | 1.1% | 6.0% | 4.9 | 36.3% |

Segment → industry: Real estate business → Real Estate Development & Leasing / Building management → Real Estate Brokerage & Management / Security → Security Services

## 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 | 5,024 | 11.7% | S100YXF2 |
| Capital expenditure | 968 | 2.2% | S100YXF2 |
| Free cash flow | 4,055 | 9.4% | 算出 |
| Investing cash flow | -1,212 | -2.8% | S100YXF2 |
| Financing cash flow | -1,869 | -4.3% | S100YXF2 |
| Dividends paid | 557 | 1.3% | S100YXF2 |
| Share buyback | 1 | 0.0% | S100YXF2 |
| Change in cash | 1,942 | 4.5% | S100YXF2 |
| Cash and equivalents | 8,286 | 19.2% | S100YXF2 |

## 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 | 5,490 | 5,522 | 5,512 | 6,344 | 8,286 | S100TM5Y, S100W0WH, S100YXF2 |
| Total assets | 29,879 | 31,587 | 35,772 | 38,799 | 39,390 | S100QYK5, S100TM5Y, S100W0WH, S100YXF2 |
| Net assets | 20,447 | 20,624 | 21,312 | 21,738 | 23,331 | S100TM5Y, S100W0WH, S100YXF2 |
| Share capital | 4,618 | 4,618 | 4,618 | 4,618 | 4,618 | S100QYK5, S100TM5Y, S100W0WH, S100YXF2 |
| Trade receivables | 2,427 | 2,676 | 2,834 | 3,350 | 3,010 | S100QYK5, S100TM5Y, S100W0WH, S100YXF2 |
| Property, plant and equipment | 11,470 | 11,758 | 13,987 | 13,521 | 13,404 | S100QYK5, S100TM5Y, S100W0WH, S100YXF2 |
| Intangible assets excluding goodwill | 703 | 1,310 | 1,144 | 3,789 | 3,337 | S100QYK5, S100TM5Y, S100W0WH, S100YXF2 |
| Goodwill | 70 | 544 | 494 | 2,795 | 2,521 | S100QYK5, S100TM5Y, S100W0WH, S100YXF2 |
| Investment securities | 2,434 | 2,601 | 2,994 | 4,166 | 4,869 | S100QYK5, S100TM5Y, S100W0WH, S100YXF2 |
| Current assets | 14,075 | 14,646 | 16,115 | 15,720 | 16,303 | S100QYK5, S100TM5Y, S100W0WH, S100YXF2 |
| Current liabilities | 4,814 | 5,899 | 7,282 | 8,061 | 9,501 | S100QYK5, S100TM5Y, S100W0WH, S100YXF2 |
| Short-term borrowings | 275 | 1,115 | 545 | 1,645 | 45 | S100QYK5, S100TM5Y, S100W0WH, S100YXF2 |
| Long-term borrowings | 2,520 | 2,242 | 4,152 | 5,331 | 4,298 | S100QYK5, S100TM5Y, S100W0WH, S100YXF2 |
| Bonds | 1,000 | 1,000 | 1,000 | 1,500 | 500 | S100QYK5, S100TM5Y, S100W0WH, S100YXF2 |
| Interest-bearing debt | 3,795 | 4,357 | 5,697 | 8,476 | 4,843 | 算出 |
| Total liabilities | 9,433 | 10,963 | 14,460 | 17,060 | 16,059 | S100QYK5, S100TM5Y, S100W0WH, S100YXF2 |
| Equity attributable to owners of parent | 20,958 | 21,067 | 21,389 | 21,785 | 23,406 | S100QYK5, S100TM5Y, S100W0WH, S100YXF2 |
| Retained earnings | 8,543 | 8,971 | 9,223 | 9,510 | 10,922 | S100QYK5, S100TM5Y, S100W0WH, S100YXF2 |
| Treasury stock | -730 | -1,064 | -1,124 | -1,026 | -824 | S100QYK5, S100TM5Y, S100W0WH, S100YXF2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YXF2 |
| Receivables | 8% | S100YXF2 |
| Property, plant and equipment | 34% | S100YXF2 |
| Intangibles and goodwill | 15% | S100YXF2 |
| Investment securities | 12% | S100YXF2 |
| Other assets | 10% | S100YXF2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 12% | 算出 |
| Other liabilities | 29% | S100YXF2 |
| Equity | 59% | S100YXF2 |

### 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 | 29,879 | 31,587 | 35,772 | 38,799 | 39,390 |
| Equity | 20,447 | 20,624 | 21,312 | 21,738 | 23,331 |
| Interest-bearing debt | 3,795 | 4,357 | 5,697 | 8,476 | 4,843 |
| Cash | 5,490 | 5,522 | 5,512 | 6,344 | 8,286 |

## 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) | 31.1% | S100YXF2 |
| Fixed assets ÷ total assets | 34.0% | S100YXF2 |
| Goodwill ÷ parent equity | 10.8% | S100YXF2 |

Goodwill over 4 years: 70 → 2,521 JPY; total investing cash flow: -9,838 JPY. This does not imply causation.

### 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) | 21.0% |
| Cash ÷ revenue | 19.2% |
| Net cash (cash − interest-bearing debt) | ¥3.44B |
| Net debt ÷ operating cash flow | -0.69× |
| Cash conversion (operating CF ÷ operating income) | 172.5% |
| Cash vs. profit gap | 3,056 JPY mn (of net income 155.2%) |
| Shareholder returns / net income | 28.4% |
| Shareholder returns / FCF | 13.8% |
| Shareholder payments — dividends / net income | 28.3% |
| Shareholder payments — dividends / FCF | 13.7% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 24.1% |

## 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 | 1.7% | 0.92× | 1.5% | 1.43× | 2.2% | S100QYK5 |
| 2023 | 2.5% | 0.98× | 2.4% | 1.46× | 3.5% | S100TM5Y |
| 2024 | 2.0% | 0.93× | 1.9% | 1.59× | 3.0% | S100W0WH |
| 2025 | 2.0% | 0.94× | 1.9% | 1.73× | 3.2% | S100YXF2 |
| 2026 | 4.6% | 1.10× | 5.0% | 1.73× | 8.7% | S100YXF2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| セコム株式会社 | Major shareholder | 27.2% | 2026-03-31 |
| 関西電力株式会社 | Major shareholder | 14.3% | 2026-03-31 |
| 株式会社ディー・ケイ | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（りそな銀行再信託分・株式会社関西みらい銀行退職給付信託口） | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 3.7% | 2026-03-31 |
| 東洋テック従業員持株会 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社ユニテックス | Major shareholder | 2.4% | 2026-03-31 |
| セントラル警備保障株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| ＡＩＧ損害保険株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第62期(2025/04/01－2026/03/31) | S100YXF2 | 2026-08-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXF2,, |
| 有価証券報告書－第61期(2024/04/01－2025/03/31) | S100W0WH | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0WH,, |
| 有価証券報告書－第60期(2023/04/01－2024/03/31) | S100TM5Y | 2024-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TM5Y,, |
| 有価証券報告書－第59期(2022/04/01－2023/03/31) | S100QYK5 | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYK5,, |
| 有価証券報告書－第58期(令和3年4月1日－令和4年3月31日) | S100O95S | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O95S,, |
| 訂正有価証券報告書－第57期(令和2年4月1日－令和3年3月31日) | S100M4QN | 2021-08-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M4QN,, |

## 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).