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Toyo TireToyo Tire Corporation5105東証プライムゴム製品FY ending Dec 2025, consolidated, J-GAAP

Toyo Tire revenue and profit

Out of every ¥100 of sales, about ¥16 is left as operating profit. Revenue changed +5.2% from the prior year, operating profit +3.6%.

Five-year trend

Revenue¥594.9B
FY ending Dec 2021: ¥393.6B¥393.6BFY ending Dec 2022: ¥497.2B¥497.2BFY ending Dec 2023: ¥552.8B¥552.8BFY ending Dec 2024: ¥565.4B¥565.4BFY ending Dec 2025: ¥594.9B¥594.9BFY21FY22FY23FY24FY25
Operating income¥97.3B
FY ending Dec 2021: ¥53.1B¥53.1BFY ending Dec 2022: ¥44B¥44BFY ending Dec 2023: ¥76.9B¥76.9BFY ending Dec 2024: ¥94B¥94BFY ending Dec 2025: ¥97.3B¥97.3BFY21FY22FY23FY24FY25
Operating margin16.4%
FY ending Dec 2021: 13.5%13.5%FY ending Dec 2022: 8.9%8.9%FY ending Dec 2023: 13.9%13.9%FY ending Dec 2024: 16.6%16.6%FY ending Dec 2025: 16.4%16.4%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin10.7%
Asset turnover0.81×
ROA8.6%
ROA8.6%
Financial leverage1.81×
ROE15.6%

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

Net margin10.7%
2021: 10.5%10.5%2022: 9.6%9.6%2023: 13.1%13.1%2024: 13.2%13.2%2025: 10.7%10.7%2122232425
Asset turnover0.81×
2021: 0.74×0.74×2022: 0.88×0.88×2023: 0.89×0.89×2024: 0.83×0.83×2025: 0.81×0.81×2122232425
ROA8.6%
2021: 7.8%7.8%2022: 8.5%8.5%2023: 11.6%11.6%2024: 10.9%10.9%2025: 8.6%8.6%2122232425
Financial leverage1.81×
2021: 2.26×2.26×2022: 2.24×2.24×2023: 2.07×2.07×2024: 1.91×1.91×2025: 1.81×1.81×2122232425
ROE15.6%
2021: 17.6%17.6%2022: 19.0%19.0%2023: 24.0%24.0%2024: 20.9%20.9%2025: 15.6%15.6%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
202110.5%0.74×7.8%2.26×17.6%
20229.6%0.88×8.5%2.24×19.0%
202313.1%0.89×11.6%2.07×24.0%
202413.2%0.83×10.9%1.91×20.9%
202510.7%0.81×8.6%1.81×15.6%

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 ÷ revenue47.2%
2020: 58.4%58.4%2021: 57.6%57.6%2022: 53.3%53.3%2023: 51.9%51.9%2024: 50.8%50.8%2025: 47.2%47.2%202122232425
PPE ÷ total assets37.3%
2020: 45.0%45.0%2021: 42.7%42.7%2022: 44.3%44.3%2023: 44.4%44.4%2024: 39.7%39.7%2025: 37.3%37.3%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¥13.8B
2020: ¥10.4B¥10.4B2021: ¥11.2B¥11.2B2022: ¥11.3B¥11.3B2023: ¥12.7B¥12.7B2024: ¥13.6B¥13.6B2025: ¥13.8B¥13.8B202122232425
R&D / revenue2.3%
2020: 3.0%3.0%2021: 2.8%2.8%2022: 2.3%2.3%2023: 2.3%2.3%2024: 2.4%2.4%2025: 2.3%2.3%202122232425
Receivable days84d
2020: 77d77d2021: 77d77d2022: 80d80d2023: 71d71d2024: 84d84d2025: 84d84d202122232425
Payable days34d
2020: 49d49d2021: 53d53d2022: 52d52d2023: 42d42d2024: 41d41d2025: 34d34d202122232425

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
Revenue393,647497,213552,825565,358594,923
Cost of revenue232,606299,237336,314334,595360,108
Gross profit161,041197,976216,511230,763234,814
SG&A107,960153,930139,612136,782137,464
Operating income53,08044,04676,89993,98197,350
Pretax income57,36266,62496,084101,58389,240
Income tax15,89718,66823,89826,77325,625
Net income attributable to owners41,35047,95672,27374,81063,614
Operating margin13.5%8.9%13.9%16.6%16.4%

Balance sheet (reported items)

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

Assets

Cash 16%
Receivables 18%
Property, plant and equipment 37%
3%
1%
Other assets 25%

Funding

4%
Interest-bearing debt 9%
Other liabilities 18%
Equity 69%
0%

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¥53.6B¥41.6B¥52.8B¥86.3B¥116.8B
Total assets¥531.2B¥598.9B¥645.5B¥722.7B¥753.2B
Net assets¥280.2B¥320.9B¥395.2B¥472.6B¥522.7B
Share capital¥55.9B¥55.9B¥55.9B¥55.9B¥55.9B
Trade receivables¥83.3B¥109.5B¥107.8B¥130.4B¥136.5B
Property, plant and equipment¥226.6B¥265.1B¥286.8B¥287.2B¥280.7B
Intangible assets excluding goodwill¥6.33B¥8.53B¥15.8B¥22.1B¥23.6B
Investment securities¥49.9B¥27.2B¥17.8B¥6.71B¥4.59B
Current assets¥236.8B¥289.6B¥299B¥373.8B¥408.9B
Current liabilities¥135.3B¥191B¥142.8B¥150.9B¥146B
Trade payables¥34B¥42.6B¥38.3B¥37.7B¥33.7B
Short-term borrowings¥13.2B¥24.8B¥11.7B¥20.4B¥13.4B
Long-term borrowings¥75.5B¥51.4B¥46B¥41.1B¥31.3B
Bonds¥10B¥10B¥25B¥25B¥20B
Interest-bearing debt¥98.7Bderived¥86.1Bderived¥82.6Bderived¥86.6Bderived¥64.7Bderived
Total liabilities¥251.1B¥278B¥250.3B¥250.1B¥230.6B
Non-controlling interests¥201M¥231M———
Equity attributable to owners of parent¥235.2B¥270B¥331.3B¥386B¥430B
Retained earnings¥125.1B¥159.8B¥221.3B¥276B¥319.9B
Treasury stock-¥143M-¥132M-¥120M-¥118M-¥104M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第110期(2025/01/01－2025/12/31)

    ID S100XTYE2026-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第109期(2024/01/01－2024/12/31)

    ID S100VGMV2025-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第108期(2023/01/01－2023/12/31)

    ID S100T4F22024-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第107期(2022/01/01－2022/12/31)

    ID S100QH8R2023-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第106期(令和3年1月1日－令和3年12月31日)

    ID S100NQNK2022-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第105期(令和2年1月1日－令和2年12月31日)

    ID S100L2PW2021-03-30Open

Extracted from XBRL: 52 / Derived from other figures: 2

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