# Toyo Tire Corporation: 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110期(2025/01/01－2025/12/31) (S100XTYE)
> Page: https://vizora.meequs.com/en/company/toyo-tire
> Retrieved: 2026-09-30T17:56:59.177Z

## Company

Toyo Tire, founded in 1945, is a company in Auto Parts listed on TSE Prime. It has 9,941 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Toyo Tire Corporation |
| Ticker | 5105 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5105.T) |
| Listing | TSE Prime |
| Head office | 兵庫県伊丹市藤ノ木2丁目2番13号 |
| Representative (per filing) | 代表取締役社長 清水隆史 |
| Founded | Aug 1945 |
| Share capital | ¥55.9B |
| Employees (consolidated) | 9,941 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | December |
| Website | www.toyotires.co.jp (https://www.toyotires.co.jp/) |
| Corporate number | 7120001049019 |
| EDINET | E01090 |
| Industries (Vizora) | Auto Parts, Tires & Rubber |

> Profile source: annual securities report (S100XTYE, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Tires & Rubber (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.3 | 14 |
| Profitability | 96.4 | 14 |
| Cash conversion | 32.1 | 14 |
| Efficiency | 46.4 | 14 |

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 92% of Toyo Tire's sales come from Tire business, with Automotive Parts Business making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Tire business 92.1%、Automotive Parts Business 7.9%
- Revenue → net income: ¥594923000000 → ¥63614000000
- Net income → operating cash flow: ¥63614000000 → ¥93060000000（difference ¥29446000000）
- Main uses of operating cash flow: CapEx ¥27178000000 / dividends ¥19989000000 / buybacks —
- Change in cash: ¥29985000000
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 | ¥594.9B |  |
| Operating income | ¥97.3B | Margin 16.4% |
| Net income | ¥63.6B | Margin 10.7% |
| Free cash flow | ¥65.9B |  |
| Largest business | Tire business | of segment revenue 92.1% |
| Employees (consolidated) | 9,941 |  |
| EPS | ¥270.41 |  |
| Book value per share | ¥2001.16 |  |
| Equity ratio | 69.4% |  |
| Shares outstanding | 154,111,000 |  |
| Treasury shares | 130,100 |  |
| Shareholders | 60,114 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 15.5% | Net cash ¥52B · Cash ÷ revenue 19.6% |
| Vs. industry median margin | +8.4 pp | Tires & Rubber |
| ROE | 15.6% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 98% of positive segment profit
- FY2025, employees -5% while operating income rose 4%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥343764000000 | ¥594923000000 | +73.1% |
| Operating income | ¥36328000000 | ¥97350000000 | +168.0% |
| Operating margin | 10.6% | 16.4% | +5.8 pp |
| Employees | 11,258 people | 9,941 people | -11.7% |
| Cash and equivalents | ¥36303000000 | ¥116796000000 | +221.7% |

### 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 |
| --- | ---: |
| タイヤ事業 → タイヤ事業 | 89.2% |
| 自動車部品事業 → 自動車部品事業 | 7.9% |
| 自動車部品事業 → 事業再編・廃止 | 2.9% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → タイヤ事業 | 2.9% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 594,923 | 100.0% | S100XTYE |
| Cost of revenue | 360,108 | 60.5% | S100XTYE |
| Gross profit | 234,814 | 39.5% | S100XTYE |
| SG&A | 137,464 | 23.1% | S100XTYE |
| Operating income | 97,350 | 16.4% | S100XTYE |
| Ordinary income | 101,328 | 17.0% | S100XTYE |
| Pretax income | 89,240 | 15.0% | S100XTYE |
| Income tax | 25,625 | 4.3% | S100XTYE |
| Net income | 63,614 | 10.7% | S100XTYE |
| Net income attributable to owners | 63,614 | 10.7% | S100XTYE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 23 |
| Operating income | 16 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 39.5% → Operating margin 16.4% → Net margin 10.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.2%; Core profit growth: +3.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.69×
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 | 565,358 | 594,923 | 29,565 | +5.2% |
| Gross profit | 230,763 | 234,814 | 4,051 | +1.8% |
| Operating income | 93,981 | 97,350 | 3,369 | +3.6% |
| Net income attributable to owners | 74,810 | 63,614 | -11,196 | -15.0% |
| Operating cash flow | 67,059 | 93,060 | 26,001 | +38.8% |
| Free cash flow | 39,223 | 65,882 | 26,659 | +68.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 377,457 | 38,447 | 10.2% | 24,482 | 11,229 | -33,765 | S100L2PW |
| FY ending Dec 2020 | 343,764 | 36,328 | 10.6% | 11,682 | 53,796 | 29,878 | S100NQNK |
| FY ending Dec 2021 | 393,647 | 53,080 | 13.5% | 41,350 | 34,465 | -4,257 | S100QH8R |
| FY ending Dec 2022 | 497,213 | 44,046 | 8.9% | 47,956 | 15,172 | -31,218 | S100T4F2 |
| FY ending Dec 2023 | 552,825 | 76,899 | 13.9% | 72,273 | 86,503 | 55,800 | S100VGMV |
| FY ending Dec 2024 | 565,358 | 93,981 | 16.6% | 74,810 | 67,059 | 39,223 | S100XTYE |
| FY ending Dec 2025 | 594,923 | 97,350 | 16.4% | 63,614 | 93,060 | 65,882 | S100XTYE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.8M |
| Operating income per employee (consolidated) | ¥9.8M |
| Net income per employee (consolidated) | ¥6.4M |

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) | 10,324 | 10,574 | 10,395 | 10,410 | 9,941 |
| Average salary (parent company) | ¥6.2M | ¥6.3M | ¥6.4M | ¥6.6M | ¥6.9M |
| Average age (parent company) | 39.8 years | 40.3 years | 40.5 years | 40.6 years | 40.8 years |
| Average tenure (parent company) | 14.9 years | 15.1 years | 15.1 years | 15.1 years | 15.0 years |

Year over year: Employees (consolidated) -4.5% · Revenue (consolidated) +5.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Tire business | 547,697 | 92.1% | 95,509 | 17.4% |
| Automotive Parts Business | 47,225 | 7.9% | 1,821 | 3.9% |
| Other | — | 0.0% | 19 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Tire business | 98.1% | 17.4% |
| Automotive Parts Business | 1.9% | 3.9% |
| Other | 0.0% | — |

Segment → industry: Automotive Parts Business → Auto Parts / Tire business → Tires & Rubber

## 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 | 93,060 | 15.6% | S100XTYE |
| Capital expenditure | 27,178 | 4.6% | S100XTYE |
| Free cash flow | 65,882 | 11.1% | 算出 |
| Investing cash flow | -23,079 | -3.9% | S100XTYE |
| Financing cash flow | -43,827 | -7.4% | S100XTYE |
| Dividends paid | 19,989 | 3.4% | S100XTYE |
| Change in cash | 29,985 | 5.0% | S100XTYE |
| Cash and equivalents | 116,796 | 19.6% | S100XTYE |

## 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 | 53,592 | 41,600 | 52,798 | 86,333 | 116,796 | S100T4F2, S100VGMV, S100XTYE |
| Total assets | 531,229 | 598,889 | 645,480 | 722,666 | 753,248 | S100QH8R, S100T4F2, S100VGMV, S100XTYE |
| Net assets | 280,155 | 320,915 | 395,199 | 472,552 | 522,659 | S100T4F2, S100VGMV, S100XTYE |
| Share capital | 55,935 | 55,935 | 55,935 | 55,935 | 55,935 | S100QH8R, S100T4F2, S100VGMV, S100XTYE |
| Trade receivables | 83,292 | 109,468 | 107,794 | 130,369 | 136,504 | S100QH8R, S100T4F2, S100VGMV, S100XTYE |
| Property, plant and equipment | 226,606 | 265,051 | 286,790 | 287,153 | 280,681 | S100QH8R, S100T4F2, S100VGMV, S100XTYE |
| Intangible assets excluding goodwill | 6,325 | 8,529 | 15,802 | 22,119 | 23,645 | S100QH8R, S100T4F2, S100VGMV, S100XTYE |
| Investment securities | 49,921 | 27,204 | 17,750 | 6,710 | 4,591 | S100QH8R, S100T4F2, S100VGMV, S100XTYE |
| Current assets | 236,833 | 289,579 | 298,972 | 373,782 | 408,854 | S100QH8R, S100T4F2, S100VGMV, S100XTYE |
| Current liabilities | 135,350 | 191,048 | 142,822 | 150,892 | 145,953 | S100QH8R, S100T4F2, S100VGMV, S100XTYE |
| Trade payables | 34,004 | 42,577 | 38,262 | 37,725 | 33,716 | S100QH8R, S100T4F2, S100VGMV, S100XTYE |
| Short-term borrowings | 13,196 | 24,780 | 11,653 | 20,447 | 13,419 | S100QH8R, S100T4F2, S100VGMV, S100XTYE |
| Long-term borrowings | 75,476 | 51,366 | 45,992 | 41,139 | 31,327 | S100QH8R, S100T4F2, S100VGMV, S100XTYE |
| Bonds | 10,000 | 10,000 | 25,000 | 25,000 | 20,000 | S100QH8R, S100T4F2, S100VGMV, S100XTYE |
| Interest-bearing debt | 98,672 | 86,146 | 82,645 | 86,586 | 64,746 | 算出 |
| Total liabilities | 251,073 | 277,974 | 250,281 | 250,113 | 230,588 | S100QH8R, S100T4F2, S100VGMV, S100XTYE |
| Non-controlling interests | 201 | 231 | — | — | — | S100QH8R, S100T4F2 |
| Equity attributable to owners of parent | 235,242 | 269,981 | 331,344 | 386,017 | 429,980 | S100QH8R, S100T4F2, S100VGMV, S100XTYE |
| Retained earnings | 125,119 | 159,837 | 221,333 | 275,986 | 319,894 | S100QH8R, S100T4F2, S100VGMV, S100XTYE |
| Treasury stock | -143 | -132 | -120 | -118 | -104 | S100QH8R, S100T4F2, S100VGMV, S100XTYE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100XTYE |
| Receivables | 18% | S100XTYE |
| Property, plant and equipment | 37% | S100XTYE |
| Intangibles and goodwill | 3% | S100XTYE |
| Investment securities | 1% | S100XTYE |
| Other assets | 25% | S100XTYE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XTYE |
| Interest-bearing debt | 9% | 算出 |
| Other liabilities | 18% | S100XTYE |
| Equity | 69% | S100XTYE |
| Other liabilities | 0% | S100XTYE |

### 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 | 531,229 | 598,889 | 645,480 | 722,666 | 753,248 |
| Equity | 280,155 | 320,915 | 395,199 | 472,552 | 522,659 |
| Interest-bearing debt | 98,672 | 86,146 | 82,645 | 86,586 | 64,746 |
| Cash | 53,592 | 41,600 | 52,798 | 86,333 | 116,796 |

## 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) | 47.2% | S100XTYE |
| Fixed assets ÷ total assets | 37.3% | S100XTYE |
| Goodwill ÷ parent equity | — | —, S100XTYE |

### 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) | 15.5% |
| Cash ÷ revenue | 19.6% |
| Net cash (cash − interest-bearing debt) | ¥52B |
| Net debt ÷ operating cash flow | -0.56× |
| Cash conversion (operating CF ÷ operating income) | 95.6% |
| Cash vs. profit gap | 29,446 JPY mn (of net income 46.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.4% |
| Shareholder payments — dividends / FCF | 30.3% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 24.8% |

## 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 | 10.5% | 0.74× | 7.8% | 2.26× | 17.6% | S100QH8R |
| 2022 | 9.6% | 0.88× | 8.5% | 2.24× | 19.0% | S100T4F2 |
| 2023 | 13.1% | 0.89× | 11.6% | 2.07× | 24.0% | S100VGMV |
| 2024 | 13.2% | 0.83× | 10.9% | 1.91× | 20.9% | S100XTYE |
| 2025 | 10.7% | 0.81× | 8.6% | 1.81× | 15.6% | S100XTYE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱商事株式会社 | Major shareholder | 20.0% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.4% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.6% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.4% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５１０３１２ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.0% | 2025-12-31 |
| ＴＨＥ ＮＯＭＵＲＡ ＴＲＵＳＴ ＡＮＤ ＢＡＮＫＩＮＧ ＣＯ．， ＬＴＤ． ＡＳ ＴＨＥ ＴＲＵＳＴＥＥ ＯＦ ＲＥＰＵＲＣＨＡＳＥ ＡＧＲＥＥＭＥＮＴ ＭＯＴＨＥＲ ＦＵＮＤ (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.8% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５１０３１１ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.7% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.7% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 1.4% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Dec 2025 was ¥594.9B, up +5.2% from ¥565.4B.
- Operating income grew +3.6% to ¥97.3B, while net income attributable to owners dropped -15.0% to ¥63.6B.
- Operating cash flow jumped +38.8% to ¥93.1B, and free cash flow reached ¥65.9B.

### Drivers

- Price increases stuck across markets, so sales grew faster than volume
- Strong sales of focus products in North America, such as large light truck and SUV tires, improved margins
- In Europe, operating changes from a business restructuring pushed volume and sales well below the prior year
- Net income fell because an impairment loss was booked, even with a gain on selling investment securities

### Risks

- Most sales are overseas, so currency swings affect results
- Prices of natural rubber and petrochemicals matter, and imported materials for the US plant are exposed to US tariffs
- Weaker economies or car demand in North America, Europe, and Asia could hurt sales

Cited: Annual Securities Report (110th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (110th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第110期(2025/01/01－2025/12/31) | S100XTYE | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTYE,, |
| 有価証券報告書－第109期(2024/01/01－2024/12/31) | S100VGMV | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGMV,, |
| 有価証券報告書－第108期(2023/01/01－2023/12/31) | S100T4F2 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4F2,, |
| 有価証券報告書－第107期(2022/01/01－2022/12/31) | S100QH8R | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH8R,, |
| 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) | S100NQNK | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQNK,, |
| 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) | S100L2PW | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2PW,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 正新橡膠工業股份有限公司 | Joint venture | 台湾の自動車用防振ゴム製造の合弁（洋新工業、出資50%ずつ） | S100XTYE |
| ブリヂストン | Alliance | 事業の独立性を保った緩やかな業務提携 | S100XTYE |
| 三菱商事 | Capital alliance | 販売力・技術力・リソース強化の資本業務提携（第三者割当） | S100XTYE |

## 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).