# TOYO Corporation: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第73期(2024/10/01－2025/09/30) (S100X93C)
> Page: https://vizora.meequs.com/en/company/toyo
> Retrieved: 2026-09-30T21:35:05.503Z

## Company

Toyo, founded in 1953, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 653 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOYO Corporation |
| Ticker | 8151 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8151.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区八重洲一丁目1番6号 |
| Representative (per filing) | 代表取締役 社長執行役員 高野 俊也 |
| Founded | Sep 1953 |
| Share capital | ¥4.16B |
| Employees (consolidated) | 653 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | September |
| Website | www.toyo.co.jp (https://www.toyo.co.jp/) |
| Corporate number | 8010001051991 |
| EDINET | E02672 |
| Industries (Vizora) | Specialty Trading & Wholesale, Robots & Factory Automation, Cybersecurity, Defense, Software & SaaS |

> Profile source: annual securities report (S100X93C, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.5 | 20 |
| Profitability | 22.4 | 29 |
| Cash conversion | 61.1 | 27 |
| Efficiency | 32.8 | 29 |

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 26% of Toyo's sales come from Information and Communications Technologies/Information Securities, with Advanced Mobility and Sustainable Energy making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -7.1% from the prior year, operating profit -43.1%.

## Company structure

- Segment revenue mix: Information and Communications Technologies/Information Securities 26.1%、Advanced Mobility 24.4%、Sustainable Energy 18.8%、Electromagnetic compatibility/antenna systems 14.2%、Ocean/defense and security 8.7%
- Revenue → net income: ¥32559176000 → ¥1189370000
- Net income → operating cash flow: ¥1189370000 → ¥2195024000（difference ¥1005654000）
- Main uses of operating cash flow: CapEx ¥877439000 / dividends ¥1572061000 / buybacks ¥100364000
- Change in cash: ¥566098000
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 | ¥32.6B |  |
| Operating income | ¥1.91B | Margin 5.9% |
| Net income | ¥1.2B | Margin 3.7% |
| Free cash flow | ¥1.32B |  |
| Largest business | Information and Communications Technologies/Information Securities | of segment revenue 26.1% |
| Employees (consolidated) | 653 |  |
| EPS | ¥71.57 |  |
| Diluted EPS | ¥71.28 |  |
| Book value per share | ¥1301.71 |  |
| Equity ratio | 70.1% |  |
| Shares outstanding | 26,085,000 |  |
| Treasury shares | 4,537,100 |  |
| Shareholders | 11,782 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 9.2% | Cash ÷ revenue 11.2% |
| Vs. industry median margin | +3 pp | Specialty Trading & Wholesale |
| ROE | 4.3% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23104580000 | ¥32559176000 | +40.9% |
| Operating income | ¥1250053000 | ¥1914644000 | +53.2% |
| Operating margin | 5.4% | 5.9% | +0.5 pp |
| Employees | 530 people | 653 people | +23.2% |
| Cash and equivalents | ¥6380439000 | ¥3657789000 | -42.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 情報通信／情報セキュリティ → 事業再編・廃止 | 27.6% |
| 機械制御／振動騒音 → 事業再編・廃止 | 21.3% |
| 物性／エネルギー → 事業再編・廃止 | 17.1% |
| ＥＭＣ／大型アンテナ → 事業再編・廃止 | 17.1% |
| 海洋／特機 → 事業再編・廃止 | 6.0% |
| ソフトウェア開発支援 → 事業再編・廃止 | 6.4% |
| ライフサイエンス／マテリアルズ → 事業再編・廃止 | 4.5% |
| 新設・再編 → 先進モビリティ | 24.4% |
| 新設・再編 → 脱炭素／エネルギー | 18.8% |
| 新設・再編 → 情報通信／情報セキュリティ | 26.1% |
| 新設・再編 → ＥＭＣ／大型アンテナ | 14.2% |
| 新設・再編 → 海洋／防衛 | 8.7% |
| 新設・再編 → ソフトウェア開発支援 | 7.7% |

Segment revenue source references: 13 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Information and Communications Technologies/Information Securities | — | — | ¥8120772000 | 8.5% | 2 |
| Advanced Mobility | — | — | ¥7595828000 | 9.3% | 2 |
| Sustainable Energy | — | — | ¥5841765000 | 16.1% | 2 |
| Electromagnetic compatibility/antenna systems | — | — | ¥4427800000 | 3.8% | 2 |
| Ocean/defense and security | — | — | ¥2706528000 | 9.3% | 2 |
| Software quality and productivity | — | — | ¥2382771000 | 14.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,559 | 100.0% | S100X93C |
| Cost of revenue | 18,351 | 56.4% | S100X93C |
| Gross profit | 14,208 | 43.6% | S100X93C |
| SG&A | 12,293 | 37.8% | S100X93C |
| Operating income | 1,915 | 5.9% | S100X93C |
| Ordinary income | 1,985 | 6.1% | S100X93C |
| Pretax income | 1,956 | 6.0% | S100X93C |
| Income tax | 767 | 2.4% | S100X93C |
| Net income | 1,189 | 3.7% | S100X93C |
| Net income attributable to owners | 1,196 | 3.7% | S100X93C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 38 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 43.6% → Operating margin 5.9% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -7.1%; Core profit growth: -43.1%
Operating leverage (core profit growth ÷ revenue growth): 6.08×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 35,043 | 32,559 | -2,483 | -7.1% |
| Gross profit | 15,182 | 14,208 | -974 | -6.4% |
| Operating income | 3,366 | 1,915 | -1,451 | -43.1% |
| Net income attributable to owners | 2,523 | 1,196 | -1,327 | -52.6% |
| Operating cash flow | 4,110 | 2,195 | -1,915 | -46.6% |
| Free cash flow | 2,135 | 1,318 | -817 | -38.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 25,548 | 1,861 | 7.3% | 1,142 | 1,699 | 905 | S100KFOS |
| FY ending Sep 2020 | 23,105 | 1,250 | 5.4% | 1,439 | 2,132 | 1,351 | S100N4EL |
| FY ending Sep 2021 | 23,512 | 1,726 | 7.3% | 1,735 | 6,051 | 5,464 | S100PUF5 |
| FY ending Sep 2022 | 26,490 | 2,333 | 8.8% | 1,920 | 1,826 | -5,824 | S100SIKG |
| FY ending Sep 2023 | 28,173 | 1,472 | 5.2% | 1,534 | -105 | -1,976 | S100UZIX |
| FY ending Sep 2024 | 35,043 | 3,366 | 9.6% | 2,523 | 4,110 | 2,135 | S100X93C |
| FY ending Sep 2025 | 32,559 | 1,915 | 5.9% | 1,196 | 2,195 | 1,318 | S100X93C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.9M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥1.8M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 528 | 539 | 591 | 650 | 653 |
| Average salary (parent company) | ¥7.3M | ¥8M | ¥8.2M | ¥8.7M | ¥9.1M |
| Average age (parent company) | 41.7 years | 42.0 years | 42.0 years | 42.5 years | 42.5 years |
| Average tenure (parent company) | 13.9 years | 13.7 years | 13.3 years | 13.4 years | 12.9 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) -7.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Advanced Mobility | 7,596 | 24.4% | 708 | 9.3% |
| Sustainable Energy | 5,842 | 18.8% | 943 | 16.1% |
| Information and Communications Technologies/Information Securities | 8,121 | 26.1% | 687 | 8.5% |
| Electromagnetic compatibility/antenna systems | 4,428 | 14.2% | 169 | 3.8% |
| Ocean/defense and security | 2,707 | 8.7% | 252 | 9.3% |
| Software quality and productivity | 2,383 | 7.7% | 350 | 14.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Advanced Mobility | 24.4% | 22.8% | -1.7 | 9.3% |
| Sustainable Energy | 18.8% | 30.3% | 11.5 | 16.1% |
| Information and Communications Technologies/Information Securities | 26.1% | 22.1% | -4.0 | 8.5% |
| Electromagnetic compatibility/antenna systems | 14.2% | 5.4% | -8.8 | 3.8% |
| Ocean/defense and security | 8.7% | 8.1% | -0.6 | 9.3% |
| Software quality and productivity | 7.7% | 11.3% | 3.6 | 14.7% |

Segment → industry: Advanced Mobility → Specialty Trading & Wholesale / Advanced Mobility → Robots & Factory Automation / Sustainable Energy → Specialty Trading & Wholesale / Sustainable Energy → Robots & Factory Automation / Information and Communications Technologies/Information Securities → Specialty Trading & Wholesale / Information and Communications Technologies/Information Securities → Cybersecurity / Electromagnetic compatibility/antenna systems → Specialty Trading & Wholesale / Electromagnetic compatibility/antenna systems → Robots & Factory Automation / Ocean/defense and security → Specialty Trading & Wholesale / Ocean/defense and security → Defense / Software quality and productivity → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,195 | 6.7% | S100X93C |
| Capital expenditure | 877 | 2.7% | S100X93C |
| Free cash flow | 1,318 | 4.0% | 算出 |
| Investing cash flow | -770 | -2.4% | S100X93C |
| Financing cash flow | -972 | -3.0% | S100X93C |
| Dividends paid | 1,572 | 4.8% | S100X93C |
| Share buyback | 100 | 0.3% | S100X93C |
| Change in cash | 566 | 1.7% | S100X93C |
| Cash and equivalents | 3,658 | 11.2% | S100X93C |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,997 | 3,788 | 2,659 | 3,092 | 3,658 | S100SIKG, S100UZIX, S100X93C |
| Total assets | 38,880 | 41,593 | 39,955 | 39,134 | 39,937 | S100PUF5, S100SIKG, S100UZIX, S100X93C |
| Net assets | 29,737 | 29,398 | 28,314 | 28,128 | 28,120 | S100SIKG, S100UZIX, S100X93C |
| Share capital | 4,158 | 4,158 | 4,158 | 4,158 | 4,158 | S100PUF5, S100SIKG, S100UZIX, S100X93C |
| Trade receivables | 4,217 | — | — | — | — | S100PUF5 |
| Property, plant and equipment | 8,201 | 14,992 | 15,985 | 13,091 | 12,899 | S100PUF5, S100SIKG, S100UZIX, S100X93C |
| Intangible assets excluding goodwill | 935 | 948 | 1,237 | 2,548 | 2,387 | S100PUF5, S100SIKG, S100UZIX, S100X93C |
| Goodwill | 95 | 93 | 268 | 1,562 | 1,483 | S100PUF5, S100SIKG, S100UZIX, S100X93C |
| Investment securities | 5,480 | 6,006 | 3,532 | 2,415 | 2,393 | S100PUF5, S100SIKG, S100UZIX, S100X93C |
| Current assets | 21,606 | 17,047 | 16,716 | 18,423 | 19,490 | S100PUF5, S100SIKG, S100UZIX, S100X93C |
| Current liabilities | 4,369 | 7,344 | 10,825 | 9,883 | 10,811 | S100PUF5, S100SIKG, S100UZIX, S100X93C |
| Trade payables | 1,363 | 1,769 | 1,666 | 1,683 | 1,744 | S100PUF5, S100SIKG, S100UZIX, S100X93C |
| Short-term borrowings | — | — | — | 2,000 | 2,700 | S100X93C |
| Total liabilities | 9,142 | 12,195 | 11,641 | 11,007 | 11,817 | S100PUF5, S100SIKG, S100UZIX, S100X93C |
| Non-controlling interests | — | — | — | 47 | 43 | S100X93C |
| Equity attributable to owners of parent | 29,451 | 29,381 | 28,260 | 28,182 | 27,815 | S100PUF5, S100SIKG, S100UZIX, S100X93C |
| Retained earnings | 23,411 | 23,664 | 23,995 | 25,243 | 24,866 | S100PUF5, S100SIKG, S100UZIX, S100X93C |
| Treasury stock | -2,722 | -3,045 | -4,497 | -5,830 | -5,826 | S100PUF5, S100SIKG, S100UZIX, S100X93C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100X93C |
| Property, plant and equipment | 32% | S100X93C |
| Intangibles and goodwill | 10% | S100X93C |
| Investment securities | 6% | S100X93C |
| Other assets | 43% | S100X93C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100X93C |
| Other liabilities | 25% | S100X93C |
| Equity | 71% | S100X93C |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 38,880 | 41,593 | 39,955 | 39,134 | 39,937 |
| Equity | 29,737 | 29,398 | 28,314 | 28,128 | 28,120 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,997 | 3,788 | 2,659 | 3,092 | 3,658 |

## 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) | 39.6% | S100X93C |
| Fixed assets ÷ total assets | 32.3% | S100X93C |
| Goodwill ÷ parent equity | 5.3% | S100X93C |

Goodwill over 4 years: 95 → 1,483 JPY; total investing cash flow: -8,916 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) | 9.2% |
| Cash ÷ revenue | 11.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 114.6% |
| Cash vs. profit gap | 999 JPY mn (of net income 83.6%) |
| Shareholder returns / net income | 139.9% |
| Shareholder returns / FCF | 126.9% |
| Shareholder payments — dividends / net income | 131.5% |
| Shareholder payments — dividends / FCF | 119.3% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 35.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 7.4% | 0.60× | 4.5% | 1.32× | 5.9% | S100PUF5 |
| 2022 | 7.2% | 0.66× | 4.8% | 1.37× | 6.5% | S100SIKG |
| 2023 | 5.4% | 0.69× | 3.8% | 1.41× | 5.3% | S100UZIX |
| 2024 | 7.2% | 0.89× | 6.4% | 1.40× | 8.9% | S100X93C |
| 2025 | 3.7% | 0.82× | 3.0% | 1.41× | 4.3% | S100X93C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 15.7% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 11.3% | 2025-09-30 |
| NOMURA CUSTODY NOMINEES LIMITED OMNIBUS－FULLY PAID （CASHPB） （常任代理人 野村證券株式会社） | Major shareholder | 5.4% | 2025-09-30 |
| RBC IST 15 PCT NON LENDING ACCOUNT- CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 5.0% | 2025-09-30 |
| 明治安田生命保険相互会社 | Major shareholder | 4.8% | 2025-09-30 |
| 東陽テクニカ従業員持株会 | Major shareholder | 4.7% | 2025-09-30 |
| 日本生命保険相互会社 | Major shareholder | 1.6% | 2025-09-30 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.3% | 2025-09-30 |
| BANK JULIUS BAER AND CO., LTD. （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.2% | 2025-09-30 |
| 丸三証券株式会社 | Major shareholder | 1.1% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第73期(2024/10/01－2025/09/30) | S100X93C | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X93C,, |
| 有価証券報告書－第72期(2023/10/01－2024/09/30) | S100UZIX | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZIX,, |
| 有価証券報告書－第71期(2022/10/01－2023/09/30) | S100SIKG | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIKG,, |
| 有価証券報告書－第70期(令和3年10月1日－令和4年9月30日) | S100PUF5 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUF5,, |
| 有価証券報告書－第69期(令和2年10月1日－令和3年9月30日) | S100N4EL | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4EL,, |
| 有価証券報告書－第68期(令和1年10月1日－令和2年9月30日) | S100KFOS | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFOS,, |

## 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).