# TOYOBO CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第168期(2025/04/01－2026/03/31) (S100YGRC)
> Page: https://vizora.meequs.com/en/company/toyobo
> Retrieved: 2026-09-30T17:49:26.955Z

## Company

Toyobo, founded in 2012, is a company in Textiles & Fibers listed on TSE Prime. It has 9,398 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOYOBO CO., LTD. |
| Ticker | 3101 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3101.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区梅田一丁目13番1号 |
| Representative (per filing) | 代表取締役社長 竹内 郁夫 |
| Founded | Oct 2012 |
| Share capital | ¥51.7B |
| Employees (consolidated) | 9,398 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.toyobo.co.jp (https://www.toyobo.co.jp/) |
| Corporate number | 2120001059666 |
| EDINET | E00525 |
| Industries (Vizora) | Textiles & Fibers, Medical Devices, Chemicals, Pharmaceuticals, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YGRC, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.1 | 96 |
| Profitability | 41.5 | 100 |
| Cash conversion | 56.8 | 96 |
| Efficiency | 42.5 | 100 |
| Financial strength | 7.9 | 19 |

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 42% of Toyobo's sales come from Films, with Environment and Functional material and Functional fiber and trading making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit +67.6%.

## Company structure

- Segment revenue mix: Films 41.6%、Environment and Functional material 26.1%、Functional fiber and trading 21.3%、Life Science 8.2%、Other 1.8%
- Revenue → net income: ¥421563000000 → ¥14243000000
- Net income → operating cash flow: ¥14243000000 → ¥45032000000（difference ¥30789000000）
- Main uses of operating cash flow: CapEx ¥29150000000 / dividends ¥3515000000 / buybacks ¥1000000
- Change in cash: ¥2702000000
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 | ¥421.6B |  |
| Operating income | ¥27.9B | Margin 6.6% |
| Net income | ¥11.2B | Margin 2.7% |
| Free cash flow | ¥15.9B |  |
| Largest business | Films | of segment revenue 41.6% |
| Employees (consolidated) | 9,398 |  |
| EPS | ¥182.38 |  |
| Book value per share | ¥1792.41 |  |
| Equity ratio | 34.0% |  |
| Shares outstanding | 89,048,000 |  |
| Treasury shares | 804,000 |  |
| Shareholders | 55,549 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 4.8% | Net cash -¥199.9B · Cash ÷ revenue 7.1% |
| Vs. industry median margin | -0.9 pp | Chemicals |
| ROE | 7.2% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.0× net income
- FY2026, employees -6% while operating income rose 68%
- FY2026, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥337406000000 | ¥421563000000 | +24.9% |
| Operating income | ¥26657000000 | ¥27906000000 | +4.7% |
| Operating margin | 7.9% | 6.6% | -1.3 pp |
| Employees | 10,149 people | 9,398 people | -7.4% |
| Cash and equivalents | ¥34526000000 | ¥30128000000 | -12.7% |

### 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 |
| --- | ---: |
| フィルム・機能マテリアル → 事業再編・廃止 | 45.3% |
| ライフサイエンス → ライフサイエンス | 8.0% |
| モビリティ → 事業再編・廃止 | 10.8% |
| 生活・環境 → 事業再編・廃止 | 32.3% |
| 不動産 → 不動産 | 1.1% |
| 不動産 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 1.8% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → フィルム | 41.6% |
| 新設・再編 → ライフサイエンス | 0.2% |
| 新設・再編 → 環境・機能材 | 26.1% |
| 新設・再編 → 機能繊維・商事 | 21.3% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Films | 3 years | +6.2% | ¥175169000000 | 9.5% | 2 |
| Environment and Functional material | 3 years | -0.2% | ¥110126000000 | 8.8% | 2 |
| Functional fiber and trading | 3 years | -1.0% | ¥89612000000 | 1.4% | 2 |
| Life Science | 5 years | +5.0% | ¥34494000000 | 0.2% | 2 |
| Other | 5 years | -0.3% | ¥7666000000 | 14.7% | 2 |
| Real Estate | 5 years | +2.6% | ¥4495000000 | 45.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 421,563 | 100.0% | S100YGRC |
| Cost of revenue | 313,411 | 74.3% | S100YGRC |
| Gross profit | 108,152 | 25.7% | S100YGRC |
| SG&A | 80,247 | 19.0% | S100YGRC |
| Operating income | 27,906 | 6.6% | S100YGRC |
| Ordinary income | 22,878 | 5.4% | S100YGRC |
| Pretax income | 19,376 | 4.6% | S100YGRC |
| Income tax | 5,133 | 1.2% | S100YGRC |
| Net income | 14,243 | 3.4% | S100YGRC |
| Net income attributable to owners | 11,174 | 2.7% | S100YGRC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 19 |
| Operating income | 7 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 25.7% → Operating margin 6.6% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.1%; Core profit growth: +67.6%
Operating leverage (core profit growth ÷ revenue growth): -608.06×
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 | 422,032 | 421,563 | -469 | -0.1% |
| Gross profit | 97,055 | 108,152 | 11,097 | +11.4% |
| Operating income | 16,653 | 27,906 | 11,253 | +67.6% |
| Net income attributable to owners | 2,003 | 11,174 | 9,171 | +457.9% |
| Operating cash flow | 30,118 | 45,032 | 14,914 | +49.5% |
| Free cash flow | -15,107 | 15,882 | 30,989 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 339,607 | 22,794 | 6.7% | 13,774 | 44,255 | 13,397 | S100LOFX |
| FY ending Mar 2021 | 337,406 | 26,657 | 7.9% | 4,202 | 35,028 | 7,533 | S100OEBV |
| FY ending Mar 2022 | 375,720 | 28,430 | 7.6% | 12,865 | 17,097 | -12,015 | S100R630 |
| FY ending Mar 2023 | 399,921 | 10,063 | 2.5% | -655 | 7,798 | -31,360 | S100UA3N |
| FY ending Mar 2024 | 414,265 | 8,995 | 2.2% | 2,455 | 21,595 | -35,034 | S100W28Y |
| FY ending Mar 2025 | 422,032 | 16,653 | 3.9% | 2,003 | 30,118 | -15,107 | S100YGRC |
| FY ending Mar 2026 | 421,563 | 27,906 | 6.6% | 11,174 | 45,032 | 15,882 | S100YGRC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.9M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 10,503 | 10,885 | 10,668 | 9,976 | 9,398 |
| Average salary (parent company) | ¥6.5M | ¥6.3M | ¥6.1M | ¥6.4M | ¥6.9M |
| Average age (parent company) | 41.2 years | 40.9 years | 40.1 years | 40.0 years | 40.1 years |
| Average tenure (parent company) | 15.2 years | 14.7 years | 13.4 years | 13.9 years | 14.2 years |

Year over year: Employees (consolidated) -5.8% · Revenue (consolidated) -0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Films | 175,169 | 41.6% | 16,638 | 9.5% |
| Life Science | 34,494 | 8.2% | 65 | 0.2% |
| Environment and Functional material | 110,126 | 26.1% | 9,702 | 8.8% |
| Functional fiber and trading | 89,612 | 21.3% | 1,254 | 1.4% |
| Real Estate | 4,495 | 1.1% | 2,048 | 45.6% |
| Other | 7,666 | 1.8% | 1,129 | 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 |
| --- | ---: | ---: | ---: | ---: |
| Films | 41.6% | 54.0% | 12.4 | 9.5% |
| Life Science | 8.2% | 0.2% | -8.0 | 0.2% |
| Environment and Functional material | 26.1% | 31.5% | 5.3 | 8.8% |
| Functional fiber and trading | 21.3% | 4.1% | -17.2 | 1.4% |
| Real Estate | 1.1% | 6.6% | 5.6 | 45.6% |
| Other | 1.8% | 3.7% | 1.8 | 14.7% |

Segment → industry: Functional fiber and trading → Textiles & Fibers / Life Science → Medical Devices / Environment and Functional material → Chemicals / Films → Chemicals / Life Science → Pharmaceuticals / Real Estate → Real Estate Development & Leasing

## 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 | 45,032 | 10.7% | S100YGRC |
| Capital expenditure | 29,150 | 6.9% | S100YGRC |
| Free cash flow | 15,882 | 3.8% | 算出 |
| Investing cash flow | -27,077 | -6.4% | S100YGRC |
| Financing cash flow | -16,506 | -3.9% | S100YGRC |
| Dividends paid | 3,515 | 0.8% | S100YGRC |
| Share buyback | 1 | 0.0% | S100YGRC |
| Change in cash | 2,702 | 0.6% | S100YGRC |
| Cash and equivalents | 30,128 | 7.1% | S100YGRC |

## 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 | 26,433 | 60,204 | 33,310 | 27,427 | 30,128 | S100UA3N, S100W28Y, S100YGRC |
| Total assets | 517,774 | 588,906 | 606,990 | 617,799 | 627,667 | S100R630, S100UA3N, S100W28Y, S100YGRC |
| Net assets | 197,149 | 221,422 | 230,087 | 232,044 | 251,995 | S100UA3N, S100W28Y, S100YGRC |
| Share capital | 51,730 | 51,730 | 51,730 | 51,730 | 51,730 | S100R630, S100UA3N, S100W28Y, S100YGRC |
| Property, plant and equipment | 227,574 | 240,234 | 281,475 | 296,518 | 299,932 | S100R630, S100UA3N, S100W28Y, S100YGRC |
| Intangible assets excluding goodwill | 4,307 | 4,633 | 4,670 | 5,032 | 4,844 | S100R630, S100UA3N, S100W28Y, S100YGRC |
| Investment securities | 19,064 | 13,951 | 11,072 | 12,274 | 11,784 | S100R630, S100UA3N, S100W28Y, S100YGRC |
| Current assets | 239,314 | 299,133 | 273,733 | 267,495 | 270,543 | S100R630, S100UA3N, S100W28Y, S100YGRC |
| Current liabilities | 146,750 | 202,500 | 184,148 | 160,320 | 157,595 | S100R630, S100UA3N, S100W28Y, S100YGRC |
| Trade payables | 46,876 | 53,436 | 49,782 | 48,389 | 45,075 | S100R630, S100UA3N, S100W28Y, S100YGRC |
| Short-term borrowings | 40,592 | 71,595 | 68,385 | 53,043 | 54,700 | S100R630, S100UA3N, S100W28Y, S100YGRC |
| Long-term borrowings | 70,681 | 49,099 | 85,637 | 114,343 | 108,345 | S100R630, S100UA3N, S100W28Y, S100YGRC |
| Bonds | 55,000 | 65,000 | 60,000 | 67,000 | 67,000 | S100R630, S100UA3N, S100W28Y, S100YGRC |
| Interest-bearing debt | 166,273 | 185,694 | 214,022 | 234,386 | 230,045 | 算出 |
| Total liabilities | 320,626 | 367,484 | 376,903 | 385,755 | 375,672 | S100R630, S100UA3N, S100W28Y, S100YGRC |
| Non-controlling interests | 2,273 | 31,834 | 33,054 | 36,732 | 38,681 | S100R630, S100UA3N, S100W28Y, S100YGRC |
| Equity attributable to owners of parent | 158,402 | 153,840 | 154,227 | 152,433 | 159,737 | S100R630, S100UA3N, S100W28Y, S100YGRC |
| Retained earnings | 74,700 | 70,490 | 70,315 | 68,967 | 76,238 | S100R630, S100UA3N, S100W28Y, S100YGRC |
| Treasury stock | -221 | -781 | -1,006 | -925 | -845 | S100R630, S100UA3N, S100W28Y, S100YGRC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YGRC |
| Property, plant and equipment | 48% | S100YGRC |
| Intangibles and goodwill | 1% | S100YGRC |
| Investment securities | 2% | S100YGRC |
| Other assets | 44% | S100YGRC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YGRC |
| Interest-bearing debt | 37% | 算出 |
| Other liabilities | 16% | S100YGRC |
| Equity | 40% | S100YGRC |

### 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 | 517,774 | 588,906 | 606,990 | 617,799 | 627,667 |
| Equity | 197,149 | 221,422 | 230,087 | 232,044 | 251,995 |
| Interest-bearing debt | 166,273 | 185,694 | 214,022 | 234,386 | 230,045 |
| Cash | 26,433 | 60,204 | 33,310 | 27,427 | 30,128 |

## 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) | 71.1% | S100YGRC |
| Fixed assets ÷ total assets | 47.8% | S100YGRC |
| Goodwill ÷ parent equity | — | —, S100YGRC |

### 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) | 4.8% |
| Cash ÷ revenue | 7.1% |
| Net cash (cash − interest-bearing debt) | -¥199.9B |
| Net debt ÷ operating cash flow | 4.44× |
| Cash conversion (operating CF ÷ operating income) | 161.4% |
| Cash vs. profit gap | 33,858 JPY mn (of net income 303.0%) |
| Shareholder returns / net income | 31.5% |
| Shareholder returns / FCF | 22.1% |
| Shareholder payments — dividends / net income | 31.5% |
| Shareholder payments — dividends / FCF | 22.1% |
| CapEx intensity (capex ÷ revenue) | 6.9% |
| Investing CF relative to operating CF | 60.1% |

## 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 | 3.4% | 0.73× | 2.5% | 3.27× | 8.1% | S100R630 |
| 2023 | — | —× | -0.1% | —× | — | S100UA3N |
| 2024 | 0.6% | 0.69× | 0.4% | 3.88× | 1.6% | S100W28Y |
| 2025 | 0.5% | 0.69× | 0.3% | 3.99× | 1.3% | S100YGRC |
| 2026 | 2.7% | 0.68× | 1.8% | 3.99× | 7.2% | S100YGRC |

## 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 | 13.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.0% | 2026-03-31 |
| 東洋紡従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 東友会 | Major shareholder | 2.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.4% | 2026-03-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.3% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.0% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.4% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥421.6B, basically unchanged from ¥422B the year before (-0.1%).
- Profits grew much faster: gross profit rose to ¥108.2B (+11.4%) and operating income to ¥27.9B (+67.6%).
- Net income attributable to owners climbed from ¥2B to ¥11.2B (+457.9%).
- Free cash flow turned positive at ¥15.9B, after -¥15.1B in the prior year.

### Drivers

- In packaging film, demand stayed weak, but better productivity at new production lines lifted earnings.
- Sales of release film for ceramic capacitors grew, led by AI server demand, and polarizer protective film for LCDs stayed strong.
- Life science profit nearly vanished: diagnostic reagent sales slowed on the Chinese market, and a new medical plant started up late.

### Risks

- Management says it is watching the profitability of its new packaging film lines closely.
- US trade policy and tension in the Middle East could disrupt logistics or push up energy prices, which would cut production and sales.
- Key raw materials such as polyester come from petrochemicals, so oil prices and exchange rates can raise purchase costs.

Cited: Annual Securities Report (168th 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 (168th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第168期(2025/04/01－2026/03/31) | S100YGRC | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGRC,, |
| 有価証券報告書－第167期(2024/04/01－2025/03/31) | S100W28Y | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W28Y,, |
| 訂正有価証券報告書－第166期(2023/04/01－2024/03/31) | S100UA3N | 2024-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UA3N,, |
| 有価証券報告書－第165期(2022/04/01－2023/03/31) | S100R630 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R630,, |
| 有価証券報告書－第164期(令和3年4月1日－令和4年3月31日) | S100OEBV | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEBV,, |
| 有価証券報告書－第163期(令和2年4月1日－令和3年3月31日) | S100LOFX | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOFX,, |

## 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).