# TOYO DENKI SEIZO K.K.(TOYO ELECTRIC MFG.CO.,LTD.): business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第165期(2025/06/01－2026/05/31) (S100YYOS)
> Page: https://vizora.meequs.com/en/company/toyodenki
> Retrieved: 2026-09-30T20:31:03.941Z

## Company

Toyo Denki Seizo K.K.(TOYO Electric MFG. ), founded in 1918, is a company in Electrical Equipment listed on TSE Standard. It has 1,195 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOYO DENKI SEIZO K.K.(TOYO ELECTRIC MFG.CO.,LTD.) |
| Ticker | 6505 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6505.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区八重洲一丁目4番16号 |
| Representative (per filing) | 代表取締役社長 渡部 朗 |
| Founded | Jun 1918 |
| Share capital | ¥5B |
| Employees (consolidated) | 1,195 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | May |
| Website | www.toyodenki.co.jp (https://www.toyodenki.co.jp/) |
| Corporate number | 7010001034857 |
| EDINET | E01742 |
| Industries (Vizora) | Electrical Equipment, Industrial Machinery |

> Profile source: annual securities report (S100YYOS, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39.6 | 24 |
| Profitability | 31.3 | 24 |
| Cash conversion | 6.5 | 23 |
| Efficiency | 34 | 25 |

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 68% of Toyo Denki Seizo K.K.(TOYO Electric MFG. )'s sales come from Transportation, with Industry and ICT Solution making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit +30.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥40.5B |  |
| Operating income | ¥3.11B | Margin 7.7% |
| Net income | ¥2.98B | Margin 7.4% |
| Free cash flow | -¥1.66B |  |
| Largest business | Transportation | of segment revenue 67.7% |
| Employees (consolidated) | 1,195 |  |
| EPS | ¥297.45 |  |
| Book value per share | ¥2569.64 |  |
| Equity ratio | 56.9% |  |
| Shares outstanding | 9,735,000 |  |
| Treasury shares | 588,600 |  |
| Shareholders | 6,360 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 7.8% | Cash ÷ revenue 10.3% |
| Vs. industry median margin | -0.7 pp | Electrical Equipment |
| ROE | 13.2% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 79% of positive segment profit
- FY2026, parent-company salary changed +28% over five years

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33143000000 | ¥40480000000 | +22.1% |
| Operating income | ¥423000000 | ¥3111000000 | +635.5% |
| Operating margin | 1.3% | 7.7% | +6.4 pp |
| Employees | 1,217 people | 1,195 people | -1.8% |
| Cash and equivalents | ¥3964000000 | ¥4172000000 | +5.2% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 交通事業 → 交通事業 | 65.0% |
| 産業事業 → 産業事業 | 29.7% |
| 産業事業 → 事業再編・廃止 | 2.1% |
| 情報機器事業 → 事業再編・廃止 | 3.2% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 交通事業 | 2.7% |
| 新設・再編 → ICTソリューション事業 | 2.6% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Transportation | 5 years | +4.9% | ¥27398000000 | 19.4% | 2 |
| Industry | 5 years | +2.6% | ¥12008000000 | 11.6% | 2 |
| ICT Solution | 4 years | +7.9% | ¥1069000000 | -2.8% | 2 |
| Other | 5 years | -4.4% | ¥4000000 | 25.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,480 | 100.0% | S100YYOS |
| Cost of revenue | 28,706 | 70.9% | S100YYOS |
| Gross profit | 11,773 | 29.1% | S100YYOS |
| SG&A | 8,662 | 21.4% | S100YYOS |
| Operating income | 3,111 | 7.7% | S100YYOS |
| Ordinary income | 3,520 | 8.7% | S100YYOS |
| Pretax income | 3,954 | 9.8% | S100YYOS |
| Income tax | 978 | 2.4% | S100YYOS |
| Net income | 2,976 | 7.4% | S100YYOS |
| Net income attributable to owners | 2,976 | 7.4% | S100YYOS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 21 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 29.1% → Operating margin 7.7% → Net margin 7.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.1%; Core profit growth: +30.5%
Operating leverage (core profit growth ÷ revenue growth): -209.53×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 40,539 | 40,480 | -59 | -0.1% |
| Gross profit | 10,603 | 11,773 | 1,170 | +11.0% |
| Operating income | 2,384 | 3,111 | 727 | +30.5% |
| Net income attributable to owners | 2,128 | 2,976 | 848 | +39.8% |
| Operating cash flow | 601 | -826 | -1,427 | -237.4% |
| Free cash flow | 25 | -1,659 | -1,684 | -6736.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 39,071 | 1,068 | 2.7% | 1,081 | 2,148 | 1,468 | S100MCVO |
| FY ending May 2021 | 33,143 | 423 | 1.3% | 977 | 1,776 | 1,185 | S100P37K |
| FY ending May 2022 | 30,158 | 171 | 0.6% | -930 | 2,504 | 2,135 | S100RRXF |
| FY ending May 2023 | 31,025 | 517 | 1.7% | 824 | 815 | 474 | S100UAMP |
| FY ending May 2024 | 32,140 | 927 | 2.9% | 935 | 1,846 | 1,452 | S100WL6X |
| FY ending May 2025 | 40,539 | 2,384 | 5.9% | 2,128 | 601 | 25 | S100YYOS |
| FY ending May 2026 | 40,480 | 3,111 | 7.7% | 2,976 | -826 | -1,659 | S100YYOS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.9M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥2.5M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,193 | 1,149 | 1,147 | 1,146 | 1,195 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥5.7M | ¥6.2M | ¥6.9M |
| Average age (parent company) | 42.3 years | 42.6 years | 42.9 years | 43.1 years | 42.7 years |
| Average tenure (parent company) | 16.5 years | 16.9 years | 17.0 years | 17.1 years | 16.4 years |

Year over year: Employees (consolidated) +4.3% · Revenue (consolidated) -0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 27,398 | 67.7% | 5,316 | 19.4% |
| Industry | 12,008 | 29.7% | 1,389 | 11.6% |
| ICT Solution | 1,069 | 2.6% | -30 | -2.8% |
| Other | 4 | 0.0% | 1 | 25.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 67.7% | 79.3% | 11.6 | 19.4% |
| Industry | 29.7% | 20.7% | -9.0 | 11.6% |
| ICT Solution | 2.6% | — | — | -2.8% |
| Other | 0.0% | 0.0% | 0.0 | 25.0% |

Loss-making segment (excluded from profit shares): ICT Solution -30 JPY mn

Segment → industry: ICT Solution → Electrical Equipment / Industry → Electrical Equipment / Transportation → Electrical Equipment / Industry → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -826 | -2.0% | S100YYOS |
| Capital expenditure | 833 | 2.1% | S100YYOS |
| Free cash flow | -1,659 | -4.1% | 算出 |
| Investing cash flow | -126 | -0.3% | S100YYOS |
| Financing cash flow | 226 | 0.6% | S100YYOS |
| Dividends paid | 639 | 1.6% | S100YYOS |
| Share buyback | 135 | 0.3% | S100YYOS |
| Change in cash | -568 | -1.4% | S100YYOS |
| Cash and equivalents | 4,172 | 10.3% | S100YYOS |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,449 | 5,520 | 6,423 | 4,741 | 4,172 | S100UAMP, S100WL6X, S100YYOS |
| Total assets | 46,916 | 49,682 | 51,652 | 53,210 | 53,812 | S100RRXF, S100UAMP, S100WL6X, S100YYOS |
| Net assets | 22,012 | 24,582 | 26,070 | 27,385 | 30,611 | S100UAMP, S100WL6X, S100YYOS |
| Share capital | 4,998 | 4,998 | 4,998 | 4,998 | 4,998 | S100RRXF, S100UAMP, S100WL6X, S100YYOS |
| Property, plant and equipment | 6,322 | 5,701 | 5,555 | 5,177 | 5,225 | S100RRXF, S100UAMP, S100WL6X, S100YYOS |
| Intangible assets excluding goodwill | 101 | 77 | 127 | 159 | 147 | S100RRXF, S100UAMP, S100WL6X, S100YYOS |
| Investment securities | 12,471 | 14,288 | 15,009 | 14,178 | 14,423 | S100RRXF, S100UAMP, S100WL6X, S100YYOS |
| Current assets | 24,189 | 26,738 | 27,960 | 30,086 | 30,437 | S100RRXF, S100UAMP, S100WL6X, S100YYOS |
| Current liabilities | 9,569 | 10,699 | 15,240 | 17,244 | 11,927 | S100RRXF, S100UAMP, S100WL6X, S100YYOS |
| Trade payables | 1,610 | 2,060 | 2,292 | 2,496 | 2,174 | S100RRXF, S100UAMP, S100WL6X, S100YYOS |
| Short-term borrowings | 585 | 885 | 4,585 | 4,585 | 2,675 | S100RRXF, S100UAMP, S100WL6X, S100YYOS |
| Long-term borrowings | 11,173 | 10,288 | 6,003 | 4,622 | 7,447 | S100RRXF, S100UAMP, S100WL6X, S100YYOS |
| Total liabilities | 24,903 | 25,099 | 25,582 | 25,825 | 23,201 | S100RRXF, S100UAMP, S100WL6X, S100YYOS |
| Equity attributable to owners of parent | 18,016 | 19,036 | 19,878 | 21,384 | 23,651 | S100RRXF, S100UAMP, S100WL6X, S100YYOS |
| Retained earnings | 11,122 | 11,347 | 12,299 | 14,122 | 16,454 | S100RRXF, S100UAMP, S100WL6X, S100YYOS |
| Treasury stock | -1,282 | -486 | -596 | -914 | -984 | S100RRXF, S100UAMP, S100WL6X, S100YYOS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YYOS |
| Property, plant and equipment | 10% | S100YYOS |
| Intangibles and goodwill | 0% | S100YYOS |
| Investment securities | 27% | S100YYOS |
| Other assets | 55% | S100YYOS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YYOS |
| Other liabilities | 39% | S100YYOS |
| Equity | 57% | S100YYOS |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 46,916 | 49,682 | 51,652 | 53,210 | 53,812 |
| Equity | 22,012 | 24,582 | 26,070 | 27,385 | 30,611 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,449 | 5,520 | 6,423 | 4,741 | 4,172 |

## 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) | 12.9% | S100YYOS |
| Fixed assets ÷ total assets | 9.7% | S100YYOS |
| Goodwill ÷ parent equity | — | —, S100YYOS |

### 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) | 7.8% |
| Cash ÷ revenue | 10.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -26.6% |
| Cash vs. profit gap | -3,802 JPY mn (of net income -127.8%) |
| Shareholder returns / net income | 26.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -2.0% | —× | — | S100RRXF |
| 2023 | 2.7% | 0.64× | 1.7% | 2.61× | 4.4% | S100UAMP |
| 2024 | 2.9% | 0.63× | 1.8% | 2.60× | 4.8% | S100WL6X |
| 2025 | 5.2% | 0.77× | 4.1% | 2.54× | 10.3% | S100YYOS |
| 2026 | 7.4% | 0.76× | 5.6% | 2.38× | 13.2% | S100YYOS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東日本旅客鉄道株式会社 | Major shareholder | 10.6% | 2026-05-31 |
| 東洋電機従業員持株会 | Major shareholder | 5.5% | 2026-05-31 |
| 東洋電機協力工場持株会 | Major shareholder | 4.1% | 2026-05-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 3.7% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.6% | 2026-05-31 |
| 三信株式会社 | Major shareholder | 3.2% | 2026-05-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.5% | 2026-05-31 |
| 株式会社横浜銀行 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.3% | 2026-05-31 |
| オークラヤ住宅株式会社 | Major shareholder | 2.3% | 2026-05-31 |
| JP MORGAN CHASE BANK 380802（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第165期(2025/06/01－2026/05/31) | S100YYOS | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYOS,, |
| 有価証券報告書－第164期(2024/06/01－2025/05/31) | S100WL6X | 2025-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WL6X,, |
| 有価証券報告書－第163期(2023/06/01－2024/05/31) | S100UAMP | 2024-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAMP,, |
| 有価証券報告書－第162期(2022/06/01－2023/05/31) | S100RRXF | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRXF,, |
| 有価証券報告書－第161期(令和3年6月1日－令和4年5月31日) | S100P37K | 2022-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P37K,, |
| 有価証券報告書－第160期(令和2年6月1日－令和3年5月31日) | S100MCVO | 2021-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCVO,, |

## 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).