# TOYOKOH Inc.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第31期(2025/04/01－2026/03/31) (S100YFPI)
> Page: https://vizora.meequs.com/en/company/toyokoh
> Retrieved: 2026-09-30T19:50:48.811Z

## Company

Toyokoh, founded in 1996, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Growth. It has 48 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOYOKOH Inc. |
| Ticker | 341A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/341A.T) |
| Listing | TSE Growth |
| Head office | 静岡県富士市青島町39番地 |
| Representative (per filing) | 代表取締役CEO 豊澤 一晃 |
| Founded | Mar 1996 |
| Share capital | ¥554.9M |
| Employees (consolidated) | 48 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.toyokoh.com (https://www.toyokoh.com/) |
| Corporate number | 2080101010566 |
| EDINET | E40423 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance, General Contractors |

> Profile source: annual securities report (S100YFPI, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 99.4 | 84 |
| Profitability | 97.3 | 92 |
| Cash conversion | 28 | 91 |
| Efficiency | 17.9 | 92 |

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 57% of Toyokoh's sales come from SOSEI business, with CoolLaser business making up much of the rest.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +54.7% from the prior year, operating profit +108.8%.

## Company structure

- Segment revenue mix: SOSEI business 56.9%、CoolLaser business 43.1%
- Revenue → net income: ¥3133835000 → ¥550348000
- Net income → operating cash flow: ¥550348000 → ¥136504000（difference ¥-413844000）
- Main uses of operating cash flow: CapEx ¥207221000 / dividends — / buybacks —
- Change in cash: ¥108500000
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 | ¥3.13B |  |
| Operating income | ¥629M | Margin 20.1% |
| Net income | ¥550.3M | Margin 17.6% |
| Free cash flow | -¥70.7M |  |
| Largest business | SOSEI business | of segment revenue 56.9% |
| Employees (consolidated) | 48 |  |
| EPS | ¥40.64 |  |
| Diluted EPS | ¥38.52 |  |
| Book value per share | ¥218.78 |  |
| Equity ratio | 55.8% |  |
| Shares outstanding | 13,618,090 |  |
| Shareholders | 6,381 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 39.2% | Cash ÷ revenue 66.9% |
| Vs. industry median margin | +13.2 pp | General Contractors |
| ROE | 22.0% | Derived from disclosed figures |
| ROA | 11.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 72% of positive segment profit
- FY2026, cash is 39% of total assets

## What changed in 2 years

| Metric | FY ending Mar 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1095495000 | ¥3133835000 | +186.1% |
| Operating income | ¥-189043000 | ¥629033000 | — |
| Operating margin | -17.3% | 20.1% | +37.3 pp |
| Employees | 35 people | 48 people | +37.1% |
| Cash and equivalents | ¥794851000 | ¥2095652000 | +163.7% |

### Change in segment revenue mix

Span: FY ending Mar 2024 → 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 |
| --- | ---: |
| SOSEI事業 → SOSEI事業 | 56.9% |
| SOSEI事業 → 事業再編・廃止 | 39.7% |
| CoolLaser事業 → CoolLaser事業 | 3.4% |
| 新設・再編 → CoolLaser事業 | 39.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,134 | 100.0% | S100YFPI |
| Cost of revenue | 1,833 | 58.5% | S100YFPI |
| Gross profit | 1,301 | 41.5% | S100YFPI |
| SG&A | 672 | 21.4% | S100YFPI |
| Operating income | 629 | 20.1% | S100YFPI |
| Ordinary income | 619 | 19.7% | S100YFPI |
| Pretax income | 619 | 19.7% | S100YFPI |
| Income tax | 68 | 2.2% | S100YFPI |
| Net income | 550 | 17.6% | S100YFPI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 21 |
| Operating income | 20 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 41.5% → Operating margin 20.1% → Net margin 17.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +54.7%; Core profit growth: +108.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.99×
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 | 2,026 | 3,134 | 1,108 | +54.7% |
| Gross profit | 863 | 1,301 | 438 | +50.8% |
| Operating income | 301 | 629 | 328 | +108.8% |
| Operating cash flow | 180 | 137 | -43 | -24.0% |
| Free cash flow | -223 | -71 | 152 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 1,095 | -189 | -17.3% | -158 | -177 | -230 | S100W14V |
| FY ending Mar 2025 | 2,026 | 301 | 14.9% | 321 | 180 | -223 | S100YFPI |
| FY ending Mar 2026 | 3,134 | 629 | 20.1% | 550 | 137 | -71 | S100YFPI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.3M |
| Operating income per employee (consolidated) | ¥13.1M |
| Net income per employee (consolidated) | ¥11.5M |

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

| History | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 35 | 39 | 48 |
| Average salary (parent company) | — | ¥6.7M | ¥5.8M |
| Average age (parent company) | — | 43.8 years | 45.0 years |
| Average tenure (parent company) | — | 5.8 years | 5.5 years |

Year over year: Employees (consolidated) +23.1% · Revenue (consolidated) +54.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| SOSEI business | 1,784 | 56.9% | 630 | 35.3% |
| CoolLaser business | 1,350 | 43.1% | 249 | 18.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| SOSEI business | 56.9% | 71.6% | 14.7 | 35.3% |
| CoolLaser business | 43.1% | 28.4% | -14.7 | 18.5% |

Segment → industry: CoolLaser business → Disaster Prevention & Infrastructure Maintenance / SOSEI business → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 137 | 4.4% | S100YFPI |
| Capital expenditure | 207 | 6.6% | S100YFPI |
| Free cash flow | -71 | -2.3% | 算出 |
| Investing cash flow | -688 | -22.0% | S100YFPI |
| Financing cash flow | 660 | 21.1% | S100YFPI |
| Change in cash | 109 | 3.5% | S100YFPI |
| Cash and equivalents | 2,096 | 66.9% | S100YFPI |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 795 | 1,987 | 2,096 | S100YFPI |
| Total assets | 1,921 | 3,890 | 5,341 | S100W14V, S100YFPI |
| Net assets | 328 | 2,031 | 2,979 | S100YFPI |
| Share capital | 100 | 356 | 555 | S100W14V, S100YFPI |
| Property, plant and equipment | 166 | 533 | 678 | S100W14V, S100YFPI |
| Investment securities | 421 | 421 | 421 | S100W14V, S100YFPI |
| Current assets | 1,327 | 2,823 | 4,137 | S100W14V, S100YFPI |
| Current liabilities | 345 | 463 | 834 | S100W14V, S100YFPI |
| Short-term borrowings | 50 | — | — | S100W14V |
| Long-term borrowings | 1,186 | 1,330 | 1,466 | S100W14V, S100YFPI |
| Total liabilities | 1,592 | 1,859 | 2,362 | S100W14V, S100YFPI |
| Equity attributable to owners of parent | 328 | 2,031 | 2,979 | S100W14V, S100YFPI |
| Retained earnings | -548 | 321 | 871 | S100W14V, S100YFPI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100YFPI |
| Property, plant and equipment | 13% | S100YFPI |
| Investment securities | 8% | S100YFPI |
| Other assets | 40% | S100YFPI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100YFPI |
| Equity | 56% | S100YFPI |
| Other liabilities | 0% | S100YFPI |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 1,921 | 3,890 | 5,341 |
| Equity | 328 | 2,031 | 2,979 |
| Interest-bearing debt | — | — | — |
| Cash | 795 | 1,987 | 2,096 |

## 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) | 21.6% | S100YFPI |
| Fixed assets ÷ total assets | 12.7% | S100YFPI |
| Goodwill ÷ parent equity | — | —, S100YFPI |

### 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) | 39.2% |
| Cash ÷ revenue | 66.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 21.7% |
| Cash vs. profit gap | -414 JPY mn (of net income -75.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.6% |
| Investing CF relative to operating CF | 504.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | — | —× | -8.3% | —× | — | S100W14V |
| 2025 | 15.8% | 0.70× | 11.1% | 2.46× | 27.2% | S100YFPI |
| 2026 | 17.6% | 0.68× | 11.9% | 1.84× | 22.0% | S100YFPI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 豊澤 一晃 | Major shareholder | 32.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.2% | 2026-03-31 |
| PERSHING SECURITIES LTD CLIENT SAFE CUSTODY ASSET ACCOUNT（常任代理人シティバンク、エヌ・エイ東京支店カストディ業務部） | Major shareholder | 4.8% | 2026-03-31 |
| 白井 元 | Major shareholder | 4.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.0% | 2026-03-31 |
| 建装工業株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 大和ハウスグループ共創共生１号投資事業有限責任組合 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社トヨコー従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 太平電業株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社エヌエスティー | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/04/01－2026/03/31) | S100YFPI | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFPI,, |
| 有価証券報告書－第30期(2024/04/01－2025/03/31) | S100W14V | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W14V,, |

## 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).