# TOYOTA BOSHOKU CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第101期(2025/04/01－2026/03/31) (S100Y9AH)
> Page: https://vizora.meequs.com/en/company/toyota-boshoku
> Retrieved: 2026-09-30T21:09:58.241Z

## Company

Toyota Boshoku, founded in 1918, is a company in Auto Parts listed on TSE Prime. It has 45,521 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOYOTA BOSHOKU CORPORATION |
| Ticker | 3116 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3116.T) |
| Listing | TSE Prime |
| Head office | 愛知県刈谷市豊田町1丁目1番地 |
| Representative (per filing) | 代表取締役社長 白柳 正義 |
| Founded | Jan 1918 |
| Share capital | ¥8.4B |
| Employees (consolidated) | 45,521 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.toyota-boshoku.com (https://www.toyota-boshoku.com/) |
| Corporate number | 2180301014324 |
| EDINET | E00540 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100Y9AH, filed 2026-06-09). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.3 | 110 |
| Profitability | 23 | 111 |
| Cash conversion | 83.8 | 108 |
| Efficiency | 97.7 | 111 |

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 44% of Toyota Boshoku's sales come from Japan, with North, Central and South America and Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +4.2% from the prior year, operating profit +27.2%.

## Company structure

- Segment revenue mix: Japan 43.7%、North, Central and South America 26.4%、Asia 14.0%、China 9.9%、Europe and Africa 5.9%
- Revenue → net income: ¥2037063000000 → ¥31464000000
- Net income → operating cash flow: ¥31464000000 → ¥142965000000（difference ¥111501000000）
- Main uses of operating cash flow: CapEx ¥69113000000 / dividends ¥15363000000 / buybacks —
- Change in cash: ¥28785000000
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 | ¥2.04T |  |
| Operating income | ¥53.9B | Margin 2.6% |
| Net income | ¥23.3B | Margin 1.1% |
| Free cash flow | ¥73.9B |  |
| Largest business | Japan | of segment revenue 43.7% |
| Employees (consolidated) | 45,521 |  |
| EPS | ¥130.3 |  |
| Diluted EPS | ¥130.27 |  |
| Book value per share | ¥1437.94 |  |
| Equity ratio | 41.0% | Derived from disclosed figures |
| Shares outstanding | 187,665,738 |  |
| Treasury shares | 9,006,000 |  |
| Shareholders | 29,394 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 23.6% | Cash ÷ revenue 13.7% |
| Vs. industry median margin | -2.1 pp | Auto Parts |
| ROE | 5.0% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 6.1× net income
- FY2026, one segment accounts for 63% of positive segment profit
- FY2026, segment profit share differs by 49 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1272140000000 | ¥2037063000000 | +60.1% |
| Operating income | ¥57103000000 | ¥53948000000 | -5.5% |
| Operating margin | 4.5% | 2.6% | -1.8 pp |
| Employees | 44,154 people | 45,521 people | +3.1% |
| Cash and equivalents | ¥195180000000 | ¥278507000000 | +42.7% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 43.7% |
| 日本 → 事業再編・廃止 | 7.1% |
| 北中南米 → 北中南米 | 19.1% |
| 中国 → 中国 | 9.9% |
| 中国 → 事業再編・廃止 | 3.4% |
| アジア・オセアニア → 事業再編・廃止 | 10.4% |
| 欧州・アフリカ → 欧州・アフリカ | 5.9% |
| 欧州・アフリカ → 事業再編・廃止 | 0.5% |
| 新設・再編 → 北中南米 | 7.3% |
| 新設・再編 → アジア | 14.0% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +6.6% | ¥891184000000 | 0.6% | 2 |
| North, Central and South America | 5 years | +17.2% | ¥537656000000 | -1.8% | 2 |
| Asia | — | — | ¥285145000000 | 14.0% | 2 |
| China | 5 years | +3.6% | ¥202377000000 | 7.3% | 2 |
| Europe and Africa | 5 years | +8.2% | ¥120698000000 | 3.1% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,037,063 | 100.0% | S100Y9AH |
| Cost of revenue | 1,829,658 | 89.8% | S100Y9AH |
| Gross profit | 207,405 | 10.2% | S100Y9AH |
| SG&A | 151,529 | 7.4% | S100Y9AH |
| Operating income | 53,948 | 2.6% | S100Y9AH |
| Pretax income | 61,918 | 3.0% | S100Y9AH |
| Income tax | 30,454 | 1.5% | S100Y9AH |
| Net income | 31,464 | 1.5% | S100Y9AH |
| Net income attributable to owners | 23,271 | 1.1% | S100Y9AH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 7 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 10.2% → Operating margin 2.6% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.2%; Core profit growth: +27.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.43×
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 | 1,954,218 | 2,037,063 | 82,845 | +4.2% |
| Gross profit | 209,206 | 207,405 | -1,801 | -0.9% |
| Operating income | 42,399 | 53,948 | 11,549 | +27.2% |
| Net income attributable to owners | 16,719 | 23,271 | 6,552 | +39.2% |
| Operating cash flow | 121,834 | 142,965 | 21,131 | +17.3% |
| Free cash flow | 44,197 | 73,852 | 29,655 | +67.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2018 | 1,407,392 | — | — | 44,818 | 83,559 | — | S100OACE |
| FY ending Mar 2019 | 1,417,376 | — | — | 27,457 | 60,720 | — | S100QYRQ |
| FY ending Mar 2020 | 1,372,616 | 47,785 | 3.5% | 24,786 | 79,673 | 26,590 | S100LKBH |
| FY ending Mar 2021 | 1,272,140 | 57,103 | 4.5% | 31,188 | 74,483 | 20,067 | S100OACE |
| FY ending Mar 2022 | 1,421,451 | 60,290 | 4.2% | 39,260 | 122,933 | 85,150 | S100QYRQ |
| FY ending Mar 2023 | 1,604,036 | 47,672 | 3.0% | 14,679 | 89,428 | 38,963 | S100TO0E |
| FY ending Mar 2024 | 1,953,625 | 79,273 | 4.1% | 58,521 | 174,898 | 103,915 | S100VWKM |
| FY ending Mar 2025 | 1,954,218 | 42,399 | 2.2% | 16,719 | 121,834 | 44,197 | S100Y9AH |
| FY ending Mar 2026 | 2,037,063 | 53,948 | 2.6% | 23,271 | 142,965 | 73,852 | S100Y9AH |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.7M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥511.2K |

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) | 44,264 | 44,581 | 46,972 | 45,004 | 45,521 |
| Average salary (parent company) | ¥6.8M | ¥7M | ¥7.2M | ¥7.8M | ¥7.8M |
| Average age (parent company) | 40.5 years | 41.0 years | 41.4 years | 41.6 years | 41.3 years |
| Average tenure (parent company) | 17.3 years | 17.8 years | 18.0 years | 17.9 years | 17.6 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +4.2%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 891,184 | 43.7% | 5,110 | 0.6% |
| North, Central and South America | 537,656 | 26.4% | -9,898 | -1.8% |
| China | 202,377 | 9.9% | 14,755 | 7.3% |
| Asia | 285,145 | 14.0% | 40,006 | 14.0% |
| Europe and Africa | 120,698 | 5.9% | 3,793 | 3.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 43.7% | 8.0% | -35.7 | 0.6% |
| North, Central and South America | 26.4% | — | — | -1.8% |
| China | 9.9% | 23.2% | 13.2 | 7.3% |
| Asia | 14.0% | 62.8% | 48.8 | 14.0% |
| Europe and Africa | 5.9% | 6.0% | 0.0 | 3.1% |

Loss-making segment (excluded from profit shares): North, Central and South America -9,898 JPY mn

Segment → industry: Europe and Africa → Auto Parts / Asia → Auto Parts / China → Auto Parts / North, Central and South America → Auto Parts / Japan → Auto Parts

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 142,965 | 7.0% | S100Y9AH |
| Capital expenditure | 69,113 | 3.4% | S100Y9AH |
| Free cash flow | 73,852 | 3.6% | 算出 |
| Investing cash flow | -75,499 | -3.7% | S100Y9AH |
| Financing cash flow | -48,358 | -2.4% | S100Y9AH |
| Dividends paid | 15,363 | 0.8% | S100Y9AH |
| Change in cash | 28,785 | 1.4% | S100Y9AH |
| Cash and equivalents | 278,507 | 13.7% | S100Y9AH |

## 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 | 237,952 | 248,195 | 244,191 | 249,721 | 278,507 | S100TO0E, S100VWKM, S100Y9AH |
| Total assets | 964,740 | 1,007,392 | 1,128,491 | 1,094,831 | 1,182,385 | S100QYRQ, S100TO0E, S100VWKM, S100Y9AH |
| Net assets | 423,835 | 436,894 | 493,642 | 490,067 | 529,068 | S100TO0E, S100VWKM, S100Y9AH |
| Share capital | 8,400 | 8,400 | 8,400 | 8,400 | 8,400 | S100QYRQ, S100TO0E, S100VWKM, S100Y9AH |
| Property, plant and equipment | 270,477 | 276,096 | 329,783 | 317,221 | 345,387 | S100QYRQ, S100TO0E, S100VWKM, S100Y9AH |
| Goodwill | 4,889 | 4,898 | 4,916 | 4,938 | 4,937 | S100QYRQ, S100TO0E, S100VWKM, S100Y9AH |
| Current assets | 614,317 | 656,281 | 708,788 | 668,631 | 723,387 | S100QYRQ, S100TO0E, S100VWKM, S100Y9AH |
| Total liabilities | 540,904 | 570,497 | 634,849 | 604,763 | 653,317 | S100QYRQ, S100TO0E, S100VWKM, S100Y9AH |
| Equity attributable to owners of parent | 386,162 | 400,741 | 449,597 | 447,420 | 485,256 | S100QYRQ, S100TO0E, S100VWKM, S100Y9AH |
| Retained earnings | 345,680 | 349,426 | 394,213 | 397,533 | 407,113 | S100QYRQ, S100TO0E, S100VWKM, S100Y9AH |
| Treasury stock | -1,583 | -1,547 | -21,515 | -21,211 | -21,170 | S100QYRQ, S100TO0E, S100VWKM, S100Y9AH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100Y9AH |
| Property, plant and equipment | 29% | S100Y9AH |
| Intangibles and goodwill | 0% | — |
| Other assets | 47% | S100Y9AH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100Y9AH |
| Equity | 45% | S100Y9AH |

### 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 | 964,740 | 1,007,392 | 1,128,491 | 1,094,831 | 1,182,385 |
| Equity | 423,835 | 436,894 | 493,642 | 490,067 | 529,068 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 237,952 | 248,195 | 244,191 | 249,721 | 278,507 |

## 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) | 17.0% | S100Y9AH |
| Fixed assets ÷ total assets | 29.2% | S100Y9AH |
| Goodwill ÷ parent equity | 1.0% | S100Y9AH |

Goodwill over 4 years: 4,889 → 4,937 JPY; total investing cash flow: -300,506 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) | 23.6% |
| Cash ÷ revenue | 13.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 265.0% |
| Cash vs. profit gap | 119,694 JPY mn (of net income 514.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 66.0% |
| Shareholder payments — dividends / FCF | 20.8% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 52.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.8% | 1.47× | 4.1% | 2.50× | 10.2% | S100QYRQ |
| 2023 | 0.9% | 1.63× | 1.5% | 2.51× | 3.7% | S100TO0E |
| 2024 | 3.0% | 1.83× | 5.5% | 2.51× | 13.8% | S100VWKM |
| 2025 | 0.9% | 1.76× | 1.5% | 2.48× | 3.7% | S100Y9AH |
| 2026 | 1.1% | 1.79× | 2.0% | 2.44× | 5.0% | S100Y9AH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トヨタ自動車株式会社 | Major shareholder | 32.4% | 2026-03-31 |
| トヨタ不動産株式会社 | Major shareholder | 10.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 8.6% | 2026-03-31 |
| 株式会社豊田自動織機 | Major shareholder | 4.3% | 2026-03-31 |
| 日本発条株式会社 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 3.5% | 2026-03-31 |
| トヨタ紡織従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 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 | 1.8% | 2026-03-31 |
| HSBC-FUND SERVICES HSBC - 006 MF EFM （常任代理人 香港上海銀行 東京支店） | Major shareholder | 1.5% | 2026-03-31 |
| BBH(LUX) FOR FIDELITY FUNDS - JAPAN ADVANTAGE POOL （常任代理人 株式会社三菱 ＵＦＪ銀行） | Major shareholder | 1.5% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥2.04T, up +4.2% from ¥1.95T.
- Gross profit slipped -0.9%, yet operating income jumped +27.2% to ¥53.9B and net income rose +39.2% to ¥23.3B.
- Cash generation improved too: operating cash flow reached ¥143B (+17.3%) and free cash flow ¥73.9B (+67.1%).

### Drivers

- Higher output in the Americas and new products in Japan lifted sales
- Operating income benefited from the absence of last year's impairment losses, new-product effects and cost cutting across regions
- Quality-related costs weighed on results: Japan's profit fell sharply, and the Americas stayed in the red, also hit by added US tariffs

### Risks

- A large share of sales goes to Toyota Motor, so its sales trends drive the company's results
- A stronger yen shrinks overseas sales and profits once converted into yen
- A major recall or product defect could bring heavy costs

Cited: Annual Securities Report, 101st fiscal period (Apr 2025 – Mar 2026) (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, 101st fiscal period (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第101期(2025/04/01－2026/03/31) | S100Y9AH | 2026-06-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9AH,, |
| 有価証券報告書－第100期(2024/04/01－2025/03/31) | S100VWKM | 2025-06-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWKM,, |
| 有価証券報告書－第99期(2023/04/01－2024/03/31) | S100TO0E | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO0E,, |
| 有価証券報告書－第98期(2022/04/01－2023/03/31) | S100QYRQ | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYRQ,, |
| 有価証券報告書－第97期(令和3年4月1日－令和4年3月31日) | S100OACE | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OACE,, |
| 有価証券報告書－第96期(令和2年4月1日－令和3年3月31日) | S100LKBH | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKBH,, |

## 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).