# TOYOTA TSUSHO CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第105期(2025/04/01－2026/03/31) (S100YOTT)
> Page: https://vizora.meequs.com/en/company/toyota-tsusho
> Retrieved: 2026-09-30T17:58:20.530Z

## Company

Toyota Tsusho, founded in 1948, is a company in General Trading Companies listed on TSE Prime. It has 74,927 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOYOTA TSUSHO CORPORATION |
| Ticker | 8015 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8015.T) |
| Listing | TSE Prime |
| Head office | 名古屋市中村区名駅四丁目9番8号(センチュリー豊田ビル) |
| Representative (per filing) | 取締役社長 今井 斗志光 |
| Founded | Jul 1948 |
| Share capital | ¥64.9B |
| Employees (consolidated) | 74,927 |
| Average salary (parent only) | ¥14.2M |
| Fiscal year end | March |
| Website | www.toyota-tsusho.com (https://www.toyota-tsusho.com/) |
| Corporate number | 6180001031731 |
| EDINET | E02505 |
| Industries (Vizora) | General Trading Companies |

> Profile source: annual securities report (S100YOTT, filed 2026-07-06). As of filing

## Five-axis industry profile

Primary industry: General Trading Companies (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.9 | 7 |
| Efficiency | 92.9 | 7 |

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 19% of Toyota Tsusho's sales come from Circular Economy, with Africa and Metal Plus making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +12.1% from the prior year, operating profit +9.7%.

## Company structure

- Segment revenue mix: Circular Economy 19.2%、Africa 16.7%、Metal Plus 15.7%、Digital Solutions 14.3%、Supply Chain 11.1%
- Revenue → net income: ¥11561935000000 → ¥399187000000
- Net income → operating cash flow: ¥399187000000 → ¥461168000000（difference ¥61981000000）
- Main uses of operating cash flow: CapEx ¥183456000000 / dividends ¥119369000000 / buybacks ¥15000000
- Change in cash: ¥451878000000
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 | ¥11.6T |  |
| Operating income | ¥545.2B | Margin 4.7% |
| Net income | ¥370.5B | Margin 3.2% |
| Free cash flow | ¥277.7B |  |
| Largest business | Circular Economy | of segment revenue 19.2% |
| Employees (consolidated) | 74,927 |  |
| EPS | ¥350.95 |  |
| Book value per share | ¥1464.08 |  |
| Equity ratio | 37.0% | Derived from disclosed figures |
| Shares outstanding | 1,062,169,000 |  |
| Treasury shares | 6,370,800 |  |
| Shareholders | 57,850 |  |
| Average salary (parent only) | ¥14.2M | Filing company only |
| Cash ratio | 16.5% | Cash ÷ revenue 12.1% |
| ROE | 12.8% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +28% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6309303000000 | ¥11561935000000 | +83.3% |
| Operating income | ¥213058000000 | ¥545235000000 | +155.9% |
| Operating margin | 3.4% | 4.7% | +1.3 pp |
| Employees | 64,402 people | 74,927 people | +16.3% |
| Cash and equivalents | ¥677478000000 | ¥1403763000000 | +107.2% |

### 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 |
| --- | ---: |
| 金属 → 事業再編・廃止 | 24.1% |
| グローバル部品・ロジスティクス → 事業再編・廃止 | 12.4% |
| 自動車 → 事業再編・廃止 | 7.9% |
| 機械・エネルギー・プラントプロジェクト → 事業再編・廃止 | 10.9% |
| 化学品・エレクトロニクス → 事業再編・廃止 | 23.2% |
| 食料・生活産業 → 事業再編・廃止 | 7.7% |
| アフリカ → アフリカ | 13.7% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → メタル＋(Plus) | 15.7% |
| 新設・再編 → サーキュラーエコノミー | 19.2% |
| 新設・再編 → サプライチェーン | 11.1% |
| 新設・再編 → モビリティ | 9.9% |
| 新設・再編 → グリーンインフラ | 8.0% |
| 新設・再編 → デジタルソリューション | 14.3% |
| 新設・再編 → ライフスタイル | 5.1% |
| 新設・再編 → アフリカ | 3.0% |

Segment revenue source references: 17 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Circular Economy | 2 years | +13.5% | ¥2221030000000 | — | 2 |
| Africa | 5 years | +17.4% | ¥1928250000000 | — | 2 |
| Metal Plus | 2 years | -3.4% | ¥1809959000000 | — | 2 |
| Digital Solutions | 2 years | +15.5% | ¥1659042000000 | — | 2 |
| Supply Chain | 2 years | +2.4% | ¥1288612000000 | — | 2 |
| Mobility | 3 years | +11.4% | ¥1143328000000 | — | 2 |
| Green Infrastructure | 2 years | +7.2% | ¥921045000000 | — | 2 |
| Lifestyle | 2 years | -7.8% | ¥588081000000 | — | 2 |
| Other | 5 years | -9.5% | ¥2583000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,561,935 | 100.0% | S100YOTT |
| Cost of revenue | 10,297,507 | 89.1% | S100YOTT |
| Gross profit | 1,264,428 | 10.9% | S100YOTT |
| SG&A | 712,229 | 6.2% | S100YOTT |
| Operating income | 545,235 | 4.7% | S100YOTT |
| Pretax income | 564,938 | 4.9% | S100YOTT |
| Income tax | 165,750 | 1.4% | S100YOTT |
| Net income | 399,187 | 3.5% | S100YOTT |
| Net income attributable to owners | 370,516 | 3.2% | S100YOTT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 6 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 10.9% → Operating margin 4.7% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.1%; Core profit growth: +9.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.80×
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 | 10,309,550 | 11,561,935 | 1,252,385 | +12.1% |
| Gross profit | 1,121,124 | 1,264,428 | 143,304 | +12.8% |
| Operating income | 497,174 | 545,235 | 48,061 | +9.7% |
| Net income attributable to owners | 362,506 | 370,516 | 8,010 | +2.2% |
| Operating cash flow | 511,874 | 461,168 | -50,706 | -9.9% |
| Free cash flow | 312,626 | 277,712 | -34,914 | -11.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 5,797,362 | — | — | 107,903 | 159,770 | — | S100LJ65 |
| FY ending Mar 2018 | 6,491,035 | — | — | 130,228 | 215,098 | — | S100OD08 |
| FY ending Mar 2019 | 6,762,702 | — | — | 132,622 | 210,796 | — | S100R1J4 |
| FY ending Mar 2020 | 6,694,071 | 210,370 | 3.1% | 135,551 | 267,809 | 150,095 | S100TO14 |
| FY ending Mar 2021 | 6,309,303 | 213,058 | 3.4% | 134,602 | 245,055 | 107,343 | S100VZM9 |
| FY ending Mar 2022 | 8,028,000 | 294,141 | 3.7% | 222,235 | 50,137 | -117,149 | S100YOTT |
| FY ending Mar 2023 | 9,848,560 | 388,753 | 3.9% | 284,155 | 444,290 | 263,445 | S100YOTT |
| FY ending Mar 2024 | 10,188,980 | 441,589 | 4.3% | 331,444 | 542,125 | 343,230 | S100YOTT |
| FY ending Mar 2025 | 10,309,550 | 497,174 | 4.8% | 362,506 | 511,874 | 312,626 | S100YOTT |
| FY ending Mar 2026 | 11,561,935 | 545,235 | 4.7% | 370,516 | 461,168 | 277,712 | S100YOTT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥154.3M |
| Operating income per employee (consolidated) | ¥7.3M |
| Net income per employee (consolidated) | ¥4.9M |

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) | 65,218 | 66,944 | 69,517 | 69,111 | 74,927 |
| Average salary (parent company) | ¥11.1M | ¥11.8M | ¥12.6M | ¥13.2M | ¥14.2M |
| Average age (parent company) | 42.8 years | 43.1 years | 43.2 years | 43.1 years | 43.0 years |
| Average tenure (parent company) | 17.1 years | 17.2 years | 17.1 years | 17.0 years | 16.7 years |

Year over year: Employees (consolidated) +8.4% · Revenue (consolidated) +12.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Metal Plus | 1,809,959 | 15.7% | — | — |
| Circular Economy | 2,221,030 | 19.2% | — | — |
| Supply Chain | 1,288,612 | 11.1% | — | — |
| Mobility | 1,143,328 | 9.9% | — | — |
| Green Infrastructure | 921,045 | 8.0% | — | — |
| Digital Solutions | 1,659,042 | 14.3% | — | — |
| Lifestyle | 588,081 | 5.1% | — | — |
| Africa | 1,928,250 | 16.7% | — | — |
| Other | 2,583 | 0.0% | — | — |

### 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 |
| --- | ---: |
| Metal Plus | 15.7% |
| Circular Economy | 19.2% |
| Supply Chain | 11.1% |
| Mobility | 9.9% |
| Green Infrastructure | 8.0% |
| Digital Solutions | 14.3% |
| Lifestyle | 5.1% |
| Africa | 16.7% |
| Other | 0.0% |

## 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 | 461,168 | 4.0% | S100YOTT |
| Capital expenditure | 183,456 | 1.6% | S100YOTT |
| Free cash flow | 277,712 | 2.4% | 算出 |
| Investing cash flow | -28,108 | -0.2% | S100YOTT |
| Financing cash flow | -33,262 | -0.3% | S100YOTT |
| Dividends paid | 119,369 | 1.0% | S100YOTT |
| Share buyback | 15 | 0.0% | S100YOTT |
| Change in cash | 451,878 | 3.9% | S100YOTT |
| Cash and equivalents | 1,403,763 | 12.1% | S100YOTT |

## 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 | 653,013 | 771,613 | 878,705 | 951,884 | 1,403,763 | S100TO14, S100VZM9, S100YOTT |
| Total assets | 6,143,125 | 6,377,064 | 7,059,994 | 7,057,462 | 8,523,667 | S100R1J4, S100TO14, S100VZM9, S100YOTT |
| Net assets | 1,942,860 | 2,068,529 | 2,620,110 | 2,745,843 | 3,301,147 | S100TO14, S100VZM9, S100YOTT |
| Share capital | 64,936 | 64,936 | 64,936 | 64,936 | 64,936 | S100R1J4, S100TO14, S100VZM9, S100YOTT |
| Property, plant and equipment | 941,880 | 1,004,064 | 1,139,178 | 1,185,061 | 1,461,948 | S100R1J4, S100TO14, S100VZM9, S100YOTT |
| Goodwill | 82,012 | 83,357 | 157,194 | 168,596 | 224,691 | S100R1J4, S100TO14, S100VZM9, S100YOTT |
| Current assets | 3,958,387 | 4,068,756 | 4,196,573 | 4,240,816 | 5,401,670 | S100R1J4, S100TO14, S100VZM9, S100YOTT |
| Total liabilities | 4,200,265 | 4,308,535 | 4,439,884 | 4,311,618 | 5,222,519 | S100R1J4, S100TO14, S100VZM9, S100YOTT |
| Equity attributable to owners of parent | 1,735,011 | 1,914,327 | 2,467,130 | 2,624,267 | 3,157,520 | S100R1J4, S100TO14, S100VZM9, S100YOTT |
| Retained earnings | 1,300,352 | 1,526,615 | 1,820,019 | 2,080,992 | 2,526,910 | S100R1J4, S100TO14, S100VZM9, S100YOTT |
| Treasury stock | -3,769 | -3,750 | -3,774 | -3,768 | -3,714 | S100R1J4, S100TO14, S100VZM9, S100YOTT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YOTT |
| Property, plant and equipment | 17% | S100YOTT |
| Intangibles and goodwill | 3% | — |
| Other assets | 64% | S100YOTT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100YOTT |
| Equity | 39% | S100YOTT |
| Other liabilities | 0% | S100YOTT |

### 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 | 6,143,125 | 6,377,064 | 7,059,994 | 7,057,462 | 8,523,667 |
| Equity | 1,942,860 | 2,068,529 | 2,620,110 | 2,745,843 | 3,301,147 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 653,013 | 771,613 | 878,705 | 951,884 | 1,403,763 |

## 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) | 12.6% | S100YOTT |
| Fixed assets ÷ total assets | 17.2% | S100YOTT |
| Goodwill ÷ parent equity | 7.1% | S100YOTT |

Goodwill over 4 years: 82,012 → 224,691 JPY; total investing cash flow: -668,776 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) | 16.5% |
| Cash ÷ revenue | 12.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.6% |
| Cash vs. profit gap | 90,652 JPY mn (of net income 24.5%) |
| Shareholder returns / net income | 32.2% |
| Shareholder returns / FCF | 43.0% |
| Shareholder payments — dividends / net income | 32.2% |
| Shareholder payments — dividends / FCF | 43.0% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 6.1% |

## 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 | 2.8% | 1.31× | 3.6% | 3.54× | 12.8% | S100R1J4, S100YOTT |
| 2023 | 2.9% | 1.57× | 4.5% | 3.43× | 15.6% | S100TO14, S100YOTT |
| 2024 | 3.3% | 1.52× | 4.9% | 3.07× | 15.1% | S100VZM9, S100YOTT |
| 2025 | 3.5% | 1.46× | 5.1% | 2.77× | 14.2% | S100YOTT |
| 2026 | 3.2% | 1.48× | 4.8% | 2.69× | 12.8% | S100YOTT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トヨタ自動車㈱ | Major shareholder | 21.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 14.2% | 2026-03-31 |
| ㈱豊田自動織機 | Major shareholder | 11.2% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 6.4% | 2026-03-31 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 2.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 1.2% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |
| 高知信用金庫 | Major shareholder | 1.1% | 2026-03-31 |
| 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㈱） | Major shareholder | 1.0% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 rose +12.1%, from ¥10.3T to ¥11.6T.
- Gross profit grew +12.8% to ¥1.26T, but higher SG&A meant operating profit grew a little less, up +9.7% to ¥545.2B.
- Net income rose only +2.2% to ¥370.5B.
- Operating cash flow fell -9.9% to ¥461.2B as more cash was tied up in working capital, and free cash flow dropped -11.2% to ¥277.7B.

### Drivers

- More car sales and more business tied to car production lifted revenue
- Vehicle sales volumes rose in West Africa and, in the mobility division, in Australia and Asia
- A one-off loss in the domestic power generation business cut green infrastructure profit sharply and held back net income

### Risks

- A large share of revenue comes from the Toyota Motor group, so changes in that relationship directly affect results
- Operating in many countries exposes the company to local regulation, political instability and currency swings
- Prices of traded commodities such as non-ferrous metals, rare earths and food can move sharply

Cited: Annual Securities Report (amended), FY ended March 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 (MD&A)); Annual Securities Report (amended), FY ended March 2026 (事業等のリスク (Business risks))

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第105期(2025/04/01－2026/03/31) | S100YOTT | 2026-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YOTT,, |
| 有価証券報告書－第104期(2024/04/01－2025/03/31) | S100VZM9 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZM9,, |
| 有価証券報告書－第103期(2023/04/01－2024/03/31) | S100TO14 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO14,, |
| 有価証券報告書－第102期(2022/04/01－2023/03/31) | S100R1J4 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1J4,, |
| 有価証券報告書－第101期(令和3年4月1日－令和4年3月31日) | S100OD08 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD08,, |
| 有価証券報告書－第100期(令和2年4月1日－令和3年3月31日) | S100LJ65 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ65,, |

## 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).