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TOYO

TOYO Corporation

Company highlights

The largest segment by revenue is 情報通信/情報セキュリティ, at 26.1% of the total.

Key figures

Period Oct 2024 to Sep 2025ConsolidatedJapanese GAAP

RevenueDisclosed ¥32.6B
Operating marginCalculated 5.9%
Net assets to total assetsCalculated 70.4%

Company profile

Securities code 8151 / EDINET code E02672 / Wholesale Trade / Fiscal year end September 30

中央区八重洲一丁目1番6号/Capital stock ¥4,158 million
Address, capital stock, fiscal year end and industry: the FSA’s EDINET code list.

Official website: http://www.toyo.co.jp/
Official website: gBizINFO (Ministry of Economy, Trade and Industry).

Company details
社長執行役員高野俊也 Representative
12/2/1946 Date of incorporation
11 Consolidated subsidiaries

Tables scroll sideways

Disclosed data

Source: Annual Securities Report (Oct 2024 to Sep 2025) · filed 2025-12-18

Profitability ★★★☆☆position among all companies 5.9%
Growth (revenue, 4-year average) ★★★★☆position among all companies 8.5%
Capital efficiency ★★☆☆☆position among all companies 4.3%

Business activities and revenue composition

TOYO

Revenue and profit by business segment

Period Oct 2024 to Sep 2025Source Annual securities reportsConsolidated・Disclosed

SalesProfit 情報通信/情報セキュリ…情報通信/情報セキュリティ Sales 26.1% 26% Profit 22.1% 22% 先進モビリティ先進モビリティ Sales 24.4% 24% Profit 22.8% 23% Sustainable…Sustainable energy Sales 18.8% 19% Profit 30.3% 30% EMC/大型アンテナEMC/大型アンテナ Sales 14.2% 14% Profit 5.4% 5% 海洋/防衛海洋/防衛 Sales 8.7% 9% Profit 8.1% 8% ソフトウェア開発支援ソフトウェア開発支援 Sales 7.7% 8% Profit 11.3% 11%
BusinessNet sales Operating income
This yearShareLast year This yearShareMarginLast year
情報通信/情報セキュリティ ¥8.1 billion 26.1% ¥7.5 billion ¥0.7 billion 22.1% 8.5% ¥0.4 billion
先進モビリティ ¥7.6 billion 24.4% ¥9.8 billion ¥0.7 billion 22.8% 9.3% ¥2.1 billion
Sustainable energy ¥5.8 billion 18.8% ¥6.6 billion ¥0.9 billion 30.3% 16.1% ¥1.6 billion
EMC/大型アンテナ ¥4.4 billion 14.2% ¥4.7 billion ¥0.2 billion 5.4% 3.8% ¥0.2 billion
海洋/防衛 ¥2.7 billion 8.7% ¥2.3 billion ¥0.3 billion 8.1% 9.3% ¥0.5 billion
ソフトウェア開発支援 ¥2.4 billion 7.7% ¥2.1 billion ¥0.3 billion 11.3% 14.7% ¥0.4 billion
Total of the businesses ¥31.1 billion100.0% ¥3.1 billion 100.0%

Revenue and profit

TOYO

Period Oct 2024 to Sep 2025Source Annual securities reports

Net sales and operating revenue ¥32.6B 100% Cost of sales ¥18.4B 56% Selling, general and administrative expenses ¥12.3B 38% Operating income ¥1.9B 6%
Amounts by account
GroupAccountAmountConsolidated / Non-consolidated
Selling, general and administrative expenses Employees' salaries and compensation ¥5.2 billion Consolidated
Provision for bonuses ¥1.1 billion Consolidated
Welfare expenses ¥1.0 billion Consolidated
Research and development expenses ¥0.4 billion Consolidated
Depreciation ¥0.4 billion Parent only
Amortization of goodwill ¥0.2 billion Consolidated
Retirement benefit expenses ¥0.2 billion Consolidated
Provision for directors' bonuses ¥63.31 million Consolidated
Provision of allowance for doubtful accounts ¥-0.28 million Consolidated
Profit by stage Gross profit (loss) ¥14.2 billion Consolidated
Ordinary income ¥2.0 billion Consolidated
Operating income ¥1.9 billion Consolidated
Net income ¥1.2 billion Consolidated

TOYO

Selling, general and administrative expenses

Period Oct 2024 to Sep 2025Source Annual securities reports

Employees' salaries and compensation ¥5.2 billion (42.1%)42%Provision for bonuses ¥1.1 billion (8.6%)9%Welfare expenses ¥1.0 billion (8.3%)8%Research and development expenses ¥0.4 billion (3.6%)Depreciation ¥0.4 billion (3.4%)Amortization of goodwill ¥0.2 billion (1.6%)Other (not itemized) ¥4.0 billion (32.3%)32%¥12.3B
  • Employees' salaries and compensation ¥5.2 billion
  • Provision for bonuses ¥1.1 billion
  • Welfare expenses ¥1.0 billion
  • Research and development expenses ¥0.4 billion
  • Depreciation ¥0.4 billion
  • Amortization of goodwill ¥0.2 billion
  • Other (not itemized) ¥4.0 billion

Performance, financial position and capital allocation

Finance
70.4% Net assets to total assets Industry median 50.6% FY ending 9/2025 · consolidated / calculated
3.0% Return on assets (ROA)
¥1,299.65 Net assets per share
¥1.4 billion Free cash flow
¥39.9 billion Total assets
¥1.5 billion Goodwill (the part of the acquisition price above the net assets acquired)
Capital allocation
114.3% Cash conversion Industry median 94.2% FY ending 9/2025 · consolidated / calculated
-3.0% Increase in working capital ★☆☆☆☆ position among all companies FY ending 9/2025 · consolidated / calculated
48.0% Property, plant and equipment purchases relative to depreciation ★★☆☆☆ position among all companies FY ending 9/2025 · consolidated / calculated
76.2% Return to shareholders ★★★★★ position among all companies FY ending 9/2025 · consolidated / calculated
-1.5% Extraordinary gains and losses relative to ordinary profit ★★☆☆☆ position among all companies FY ending 9/2025 · consolidated / calculated
8.5% Investment securities to net assets ★★★☆☆ position among all companies FY ending 9/2025 · consolidated / calculated

Long-term changes in performance

Period 2012 to 2025Disclosed

Revenue ×1.56 from 2012 to 2025

TOYO

Long-term revenue, profit and asset trends

Period 2012 to 2025Source Annual securities reportsDisclosed

Mark on the chart
35 23 12 0 2012 2014 2016 2018 2020 2022 2024 2025 Net sales and operating revenue Ordinary income 2013 Ordinary income (loss) as a share of revenue -4.2 points 2015 Ordinary income (loss) as a share of revenue -4.0 points 2021 Ordinary income (loss) as a share of revenue +3.2 points 2023 Ordinary income (loss) as a share of revenue -4.1 points 2024 Net sales year on year +24.4%, Ordinary income (loss) as a share of revenue +3.2 points 2025 Ordinary income (loss) as a share of revenue -3.5 points 33Latest value 2025 33¥ billion 35Highest in the period shown 2024 35¥ billion 20Lowest in the period shown 2013 20¥ billion ¥ billion

TOYO

Recent performance trends

Source Annual securities reports

35 23 12 0 4 years ago 3 years ago 2 years ago Last year This year Net sales and operating revenue Ordinary income ¥ billion

Year-on-year comparison

Period 2012 to 2025Disclosed

Item20212022202320242025
Net sales ¥23.5B ¥26.5B ¥28.2B ¥35.0B ¥32.6B
Year on year (%) +1.8% +12.7% +6.4% +24.4%◆ -7.1%
Ordinary income (loss) ¥2.2B ¥2.8B ¥1.8B ¥3.4B ¥2.0B
Change from prior year +53.9% +24.5% -35.2% +87.4% -41.2%
Ordinary income (loss) as a share of Net sales 9.5% 10.5% 6.4% 9.6% 6.1%
Change (percentage points) +3.2 points◆ +1.0 points -4.1 points◆ +3.2 points◆ -3.5 points◆

Fiscal periods marked for changes

Earlier fiscal periods (3)
  • 2013Ordinary income (loss) as a share of revenue -4.2 points
  • 2015Ordinary income (loss) as a share of revenue -4.0 points
  • 2021Ordinary income (loss) as a share of revenue +3.2 points
  • 2023Ordinary income (loss) as a share of revenue -4.1 points
  • 2024Net sales year on year +24.4%, Ordinary income (loss) as a share of revenue +3.2 points
  • 2025Ordinary income (loss) as a share of revenue -3.5 points

TOYO

Earnings and net assets per share over time

Unit yenSource Annual securities reports

113 75 38 0 4 years ago 3 years ago 2 years ago Last year This year Earnings per share yen 1,300 867 434 0 4 years ago 3 years ago 2 years ago Last year This year Net assets per share yen

TOYO

Return on equity over time

Unit %Source Annual securities reports

9 6 3 0 4 years ago 3 years ago 2 years ago Last year This year Return on equity (ROE, %)
Consolidated indicators (15 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Net sales ¥23.5 billion ¥26.5 billion ¥28.2 billion ¥35.0 billion ¥32.6 billion
Ordinary income (loss) ¥2.2 billion ¥2.8 billion ¥1.8 billion ¥3.4 billion ¥2.0 billion
Net income (loss) attributable to owners of parent ¥1.7 billion ¥1.9 billion ¥1.5 billion ¥2.5 billion ¥1.2 billion
Comprehensive income ¥1.5 billion ¥1.7 billion ¥1.6 billion ¥2.4 billion ¥1.6 billion
Net assets ¥29.7 billion ¥29.4 billion ¥28.3 billion ¥28.1 billion ¥28.1 billion
Total assets ¥38.9 billion ¥41.6 billion ¥40.0 billion ¥39.1 billion ¥39.9 billion
Net assets per share 1,251.6 yen 1,249.91 yen 1,262.58 yen 1,300.5 yen 1,299.65 yen
Basic earnings (loss) per share 70.97 yen 81.16 yen 67.5 yen 112.95 yen 55.55 yen
Diluted earnings per share 70.46 yen 80.61 yen 67.14 yen 112.46 yen 55.32 yen
Equity-to-asset ratio 76.1% 70.4% 70.6% 71.6% 70.1%
Return on equity 5.8% 6.5% 5.3% 9.0% 4.3%
Net cash provided by (used in) operating activities ¥6.1 billion ¥1.8 billion ¥-0.1 billion ¥4.1 billion ¥2.2 billion
Net cash provided by (used in) investing activities ¥-5.3 billion ¥-1.7 billion ¥1.8 billion ¥-2.9 billion ¥-0.8 billion
Net cash provided by (used in) financing activities ¥-2.2 billion ¥-1.5 billion ¥-2.9 billion ¥-0.7 billion ¥-1.0 billion
Cash and cash equivalents ¥5.0 billion ¥3.8 billion ¥2.7 billion ¥3.1 billion ¥3.7 billion
Parent only indicators (15 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Net sales ¥23.0 billion ¥25.2 billion ¥26.0 billion ¥30.9 billion ¥30.1 billion
Ordinary income (loss) ¥2.3 billion ¥3.0 billion ¥1.8 billion ¥2.7 billion ¥2.3 billion
Net income (loss) ¥1.8 billion ¥2.1 billion ¥1.6 billion ¥1.9 billion ¥1.5 billion
Capital stock ¥4.2 billion ¥4.2 billion ¥4.2 billion ¥4.2 billion ¥4.2 billion
Total number of issued shares (common stock) 26,085,000 shares 26,085,000 shares 26,085,000 shares 26,085,000 shares 26,085,000 shares
Net assets ¥29.9 billion ¥29.9 billion ¥28.8 billion ¥27.9 billion ¥28.1 billion
Total assets ¥38.2 billion ¥40.5 billion ¥39.8 billion ¥37.6 billion ¥38.6 billion
Net assets per share 1,258.3 yen 1,269.38 yen 1,284.62 yen 1,292.62 yen 1,301.71 yen
Dividend per share 43 yen 50 yen 54 yen 68 yen 69 yen
Interim dividend per share 16 yen 20 yen 22 yen 25 yen 30 yen
Basic earnings (loss) per share 72.26 yen 89.57 yen 71.37 yen 83.95 yen 71.57 yen
Diluted earnings per share 71.74 yen 88.97 yen 70.99 yen 83.59 yen 71.28 yen
Equity-to-asset ratio 77.8% 73.4% 72.2% 74.0% 72.6%
Return on equity 5.9% 7.1% 5.6% 6.6% 5.5%
Payout ratio 59.5% 55.8% 75.7% 81.0% 96.4%

Dividend history

Source: reporting company’s key figures, annual securities reports · 14 years (2012 to 2025)Parent-onlyDisclosed

8 periods Consecutive increases (own definition) through FY ending 9/2025
14 periods Consecutive periods with dividends (site definition) through FY ending 9/2025
+1.5% Dividend growth (year on year)
+12.7% Dividend growth (5-year annual rate)
Fiscal yearAnnual dividend per share Of which interimPayout ratio (as reported, parent only) Flag
FY ending 9/2025 ¥69 ¥30 96.4%
FY ending 9/2024 ¥68 ¥25 81.0%
FY ending 9/2023 ¥54 ¥22 75.7%
FY ending 9/2022 ¥50 ¥20 55.8%
FY ending 9/2021 ¥43 ¥16 59.5%
FY ending 9/2020 ¥38 ¥14 103.8%
FY ending 9/2019 ¥33 ¥12 62.8%
FY ending 9/2018 ¥30 ¥8 54.1%
FY ending 9/2017 ¥22 ¥8 108.8%
FY ending 9/2016 ¥36 ¥16 77.0%
FY ending 9/2015 ¥30 ¥16 83.6%
FY ending 9/2014 ¥39 ¥13 60.5%
FY ending 9/2013 ¥33 ¥16 60.4%
FY ending 9/2012 ¥39 ¥12 57.9%

TOYO

Dividends per share over time

Unit yenSource Annual securities reports

69 46 23 0 4 years ago 3 years ago 2 years ago Last year This year Dividend per share yen

Shareholder composition

As of 2025-09-30Disclosed

Share ownership by holder category

11,782 Shareholders
13.67% Foreign holders (total) Industry median 4.70%
53.21% Individuals and others Industry median 48.66%

TOYO

Unit %Source Annual securities reports

  • Financial institutions28.87%
  • Securities firms2.26%
  • Other corporations1.98%
  • Foreign holders (institutions)13.66%
  • Foreign holders (individuals)0.01%
  • Individuals and others53.21%
  • Government and municipalities0.00%

Major shareholders

RankShareholderShareholding ratioShares held
1 日本マスタートラスト信託銀行株式会社(信託口) 15.69% 3,381,000
2 株式会社日本カストディ銀行(信託口) 11.33% 2,441,000
3 NOMURA CUSTODY NOMINEES LIMITED OMNIBUS-FULLY PAID (CASHPB)(常任代理人 野村證券株式会社) 5.41% 1,166,000
4 RBC IST 15 PCT NON LENDING ACCOUNT- CLIENT ACCOUNT(常任代理人 シティバンク、エヌ・エイ東京支店) 4.97% 1,072,000
5 明治安田生命保険相互会社 4.8% 1,036,000
6 東陽テクニカ従業員持株会 4.65% 1,002,000
7 日本生命保険相互会社 1.59% 343,000
8 JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行) 1.33% 287,000
9 BANK JULIUS BAER AND CO., LTD.(常任代理人 株式会社三菱UFJ銀行) 1.24% 268,000
10 丸三証券株式会社 1.05% 226,000

Research and development expenses and capital expenditure

Source: R&D and capital expenditure sections, annual securities reports · 2 years (2020 to 2025)Disclosed

¥0.4 billion Research and development 1.4% of revenue (industry median 0.1%)
¥0.8 billion Capital expenditure 2.5% of revenue (industry median 1.1%)
Fiscal year Research and development Capital expenditure
FY ending 9/2025 ¥0.4 billion ¥0.8 billion
FY ending 9/2020 ¥0.2 billion ¥0.7 billion

Research and development expenses and capital expenditure by segment (FY ending 9/2025)

Segment Research and development Capital expenditure
情報通信/情報セキュリティ Could not be retrieved ¥0.3 billion
先進モビリティ ¥0.1 billion ¥0.2 billion
Sustainable energy ¥89.67 million ¥98.48 million
EMC/大型アンテナ ¥68.29 million ¥0.1 billion
海洋/防衛 Could not be retrieved ¥25.57 million
ソフトウェア開発支援 Could not be retrieved ¥3.10 million

Revenue scale in the same industry

TOYO

Source Annual securities reports of each company

Wholesale Trade: 330 companies · revenue · largest first・each company’s latest fiscal year・Consolidated・Disclosed

Workforce information

Source: Annual Securities Report (Oct 2024 to Sep 2025)Parent-onlyDisclosed

524 Employees (parent only) Industry median 228
42.5 Average age Industry median 42.3
12.9 years Average length of service Industry median 13.8 years
¥9.13 million Average annual salary Industry median ¥6.79 million
People and organisation
49.9¥ million Sales per employee Industry median 101.7¥ million FY ending 9/2025 · consolidated / calculated
¥2.93 million Operating income per employee
59.5% Wage gap between men and women
8.3% Women in managerial positions
100.0% Men taking childcare leave
Men 384
Women 138
Employees by gender
13 / 154 Female managers
3 / 12 Female officers

Administrative filings and published information

Workplace information filings

Filed 2026-08-27Disclosed

ItemValue
Employees 522
Average monthly overtime (statutory overtime plus work on statutory days off)
Scope: 正社員
7 hours
Annual paid leave taken (all employees) 74.5%
Childcare leave taken, men
Scope: 正社員
100%
Childcare leave taken, women
Scope: 正社員
100%
Share of managers who are women 8.4%
Share of board members who are women 25%

Audit and disclosure information

Annual securities report, year ended 2025-09-30Disclosed

ItemValue
Audit firm 有限責任監査法人トーマツ
Audit fees (this year, total) ¥44.00 million
Non-audit fees (this year, total) Not applicable
Non-audit fees (this year, network firms) ¥14.00 million
Going concern note Cannot be determined
Accounting standard Japanese GAAP

See the book series →

Sources and methodology

Retrieved disclosed figures

Accounts and values from the annual securities report, by section

Major management indicators (5 years) (30 items)

ItemValueConsolidated / Non-consolidated
Comprehensive income ¥1.6 billion Consolidated
Net cash provided by (used in) operating activities ¥2.2 billion Consolidated
Net sales ¥32.6 billion Consolidated
Net cash provided by (used in) investing activities ¥-0.8 billion Consolidated
Diluted earnings per share 55.32 yen Consolidated
Cash and cash equivalents ¥3.7 billion Consolidated
Net assets ¥28.1 billion Consolidated
Ordinary income (loss) ¥2.0 billion Consolidated
Total assets ¥39.9 billion Consolidated
Return on equity 4.3% Consolidated
Equity-to-asset ratio 70.1% Consolidated
Net income (loss) attributable to owners of parent ¥1.2 billion Consolidated
Net cash provided by (used in) financing activities ¥-1.0 billion Consolidated
Basic earnings (loss) per share 55.55 yen Consolidated
Net assets per share 1,299.65 yen Consolidated
Dividend per share 69 yen Parent only
Net sales ¥30.1 billion Parent only
Net income (loss) ¥1.5 billion Parent only
Diluted earnings per share 71.28 yen Parent only
Total number of issued shares (common stock) 26,085,000 shares Parent only
Net assets ¥28.1 billion Parent only
Ordinary income (loss) ¥2.3 billion Parent only
Total assets ¥38.6 billion Parent only
Return on equity 5.5% Parent only
Equity-to-asset ratio 72.6% Parent only
Capital stock ¥4.2 billion Parent only
Payout ratio 96.4% Parent only
Interim dividend per share 30 yen Parent only
Basic earnings (loss) per share 71.57 yen Parent only
Net assets per share 1,301.71 yen Parent only

Employees (11 items)

ItemValueConsolidated / Non-consolidated
Number of employees 653 people Consolidated
Number of employees 653 people Consolidated
Wage gap between men and women (all employees) 59.5% Parent only
Average length of service (years) 12.9 years Parent only
Average annual salary ¥9.13 million Parent only
Average age (years) 42.5 years old Parent only
Number of employees 524 people Parent only
Number of employees 524 people Parent only
Number of employees 524 people Parent only
Wage gap between men and women (regular employees) 75.0% Parent only
Wage gap between men and women (non-regular employees) 42.0% Parent only

Shares (16 items)

ItemValueConsolidated / Non-consolidated
Total of dividends received equity securities other than those not listed investment equity securities held for pure investment reporting company ¥17.04 million Consolidated
Number of shares held 11,226,000 shares Consolidated
Total number of shares held treasury shares etc 4,537,100 shares Consolidated
Number of shares 26,085,000 shares Consolidated
Shareholding ratio treasury shares etc 17.4% Consolidated
Shareholding ratio 52.1% Consolidated
Number of shares held in own name treasury shares etc 4,537,100 shares Consolidated
Total of valuation gain (loss) ¥0.4 billion Consolidated
Number of voting rights 214,889 units Consolidated
Carrying amount on the balance sheet ¥0.28 million Consolidated
Book value equity securities not listed investment equity securities held for pure investment reporting company ¥44.77 million Consolidated
Book value equity securities other than those not listed investment equity securities held for pure investment reporting company ¥0.5 billion Consolidated
Number of issues 1 issues Consolidated
Number of issues 2 issues Consolidated
Number of issues 5 issues Consolidated
Total shareholder return 188.8% Parent only

Other disclosed items (7 items)

ItemValueConsolidated / Non-consolidated
Goodwill before offsetting ¥1.5 billion Consolidated
Number of associates accounted for using equity method 1 companies Consolidated
Write-downs of inventories ¥78.95 million Consolidated
Number of consolidated subsidiaries 11 companies Consolidated
Rate of male employees taking childcare leave (all employees) 100.0% Parent only
Total return on the share price index 210.5% Parent only
Ratio of female employees in managerial positions 8.3% Parent only

Research and development (1 items)

ItemValueConsolidated / Non-consolidated
Research and development expenses ¥0.4 billion Consolidated

Property and facilities (1 items)

ItemValueConsolidated / Non-consolidated
Capital expenditures ¥0.8 billion Consolidated

Audit (4 items)

ItemValueConsolidated / Non-consolidated
Fees for audit and attestation services - reporting company ¥44.00 million Consolidated
Fees for audit and attestation services - total ¥44.00 million Consolidated
Fees for non-audit services - reporting company ¥14.00 million Consolidated
Fees for non-audit services - total ¥14.00 million Consolidated

Balance sheet (135 items)

ItemValueConsolidated / Non-consolidated
Other ¥0.2 billion Consolidated
Other ¥0.5 billion Consolidated
Other ¥1.1 billion Consolidated
Other ¥2.1 billion Consolidated
Other ¥88.08 million Consolidated
Valuation difference on available-for-sale securities ¥0.1 billion Consolidated
Goodwill ¥1.5 billion Consolidated
Software ¥0.7 billion Consolidated
Software in progress ¥98.35 million Consolidated
Work in process ¥71.91 million Consolidated
Retained earnings ¥24.9 billion Consolidated
Prepaid expenses ¥2.1 billion Consolidated
Raw materials and supplies ¥6.81 million Consolidated
Notes receivable - trade ¥25.96 million Consolidated
Notes receivable - trade ¥5.4 billion Consolidated
Merchandise and finished goods ¥3.8 billion Consolidated
Non-current liabilities ¥1.0 billion Consolidated
Non-current assets ¥20.4 billion Consolidated
Land ¥4.7 billion Consolidated
Accounts receivable - trade ¥5.3 billion Consolidated
Contract liabilities ¥3.6 billion Consolidated
Contract assets ¥79.08 million Consolidated
Tools, furniture and fixtures ¥4.6 billion Consolidated
Tools, furniture and fixtures ¥0.8 billion Consolidated
Buildings and structures ¥2.3 billion Consolidated
Buildings and structures, net ¥0.8 billion Consolidated
Construction in progress ¥6.5 billion Consolidated
Provision for directors' bonuses ¥63.31 million Consolidated
Investments and other assets ¥5.2 billion Consolidated
Investment securities ¥2.4 billion Consolidated
Notes and accounts payable - trade ¥1.7 billion Consolidated
Subscription rights to shares ¥71.79 million Consolidated
Securities ¥2.1 billion Consolidated
Property, plant and equipment ¥12.9 billion Consolidated
Income taxes payable ¥0.6 billion Consolidated
Shareholders' equity ¥27.8 billion Consolidated
Current liabilities ¥10.8 billion Consolidated
Current assets ¥19.5 billion Consolidated
Accumulated depreciation ¥-8.06 million Consolidated
Accumulated depreciation and impairment loss ¥-3.8 billion Consolidated
Accumulated depreciation and impairment loss ¥-1.5 billion Consolidated
Foreign currency translation adjustment ¥25.25 million Consolidated
Intangible assets ¥2.4 billion Consolidated
Cash and cash equivalents ¥3.7 billion Consolidated
Cash and deposits ¥3.7 billion Consolidated
Short-term loans payable ¥2.7 billion Consolidated
Net assets ¥28.1 billion Consolidated
Net assets ¥28.1 billion Consolidated
Total assets ¥39.9 billion Consolidated
Deferred gains or losses on hedges ¥41.73 million Consolidated
Deferred tax assets ¥0.9 billion Consolidated
Treasury stock ¥-5.8 billion Consolidated
Valuation and translation adjustments ¥0.2 billion Consolidated
Liabilities ¥11.8 billion Consolidated
Liabilities and net assets ¥39.9 billion Consolidated
Allowance for doubtful accounts ¥-32.60 million Consolidated
Allowance for doubtful accounts ¥-2.00 million Consolidated
Capital surplus ¥4.6 billion Consolidated
Capital stock ¥4.2 billion Consolidated
Provision for bonuses ¥1.0 billion Consolidated
Vehicle and delivery equipment ¥9.56 million Consolidated
Vehicles, net ¥1.50 million Consolidated
Remeasurements of defined benefit plans ¥3.05 million Consolidated
Net defined benefit liability ¥0.8 billion Consolidated
Net defined benefit asset ¥0.7 billion Consolidated
Long term time deposits ¥0.7 billion Consolidated
Electronically recorded monetary claims - operating ¥0.4 billion Consolidated
Electronically recorded monetary claims - operating ¥0.4 billion Consolidated
Non-controlling interests ¥43.25 million Consolidated
Other ¥29.11 million Parent only
Other ¥0.9 billion Parent only
Other ¥0.5 billion Parent only
Other ¥0.2 billion Parent only
Other ¥32.12 million Parent only
Valuation difference on available-for-sale securities ¥0.1 billion Parent only
Other capital surplus ¥13.49 million Parent only
Software ¥0.7 billion Parent only
Software in progress ¥69.57 million Parent only
General reserve ¥17.0 billion Parent only
Retained earnings ¥24.9 billion Parent only
Legal retained earnings ¥0.6 billion Parent only
Prepaid pension cost ¥0.7 billion Parent only
Prepaid expenses ¥2.0 billion Parent only
Advance payments trade ¥1.7 billion Parent only
Notes receivable - trade ¥4.7 billion Parent only
Merchandise ¥3.4 billion Parent only
Non-current liabilities ¥0.7 billion Parent only
Non-current assets ¥22.6 billion Parent only
Land ¥4.7 billion Parent only
Contract liabilities ¥2.9 billion Parent only
Tools, furniture and fixtures ¥0.7 billion Parent only
Buildings, net ¥0.6 billion Parent only
Construction in progress ¥6.5 billion Parent only
Provision for directors' bonuses ¥63.31 million Parent only
Investments and other assets ¥9.4 billion Parent only
Investment securities ¥2.4 billion Parent only
Notes payable trade ¥12.71 million Parent only
Subscription rights to shares ¥71.79 million Parent only
Securities ¥2.1 billion Parent only
Property, plant and equipment ¥12.4 billion Parent only
Income taxes payable ¥0.5 billion Parent only
Accounts payable - other ¥0.5 billion Parent only
Shareholders' equity ¥27.9 billion Parent only
Structures, net ¥3.23 million Parent only
Current liabilities ¥9.8 billion Parent only
Current assets ¥16.0 billion Parent only
Intangible assets ¥0.8 billion Parent only
Cash and deposits ¥1.2 billion Parent only
Short-term loans payable ¥2.7 billion Parent only
Net assets ¥28.1 billion Parent only
Net assets ¥28.1 billion Parent only
Total assets ¥38.6 billion Parent only
Deferred gains or losses on hedges ¥41.73 million Parent only
Deferred tax assets ¥0.8 billion Parent only
Retained earnings brought forward ¥7.4 billion Parent only
Treasury stock ¥-5.8 billion Parent only
Valuation and translation adjustments ¥0.2 billion Parent only
Liabilities ¥10.5 billion Parent only
Liabilities and net assets ¥38.6 billion Parent only
Accounts payable - trade ¥1.6 billion Parent only
Allowance for doubtful accounts ¥-29.07 million Parent only
Allowance for doubtful accounts ¥-2.00 million Parent only
Capital surplus ¥4.6 billion Parent only
Legal capital surplus ¥4.6 billion Parent only
Capital stock ¥4.2 billion Parent only
Asset retirement obligations ¥46.01 million Parent only
Provision for bonuses ¥0.9 billion Parent only
Vehicles, net ¥1.50 million Parent only
Provision for retirement benefits ¥0.7 billion Parent only
Long term time deposits ¥0.7 billion Parent only
Investments in capital of subsidiaries and affiliates ¥0.4 billion Parent only
Shares of subsidiaries and associates ¥2.7 billion Parent only
Loans receivable to subsidiaries and affiliates ¥0.1 billion Parent only
Long-term loans receivable from subsidiaries and affiliates ¥0.6 billion Parent only
Electronically recorded monetary claims - operating ¥0.4 billion Parent only

Statement of income (99 items)

ItemValueConsolidated / Non-consolidated
Other ¥71.90 million Consolidated
Other ¥2.87 million Consolidated
Other comprehensive income ¥0.4 billion Consolidated
Valuation difference on available for sale securities net of tax ¥0.1 billion Consolidated
Amortization of goodwill ¥0.2 billion Consolidated
Amortization of goodwill ¥0.2 billion Consolidated
Dividends from surplus ¥-1.6 billion Consolidated
Comprehensive income ¥1.6 billion Consolidated
Interest income ¥40.05 million Consolidated
Dividend income ¥26.92 million Consolidated
Operating income ¥1.9 billion Consolidated
Non-operating income ¥0.2 billion Consolidated
Non-operating expenses ¥0.1 billion Consolidated
Net cash provided by (used in) operating activities ¥2.2 billion Consolidated
Loss on disposal of noncurrent assets ¥4.53 million Consolidated
Gain on sales of non-current assets ¥19.55 million Consolidated
Cost of sales ¥18.4 billion Consolidated
Gross profit (loss) ¥14.2 billion Consolidated
Net sales ¥32.6 billion Consolidated
Net income ¥1.2 billion Consolidated
Net income ¥1.2 billion Consolidated
Net income (loss) ¥1.2 billion Consolidated
Net income (loss) ¥1.2 billion Consolidated
Provision for directors' bonuses ¥63.31 million Consolidated
Employees' salaries and compensation ¥5.2 billion Consolidated
Gain on investments in partnership ¥14.45 million Consolidated
Gain on sales of investment securities ¥13.85 million Consolidated
Loss on valuation of investment securities ¥57.97 million Consolidated
Net cash provided by (used in) investing activities ¥-0.8 billion Consolidated
Interest expenses ¥18.82 million Consolidated
Compensation expenses ¥0.1 billion Consolidated
Income taxes - current ¥0.9 billion Consolidated
Income taxes ¥0.8 billion Consolidated
Income taxes - deferred ¥-0.1 billion Consolidated
Foreign exchange gains ¥65.67 million Consolidated
Foreign currency translation adjustment net of tax ¥0.2 billion Consolidated
Extraordinary income ¥33.40 million Consolidated
Extraordinary loss ¥62.51 million Consolidated
Effect of exchange rate change on cash and cash equivalents ¥0.1 billion Consolidated
Net increase (decrease) in cash and cash equivalents ¥0.6 billion Consolidated
Research and development expenses ¥0.4 billion Consolidated
Welfare expenses ¥1.0 billion Consolidated
Income (loss) before income taxes ¥2.0 billion Consolidated
Income (loss) before income taxes ¥2.0 billion Consolidated
Ordinary income ¥2.0 billion Consolidated
Deferred gains or losses on hedges net of tax ¥0.1 billion Consolidated
Disposal of treasury stock ¥93.20 million Consolidated
Purchase of treasury stock ¥-83.61 million Consolidated
Commission for purchase of treasury shares ¥16.75 million Consolidated
Comprehensive income attributable to owners of parent ¥1.6 billion Consolidated
Net cash provided by (used in) financing activities ¥-1.0 billion Consolidated
Selling, general and administrative expenses ¥12.3 billion Consolidated
Provision of allowance for doubtful accounts ¥-0.28 million Consolidated
Provision for bonuses ¥1.1 billion Consolidated
Remeasurements of defined benefit plans net of tax ¥-41.33 million Consolidated
Retirement benefit expenses ¥0.2 billion Consolidated
Comprehensive income attributable to non-controlling interests ¥-4.19 million Consolidated
Net income (loss) attributable to non-controlling interests ¥-6.22 million Consolidated
Other ¥66.21 million Parent only
Other ¥1.48 million Parent only
Real estate rent ¥24.16 million Parent only
Dividends from surplus ¥-1.6 billion Parent only
Interest income ¥0.75 million Parent only
Dividend income ¥26.16 million Parent only
Operating income ¥2.1 billion Parent only
Non-operating income ¥0.3 billion Parent only
Non-operating expenses ¥0.1 billion Parent only
Loss on disposal of noncurrent assets ¥1.17 million Parent only
Gain on sales of non-current assets ¥19.55 million Parent only
Cost of sales ¥17.7 billion Parent only
Gross profit (loss) ¥12.4 billion Parent only
Net sales ¥30.1 billion Parent only
Net income (loss) ¥1.5 billion Parent only
Net income (loss) ¥1.5 billion Parent only
Provision for directors' bonuses ¥63.31 million Parent only
Employees' salaries and compensation ¥4.5 billion Parent only
Gain on investments in partnership ¥14.45 million Parent only
Loss on valuation of investment securities ¥57.97 million Parent only
Interest expenses ¥16.56 million Parent only
Compensation expenses ¥0.1 billion Parent only
Interest on securities ¥7.45 million Parent only
Fiduciary obligation fee ¥47.97 million Parent only
Income taxes - current ¥0.8 billion Parent only
Income taxes ¥0.7 billion Parent only
Income taxes - deferred ¥-77.80 million Parent only
Depreciation ¥0.4 billion Parent only
Foreign exchange gains ¥90.06 million Parent only
Extraordinary income ¥19.55 million Parent only
Extraordinary loss ¥59.14 million Parent only
Welfare expenses ¥0.8 billion Parent only
Income (loss) before income taxes ¥2.2 billion Parent only
Ordinary income ¥2.3 billion Parent only
Disposal of treasury stock ¥93.20 million Parent only
Purchase of treasury stock ¥-83.61 million Parent only
Commission for purchase of treasury shares ¥16.75 million Parent only
Selling, general and administrative expenses ¥10.2 billion Parent only
Provision of allowance for doubtful accounts ¥-0.28 million Parent only
Provision for bonuses ¥0.9 billion Parent only
Retirement benefit expenses ¥0.2 billion Parent only

Statement of changes in equity (4 items)

ItemValueConsolidated / Non-consolidated
Total changes during the period ¥-7.92 million Consolidated
Net changes in items other than shareholders' equity ¥0.4 billion Consolidated
Total changes during the period ¥0.2 billion Parent only
Net changes in items other than shareholders' equity ¥0.2 billion Parent only

Statement of cash flows (33 items)

ItemValueConsolidated / Non-consolidated
Other ¥-1.5 billion Consolidated
Other ¥-25.62 million Consolidated
Amortization of goodwill ¥0.2 billion Consolidated
Proceeds from exercise of stock options ¥8,000 Consolidated
Increase decrease in notes and accounts payable trade ¥37.58 million Consolidated
Interest expenses paid ¥-17.96 million Consolidated
Interest and dividends income received ¥68.05 million Consolidated
Interest and dividend income ¥-66.98 million Consolidated
Loss gain on sales and retirement of noncurrent assets ¥-15.02 million Consolidated
(Increase) decrease in notes receivable, trade receivables, contract assets and other ¥0.8 billion Consolidated
Increase (decrease) in contract liabilities ¥0.5 billion Consolidated
Subtotal ¥3.1 billion Consolidated
Increase decrease in provision for directors bonuses ¥-46.69 million Consolidated
Loss gain on investments in partnership ¥-14.45 million Consolidated
Purchase of investment securities ¥-0.6 billion Consolidated
Proceeds from sales of investment securities ¥37.03 million Consolidated
Loss (gain) on sales of long-term investment securities ¥-13.85 million Consolidated
Valuation gains (losses) on investment securities ¥57.97 million Consolidated
Interest expenses ¥18.82 million Consolidated
Proceeds from sales of short term investment securities ¥0.5 billion Consolidated
Purchase of property plant and equipment ¥-0.5 billion Consolidated
Proceeds from sales of property plant and equipment ¥0.1 billion Consolidated
Decrease (increase) in inventories ¥0.2 billion Consolidated
Income taxes paid ¥-0.9 billion Consolidated
Income taxes refund ¥3.79 million Consolidated
Depreciation ¥1.0 billion Consolidated
Purchase of intangible assets ¥-0.4 billion Consolidated
Decrease/increase in short-term loans payable ¥0.7 billion Consolidated
Regarding purchase of treasury stock ¥-0.1 billion Consolidated
Increase (decrease) in allowance for doubtful accounts ¥-0.78 million Consolidated
Increase (decrease) in provision for bonuses ¥-0.1 billion Consolidated
Increase (decrease) in net defined benefit liability ¥-7.58 million Consolidated
Dividends ¥-1.6 billion Consolidated

Accounts unique to this company (3 items)

ItemValueConsolidated / Non-consolidated
Revenue ¥0.1 billion Consolidated
Revenue ¥3.7 billion Consolidated
Revenue ¥0.2 billion Parent only
Basic indicators
ItemValueConsolidated / Non-consolidatedSource
Net cash provided by (used in) operating activities ¥2.2 billion ConsolidatedDisclosed
Dividend per share 69 Parent onlyDisclosed
Number of employees 653 ConsolidatedDisclosed
Net assets ¥28.1 billion ConsolidatedDisclosed
Net sales ¥32.6 billion ConsolidatedDisclosed
Operating income ¥1.9 billion ConsolidatedDisclosed
Ordinary income ¥2.0 billion ConsolidatedDisclosed
Net income ¥1.2 billion ConsolidatedDisclosed
Total assets ¥39.9 billion ConsolidatedDisclosed
Operating margin 5.9%ConsolidatedCalculated
Net margin 3.7%ConsolidatedCalculated
Sales per employee 49860913 yenConsolidatedCalculated
Total asset turnover 0.82 timesConsolidatedCalculated
Net assets to total assets 70.4%ConsolidatedCalculated
How to read the figures, and caveats

Terms

  • Consolidated: the parent company together with the subsidiaries it consolidates
  • Parent-only: the single company that filed the annual securities report
  • Calculated: a disclosed figure put through the formula shown
  • Not disclosed: no such value in the filing (not treated as zero)
  • Not retrieved: a value this page could not extract, including values in the filing that could not be matched. The same item may appear in another table
  • Segment: a business division the company uses in its disclosures
  • Industry median: the middle value among companies in the same industry that disclose the item
  • ★: position when every company is lined up by value (not a judgement of the company)See the formulas
  • Source: document name, period covered, filing date and where it was obtained
  • Tables scroll sideways

Key figures

  • Operating margin 5.9% Operating income ÷ net sales  = ¥1.9 billion ÷ ¥32.6 billion
    Operating income ÷ net sales. The denominator is Net sales (Consolidated, Japanese GAAP).
  • Net margin 3.7% Net income ÷ net sales  = ¥1.2 billion ÷ ¥32.6 billion
    Net income ÷ net sales. The denominator is Net sales (Consolidated, Japanese GAAP).
  • Sales per employee 49,860,913 yen Sales or operating revenue ÷ employees  = ¥32.6 billion ÷ 653 people
    Sales or operating revenue ÷ employees. The denominator is Number of employees (Consolidated, Japanese GAAP).
  • Total asset turnover 0.82 times Sales or operating revenue ÷ total assets  = ¥32.6 billion ÷ ¥39.9 billion
    Sales or operating revenue ÷ total assets. The denominator is Total assets (Consolidated, Japanese GAAP).
  • Net assets to total assets 70.4% Net assets ÷ total assets  = ¥28.1 billion ÷ ¥39.9 billion
    Net assets ÷ total assets. The denominator is Total assets (Consolidated, Japanese GAAP).

Company details

  • Representative Representative Director, gBizINFO
  • Date of incorporation gBizINFO · 79 years since incorporation
  • Consolidated subsidiaries Annual Securities Report

Revenue and profit by business segment

  • Source: segment information, Annual Securities Report (Oct 2024 to Sep 2025) · Consolidated · Net sales · filed 2025-12-18
  • Share: against the total of Net sales disclosed by business (100%). Adjustments, corporate, eliminations and “other” left out as they are not businesses (so no match with company-wide Net sales). Margin: calculated against the Net sales on the same row“Total” in the segment information of the annual securities report: ¥32.6 billion. Gap against this table’s total (the part not listed as a business, such as “other”) within 1%The account may differ from “Revenue” at the top of this page

Amounts by account

  • Totals and their component lines together; consolidated and parent-only figures mixed (right-hand column)

Selling, general and administrative expenses

  • Breakdown of selling, general and administrative expenses (costs of selling and running the company). Cost of sales not included
  • Each item: already inside the SG&A total (not added to it)

Finance

  • Net assets to total assets Net assets ÷ total assets
  • Return on assets (ROA) Net income ÷ total assets (consolidated)
  • Net assets per share Consolidated
  • Free cash flow Free cash flow: operating cash flow (cash generated by the business) plus investing cash flow (asset purchases, disposals and other investments), consolidated
  • Total assets Consolidated
  • Goodwill (the part of the acquisition price above the net assets acquired) 5% of net assets (consolidated)

Capital allocation

  • ★: position when all companies are sorted by value and cut into fifths (a position, not a rating). The five items with ★: only where both numerator and denominator are available on a consolidated basisSee the formulas
  • Cash conversion Net cash provided by (used in) operating activities ÷ operating income
  • Increase in working capital (increase in trade receivables + increase in inventories) ÷ net sales (or operating revenue)。Trade receivables down ¥0.8 billion + inventories down ¥0.2 billion, over net sales ¥32.6 billion
  • Property, plant and equipment purchases relative to depreciation Purchase of property, plant and equipment ÷ depreciation。Purchase of property, plant and equipment ¥0.5 billion, over depreciation ¥1.0 billion
  • Return to shareholders (dividends paid + purchase of treasury stock) ÷ net cash provided by operating activities。Dividends paid ¥1.6 billion + purchase of treasury stock ¥0.1 billion, over operating cash flow ¥2.2 billion
  • Extraordinary gains and losses relative to ordinary profit (extraordinary income − extraordinary loss) ÷ ordinary income。Extraordinary income ¥33.40 million − extraordinary loss ¥62.51 million, over ordinary income ¥2.0 billion
  • Investment securities to net assets Investment securities ÷ net assets。Investment securities ¥2.4 billion, over net assets ¥28.1 billion

Long-term changes in performance

  • Revenue Disclosed value for 2025 ÷ disclosed value for 2012

Year-on-year comparison

  • Year on year: calculated only where the item, reporting range and accounting standard match and the periods are consecutive
  • Comparison basis not confirmed: periods with a change of accounting standard or reporting range, a moved fiscal year end, or an unconfirmed period
  • ◆: a period where revenue moved 20% or more from the prior year, profit as a share of revenue moved 2.0 percentage points or more, or profit or loss changed sign. Item used named in the table and list. Not a ranking of companies

Earnings and net assets per share over time

  • Earnings per share = net profit ÷ shares; net assets per share = net assets ÷ shares. Disclosed values from the key financial indicators of the annual securities report. No share prices used

Return on equity over time

  • Return on equity (ROE): net profit as a proportion of equity. For Japanese companies, the disclosed value in the key financial indicators of the annual securities report (decimals converted to percentages)

Dividend history

  • Payout ratio: dividends as a proportion of net profit. Dividend amounts and payout ratios: the reporting company’s parent-only disclosed values (as written in the annual securities report, not recalculated from consolidated profit). Consecutive increases: years in a row, from the latest backwards, in which the annual dividend per share rose. Consecutive years with a dividend: years in a row with an annual dividend per share above zero. Both this site’s own count (not the criteria of any published index). A year with no disclosure not read as zero; counting stops there. Range limited to the years listed above.

Share ownership by holder category

  • Source: ownership table, annual securities report. Percentages as disclosed, calculated on trading units (some companies do not total exactly 100%). Foreign holders (total): institutions and individuals combined. “Individuals and others”: a register category (not necessarily the share actually held by individuals). Industry median: the middle value among companies in Wholesale Trade that disclose the item (industries with at least 5 companies only).

Major shareholders

  • Source: major shareholders table, annual securities report. Trust bank holdings as written (whose trust is not disclosed)

Research and development expenses and capital expenditure

  • Research and development: total in the R&D section of the annual securities report. Capital expenditure: this year’s actual spending in the capital expenditure overview (not a plan). Years: only those available in the annual securities reports on hand (one to four per company); no row for other years. Share of revenue: divided by consolidated revenue in the same annual securities report. Industry median: the middle value among companies in Wholesale Trade that disclose the item (industries with at least 5 companies only). Segment names and order: the same as the segment table above. Group-wide research and adjustments mean segment figures may not add up to the company-wide amount.

Revenue scale in the same industry

  • Revenue (disclosed values) of companies in the same industry, using the same grouping as the industry pages. Only the top three and the two companies either side of this one. Bar length relative to the largest company (100). An order of size, not a ranking of quality

Workforce information

  • All four: the reporting company (parent-only), as disclosed in the employee section of the annual securities report. Employees across the consolidated group: 653 (a different scope, kept apart from the four above). Industry median: the middle value among companies in Wholesale Trade that disclose the item (industries with at least 5 companies only).

People and organisation

  • Sales per employee Net sales (or operating revenue) ÷ employees
  • Operating income per employee Operating income ÷ employees
  • Wage gap between men and women Women's pay with men's pay set to 100, reporting company
  • Women in managerial positions Reporting company (parent only)
  • Men taking childcare leave Reporting company (parent only)
  • Employees by gender gBizINFO
  • Female managers gBizINFO: 13 women among 154 managers
  • Female officers gBizINFO: 3 women among 12 officers

Workplace information filings

  • Source: processed from Shokuba-labo, the workplace information site of the Ministry of Health, Labour and Welfare. Items the company filed only Shokuba-labo

Audit and disclosure information

  • Whether there is a going concern note (the accounting assumption that a company will continue operating), and audit information
  • Audit firm, audit fees, going concern note and accounting standard: facts written in the latest annual securities report and the audit report filed with it (not a judgement of the company). Going concern note: “note” when the note text is present, “not applicable” when the report states nothing to report, “cannot be determined” when neither appears. Note text not reproduced. Amended filings not shown (annual securities reports only)

Data sources and calculation methods

Primary source: the annual securities report of TOYO Corporation on EDINET, the FSA’s disclosure system (free to read)
Corporate number: 8010001051991 / Accounting standard: Japanese GAAP

  • Amounts: machine transcription of EDINET XBRL (no manual re-keying). Long narrative notes are text and not in the account list. Identifiers: machine transcription of the EDINET code list (retrieved 2026-08-22)
  • ★: position of the value calculated from disclosed figures among the 4,240 companies on this site, on a five-step scale. Not a judgement of the company. No forecasts usedThe formulas and how they are counted
  • No rank: net assets as a share of total assets, cash conversion and revenue per employee (size alone does not show quality). Industry median shown for comparison. Cash conversion of 100%: operating cash flow equal to operating profit
  • Profit-and-loss chart: only where “sales − cost of sales − SG&A = operating income” holds between disclosed values. Cost breakdown: the six largest SG&A items
  • Trend charts: key financial indicators of the annual securities report. Amounts in billions of yen (dividend per share in yen). Long-run chart joins reports filed in different years (newer report for overlapping years). Some items stop part-way after a change of accounting standard. A stock split changes the weight of one share. Consolidated and parent-only in separate tables
  • Revenue scale in the same industry: bars of revenue (disclosed values) of companies in the same industry grouping as the industry pages, largest first. Only the top three and the two companies either side of this one. Each company’s latest fiscal year. An order of size, not a ranking of quality or an investment view
  • Share prices: not published (no data source allows redistribution). No share-price-based indicators (such as the price earnings ratio) and no extension of past growth into the future
  • Average age, average length of service and average annual salary: the reporting company alone (the parent). At a holding company, a small head-office staff. Payout ratio (basic facts): dividend per share ÷ consolidated earnings per share, calculated here (the payout ratio in the annual securities report is the reporting company’s figure, on a different basis). Representative and founding date: gBizINFO (Ministry of Economy, Trade and Industry), some companies only
  • “Retrieved disclosed figures”: every value readable as a number from the annual securities report. Company-wide values only (no segment or other breakdowns)
  • Segment table: machine transcription of the segment information in the annual securities report. Business names as labelled by the company in its XBRL. No table where segment sales differ from the disclosed total by more than 1%. Adjustments, corporate, eliminations and “other” left out of the table and the share denominator, as they are not businesses
  • Breakdowns of amounts, not diagrams of how the business works. Who pays whom, and for what, is not in the disclosed figures; no lines drawn from guesswork