Cash flow TOTO LTD.

Equities

5332

JP3596200000

Construction Supplies & Fixtures

Market Closed - Japan Exchange Other stock markets 02:30:00 2025-07-11 am EDT			5-day change	1st Jan Change
3,868.00 ^JPY	+2.44%		+1.28%	+1.66%

Jul. 02	Toto Lifts US Prices, Slashes China Output to Tackle Market Shifts	MT
Jul. 01	Tranche Update on TOTO LTD.'s Equity Buyback Plan announced on April 28, 2025.	CI

0ed4d6.RebI9cRyf5SiG7275IJbdq-B0gXsyAuDDSe6KYilY5A.Dra9mpU3PazTa_j8nPIEW8vHiEGjr3rlXV78fvj9Fd1xnJGjoAgPoPAv9A

Published financial data: TOTO LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	581B	645B	701B	702B	724B
Total Revenues	581B	645B	701B	702B	724B
Cost of Goods Sold, Total	368B	408B	458B	463B	470B
Gross Profit	212B	237B	243B	239B	254B
Selling General & Admin Expenses, Total	143B	155B	167B	167B	175B
Provision for Bad Debts	19M	-3M	-39M	-7M	-1M
R&D Expenses	22.4B	24.02B	21.54B	23.12B	25.05B
Depreciation & Amortization - (IS)	5.52B	5.25B	5.65B	5.66B	5.9B
Other Operating Expenses, Total	171B	185B	194B	196B	206B
Operating Income	41.35B	52.18B	49.12B	42.77B	48.48B
Interest Expense, Total	-165M	-118M	-76M	-237M	-318M
Interest And Investment Income	2.34B	2.48B	3.32B	3.33B	3.15B
Net Interest Expenses	2.17B	2.36B	3.25B	3.1B	2.84B
Income (Loss) On Equity Invest.	-290M	476M	1.17B	626M	1.26B
Currency Exchange Gains (Loss)	792M	3.35B	2.01B	5.62B	-1.79B
Other Non Operating Income (Expenses)	-1.78B	-605M	-198M	390M	403M
EBT, Excl. Unusual Items	42.25B	57.76B	55.35B	52.5B	51.19B
Gain (Loss) On Sale Of Investments	-25M	1.58B	48M	2.69B	8.06B
Gain (Loss) On Sale Of Assets	-905M	-807M	-281M	-979M	-818M
Asset Writedown	-	-	-	-	-34.09B
Other Unusual Items	-2.26B	-670M	4.86B	-	-1M
EBT, Incl. Unusual Items	39.06B	57.87B	59.97B	54.2B	24.33B
Income Tax Expense	11.38B	17.19B	18.89B	16.36B	11.81B
Earnings From Continuing Operations	27.68B	40.67B	41.08B	37.85B	12.52B
Net Income to Company	27.68B	40.67B	41.08B	37.85B	12.52B
Minority Interest	-478M	-543M	-2.14B	-654M	-355M
Net Income - (IS)	27.2B	40.13B	38.94B	37.2B	12.17B
Net Income to Common Incl Extra Items	27.2B	40.13B	38.94B	37.2B	12.17B
Net Income to Common Excl. Extra Items	27.2B	40.13B	38.94B	37.2B	12.17B
Per Share Items
Net EPS - Basic	160.54	236.74	229.66	219.3	71.72
Basic EPS - Continuing Operations	160.54	236.74	229.66	219.3	71.72
Basic Weighted Average Shares Outstanding	169M	170M	170M	170M	170M
Net EPS - Diluted	160.3	236.5	229.47	219.14	71.68
Diluted EPS - Continuing Operations	160.3	236.5	229.47	219.14	71.68
Diluted Weighted Average Shares Outstanding	170M	170M	170M	170M	170M
Normalized Basic EPS	153.05	209.77	191.4	189.59	186.48
Normalized Diluted EPS	152.82	209.55	191.24	189.45	186.36
Dividend Per Share	70	95	100	100	-
Payout Ratio	46.71	35.9	43.54	45.6	139.41
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	66.58B	79.12B	80.53B	76.9B	83.5B
EBITA	41.35B	52.18B	49.12B	42.77B	48.48B
EBIT	41.35B	52.18B	49.12B	42.77B	48.48B
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	29.15	29.71	31.5	30.17	48.53
Normalized Net Income	25.93B	35.56B	32.46B	32.16B	31.64B
Non-Cash Pension Expense	961M	-1.08B	-2.27B	-3.2B	-2.71B
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Selling and Marketing Expenses	17.6B	26.03B	28.5B	27.91B	28.46B
Research And Development Expense From Footnotes	22.4B	24.02B	21.54B	23.12B	25.05B
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	143B	90.54B	98.12B	104B	123B
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	143B	90.54B	98.12B	104B	123B
Accounts Receivable, Total	90.89B	94.59B	99.15B	99.36B	101B
Total Receivables	90.89B	94.59B	99.15B	99.36B	101B
Inventory	83.24B	109B	146B	133B	135B
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	10.78B	13.04B	16.41B	17.65B	16.22B
Total Current Assets	328B	308B	359B	354B	375B
Net Property Plant And Equipment	219B	232B	242B	269B	261B
Long-term Investments	73.81B	75.27B	97.95B	131B	138B
Goodwill	-	-	-	-	-
Other Intangibles, Total	21.86B	24.04B	29.47B	33.43B	36.46B
Loans Receivable Long-Term	103M	102M	99M	101M	99M
Deferred Tax Assets Long-Term	4.36B	2.17B	2.34B	2.57B	3.41B
Other Long-Term Assets, Total	2M	2M	3M	2M	1M
Total Assets	648B	641B	732B	790B	814B
Liabilities
Accounts Payable, Total	69.35B	78.52B	85.05B	76.69B	82.58B
Accrued Expenses, Total	32.06B	34.19B	38.04B	37.77B	38.25B
Short-term Borrowings	96.52B	36.91B	66.34B	66.42B	66.86B
Current Income Taxes Payable	18.94B	21.79B	18.24B	21.9B	23.47B
Other Current Liabilities	17.12B	28.06B	21.17B	21.42B	19.62B
Total Current Liabilities	234B	199B	229B	224B	231B
Long-Term Debt	1.44B	1.12B	1.58B	1.47B	1.02B
Pension & Other Post Retirement Benefits	21.54B	21.73B	20.57B	19.61B	17.69B
Deferred Tax Liability Non Current	-	-	11.23B	25.96B	25.12B
Other Non Current Liabilities	16.96B	5.33B	8.32B	8.46B	8.91B
Total Liabilities	274B	228B	271B	280B	284B
Common Stock, Total	35.58B	35.58B	35.58B	35.58B	35.58B
Additional Paid In Capital	29.33B	29.38B	29.43B	29.49B	29.54B
Retained Earnings	298B	323B	345B	365B	360B
Treasury Stock	-13.96B	-13.79B	-13.72B	-13.65B	-13.59B
Comprehensive Income and Other	18.29B	31.59B	57.54B	86.1B	110B
Total Common Equity	367B	406B	454B	503B	522B
Minority Interest	6.68B	7.64B	7.29B	7.84B	8.13B
Total Equity	374B	413B	461B	511B	530B
Total Liabilities And Equity	648B	641B	732B	790B	814B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	169M	170M	170M	170M	170M
ECS Total Common Shares Outstanding	169M	170M	170M	170M	-
Book Value / Share	2.17K	2.39K	2.68K	2.96K	3.08K
Tangible Book Value	345B	382B	424B	469B	486B
Tangible Book Value Per Share	2.04K	2.25K	2.5K	2.77K	2.86K
Total Debt	97.96B	38.04B	67.92B	67.89B	67.87B
Net Debt	-45.37B	-52.5B	-30.2B	-35.66B	-54.88B
Debt Equivalent of Unfunded Proj. Benefit Obligation	12.59B	9.88B	-7.34B	-21.69B	-43.74B
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	6.68B	7.64B	7.29B	7.84B	8.13B
Inventories - Raw Materials, Total	16.99B	21.85B	28.47B	25.76B	26.64B
Inventories - Work In Process, Total	12.08B	14.17B	16.5B	16.31B	16B
Inventories - Finished Goods, Total	54.16B	73.44B	101B	91.41B	91.99B
Full Time Employees	33.8K	34.61K	34.15K	33.39K	32.97K
Accumulated Allowance for Doubtful Accounts (Supple)	228M	213M	245M	364M	495M

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	39.06B	57.87B	59.98B	54.21B	24.33B
Depreciation & Amortization - CF	25.23B	26.94B	31.41B	34.14B	35.02B
Depreciation & Amortization, Total	25.23B	26.94B	31.41B	34.14B	35.02B
(Gain) Loss From Sale Of Asset	905M	858M	279M	996M	34.91B
(Gain) Loss on Sale of Investments - (CF)	26M	-1.58B	-48M	-2.69B	-8.05B
Other Operating Activities, Total	-3.92B	-13.31B	-14.59B	-11.41B	-10.58B
Change In Accounts Receivable	-6.26B	-1.09B	-1.61B	1.69B	1.36B
Change In Inventories	318M	-21.94B	-31.09B	16.73B	5.2B
Change In Accounts Payable	6.03B	7.45B	1.13B	-9.73B	-1.29B
Change in Other Net Operating Assets	-1.85B	-5.84B	-13.87B	-7.62B	-9.52B
Cash from Operations	59.55B	49.36B	31.58B	76.31B	71.38B
Capital Expenditure	-38.74B	-30.12B	-27.75B	-51.13B	-44.55B
Sale of Property, Plant, and Equipment	55M	164M	784M	293M	61M
Sale (Purchase) of Intangible assets	-4.99B	-4.98B	-8.58B	-7.02B	-6.14B
Investment in Marketable and Equity Securities, Total	975M	3.06B	212M	3.88B	12.02B
Net (Increase) Decrease in Loans Originated / Sold - Investing	97M	1M	3M	-2M	2M
Other Investing Activities, Total	-18M	-18M	63M	187M	230M
Cash from Investing	-42.62B	-31.89B	-35.27B	-53.79B	-38.38B
Short Term Debt Issued, Total	70.45B	13.2B	43.2B	43.2B	43.2B
Long-Term Debt Issued, Total	500M	-	-	-	-
Total Debt Issued	70.95B	13.2B	43.2B	43.2B	43.2B
Short Term Debt Repaid, Total	-33.6B	-73.2B	-13.2B	-43.2B	-43.2B
Long-Term Debt Repaid, Total	-605M	-	-198M	-137M	-
Total Debt Repaid	-34.2B	-73.2B	-13.4B	-43.34B	-43.2B
Repurchase of Common Stock	-15M	-14M	-8M	-7M	-9M
Common & Preferred Stock Dividends Paid	-12.7B	-14.41B	-16.96B	-16.96B	-16.96B
Common & Preferred Stock Dividends Paid	-12.7B	-14.41B	-16.96B	-16.96B	-16.96B
Other Financing Activities, Total	-1.32B	-1.35B	-4.06B	-1.85B	-2.03B
Cash from Financing	22.7B	-75.77B	8.78B	-18.95B	-19.01B
Foreign Exchange Rate Adjustments	77M	6.49B	2.8B	1.58B	4.07B
Miscellaneous Cash Flow Adjustments	-1M	1M	1M	-1M	-
Net Change in Cash	39.71B	-51.82B	7.89B	5.14B	18.06B
Supplemental Items
Cash Interest Paid	172M	118M	67M	242M	321M
Cash Income Tax Paid (Refund)	9.62B	13.83B	15.37B	12.36B	11.59B
Levered Free Cash Flow	12.18B	17.29B	-18.4B	8.53B	19.23B
Unlevered Free Cash Flow	12.28B	17.36B	-18.35B	8.68B	19.43B
Change In Net Working Capital	-4.94B	7.09B	44.13B	-5.96B	-4.81B
Net Debt Issued / Repaid	36.75B	-60B	29.8B	-137M	0

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	4.2	5.06	4.47	3.51	3.78
Return on Total Capital	5.91	7.07	6.26	4.83	5.15
Return On Equity %	7.74	10.34	9.4	7.79	2.41
Return on Common Equity	7.75	10.39	9.06	7.78	2.37
Margin Analysis
Gross Profit Margin %	36.58	36.71	34.65	34.03	35.07
SG&A Margin	24.65	24.09	23.77	23.85	24.11
EBITDA Margin %	11.46	12.26	11.49	10.95	11.53
EBITA Margin %	7.12	8.09	7.01	6.09	6.69
EBIT Margin %	7.12	8.09	7.01	6.09	6.69
Income From Continuing Operations Margin %	4.76	6.3	5.86	5.39	1.73
Net Income Margin %	4.68	6.22	5.55	5.3	1.68
Net Avail. For Common Margin %	4.68	6.22	5.55	5.3	1.68
Normalized Net Income Margin	4.46	5.51	4.63	4.58	4.37
Levered Free Cash Flow Margin	2.1	2.68	-2.62	1.21	2.65
Unlevered Free Cash Flow Margin	2.11	2.69	-2.62	1.24	2.68
Asset Turnover
Asset Turnover	0.94	1	1.02	0.92	0.9
Fixed Assets Turnover	2.73	2.86	2.96	2.75	2.73
Receivables Turnover (Average Receivables)	6.6	6.96	7.24	7.08	7.23
Inventory Turnover (Average Inventory)	4.4	4.24	3.59	3.32	3.51
Short Term Liquidity
Current Ratio	1.4	1.54	1.57	1.58	1.62
Quick Ratio	1	0.93	0.86	0.91	0.97
Operating Cash Flow to Current Liabilities	0.25	0.25	0.14	0.34	0.31
Days Sales Outstanding (Average Receivables)	55.27	52.46	50.42	51.73	50.47
Days Outstanding Inventory (Average Inventory)	82.95	86.11	101.59	110.24	104.02
Average Days Payable Outstanding	66.71	62.09	60.38	65.6	61.64
Cash Conversion Cycle (Average Days)	71.51	76.47	91.63	96.36	92.84
Long Term Solvency
Total Debt/Equity	26.21	9.2	14.73	13.3	12.8
Total Debt / Total Capital	20.77	8.43	12.84	11.74	11.34
LT Debt/Equity	0.39	0.27	0.34	0.29	0.19
Long-Term Debt / Total Capital	0.31	0.25	0.3	0.25	0.17
Total Liabilities / Total Assets	42.3	35.51	36.98	35.39	34.83
EBIT / Interest Expense	250.62	442.21	646.34	180.45	152.45
EBITDA / Interest Expense	403.53	670.51	1.06K	324.49	262.57
(EBITDA - Capex) / Interest Expense	168.76	415.25	694.5	108.75	122.47
Total Debt / EBITDA	1.47	0.48	0.84	0.88	0.81
Net Debt / EBITDA	-0.68	-0.66	-0.38	-0.46	-0.66
Total Debt / (EBITDA - Capex)	3.52	0.78	1.29	2.63	1.74
Net Debt / (EBITDA - Capex)	-1.63	-1.07	-0.57	-1.38	-1.41
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-2.61	11.07	8.67	0.16	3.16
Gross Profit, 1 Yr. Growth %	-0.4	11.48	2.57	-1.63	6.3
EBITDA, 1 Yr. Growth %	7.21	18.83	1.79	-4.51	8.58
EBITA, 1 Yr. Growth %	12.49	26.19	-5.86	-12.94	13.36
EBIT, 1 Yr. Growth %	12.49	26.19	-5.86	-12.94	13.36
Earnings From Cont. Operations, 1 Yr. Growth %	17.48	46.96	1	-7.86	-66.91
Net Income, 1 Yr. Growth %	15.33	47.55	-2.96	-4.49	-67.29
Normalized Net Income, 1 Yr. Growth %	12.12	37.14	-8.73	-0.92	-1.62
Diluted EPS Before Extra, 1 Yr. Growth %	15.31	47.54	-2.97	-4.5	-67.29
Accounts Receivable, 1 Yr. Growth %	6.86	4.07	4.82	0.21	1.63
Inventory, 1 Yr. Growth %	-1.18	31.5	33.03	-8.33	0.86
Net Property, Plant and Equip., 1 Yr. Growth %	6.1	5.73	4.61	10.78	-2.69
Total Assets, 1 Yr. Growth %	10.91	-1.02	14.14	8.01	3
Tangible Book Value, 1 Yr. Growth %	9.61	10.58	11.17	10.59	3.52
Common Equity, 1 Yr. Growth %	9.66	10.55	11.85	10.78	3.89
Cash From Operations, 1 Yr. Growth %	-6.72	-17.12	-36.02	141.65	-6.46
Capital Expenditures, 1 Yr. Growth %	27.39	-22.24	-7.86	84.24	-12.86
Levered Free Cash Flow, 1 Yr. Growth %	-45.12	41.93	-206.42	-146.37	125.42
Unlevered Free Cash Flow, 1 Yr. Growth %	-44.83	41.33	-205.69	-147.3	123.87
Dividend Per Share, 1 Yr. Growth %	-22.22	35.71	5.26	0	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-0.44	4.01	9.86	4.32	1.65
Gross Profit, 2 Yr. CAGR %	-0.47	5.37	6.93	0.44	2.26
EBITDA, 2 Yr. CAGR %	2.39	12.87	9.98	-1.41	1.82
EBITA, 2 Yr. CAGR %	1.46	19.14	8.99	-9.47	-0.66
EBIT, 2 Yr. CAGR %	1.46	19.14	8.99	-9.47	-0.66
Earnings From Cont. Operations, 2 Yr. CAGR %	-8.68	31.4	21.83	-3.53	-44.79
Net Income, 2 Yr. CAGR %	-8.35	30.45	19.66	-3.73	-44.1
Normalized Net Income, 2 Yr. CAGR %	-1.27	24	11.88	-4.9	-1.27
Diluted EPS Before Extra, 2 Yr. CAGR %	-8.36	30.43	19.65	-3.74	-44.11
Accounts Receivable, 2 Yr. CAGR %	-2.93	5.45	4.44	2.49	0.92
Inventory, 2 Yr. CAGR %	0.76	13.99	32.26	10.43	-3.84
Net Property, Plant and Equip., 2 Yr. CAGR %	5.28	5.91	5.17	7.65	3.83
Total Assets, 2 Yr. CAGR %	6.13	4.77	6.29	11.03	5.47
Tangible Book Value, 2 Yr. CAGR %	3.7	10.1	10.88	10.88	7
Common Equity, 2 Yr. CAGR %	4.02	10.1	11.19	11.31	7.28
Cash From Operations, 2 Yr. CAGR %	102.01	-12.07	-27.18	24.34	50.35
Capital Expenditures, 2 Yr. CAGR %	11.97	-0.47	-15.36	30.29	26.7
Levered Free Cash Flow, 2 Yr. CAGR %	-0.82	-11.74	22.9	-29.75	2.24
Unlevered Free Cash Flow, 2 Yr. CAGR %	-0.27	-11.69	22.22	-29.3	2.9
Dividend Per Share, 2 Yr. CAGR %	-11.81	2.74	19.52	2.6	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-0.64	3.26	5.54	6.53	3.93
Gross Profit, 3 Yr. CAGR %	-1.76	3.36	4.43	4	2.36
EBITDA, 3 Yr. CAGR %	-3.44	7.6	9.05	4.92	1.81
EBITA, 3 Yr. CAGR %	-7.71	9.11	10.14	1.13	-2.42
EBIT, 3 Yr. CAGR %	-7.71	9.11	10.14	1.13	-2.42
Earnings From Cont. Operations, 3 Yr. CAGR %	-9.89	7.02	20.37	11	-32.48
Net Income, 3 Yr. CAGR %	-9.58	7.42	18.2	11	-32.82
Normalized Net Income, 3 Yr. CAGR %	-8.07	10.16	11.96	7.44	-3.82
Diluted EPS Before Extra, 3 Yr. CAGR %	-9.6	7.4	18.18	10.98	-32.83
Accounts Receivable, 3 Yr. CAGR %	-1.7	-0.65	5.24	3.01	2.2
Inventory, 3 Yr. CAGR %	7.41	10.12	20.02	17.05	7.14
Net Property, Plant and Equip., 3 Yr. CAGR %	5.09	5.43	5.48	7	4.09
Total Assets, 3 Yr. CAGR %	4.59	3.69	7.81	6.86	8.29
Tangible Book Value, 3 Yr. CAGR %	2.9	5.95	10.45	10.78	8.37
Common Equity, 3 Yr. CAGR %	3.22	6.15	10.68	11.06	8.78
Cash From Operations, 3 Yr. CAGR %	9.39	50.11	-20.91	8.62	13.09
Capital Expenditures, 3 Yr. CAGR %	3.28	-0.85	-3	9.69	13.94
Levered Free Cash Flow, 3 Yr. CAGR %	81.92	11.77	-6.06	-11.19	3.61
Unlevered Free Cash Flow, 3 Yr. CAGR %	81.05	12.02	-6.24	-10.93	3.82
Dividend Per Share, 3 Yr. CAGR %	-0.93	1.82	3.57	12.62	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	0.46	2.37	3.43	3.68	3.96
Gross Profit, 5 Yr. CAGR %	-0.35	1.39	1.63	2.18	3.56
EBITDA, 5 Yr. CAGR %	0.63	3.14	1.72	3.9	6.1
EBITA, 5 Yr. CAGR %	-2.17	1.44	-1.36	1.26	5.69
EBIT, 5 Yr. CAGR %	-2.17	1.44	-1.36	1.26	5.69
Earnings From Cont. Operations, 5 Yr. CAGR %	-5.33	3.19	1.66	2.67	-11.87
Net Income, 5 Yr. CAGR %	-5.31	3.47	1.14	2.81	-12.4
Normalized Net Income, 5 Yr. CAGR %	-2.28	2.96	-0.55	3.87	6.47
Diluted EPS Before Extra, 5 Yr. CAGR %	-5.39	3.46	1.13	2.8	-12.41
Accounts Receivable, 5 Yr. CAGR %	-1.37	-0.26	0.71	0.59	3.49
Inventory, 5 Yr. CAGR %	5.26	11.9	16.73	10.24	9.83
Net Property, Plant and Equip., 5 Yr. CAGR %	5.91	5.34	5.12	6.31	4.81
Total Assets, 5 Yr. CAGR %	3.85	2.96	5.26	6.57	6.87
Tangible Book Value, 5 Yr. CAGR %	5.74	6.23	6.02	7.89	9.06
Common Equity, 5 Yr. CAGR %	5.82	6.39	6.34	8.19	9.31
Cash From Operations, 5 Yr. CAGR %	0.29	-4.99	-7.04	39.22	2.26
Capital Expenditures, 5 Yr. CAGR %	7.23	-1.22	-4.62	10.6	7.94
Levered Free Cash Flow, 5 Yr. CAGR %	-11.64	-9.41	55.51	-7.18	-2.83
Unlevered Free Cash Flow, 5 Yr. CAGR %	-11.55	-9.36	54.72	-6.81	-2.69
Dividend Per Share, 5 Yr. CAGR %	1.81	6.92	6.79	2.13	-