Financials TOTO LTD.

Equities

5332

JP3596200000

Construction Supplies & Fixtures

Delayed Japan Exchange Other stock markets 11:44:40 2025-07-16 pm EDT			5-day change	1st Jan Change
3,732.00 ^JPY	+1.41%		-1.17%	-1.92%

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

Projected Income Statement: TOTO LTD.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	580,935	645,273	701,187	702,284	724,454	745,678	767,233	781,988
Change	-	11.07%	8.67%	0.16%	3.16%	2.93%	2.89%	1.92%
EBITDA ¹	66,582	79,119	80,533	76,902	83,497	86,529	98,443	104,857
Change	-	18.83%	1.79%	-4.51%	8.58%	3.63%	13.77%	6.52%
EBIT ¹	41,351	52,180	49,121	42,766	48,479	51,922	62,800	66,500
Change	-	26.19%	-5.86%	-12.94%	13.36%	7.1%	20.95%	5.89%
Interest Paid ¹	-165	-118	-76	-237	-318	-400	-400	-400
Earnings before Tax (EBT) ¹	39,064	57,867	59,975	54,206	24,331	48,236	65,546	68,338
Change	-	48.13%	3.64%	-9.62%	-55.11%	98.25%	35.89%	4.26%
Net income ¹	27,199	40,131	38,943	37,196	12,168	31,718	44,685	46,804
Change	-	47.55%	-2.96%	-4.49%	-67.29%	160.67%	40.88%	4.74%
Announcement Date	4/28/21	4/28/22	4/28/23	4/26/24	4/28/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	118,077	139,469	162,298	161,091	145,729	163,777	170,626	165,141	153,472	174,216	199,455	174,044	156,608	183,133	185,024	177,519	164,513	191,222	186,569	182,150	167,880	191,525	201,275	188,725
Change	-	18.12%	16.37%	-0.74%	-9.54%	12.38%	4.18%	-3.21%	-7.07%	13.52%	14.49%	-12.74%	-10.02%	16.94%	1.03%	-4.06%	-7.33%	16.24%	-2.43%	-2.37%	-7.83%	14.08%	5.09%	-6.24%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,159	8,446	17,116	13,630	12,113	14,500	16,413	9,154	10,206	10,443	22,945	5,527	4,001	11,268	17,640	9,857	9,800	14,342	17,364	6,973	8,200	11,575	19,975	12,200
Change	-	291.2%	102.65%	-20.37%	-11.13%	19.71%	13.19%	-44.23%	11.49%	2.32%	119.72%	-75.91%	-27.61%	181.63%	56.55%	-44.12%	-0.58%	46.35%	21.07%	-59.84%	17.6%	41.16%	72.57%	-38.92%
Charge d'intérêts	-38	-	-45	-	-33	-	-44	-	-32	-	-	-	-41	-	-72	-	-24	-	-102	-	-	-	-	-
Earnings before Tax (EBT) ¹	663	7,475	15,808	15,118	13,795	15,401	18,087	10,584	15,410	12,046	27,474	5,045	9,359	15,819	15,082	13,946	14,382	12,063	26,186	-28,300	2,267	5,500	20,400	16,300
Change	-	1,027.45%	111.48%	-4.36%	-8.75%	11.64%	17.44%	-41.48%	45.6%	-21.83%	128.08%	-81.64%	85.51%	69.02%	-4.66%	-7.53%	3.13%	-16.12%	117.08%	-208.07%	108.01%	142.65%	270.91%	-20.1%
Net income ¹	554	4,015	10,966	11,664	8,985	10,883	12,484	7,779	10,538	8,314	17,418	2,673	5,723	10,954	9,817	10,702	8,739	8,210	19,453	-24,234	2,150	2,833	15,333	9,800
Change	-	624.73%	173.13%	6.37%	-22.97%	21.12%	14.71%	-37.69%	35.47%	-21.1%	109.5%	-84.65%	114.1%	91.4%	-10.38%	9.01%	-18.34%	-6.05%	136.94%	-224.58%	108.87%	31.78%	441.18%	-36.09%
Announcement Date	7/31/20	10/30/20	1/29/21	4/28/21	7/30/21	10/29/21	1/28/22	4/28/22	7/29/22	10/28/22	1/31/23	4/28/23	7/31/23	10/30/23	1/31/24	4/26/24	7/31/24	10/28/24	1/31/25	4/28/25	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1
Net sales ¹	323,389	309,506	335,767	327,688	373,499	339,741	362,543	355,735	-	363,000
Change	-	-4.29%	8.48%	-2.41%	13.98%	-9.04%	6.71%	-1.88%	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-
EBIT ¹	30,746	26,613	25,567	20,649	28,472	15,269	27,497	24,142	24,337	22,000
Change	-	-13.44%	-3.93%	-19.24%	37.89%	-46.37%	80.08%	-12.2%	0.81%	-9.6%
Charge d'intérêts	-	-61	-	-89	-	-113	-	-119	-	-
Earnings before Tax (EBT)	30,926	29,196	28,671	27,456	32,519	25,178	29,028	26,445	-	-
Change	-	-5.59%	-1.8%	-4.24%	18.44%	-22.57%	15.29%	-8.9%	-	-
Net income ¹	22,630	19,868	20,263	18,852	20,091	16,677	20,519	16,949	-	9,000
Change	-	-12.21%	1.99%	-6.96%	6.57%	-16.99%	23.04%	-17.4%	-	-
Announcement Date	4/28/21	10/29/21	4/28/22	10/28/22	4/28/23	10/30/23	4/26/24	10/28/24	4/28/25	-

¹JPY in Million

Estimates

Forecast Balance Sheet: TOTO LTD.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-45,369	-52,498	-30,205	-35,659	-54,877	-34,374	-29,032	-37,372
Change	-	-15.71%	42.46%	-18.06%	-53.89%	37.36%	15.54%	-28.73%
Announcement Date	4/28/21	4/28/22	4/28/23	4/26/24	4/28/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: TOTO LTD.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	38,737	30,121	65,664	51,130	38,383	58,500	59,325	59,833
Change	-	-22.24%	118%	-22.13%	-24.93%	52.41%	1.41%	0.86%
Free Cash Flow (FCF) ¹	16,929	19,235	-34,085	22,521	32,998	18,797	22,632	26,440
Change	-	13.62%	-277.2%	166.07%	46.52%	-43.04%	20.4%	16.83%
Announcement Date	4/28/21	4/28/22	4/28/23	4/26/24	4/28/25	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: TOTO LTD.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	11.46%	12.26%	11.49%	10.95%	11.53%	11.6%	12.83%	13.41%
EBIT Margin (%)	7.12%	8.09%	7.01%	6.09%	6.69%	6.96%	8.19%	8.5%
EBT Margin (%)	6.72%	8.97%	8.55%	7.72%	3.36%	6.47%	8.54%	8.74%
Net margin (%)	4.68%	6.22%	5.55%	5.3%	1.68%	4.25%	5.82%	5.99%
FCF margin (%)	2.91%	2.98%	-4.86%	3.21%	4.55%	2.52%	2.95%	3.38%
FCF / Net Income (%)	62.24%	47.93%	-87.53%	60.55%	271.19%	59.26%	50.65%	56.49%
Profitability
ROA	6.72%	8.83%	7.98%	6.77%	6.28%	5.1%	6.48%	6.19%
ROE	7.8%	10.4%	9.1%	7.8%	2.4%	6.05%	8.42%	8.44%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	6.67%	4.67%	9.36%	7.28%	5.3%	7.85%	7.73%	7.65%
CAPEX / EBITDA (%)	58.18%	38.07%	81.54%	66.49%	45.97%	67.61%	60.26%	57.06%
CAPEX / FCF (%)	228.82%	156.59%	-192.65%	227.03%	116.32%	311.22%	262.13%	226.3%
Items per share
Cash flow per share ¹	309.5	395.7	414.9	420.6	278.1	280	516.6	492.2
Change	-	27.85%	4.86%	1.36%	-33.86%	0.66%	84.53%	-4.72%
Dividend per Share ¹	70	95	100	100	100	100	110.7	114.9
Change	-	35.71%	5.26%	0%	0%	0%	10.67%	3.8%
Book Value Per Share ¹	2,164	2,391	2,674	2,962	3,077	3,176	3,366	3,551
Change	-	10.51%	11.83%	10.77%	3.88%	3.22%	5.96%	5.52%
EPS ¹	160.6	236.7	229.7	219.3	71.73	188.4	268.2	282.1
Change	-	47.46%	-2.99%	-4.51%	-67.29%	162.67%	42.35%	5.2%
Nbr of stocks (in thousands)	169,445	169,528	169,573	169,618	169,655	167,514	167,514	167,514
Announcement Date	4/28/21	4/28/22	4/28/23	4/26/24	4/28/25	-	-	-