1885
TOA CORPORATION
東亜建設工業株式会社
Construction
TOA Corporation provides construction and engineering services in Japan. It is involved in marine and civil engineering, land building, development, and sale related activities. The company engages in contracting, planning, designing, executing, and supervising civil engineering and architectural works; dredging, reclamation, and land preparation activities; planning, designing, supervision, and contract works for regional, urban, resource, and ocean development; and surveying and geological investigation activities. In addition, it engages in the planning, tenure, construction, and maintenance of roads, railroads, ports and harbors, airports, waterworks and sewer systems, government offices, waste disposal and treatment facilities, other public facilities, etc. Further, the company leases equipment and properties and provides consulting services, as well as constructs power generation facilities, such as heat, electricity, and renewable energy. The company was formerly known as TOA Harbour Works Co., Ltd. and changed its name to TOA Corporation in 1987. TOA Corporation was founded in 1908 and is headquartered in Tokyo, Japan.
Price
¥2,344
Market Cap
¥192.8B
Ent. Value
¥195.7B
Net Debt
−¥2.9B
Shares Out.
82.3M
P / E
12.5×
EV / EBIT
9.5×
P / Book
1.75×
P / NCAV
3.74×
Div. Yield
3.24%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥330.5B | ¥283.9B | ¥213.6B | ¥219.8B |
| Cost of Sales | ¥295.5B | ¥253.4B | ¥195.5B | ¥198.4B |
| Gross Profit | ¥35.0B | ¥30.4B | ¥18.0B | ¥21.4B |
| SG&A | ¥14.3B | ¥13.2B | ¥11.5B | ¥11.5B |
| Operating Income | ¥20.6B | ¥17.2B | ¥6.6B | ¥9.9B |
| Non-Operating Income | ¥515M | ¥860M | ¥569M | ¥748M |
| Dividend Income | ¥379M | ¥320M | ¥329M | ¥270M |
| Interest Income | ¥74M | ¥51M | ¥23M | ¥19M |
| Non-Operating Expenses | ¥1.1B | ¥1.5B | ¥510M | ¥484M |
| Interest Expense | ¥464M | ¥355M | ¥303M | ¥251M |
| Ordinary Income | ¥20.1B | ¥16.6B | ¥6.6B | ¥10.1B |
| Pre-tax Income | ¥21.0B | ¥16.3B | ¥7.1B | ¥10.3B |
| Income Taxes | ¥5.8B | ¥5.7B | ¥2.2B | ¥2.9B |
| Current Tax | ¥6.2B | ¥8.1B | ¥1.5B | ¥1.7B |
| Deferred Tax | ¥-368M | ¥-2.4B | ¥670M | ¥1.2B |
| Net Income (owners) | ¥14.9B | ¥10.5B | ¥4.8B | ¥7.4B |
| Minority Interest | ¥245M | ¥89M | ¥77M | ¥-31M |
| Comprehensive Income | ¥14.4B | ¥15.7B | ¥5.4B | ¥7.4B |
| EBITDA | ¥23.9B | ¥20.6B | ¥9.3B | ¥12.1B |
| EPS | ¥187.94 | ¥127.73 | ¥224.55 | ¥382.81 |
| Shares Outstanding | 82.3M | 20.5M | 22.3M | 21.9M |
| Shares Issued (total) | 88.0M | 22.5M | 22.5M | 22.5M |
| Treasury Shares | 5.7M | 2.0M | 0.2M | 0.6M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥298.9B | ¥272.9B | ¥226.9B | ¥212.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥242.6B | ¥214.0B | ¥175.6B | ¥162.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥41.6B | ¥57.1B | ¥28.3B | ¥32.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥56.3B | ¥58.9B | ¥51.4B | ¥50.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥32.7B | ¥34.9B | ¥35.6B | ¥35.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥794M | ¥700M | ¥808M | ¥975M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥13.8B | ¥14.0B | ¥10.5B | ¥10.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥2.6B | ¥2.1B | ¥2.0B | ¥3.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥191.1B | ¥176.2B | ¥137.6B | ¥126.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥170.5B | ¥161.3B | ¥122.2B | ¥107.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥29.5B | ¥29.9B | ¥30.7B | ¥18.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥5.7B | ¥7.3B | ¥1.6B | ¥1.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥20.6B | ¥15.0B | ¥15.3B | ¥18.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥15.0B | ¥9.8B | ¥10.3B | ¥10.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥629M | ¥583M | ¥596M | ¥1.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥107.9B | ¥96.7B | ¥89.4B | ¥86.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥19.0B | ¥19.0B | ¥19.0B | ¥19.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥17.7B | ¥19.3B | ¥19.0B | ¥19.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥66.9B | ¥55.3B | ¥46.6B | ¥43.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-7.5B | ¥-9.1B | ¥-2.2B | ¥-1.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥10.5B | ¥11.2B | ¥6.3B | ¥6.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥96.0B | ¥84.4B | ¥82.3B | ¥80.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥1.3B | ¥1.1B | ¥731M | ¥697M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥44.5B | ¥39.7B | ¥41.0B | ¥29.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-2.9B | ¥17.4B | ¥-12.8B | ¥2.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥51.6B | ¥37.8B | ¥38.0B | ¥35.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥627 | ¥1,842 | ¥1,703 | ¥1,636 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥1,168 | ¥4,113 | ¥3,689 | ¥3,650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥-14.3B | ¥39.4B | ¥-13.9B | ¥-2.7B |
| Interest Paid | ¥-481M | ¥-355M | ¥-300M | ¥-298M |
| Interest Received | ¥452M | ¥372M | ¥351M | ¥290M |
| D&A | ¥3.3B | ¥3.3B | ¥2.7B | ¥2.2B |
| Investing CF | ¥93M | ¥-2.6B | ¥-2.6B | ¥-2.4B |
| CapEx | ¥1.5B | ¥2.8B | ¥3.4B | ¥2.4B |
| Financing CF | ¥-1.2B | ¥-8.5B | ¥12.7B | ¥4.5B |
| Dividends Paid | ¥-3.3B | ¥-2.0B | ¥-2.0B | ¥-1.5B |
| Share Buybacks | ¥-242M | ¥-7.5B | ¥-3.0B | ¥-1.3B |
| LT Debt Repaid | ¥-4.3B | ¥-4.6B | ¥-5.0B | ¥-5.7B |
| Free Cash Flow | ¥-15.8B | ¥36.5B | ¥-17.3B | ¥-5.1B |
| Net Change in Cash | ¥-15.5B | ¥28.8B | ¥-3.7B | ¥-293M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 14.7% | 11.4% | 5.5% | 9.1% |
| ROA | 5.2% | 4.2% | 2.2% | 3.5% |
| EPS | ¥187.94 | ¥127.73 | ¥224.55 | ¥382.81 |
| DPS | ¥76.00 | ¥160.00 | ¥90.00 | ¥90.00 |
| BPS | ¥1,342.70 | ¥1,206.27 | ¥4,071.84 | ¥3,939.69 |
| FCF/Share | ¥-192 | ¥1,779 | ¥-777 | ¥-232 |
| NCAV/Share | ¥627 | ¥1,842 | ¥1,703 | ¥1,636 |
| Payout Ratio | 40.4% | 125.3% | 40.1% | 23.5% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 15
Capital Allocation Signals 1
| Date | Type | Amount | Summary | |
|---|---|---|---|---|
|
2026-05-13
13:00
|
Div Increase | ¥5.1B ¥62.0/sh | Toa Construction announced a dividend increase for FY2026 (ended March 31, 2026) with period-end dividend of ¥62/share (… | |
|
Summary
Toa Construction announced a dividend increase for FY2026 (ended March 31, 2026) with period-end dividend of ¥62/share (¥39 ordinary + ¥23 special), up ¥8 from prior guidance of ¥54/share. Combined with newly-introduced interim dividend of ¥38/share, annual dividend reaches ¥100/share. Total dividend payout of ¥5.072 billion reflects the company's 40%+ consolidated payout ratio target, though year-over-year this represents a decrease from prior year's ¥76/share due to one-time factors.
Deadline: 2026-06-29
Source (JP)
期末配当において１株当たり 23 円の特別配当（直近の配当予想比＋８円）を実施することといたしました。この結果、当期の期末配当は１株当たり普通配当 39 円と合わせて 62 円、年間配当は中間配当 38 円を加えて１株当たり 100 円となります。
剰余金の配当（増配）に関するお知らせ
TDnet PDF
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| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社（信託口）
|
8,849 | 10.76% |
| 2 |
TAIHEIYO CEMENT CORPORATION
太平洋セメント株式会社
|
4,274 | 5.20% |
| 3 |
Japan Custody Bank
株式会社日本カストディ銀行（信託口）
|
3,711 | 4.51% |
| 4 |
Meiji Yasuda Life Insurance
明治安田生命保険相互会社
|
3,082 | 3.75% |
| 5 |
Japan Custody Bank
株式会社日本カストディ銀行（信託E口）
|
2,900 | 3.53% |
| 6 | 東亜建設工業鶴株会 | 2,698 | 3.28% |
| 7 |
Employee Stock Ownership Plan
東亜建設工業社員持株会
|
2,496 | 3.04% |
| 8 | モルガン・スタンレーMUFG証券株式会社 | 1,279 | 1.56% |
| 9 | 野村信託銀行株式会社(信託口2052256) | 1,267 | 1.54% |
| 10 | あいおいニッセイ同和損害保険株式会社 | 1,250 | 1.52% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
18.8%
-0.6% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
19.9%
-5.5% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 38.7% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 Activist | 2024 | 2025 |
|---|---|---|---|---|
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 10.38% | 10.63% | 10.76% +0.13% | |
| Japan Custody Bank 日本カストディ銀行 | 6.51% | 8.74% | 8.04% -0.70% | |
| TAIHEIYO CEMENT CORPORATION 太平洋セメント | 4.79% | 5.21% | 5.20% -0.01% | |
| Meiji Yasuda Life Insurance 明治安田生命保険 | 3.45% | 3.76% | 3.75% -0.01% | |
| 東亜建設工業鶴株会 | 4.60% | 5.27% | 3.28% -1.99% | |
| Employee Stock Ownership Plan 東亜建設工業社員持株会 | 2.74% | 3.07% | 3.04% -0.03% | |
| Morgan Stanley NEW ENTRY | — | — | — | 1.56% NEW |
| 野村信託銀行 NEW ENTRY | — | — | — | 1.54% NEW |
| あいおいニッセイ同和損害保険 NEW ENTRY | — | — | — | 1.52% NEW |
| 吉田 知広 last seen 2024 | Exited Top 10 | — | 3.22% | — |
| Mizuho Bank みずほ銀行 last seen 2024 | Exited Top 10 | 2.56% | 2.79% | — |
| The Bank of Yokohama 式会社横浜銀行 last seen 2024 | Exited Top 10 | — | 2.11% | — |
| City Index Eleventh Activist last seen 2023 | Exited Top 10 | 8.53% | — | — |
| 野村 絢 last seen 2023 | Exited Top 10 | 5.18% | — | — |
| Concentration (HHI) ⓘ | 320 | 290 | 249 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥10,996M
+35% since 2023
Holdings
36
+1 new
1 exited
Trend
5 unwinding
vs 2023
| Held Company | FY2025 ¥10,996M total | FY2023 ¥8,163M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
|
1,770 |
437,022
|
820 | 437,022 | |
|
Hulic Co.,Ltd.
ヒューリック㈱
|
1,148 |
799,359
|
868 | 799,359 | |
| ㈱コンコルディア・フィナンシャルグループ | 1,146 |
1,168,560
|
570 | 1,168,560 | |
|
Nippon Hume Corporation
日本ヒューム㈱
|
976 |
488,000
|
366 | 488,000 | M |
|
TAIHEIYO CEMENT CORPORATION
太平洋セメント㈱
|
922 |
236,697
|
588 | 236,697 | M |
|
The Chiba Bank, Ltd.
㈱千葉銀行
|
705 |
504,261
|
431 | 504,261 | M |
|
Keikyu Corporation
京浜急行電鉄㈱
|
675 |
-46.4%
↓
446,489
|
1,049 | 833,383 | M |
|
Sompo Holdings, Inc.
ＳＯＭＰＯホールディングス㈱
|
508 |
+28.6%
↑
112,500
|
459 | 87,500 | |
|
NAGAWA Co .,Ltd.
㈱ナガワ
|
489 |
81,600
|
557 | 81,600 | M |
|
TAKACHIHO KOHEKI CO.,LTD.
高千穂交易㈱
|
419 |
107,000
|
264 | 107,000 | M |
|
Fuyo General Lease Co., Ltd.
芙蓉総合リース㈱
|
347 |
30,000
|
270 | 30,000 | M |
|
The Ehime Bank, Ltd.
㈱愛媛銀行
|
295 |
275,200
|
231 | 275,200 | M |
|
WATANABE SATO CO., LTD.
㈱佐藤渡辺
|
206 |
+100.0%
↑
125,800
|
154 | 62,900 | M |
|
Maruzen Showa Unyu Co,.Ltd.
丸全昭和運輸㈱
|
180 |
30,000
|
96 | 30,000 | M |
|
Hokuhoku Financial Group, Inc.
㈱ほくほくフィナンシャルグループ
|
174 |
68,134
|
63 | 68,134 | |
|
ENEOS Holdings,Inc.
ＥＮＥＯＳホールディングス㈱
|
165 |
-67.0%
↓
211,732
|
298 | 641,732 | |
|
MS&AD Insurance Group Holdings, Inc.
ＭＳ＆ＡＤインシュアランスグループホールディングス㈱
|
156 |
-1.8%
↓
48,665
|
203 | 49,555 | |
|
SAN-AI OBBLI CO.,LTD
三愛オブリ㈱
|
125 |
-67.2%
↓
73,050
|
305 | 223,050 | M |
|
RIKEN KEIKI CO.,LTD
理研計器㈱
|
113 |
+100.0%
↑
44,000
|
124 | 22,000 | M |
|
Mitsubishi UFJ Financial Group, Inc.
㈱三菱ＵＦＪフィナンシャル・グループ
|
109 |
-68.8%
↓
54,330
|
147 | 174,330 | |
|
譬ｪ蠑丈ｼ夂､ｾ�ｼ｢�ｼ｣�ｼｪ�ｼ搾ｼ呻ｼ�
㈱日新
|
68 |
14,520
|
30 | 14,520 | M |
|
MARUFUJI SHEET PILING CO., LTD.
丸藤シートパイル㈱
|
61 |
22,000
|
45 | 22,000 | M |
|
TOYO WHARF & WAREHOUSE CO.,LTD.
東洋埠頭㈱
|
54 |
42,000
|
56 | 42,000 | M |
|
Carlit Co.,Ltd.
㈱カーリット
|
52 |
NEW
New
50,000
|
— | M | |
|
Keio Corporation
京王電鉄㈱
|
51 |
+17.7%
↑
13,503
|
53 | 11,472 | |
|
SUIDO KIKO KAISHA,LTD
水道機工㈱
|
35 |
20,000
|
27 | 20,000 | M |
|
AGC Inc.
ＡＧＣ㈱
|
16 |
+80.1%
↑
3,580
|
9 | 1,988 | |
|
JFE Holdings,Inc.
ＪＦＥホールディングス㈱
|
15 |
8,727
|
14 | 8,727 | |
|
Kobe Steel, Ltd.
㈱神戸製鋼所
|
12 |
7,113
|
7 | 7,113 | |
|
Kirin Holdings Company, Limited
キリンホールディングス㈱
|
4 |
2,000
|
4 | 2,000 | |
|
Maruha Nichiro Corporation
マルハニチロ㈱
|
— | — | |||
|
TOPY INDUSTRIES,LIMITED
トピー工業㈱
|
— | — | M | ||
|
NIPPON KINZOKU CO., LTD.
日本金属㈱
|
— | — | M | ||
|
Nippon Koei Co., Ltd.
日本工営㈱
|
— | — | M | ||
|
HAZAMA ANDO CORPORATION
㈱安藤・間
|
— | — | |||
|
SAKURAJIMA FUTO KAISHA,LTD.
櫻島埠頭㈱
|
— | — | |||
| カーリットホールディングス㈱ | — |
−100%
Exit
—
|
55 | 80,000 | M |
| Portfolio total | 10,996 | 8,163 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding