TOTO LTD.

ＴＯＴＯ株式会社

Glass & Ceramics Products

TOTO LTD. manufactures and sells bathroom and kitchen plumbing fixtures worldwide. The company provides sanitary ware comprising toilet basins, urinals, sinks, washbasins, etc.; system toilets, toilet seats, plumbing accessories, bathtubs, and unit bathrooms; and fittings, such as various faucets, drain fittings, etc. it also offers modular kitchens, bathroom vanity units, marbright artificial marble counters, and welfare equipment; bathroom ventilation, heating, and drying systems; green building materials, such as tiles, ceramic slabs, etc.; and ceramics. The company was formerly known as TOTO Kiki Ltd. and changed its name to TOTO LTD. in 2007. TOTO LTD. was incorporated in 1917 and is headquartered in Kitakyushu, Japan.

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Price

¥7,678

Market Cap

¥1.3T

Ent. Value

¥1.2T

Net Cash

¥108.3B

Shares Out.

169.7M

P / E

31.6×

EV / EBIT

22.2×

P / Book

2.39×

P / NCAV

16.59×

Div. Yield

0.65%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥737.4B	¥724.5B	¥702.3B	¥701.2B	¥645.3B
Cost of Sales	¥474.9B	¥470.4B	¥463.3B	¥458.2B	¥408.4B
Gross Profit	¥262.6B	¥254.1B	¥239.0B	¥243.0B	¥236.9B
SG&A	¥208.8B	¥205.6B	¥196.2B	¥193.8B	¥184.7B
Operating Income	¥53.8B	¥48.5B	¥42.8B	¥49.1B	¥52.2B
Non-Operating Income	¥10.0B	¥5.8B	¥10.6B	¥7.6B	¥7.0B
Dividend Income	—	¥2.3B	¥2.2B	¥2.0B	¥1.7B
Interest Income	—	¥881M	¥1.1B	¥1.3B	¥752M
Non-Operating Expenses	—	¥3.9B	¥1.8B	¥2.0B	¥2.3B
Interest Expense	—	¥318M	¥237M	¥76M	¥118M
Ordinary Income	¥60.7B	¥50.4B	¥51.5B	¥54.8B	¥56.9B
Pre-tax Income	¥58.7B	¥24.3B	¥54.2B	¥60.0B	¥57.9B
Income Taxes	¥20.4B	¥11.8B	¥16.4B	¥18.9B	¥17.2B
Current Tax	—	¥15.3B	¥10.1B	¥14.4B	¥15.3B
Deferred Tax	—	¥-3.5B	¥6.2B	¥4.5B	¥1.9B
Net Income (owners)	¥40.3B	¥12.2B	¥37.2B	¥38.9B	¥40.1B
Minority Interest	—	¥355M	¥654M	¥2.1B	¥543M
Comprehensive Income	—	¥37.3B	¥66.9B	¥66.7B	¥55.0B
EBITDA	¥88.1B	¥83.5B	¥76.9B	¥80.5B	¥79.1B
EPS	¥243.01	¥71.73	¥219.30	¥229.66	¥236.74
Shares Outstanding	—	169.7M	169.6M	169.6M	169.5M
Shares Issued (total)	—	177.0M	177.0M	177.0M	177.0M
Treasury Shares	—	7.3M	7.4M	7.4M	7.4M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥827.5B	¥813.9B	¥790.3B	¥731.6B	¥641.0B
Current Assets	¥372.1B	¥374.6B	¥354.0B	¥359.3B	¥307.6B
Cash & Deposits	¥132.9B	¥122.8B	¥103.5B	¥98.1B	¥90.5B
Trade Receivables	—	¥101.5B	¥99.7B	¥99.4B	¥94.8B
Non-Current Assets	¥455.4B	¥439.4B	¥436.2B	¥372.3B	¥333.4B
PP&E	¥267.9B	¥261.4B	¥268.6B	¥242.5B	¥231.8B
Intangible Assets	—	¥36.5B	¥33.4B	¥29.5B	¥24.0B
Investment Securities	¥63.4B	¥67.5B	¥81.2B	¥60.9B	¥54.4B
Deferred Tax Assets	—	¥3.4B	¥2.6B	¥2.3B	¥2.2B
Total Liabilities	¥293.6B	¥283.5B	¥279.7B	¥270.5B	¥227.7B
Current Liabilities	¥238.4B	¥230.8B	¥224.2B	¥228.8B	¥199.5B
Accounts Payable	—	¥82.6B	¥76.7B	¥85.0B	¥78.5B
ST Debt	¥23.3B	¥23.7B	¥23.2B	¥23.1B	¥23.7B
Taxes Payable	—	¥8.2B	¥4.4B	¥6.2B	¥5.5B
Non-Current Liabilities	¥55.2B	¥52.7B	¥55.5B	¥41.7B	¥28.2B
Total LT Borrowings	¥1.3B	¥1.0B	¥1.5B	¥1.6B	¥1.1B
Pension Obligations	—	¥17.7B	¥19.6B	¥20.6B	¥21.7B
Deferred Tax Liab.	—	¥25.1B	¥26.0B	¥11.2B	—
Total Equity	¥533.9B	¥530.4B	¥510.6B	¥461.1B	¥413.4B
Capital Stock	—	¥35.6B	¥35.6B	¥35.6B	¥35.6B
Capital Surplus	—	¥29.5B	¥29.5B	¥29.4B	¥29.4B
Retained Earnings	¥356.0B	¥360.4B	¥365.2B	¥345.0B	¥323.0B
Treasury Stock	—	¥-13.6B	¥-13.7B	¥-13.7B	¥-13.8B
AOCI	—	¥110.1B	¥85.9B	¥57.3B	¥31.3B
Equity (owners)	¥415.6B	¥411.9B	¥416.6B	¥396.3B	¥374.1B
Minority Interests	—	¥8.1B	¥7.8B	¥7.3B	¥7.6B

Total Interest-Bearing Debt ⓘ	¥24.6B	¥24.7B	¥24.7B	¥24.7B	¥24.8B
Net Cash ⓘ	¥108.3B	¥98.1B	¥78.9B	¥73.4B	¥65.7B
NCAV ⓘ	¥78.5B	¥91.1B	¥74.3B	¥88.7B	¥80.0B
NCAV/Share	—	¥537	¥438	¥523	¥472
BV/Share	—	¥2,428	¥2,456	¥2,337	¥2,207

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥71.2B	¥71.4B	¥76.3B	¥31.6B	¥49.4B
Interest Paid	—	¥-321M	¥-242M	¥-67M	¥-118M
Interest Received	—	¥4.2B	¥4.3B	¥4.1B	¥3.0B
D&A	¥34.4B	¥35.0B	¥34.1B	¥31.4B	¥26.9B
Investing CF	¥-21.8B	¥-38.4B	¥-53.8B	¥-35.3B	¥-31.9B
CapEx	¥36.5B	¥44.6B	¥51.1B	¥27.8B	¥30.1B
Financing CF	¥-38.6B	¥-19.0B	¥-19.0B	¥8.8B	¥-75.8B
Dividends Paid	—	¥-17.0B	¥-17.0B	¥-17.0B	¥-14.4B
Share Buybacks	—	¥-9M	¥-7M	¥-8M	¥-14M
LT Debt Repaid	—	—	¥-137M	¥-198M	—
Free Cash Flow	¥34.8B	¥26.8B	¥25.2B	¥3.8B	¥19.2B
Net Change in Cash	—	¥18.1B	¥5.1B	¥7.9B	¥-51.8B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	7.6%	2.4%	7.8%	9.1%	10.4%
ROA	4.9%	1.5%	4.9%	5.7%	6.3%
EPS	¥243.01	¥71.73	¥219.30	¥229.66	¥236.74
DPS	¥50.00	¥100.00	¥100.00	¥100.00	¥95.00
BPS	¥3,211.88	¥3,077.00	¥2,962.21	¥2,674.28	¥2,391.35
FCF/Share	—	¥158	¥148	¥23	¥113
NCAV/Share	—	¥537	¥438	¥523	¥472
Payout Ratio	20.6%	139.4%	45.6%	43.5%	40.1%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 17

Date	Activist	Stake	Event	Flag	Demands
2025-10-21	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	7.32% +0.42%	change	Passive	—
2025-09-19	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	6.9% +0.6%	change	Passive	—
2025-07-22	Nomura Securities Co.,Ltd.	8.02% -0.7%	change	Passive	—
2025-07-07	Mitsubishi UFJ Financial Group Inc.	4.35% -1.4%	change	Passive	—
2025-03-21	Nomura Securities Co.,Ltd.	8.72% +0.33%	change	Passive	—
2025-03-06	BlackRock Japan Co., Ltd.	4.18% -1.98%	change	Passive	—
2025-03-05	Nomura Securities Co.,Ltd.	8.39% +1.24%	change	Passive	—
2024-12-18	BlackRock Japan Co., Ltd.	6.16% -0.08%	change	Passive	—
2024-10-18	BlackRock Japan Co., Ltd.	6.24%	change	Passive	—
2024-07-29	Mitsubishi UFJ Financial Group Inc.	5.75% -0.22%	change	Passive	—
2024-06-20	Nomura Securities Co.,Ltd.	7.15% +0.5%	change	Passive	—
2024-05-21	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	6.3% +1.05%	change	Passive	—
2024-02-21	Nomura Securities Co.,Ltd.	6.65%	change	Passive	—
2024-02-06	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	5.25% +0.33%	initial_5pct	Passive	—
2023-12-21	Invesco Asset Management (Japan) Limited	3.91%	change	Passive	—
2023-11-07	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	4.92%	change	Passive	—
2023-10-16	Mitsubishi UFJ Financial Group Inc.	5.97%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-04-30 15:30	Div Increase	¥9.9B ¥60.0/sh +20%	TOTO announced a dividend increase for FY2026 (year ending March 31, 2026), raising the year-end dividend from the previ…
Summary TOTO announced a dividend increase for FY2026 (year ending March 31, 2026), raising the year-end dividend from the previously forecasted 50 yen to 60 yen per share, representing a 20% increase. Total annual dividend is now projected at 110 yen (50 yen interim + 60 yen year-end), up from 100 yen in the prior year. The increase aligns with the company's dividend policy targeting a payout ratio of 40% or higher while maintaining stable returns. Deadline: 2026-06-04 YoY: +20% Source (JP) 期末配当を前回予想に対し10円増配の60円といたしました。年間配当金（円）は110円（予定）となり、前期の100円から増加いたします。剰余金の配当（増配）に関するお知らせ TDnet PDF

#	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）	31,467	18.55%
2	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	16,561	9.76%
3	Meiji Yasuda Life Insurance 明治安田生命保険相互会社	10,358	6.11%
4	Nippon Life Insurance 日本生命保険相互会社	5,393	3.18%
5	Nomura Trust & Banking 野村信託銀行株式会社（投信口）	3,356	1.98%
6	TOTO持株会	3,214	1.89%
7	MUFG Bank 株式会社三菱ＵＦＪ銀行	3,087	1.82%
8	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人株式会社みずほ銀行決済営業部)	3,038	1.79%
9	Niterra Co., Ltd. 日本特殊陶業株式会社	1,910	1.13%
10	JPMorgan Chase Bank, N.A. JP MORGAN CHASE BANK 385781 (常任代理人株式会社みずほ銀行決済営業部)	1,899	1.12%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

28.3%

+2.7% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

2.9%

+2.9% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

16.1%

-2.5% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行		19.76%	18.22%	18.55% +0.33%
Japan Custody Bank 日本カストディ銀行		7.87%	7.38%	9.76% +2.38%
Meiji Yasuda Life Insurance 明治安田生命保険		6.11%	6.11%	6.11%
Nippon Life Insurance 日本生命保険		3.18%	3.18%	3.18%
Nomura Trust & Banking 野村信託銀行株式会社（投信口） ↑		—	1.57%	1.98% +0.41%
TOTO持株会 NEW ENTRY	—	—	—	1.89% NEW
MUFG Bank 式会社三菱ＵＦＪ銀行		1.82%	1.82%	1.82%
State Street NEW ENTRY	—	—	—	1.79% NEW
Niterra Co., Ltd. 日本特殊陶業		1.50%	1.31%	1.13% -0.18%
JP Morgan NEW ENTRY	—	—	—	1.12% NEW
TOTO Stock Ownership Plan ＴＯＴＯ持株会 last seen 2024	Exited Top 10	1.65%	1.78%	—
STATE STREET BANK WEST CLIENT － TREATY ＳＴＡＴＥＳＴＲＥＥＴＢＡＮＫＷＥＳＴＣＬＩＥＮＴ－ＴＲＥＡＴＹ last seen 2024	Exited Top 10	1.55%	1.59%	—
日本碍子 last seen 2024	Exited Top 10	—	1.22%	—
ＴＨＥＢＡＮＫＯＦＮＥＷＹＯＲＫＭＥＬＬＯＮ（ＩＮＴＥＲＮＡＴＩＯＮＡＬ）ＬＩＭＩＴＥＤ１３１８００ last seen 2023	Exited Top 10	1.49%	—	—
積水ハウス last seen 2023	Exited Top 10	1.58%	—	—
Concentration (HHI) ⓘ		515	449	503

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥54,562M +10% since 2023

Holdings 35 +4 new 9 exited

Trend 6 unwinding vs 2023

Held Company	FY2025 ¥54,562M total		FY2023 ¥49,401M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Niterra Co., Ltd. 日本特殊陶業㈱	12,461	-19.7% ↓ 2,756,463	9,395	3,433,863	M
DAIWA HOUSE INDUSTRY CO., LTD. 大和ハウス工業㈱	12,389	2,509,000	7,813	2,509,000	M
Sekisui House,Ltd. 積水ハウス㈱	8,556	-43.3% ↓ 2,561,722	12,197	4,520,822	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱UFJフィナンシャル・グループ	4,276	-50.0% ↓ 2,126,740	3,606	4,253,540
日本碍子㈱	4,006	-14.0% ↓ 2,182,850	4,449	2,539,450	M
Sumitomo Forestry Co., Ltd. 住友林業㈱	3,544	786,000	2,059	786,000	M
Noritake Company Limited ノリタケ㈱	2,851	NEW New 814,588	—		M
HASEKO Corporation ㈱長谷工コーポレーション	1,376	700,300	1,077	700,300	M
NORITZ CORPORATION ㈱ノーリツ	970	-50.0% ↓ 550,200	1,911	1,100,300	M
Yamaguchi Finacial Group,Inc. ㈱山口フィナンシャルグループ	656	-48.1% ↓ 373,661	584	719,661
Sumitomo Realty & Development Co.,Ltd. 住友不動産㈱	559	100,000	298	100,000
Central Japan Railway Company 東海旅客鉄道㈱	400	NEW New 140,200	—		M
Nishi-Nippon Railroad Co.,Ltd. 西日本鉄道㈱	374	174,400	417	174,400	M
Star Flyer Inc. ㈱スターフライヤー	350	140,000	352	140,000
HASHIMOTO SOGYO HOLDINGS CO.,LTD. 橋本総業ホールディングス㈱	290	242,000	272	242,000	M
DAI-DAN CO.,LTD. ダイダン㈱	225	+100.0% ↑ 60,704	71	30,352
Japan Airport Terminal Co.,Ltd. 日本空港ビルデング㈱	205	50,000	330	50,000
Kyushu Railway Company 九州旅客鉄道㈱	199	54,600	161	54,600
YAMATO CORPORATION ㈱ヤマト	168	114,000	100	114,000	M
SANKI ENGINEERING CO.,LTD. 三機工業㈱	163	48,300	70	48,300
ASAHI KOGYOSHA CO.,LTD. ㈱朝日工業社	95	+100.0% ↑ 49,068	53	24,534
KUWAZAWA Holdings Corporation クワザワホールディングス㈱	73	129,704	62	129,704
Imperial Hotel, Ltd. ㈱帝国ホテル	53	+100.0% ↑ 60,000	57	30,000
JK Holdings Co.,Ltd. JKホールディングス㈱	52	52,325	53	52,325	M
Kintetsu Group Holdings Co. 近鉄グループホールディングス㈱	47	14,901	63	14,901
AVANTIA CO., LTD. ㈱AVANTIA	37	48,000	38	48,000
OCHI HOLDINGS CO.,LTD. OCHIホールディングス㈱	36	27,000	33	27,000
DAIICHI KOUTSU SANGYO Co.,Ltd. 第一交通産業㈱	33	44,000	35	44,000	M
GEOLIVE Group Corporation ジオリーブグループ㈱	30	NEW New 28,290	—
TOKAI Holdings Corporation ㈱TOKAIホールディングス	29	NEW New 30,000	—
First Juken Co.,Ltd. ファースト住建㈱	25	23,300	26	23,300	M
OSAKA GAS CO.,LTD. 大阪瓦斯㈱	22	6,615	14	6,615
KEIYO GAS CO., LTD. 京葉瓦斯㈱	6	+200.0% ↑ 6,000	4	2,000
TSUCHIYA HOLDINGS CO., LTD. ㈱土屋ホールディングス	6	28,028	5	28,028
YUASA TRADING CO.,LTD. ユアサ商事㈱	—		—
Fukuoka Financial Group, Inc. ㈱ふくおかフィナンシャルグループ	—	−100% Exit —	322	126,525
第一生命ホールディングス㈱	—	−100% Exit —	245	100,900
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	—	−100% Exit —	191	36,180
譬ｪ蠑丈ｼ夂､ｾ隘ｿ譌･譛ｬ繝輔ぅ繝翫Φ繧ｷ繝｣繝ｫ繝帙�ｼ繝ｫ繝�繧｣繝ｳ繧ｰ繧ｹ㈱西日本フィナンシャルホールディングス	—	−100% Exit —	126	116,259
Kyushu Financial Group,Inc. ㈱九州フィナンシャルグループ	—	−100% Exit —	17	36,867
㈱ノリタケカンパニーリミテド	—	−100% Exit —	2,390	520,894	M
大建工業㈱	—	−100% Exit —	446	195,700	M
ジューテックホールディングス㈱	—	−100% Exit —	33	28,290
TOKAI Holdings Corporation ㈱ＴＯＫＡＩホールディングス	—	−100% Exit —	26	30,000
Portfolio total	54,562		49,401

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding