TOAMI CORPORATION

株式会社トーアミ

Metal Products

Toami Corporation engages in the production and sale of welded wire mesh products under the TOAMI brand name in Japan. It operates through two segments, Civil Engineering and Construction Materials Business, and Civil Engineering and Construction Work sales. The company offers special welded wire mesh products, reinforcing bar processed products, mesh fences, etc., as well as C-panel wall construction products. Its products are primarily used in civil and architecture works, concrete, and other. The company was founded in 1887 and is headquartered in Shijonawate, Japan.

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Price

¥617

Market Cap

¥3.5B

Ent. Value

¥5.6B

Net Debt

−¥2.1B

Shares Out.

5.7M

P / E

20.1×

EV / EBIT

26.0×

⚠ TSE Capital Mandate

P / Book

0.32×

P / NCAV

3.62×

Div. Yield

1.30%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥18.4B	¥18.1B	¥17.6B	¥15.4B	¥12.3B
Cost of Sales	¥15.3B	¥15.5B	¥14.9B	¥13.3B	¥10.3B
Gross Profit	¥3.1B	¥2.6B	¥2.7B	¥2.1B	¥2.0B
SG&A	¥2.9B	¥2.7B	¥2.4B	¥2.2B	¥1.9B
Operating Income	¥217M	¥-112M	¥325M	¥-107M	¥42M
Non-Operating Income	¥231M	¥143M	¥115M	¥104M	¥124M
Dividend Income	—	¥20M	¥19M	¥15M	¥16M
Interest Income	—	¥7M	¥12M	¥6M	¥2M
Non-Operating Expenses	—	¥62M	¥101M	¥93M	¥32M
Interest Expense	—	¥25M	¥13M	¥10M	¥2M
Ordinary Income	¥276M	¥-30M	¥338M	¥-96M	¥133M
Pre-tax Income	¥271M	¥135M	¥336M	¥-15M	¥133M
Income Taxes	¥85M	¥130M	¥74M	¥47M	¥63M
Current Tax	—	¥134M	¥68M	¥53M	¥51M
Deferred Tax	—	¥-4M	¥6M	¥-6M	¥12M
Net Income (owners)	¥176M	¥-6M	¥247M	¥-72M	¥70M
Minority Interest	—	¥11M	¥15M	¥10M	—
Comprehensive Income	—	¥-97M	¥464M	¥-52M	¥75M
EBITDA	¥618M	¥325M	¥679M	¥159M	¥229M
Goodwill Amort. (J-GAAP)	—	¥72M	¥39M	¥29M	—
EPS	¥30.66	¥-1.12	¥41.39	¥-11.86	¥11.16
Shares Outstanding	—	5.7M	5.7M	6.0M	6.2M
Shares Issued (total)	—	6.4M	6.4M	6.4M	6.4M
Treasury Shares	—	0.7M	0.7M	0.4M	0.2M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥18.8B	¥19.1B	¥19.5B	¥18.4B	¥15.9B
Current Assets	¥8.7B	¥9.6B	¥11.0B	¥10.6B	¥9.1B
Cash & Deposits	¥2.0B	¥1.8B	¥895M	¥1.4B	¥1.6B
Trade Receivables	—	¥2.5B	¥2.8B	¥2.5B	¥2.2B
Non-Current Assets	¥10.1B	¥9.4B	¥8.5B	¥7.8B	¥6.7B
PP&E	¥7.9B	¥7.7B	¥7.1B	¥6.7B	¥5.6B
Goodwill	—	¥499M	¥127M	¥166M	—
Intangible Assets	—	¥549M	¥174M	¥199M	¥27M
Investment Securities	¥879M	¥623M	¥725M	¥512M	¥775M
Total Liabilities	¥7.8B	¥8.3B	¥8.5B	¥7.6B	¥4.9B
Current Liabilities	¥6.7B	¥6.8B	¥6.5B	¥4.5B	¥2.7B
Accounts Payable	—	¥1.1B	¥2.2B	¥1.9B	¥1.8B
ST Debt	¥4.0B	¥4.1B	¥3.1B	¥1.8B	¥420M
Taxes Payable	—	¥114M	¥55M	¥42M	—
Non-Current Liabilities	¥1.1B	¥1.5B	¥2.0B	¥3.0B	¥2.2B
Total LT Borrowings	¥142M	¥666M	¥1.4B	¥2.2B	¥1.5B
Pension Obligations	—	¥91M	¥84M	¥75M	¥65M
Deferred Tax Liab.	—	¥399M	¥421M	¥317M	¥316M
Total Equity	¥11.1B	¥10.8B	¥11.0B	¥10.8B	¥11.0B
Capital Stock	—	¥1.3B	¥1.3B	¥1.3B	¥1.3B
Capital Surplus	—	¥1.3B	¥1.3B	¥1.3B	¥1.2B
Retained Earnings	¥8.4B	¥8.3B	¥8.4B	¥8.2B	¥8.4B
Treasury Stock	—	¥-319M	¥-328M	¥-167M	¥-69M
AOCI	—	¥239M	¥340M	¥138M	¥128M
Equity (owners)	¥10.6B	¥10.5B	¥10.6B	¥10.6B	¥10.8B
Minority Interests	—	¥24M	¥26M	¥14M	—

Total Interest-Bearing Debt ⓘ	¥4.1B	¥4.7B	¥4.5B	¥4.0B	¥1.9B
Net Cash ⓘ	¥-2.1B	¥-2.9B	¥-3.6B	¥-2.7B	¥-266M
NCAV ⓘ	¥978M	¥1.4B	¥2.5B	¥3.0B	¥4.2B
NCAV/Share	—	¥236	¥434	¥497	¥674
BV/Share	—	¥1,837	¥1,859	¥1,764	¥1,734

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥1.6B	¥903M	¥1.3B	¥-675M	¥-1.3B
Interest Paid	—	¥-27M	¥-13M	¥-10M	¥-2M
Interest Received	—	¥27M	¥31M	¥18M	¥18M
D&A	¥401M	¥365M	¥316M	¥237M	¥188M
Goodwill Amort.	—	¥72M	¥39M	¥29M	—
Investing CF	¥-522M	¥-121M	¥-2.0B	¥-1.4B	¥-905M
CapEx	¥460M	¥751M	¥473M	¥1.0B	¥582M
Purchase Investments	—	¥-6M	¥-4M	¥-112M	¥-320M
Proceeds from Invest.	—	¥49M	—	¥209M	—
Financing CF	¥-846M	¥112M	¥161M	¥1.8B	¥1.8B
Dividends Paid	—	¥-92M	¥-91M	¥-91M	¥-93M
Share Buybacks	—	¥-0M	¥-162M	¥-105M	—
LT Debt Repaid	—	¥-741M	¥-813M	¥-585M	¥-198M
Free Cash Flow	¥1.1B	¥152M	¥864M	¥-1.7B	¥-1.9B
Net Change in Cash	—	¥894M	¥-455M	¥-285M	¥-439M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	1.6%	-0.1%	2.3%	-0.7%	0.6%
ROA	0.9%	-0.0%	1.3%	-0.4%	0.4%
EPS	¥30.66	¥-1.12	¥41.39	¥-11.86	¥11.16
DPS	¥8.00	¥16.00	¥15.50	¥15.00	¥15.00
BPS	¥1,949.54	¥1,878.94	¥1,918.31	¥1,787.43	¥1,754.29
FCF/Share	—	¥27	¥151	¥-279	¥-305
NCAV/Share	—	¥236	¥434	¥497	¥674
Payout Ratio	26.1%	—	37.4%	—	134.4%

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-13 16:00	Div Increase	¥51M ¥9.0/sh +12%	Toami Inc. announced a dividend increase of 1.00 yen per share (9.0 yen vs. prior forecast of 8.0 yen) for the fiscal ye…
Summary Toami Inc. announced a dividend increase of 1.00 yen per share (9.0 yen vs. prior forecast of 8.0 yen) for the fiscal year ending March 31, 2026, representing a 12.5% increase from the prior year's dividend. Total dividend payout is 51.017 million yen with an effective date of June 29, 2026, aligned with the company's medium-term management plan focusing on stakeholder value enhancement and balanced capital allocation. Deadline: 2026-06-29 YoY: +12% Source (JP) 当期の配当につきましては、1株当たり8.0円を予定しておりましたが、今中期経営計画に沿い、1株当たり1円増配の9.0円とすることといたしました。剰余金の配当（増配）に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	東洋物産株式会社	618	10.78%
2	北川芳仁	389	6.80%
3	HANWA CO.,LTD. 阪和興業株式会社	378	6.59%
4	伊藤忠丸紅住商テクノスチール株式会社	368	6.42%
5	ONOKEN CO.,LTD. 小野建株式会社	368	6.42%
6	Employee Stock Ownership Plan トーアミ従業員持株会	299	5.22%
7	細川幸祐	281	4.90%
8	北川麻理子	115	2.01%
9	佐々木裕紀子	115	2.01%
10	田中真知子	108	1.88%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

0.0%

+0.0% 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

53.0%

+0.5% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
東洋物産		10.27%	10.82%	10.78% -0.04%
北川芳仁		6.35%	6.69%	6.80% +0.11%
HANWA CO.,LTD. 阪和興業		6.27%	6.61%	6.59% -0.02%
伊藤忠丸紅住商テクノスチール		6.11%	6.44%	6.42% -0.02%
ONOKEN CO.,LTD. 小野建		6.11%	6.44%	6.42% -0.02%
Employee Stock Ownership Plan トーアミ従業員持株会		4.91%	5.38%	5.22% -0.16%
細川幸祐 NEW ENTRY		5.10%	—	4.90% NEW
北川麻理子		1.91%	2.02%	2.01% -0.01%
佐々木裕紀子		1.91%	2.02%	2.01% -0.01%
田中真知子		—	1.89%	1.88% -0.01%
SBI SECURITIES Co., Ltd. 式会社ＳＢＩ証券 last seen 2024	Exited Top 10	2.47%	4.27%	—
Concentration (HHI) ⓘ		323	347	351

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

Portfolio Book Value ¥310M +37% since 2023

Holdings 5

Trend 2 building vs 2023

Held Company	FY2025 ¥310M total		FY2023 ¥225M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
HANWA CO.,LTD. 阪和興業㈱	186	+5.1% ↑ 38,086	143	36,223	M
ONOKEN CO.,LTD. 小野建㈱	47	31,220	46	31,220	M
Resona Holdings, Inc. ㈱りそなホールディングス	46	35,831	23	35,831
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ	23	11,530	10	11,530
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	7	+200.0% ↑ 1,800	3	600
Portfolio total	310		225

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