TOYODA GOSEI CO.,LTD.

豊田合成株式会社

Transportation Equipments

Toyoda Gosei Co., Ltd. manufactures and sells automotive parts, optoelectronic products, and general industry products. The company offers weatherstrips, such as opening trim weatherstrips, door glass runs, door and outer weatherstrips, and back weatherstrips; functional components, including fuel tank module components, battery components, engine components, and chassis and drive train parts; interior and exterior parts, such as radiator grilles, plastic fuel filler pipes and plastic turbo ducts; and safety system products, such as airbags, steering wheels, and other products. It also provides solar LEDs, UV-C LED modules, and UV-C LED water purification units; and general industry products, including air conditioning products, home construction components, construction, and industrial machinery parts. It has operations in Japan, the Americas, Europe, Africa, China, India, and Asia. Toyoda Gosei Co., Ltd. was incorporated in 1949 and is headquartered in Kiyosu, Japan.

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Price

¥4,827

Market Cap

¥613.7B

Ent. Value

¥605.3B

Net Cash

¥8.5B

Shares Out.

127.1M

P / E

9.8×

EV / EBIT

7.6×

P / Book

0.99×

P / NCAV

5.62×

Div. Yield

1.04%

Financials

Metric	FY 2025 TDnet	FY 2024 TDnet	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥1,146.8B	¥1,146.8B	¥1,071.1B	¥951.9B	¥830.2B
Cost of Sales	¥960.6B	¥960.6B	¥913.2B	¥836.3B	¥733.7B
Gross Profit	¥186.2B	¥186.2B	¥157.9B	¥115.6B	¥96.6B
SG&A	¥103.3B	¥103.3B	¥84.6B	¥76.5B	¥64.0B
Operating Income	¥79.6B	¥79.6B	¥67.7B	¥35.1B	¥34.2B
Non-Operating Income	—	¥6.0B	¥6.1B	¥3.7B	¥5.9B
Non-Operating Expenses	—	¥8.8B	¥6.7B	¥3.7B	¥2.7B
Ordinary Income	¥90.2B	¥59.2B	—	—	—
Pre-tax Income	¥90.2B	¥90.2B	¥71.8B	¥35.3B	¥37.7B
Net Income (owners)	¥62.0B	¥62.0B	¥51.5B	¥16.0B	¥23.4B
Minority Interest	—	¥6.6B	¥6.9B	¥5.0B	¥3.4B
Comprehensive Income	—	¥40.1B	¥101.4B	¥33.1B	¥53.3B
EBITDA	¥133.2B	¥133.2B	¥118.6B	¥82.7B	¥76.1B
EPS	¥494.11	¥494.11	¥400.22	¥123.62	¥180.39
Shares Outstanding	—	127.1M	127.0M	129.4M	129.4M
Shares Issued (total)	—	127.6M	127.6M	130.1M	130.0M
Treasury Shares	—	0.5M	0.6M	0.6M	0.6M

Metric	FY 2025 TDnet	FY 2024 TDnet	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥992.9B	¥992.9B	¥933.3B	¥865.3B	¥859.3B
Current Assets	¥486.9B	¥486.9B	¥455.2B	¥419.1B	¥425.2B
Cash & Deposits	¥131.8B	¥131.8B	¥146.0B	¥105.3B	¥109.1B
Non-Current Assets	¥506.0B	¥506.0B	¥478.2B	¥446.2B	¥434.1B
PP&E	¥379.9B	¥379.9B	¥341.8B	¥327.8B	¥316.9B
Intangible Assets	—	¥6.4B	¥6.2B	¥5.2B	¥5.2B
Deferred Tax Assets	—	¥20.2B	¥17.4B	¥18.0B	¥18.7B
Total Liabilities	¥377.7B	¥377.7B	¥366.6B	¥378.9B	¥396.5B
Current Liabilities	¥248.7B	¥248.7B	¥216.9B	¥196.0B	¥209.4B
ST Debt	¥46.8B	¥46.8B	¥38.9B	¥32.9B	¥43.9B
Non-Current Liabilities	¥129.0B	¥129.0B	¥149.7B	¥182.9B	¥187.1B
Total LT Borrowings	¥76.5B	¥76.5B	¥99.4B	¥130.1B	¥129.8B
Deferred Tax Liab.	—	¥925M	¥1.7B	¥3.2B	¥5.3B
Total Equity	¥615.2B	¥615.2B	¥566.7B	¥486.4B	¥462.8B
Capital Surplus	—	¥24.7B	¥24.7B	¥24.9B	¥24.5B
Retained Earnings	¥417.1B	¥417.1B	¥388.6B	¥344.3B	¥335.1B
Treasury Stock	—	¥-1.6B	¥-1.7B	¥-1.2B	¥-1.2B
AOCI	—	¥78.6B	¥82.6B	¥52.4B	¥42.4B
Equity (owners)	¥568.6B	¥568.6B	¥522.3B	¥448.4B	¥428.8B
Minority Interests	—	¥45.8B	¥44.4B	¥38.0B	¥34.0B

Total Interest-Bearing Debt ⓘ	¥123.3B	¥123.3B	¥138.4B	¥163.0B	¥173.7B
Net Cash ⓘ	¥8.5B	¥8.5B	¥7.6B	¥-57.8B	¥-64.6B
NCAV ⓘ	¥109.2B	¥109.2B	¥88.6B	¥40.2B	¥28.7B
NCAV/Share	—	¥859	¥698	¥310	¥221
BV/Share	—	¥4,472	¥4,114	¥3,464	¥3,313

Metric	FY 2025 TDnet	FY 2024 TDnet	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥131.7B	¥131.7B	¥128.4B	¥54.0B	¥27.7B
D&A	¥53.7B	¥53.7B	¥50.9B	¥47.6B	¥41.9B
Investing CF	¥-49.6B	¥-49.6B	¥-40.7B	¥-32.0B	¥-59.4B
Financing CF	¥-70.9B	¥-70.9B	¥-53.1B	¥-28.6B	¥2.2B
Free Cash Flow	¥131.7B	¥131.7B	¥128.4B	¥54.0B	¥27.7B

Metric	FY 2025 TDnet	FY 2024 TDnet	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	10.1%	10.5%	9.8%	3.4%	5.0%
ROA	6.2%	6.4%	5.7%	1.9%	2.7%
EPS	¥494.11	¥494.11	¥400.22	¥123.62	¥180.39
DPS	¥50.00	¥50.00	¥95.00	¥60.00	¥60.00
BPS	¥4,854.11	¥4,854.11	—	—	—
FCF/Share	—	¥1,036	¥1,011	¥417	¥214
NCAV/Share	—	¥859	¥698	¥310	¥221
Payout Ratio	10.1%	10.1%	23.7%	48.5%	33.3%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 14

Date	Activist	Stake	Event	Flag	Demands
2026-05-20	TOYOTA MOTOR CORPORATION	22.11%	correction	Passive	—
2026-05-13	TOYOTA MOTOR CORPORATION	22.11% +2.16%	change	Passive	—
2026-01-22	Nomura Securities Co.,Ltd.	2.21% -4.06%	change	Passive	—
2026-01-09	TOYOTA MOTOR CORPORATION	19.95% -3.5%	change	Passive	—
2026-01-08	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	6.72% +1.01%	change	Passive	—
2026-01-08	Nomura Securities Co.,Ltd.	6.27%	initial_5pct	Passive	—
2025-12-22	Sumitomo Mitsui Banking Corporation	2.67%	change	Passive	—
2025-12-08	TOYOTA MOTOR CORPORATION	23.45%	change	Passive	—
2025-12-05	SMBC Nikko Securities Inc.	6.55%	change	Passive	—
2025-09-19	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	5.71% -0.16%	change	Passive	—
2025-07-23	Sumitomo Mitsui DS Asset Management Company, Limited	5.08% +0.55%	initial_5pct	Passive	—
2024-08-21	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	5.87%	change	Passive	—
2024-07-05	Sumitomo Mitsui DS Asset Management Company, Limited	4.53% -1.05%	change	Passive	—
2023-12-22	Sumitomo Mitsui DS Asset Management Company, Limited	5.58%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-04-28 13:25	Div Increase	¥10.3B ¥88.0/sh +60%	TOYODA Gosei announced a dividend increase to ¥88 per share (from ¥60 forecast), representing a ¥28 increase and 47% yea…
Summary TOYODA Gosei announced a dividend increase to ¥88 per share (from ¥60 forecast), representing a ¥28 increase and 47% year-over-year growth from prior period's ¥55 DPS. Total dividend payout of ¥10.3 billion reflects the company's commitment to stable and continuous dividend growth as stated in its financial policy. Deadline: 2026-05-29 YoY: +60% Source (JP) 期末の剰余金の配当については、当社の財務方針に掲げる「安定的かつ継続的な増配」を実現するため、直近配当予想から28円増配の88円とさせていただきます。剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	トヨタ自動車株式会社	55,459	43.58%
2	日本マスタートラスト信託銀行株式会社（信託口）	10,466	8.22%
3	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（信託口）	8,132	6.39%
4	株式会社三井住友銀行	4,207	3.30%
5	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）	2,402	1.88%
6	豊田合成従業員持株会	2,227	1.75%
7	日本生命保険相互会社（常任代理人日本マスタートラスト信託銀行株式会社）	1,592	1.25%
8	第一生命保険株式会社（常任代理人株式会社日本カストディ銀行）	1,381	1.08%
9	モルガン・スタンレーMUFG 証券株式会社	1,287	1.01%
10	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（信託口４）	1,049	0.82%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

7.2%

+0.7% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

1.9%

+0.8% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

60.2%

-0.4% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
トヨタ自動車		42.82%	43.65%	43.58% -0.07%
日本マスタートラスト信託銀行		8.18%	8.34%	8.22% -0.12%
日本カストディ銀行		7.63%	6.56%	7.21% +0.65%
三井住友銀行		3.89%	3.31%	3.30% -0.01%
State Street NEW ENTRY		1.90%	—	1.88% NEW
豊田合成従業員持株会		1.43%	1.41%	1.75% +0.34%
日本生命保険		1.22%	1.25%	1.25%
第一生命保険		1.06%	1.08%	1.08%
Morgan Stanley NEW ENTRY	—	—	—	1.01% NEW
BNY Mellon last seen 2024	Exited Top 10	—	1.12%	—
大栄産業 last seen 2024	Exited Top 10	0.80%	0.81%	—
JUNIPER last seen 2024	Exited Top 10	—	0.78%	—
Concentration (HHI) ⓘ		1983	2036	2040

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

Portfolio Book Value ¥2,827M -79% since 2023

Holdings 7 +1 new 20 exited

Trend Stable vs 2023

Held Company	FY2025 ¥2,827M total		FY2023 ¥13,250M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
NIPPON KAYAKU CO.,LTD. 日本化薬㈱	1,027	727,800	871	727,800	M
DAICEL CORPORATION ㈱ダイセル	986	760,200	760	760,200	M
譬ｪ蠑丈ｼ夂､ｾ�ｼｳ�ｽ呻ｽ趣ｽ難ｽ撰ｽ��ｽ��ｽ費ｽ会ｽ厄ｽ� ㈱Synspective	386	NEW New 505,350	—
㈱東海理化電機製作所	294	133,425	217	133,425	M
ZEON CORPORATION 日本ゼオン㈱	74	50,000	69	50,000	M
TOKAI CARBON CO., LTD. 東海カーボン㈱	48	56,790	71	56,790	M
Misonoza Co. ㈱御園座	12	7,100	12	7,100
suzuki motor corporation スズキ㈱	—	−100% Exit —	605	126,000	M
DENSO CORPORATION ㈱デンソー	—	−100% Exit —	2,390	321,214	M
TOYOTA TSUSHO CORPORATION 豊田通商㈱	—	−100% Exit —	2,350	418,258	M
TOYOTA BOSHOKU CORPORATION トヨタ紡織㈱	—	−100% Exit —	1,731	810,034	M
Ashimori Industry Co.,Ltd 芦森工業㈱	—	−100% Exit —	1,219	834,100
TOYOTA INDUSTRIES CORPORATION ㈱豊田自動織機	—	−100% Exit —	1,051	143,001	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱UFJフィナンシャル・グループ	—	−100% Exit —	482	569,480	M
SUBARU CORPORATION ㈱SUBARU	—	−100% Exit —	289	137,026
AISIN CORPORATION ㈱アイシン	—	−100% Exit —	231	63,525	M
Tokio Marine Holdings, Inc. 東京海上ホールディングス㈱	—	−100% Exit —	210	82,680	M
JTEKT Corporation ㈱ジェイテクト	—	−100% Exit —	186	183,105	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	—	−100% Exit —	105	19,912	M
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㈱	—	−100% Exit —	103	25,215	M
AICHI STEEL CORPORATION 愛知製鋼㈱	—	−100% Exit —	77	33,300	M
AISAN INDUSTRY CO., LTD 愛三工業㈱	—	−100% Exit —	72	80,404
HINO MORTORS,LTD. 日野自動車㈱	—	−100% Exit —	71	130,000	M
Nomura Holdings Inc. 野村ホールディングス㈱	—	−100% Exit —	34	67,774	M
TRINITY INDUSTRIAL CORPORATION トリニティ工業㈱	—	−100% Exit —	33	50,000	M
MITSUBISHI MOTORS CORPORATION 三菱自動車工業㈱	—	−100% Exit —	10	20,000
Mazda Motor Corporation マツダ㈱	—	−100% Exit —	1	1,178
Portfolio total	2,827		13,250

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