TOLI Corporation

東リ株式会社

Chemicals

TOLI Corporation manufactures and sells floor coverings, wallpapers, drapes, and related installation accessories in Japan and internationally. It offers carpet tiles, vinyl tiles, vinyl sheets, carpets, wall coverings, curtains, and adhesives. OLI Corporation was formerly known as TOYO LINOLEUM and changed its name to TOLI Corporation in October 1991. TOLI Corporation was incorporated in 1919 and is based in Itami, Japan.

← Companies

Price

¥618

Market Cap

¥36.0B

Ent. Value

¥36.1B

Net Debt

−¥70M

Shares Out.

58.2M

P / E

8.0×

EV / EBIT

7.1×

⚠ TSE Capital Mandate

P / Book

0.68×

P / NCAV

5.43×

Div. Yield

1.62%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥112.3B	¥105.7B	¥102.5B	¥95.2B	¥88.5B
Cost of Sales	¥78.7B	¥75.0B	¥72.6B	¥68.1B	¥64.4B
Gross Profit	¥33.6B	¥30.7B	¥29.9B	¥27.2B	¥24.1B
SG&A	¥28.5B	¥26.3B	¥24.9B	¥23.6B	¥23.2B
Operating Income	¥5.1B	¥4.4B	¥5.0B	¥3.5B	¥878M
Non-Operating Income	¥855M	¥557M	¥528M	¥467M	¥572M
Dividend Income	—	¥219M	¥189M	¥185M	¥162M
Interest Income	—	¥8M	¥5M	¥4M	¥3M
Non-Operating Expenses	—	¥269M	¥266M	¥359M	¥205M
Interest Expense	—	¥71M	¥64M	¥63M	¥60M
Ordinary Income	¥5.7B	¥4.7B	¥5.2B	¥3.6B	¥1.2B
Pre-tax Income	¥6.4B	¥5.1B	¥5.3B	¥3.8B	¥1.1B
Income Taxes	¥1.8B	¥1.5B	¥1.5B	¥1.2B	¥397M
Current Tax	—	¥1.4B	¥1.6B	¥1.2B	¥480M
Deferred Tax	—	¥51M	¥-58M	¥-3M	¥-83M
Net Income (owners)	¥4.5B	¥3.5B	¥3.7B	¥2.6B	¥720M
Minority Interest	—	¥58M	¥50M	¥10M	¥11M
Comprehensive Income	—	¥4.3B	¥6.0B	¥3.1B	¥917M
EBITDA	¥8.3B	¥7.3B	¥7.6B	¥5.9B	¥3.0B
EPS	¥76.86	¥59.62	¥61.69	¥42.57	¥11.79
Shares Outstanding	—	58.2M	59.2M	60.2M	60.3M
Shares Issued (total)	—	60.1M	60.1M	66.8M	66.8M
Treasury Shares	—	1.9M	0.9M	6.6M	6.5M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥99.6B	¥94.1B	¥90.8B	¥84.8B	¥80.0B
Current Assets	¥54.1B	¥52.7B	¥52.9B	¥50.7B	¥46.8B
Cash & Deposits	¥10.1B	¥8.2B	¥9.6B	¥9.7B	¥10.3B
Trade Receivables	—	¥15.9B	¥15.7B	¥15.2B	¥13.7B
Non-Current Assets	¥45.6B	¥41.3B	¥37.9B	¥34.1B	¥33.1B
PP&E	¥28.7B	¥26.9B	¥24.6B	¥23.0B	¥22.1B
Intangible Assets	—	¥638M	¥675M	¥811M	¥989M
Investment Securities	¥10.3B	¥8.3B	¥7.6B	¥5.2B	¥4.7B
Deferred Tax Assets	—	—	—	¥792M	¥959M
Total Liabilities	¥47.5B	¥45.7B	¥45.1B	¥43.9B	¥41.7B
Current Liabilities	¥34.2B	¥32.8B	¥34.1B	¥31.7B	¥29.4B
Accounts Payable	—	¥15.2B	¥17.7B	¥18.2B	¥17.6B
ST Debt	¥4.4B	¥4.0B	¥2.2B	¥1.0B	¥920M
Taxes Payable	—	¥745M	¥1.1B	¥1.1B	¥382M
Non-Current Liabilities	¥13.2B	¥12.9B	¥11.0B	¥12.2B	¥12.3B
Total LT Borrowings	¥5.8B	¥5.7B	¥4.5B	¥5.7B	¥5.8B
Pension Obligations	—	¥3.7B	¥3.8B	¥3.8B	¥3.8B
Deferred Tax Liab.	—	¥505M	¥104M	—	—
Total Equity	¥52.2B	¥48.4B	¥45.8B	¥40.9B	¥38.3B
Capital Stock	—	¥6.9B	¥6.9B	¥6.9B	¥6.9B
Capital Surplus	—	¥4.8B	¥4.8B	¥6.4B	¥6.4B
Retained Earnings	¥34.4B	¥31.5B	¥29.2B	¥26.3B	¥24.2B
Treasury Stock	—	¥-687M	¥-227M	¥-1.5B	¥-1.5B
AOCI	—	¥5.6B	¥4.8B	¥2.5B	¥2.0B
Equity (owners)	¥44.2B	¥42.5B	¥40.7B	¥38.1B	¥36.0B
Minority Interests	—	¥331M	¥326M	¥281M	¥271M

Total Interest-Bearing Debt ⓘ	¥10.2B	¥9.8B	¥6.7B	¥6.7B	¥6.7B
Net Cash ⓘ	¥-70M	¥-1.6B	¥2.9B	¥3.0B	¥3.6B
NCAV ⓘ	¥6.6B	¥7.0B	¥7.8B	¥6.8B	¥5.1B
NCAV/Share	—	¥121	¥132	¥113	¥85
BV/Share	—	¥730	¥687	¥633	¥597

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥9.1B	¥2.5B	¥5.3B	¥3.6B	¥5.0B
Taxes Paid	—	¥-1.8B	¥-1.6B	¥-520M	¥-341M
Interest Paid	—	¥-71M	¥-64M	¥-63M	¥-60M
Interest Received	—	¥227M	¥194M	¥190M	¥165M
D&A	¥3.2B	¥2.9B	¥2.6B	¥2.3B	¥2.2B
Investing CF	¥-4.4B	¥-4.8B	¥-3.9B	¥-3.3B	¥-4.0B
CapEx	¥5.0B	¥5.1B	¥3.7B	¥3.2B	¥3.7B
Purchase Investments	—	¥-6M	¥-7M	¥-6M	¥-7M
Proceeds from Invest.	—	¥563M	¥165M	¥21M	¥335M
Financing CF	¥-2.9B	¥842M	¥-1.6B	¥-934M	¥-1.1B
Dividends Paid	—	¥-1.2B	¥-782M	¥-482M	¥-489M
Share Buybacks	—	¥-460M	¥-340M	¥-33M	¥-195M
LT Debt Repaid	—	¥-2.1B	¥-900M	¥-800M	¥-1.5B
Free Cash Flow	¥4.2B	¥-2.6B	¥1.6B	¥391M	¥1.3B
Net Change in Cash	—	¥-1.4B	¥-127M	¥-601M	¥-78M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	8.9%	7.5%	8.6%	6.5%	1.9%
ROA	4.6%	3.8%	4.2%	3.1%	0.9%
EPS	¥76.86	¥59.62	¥61.69	¥42.57	¥11.79
DPS	¥10.00	¥21.00	¥19.00	¥10.00	¥8.00
BPS	¥913.01	¥824.90	¥767.66	¥674.80	¥630.05
FCF/Share	—	¥-45	¥27	¥6	¥21
NCAV/Share	—	¥121	¥132	¥113	¥85
Payout Ratio	13.0%	35.2%	30.8%	23.5%	67.9%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 2

Date	Activist	Stake	Event	Flag	Demands	Source
2025-02-18	Mitsubishi UFJ Financial Group Inc.	5.43% -0.93%	change	Passive	—
2024-07-29	Mitsubishi UFJ Financial Group Inc.	6.36%	change	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	Nippon Life Insurance 日本生命保険相互会社	3,641	6.25%
2	Tokuyama Corporation 株式会社トクヤマ	2,780	4.77%
3	Stock Ownership Plan 東親会持株会	2,231	3.83%
4	MUFG Bank 株式会社三菱ＵＦＪ銀行	1,777	3.05%
5	三信株式会社	1,730	2.97%
6	Mitsubishi UFJ Trust and Banking 三菱ＵＦＪ信託銀行株式会社	1,485	2.55%
7	上田八木短資株式会社	1,379	2.37%
8	ヨシダトモヒロ	1,316	2.26%
9	Employee Stock Ownership Plan 東リ社員持株会	1,282	2.20%
10	株式会社池田泉州銀行	1,220	2.10%

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%

-1.8% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

32.4%

+0.7% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
Nippon Life Insurance 日本生命保険		6.05%	6.15%	6.25% +0.10%
Tokuyama Corporation 式会社トクヤマ		4.62%	4.70%	4.77% +0.07%
Stock Ownership Plan 東親会持株会		3.36%	3.57%	3.83% +0.26%
MUFG Bank 式会社三菱ＵＦＪ銀行		2.95%	3.00%	3.05% +0.05%
三信		2.87%	2.92%	2.97% +0.05%
Mitsubishi UFJ Trust and Banking 三菱ＵＦＪ信託銀行		2.47%	2.51%	2.55% +0.04%
上田八木短資 NEW ENTRY	—	—	—	2.37% NEW
ヨシダトモヒロ NEW ENTRY	—	—	—	2.26% NEW
Employee Stock Ownership Plan 東リ社員持株会		2.12%	2.14%	2.20% +0.06%
式会社池田泉州銀行		2.03%	2.06%	2.10% +0.04%
日本マスタートラスト信託銀行 last seen 2024	Exited Top 10	7.09%	4.65%	—
BNY Mellon last seen 2024	Exited Top 10	—	1.75%	—
日本カストディ銀行 last seen 2023	Exited Top 10	2.64%	—	—
Concentration (HHI) ⓘ		158	130	121

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

Portfolio Book Value ¥6,914M +64% since 2023

Holdings 20 +2 new 5 exited

Trend 2 unwinding vs 2023

Held Company	FY2025 ¥6,914M total		FY2023 ¥4,228M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ	3,976	-2.5% ↓ 1,977,200	1,718	2,027,200	M
DAITO TRUST CONSTRUCTION CO.,LTD. 大東建託㈱	459	30,000	395	30,000
TOPPAN Holdings Inc. ＴＯＰＰＡＮホールディングス㈱	423	NEW New 104,400	—		M
DAIWA HOUSE INDUSTRY CO., LTD. 大和ハウス工業㈱	419	85,005	264	85,005
TACHIKAWA CORPORATION 立川ブラインド工業㈱	303	-4.8% ↓ 200,000	281	210,000	M
THE SHIGA BANK,LTD. ㈱滋賀銀行	258	49,100	131	49,100	M
Tokuyama Corporation ㈱トクヤマ	252	90,400	190	90,400	M
㈱コンコルディア・フィナンシャルグループ	242	247,000	120	247,000	M
KANEKA CORPORATION ㈱カネカ	157	41,400	142	41,400	M
NOZAWA CORPORATION ㈱ノザワ	113	134,500	92	134,500	M
Senshu Ikeda Holdings,Inc. ㈱池田泉州ホールディングス	69	160,580	37	160,580	M
Keihanshin Building Co., Ltd. 京阪神ビルディング㈱	55	41,000	49	41,000
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ（注）４	54	NEW New 14,400	—		M
TOSO CO., LTD. トーソー㈱	54	102,300	53	102,300	M
TEIJIN LIMITED 帝人㈱	28	22,000	30	22,000
Sumitomo Realty & Development Co.,Ltd. 住友不動産㈱	27	5,000	14	5,000
Imperial Hotel, Ltd. ㈱帝国ホテル	10	+100.0% ↑ 12,000	11	6,000
Nippon Logitem Co., Ltd. 日本ロジテム㈱	7	2,000	6	2,000	M
Nomura Holdings Inc. 野村ホールディングス㈱	4	5,481	2	5,481	M
New Japan Chemical Co., Ltd. 新日本理化㈱	4	23,000	4	23,000	M
凸版印刷㈱	—	−100% Exit —	531	199,400	M
月島機械㈱（注）３	—	−100% Exit —	101	93,000
Sojitz Corporation 双日㈱	—	−100% Exit —	30	10,877	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	—	−100% Exit —	25	4,800	M
DIC Corporation ＤＩＣ㈱	—	−100% Exit —	2	1,100
Portfolio total	6,914		4,228

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