Cash flow Toray Industries, Inc.

Equities

3402

JP3621000003

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 07:30:00 14/05/2026 BST			5-day change	1st Jan Change
1,163.50 ^JPY	-0.34%		+2.24%	+14.07%

05-13	Toray Industries, Inc. Reports Earnings Results for the Full Year Ended March 31, 2026	CI
04-06	Toray Industries, Inc. - Special Call

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Published financial data: TORAY INDUSTRIES, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	1,884B	2,229B	2,489B	2,465B	2,563B
Total Revenues	1,884B	2,229B	2,489B	2,465B	2,563B
Cost of Goods Sold, Total	1,506B	1,793B	2,068B	2,021B	2,057B
Gross Profit	378B	436B	421B	444B	506B
Selling General & Admin Expenses, Total	287B	306B	331B	346B	366B
R&D Expenses	-	-	-	-	-
Depreciation & Amortization - (IS)	-	-	-	-	-
Other Operating Expenses	254M	-1.86B	-2.7B	-3.63B	-1.02B
Other Operating Expenses, Total	287B	304B	328B	343B	365B
Operating Income	90.26B	132B	92.62B	101B	141B
Interest Expense, Total	-5.68B	-5B	-10.67B	-16.84B	-17.18B
Interest And Investment Income	5.92B	6.11B	8.18B	11.7B	10.9B
Net Interest Expenses	241M	1.12B	-2.5B	-5.14B	-6.28B
Income (Loss) On Equity Invest.	12.81B	19.34B	7.4B	8.85B	-2.35B
Currency Exchange Gains (Loss)	-1.35B	482M	-1.21B	-1.08B	-3.61B
Other Non Operating Income (Expenses)	-2.02B	-1.19B	-824M	-711M	-923M
EBT, Excl. Unusual Items	99.95B	152B	95.49B	103B	128B
Gain (Loss) On Sale Of Investments	-	-	25.07B	-	-
Gain (Loss) On Sale Of Assets	-5.52B	-4.05B	-2.65B	-6.37B	-3.44B
Asset Writedown	-28.87B	-27.44B	-6.04B	-36.78B	-9.92B
Legal Settlements	-	-	-	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	65.57B	120B	112B	59.57B	114B
Income Tax Expense	18.23B	26.71B	31.03B	29.11B	27.62B
Earnings From Continuing Operations	47.34B	93.61B	80.84B	30.46B	86.67B
Net Income to Company	47.34B	93.61B	80.84B	30.46B	86.67B
Minority Interest	-1.54B	-9.37B	-8.02B	-8.56B	-8.76B
Net Income - (IS)	45.79B	84.24B	72.82B	21.9B	77.91B
Net Income to Common Incl Extra Items	45.79B	84.24B	72.82B	21.9B	77.91B
Net Income to Common Excl. Extra Items	45.79B	84.24B	72.82B	21.9B	77.91B
Per Share Items
Net EPS - Basic	28.61	52.63	45.49	13.67	48.93
Basic EPS - Continuing Operations	28.61	52.63	45.49	13.67	48.93
Basic Weighted Average Shares Outstanding	1.6B	1.6B	1.6B	1.6B	1.59B
Net EPS - Diluted	28.57	52.19	45.4	13.65	48.84
Diluted EPS - Continuing Operations	28.57	52.19	45.4	13.65	48.84
Diluted Weighted Average Shares Outstanding	1.6B	1.61B	1.6B	1.6B	1.6B
Normalized Basic EPS	38.07	53.42	32.27	34.74	44.6
Normalized Diluted EPS	38.01	52.98	32.21	34.68	44.52
Dividend Per Share	9	16	18	18	18
Payout Ratio	43.71	23.77	37.39	131.65	37
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	206B	252B	219B	230B	270B
EBITA	90.26B	132B	92.62B	101B	141B
EBIT	90.26B	132B	92.62B	101B	141B
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	27.8	22.2	27.74	48.87	24.16
Normalized Net Income	60.92B	85.51B	51.67B	55.64B	71.02B
Non-Cash Pension Expense	21.66B	22.12B	23.03B	22.92B	23.86B
Supplemental Operating Expense Items
Selling and Marketing Expenses	-	-	-	-	-
Research And Development Expense From Footnotes	62.8B	62.1B	68.9B	70.5B	74.4B
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	236B	229B	224B	236B	237B
Total Cash And Short Term Investments	236B	229B	224B	236B	237B
Accounts Receivable, Total	522B	577B	586B	660B	606B
Total Receivables	522B	577B	586B	660B	606B
Inventory	369B	469B	522B	532B	521B
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	53.32B	97.75B	97.57B	95.19B	98.22B
Total Current Assets	1,181B	1,373B	1,429B	1,523B	1,462B
Net Property Plant And Equipment	1,049B	1,038B	1,057B	1,132B	1,164B
Long-term Investments	441B	441B	503B	595B	448B
Goodwill	85.56B	88.12B	95.45B	96B	94.64B
Other Intangibles, Total	78.3B	80.71B	84.58B	95.27B	99.3B
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	14.41B	22.29B	24.27B	26.14B	25.16B
Total Assets	2,849B	3,044B	3,194B	3,467B	3,293B
Liabilities
Accounts Payable, Total	283B	327B	324B	340B	316B
Accrued Expenses, Total	-	-	-	-	-
Short-term Borrowings	173B	153B	207B	260B	250B
Current Portion of Long-Term Debt	106B	127B	170B	120B	117B
Current Portion of Leases	10.64B	10.59B	10.02B	11B	10.95B
Current Income Taxes Payable	11.96B	15.87B	9.02B	12.76B	39.82B
Other Current Liabilities	97.3B	105B	106B	122B	124B
Total Current Liabilities	681B	738B	826B	866B	858B
Long-Term Debt	655B	619B	534B	531B	432B
Long-Term Leases	30.01B	27.03B	28.96B	28.28B	32.15B
Pension & Other Post Retirement Benefits	101B	98.38B	91.98B	86.4B	80.25B
Deferred Tax Liability Non Current	41.52B	42.67B	56.31B	89.33B	51.12B
Other Non Current Liabilities	18.2B	19.41B	20.65B	19.86B	18.51B
Total Liabilities	1,527B	1,544B	1,558B	1,620B	1,472B
Common Stock, Total	148B	148B	148B	148B	148B
Additional Paid In Capital	120B	121B	121B	121B	121B
Retained Earnings	900B	979B	1,037B	1,068B	1,171B
Treasury Stock	-19.98B	-19.81B	-19.62B	-19.22B	-57.24B
Comprehensive Income and Other	89.48B	178B	249B	418B	327B
Total Common Equity	1,238B	1,406B	1,535B	1,736B	1,709B
Minority Interest	84.42B	94.06B	101B	110B	112B
Total Equity	1,322B	1,500B	1,636B	1,846B	1,821B
Total Liabilities And Equity	2,849B	3,044B	3,194B	3,467B	3,293B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.6B	1.6B	1.6B	1.6B	1.54B
ECS Total Common Shares Outstanding	1.6B	1.6B	1.6B	1.6B	1.56B
Book Value / Share	773.44	878.1	958.29	1.08K	1.09K
Tangible Book Value	1,074B	1,237B	1,355B	1,545B	1,515B
Tangible Book Value Per Share	671.05	772.62	845.9	964.49	968.87
Total Debt	974B	936B	950B	950B	843B
Net Debt	738B	706B	726B	714B	605B
Debt Equivalent of Unfunded Proj. Benefit Obligation	65.97B	70B	51.83B	15.42B	20.37B
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	84.42B	94.06B	101B	110B	112B
Equity Method Investments, Total	174B	183B	235B	229B	217B
Inventories - Raw Materials, Total	97.8B	124B	135B	142B	139B
Inventories - Work In Process, Total	76.09B	92.61B	112B	119B	109B
Inventories - Finished Goods, Total	195B	253B	275B	271B	272B
Full Time Employees	46.27K	48.84K	48.68K	48.14K	47.91K
Accumulated Allowance for Doubtful Accounts (Supple)	2.27B	3B	4.9B	3.5B	2.22B

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	65.57B	120B	112B	59.57B	114B
Depreciation & Amortization - CF	116B	120B	126B	129B	129B
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Depreciation & Amortization, Total	116B	120B	126B	129B	129B
(Gain) Loss From Sale Of Asset	28.87B	27.44B	6B	36.78B	9.92B
(Gain) Loss on Sale of Investments - (CF)	-	-	-25.07B	-	-
(Income) Loss On Equity Investments - (CF)	-12.81B	-19.34B	-7.4B	-8.85B	2.35B
Other Operating Activities, Total	-13.74B	-24.24B	-29.06B	-19.42B	-23.21B
Change In Accounts Receivable	-13.92B	-33.87B	3.4B	-51.38B	48.18B
Change In Inventories	46.7B	-75.95B	-33.61B	22.86B	4.89B
Change In Accounts Payable	-7.25B	28.41B	-10.74B	-3.1B	-29.77B
Change in Other Net Operating Assets	2.35B	-4.85B	3.44B	20.03B	-711M
Cash from Operations	212B	138B	145B	186B	255B
Capital Expenditure	-122B	-92.2B	-102B	-134B	-179B
Sale of Property, Plant, and Equipment	1.46B	3.28B	3.63B	2.4B	6.12B
Cash Acquisitions	-	-4.82B	-	-6.46B	-225M
Sale (Purchase) of Intangible assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	19B	37.33B	3.32B	19.64B	111B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	4.15B	-763M	-7.45B	-2.45B	-1.14B
Cash from Investing	-97.87B	-57.17B	-103B	-121B	-63.2B
Short Term Debt Issued, Total	4.73B	-	45B	32.01B	-
Long-Term Debt Issued, Total	75.04B	72.49B	70.37B	100B	48.06B
Total Debt Issued	79.77B	72.49B	115B	133B	48.06B
Short Term Debt Repaid, Total	-	-32.65B	-	-	-3.76B
Long-Term Debt Repaid, Total	-115B	-107B	-129B	-186B	-144B
Total Debt Repaid	-115B	-139B	-129B	-186B	-148B
Repurchase of Common Stock	-	-	-	-	-38.37B
Common Dividends Paid	-20.02B	-20.02B	-27.22B	-28.83B	-28.83B
Common & Preferred Stock Dividends Paid	-20.02B	-20.02B	-27.22B	-28.83B	-28.83B
Other Financing Activities, Total	-14.24B	-14.79B	-16.05B	11.81B	-21.37B
Cash from Financing	-69.4B	-102B	-57.38B	-70.37B	-189B
Foreign Exchange Rate Adjustments	8.34B	14.4B	8.53B	17.58B	-1.91B
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	52.65B	-6B	-6.36B	11.89B	1.41B
Supplemental Items
Cash Interest Paid	5.74B	4.96B	10.73B	16.75B	17.75B
Cash Income Tax Paid (Refund)	26.47B	37.68B	42.32B	29.8B	34.46B
Levered Free Cash Flow	58.05B	-35.61B	5.11B	1.76B	93.78B
Unlevered Free Cash Flow	61.6B	-32.49B	11.78B	12.29B	105B
Change In Net Working Capital	-11.85B	143B	70.27B	45.78B	-66.67B
Net Debt Issued / Repaid	-35.14B	-66.71B	-14.1B	-53.35B	-99.95B

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.05	2.8	1.86	1.89	2.6
Return on Total Capital	2.57	3.49	2.31	2.34	3.22
Return On Equity %	3.78	6.63	5.16	1.75	4.73
Return on Common Equity	3.93	6.37	4.95	1.34	4.52
Margin Analysis
Gross Profit Margin %	20.04	19.56	16.91	18	19.74
SG&A Margin	15.24	13.72	13.29	14.05	14.28
EBITDA Margin %	10.94	11.33	8.8	9.33	10.53
EBITA Margin %	4.79	5.93	3.72	4.09	5.49
EBIT Margin %	4.79	5.93	3.72	4.09	5.49
Income From Continuing Operations Margin %	2.51	4.2	3.25	1.24	3.38
Net Income Margin %	2.43	3.78	2.93	0.89	3.04
Net Avail. For Common Margin %	2.43	3.78	2.93	0.89	3.04
Normalized Net Income Margin	3.23	3.84	2.08	2.26	2.77
Levered Free Cash Flow Margin	3.08	-1.6	0.21	0.07	3.66
Unlevered Free Cash Flow Margin	3.27	-1.46	0.47	0.5	4.08
Asset Turnover
Asset Turnover	0.69	0.76	0.8	0.74	0.76
Fixed Assets Turnover	1.83	2.14	2.38	2.25	2.23
Receivables Turnover (Average Receivables)	3.75	4.06	4.28	3.96	4.05
Inventory Turnover (Average Inventory)	3.95	4.28	4.17	3.84	3.91
Short Term Liquidity
Current Ratio	1.73	1.86	1.73	1.76	1.7
Quick Ratio	1.11	1.09	0.98	1.03	0.98
Operating Cash Flow to Current Liabilities	0.31	0.19	0.18	0.21	0.3
Days Sales Outstanding (Average Receivables)	97.22	90.01	85.26	92.5	90.11
Days Outstanding Inventory (Average Inventory)	92.43	85.36	87.43	95.39	93.36
Average Days Payable Outstanding	60.99	58.84	56.07	59.85	58.53
Cash Conversion Cycle (Average Days)	128.66	116.53	116.62	128.04	124.93
Long Term Solvency
Total Debt/Equity	73.66	62.39	58.08	51.44	46.29
Total Debt / Total Capital	42.41	38.42	36.74	33.97	31.64
LT Debt/Equity	51.78	43.05	34.42	30.27	25.52
Long-Term Debt / Total Capital	29.82	26.51	21.77	19.99	17.45
Total Liabilities / Total Assets	53.59	50.73	48.79	46.74	44.71
EBIT / Interest Expense	15.89	26.44	8.68	5.99	8.2
EBITDA / Interest Expense	36.29	50.54	20.52	13.66	15.71
(EBITDA - Capex) / Interest Expense	14.72	32.08	10.94	5.69	5.28
Total Debt / EBITDA	4.73	3.71	4.34	4.13	3.12
Net Debt / EBITDA	3.58	2.8	3.32	3.1	2.24
Total Debt / (EBITDA - Capex)	11.65	5.84	8.14	9.91	9.29
Net Debt / (EBITDA - Capex)	8.82	4.41	6.22	7.45	6.68
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-14.95	18.31	11.7	-0.99	4
Gross Profit, 1 Yr. Growth %	-13.88	15.49	-3.47	5.39	14.06
EBITDA, 1 Yr. Growth %	-17.4	22.49	-13.24	5.02	17.35
EBITA, 1 Yr. Growth %	-36.49	46.31	-29.86	8.84	39.68
EBIT, 1 Yr. Growth %	-31.19	46.31	-29.86	8.84	39.68
Earnings From Cont. Operations, 1 Yr. Growth %	-27.08	97.74	-13.64	-62.33	184.59
Net Income, 1 Yr. Growth %	-17.82	83.94	-13.55	-69.93	255.81
Normalized Net Income, 1 Yr. Growth %	9.96	40.35	-39.58	7.7	27.63
Diluted EPS Before Extra, 1 Yr. Growth %	-17.38	82.67	-13.01	-69.93	257.8
Accounts Receivable, 1 Yr. Growth %	8.53	10.46	1.6	12.54	-8.13
Inventory, 1 Yr. Growth %	-6.24	27.15	11.14	1.99	-2.15
Net Property, Plant and Equip., 1 Yr. Growth %	4.21	-0.99	1.78	7.06	2.82
Total Assets, 1 Yr. Growth %	7.48	6.85	4.93	8.53	-5.02
Tangible Book Value, 1 Yr. Growth %	13.69	15.16	9.56	14	-1.92
Common Equity, 1 Yr. Growth %	13.01	13.55	9.21	13.09	-1.56
Cash From Operations, 1 Yr. Growth %	-6.28	-34.64	5.01	27.87	37.35
Capital Expenditures, 1 Yr. Growth %	-9.79	-24.73	10.87	31.22	33.64
Levered Free Cash Flow, 1 Yr. Growth %	-33.4	-161.34	-114.35	-65.54	5.23K
Unlevered Free Cash Flow, 1 Yr. Growth %	-32.82	-152.74	-136.26	4.28	750.74
Dividend Per Share, 1 Yr. Growth %	-43.75	77.78	12.5	0	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-11.2	0.31	14.96	5.16	1.47
Gross Profit, 2 Yr. CAGR %	-8.75	-0.27	5.58	0.86	9.64
EBITDA, 2 Yr. CAGR %	-10.06	0.58	3.09	-4.55	11.02
EBITA, 2 Yr. CAGR %	-23.21	-3.61	1.3	-12.63	23.3
EBIT, 2 Yr. CAGR %	-20.12	0.33	1.3	-12.63	23.3
Earnings From Cont. Operations, 2 Yr. CAGR %	-26.57	20.08	30.68	-42.96	3.55
Net Income, 2 Yr. CAGR %	-24.04	22.95	26.1	-49.01	3.43
Normalized Net Income, 2 Yr. CAGR %	-10.26	24.23	-7.91	-19.33	17.24
Diluted EPS Before Extra, 2 Yr. CAGR %	-24.07	22.85	26.06	-48.86	3.72
Accounts Receivable, 2 Yr. CAGR %	-0.62	9.49	5.94	6.93	1.68
Inventory, 2 Yr. CAGR %	-6.2	9.19	18.87	6.46	-0.1
Net Property, Plant and Equip., 2 Yr. CAGR %	2.57	1.58	0.39	4.39	4.92
Total Assets, 2 Yr. CAGR %	1.08	7.16	5.89	6.72	1.53
Tangible Book Value, 2 Yr. CAGR %	5.71	14.42	12.32	11.76	5.74
Common Equity, 2 Yr. CAGR %	4.55	13.28	11.36	11.13	5.51
Cash From Operations, 2 Yr. CAGR %	9.57	-21.74	-17.16	15.88	32.52
Capital Expenditures, 2 Yr. CAGR %	-14.05	-17.6	-8.65	20.62	32.42
Levered Free Cash Flow, 2 Yr. CAGR %	123.88	-36.08	-70.33	-77.76	328.4
Unlevered Free Cash Flow, 2 Yr. CAGR %	95.86	-40.48	-56.27	-38.5	197.86
Dividend Per Share, 2 Yr. CAGR %	-25	0	41.42	6.07	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-5.11	-2.29	3.97	9.38	4.78
Gross Profit, 3 Yr. CAGR %	-6.16	-1.3	-1.35	5.52	5.08
EBITDA, 3 Yr. CAGR %	-7.59	-0.31	-4.25	3.73	2.26
EBITA, 3 Yr. CAGR %	-18.27	-4.8	-13.3	3.75	2.16
EBIT, 3 Yr. CAGR %	-16.75	-2.27	-10.95	3.75	2.16
Earnings From Cont. Operations, 3 Yr. CAGR %	-22.87	2.16	7.59	-13.67	-2.53
Net Income, 3 Yr. CAGR %	-21.84	2	9.33	-21.8	-2.57
Normalized Net Income, 3 Yr. CAGR %	-11.51	4.16	-2.3	-2.98	-6
Diluted EPS Before Extra, 3 Yr. CAGR %	-21.87	1.74	9.5	-21.82	-2.19
Accounts Receivable, 3 Yr. CAGR %	2.32	2.94	6.8	8.09	1.65
Inventory, 3 Yr. CAGR %	-5.66	3.81	9.83	12.96	3.51
Net Property, Plant and Equip., 3 Yr. CAGR %	4.2	1.37	1.64	2.56	3.86
Total Assets, 3 Yr. CAGR %	3.19	2.97	6.41	6.76	2.65
Tangible Book Value, 3 Yr. CAGR %	1.62	8.77	12.78	12.88	7
Common Equity, 3 Yr. CAGR %	4.27	7.47	11.91	11.93	6.73
Cash From Operations, 3 Yr. CAGR %	17.88	-7.77	-13.68	-4.26	22.63
Capital Expenditures, 3 Yr. CAGR %	-5.56	-17.77	-9.03	3.07	24.81
Levered Free Cash Flow, 3 Yr. CAGR %	61.76	45.41	-61.15	-68.81	38.1
Unlevered Free Cash Flow, 3 Yr. CAGR %	80.16	26.48	-49.54	-41.57	47.63
Dividend Per Share, 3 Yr. CAGR %	-15.66	0	4	25.99	4
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-2.19	1.92	2.46	0.63	2.97
Gross Profit, 5 Yr. CAGR %	-3.1	0.28	-1.63	-0.44	2.91
EBITDA, 5 Yr. CAGR %	-4.15	0.64	-3.46	-2.03	1.58
EBITA, 5 Yr. CAGR %	-11.2	-3.2	-10.94	-8.01	-0.19
EBIT, 5 Yr. CAGR %	-10.19	-2.11	-9.95	-6.55	1.43
Earnings From Cont. Operations, 5 Yr. CAGR %	-13.4	-2.45	-4.76	-19.08	5.95
Net Income, 5 Yr. CAGR %	-12.67	-3.26	-5.36	-22.71	6.93
Normalized Net Income, 5 Yr. CAGR %	-6.84	0.52	-10.09	-5.96	5.09
Diluted EPS Before Extra, 5 Yr. CAGR %	-12.69	-3.42	-5.39	-22.73	7.15
Accounts Receivable, 5 Yr. CAGR %	5.46	6.36	3.75	4.52	4.72
Inventory, 5 Yr. CAGR %	-1.3	2.77	3.48	4.86	5.75
Net Property, Plant and Equip., 5 Yr. CAGR %	4.78	3.33	2.66	2.57	2.94
Total Assets, 5 Yr. CAGR %	4.57	4.9	4.26	4.45	4.43
Tangible Book Value, 5 Yr. CAGR %	4.55	5.52	5.77	9.96	9.91
Common Equity, 5 Yr. CAGR %	5.51	6.57	7.05	8.92	9.3
Cash From Operations, 5 Yr. CAGR %	1.53	-4.49	2.37	1.05	2.47
Capital Expenditures, 5 Yr. CAGR %	-0.05	-8.16	-6.81	-4.15	5.71
Levered Free Cash Flow, 5 Yr. CAGR %	0.62	-0.32	-17.92	-31.39	1.47
Unlevered Free Cash Flow, 5 Yr. CAGR %	0.65	-3.64	2.26	-5.21	2.65
Dividend Per Share, 5 Yr. CAGR %	-7.09	2.71	3.71	2.38	2.38