Financials Toray Industries, Inc.

Equities

3402

JP3621000003

Commodity Chemicals

Delayed Japan Exchange Other stock markets 07:30:00 15/07/2025 BST			5-day change	1st Jan Change
1,003.00 ^JPY	0.00%		+1.99%	+0.15%

07-02	Tranche Update on Toray Industries, Inc.'s Equity Buyback Plan announced on November 7, 2024.	CI
06-24	Sanyo Chemical Reaffirms Independence Despite Close Ties With Toyota Tsusho, Toray	MT

Projected Income Statement: Toray Industries, Inc.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,883,600	2,228,523	2,489,330	2,464,596	2,563,280	2,686,477	2,794,304	2,910,915
Change	-	18.31%	11.7%	-0.99%	4%	4.81%	4.01%	4.17%
EBITDA ¹	206,084	252,432	235,376	186,845	256,548	292,753	316,763	335,529
Change	-	22.49%	-6.76%	-20.62%	37.31%	14.11%	8.2%	5.92%
EBIT ¹	90,265	132,063	109,001	57,651	127,453	153,387	175,342	192,980
Change	-	46.31%	-17.46%	-47.11%	121.08%	20.35%	14.31%	10.06%
Interest Paid ¹	-9,224	-6,253	-13,013	-19,083	-10,814	-19,969	-14,900	-16,375
Earnings before Tax (EBT) ¹	65,566	120,315	111,870	59,567	114,288	145,249	170,271	188,391
Change	-	83.5%	-7.02%	-46.75%	91.86%	27.09%	17.23%	10.64%
Net income ¹	45,794	84,235	72,823	21,897	77,911	96,961	115,808	127,619
Change	-	83.94%	-13.55%	-69.93%	255.81%	24.45%	19.44%	10.2%
Announcement Date	13/05/21	13/05/22	12/05/23	13/05/24	14/05/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	397,631	458,438	508,137	519,394	513,672	549,306	583,894	581,651	605,869	655,925	640,006	587,530	578,057	621,319	630,032	635,188	637,726	656,400	629,789	639,383	656,340	685,120	671,820	689,540	702,200	729,700	699,300	715,100
Change	-	15.29%	10.84%	2.22%	-1.1%	6.94%	6.3%	-0.38%	4.16%	8.26%	-2.43%	-8.2%	-1.61%	7.48%	1.4%	0.82%	0.4%	2.93%	-4.05%	1.52%	2.65%	4.38%	-1.94%	2.64%	1.84%	3.92%	-4.17%	2.26%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,454	21,604	32,872	23,297	36,101	34,075	35,806	26,081	27,108	27,313	44,246	10,334	21,906	23,651	26,924	-13,718	36,761	42,751	25,352	19,467	34,575	42,975	39,350	39,675	47,200	55,200	45,600	49,000
Change	-	128.52%	52.16%	-29.13%	54.96%	-5.61%	5.08%	-27.16%	3.94%	0.76%	62%	-76.64%	111.98%	7.97%	13.84%	-150.95%	367.98%	16.29%	-40.7%	-23.21%	77.61%	24.3%	-8.44%	0.83%	18.97%	16.95%	-17.39%	7.46%
Charge d'intérêts	-2,090	-	-2,217	-	-1,728	-	-1,083	-	-1,874	-	-4,366	-	-4,433	-	-5,744	-	-4,741	-	-3,268	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	12,989	-4,550	34,446	22,681	40,938	40,267	39,302	-192	57,224	27,752	24,039	2,855	25,107	23,872	27,323	-16,735	41,803	36,000	29,888	6,641	29,100	38,200	40,900	28,800	-	-	-	-
Change	-	-135.03%	857.05%	-34.15%	80.49%	-1.64%	-2.4%	-100.49%	29,904.17%	-51.5%	-13.38%	-88.12%	779.4%	-4.92%	14.46%	-161.25%	349.79%	-13.88%	-16.98%	-77.78%	338.19%	31.27%	7.07%	-29.58%	-	-	-	-
Net income ¹	9,457	-4,991	23,433	17,895	29,729	31,195	28,382	-5,071	39,921	19,191	15,441	-1,730	13,946	14,921	16,792	-23,762	26,859	28,700	19,618	2,734	23,200	26,600	26,800	20,850	36,000	37,100	34,300	30,200
Change	-	-152.78%	569.51%	-23.63%	66.13%	4.93%	-9.02%	-117.87%	887.24%	-51.93%	-19.54%	-111.2%	906.13%	6.99%	12.54%	-241.51%	213.03%	6.85%	-31.64%	-86.06%	748.57%	14.66%	0.75%	-22.2%	72.66%	3.06%	-7.55%	-11.95%
Announcement Date	07/08/20	06/11/20	09/02/21	13/05/21	04/08/21	09/11/21	09/02/22	13/05/22	09/08/22	08/11/22	08/02/23	12/05/23	07/08/23	08/11/23	08/02/24	13/05/24	07/08/24	07/11/24	12/02/25	14/05/25	-	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	1,027,531	1,062,978	1,165,545	1,261,794	1,227,536	1,199,376	1,265,220	1,294,100	1,269,172	1,303,900	1,373,100
Change	-	3.45%	9.65%	8.26%	-2.72%	-2.29%	5.49%	2.28%	-1.93%	2.74%	5.31%
EBITDA	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	56,169	68,962	61,887	54,421	-	44,445	13,206	79,512	-	71,200	88,800
Change	-	22.78%	-10.26%	-12.06%	-	-	-70.29%	502.09%	-	-	24.72%
Charge d'intérêts	-	-3,025	-	-4,580	-	-8,697	-	-11,310	-	-	-
Earnings before Tax (EBT) ¹	57,127	81,205	39,110	84,976	26,894	48,979	10,588	77,800	36,529	67,300	-
Change	-	42.15%	-51.84%	117.27%	-68.35%	82.12%	-78.38%	634.79%	-53.05%	84.24%	-
Net income ¹	41,328	60,924	23,311	59,112	13,711	28,867	-6,970	55,500	36,529	43,700	54,900
Change	-	47.42%	-61.74%	153.58%	-76.81%	110.54%	-124.15%	896.27%	-34.18%	19.63%	25.63%
Announcement Date	13/05/21	09/11/21	13/05/22	08/11/22	12/05/23	08/11/23	13/05/24	07/11/24	14/05/25	-	-

¹JPY in Million

Estimates

Forecast Balance Sheet: Toray Industries, Inc.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	696,932	698,531	726,098	713,797	605,364	628,178	599,874	530,539
Change	-	0.23%	3.95%	-1.69%	-15.19%	3.77%	-4.51%	-11.56%
Announcement Date	13/05/21	13/05/22	12/05/23	13/05/24	14/05/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Toray Industries, Inc.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	133,200	100,936	112,546	147,165	218,700	167,528	169,810	175,528
Change	-	-24.22%	11.5%	30.76%	48.61%	-23.4%	1.36%	3.37%
Free Cash Flow (FCF) ¹	113,700	81,100	42,489	64,700	46,614	55,539	92,921	83,079
Change	-	-28.67%	-47.61%	52.27%	-27.95%	19.15%	67.31%	-10.59%
Announcement Date	13/05/21	13/05/22	12/05/23	13/05/24	14/05/25	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Toray Industries, Inc.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	10.94%	11.33%	9.46%	7.58%	10.01%	10.9%	11.34%	11.53%
EBIT Margin (%)	4.79%	5.93%	4.38%	2.34%	4.97%	5.71%	6.27%	6.63%
EBT Margin (%)	3.48%	5.4%	4.49%	2.42%	4.46%	5.41%	6.09%	6.47%
Net margin (%)	2.43%	3.78%	2.93%	0.89%	3.04%	3.61%	4.14%	4.38%
FCF margin (%)	6.04%	3.64%	1.71%	2.63%	1.82%	2.07%	3.33%	2.85%
FCF / Net Income (%)	248.29%	96.28%	58.35%	295.47%	59.83%	57.28%	80.24%	65.1%
Profitability
ROA	3.9%	4.08%	3.59%	3.1%	3.38%	3.58%	3.61%	3.88%
ROE	3.89%	6.4%	5%	1.3%	4.5%	5.5%	6.22%	6.51%
Financial Health
Leverage (Debt/EBITDA)	3.38x	2.77x	3.08x	3.82x	2.36x	2.15x	1.89x	1.58x
Debt / Free cash flow	6.13x	8.61x	17.09x	11.03x	12.99x	11.31x	6.46x	6.39x
Capital Intensity
CAPEX / Current Assets (%)	7.07%	4.53%	4.52%	5.97%	8.53%	6.24%	6.08%	6.03%
CAPEX / EBITDA (%)	64.63%	39.99%	47.82%	78.76%	85.25%	57.22%	53.61%	52.31%
CAPEX / FCF (%)	117.15%	124.46%	264.88%	227.46%	469.17%	301.64%	182.75%	211.28%
Items per share
Cash flow per share ¹	101	127.8	124.4	94.34	130	136.6	146.9	196.5
Change	-	26.58%	-2.67%	-24.18%	37.82%	5.07%	7.5%	33.78%
Dividend per Share ¹	9	16	18	18	18	20.45	23.25	25.5
Change	-	77.78%	12.5%	0%	0%	13.64%	13.67%	9.68%
Book Value Per Share ¹	773.4	878.1	958.8	1,084	1,093	1,184	1,237	1,290
Change	-	13.53%	9.19%	13.05%	0.83%	8.32%	4.49%	4.29%
EPS ¹	28.61	52.63	45.49	13.67	48.93	63.67	76.73	83.29
Change	-	83.96%	-13.57%	-69.95%	257.94%	30.13%	20.5%	8.56%
Nbr of stocks (in thousands)	1,600,452	1,600,720	1,601,021	1,601,643	1,569,957	1,556,570	1,556,570	1,556,570
Announcement Date	13/05/21	13/05/22	12/05/23	13/05/24	14/05/25	-	-	-