Financials Toray Industries, Inc.

Equities

3402

JP3621000003

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 06:30:00 23/01/2026 GMT			5-day change	1st Jan Change
1,158.50 ^JPY	+1.98%		+1.18%	+13.58%

01-16	Toray Industries, Inc., Q2 2026 Earnings Call, Nov 14, 2025
01-06	Tranche Update on Toray Industries, Inc.'s Equity Buyback Plan announced on November 14, 2025.	CI

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	2,600,795	2,709,219	2,825,797
Change	-	18.31%	11.7%	-0.99%	4%	1.46%	4.17%	4.3%
EBITDA ¹	206,084	252,432	235,376	186,845	256,548	275,195	307,320	329,738
Change	-	22.49%	-6.76%	-20.62%	37.31%	7.27%	11.67%	7.29%
EBIT ¹	90,265	132,063	109,001	57,651	127,453	139,493	164,449	183,151
Change	-	46.31%	-17.46%	-47.11%	121.08%	9.45%	17.89%	11.37%
Interest Paid ¹	-9,224	-6,253	-13,013	-19,083	-10,814	-14,981	-14,200	-14,400
Earnings before Tax (EBT) ¹	65,566	120,315	111,870	59,567	114,288	132,833	160,632	183,084
Change	-	83.5%	-7.02%	-46.75%	91.86%	16.23%	20.93%	13.98%
Net income ¹	45,794	84,235	72,823	21,897	77,911	86,417	107,374	122,921
Change	-	83.94%	-13.55%	-69.93%	255.81%	10.92%	24.25%	14.48%
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 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	2028 Q1	2028 Q2
Net sales ¹	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	595,829	638,481	657,796	673,378	635,000	689,950	680,100	684,500	639,300	689,000
Change	-	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%	-6.81%	7.16%	3.03%	2.37%	-5.7%	8.65%	-1.43%	0.65%	-6.6%	7.77%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	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	27,506	36,793	-84,168	34,567	36,600	43,400	43,300	37,700	38,200	47,100
Change	-	-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%	41.3%	33.76%	-328.76%	141.07%	5.88%	18.58%	-0.23%	-12.93%	1.33%	23.3%
Charge d'intérêts	-2,217	-	-1,728	-	-1,083	-	-1,874	-	-4,366	-	-4,433	-	-5,744	-	-4,741	-	-3,268	-	-5,300	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	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	28,238	29,923	42,500	30,500	34,500	45,500	39,500	34,500	-	-
Change	-	-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%	325.21%	5.97%	42.03%	-28.24%	13.11%	31.88%	-13.19%	-12.66%	-	-
Net income ¹	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	17,151	19,784	25,582	19,700	24,950	28,800	24,600	23,850	29,000	28,700
Change	-	-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%	527.32%	15.35%	29.31%	-22.99%	26.65%	15.43%	-14.58%	-3.05%	21.59%	-1.03%
Announcement Date	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	08/08/25	14/11/25	-	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	1,062,978	1,165,545	1,261,794	1,227,536	1,199,376	1,265,220	1,294,100	1,269,172	1,234,310	1,375,350
Change	-	9.65%	8.26%	-2.72%	-2.29%	5.49%	2.28%	-1.93%	-2.75%	11.43%
EBITDA	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-
EBIT ¹	68,962	61,887	54,421	-	44,445	13,206	79,512	-	64,299	80,000
Change	-	-10.26%	-12.06%	-	-	-70.29%	502.09%	-	-	24.42%
Charge d'intérêts	-3,025	-	-4,580	-	-8,697	-	-11,310	-	-10,041	-
Earnings before Tax (EBT) ¹	81,205	39,110	84,976	26,894	48,979	10,588	77,800	36,529	58,161	73,000
Change	-	-51.84%	117.27%	-68.35%	82.12%	-78.38%	634.79%	-53.05%	59.22%	25.51%
Net income ¹	60,924	23,311	59,112	13,711	28,867	-6,970	55,500	36,529	36,935	48,400
Change	-	-61.74%	153.58%	-76.81%	110.54%	-124.15%	896.27%	-34.18%	1.11%	31.04%
Announcement Date	09/11/21	13/05/22	08/11/22	12/05/23	08/11/23	13/05/24	07/11/24	14/05/25	14/11/25	-

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	618,380	621,313	607,385
Change	-	0.23%	3.95%	-1.69%	-15.19%	2.15%	0.47%	-2.24%
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	180,894	178,644	182,728
Change	-	-24.22%	11.5%	30.76%	48.61%	-17.29%	-1.24%	2.29%
Free Cash Flow (FCF) ¹	113,700	81,100	42,489	64,700	46,614	71,129	64,350	78,350
Change	-	-28.67%	-47.61%	52.27%	-27.95%	52.59%	-9.53%	21.76%
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%	10.58%	11.34%	11.67%
EBIT Margin (%)	4.79%	5.93%	4.38%	2.34%	4.97%	5.36%	6.07%	6.48%
EBT Margin (%)	3.48%	5.4%	4.49%	2.42%	4.46%	5.11%	5.93%	6.48%
Net margin (%)	2.43%	3.78%	2.93%	0.89%	3.04%	3.32%	3.96%	4.35%
FCF margin (%)	6.04%	3.64%	1.71%	2.63%	1.82%	2.73%	2.38%	2.77%
FCF / Net Income (%)	248.29%	96.28%	58.35%	295.47%	59.83%	82.31%	59.93%	63.74%
Profitability
ROA	3.9%	4.08%	3.59%	3.1%	3.38%	3.32%	3.78%	4.17%
ROE	3.89%	6.4%	5%	1.3%	4.5%	5%	6.04%	6.49%
Financial Health
Leverage (Debt/EBITDA)	3.38x	2.77x	3.08x	3.82x	2.36x	2.25x	2.02x	1.84x
Debt / Free cash flow	6.13x	8.61x	17.09x	11.03x	12.99x	8.69x	9.66x	7.75x
Capital Intensity
CAPEX / Current Assets (%)	7.07%	4.53%	4.52%	5.97%	8.53%	6.96%	6.59%	6.47%
CAPEX / EBITDA (%)	64.63%	39.99%	47.82%	78.76%	85.25%	65.73%	58.13%	55.42%
CAPEX / FCF (%)	117.15%	124.46%	264.88%	227.46%	469.17%	254.32%	277.61%	233.22%
Items per share
Cash flow per share ¹	101	127.8	124.4	94.34	130	166	171	201.4
Change	-	26.58%	-2.67%	-24.18%	37.82%	27.65%	3.03%	17.78%
Dividend per Share ¹	9	16	18	18	18	20	23.17	25.45
Change	-	77.78%	12.5%	0%	0%	11.11%	15.83%	9.88%
Book Value Per Share ¹	773.4	878.1	958.8	1,084	1,093	1,178	1,231	1,290
Change	-	13.53%	9.19%	13.05%	0.83%	7.79%	4.47%	4.81%
EPS ¹	28.61	52.63	45.49	13.67	48.93	57.74	73.22	84.54
Change	-	83.96%	-13.57%	-69.95%	257.94%	18%	26.82%	15.46%
Nbr of stocks (in thousands)	1,600,452	1,600,720	1,601,021	1,601,643	1,569,957	1,485,032	1,485,032	1,485,032
Announcement Date	13/05/21	13/05/22	12/05/23	13/05/24	14/05/25	-	-	-