Income Statement Tokyo Steel Manufacturing Co., Ltd.

Equities

5423

JP3579800008

Iron & Steel

Market Closed - Japan Exchange Other stock markets 12:00:00 15/05/2026 pm IST			5-day change	1st Jan Change
1,825.00 ^JPY	-1.03%		+10.14%	+23.64%

13/05	Oasis Management Company is making shareholder proposal to Tokyo Steel Manufacturing Co, filing shows	RE
11/05	Oasis Management raises stake in Tokyo Steel Manufacturing to 8.63% from 6.25%, filing shows	RE

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Published financial data: TOKYO STEEL MANUFACTURING CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	14TCr	27TCr	36TCr	37TCr	33TCr
Total Revenues	14TCr	27TCr	36TCr	37TCr	33TCr
Cost of Goods Sold, Total	12TCr	22TCr	30TCr	30TCr	27TCr
Gross Profit	1.98TCr	5.02TCr	6.29TCr	6.53TCr	5.8TCr
Selling General & Admin Expenses, Total	1.56TCr	1.82TCr	2.46TCr	2.7TCr	2.77TCr
Provision for Bad Debts	20L	1.2Cr	60L	-	-70L
Depreciation & Amortization - (IS)	17Cr	19Cr	22Cr	22Cr	25Cr
Other Operating Expenses, Total	1.58TCr	1.84TCr	2.48TCr	2.72TCr	2.79TCr
Operating Income	399.6Cr	3.18TCr	3.81TCr	3.81TCr	3.01TCr
Interest Expense, Total	-2.6Cr	-2.7Cr	-1.8Cr	-1.4Cr	-2.8Cr
Interest And Investment Income	32Cr	41Cr	60Cr	68Cr	97Cr
Net Interest Expenses	29Cr	38Cr	58Cr	66Cr	94Cr
Currency Exchange Gains (Loss)	25Cr	86Cr	16Cr	59Cr	-
Other Non Operating Income (Expenses)	46Cr	41Cr	45Cr	40Cr	56Cr
EBT, Excl. Unusual Items	499.4Cr	3.34TCr	3.93TCr	3.97TCr	3.16TCr
Gain (Loss) On Sale Of Investments	-	-	10L	22Cr	-
Gain (Loss) On Sale Of Assets	1.7Cr	10L	-60Cr	-95Cr	-105.1Cr
Asset Writedown	-72Cr	-54Cr	-	-	-
Other Unusual Items	-	-	10L	78Cr	-85Cr
EBT, Incl. Unusual Items	429.3Cr	3.29TCr	3.87TCr	3.98TCr	2.97TCr
Income Tax Expense	-159.6Cr	94Cr	780.7Cr	1.18TCr	850.5Cr
Earnings From Continuing Operations	588.9Cr	3.19TCr	3.08TCr	2.8TCr	2.12TCr
Net Income to Company	588.9Cr	3.19TCr	3.08TCr	2.8TCr	2.12TCr
Net Income - (IS)	588.9Cr	3.19TCr	3.08TCr	2.8TCr	2.12TCr
Net Income to Common Incl Extra Items	588.9Cr	3.19TCr	3.08TCr	2.8TCr	2.12TCr
Net Income to Common Excl. Extra Items	588.9Cr	3.19TCr	3.08TCr	2.8TCr	2.12TCr
Per Share Items
Net EPS - Basic	48.03	269.79	272.44	253.51	197.96
Basic EPS - Continuing Operations	48.03	269.79	272.44	253.51	197.96
Basic Weighted Average Shares Outstanding	12Cr	12Cr	11Cr	11Cr	11Cr
Net EPS - Diluted	48.03	269.79	272.44	253.51	197.96
Diluted EPS - Continuing Operations	48.03	269.79	272.44	253.51	197.96
Diluted Weighted Average Shares Outstanding	12Cr	12Cr	11Cr	11Cr	11Cr
Normalized Basic EPS	25.46	176.48	216.68	225.09	184.46
Normalized Diluted EPS	25.46	176.48	216.68	225.09	184.46
Payout Ratio	34	6.71	12.95	17.81	25.51
Supplemental Items
EBITDA	955.9Cr	3.63TCr	4.31TCr	4.4TCr	3.69TCr
EBITA	399.6Cr	3.18TCr	3.81TCr	3.81TCr	3.01TCr
EBIT	399.6Cr	3.18TCr	3.81TCr	3.81TCr	3.01TCr
Effective Tax Rate - (Ratio)	-37.18	2.87	20.2	29.7	28.63
Normalized Net Income	312.12Cr	2.09TCr	2.45TCr	2.48TCr	1.98TCr
Non-Cash Pension Expense	11Cr	-6.3Cr	-7.5Cr	-8Cr	-25Cr
Supplemental Operating Expense Items
Selling and Marketing Expenses	1.24TCr	1.46TCr	2.02TCr	2.21TCr	2.25TCr
Research And Development Expense From Footnotes	18Cr	16Cr	17Cr	46Cr	28Cr

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	433.2Cr	1.86TCr	3.01TCr	5.22TCr	2.11TCr
Short Term Investments	5.4TCr	5TCr	5.5TCr	6TCr	7.5TCr
Total Cash And Short Term Investments	5.83TCr	6.86TCr	8.51TCr	11TCr	9.61TCr
Accounts Receivable, Total	1.82TCr	3.09TCr	3.66TCr	3.68TCr	2.92TCr
Total Receivables	1.82TCr	3.09TCr	3.66TCr	3.68TCr	2.92TCr
Inventory	2.77TCr	4.7TCr	4.78TCr	4.43TCr	3.69TCr
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	111.8Cr	201.7Cr	141.3Cr	241.5Cr	195.5Cr
Total Current Assets	11TCr	15TCr	17TCr	20TCr	16TCr
Net Property Plant And Equipment	6.49TCr	7.17TCr	7.94TCr	8.62TCr	10TCr
Long-term Investments	1.4TCr	1.64TCr	2.03TCr	2.83TCr	2.55TCr
Other Intangibles, Total	23Cr	36Cr	33Cr	35Cr	46Cr
Loans Receivable Long-Term	9Cr	8.1Cr	7.3Cr	6.4Cr	5.6Cr
Deferred Tax Assets Long-Term	127.8Cr	324Cr	-	-	-
Other Long-Term Assets, Total	20L	20L	10L	20L	20L
Total Assets	19TCr	24TCr	27TCr	31TCr	29TCr
Liabilities
Accounts Payable, Total	2.75TCr	4.53TCr	4.98TCr	5.45TCr	3.71TCr
Accrued Expenses, Total	773.5Cr	1.05TCr	1.46TCr	1.76TCr	1.42TCr
Current Portion of Long-Term Debt	68Cr	60Cr	18Cr	-	-
Current Portion of Leases	26Cr	26Cr	22Cr	-	-
Current Income Taxes Payable	250.8Cr	875.5Cr	1.13TCr	1.34TCr	1.16TCr
Other Current Liabilities	338Cr	347Cr	196.4Cr	405.1Cr	318.8Cr
Total Current Liabilities	4.2TCr	6.88TCr	7.8TCr	8.96TCr	6.61TCr
Long-Term Debt	78Cr	18Cr	-	-	-
Long-Term Leases	48Cr	22Cr	-	-	3.9Cr
Pension & Other Post Retirement Benefits	647.7Cr	651.6Cr	661.5Cr	664.7Cr	651.7Cr
Deferred Tax Liability Non Current	-	-	79Cr	442.9Cr	456.4Cr
Other Non Current Liabilities	523.6Cr	629Cr	626.3Cr	606.7Cr	582.8Cr
Total Liabilities	5.5TCr	8.2TCr	9.17TCr	11TCr	8.31TCr
Common Stock, Total	3.09TCr	3.09TCr	3.09TCr	3.09TCr	3.09TCr
Additional Paid In Capital	2.88TCr	2.88TCr	2.89TCr	2.89TCr	2.88TCr
Retained Earnings	9.5TCr	12TCr	15TCr	17TCr	15TCr
Treasury Stock	-2.94TCr	-3.37TCr	-4.06TCr	-4.33TCr	-914Cr
Comprehensive Income and Other	551Cr	747.1Cr	839.8Cr	1.28TCr	1.14TCr
Total Common Equity	13TCr	16TCr	18TCr	20TCr	21TCr
Total Equity	13TCr	16TCr	18TCr	20TCr	21TCr
Total Liabilities And Equity	19TCr	24TCr	27TCr	31TCr	29TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	12Cr	12Cr	11Cr	11Cr	10Cr
ECS Total Common Shares Outstanding	12Cr	12Cr	11Cr	11Cr	-
Book Value / Share	1.09T	1.36T	1.61T	1.86T	2.01T
Tangible Book Value	13TCr	16TCr	18TCr	20TCr	21TCr
Tangible Book Value Per Share	1.09T	1.35T	1.61T	1.86T	2.01T
Total Debt	219.3Cr	125.8Cr	40Cr	0	3.9Cr
Net Debt	-5.61TCr	-6.74TCr	-8.47TCr	-11TCr	-9.61TCr
Debt Equivalent of Unfunded Proj. Benefit Obligation	626.2Cr	623.9Cr	648.9Cr	474.7Cr	343.3Cr
Inventories - Raw Materials, Total	1.19TCr	1.59TCr	1.8TCr	1.4TCr	1.53TCr
Inventories - Finished Goods, Total	1.58TCr	3.11TCr	2.97TCr	3.03TCr	2.16TCr
Full Time Employees	1.02T	1.03T	1.06T	1.1T	1.14T
Accumulated Allowance for Doubtful Accounts (Supple)	1.8Cr	3.1Cr	3.7Cr	3.8Cr	3Cr

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	429.3Cr	3.29TCr	3.87TCr	3.98TCr	2.97TCr
Depreciation & Amortization - CF	556.3Cr	455.8Cr	503.2Cr	593.4Cr	680.9Cr
Depreciation & Amortization, Total	556.3Cr	455.8Cr	503.2Cr	593.4Cr	680.9Cr
(Gain) Loss From Sale Of Asset	70Cr	54Cr	60Cr	93Cr	105.1Cr
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-22Cr	-
Other Operating Activities, Total	-68Cr	-9.2Cr	-567.2Cr	-420.1Cr	-1.33TCr
Change In Accounts Receivable	-298.1Cr	-1.26TCr	-575.6Cr	-19Cr	762.7Cr
Change In Inventories	-486.5Cr	-1.93TCr	-80Cr	351.9Cr	735.4Cr
Change In Accounts Payable	510.8Cr	2.02TCr	856.7Cr	763.8Cr	-1.96TCr
Change in Other Net Operating Assets	45Cr	74Cr	-86Cr	20Cr	-9.7Cr
Cash from Operations	758.5Cr	2.69TCr	3.98TCr	5.34TCr	1.96TCr
Capital Expenditure	-741.8Cr	-979Cr	-917.7Cr	-1.67TCr	-2.24TCr
Investment in Marketable and Equity Securities, Total	-130Cr	30Cr	-262Cr	-127.7Cr	89Cr
Net (Increase) Decrease in Loans Originated / Sold - Investing	80L	80L	80L	80L	80L
Other Investing Activities, Total	-24Cr	-19Cr	-12Cr	-21Cr	-41Cr
Cash from Investing	-895.2Cr	-967.6Cr	-1.19TCr	-1.82TCr	-2.19TCr
Long-Term Debt Issued, Total	70Cr	-	-	-	-
Total Debt Issued	70Cr	-	-	-	-
Short Term Debt Repaid, Total	-25Cr	-68Cr	-60Cr	-18Cr	-
Total Debt Repaid	-25Cr	-68Cr	-60Cr	-18Cr	-
Repurchase of Common Stock	-562.5Cr	-440.5Cr	-683.6Cr	-276.4Cr	-835.8Cr
Common Dividends Paid	-200.2Cr	-214.2Cr	-399.6Cr	-497.9Cr	-540.8Cr
Common & Preferred Stock Dividends Paid	-200.2Cr	-214.2Cr	-399.6Cr	-497.9Cr	-540.8Cr
Other Financing Activities, Total	-4.3Cr	-26Cr	-26Cr	-22Cr	-
Cash from Financing	-722Cr	-748.3Cr	-1.17TCr	-814Cr	-1.38TCr
Foreign Exchange Rate Adjustments	17Cr	56Cr	26Cr	11Cr	-5.3Cr
Miscellaneous Cash Flow Adjustments	-	-	-10L	-	-10L
Net Change in Cash	-841.4Cr	1.03TCr	1.64TCr	2.71TCr	-1.61TCr
Supplemental Items
Cash Interest Paid	2.6Cr	2.7Cr	1.8Cr	1.4Cr	2.8Cr
Cash Income Tax Paid (Refund)	66Cr	3.1Cr	565.3Cr	498.1Cr	1.25TCr
Levered Free Cash Flow	-310.88Cr	871.29Cr	2.34TCr	2.72TCr	-476.56Cr
Unlevered Free Cash Flow	-309.25Cr	872.98Cr	2.34TCr	2.72TCr	-474.81Cr
Change In Net Working Capital	373.5Cr	589.7Cr	-372.8Cr	-1.42TCr	801.2Cr
Net Debt Issued / Repaid	45Cr	-68Cr	-60Cr	-18Cr	-

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.37	9.32	9.31	8.18	6.24
Return on Total Capital	1.89	13.57	14.03	12.41	9.09
Return On Equity %	4.52	22.09	18.28	14.59	10.25
Return on Common Equity	4.52	22.09	18.28	14.59	10.25
Margin Analysis
Gross Profit Margin %	14	18.53	17.41	17.78	17.76
SG&A Margin	11.06	6.72	6.81	7.36	8.47
EBITDA Margin %	6.76	13.41	11.93	11.98	11.3
EBITA Margin %	2.82	11.73	10.54	10.37	9.21
EBIT Margin %	2.82	11.73	10.54	10.37	9.21
Income From Continuing Operations Margin %	4.16	11.79	8.54	7.61	6.49
Net Income Margin %	4.16	11.79	8.54	7.61	6.49
Net Avail. For Common Margin %	4.16	11.79	8.54	7.61	6.49
Normalized Net Income Margin	2.21	7.71	6.79	6.76	6.05
Levered Free Cash Flow Margin	-2.2	3.22	6.47	7.41	-1.46
Unlevered Free Cash Flow Margin	-2.19	3.22	6.47	7.42	-1.45
Asset Turnover
Asset Turnover	0.78	1.27	1.41	1.26	1.08
Fixed Assets Turnover	2.21	3.97	4.78	4.43	3.46
Receivables Turnover (Average Receivables)	8.45	11.03	10.71	10	9.9
Inventory Turnover (Average Inventory)	4.81	5.91	6.3	6.56	6.62
Short Term Liquidity
Current Ratio	2.51	2.16	2.19	2.19	2.48
Quick Ratio	1.82	1.45	1.56	1.66	1.9
Operating Cash Flow to Current Liabilities	0.18	0.39	0.51	0.6	0.3
Days Sales Outstanding (Average Receivables)	43.22	33.08	34.09	36.59	36.86
Days Outstanding Inventory (Average Inventory)	75.83	61.75	57.96	55.78	55.11
Average Days Payable Outstanding	68.24	55.31	57.98	63.94	63.97
Cash Conversion Cycle (Average Days)	50.81	39.53	34.07	28.42	28
Long Term Solvency
Total Debt/Equity	1.68	0.79	0.22	-	0.02
Total Debt / Total Capital	1.65	0.79	0.22	-	0.02
LT Debt/Equity	0.96	0.25	-	-	0.02
Long-Term Debt / Total Capital	0.95	0.25	-	-	0.02
Total Liabilities / Total Assets	29.58	34.14	33.85	34.35	28.35
EBIT / Interest Expense	153.69	1.18T	2.11T	2.72T	1.08T
EBITDA / Interest Expense	367.65	1.35T	2.39T	3.14T	1.32T
(EBITDA - Capex) / Interest Expense	82.35	983.04	1.88T	1.95T	519.79
Total Debt / EBITDA	0.23	0.03	0.01	-	0
Net Debt / EBITDA	-5.87	-1.85	-1.96	-2.55	-2.6
Total Debt / (EBITDA - Capex)	1.02	0.05	0.01	-	0
Net Debt / (EBITDA - Capex)	-26.22	-2.54	-2.5	-4.11	-6.6
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-21.38	91.51	33.36	1.66	-11.02
Gross Profit, 1 Yr. Growth %	-46.16	153.36	25.33	3.83	-11.16
EBITDA, 1 Yr. Growth %	-57.81	280.08	18.62	2.1	-16.1
EBITA, 1 Yr. Growth %	-76.98	695.15	19.8	0.01	-20.91
EBIT, 1 Yr. Growth %	-76.98	695.15	19.8	0.01	-20.91
Earnings From Cont. Operations, 1 Yr. Growth %	-57.31	442.32	-3.41	-9.37	-24.16
Net Income, 1 Yr. Growth %	-57.31	442.32	-3.41	-9.37	-24.16
Normalized Net Income, 1 Yr. Growth %	-72.03	569.3	17.44	1.18	-20.41
Diluted EPS Before Extra, 1 Yr. Growth %	-53.57	461.68	0.98	-6.95	-21.91
Accounts Receivable, 1 Yr. Growth %	19.52	69.25	18.63	0.52	-20.7
Inventory, 1 Yr. Growth %	21.3	69.56	1.7	-7.37	-16.62
Net Property, Plant and Equip., 1 Yr. Growth %	2.74	10.51	10.72	8.59	19.17
Total Assets, 1 Yr. Growth %	4.25	29.29	12.75	14.62	-5.68
Tangible Book Value, 1 Yr. Growth %	0.79	20.86	13.3	13.77	2.9
Common Equity, 1 Yr. Growth %	0.78	20.91	13.25	13.75	2.95
Cash From Operations, 1 Yr. Growth %	-68.05	254.82	47.76	34.22	-63.3
Capital Expenditures, 1 Yr. Growth %	2.66	31.98	-6.26	82.18	33.75
Levered Free Cash Flow, 1 Yr. Growth %	-134.64	-380.27	168.14	16.53	-117.51
Unlevered Free Cash Flow, 1 Yr. Growth %	-134.42	-382.29	167.75	16.51	-117.44
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-17.36	22.7	59.81	16.44	-4.89
Gross Profit, 2 Yr. CAGR %	-26.2	16.79	78.2	14.08	-3.96
EBITDA, 2 Yr. CAGR %	-31.97	26.63	112.33	10.05	-7.45
EBITA, 2 Yr. CAGR %	-50.07	35.29	208.64	9.46	-11.07
EBIT, 2 Yr. CAGR %	-50.07	35.29	208.64	9.46	-11.07
Earnings From Cont. Operations, 2 Yr. CAGR %	-38.25	52.16	128.87	-6.44	-17.09
Net Income, 2 Yr. CAGR %	-38.25	52.16	128.87	-6.44	-17.09
Normalized Net Income, 2 Yr. CAGR %	-46.29	36.81	180.37	9.01	-10.26
Diluted EPS Before Extra, 2 Yr. CAGR %	-33.93	61.5	138.16	-3.07	-14.76
Accounts Receivable, 2 Yr. CAGR %	-6.72	42.23	41.7	9.2	-10.72
Inventory, 2 Yr. CAGR %	-4.98	43.41	31.32	-2.94	-12.11
Net Property, Plant and Equip., 2 Yr. CAGR %	2.22	6.55	10.62	9.65	13.76
Total Assets, 2 Yr. CAGR %	0.06	16.09	20.74	13.69	3.98
Tangible Book Value, 2 Yr. CAGR %	1.98	10.37	17.01	13.53	8.2
Common Equity, 2 Yr. CAGR %	1.97	10.39	17.02	13.5	8.22
Cash From Operations, 2 Yr. CAGR %	-36.8	6.48	128.97	40.83	-29.82
Capital Expenditures, 2 Yr. CAGR %	9.83	16.4	11.23	30.68	56.1
Levered Free Cash Flow, 2 Yr. CAGR %	-24.07	-1.47	174.14	76.76	-54.84
Unlevered Free Cash Flow, 2 Yr. CAGR %	-24.38	-1.43	174.92	76.62	-54.93
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-4.84	9.36	26.15	37.44	6.45
Gross Profit, 3 Yr. CAGR %	-10.8	11.33	19.57	48.84	4.95
EBITDA, 3 Yr. CAGR %	-13.3	20.72	23.9	66.35	0.53
EBITA, 3 Yr. CAGR %	-27.48	25.62	29.91	111.99	-1.78
EBIT, 3 Yr. CAGR %	-27.48	25.62	29.91	111.99	-1.78
Earnings From Cont. Operations, 3 Yr. CAGR %	-19.54	27.4	30.77	68.07	-12.76
Net Income, 3 Yr. CAGR %	-19.54	27.4	30.77	68.07	-12.76
Normalized Net Income, 3 Yr. CAGR %	-24.93	24.52	30.03	99.61	-1.84
Diluted EPS Before Extra, 3 Yr. CAGR %	-15.24	34.85	38.1	74.11	-9.81
Accounts Receivable, 3 Yr. CAGR %	-0.07	13.77	33.88	26.38	-1.85
Inventory, 3 Yr. CAGR %	0.61	15.25	27.89	16.9	-7.73
Net Property, Plant and Equip., 3 Yr. CAGR %	1.11	4.91	7.93	9.94	12.74
Total Assets, 3 Yr. CAGR %	2.17	8.98	14.97	18.66	6.83
Tangible Book Value, 3 Yr. CAGR %	3.52	7.92	11.34	15.92	9.87
Common Equity, 3 Yr. CAGR %	3.52	7.93	11.33	15.92	9.87
Cash From Operations, 3 Yr. CAGR %	-23.73	12.32	18.77	91.63	-10.05
Capital Expenditures, 3 Yr. CAGR %	5.13	16.76	8.29	31.11	31.7
Levered Free Cash Flow, 3 Yr. CAGR %	-24.14	17.34	37.56	106.12	-18.22
Unlevered Free Cash Flow, 3 Yr. CAGR %	-24.31	17.31	37.54	106.5	-18.37
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	1.06	17.34	17.09	12.14	12.68
Gross Profit, 5 Yr. CAGR %	-9.71	14.2	17.64	12.42	9.54
EBITDA, 5 Yr. CAGR %	-15.03	20.14	24.05	16.33	10.26
EBITA, 5 Yr. CAGR %	-25.82	24.76	29.44	18.89	11.64
EBIT, 5 Yr. CAGR %	-25.82	24.76	29.44	18.89	11.64
Earnings From Cont. Operations, 5 Yr. CAGR %	-21.01	23.45	22.23	12.6	8.98
Net Income, 5 Yr. CAGR %	-21.01	23.45	22.23	12.6	8.98
Normalized Net Income, 5 Yr. CAGR %	-22.65	24.52	27.17	18.07	12.1
Diluted EPS Before Extra, 5 Yr. CAGR %	-17.93	28.39	28.13	18.17	13.86
Accounts Receivable, 5 Yr. CAGR %	8.23	16.33	14.91	11.92	13.85
Inventory, 5 Yr. CAGR %	16.29	19.34	11.92	7.6	10.07
Net Property, Plant and Equip., 5 Yr. CAGR %	2.1	4.13	4.81	6.78	10.22
Total Assets, 5 Yr. CAGR %	5.81	9.83	9.23	10.84	10.44
Tangible Book Value, 5 Yr. CAGR %	5.92	7.69	8.72	10.13	10.07
Common Equity, 5 Yr. CAGR %	5.91	7.71	8.72	10.13	10.08
Cash From Operations, 5 Yr. CAGR %	-22.21	12.95	18.4	22.96	-3.77
Capital Expenditures, 5 Yr. CAGR %	12.5	17.52	7.53	22.14	25.35
Levered Free Cash Flow, 5 Yr. CAGR %	-27.73	10.31	26.82	38.24	-11.89
Unlevered Free Cash Flow, 5 Yr. CAGR %	-27.84	10.27	26.8	38.17	-11.97