Toda Corporation (JP:1860)
:1860
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Toda Corporation
(1860)
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Rating:72Outperform
Price Target:
¥1,656.00
▲(30.81% Upside)
Action:Reiterated
Date:05/16/26
The score is driven primarily by improved financial performance (higher margins, higher net income, and better leverage/ROE), tempered by historically volatile cash-flow conversion. Valuation is supportive with a modest P/E and ~3% dividend yield, while technicals are constructive overall but with mixed momentum signals.
Positive Factors
Margin expansion & improved profitability
Toda has meaningfully improved gross, EBITDA and net margins in recent years, with net income rising materially. Higher and expanding margins indicate improved project costing and pricing discipline, supporting sustainable earnings power and resilience to cost shocks over the medium term.
Negative Factors
Volatile cash-flow conversion history
Toda's cash generation has swung materially across years due to contracting working-capital dynamics. This volatility raises execution and liquidity risk during project timing shifts, making sustained investment, dividend pacing, and debt servicing less predictable over a multi-quarter horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin expansion & improved profitability
Toda has meaningfully improved gross, EBITDA and net margins in recent years, with net income rising materially. Higher and expanding margins indicate improved project costing and pricing discipline, supporting sustainable earnings power and resilience to cost shocks over the medium term.
Read all positive factors
Toda Corporation (1860) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥440.69B
Dividend Yield2.73%
Average Volume (3M)544.57K
Price to Earnings (P/E)11.7
Beta (1Y)0.68
Revenue Growth10.07%
EPS Growth47.19%
CountryJP
Employees6,621
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)83.36
Shares Outstanding318,005,700
10 Day Avg. Volume822,090
30 Day Avg. Volume544,566
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)1.11
Price to Sales (P/S)0.67
P/FCF Ratio12.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)108.38
Revenue Forecast (FY)¥679.55B
Toda Corporation Business Overview & Revenue Model
Company Description
Toda Corporation primarily engages in the building construction and civil engineering businesses in Japan and internationally. The company is involved in the research, planning, design, management, and execution of architectural and civil engineer...
How the Company Makes Money
Toda Corporation primarily makes money by contracting and delivering construction projects for public-sector and private-sector clients. Its key revenue streams typically include: (1) building construction (e.g., commercial, institutional, industr...
Toda Corporation Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 606.21B | 645.74B | 586.66B | 522.43B | 547.15B | 501.51B |
| Gross Profit | 82.15B | 92.22B | 76.80B | 65.58B | 57.32B | 62.68B |
| EBITDA | 40.82B | 49.37B | 35.57B | 25.38B | 20.77B | 29.25B |
| Net Income | 25.01B | 36.98B | 25.19B | 16.10B | 11.00B | 18.56B |
Balance Sheet | ||||||
| Total Assets | 890.18B | 998.40B | 923.57B | 872.06B | 815.56B | 761.20B |
| Cash, Cash Equivalents and Short-Term Investments | 80.17B | 86.55B | 89.17B | 114.41B | 97.54B | 130.84B |
| Total Debt | 244.66B | 229.59B | 256.28B | 226.91B | 211.75B | 179.48B |
| Total Liabilities | 541.03B | 595.23B | 570.37B | 516.53B | 492.29B | 442.15B |
| Stockholders Equity | 338.05B | 390.82B | 342.23B | 348.52B | 317.25B | 316.57B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 34.28B | -36.38B | 6.95B | -67.11B | 3.99B |
| Operating Cash Flow | 0.00 | 62.46B | 26.41B | 62.15B | -30.84B | 27.27B |
| Investing Cash Flow | 0.00 | -19.69B | -61.19B | -48.85B | -26.10B | -20.43B |
| Financing Cash Flow | 0.00 | -44.62B | 7.36B | 1.03B | 22.53B | 18.31B |
Toda Corporation Technical Analysis
Positive
1266.00
Price Trends
1462.66
Negative
1424.71
Positive
1232.43
Positive
Market Momentum
4.06
Negative
51.18
Neutral
74.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:1860, the sentiment is Positive. The current price of 1266 is below the 20-day moving average (MA) of 1433.98, below the 50-day MA of 1462.66, and above the 200-day MA of 1232.43, indicating a neutral trend. The MACD of 4.06 indicates Negative momentum. The RSI at 51.18 is Neutral, neither overbought nor oversold. The STOCH value of 74.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:1860.
Toda Corporation Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ¥440.69B | 11.74 | ― | 2.73% | 10.07% | 47.19% | |
68 Neutral | ¥321.96B | 10.29 | 16.55% | 4.26% | 3.40% | 12.42% | |
67 Neutral | ¥487.91B | 12.96 | 10.95% | 1.88% | 9.18% | 184.84% | |
66 Neutral | ¥2.71T | 15.55 | 13.56% | 1.96% | 5.34% | 42.44% | |
66 Neutral | ¥247.30B | 13.10 | 7.62% | 3.44% | -2.18% | 114.64% | |
65 Neutral | ¥2.26T | 15.06 | 14.23% | 2.47% | -1.29% | 22.69% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
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Toda Corporation Corporate Events
Toda Corporation Delivers Strong FY2026 Earnings and Hikes Dividend
May 15, 2026
Toda Corporation reported strong results for the fiscal year ended March 31, 2026, with net sales up 10.1% to ¥645.7 billion and profit attributable to owners of parent jumping 46.8% to ¥37.0 billion, driving basic earnings per share to ...
Toda Corporation Doubles Annual Dividend on Strong FY2026 Results
May 15, 2026
Toda Corporation’s board has approved a proposal to raise the year-end dividend for the fiscal year ended March 31, 2026 to ¥38 per share, up from a prior forecast of ¥25, with the payout subject to approval at the June 26 sharehol...
Toda Corporation to Book ¥15 Billion Extraordinary Gain from Share Sales
May 15, 2026
Toda Corporation plans to sell a portfolio of listed and unlisted shares, aiming to reduce cross-shareholdings and improve asset efficiency and financial strength. The company expects to recognize approximately ¥15 billion in extraordinary in...
Toda Corporation to Renew and Tighten Takeover Defense Policy
Apr 28, 2026
Toda Corporation’s board has resolved to renew and partially amend its takeover response policy governing large-scale purchases of its shares, subject to shareholder approval at the June 2026 annual meeting. The policy is designed to prevent...
Toda Corporation Completes Cancellation of 4.65 Million Own Shares
Mar 30, 2026
Toda Corporation has completed the cancellation of 4,651,100 shares of its common stock, representing 1.53% of its outstanding shares excluding treasury stock, following a resolution by its board of directors. After this move, the company now has ...
Toda Corporation Completes Treasury Share Disposal for Employee Stock Grant Program
Mar 27, 2026
Toda Corporation has completed the payment procedures for the disposal of 46,050 shares of its own common stock under a post-delivery type stock grant program for its domestic group employee shareholding association. The shares, disposed of via th...
Toda Sets Terms for Structured Stock Acquisition Rights to Fund Accelerated Buyback
Mar 26, 2026
Toda Corporation has finalized the issuance terms for its first series of stock acquisition rights to be allotted to a third party, a structure designed to support an accelerated share repurchase of its own shares. The move follows the completion ...
Toda Corporation Completes ¥7 Billion Share Buyback and Sets Full Cancellation
Mar 26, 2026
Toda Corporation has completed an off-auction share repurchase via ToSTNeT-3 on the Tokyo Stock Exchange as part of its shareholder return strategy under its Medium Term Management Plan 2027. The company acquired 4,651,100 common shares, equal to ...
Toda Corporation Launches ¥7 Billion Accelerated Share Buyback and Cancellation
Mar 25, 2026
Toda Corporation will repurchase up to 4,651,100 of its own common shares, equivalent to about 1.53% of shares outstanding excluding treasury stock, via an off-auction ToSTNeT-3 transaction on the Tokyo Stock Exchange on March 26, 2026, for a tota...
Toda Corporation Completes Adjusted Disposal of Treasury Shares for Employee Stock Program
Mar 23, 2026
Toda Corporation has completed the payment procedures for the disposal of its own shares under a post-delivery stock grant program for its Employee Shareholding Association, slightly adjusting the size of the allotment. The number of shares dispos...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.