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Toenec Corporation
(1946)
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Rating:70Outperform
Price Target:
¥2,352.00
▲(21.30% Upside)
Action:Upgraded
Date:08/06/26
The score is driven primarily by improving financial performance (steady revenue growth, profitability recovery, and improving leverage) and supported by attractive valuation (low P/E and solid dividend yield). Technicals are neutral-to-soft due to a negative MACD and mixed moving-average positioning, limiting upside conviction in the near term.
Positive Factors
Consistent Revenue Growth
Revenue has risen consistently from 2022–2026 with latest annual growth ~11.9%. Durable top-line momentum supports scale, backlog and pricing leverage, helping fund reinvestment and smoothing cyclical swings over a multi-quarter horizon as the company builds customer share.
Negative Factors
Meaningful Remaining Debt
Despite improvement, the company retains a meaningful debt burden relative to equity and is a cyclical contractor. Debt servicing and covenant risk can tighten during downturns, limiting strategic flexibility and amplifying earnings volatility over 2–6 months of weaker demand.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Revenue Growth
Revenue has risen consistently from 2022–2026 with latest annual growth ~11.9%. Durable top-line momentum supports scale, backlog and pricing leverage, helping fund reinvestment and smoothing cyclical swings over a multi-quarter horizon as the company builds customer share.
Read all positive factors
Toenec Corporation (1946) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥196.92B
Dividend Yield3.66%
Average Volume (3M)107.85K
Price to Earnings (P/E)9.6
Beta (1Y)1.06
Revenue Growth0.21%
EPS Growth84.45%
CountryJP
Employees6,487
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)216.65
Shares Outstanding96,649,950
10 Day Avg. Volume122,180
30 Day Avg. Volume107,850
Financial Highlights & Ratios
PEG Ratio0.16
Price to Book (P/B)1.20
Price to Sales (P/S)0.68
P/FCF Ratio10.18
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)199.3
Revenue Forecast (FY)¥282.00B
Toenec Corporation Business Overview & Revenue Model
Company Description
Toenec Corporation engages in the construction and improvement of social infrastructure in the energy, environment, and information technology fields in Japan. The company constructs electricity distribution routes; underground power distribution ...
Toenec Corporation Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
70
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 272.70B | 272.47B | 270.97B | 252.86B | 232.05B | 219.62B |
| Gross Profit | 50.96B | 48.45B | 40.48B | 37.41B | 32.32B | 34.90B |
| EBITDA | 39.45B | 38.32B | 28.82B | 27.40B | 8.28B | 23.38B |
| Net Income | 20.14B | 17.81B | 10.76B | 9.35B | -5.55B | 8.28B |
Balance Sheet | ||||||
| Total Assets | 296.70B | 312.05B | 315.28B | 310.57B | 305.22B | 306.59B |
| Cash, Cash Equivalents and Short-Term Investments | 44.50B | 47.82B | 43.03B | 39.78B | 31.80B | 30.52B |
| Total Debt | 73.47B | 83.76B | 91.17B | 93.02B | 97.06B | 98.98B |
| Total Liabilities | 140.45B | 158.88B | 178.60B | 179.43B | 188.03B | 179.99B |
| Stockholders Equity | 156.20B | 153.12B | 136.63B | 131.10B | 117.16B | 126.57B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 18.12B | 11.62B | 14.44B | 9.02B | -455.00M |
| Operating Cash Flow | 0.00 | 25.19B | 17.77B | 17.75B | 11.40B | 4.52B |
| Investing Cash Flow | 0.00 | -4.57B | -3.72B | -2.64B | -3.01B | 2.29B |
| Financing Cash Flow | 0.00 | -14.94B | -11.79B | -7.95B | -6.23B | -25.42B |
Toenec Corporation Technical Analysis
Negative
1939.00
Price Trends
2138.52
Negative
2138.76
Negative
2022.63
Positive
Market Momentum
-24.48
Negative
47.09
Neutral
50.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:1946, the sentiment is Negative. The current price of 1939 is below the 20-day moving average (MA) of 2077.25, below the 50-day MA of 2138.52, and below the 200-day MA of 2022.63, indicating a neutral trend. The MACD of -24.48 indicates Negative momentum. The RSI at 47.09 is Neutral, neither overbought nor oversold. The STOCH value of 50.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:1946.
Toenec Corporation Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ¥137.56B | 12.47 | ― | 3.22% | 9.21% | 31.08% | |
77 Outperform | ¥274.99B | 14.55 | 7.85% | 2.72% | 5.94% | -10.93% | |
76 Outperform | ¥100.17B | 11.76 | ― | 4.38% | 0.40% | 67.67% | |
70 Outperform | ¥196.92B | 9.59 | ― | 3.09% | 0.21% | 84.45% | |
70 Outperform | ¥124.49B | 10.64 | ― | 1.55% | 13.64% | 49.43% | |
65 Neutral | ¥166.27B | 14.50 | ― | 3.02% | -4.04% | -3.71% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
JP:1946
Toenec Corporation
2,077.00
706.88
51.59%
JP:1941
CHUDENKO
5,030.00
1,313.42
35.34%
JP:1926
Raito Kogyo Co., Ltd.
3,735.00
577.65
18.30%
JP:1934
Yurtec Corporation
2,449.00
-158.06
-6.06%
JP:1939
Yondenko Corporation
2,090.00
784.60
60.10%
JP:1965
Techno Ryowa Ltd.
6,300.00
1,425.33
29.24%
Toenec Corporation Corporate Events
Toenec Confirms Reviewed Quarterly Results as Profits Surge in First Quarter
Aug 6, 2026
Toenec Corporation reported consolidated financial results for the three months ended June 30, 2026, confirming that its quarterly financial statements have completed an interim review by independent certified public accountants. The company noted...
Toenec Delivers Strong Profit Growth on Flat Sales, Affirms FY2027 Outlook
Jul 29, 2026
Toenec Corporation reported consolidated net sales of ¥61.4 billion for the three months ended June 30, 2026, a slight 0.4% increase year on year, but significantly improved profitability with operating profit up 47.6% to ¥5.1 billion an...
Toenec disposes treasury shares for restricted stock pay to align management with shareholders
Jul 22, 2026
Toenec Corporation’s board has approved the disposal of 11,280 treasury shares to directors and executive officers under its restricted stock compensation plan, at a price of ¥2,075 per share for a total of ¥23,406,000. The shares ...
Toenec Details Ties to Chubu Electric While Emphasizing Operational Independence
May 29, 2026
Toenec Corporation, an equity-method affiliate of Chubu Electric Power Co. Inc., operates in the general facility construction sector, providing power distribution and other electrical infrastructure services. While it benefits from the group̵...
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.