TOCALO Co., Ltd. (JP:3433)
:3433
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TOCALO Co., Ltd.
(3433)
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Rating:78Outperform
Price Target:
¥3,716.00
▲(67.09% Upside)
Action:Reiterated
Date:05/13/26
The score is driven primarily by strong financial fundamentals (high profitability and very low leverage), partially offset by weaker near-term cash generation from negative 2026 free cash flow. Technically, the trend is bullish, but overbought readings temper the score. Valuation is supportive but not a clear bargain.
Positive Factors
Conservative balance sheet
Very low and improving leverage provides durable financial flexibility: the company can better withstand industrial downturns, fund targeted capex or strategic investments, and sustain distributions. A strong equity base reduces refinancing risk and supports long-term resilience.
Negative Factors
Negative free cash flow (2026)
A negative FCF year weakens near-term self-funded growth and capital return ability. If elevated investment or working-capital needs persist, management may need to reallocate cash, delay discretionary spend, or rely on external financing, reducing optionality.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low and improving leverage provides durable financial flexibility: the company can better withstand industrial downturns, fund targeted capex or strategic investments, and sustain distributions. A strong equity base reduces refinancing risk and supports long-term resilience.
Read all positive factors
TOCALO Co., Ltd. (3433) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥191.75B
Dividend Yield3.39%
Average Volume (3M)169.44K
Price to Earnings (P/E)14.8
Beta (1Y)1.17
Revenue Growth7.85%
EPS Growth24.91%
CountryJP
Employees1,389
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)147.12
Shares Outstanding61,200,000
10 Day Avg. Volume202,670
30 Day Avg. Volume169,436
Financial Highlights & Ratios
PEG Ratio0.59
Price to Book (P/B)2.23
Price to Sales (P/S)2.54
P/FCF Ratio-74.03
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)174.9
Revenue Forecast (FY)¥65.40B
TOCALO Co., Ltd. Business Overview & Revenue Model
Company Description
TOCALO Co.,Ltd. develops surface modifying technologies in Japan and internationally. It produces functional coatings through thermal spraying technology, including vacuum and atmospheric plasma, electric arc, high velocity oxy-fuel spraying, susp...
How the Company Makes Money
TOCALO primarily makes money by providing contract surface treatment/coating services to industrial clients. Revenue is generated when customers pay for applying specialized surface processing (e.g., thermal spray and other surface modification/co...
TOCALO Co., Ltd. Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
63
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 56.52B | 58.49B | 54.23B | 46.73B | 48.14B | 43.81B |
| Gross Profit | 21.62B | 22.10B | 20.29B | 16.27B | 17.38B | 16.59B |
| EBITDA | 16.82B | 14.10B | 15.57B | 12.25B | 13.55B | 13.04B |
| Net Income | 8.75B | 10.06B | 8.05B | 6.33B | 7.35B | 6.91B |
Balance Sheet | ||||||
| Total Assets | 80.15B | 89.29B | 82.78B | 77.94B | 74.90B | 70.07B |
| Cash, Cash Equivalents and Short-Term Investments | 15.68B | 14.73B | 17.98B | 20.91B | 20.91B | 20.11B |
| Total Debt | 3.40B | 2.32B | 3.88B | 5.10B | 2.94B | 4.29B |
| Total Liabilities | 14.83B | 16.63B | 17.05B | 18.01B | 17.25B | 17.61B |
| Stockholders Equity | 60.43B | 66.76B | 60.65B | 55.46B | 53.84B | 49.10B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -2.01B | 3.55B | 3.09B | 5.28B | 5.31B |
| Operating Cash Flow | 0.00 | 7.75B | 9.08B | 7.88B | 9.89B | 9.87B |
| Investing Cash Flow | 0.00 | -9.96B | -6.19B | -4.63B | -5.09B | -5.04B |
| Financing Cash Flow | 0.00 | -1.16B | -5.12B | -3.24B | -4.56B | -4.55B |
TOCALO Co., Ltd. Technical Analysis
Positive
2224.00
Price Trends
2763.11
Positive
2514.48
Positive
2276.21
Positive
Market Momentum
56.17
Negative
61.64
Neutral
80.10
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3433, the sentiment is Positive. The current price of 2224 is below the 20-day moving average (MA) of 2692.03, below the 50-day MA of 2763.11, and below the 200-day MA of 2276.21, indicating a bullish trend. The MACD of 56.17 indicates Negative momentum. The RSI at 61.64 is Neutral, neither overbought nor oversold. The STOCH value of 80.10 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:3433.
TOCALO Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥110.76B | 15.71 | ― | 4.64% | 3.11% | -37.18% | |
78 Outperform | ¥191.75B | 14.78 | ― | 3.39% | 7.85% | 24.91% | |
77 Outperform | ¥86.08B | 8.96 | ― | 3.82% | 2.31% | -15.61% | |
77 Outperform | ¥235.97B | 11.03 | ― | 2.50% | 1.29% | -4.59% | |
72 Outperform | ¥199.32B | 14.12 | 10.28% | 2.77% | 2.70% | -0.60% | |
67 Neutral | ¥114.94B | 17.07 | ― | 3.77% | -5.08% | 46.70% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
JP:3433
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TOCALO Co., Ltd. Corporate Events
TOCALO Lifts Year-End Dividend, Boosts Annual Shareholder Payout
May 11, 2026
TOCALO’s board has approved an increase in its year-end dividend for shareholders of record on March 31, 2026, raising the payout to 48 yen per share from a previously forecast 33 yen. Subject to approval at the June 25, 2026 general shareho...
TOCALO boosts profits, raises dividend and widens overseas footprint
May 11, 2026
TOCALO reported consolidated net sales of ¥58.49 billion for the fiscal year ended March 31, 2026, up 7.9%, with operating profit rising 15.0% to ¥14.10 billion and profit attributable to owners of parent jumping 25.0% to ¥10.06 bil...
Tocalo Reshapes Organization and Leadership to Bolster Development and Global Business
Mar 19, 2026
TOCALO Co., Ltd. will overhaul its organizational structure on April 1, 2026, creating a dedicated Development Headquarters, replacing its existing Global Business Headquarters with a Global Business Development Headquarters, and splitting the Tok...
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.