TOTO Ltd (JP:5332)
:5332
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TOTO
(5332)
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Rating:67Neutral
Price Target:
¥7,903.00
▲(43.12% Upside)
Action:Reiterated
Date:05/02/26
The score is driven primarily by solid financial performance (low leverage and improved profitability), partially offset by inconsistent cash-flow conversion. Technical signals are mixed with neutral momentum despite price strength versus key moving averages, and valuation looks only fair with a modest dividend yield.
Positive Factors
Conservative balance sheet / low leverage
TOTO’s balance sheet shows low leverage (debt-to-equity ~0.13) and rising equity, which reduces refinancing and solvency risk. That conservatism supports multi-year capital allocation for R&D, capex and international expansion and cushions the business during downturns.
Negative Factors
Volatile operating profitability
Operating profits have swung notably (weakness in 2025 followed by a sharp rebound), creating uneven operating-margin trends. This volatility complicates multi-period planning, produces variable returns on equity, and raises questions whether improvements are sustainable versus cyclical.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / low leverage
TOTO’s balance sheet shows low leverage (debt-to-equity ~0.13) and rising equity, which reduces refinancing and solvency risk. That conservatism supports multi-year capital allocation for R&D, capex and international expansion and cushions the business during downturns.
Read all positive factors
TOTO (5332) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.16T
Dividend Yield2.36%
Average Volume (3M)683.91K
Price to Earnings (P/E)33.9
Beta (1Y)0.77
Revenue Growth1.79%
EPS Growth239.72%
CountryJP
Employees33,386
SectorIndustrials
Sector Strength72
IndustryConstruction
Share Statistics
EPS (TTM)57.53
Shares Outstanding166,358,400
10 Day Avg. Volume690,950
30 Day Avg. Volume683,906
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)1.60
Price to Sales (P/S)1.14
P/FCF Ratio24.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥6,447.14Price Target Upside16.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)282.61
Revenue Forecast (FY)¥774.26B
TOTO Business Overview & Revenue Model
Company Description
Toto Ltd. manufactures and sells bathroom and kitchen plumbing products worldwide. It offers sanitary ware, such as toilet basins, urinals, sinks, washbasins, etc.; system toilets; toilet seats; plumbing accessories, etc.; bathtubs; unit bathrooms...
How the Company Makes Money
TOTO primarily makes money by selling manufactured housing and building products, with revenue recognized from shipments and sales to distribution and project channels. The core revenue stream is sanitary ware and bathroom-related products—such as...
TOTO Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
82
Very Positive
Cash Flow
63
Positive
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 725.69B | 737.44B | 724.45B | 702.28B | 701.19B | 645.27B |
| Gross Profit | 253.68B | 262.58B | 254.07B | 239.00B | 242.97B | 236.89B |
| EBITDA | 54.20B | 88.12B | 59.67B | 88.58B | 91.46B | 84.92B |
| Net Income | 9.73B | 40.26B | 12.17B | 37.20B | 38.94B | 40.13B |
Balance Sheet | ||||||
| Total Assets | 770.44B | 827.48B | 813.92B | 790.25B | 731.64B | 641.02B |
| Cash, Cash Equivalents and Short-Term Investments | 92.59B | 132.85B | 122.75B | 103.55B | 98.12B | 90.54B |
| Total Debt | 24.65B | 67.78B | 75.03B | 72.09B | 73.09B | 39.84B |
| Total Liabilities | 262.40B | 293.57B | 283.52B | 279.70B | 270.54B | 227.65B |
| Stockholders Equity | 500.41B | 528.23B | 522.28B | 502.72B | 453.80B | 405.74B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 34.76B | 26.83B | 25.18B | 3.83B | 19.23B |
| Operating Cash Flow | 0.00 | 71.24B | 71.38B | 76.31B | 31.58B | 49.36B |
| Investing Cash Flow | 0.00 | -21.82B | -38.38B | -53.79B | -35.27B | -31.89B |
| Financing Cash Flow | 0.00 | -38.55B | -19.01B | -18.95B | 8.78B | -75.77B |
TOTO Technical Analysis
Positive
5522.00
Price Trends
6074.83
Positive
5695.49
Positive
4812.52
Positive
Market Momentum
395.60
Negative
60.93
Neutral
78.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:5332, the sentiment is Positive. The current price of 5522 is below the 20-day moving average (MA) of 7013.05, below the 50-day MA of 6074.83, and above the 200-day MA of 4812.52, indicating a bullish trend. The MACD of 395.60 indicates Negative momentum. The RSI at 60.93 is Neutral, neither overbought nor oversold. The STOCH value of 78.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:5332.
TOTO Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥6.63T | 25.26 | 9.46% | 1.52% | 5.53% | 3.94% | |
71 Outperform | ¥32.47B | 7.85 | ― | 3.59% | 6.27% | 28.43% | |
69 Neutral | ¥17.67B | 11.38 | ― | 4.35% | -2.17% | ― | |
67 Neutral | ¥1.16T | 33.90 | 0.85% | 2.36% | 1.79% | 239.72% | |
67 Neutral | ¥94.39B | 15.77 | 2.57% | 3.57% | -1.80% | 16.84% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | ¥481.43B | 60.37 | 1.44% | 4.80% | 0.40% | 306.91% |
* Industrials Sector Average
JP:5332
TOTO
7,926.00
4,345.29
121.35%
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33.91%
TOTO Corporate Events
TOTO Plans Governance Overhaul with Smaller Board and New Dividend Rules
May 18, 2026
TOTO’s board has approved a proposal to amend its Articles of Incorporation, to be put to a vote at the June 23, 2026 shareholders’ meeting, aimed at streamlining governance structures. The company plans to cut the maximum number of no...
TOTO Raises Year-End Dividend, Lifting Planned Annual Payout to 110 Yen
Apr 30, 2026
TOTO has revised its year-end dividend for the fiscal year ended March 31, 2026, raising the planned payout to 60 yen per share from the previously forecast 50 yen, up from 50 yen a year earlier. This lifts the planned annual dividend to 110 yen p...
TOTO Beats Profit Forecasts on Strong Housing and Semiconductor-Linked Demand
Apr 30, 2026
TOTO reported that its full-year consolidated results for the fiscal year ended March 31, 2026 slightly exceeded net sales forecasts and significantly outperformed profit projections. Strong sales of new products in its Japan Housing Equipment Bus...
TOTO Leans on Remodeling Core and Semiconductor Ceramics Amid China Slowdown
Apr 30, 2026
TOTO reported results for the year ended March 31, 2026, highlighting a business portfolio built around its century-old core housing equipment and remodeling operations, complemented by an advanced ceramics segment supplying high-grade components ...
TOTO Profit Soars, Raises Dividend and Forecasts Further Growth
Apr 30, 2026
TOTO reported modest sales growth for the fiscal year ended March 31, 2026, with net sales up 1.8% to ¥737.4 billion, while operating profit rose 10.9% and ordinary profit jumped 20.5%. Profit attributable to owners of the parent surged more ...
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.