TOYOTA MOTOR CORPORATION TM

Consumer DiscretionaryAutomobiles & Auto PartsJapan

Last close 195.71 USD on Nov 1, 2026, −7.2% year to date

Quant rating

Quant rating B Rank 82 of 297 in Consumer Discretionary

Growth B 59 of 297
Valuation C 155 of 297
Quality B 92 of 297
Revisions C 156 of 297
Momentum B 77 of 297

Wall Street consensus Buy (2.20)Average target 232.50 USD +18.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 284.1B
Enterprise value: 483.8B
52-week range: 166.12 – 248.75
3-year range: 158.63 – 254.77
Dividend yield: 2.33%
Beta (5 years): 0.65
Shares outstanding: 14,595M
Next earnings: Nov 3, 2026

About the company

TOYOTA MOTOR CORPORATION is a Japan-based company mainly engaged in the automotive business, as well as financial services and other businesses. It operates through three business segments. The Automotive segment designs, manufactures, and sells automobiles, including sedans, minivans, compact cars, sport utility vehicles (SUVs), and trucks, as well as related parts and accessories. The Financial Services segment provides financing and vehicle leasing services to complement the sales of automobiles and other products manufactured by itself and its affiliates. The Other segment is engaged in information and communications services. It also oversees manufacturing and sales companies, conducts public relations and research activities, oversees financial companies, and develops various mobility products, primarily software.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	319,356	320,351	298,033	279,797	257,928	–
Revenue growth	−0.3%	7.5%	6.5%	8.5%	4.9%	5.4%
EPS (basic, normalized)	19.59	23.58	25.31	13.24	18.26	–
EPS growth	−16.9%	−6.8%	91.1%	−27.5%	–	–
Gross margin	16.7%	19.9%	20.8%	17.0%	19.0%	18.7%
Net margin	7.6%	9.9%	11.0%	6.6%	9.1%	8.8%
ROE	10.1%	13.6%	15.8%	9.0%	11.5%	12.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	82,137
Current ratio	1.17x
Long-term debt (mil)	160,481
Net debt (mil)	193,938
Total equity (mil)	229,536
Net debt / equity	0.84x
Net debt / EBITDA	5.58x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	319,356	−0.3%	1.5x	34,759	−22.6%	13.9x	19.59	−16.9%	10.0x
2027	333,203	+4.3%	1.5x	41,709	+20.0%	11.6x	17.92	−8.5%	10.9x
2028	349,016	+4.7%	1.4x	46,558	+11.6%	10.4x	20.48	+14.3%	9.6x
2029	365,927	+4.8%	1.3x	52,148	+12.0%	9.3x	12.45	−39.2%	15.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	333,203	0.0%	+1.3%	−2.8%	17.92	−4.1%	−4.9%	−16.7%
2028	349,016	0.0%	+1.5%	−5.1%	20.48	0.0%	−3.6%	−13.3%
2029	365,927	0.0%	+2.2%	–	12.45	0.0%	−8.8%	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	74,599	75,966	76,711	81,268	81,069	84,782	83,924	87,272	80,305	84,839
Sales mean (mil)	62,075	–	72,267	73,981	71,040	–	–	81,086	77,640	79,943
Surprise	+20.2%	–	+6.1%	+9.8%	+14.1%	–	–	+7.6%	+3.4%	+6.1%
EPS reported	–	–	–	–	–	0.45	0.48	0.63	4.00	7.57
EPS mean	–	–	–	–	–	–	–	3.18	2.68	4.76
Surprise	–	–	–	–	–	–	–	−80.3%	+49.0%	+59.1%

Peer comparison Automobiles & Auto Parts

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TM TOYOTA MOTOR CORPORATION	284.1B	5.58x	7.6%	0.98x	10.9x	9.6x	11.6x	10.4x
005380 HYUNDAI MOTOR COMPANY	49.7B	9.61x	5.1%	0.60x	7.5x	6.9x	14.9x	13.9x
TSLA Tesla Inc	1.58T	−2.42x	4.0%	17.70x	238.2x	189.5x	108.8x	88.8x
BYDDY BYD Company Limited	98.7B	0.42x	4.0%	2.80x	14.8x	11.3x	5.8x	5.0x
GM General Motors Co	73.7B	4.15x	1.7%	1.18x	6.5x	5.9x	7.8x	7.2x
HMC HONDA MOTOR CO., LTD.	51.4B	9.21x	−1.9%	0.56x	20.2x	10.6x	10.9x	8.3x
Mean		4.43x	3.4%	3.97x	49.7x	39.0x	26.6x	22.3x
Median		4.87x	4.0%	1.08x	12.9x	10.1x	11.2x	9.4x

Technical analysis

1M+3.9%
3M+5.1%
1Y−5.9%
3Y+23.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, TOYOTA MOTOR CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	319,356	320,351	298,033	279,797	257,928	245,841
Cost of revenue	266,027	256,477	236,118	232,256	208,843	202,188
Gross profit	53,328	63,875	61,915	47,541	49,085	43,653
Selling, general & administrative expenses	29,598	31,894	26,537	27,020	24,461	23,800
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	23,730	31,981	35,377	20,521	24,624	19,853
Net interest income (expense)	8,385	11,320	9,701	8,010	7,730	4,681
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	353	−523	954	−903	447	1,955
Net income before taxes	32,468	42,778	46,032	27,628	32,801	26,489
Provision for taxes	7,355	10,836	12,515	8,854	9,172	5,872
Minority interest	−867	−165	−836	−314	−201	−335
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	24,246	31,778	32,681	18,460	23,427	20,282
Extraordinary items	–	–	–	–	–	–
Net income	24,246	31,778	32,681	18,460	23,427	20,282
EBIT, normalized	23,730	31,981	35,377	20,521	24,624	19,853
EBITDA, normalized	41,167	48,748	51,037	37,756	41,729	36,766
Basic EPS, normalized	19.59	23.58	25.31	13.24	18.26	–

Balance sheet in millions of USD, fiscal years

Balance sheet, TOYOTA MOTOR CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	104,858	106,156	93,280	69,528	70,861	84,158
Receivables	110,326	102,364	98,894	91,006	86,208	88,775
Total inventory	32,355	30,665	30,437	32,048	31,410	26,089
Prepaid expenses	–	–	–	–	–	–
Other current assets	22,287	8,088	6,814	6,679	6,510	6,731
Total current assets	269,826	247,274	229,425	199,260	194,988	205,752
Property, plant & equipment	113,217	106,147	97,750	98,843	105,006	106,606
Goodwill	–	–	–	–	–	–
Intangibles	8,775	9,091	8,957	9,407	9,798	10,015
Long-term investments	103,827	104,574	113,017	118,863	117,994	119,645
Note receivable	160,596	147,861	136,389	124,189	119,868	112,462
Other long-term assets	8,634	9,270	10,021	8,992	8,722	8,005
Total assets	664,875	624,217	595,561	559,554	556,377	562,485
Liabilities
Accounts payable	36,903	36,861	34,706	37,550	35,279	36,549
Payable/accrued	–	–	–	–	–	–
Accrued expenses	13,311	12,190	12,317	11,690	12,498	12,621
Short-term debt	35,909	36,442	36,270	34,567	33,740	39,204
Current portion of long-term debt	74,866	69,123	65,550	58,103	58,219	71,113
Other current liabilities	50,749	41,677	43,993	38,523	39,798	34,375
Total current liabilities	211,739	196,294	192,835	180,433	179,534	193,861
Long-term debt	161,454	153,140	139,816	128,584	125,830	121,478
Minority interest	6,939	6,363	6,730	6,970	7,470	7,984
Other liabilities	33,223	28,842	30,015	30,158	27,809	27,740
Total liabilities	413,354	384,638	369,396	346,144	340,644	351,062
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,502	2,648	2,624	2,990	3,264	3,587
Additional paid-in capital	2,878	3,284	3,250	3,756	4,098	4,492
Retained earnings (accumulated deficit)	243,903	239,021	216,743	213,445	217,435	217,743
Treasury stock	−28,073	−29,449	−26,218	−28,139	−27,174	−26,212
Other equity	30,311	24,076	29,765	21,358	18,110	11,813
Total equity	251,521	239,579	226,165	213,410	215,732	211,423
Total liabilities & shareholders' equity	664,875	624,217	595,561	559,554	556,377	562,485

Cash flow statement in millions of USD, fiscal years

Cash flow statement, TOYOTA MOTOR CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	25,113	31,942	33,517	18,774	23,628	20,618
Depreciation, depletion & amortization	15,075	15,013	13,793	15,362	14,975	14,854
Deferred taxes	–	–	–	–	–	–
Non-cash items	−1,226	1,906	2,756	−1,217	1,656	561
Changes in working capital	−5,209	−24,208	−22,266	−10,665	−9,661	−11,396
Cash from operations	33,753	24,654	27,800	22,254	30,599	24,636
Investing activities
Capital expenditures	−33,352	−35,065	−33,365	−27,907	−31,483	−34,037
Other investing cash flows	23,773	7,124	328	15,867	26,736	−8,277
Cash from investing	−9,579	−27,941	−33,036	−12,041	−4,747	−42,314
Financing activities
Financing cash flow items	−572	−509	−647	−457	−425	−331
Cash dividends paid	−7,807	−7,551	−5,817	−5,482	−5,835	−5,651
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	4,997	9,376	22,971	5,516	−14,014	30,725
Cash from financing	−3,381	1,315	16,506	−423	−20,274	24,744
Foreign exchange effects	2,377	−894	1,255	778	2,747	1,990
Net change in cash	23,169	−2,865	12,525	10,568	8,325	9,055
Free cash flow	401	−10,410	−5,565	−5,654	−885	−9,402

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.