TOTO Ltd TOTDY

IndustrialsHomebuilding & Construction SuppliesJapan

Last close 36.07 USD on Nov 1, 2026, +32.4% year to date

Quant rating

Quant rating D Rank 343 of 418 in Industrials

Growth D 341 of 418
Valuation C 262 of 418
Quality C 248 of 418
Revisions D 343 of 418
Momentum C 189 of 418

Historical valuation

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

Key data

Market cap: 6.1B
Enterprise value: 5.6B
52-week range: 23.84 – 60.09
3-year range: 22.81 – 60.09
Dividend yield: 1.93%
Beta (5 years): 0.72
Shares outstanding: 166M
Next earnings: Oct 30, 2026

About the company

TOTO Ltd is a Japan-based company engaged in the provision of restroom, bath, kitchen and washroom products. The Company operates through six business segments. The Japan Housing Equipment Business segment, the Mainland China Business segment, the Asia and Oceania Business segment, the Americas Business segment and the Europe Business segment are engaged in the manufacture and sale of sanitary ware, heated toilet seats, unit bathrooms, system kitchens and washstands, faucets, electric water heaters, handrails, bathroom ventilation heaters and dryers, faucets, seats for seated toilets, plastic and rubber molded parts, plastic bathtubs and marbright counters, and others. The Company provides after-sales services such as repair work for these products. The Company also installs, sells, designs and contracts housing equipment. The New Area Business segment is engaged in the provision of ceramic products. The Company is also engaged in the office buildings rental business.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	4,646	4,831	4,641	5,280	5,304	–
Revenue growth	−3.8%	4.1%	−12.1%	−0.4%	1.6%	−2.3%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	35.6%	35.1%	34.0%	34.7%	36.7%	35.2%
Net margin	5.5%	1.7%	5.3%	5.6%	6.2%	4.8%
ROE	7.7%	2.4%	7.8%	9.1%	10.4%	7.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	731
Current ratio	1.66x
Long-term debt (mil)	8.2
Net debt (mil)	−537
Total equity (mil)	3,469
Net debt / equity	−0.15x
Net debt / EBITDA	–

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	4,646	−3.8%	1.2x	–	–	–	–	–	–

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	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–
2029	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Homebuilding & Construction Supplies

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
TOTDY TOTO Ltd	6.1B	–	5.5%	1.76x	–	–	–	–
SKSUY Sekisui Chemical Co., Ltd.	6.6B	0.71x	5.7%	1.22x	63.3x	54.0x	6.5x	5.8x
BTDPY Barratt Redrow PLC	5.9B	–	4.0%	0.59x	27.5x	22.8x	7.5x	6.5x
HWDJY Howden Joinery Group PLC	5.8B	–	11.1%	3.79x	58.9x	52.9x	8.5x	7.7x
PSMMY Persimmon PLC	5.4B	–	7.6%	1.11x	12.5x	12.9x	8.6x	8.9x
FBIN Fortune Brands Innovations, Inc.	5.3B	2.67x	6.7%	2.34x	13.4x	13.6x	9.7x	9.5x
Mean		1.69x	6.8%	1.80x	35.1x	31.2x	8.2x	7.7x
Median		1.69x	6.2%	1.49x	27.5x	22.8x	8.5x	7.7x

Technical analysis

1M−2.9%
3M−15.2%
1Y+41.2%
3Y+60.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, TOTO Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	4,646	4,831	4,641	5,280	5,304	5,220
Cost of revenue	2,992	3,137	3,062	3,451	3,357	3,317
Gross profit	1,654	1,694	1,580	1,830	1,947	1,902
Selling, general & administrative expenses	1,106	1,165	1,107	1,255	1,278	1,292
Research & development	166	167	153	162	197	202
Depreciation/amortization	43.7	39.3	37.4	42.5	43.2	49.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	116	233	6.5	−28.0	14.7	29.6
Other operating expenses	0	0	0	0	0	0
Operating income	223	90.5	276	398	414	329
Net interest income (expense)	143	69.1	79.5	48.7	66.2	25.0
Gain (loss) on sale of assets	0.5	–	0	2.3	0.3	0
Other non-operating income (expense)	3.7	2.7	2.6	2.6	−5.0	−3.6
Net income before taxes	370	162	358	452	476	350
Provision for taxes	129	78.7	108	142	141	102
Minority interest	12.8	−2.4	−4.3	−16.1	−4.5	−4.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	254	81.2	246	293	330	244
Extraordinary items	–	–	–	–	–	–
Net income	254	81.2	246	293	330	244
EBIT, normalized	339	323	283	370	429	358
EBITDA, normalized	555	557	508	606	650	586
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, TOTO Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	837	819	684	739	744	1,295
Receivables	649	673	657	747	777	814
Total inventory	766	898	882	1,097	900	742
Prepaid expenses	–	–	–	–	–	–
Other current assets	92.5	108	117	124	107	97.4
Total current assets	2,345	2,498	2,340	2,706	2,529	2,948
Property, plant & equipment	1,688	1,743	1,775	1,826	1,905	1,981
Goodwill	–	–	–	–	–	–
Intangibles	246	243	221	222	198	197
Long-term investments	400	450	537	458	447	506
Note receivable	0.6	0.7	0.7	0.7	0.8	0.9
Other long-term assets	535	492	349	297	190	202
Total assets	5,214	5,428	5,223	5,510	5,269	5,836
Liabilities
Accounts payable	509	551	507	640	645	626
Payable/accrued	–	–	–	–	–	–
Accrued expenses	270	269	282	295	299	321
Short-term debt	417	441	438	499	298	869
Current portion of long-term debt	16.7	20.4	17.4	17.5	13.8	9.8
Other current liabilities	290	257	238	271	384	298
Total current liabilities	1,502	1,539	1,482	1,723	1,640	2,124
Long-term debt	34.7	38.6	37.5	50.9	24.1	31.1
Minority interest	35.8	54.2	51.8	54.9	62.8	60.3
Other liabilities	313	313	329	263	208	309
Total liabilities	1,886	1,945	1,900	2,092	1,934	2,525
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	224	237	235	268	292	321
Additional paid-in capital	184	197	195	222	242	265
Retained earnings (accumulated deficit)	2,244	2,405	2,415	2,600	2,657	2,689
Treasury stock	−32.6	−90.6	−90.2	−103	−113	−126
Other equity	709	734	567	431	257	162
Total equity	3,328	3,483	3,322	3,417	3,335	3,311
Total liabilities & shareholders' equity	5,214	5,428	5,223	5,510	5,269	5,836

Cash flow statement in millions of USD, fiscal years

Cash flow statement, TOTO Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	370	162	358	452	476	353
Depreciation, depletion & amortization	216	234	226	237	221	228
Deferred taxes	–	–	–	–	–	–
Non-cash items	−75.0	160	−39.6	−55.5	−18.5	9.1
Changes in working capital	−62.3	−79.4	−39.9	−395	−273	−51.9
Cash from operations	449	476	504	238	406	538
Investing activities
Capital expenditures	−272	−338	−384	−274	−289	−395
Other investing cash flows	134	82.1	28.8	8.0	26.4	10.0
Cash from investing	−137	−256	−355	−266	−262	−385
Financing activities
Financing cash flow items	−10.6	−13.6	−12.2	−30.6	−11.1	−12.0
Cash dividends paid	−105	−113	−112	−128	−118	−115
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−127	−0.1	−1.0	224	−493	332
Cash from financing	−243	−127	−125	66.1	−623	205
Foreign exchange effects	−2.4	27.2	10.4	21.1	53.3	0.7
Net change in cash	66.1	120	34.0	59.4	−426	359
Free cash flow	177	138	120	−35.8	117	143

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.