Overview
Glass and Ceramics Products

TOYO TANSO CO.,LTD.

Toyo Tanso is a specialist carbon products manufacturer primarily engaged in the production, processing, and sale of high-performance carbon products based on isotropic graphite materials. The company serves a broad range of end markets including semiconductors (silicon crystal growing furnaces, compound semiconductors, SiC epitaxy), general industrial machinery, automotive, nuclear energy, aerospace, and medical devices. Its competitive strengths include being the first company in Japan—and among the first globally—to mass-produce isotropic graphite (in 1974) using hydrostatic pressing, maintaining the world's largest isotropic graphite production capacity, and operating an integrated manufacturing-to-direct-sales model that enables rapid response to customized, high-mix low-volume customer requirements.

Market Cap
¥131B
US$835M
EV
¥120B
US$767M
Stock¥6,240▼-3.70%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
12.8
x
LTM EV/EBIT
25.6
x
LTM PER
29.3
x
LTM PBR
1.3
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+10.9%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
131BUS$835MMarket Cap5.79BUS$36.9M+ Debt15.7BUS$99.9M− Cash0.80BUS$5.07M− Inv. Sec.0.06BUS$0.38M+ NCI120BUS$767MEV
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Performance & Balance
Revenue 5Y (¥B)
37.7US$241M'21/1243.8US$279M'22/1249.3US$314M'23/1253.1US$339M'24/1246.2US$295M'25/12
EBITDA 5Y (¥B)
8.62US$55.0M'21/129.82US$62.6M'22/1212.7US$80.7M'23/1216.0US$102M'24/1211.1US$70.9M'25/12
Net Income 5Y (¥B)
4.47US$28.5M'21/125.18US$33.0M'22/127.51US$47.9M'23/129.96US$63.5M'24/125.46US$34.8M'25/12
Capital Structure
94%
EquityD/E 0.06xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
15.7US$100M0.20US$1.27M'21/1215.8US$101M0.29US$1.82M'22/1215.6US$99.7M'23/1216.5US$105M1.21US$7.74M'24/1216.1US$102M6.27US$40.0M'25/12
Shareholders
Top 10 hold 52.3%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
9.94%
2
Custody Bank of Japan, Ltd. (Trust Account)
8.54%
3
Tomoko KONDO
7.44%
4
Naotaka KONDO
5.82%
5
Kondo Holdings Co., Ltd.
5.55%
6
Kondo Memorial Foundation
3.98%
7
NT Corporation Co., Ltd.
2.98%
8
Takako KONDO
2.96%
9
Junko MORITA
2.86%
10
Nomura Trust and Banking Co., Ltd. (Investment Trust Account)
2.25%
Management
8 officers
Naotaka KONDO
Chairman and President (Representative Director), Chairman Executive Officer, President Executive Officer, Chief Executive Officer (CEO), in charge of Administration Division and Global Sales Division
Apr 1980 Joined Mitsui & Co., Ltd. Dec 1985 Joined the Company Mar 1994 Director Nov 2000 Managing Executive Officer Aug 2001 Director Mar 2002 Managing Director Jul 2003 Senior Managing Director Sep 2003 Senior Managing Executive Officer Jan 2007 Representative Director, NT Corporation Co., Ltd. (current) Aug 2007 Representative Director, Director and Vice President, Vice President Executive Officer, Assistant to President, the Company Mar 2008 General Manager, Sales Division Aug 2009 Director, President, President Executive Officer Jun 2012 Advisor Jan 2013 Director, Shizen Energy Inc. May 2013 Resigned from the Company Nov 2013 President and Representative Director, Via Mechanics, Ltd. Dec 2014 Chairman, Via Mechanics, Ltd. Mar 2015 Director, Japan Investment Adviser Co., Ltd. May 2017 Audit & Supervisory Board Member, Shizen Energy Inc. Mar 2018 Chairman of the Board, the Company (current) Apr 2018 Representative Director (current), Chairman Executive Officer (current), Chief Executive Officer (CEO) (current) May 2018 Director and President (current), President Executive Officer (current) Jun 2018 Chairman, Seiko Tanso Co., Ltd. Mar 2024 In charge of Administration Division and Global Sales Division, the Company (current)
1957-05-05
Tatsuro HAMADA
Director, Senior Managing Executive Officer, General Manager of Management Planning Division, in charge of Technology Division and Production Division
Apr 1983 Joined Bridgestone Corporation Feb 1995 Lead Advisor, Akron Central Research Laboratory, BRIDGESTONE/FIRESTONE, INC. (now BRIDGESTONE AMERICAS, INC.) Apr 2004 General Manager, Tire Materials Development Department, Materials Development Division, Bridgestone Corporation Jul 2007 General Manager, Tire Materials Development Division, Bridgestone Corporation Jul 2009 General Manager, In-house Business Division, Bridgestone Corporation Jul 2010 Executive Officer, in charge of In-house Business, Bridgestone Corporation May 2011 In charge of Tire Fundamental Development, Bridgestone Corporation Jan 2015 Chief Technology Officer (CTO) responsibilities, Bridgestone Corporation Jan 2017 In charge of Central Research Laboratory, Bridgestone Corporation Sep 2017 Joined the Company, Executive Officer, in charge of Development Division Apr 2018 General Manager, Materials Development Department, Development Division Sep 2018 General Manager, Global Development Division Feb 2019 General Manager, Management Planning Division (current) Mar 2019 Director (current), in charge of Global Development Division Jun 2019 Chairman and Representative Director, TOYO TANSO EUROPE S.P.A. (current) Aug 2021 Chairman, Shanghai Toyo Tanso Co., Ltd.; Chairman, Shanghai Toyo Tanso Industrial Co., Ltd.; Chairman, Toyo Tanso (Zhejiang) Co., Ltd. Nov 2021 In charge of Global Sales Division, the Company Jun 2023 In charge of Global Supply Chain Promotion Department, Management Planning Division, the Company Jan 2024 Senior Executive Officer Mar 2024 Senior Managing Executive Officer (current), in charge of Global Development Division and Production Division Dec 2024 President and Representative Director, TOYO TANSO FRANCE S.A. (current) Apr 2025 In charge of Technology Division and Production Division (current)
1957-10-30
Makio NAITO
Director
Apr 1982 Joined Hosokawa Powder Technology Research Institute (now Hosokawa Micron Corporation) Mar 1993 Left Hosokawa Micron Corporation Aug 1993 Joined Fine Ceramics Center Research Institute (incorporated foundation) Apr 2001 Deputy Director, Fine Ceramics Center Research Institute May 2002 Left Fine Ceramics Center Research Institute Jun 2002 Professor, Nanoparticle Bonding Technology Endowed Research Division, Joining Science Research Institute, Osaka University (now National University Corporation Osaka University) Apr 2005 Professor, Smart Processing Research Center, Joining Science Research Institute, Osaka University (now Multidimensional Materials Processing Research Center); joined Kurimoto, Ltd., Director of Nano & Materials Research Institute Dec 2005 Director, Hosokawa Micron Corporation Apr 2007 Head, Smart Processing Research Center, Joining Science Research Institute, Osaka University (now Multidimensional Materials Processing Research Center) Nov 2007 Left Kurimoto, Ltd. Apr 2009 Vice Director, Joining Science Research Institute, Osaka University Mar 2023 Outside Director, the Company (current) Apr 2023 Professor Emeritus, Osaka University (current)
1957-10-11
Kakiko KOSAKA
Director
Oct 2002 Registered as attorney; joined Irokawa Law Office (now Irokawa Law Office, Attorney Corporation) Jan 2009 Partner, Irokawa Law Office Jun 2016 Outside Audit & Supervisory Board Member, Nippon Yamamura Glass Co., Ltd. Jun 2017 Director (Audit and Supervisory Committee Member), Nippon Yamamura Glass Co., Ltd. (current); Outside Audit & Supervisory Board Member, Asia Pacific Trade Center Co., Ltd. (current) Mar 2018 Outside Audit & Supervisory Board Member, the Company Jun 2018 Outside Audit & Supervisory Board Member, Falco Holdings Co., Ltd. Jan 2020 Associate Attorney, Irokawa Law Office (current) Jun 2021 Outside Director (Audit and Supervisory Committee Member), Falco Holdings Co., Ltd. (current) Mar 2022 Outside Director, the Company (current)
1976-09-20
Toshiki BOKI
Full-time Audit and Supervisory Board Member
Nov 1996 Joined the Company Feb 2002 Director of Finance & Administration, TOYO TANSO USA, INC. Jun 2005 General Manager, Accounting Department, the Company Aug 2006 Executive Officer, the Company May 2015 Registered as US Certified Public Accountant Jul 2017 Deputy General Manager, Shanghai Toyo Tanso Co., Ltd.; Deputy General Manager, Shanghai Toyo Tanso Industrial Co., Ltd.; Deputy General Manager, Toyo Tanso (Zhejiang) Co., Ltd. Jan 2020 Deputy General Manager, Administration Division, the Company Mar 2020 Executive Officer, Deputy General Manager, Administration Division, the Company Mar 2022 Full-time Audit and Supervisory Board Member, the Company (current)
1960-02-24
Kazuhiro IMAI
Director
Apr 1970 Joined Osaka Regional Taxation Bureau Jul 1995 Chief National Tax Examiner, Corporate Taxation Section 1, Oyodo Tax Office Jul 2003 Director, Tanabe Tax Office Jul 2011 Director, Collection Department, Osaka Regional Taxation Bureau Jul 2012 Retired from Osaka Regional Taxation Bureau Aug 2012 Registered as Certified Tax Accountant; established Imai Tax Accountant Office, Certified Tax Accountant (current) Mar 2022 Outside Audit & Supervisory Board Member, the Company Mar 2026 Outside Director, the Company (current)
1951-12-12
Junko UEMURA
Audit and Supervisory Board Member
Dec 2008 Registered as attorney; joined City-Yuwa Law Office Oct 2011 Joined Kansai Law & Patent Office (Attorney Corporation) Jan 2018 Partner, Kansai Law & Patent Office (current) Mar 2022 Outside Audit & Supervisory Board Member, the Company (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member), Miyaji Engineering Group, Inc. (current)
1982-09-03
Koji FUNATOMI
Audit and Supervisory Board Member
Apr 1983 Joined Osaka Regional Taxation Bureau Jul 2012 Director, Tanabe Tax Office Jul 2020 Director, Second Taxation Department, Osaka Regional Taxation Bureau Aug 2021 Registered as Certified Tax Accountant; opened Koji Funatomi Tax Accountant Office Jan 2022 Outside Audit & Supervisory Board Member, J.S.B. Co., Ltd. Jun 2023 Outside Audit & Supervisory Board Member, Gunze Limited (current) Mar 2026 Outside Audit & Supervisory Board Member, the Company (current)
1961-03-29
Large Shareholding Reports
Amova Asset Management Co., Ltd.
2026-10-20
7.85%→8.85%
Nomura Asset Management Co., Ltd.
2026-09-07
5.83%→6.70%
MUFG Bank, Ltd.
2026-07-21
1.71%→1.71%
Amova Asset Management Co., Ltd.
2026-07-17
7.74%→7.85%
Kondo Holdings Co., Ltd.
2026-05-12
5.61%→5.55%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-06-30): 5.55%
Kondo Holdings Co., Ltd.
2026-03-16
5.61%→5.55%
Annual report (as of 2026-06-30): 5.55%
Amova Asset Management Co., Ltd.
2026-03-13
6.67%→7.74%
Amova Asset Management Co., Ltd.
2026-03-05
5.60%→6.67%
Nomura Asset Management Co., Ltd.
2026-03-05
5.67%→5.83%
Wellington Management Japan Pte Ltd
2026-02-04
5.16%→4.11%
Nomura Asset Management Co., Ltd.
2026-01-21
5.61%→5.67%
Amova Asset Management Co., Ltd.
2026-01-21
5.22%→5.60%
Mitsubishi UFJ Trust and Banking Corporation
2026-01-19
2.00%
Amova Asset Management Co., Ltd.
2025-12-04
3.11%→5.22%
Amova Asset Management Co., Ltd.
2025-11-07
3.11%
Nomura Asset Management Co., Ltd.
2025-11-07
5.60%→5.61%
Nomura Asset Management Co., Ltd.
2025-10-21
5.61%→5.60%
Nomura Asset Management Co., Ltd.
2025-09-04
4.84%→5.61%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-20
Large Shareholding Report
EDINET
2026-09-07
Large Shareholding Report
EDINET
2026-08-10
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-07
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-07-21
Large Shareholding Report
EDINET
2026-07-17
Large Shareholding Report
EDINETAmended
2026-05-12
Change Report
TDnet
2026-05-11
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-25
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-03-16
Large Shareholding Report
EDINET
2026-03-13
Large Shareholding Report
EDINET
2026-03-05
Large Shareholding Report
EDINET
2026-03-05
Large Shareholding Report
EDINET
2026-02-04
Large Shareholding Report
EDINET
2026-01-21
Large Shareholding Report
EDINET
2026-01-21
Large Shareholding Report
EDINET
2026-01-19
Large Shareholding Report
EDINET
2025-12-04
Large Shareholding Report
TDnetAmended
2025-11-07
Q1 Earnings Flash
FY ending Dec 2025
EDINETAmended
2025-11-07
Amended Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2025-11-07
Large Shareholding Report
EDINET
2025-11-07
Large Shareholding Report
TDnet
2025-11-07
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-10-21
Large Shareholding Report
EDINET
2025-09-04
Large Shareholding Report
EDINET
2025-08-08
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-12
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-31
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINETAmended
2025-03-24
Amended Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINETAmended
2025-03-24
Amended Annual Securities Report
Period: Jan 2021 – Dec 2021
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