Overview
Electric Appliances

TOYO DENKI SEIZO K.K.(TOYO ELECTRIC MFG.CO.,LTD.)

Toyo Denki Seizo is a manufacturer and seller of electrical machinery and equipment for transportation, industrial, and ICT solution applications. Its core products include traction equipment for railway and new transit system vehicles, energy storage systems for railways, automotive test systems, power generation/supply systems, and industrial drive systems. The company also provides station service equipment and IoT-based remote monitoring and control solutions.

Market Cap
¥29.5B
US$188M
EV
¥19.9B
US$127M
Stock¥3,075▼-0.97%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
4.4
x
LTM EV/EBIT
5.2
x
LTM PER
8.7
x
LTM PBR
0.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+21.7%pt
10012345
Oct 24, 25 – Oct 23, 26StockTOPIX
1Mar 5, 26Autonomous rebound from overselling
2Apr 14, 26Q3 results: operating profit +47.2% YoY, net profit +46.7% YoY
3Jul 16, 26Full-year FY2026/05 earnings announced
4Oct 15, 26Q1 operating profit 2.9x YoY; FY guidance raised to ¥3.8bn (+22.1%); dividend hiked ¥116→¥138; ¥300mn buyback announced
5Oct 16, 26Q1 operating profit nearly triples; FY op. profit raised to ¥3.8bn, dividend hiked to ¥138
MC → EV Bridge
29.5BUS$188MMarket Cap10.7BUS$67.9M+ Debt4.31BUS$27.5M− Cash16.0BUS$102M− Inv. Sec.19.9BUS$127MEV
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Performance & Balance
Revenue 5Y (¥B)
30.2US$192M'22/531.0US$198M'23/532.1US$205M'24/540.5US$259M'25/540.5US$258M'26/5
EBITDA 5Y (¥B)
1.43US$9.11M'22/51.36US$8.65M'23/51.69US$10.8M'24/53.09US$19.7M'25/53.82US$24.4M'26/5
Net Income 5Y (¥B)
-0.93-US$5.93M'22/50.82US$5.26M'23/50.94US$5.96M'24/52.13US$13.6M'25/52.98US$19.0M'26/5
Capital Structure
76%
24%
EquityD/E 0.32xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
16.9US$108M11.8US$75.0M'22/519.8US$126M11.2US$71.3M'23/521.4US$137M10.6US$67.5M'24/519.2US$122M9.22US$58.8M'25/519.0US$121M10.1US$64.6M'26/5
Shareholders
Top 10 hold 39.3%
1
East Japan Railway Company
10.64%
2
TOYO ELECTRIC CORPORATION Employee Stock Ownership Association
5.53%
3
Stock Ownership Association
4.06%
4
Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
3.69%
5
Custody Bank of Japan, Ltd. (Trust Account)
3.62%
6
Sanshin Co., Ltd.
3.20%
7
MUFG Bank, Ltd.
2.45%
8
The Bank of Yokohama, Ltd. (Standing Proxy: Custody Bank of Japan, Ltd.)
2.27%
9
Okurayajutaku Co., Ltd.
2.25%
10
JP MORGAN CHASE BANK 380802 (Standing Proxy: Mizuho Bank, Ltd.)
1.57%
Management
12 officers
Akira WATANABE
Representative Director, President
Apr 1982 Joined the Company Jun 2002 General Manager, Business Creation Group, Development Division, the Company Jun 2005 Manager, Transportation Inverter Control Design Group, Yokohama Works, Production Division, the Company Aug 2008 Deputy Director, Research Center, the Company May 2011 Manager, EV Systems Group, Business Development Department, the Company Aug 2013 General Manager, Business Development Department, the Company Aug 2015 Executive Officer and General Manager, Corporate Planning Department, the Company Aug 2016 Director and General Manager, Transportation Business Division, the Company Jun 2018 Director, Managing Executive Officer, and General Manager, Transportation Business Division, and General Manager, Overseas Sales Department, Transportation Business Division, the Company Aug 2018 Director, Managing Executive Officer, and General Manager, Transportation Business Division, the Company Aug 2019 Director, Senior Managing Executive Officer, and General Manager, Transportation Business Division, and Works Manager, Yokohama Works, the Company Aug 2020 Representative Director, President, the Company (current)
1959-11-22
Jun NUKINA
Director, Senior Managing Executive Officer
Apr 1988 Joined Sanwa Bank, Ltd. (currently MUFG Bank, Ltd.) May 2010 General Manager, Corporate Division I, Toranomon Branch, MUFG Bank, Ltd. Oct 2013 General Manager, Sales Department 10, Sales Division 3, MUFG Bank, Ltd. Sep 2017 Joined the Company, Senior Manager, Finance Department Sep 2018 General Manager, Finance Department, the Company Dec 2020 Executive Officer and General Manager, Finance Department, the Company Aug 2022 Executive Officer, General Manager, Corporate Planning Department, and General Manager, Group Management Office, Corporate Planning Department, the Company Dec 2023 Managing Executive Officer and General Manager, Corporate Planning Department, the Company Aug 2024 Director, Managing Executive Officer, the Company Jun 2025 Director, Senior Managing Executive Officer, the Company (current)
1965-05-12
Chiaki NAKANO
Director, Managing Executive Officer
Apr 1983 Joined the Company Jun 2013 General Manager, Overseas Sales Department, Industrial Business Division, the Company Aug 2016 General Manager, Industrial Business Planning Department, Industrial Business Division, the Company Dec 2017 Plant Manager, Shiga Plant, Industrial Products, Industrial Business Division, the Company Mar 2018 General Manager, Industrial Products, Industrial Business Division, the Company Aug 2018 General Manager, Industrial Products, Industrial Business Division, and President, TD Drive Co., Ltd., the Company (current) Jun 2019 Executive Officer and General Manager, Industrial Products, Industrial Business Division, the Company Aug 2020 Executive Officer, Plant Manager, Shiga Ryuo Works, and General Manager, Industrial Products, Industrial Business Division, the Company Jun 2025 Managing Executive Officer, General Manager, Industrial Business Division, and Plant Manager, Shiga Ryuo Works, the Company (current) Aug 2026 Director, the Company (current)
1965-01-28
Akihiro OTSUKA
Director, Managing Executive Officer
Apr 1990 Joined the Company Jun 2012 General Manager, Railway Sales Department, Transportation Business Division, the Company Aug 2013 General Manager, JR Sales Department, Transportation Business Division, the Company Jun 2015 General Manager, Domestic Sales Division, Transportation Business Division, the Company Aug 2016 President, Toyo Koki Co., Ltd. Aug 2019 General Manager, Transportation Business Planning Department, Transportation Business Division, the Company Jun 2023 Executive Officer, Deputy General Manager, Transportation Business Division, and General Manager, Transportation Business Planning Department, the Company Aug 2024 Executive Officer and General Manager, Corporate Planning Department, the Company Jun 2025 Managing Executive Officer, General Manager, Transportation Business Division, and General Manager, Transportation Business Planning Department, the Company Jun 2026 Managing Executive Officer, General Manager, Transportation Business Division, the Company (current) Aug 2026 Director, the Company (current)
1966-11-05
Toshiharu TAKAGI
Full-time Audit & Supervisory Board Member
Apr 1983 Joined the Company Feb 2010 Manager, Technology Group, Shiga Plant, Industrial Products, Industrial Business Division, the Company Jul 2011 Deputy Plant Manager, Shiga Plant, Industrial Products, Industrial Business Division, the Company Apr 2013 Plant Manager, Shiga Plant, Industrial Products, Industrial Business Division, the Company Jul 2016 Deputy Head, Ryuo Integration Promotion Headquarters, the Company Dec 2017 General Manager, Industrial Business Planning Department, Industrial Business Division, the Company Jun 2019 Executive Officer, Deputy General Manager, Industrial Business Division, and General Manager, Industrial Business Planning Department, the Company Aug 2023 Full-time Audit & Supervisory Board Member, the Company (current)
1963-02-05
Takatoshi OTSUKA
Full-time Audit & Supervisory Board Member
Apr 1990 Joined the Company Apr 2011 General Manager, Materials Department, the Company Oct 2014 General Manager, Corporate Planning Department, the Company Aug 2020 Transportation Plant Manager, Transportation Business Division, the Company Jun 2022 Executive Officer, Transportation Plant Manager, Transportation Business Division, and Works Manager, Yokohama Works, the Company Dec 2022 Executive Officer, Works Manager, Yokohama Works, and General Manager, Materials Department, the Company Aug 2024 Executive Officer, Works Manager, Yokohama Works, General Manager, Materials Department, and General Manager, Quality Control Department, the Company Jun 2025 Executive Officer, General Manager, Materials Department, and General Manager, Quality Control Department, the Company Jun 2026 Attached to Quality Control Department, the Company Aug 2026 Full-time Audit & Supervisory Board Member, the Company (current)
1966-02-12
Hiroyuki CHIBA
Director
Apr 1993 Joined East Japan Railway Company Mar 2004 Chief, Kawagoe Train Depot, Omiya Branch, East Japan Railway Company Jun 2004 Director, Kawagoe Rolling Stock Center, Omiya Branch, East Japan Railway Company Jul 2006 Chief, Matsudo Operations Depot, Tokyo Branch, East Japan Railway Company Jul 2009 Section Manager, Safety Planning Department, East Japan Railway Company Jun 2011 Section Manager, Planning Section, Transportation Department, Yokohama Branch, East Japan Railway Company Apr 2013 Transportation & Rolling Stock Department, East Japan Railway Company; seconded to J-TREC Co., Ltd. Dec 2016 Section Manager, Corporate Planning Department, General Planning Headquarters, East Japan Railway Company Jun 2018 Deputy Manager, Transportation & Rolling Stock Department, East Japan Railway Company Jun 2022 Manager, Future Creation Unit, Mobility Service Division, Railway Business Headquarters, East Japan Railway Company Jun 2023 Director, General Manager, Finance Department, JR East Techno-Hearts TESSEI Co., Ltd. Jun 2026 Advisor, the Company Aug 2026 Director, the Company (current)
1966-01-14
Taizo MAGARI
Director (Note 1)
Apr 1983 Joined Teijin Limited Oct 1998 Head, Product Development Office, Engineering Research Laboratory, Teijin Limited Apr 2004 General Manager, Business Planning and Management Group, and General Manager, Facilities & Power Department, Teijin Entec Limited Apr 2010 Head, Design Center, and General Manager, Chemical Engineering Design Department, Teijin Engineering Limited; also assigned to Teijin Limited as CENO Assistant (Capital Investment) Jun 2010 Director, Teijin Engineering Limited Jun 2011 Representative Director and Senior Managing Director, Teijin Engineering Limited Apr 2012 General Representative, Teijin Group Europe, and President, Teijin Holdings Netherlands B.V., Teijin Limited Apr 2013 Executive Officer, Teijin Group, Teijin Limited Apr 2014 General Manager, Engineering Division, and Assistant to CSR Chief Officer (Disaster Prevention), Teijin Limited Apr 2017 Executive Officer, Teijin Group, in charge of Engineering and Assistant to CSR (Disaster Prevention), Teijin Limited Jun 2018 Director, Infocom Corporation Apr 2020 Managing Executive Officer, Teijin Group, Teijin Limited Apr 2021 Advisor, Technical Advisor, Teijin Limited Aug 2021 Director, the Company (current) Apr 2022 Technical Advisor, Teijin Limited (current)
1959-01-19
Yukiko MACHIDA
Director (Note 1)
Dec 2009 Registered as attorney-at-law (Daini Tokyo Bar Association); joined Shinyotsuya Law Office Jun 2012 Established Go San Machida Law Office; Partner (current) Apr 2017 Vice Chair, Labor Issues Study Committee, Daini Tokyo Bar Association (current) Aug 2023 Director, the Company (current) Oct 2023 Member, Tokyo Dispute Coordination Committee (current) Jun 2024 Outside Director, YUASA TRADING Co., Ltd. (currently YUASA Corporation) (current)
1984-03-24
Yasuaki SUGISAKI
Director (Note 1)
Apr 1988 Joined Kobe Steel, Ltd. Apr 2011 Executive Officer and General Manager, Development Planning Department, Technology Development Division, Kobe Steel, Ltd. Apr 2013 Managing Executive Officer and General Manager, Technology Development Division, Kobe Steel, Ltd. Jun 2014 Managing Director and General Manager, Technology Development Division, Kobe Steel, Ltd. Apr 2015 Senior Managing Director, in charge of Company-wide Technology, Kobe Steel, Ltd. Apr 2016 Director and Senior Managing Executive Officer, Kobe Steel, Ltd.; Adviser to the President; Advisor, OSAKA Titanium technologies Co., Ltd. Jun 2016 Representative Director, President, OSAKA Titanium technologies Co., Ltd. Jun 2024 Counselor, OSAKA Titanium technologies Co., Ltd. Aug 2025 Director, the Company (current) Jan 2026 Chairperson, Fair Trade Committee, Amagasaki City (current)
1957-05-17
Keiichi HASEGAWA
Audit & Supervisory Board Member (Note 2)
Apr 1991 Full-time Lecturer, Faculty of Economics, Takasaki City University of Economics Apr 1994 Full-time Lecturer, School of Commerce, Waseda University Apr 1996 Associate Professor, School of Commerce, Waseda University Apr 2001 Professor, School of Commerce, Waseda University Apr 2004 Professor, Faculty of Commerce, Waseda University (current) Aug 2023 Audit & Supervisory Board Member, the Company (current)
1962-12-07
Takumi KANAYA
Audit & Supervisory Board Member (Note 2)
Apr 1988 Joined Sanwa Bank, Ltd. (currently MUFG Bank, Ltd.) Oct 2010 General Manager, Sannomiya Branch, MUFG Bank, Ltd. Nov 2012 Deputy General Manager, Planning Department, MUFG Bank, Ltd. Mar 2013 Deputy General Manager, Planning Department, and Head, Securities Collaboration Strategy Office, Planning Department, MUFG Bank, Ltd. May 2015 General Manager, Retail Base Department (Osaka), and General Manager, Corporate Business Department (Osaka), MUFG Bank, Ltd. (special assignment) Jun 2015 Executive Officer, in charge of West Japan Area Branches and Kyushu Area, MUFG Bank, Ltd. Jun 2017 Representative Director, President, T&T Ad Co., Ltd. Jun 2019 Senior Managing Executive Officer, General Manager, Planning & Management Division, Mitsubishi UFJ Research & Consulting Co., Ltd. May 2026 Outside Director, Palgroup Holdings Co., Ltd. (current) Jun 2026 Full-time Advisor, Sanshin Corporation (current) Aug 2026 Audit & Supervisory Board Member, the Company (current)
1964-04-21
Large Shareholding Reports
East Japan Railway Company
2026-07-23
—
Annual report (as of 2026-05-31): 10.64%
East Japan Railway Company
2026-07-23
10.00%→10.00%
Annual report (as of 2026-05-31): 10.64%
East Japan Railway Company
2026-07-23
10.00%→13.95%
Annual report (as of 2026-05-31): 10.64%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-14
Q1 Earnings Flash
FY ending May 2027
EDINET
2026-08-26
Annual Securities Report
Period: Jun 2025 – May 2026
EDINET
2026-07-23
Large Shareholding Report
EDINETAmended
2026-07-23
Change Report
EDINET
2026-07-23
Large Shareholding Report
EDINETAmended
2026-07-22
Amended Securities Registration Statement
EDINET
2026-07-15
Securities Registration Statement
TDnet
2026-07-15
Full-Year Earnings Flash
FY ending May 2026
TDnet
2026-04-13
Q3 Earnings Flash
FY ending May 2026
EDINET
2026-01-14
Semi-Annual Securities Report
Period: Jun 2025 – May 2026
TDnet
2025-10-15
Q1 Earnings Flash
FY ending May 2026
EDINET
2025-08-26
Annual Securities Report
Period: Jun 2024 – May 2025
TDnet
2025-04-11
Q3 Earnings Flash
FY ending May 2025
EDINETAmended
2025-01-15
Amended Securities Registration Statement
EDINET
2025-01-14
Securities Registration Statement
EDINET
2025-01-14
Semi-Annual Securities Report
Period: Jun 2024 – Nov 2024
TDnet
2024-10-15
Q1 Earnings Flash
FY ending May 2025
EDINET
2024-08-29
Annual Securities Report
Period: Jun 2023 – May 2024
EDINET
2024-04-12
Quarterly Securities Report
Period: Dec 2023 – Feb 2024
EDINET
2024-01-12
Quarterly Securities Report
Period: Sep 2023 – Nov 2023
EDINET
2023-10-13
Quarterly Securities Report
Period: Jun 2023 – Aug 2023
EDINET
2023-08-30
Annual Securities Report
Period: Jun 2022 – May 2023
EDINET
2023-05-15
Securities Registration Statement
EDINET
2023-04-14
Quarterly Securities Report
Period: Dec 2022 – Feb 2023
EDINET
2023-01-13
Quarterly Securities Report
Period: Sep 2022 – Nov 2022
EDINET
2022-10-14
Quarterly Securities Report
EDINET
2022-08-26
Annual Securities Report
EDINET
2022-04-14
Quarterly Securities Report
EDINET
2022-01-13
Quarterly Securities Report
EDINET
2021-10-14
Quarterly Securities Report
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