Overview
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TOKYO BOARD INDUSTRIES CO.,LTD.

Tokyo Board Industries manufactures and sells JIS-certified particleboard 'E.V.A Board' using nearly 100% wood waste as raw material, pioneering a closed-loop 'recycling' business model since 1991. The company collects wood waste from construction sites and industrial sources through its logistics subsidiaries, processes it into wood chips at its Shinkiba and Sakura plants, and delivers finished particleboard back to construction sites — serving major general contractors such as Obayashi, Kajima, Shimizu, and Taisei. Its key competitive strengths include a vertically integrated, group-wide supply chain from waste collection to product delivery, strategic location near Tokyo's construction market, and strong environmental credentials including EPD certification and CO2 reduction reporting.

Market Cap
¥0.80B
US$5.07M
EV
¥7.81B
US$49.7M
Stock¥307▼-0.97%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
18.9
x
LTM EV/EBIT
NM
LTM PER
0.2
x
LTM PBR
0.2
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-71.6%pt
10012
Oct 23, 25 – Oct 23, 26StockTOPIX
1Jul 14, 26Q1 FY2027/02 earnings announced
2Oct 16, 26Q2 FY2027/02 earnings announced
MC → EV Bridge
0.80BUS$5.07MMarket Cap7.40BUS$47.1M+ Debt1.10BUS$7.01M− Cash0.15BUS$0.93M− Inv. Sec.0.86BUS$5.49M+ NCI7.81BUS$49.7MEV
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Performance & Balance
Revenue 5Y (¥B)
7.57US$48.2M'22/38.47US$53.9M'23/37.14US$45.4M'24/37.73US$49.2M'25/36.63US$42.2M'26/2
EBITDA 5Y (¥B)
0.40US$2.56M'22/31.05US$6.67M'23/30.32US$2.01M'24/30.72US$4.58M'25/30.71US$4.49M'26/2
Net Income 5Y (¥B)
-1.22-US$7.79M'22/3-0.51-US$3.23M'23/3-0.96-US$6.09M'24/30.29US$1.87M'25/3-0.78-US$4.95M'26/2
Capital Structure
39%
61%
EquityD/E 1.57xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
1.91US$12.1M7.48US$47.6M'22/32.61US$16.6M7.46US$47.5M'23/31.70US$10.8M7.45US$47.5M'24/31.89US$12.0M7.42US$47.3M'25/31.31US$8.37M7.41US$47.2M'26/2
Shareholders
Top 10 hold 63.1%
1
Hiroyuki INOUE
27.84%
2
Seihoku Co., Ltd.
9.94%
3
T.B.H. Co., Ltd.
8.80%
4
The Master Trust Bank of Japan, Ltd.
3.06%
5
JK Holdings Co.,Ltd.
2.88%
6
Rakuten Securities, Inc.
2.41%
7
Sanyu Yuka Koji Co., Ltd.
2.40%
8
YOSHINO GYPSUM CO.,LTD
2.20%
9
MUFG Bank, Ltd.
1.86%
10
TOKYO BOARD INDUSTRIES CO.,LTD. Employee Stock Ownership Association
1.72%
Management
9 officers
Hiroyuki INOUE
Representative Director, President
Apr 1991 Joined Hokuyo Plywood Co., Ltd. Jan 1995 Director, Accounting Department Manager, the Company Jan 1996 Director, Recycling Department Manager, the Company Jan 2001 Representative Managing Director, the Company Jan 2003 Representative Senior Managing Director, the Company Feb 2004 Representative Senior Managing Director, Yokohama Ecology Co., Ltd. Apr 2004 Representative Director, President, Wonder Works Co., Ltd. (current: Caribe Co., Ltd.) Aug 2004 Director, T.B. Logistics LLC (current: T.B. Logistics Co., Ltd.) Jun 2008 Representative Director, President, the Company (current) Jun 2009 Representative Director, Chairman, Caribe Co., Ltd. Jun 2010 Director, Chairman, T.B. Logistics Co., Ltd. (current) Apr 2014 Director, Chairman, Caribe Co., Ltd. (current) May 2016 Outside Director, Board Co., Ltd. (current) Jun 2022 Director, Chairman, TB Kansai Logistics Co., Ltd. (current)
1966-12-29
Masahide NAGASHIMA
Director
Apr 1996 Joined the Company Jun 2001 Assistant Section Manager, General Affairs Section, the Company Jul 2008 Section Manager, General Affairs Section, the Company Jun 2019 Corporate Auditor, TB Kansai Logistics Co., Ltd. (current) Jul 2019 Assistant General Manager, Management Planning Department, and Manager, Human Resources and General Affairs Section, the Company Apr 2020 Assistant General Manager, Management Planning Department, and Manager, Safety and Environment Section, the Company Apr 2021 General Manager, Safety and Environment Office, the Company (current) Jun 2022 Corporate Auditor, T.B. Logistics Co., Ltd. (current) Jun 2022 Corporate Auditor, Caribe Co., Ltd. (current) Jun 2022 Corporate Auditor, Yokohama Ecology Co., Ltd. (current) Oct 2024 Executive Officer, the Company Jun 2025 Director, the Company (current)
1973-02-16
Taishi OKUYAMA
Director
Apr 2002 Joined Yamanaka Co., Ltd. Mar 2007 Joined the Company Jun 2012 Leader, Recycling Department, the Company Jul 2013 Leader, Research and Development Office, the Company Apr 2015 Section Manager, Business Development Office, the Company Jul 2017 Section Manager, Business Development Office, and Section Manager, WPC, the Company Apr 2021 Deputy General Manager, Business Development Office, the Company Jun 2022 General Manager, QL Center, the Company (current) Oct 2024 Executive Officer, the Company (current) Jun 2025 Director, the Company (current)
1979-12-10
Daisuke KAKINUMA
Director
Apr 2006 Joined Tabelmono Co., Ltd. Oct 2009 General Manager, Management Division, Tabelmono Co., Ltd. Feb 2012 Joined Hitachi Advanced Digital, Inc. Apr 2016 Transferred to Hitachi Urban Investment, Ltd. Nov 2018 Joined Mode Planning Japan Co., Ltd. Oct 2022 Joined the Company Oct 2025 Deputy General Manager, Management Planning Department, the Company May 2026 Director, the Company (current)
1983-06-23
Yukio TADAKOSHI
Director
Apr 1975 Joined Tomen Corporation Apr 1980 Joined Board Co., Ltd. May 1982 Director, Board Co., Ltd. May 1993 Managing Director, Board Co., Ltd. May 1997 Vice President and Director, Board Co., Ltd. May 2000 Representative Director, President, Board Co., Ltd. Jun 2015 Director, the Company (current) May 2024 Representative Director, Chairman, Board Co., Ltd. (current)
1953-01-14
Hiroyuki YOSHIDA
Director
Nov 1994 Joined Seiwa Accounting Firm (currently Deloitte Touche Tohmatsu LLC) Apr 1999 Registered as Certified Public Accountant Jul 2002 Manager, Tohmatsu Audit Corporation (currently Deloitte Touche Tohmatsu LLC) Aug 2004 Joined Tsuji Hongo Tax Corporation Apr 2013 Director, Tsuji Hongo Business Consulting Co., Ltd. Apr 2015 Corporate Auditor, UT Group Co., Ltd. Jul 2016 General Manager, Tax Corporation Division No. 1, Tsuji Hongo Tax Corporation Nov 2018 General Manager, Asset Taxation Division, Watanabe Yoshiki Tax Accountant Corporation Jun 2019 Corporate Auditor, Japan Highway Service Co., Ltd. (current) Aug 2019 Head, Yoshida CPA Office (current) Aug 2019 Representative Director, Hibrain Co., Ltd. (current) Jun 2022 Director, the Company (current)
1968-08-26
Takuhiko OMATA
Standing Corporate Auditor
Apr 1984 Joined Marco Co., Ltd. Sep 1991 Joined Art Forum Co., Ltd. Jan 1997 Joined R.E. Co., Ltd.; General Manager, Administration Department, R.E. Co., Ltd. Feb 2005 Joined La Parle Co., Ltd. Apr 2008 General Manager, Accounting Department, La Parle Co., Ltd. Dec 2009 General Manager, Accounting Department and General Manager, Information Systems Department, La Parle Co., Ltd. Apr 2011 Joined the Company; Deputy General Manager, Management Planning Department Aug 2011 Head, IPO Preparation Office, Management Planning Department, the Company Jun 2012 General Manager, Business Planning Office, Management Planning Department, the Company Feb 2014 Director, General Manager, Management Planning Department, the Company Jun 2019 Retired from the Company Jul 2019 Joined Mode Planning Japan Co., Ltd.; Executive Officer and General Manager, Management Planning Department Mar 2021 Retired from Mode Planning Japan Co., Ltd. Apr 2021 Joined the Company; Assistant General Manager, Management Planning Department Jun 2021 Director, General Manager, Management Planning Department, the Company Jan 2022 Director in charge of Management Planning Department, the Company May 2026 Corporate Auditor, the Company (current)
1961-11-08
Masaru KOBORI
Corporate Auditor
Nov 2005 Passed the former Japanese Bar Examination Sep 2007 Joined Mirai Sogo Law Office Feb 2013 Partner, Mirai Sogo Law Office Jun 2013 Corporate Auditor, the Company (current) Jun 2015 Director, I.R. Debt Collection Co., Ltd. (current) Jun 2022 Outside Corporate Auditor, Matsuya Foods Holdings Co., Ltd. (current) Apr 2025 Joined Toshima Sogo Law Office (current)
1973-07-11
Ryosuke YOSHIKI
Corporate Auditor
Oct 2001 Joined Tohmatsu Audit Corporation (currently Deloitte Touche Tohmatsu LLC) May 2005 Registered as Certified Public Accountant Oct 2006 Joined GCA Co., Ltd. (currently GCA Savian Co., Ltd.) Mar 2009 Joined Seiwa Audit Corporation Feb 2013 Representative Director, Y Plus Advisory Co., Ltd. (current) Jul 2013 Representative, Yoshiki Certified Public Accountant Office (current) Jan 2015 Corporate Auditor, Media Support Co., Ltd. Jun 2015 Corporate Auditor, the Company (current) Jun 2015 Outside Corporate Auditor, Renewable Japan Co., Ltd. Feb 2025 Outside Corporate Auditor, Sunderic Foods Co., Ltd. (current)
1974-04-25
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-15
Q2 Earnings Flash
FY ending Feb 2027
EDINET
2026-10-15
Semi-Annual Securities Report
Period: Mar 2026 – Feb 2027
EDINETAmended
2026-07-13
Amended Annual Securities Report
Period: Apr 2025 – Feb 2026
TDnet
2026-07-13
Q1 Earnings Flash
FY ending Feb 2027
EDINET
2026-05-29
Annual Securities Report
Period: Apr 2025 – Feb 2026
TDnet
2026-02-10
Q3 Earnings Flash
FY ending Feb 2026
EDINET
2025-11-12
Semi-Annual Securities Report
Period: Apr 2025 – Feb 2026
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-12
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-12
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-09
Q1 Earnings Flash
FY ending Mar 2025
EDINETAmended
2024-06-26
Amended Annual Securities Report
Period: Apr 2021 – Mar 2022
EDINETAmended
2024-06-26
Amended Annual Securities Report
Period: Apr 2019 – Mar 2020
EDINETAmended
2024-06-26
Amended Annual Securities Report
Period: Apr 2020 – Mar 2021
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINETAmended
2024-06-26
Amended Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINETAmended
2024-06-26
Amended Annual Securities Report
Period: Apr 2018 – Mar 2019
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-23
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINETAmended
2023-02-14
Amended Annual Securities Report
Period: Apr 2021 – Mar 2022
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINETAmended
2023-02-14
Amended Annual Securities Report
Period: Apr 2020 – Mar 2021
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-15
Quarterly Securities Report
EDINET
2022-06-24
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-15
Quarterly Securities Report
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