TOKAI RIKA CO.,LTD.6995

Results over the years

From the five-year summary in the latest annual report (consolidated where available). Operating profit is shown only for the two years the report tags.

Why the market may be pricing it low

• Sales are heavily concentrated in the Toyota group, making the company look like a dependent supplier rather than an independent growth story.

  主要客先であるトヨタ自動車株式会社、及びトヨタグループ（関連会社含む）への売上高比率は74％と比較的高い水準になっておりRisk factors

• Despite higher revenue, the domestic segment's operating loss widened due to rising fixed costs, leaving a weak-earning core at home.

  固定費用の増加などにより、1,426百万円と、前連結会計年度に比べ460百万円の損失拡大となりました。MD&A

• The dividend policy targets a conservative 3% DOE, seen as reluctant to actively return its large cash pile to shareholders.

  「株主資本配当率（DOE）」３％を目安とし、「連結配当性向」、「配当利回り」とあわせ、収益状況や財務状況等を総合的に勘案して決定するDividend policy

What could close the gap

• The TRV2030 mid-term plan calls for building a leaner corporate body, and progress there could shift how the market views the company.

  筋肉質な企業体質の構築を通じ、全社員が一丸となって取り組んでまいります。Management policy

• A new board-level meeting to share strategy with outside directors signals a governance push that could change perceptions if it advances.

  社外役員と経営課題・戦略を共有し意見交換を行う場として「ボードメンバー戦略共有ミーティング」を新設しました。MD&A

• The annual dividend was raised by 20 yen from the prior year, and a continued shift toward shareholder returns could change market perception.

  前期から20円の増配となります。Dividend policy

How a buyer could still lose (value trap)

• The domestic segment's operating loss is widening, and without structural fixes, earning power there may keep deteriorating.

  固定費用の増加などにより、1,426百万円と、前連結会計年度に比べ460百万円の損失拡大となりました。MD&A

• Cash has piled up to 117.8 billion yen while ROE stays at just 9%, so returns on capital may never improve enough to re-rate the stock.

  Based on the figures below

Financial quality (Piotroski F-score)

• ✓Profitable (ROA > 0)
• ✓Positive operating cash flow
• ✓ROA up on last year
• ✓Cash flow exceeds net profit
• ✓Leverage down on last year
• ✓Current ratio up on last year
• ✓No new shares issued
• ✗Gross margin up on last year
• ✓Asset turnover up on last year

Scored out of the checks with data, scaled to 9. Compares the latest year with the year before.

Figures

Sales

¥644.7bn

Operating profit

¥35.6bn

Net profit

¥29.5bn

Operating cash flow

¥43.8bn

Cash

¥117.8bn

Debt

¥10.0bn

Equity

¥371.5bn

Minority interests (added to EV)

¥23.7bn

Annual report for the year to 2026-03-31