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Japanese tire manufacturer making passenger, light-truck and specialty tires, also automotive rubber components.
Japanese tire manufacturer making passenger, light-truck and specialty tires, also automotive rubber components.
Sells most tires into the replacement market through distributors, with North America the key region, where its Toyo and Nitto brands target SUV and light-truck owners; fitting new cars is a smaller, lower-margin sideline. Rubber, carbon black and oil-based materials are the main costs, passed to buyers with a delay.
In one line: A mid-tier Japanese tire maker, smaller than Bridgestone.
Moat: narrow (brand, scale). Established tire brand and manufacturing scale, though smaller than Bridgestone/Michelin.
Headquarters: Osaka, Japan · Founded: 1945 · Employees: 9,941
Size Toyo Tire (5105.T) is a Japan Consumer Discretionary company (Automotive Aftermarket) with a market value of $3.17B, the 346th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,063 on 6 Nov 2026.
Performance Over six months the shares gained 6.3%, against -3.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 3.5% over the last twelve months (peer median +6.3%); the operating margin is 14.6% (peer median 8.2%).
Valuation It trades at 8.2× forward earnings against a peer median of 17.4× (3rd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.7 points above its cost of capital (9.3% WACC).
Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥596B | ¥595B | ¥565B | ¥553B | ¥497B |
| Revenue growth | — | +5% | +2% | +11% | — |
| Gross profit | ¥231B | ¥235B | ¥231B | ¥217B | ¥198B |
| EBITDA | ¥123B | ¥133B | ¥129B | ¥108B | ¥70.8B |
| Net income | ¥59.7B | ¥63.6B | ¥74.8B | ¥72.3B | ¥48.0B |
| Free cash flow | n/a | ¥69.4B | ¥48.4B | ¥63.8B | -¥27.9B |
| Capital expenditure | n/a | ¥27.2B | ¥27.8B | ¥30.7B | ¥46.4B |
| Total debt | ¥61.4B | ¥92.3B | ¥108B | ¥103B | ¥135B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Toyo Tire 5105.T | $3.17B | +6% | +4% | 15% | 8.2× | -7.3% |
| Bridgestone 5108.T | $31.7B | +28% | +6% | 12% | 14.0× | -1.9% |
| Sumitomo Rubber Industries 5110.T | $3.40B | +1% | +5% | 8% | 9.8× | -3.3% |
| Yokohama Rubber 5101.T | $6.78B | +8% | +13% | 15% | 8.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 5105.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.4% | -0.1% | 5th highest of 21 |
| 6-month return | +6.3% | -3.1% | 6th highest of 21 |
| Distance from 52-week high | -16.3% | -25.1% | 6th highest of 21 |
| Revenue growth (TTM) | +3.5% | +6.3% | 9th lowest of 21 |
| Operating margin | 14.6% | 8.2% | 5th highest of 21 |
| Forward P/E | 8.2× | 17.4× | 3rd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -7.3% | 1.8% | 3rd least demanding of 16 |
| Growth delivered (Del g) | +11.6% | +8.8% | 7th highest of 16 |
| Hurdle (Req g minus delivered) | -18.9 pp | -6.4 pp | 2nd least demanding of 16 |
| ROIC minus cost of capital | +2.7 pp | -0.8 pp | 6th highest of 21 |
| EV / EBITDA | 3.6× | 7.6× | cheapest of 14 |
| Net debt / EBITDA | -0.4× | 1.3× | 4th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Toyo Tire 5105.T | Japan | $3.17B | +6% | +4% | 15% | 8.2× | -7.3% | +11.6% |
| Sumitomo Rubber Industries 5110.T | Japan | $3.40B | +1% | +5% | 8% | 9.8× | -3.3% | +8.8% |
| Cheng Shin Rubber Ind 2105.TW | Taiwan | $2.95B | -3% | -1% | 9% | 20.3× | -9.3% | -1.2% |
| Apollo Tyres APOLLOTYRE.NS | India | $2.80B | +1% | +14% | 8% | 16.6× | 15.6% | +10.7% |
| Zhongce Rubber Group Co., Ltd. A 603049.SS | China | $2.70B | -19% | +14% | 8% | 9.7× | n/a | n/a |
| Qingdao Sentury Tire 002984.SZ | China | $2.62B | -25% | +2% | 8% | 16.7× | 3.4% | +12.8% |
| Dorman Products DORM | United States | $4.03B | +10% | +2% | 16% | 15.8× | 4.3% | +14.3% |
| Shandong Linglong Tyre 601966.SS | China | $2.32B | -19% | +8% | 3% | 50.3× | -0.4% | +6.0% |
| Nokian Renkaat TYRES.HE | Finland | $2.21B | +37% | +5% | 6% | 27.4× | 19.4% | +0.9% |
| Balkrishna Industries BALKRISIND.NS | India | $4.93B | +7% | +20% | 15% | 30.5× | n/a | n/a |
| LKQ LKQ | United States | $5.06B | -31% | -3% | 7% | 9.3× | 0.0% | +3.3% |
| Haian Rubber 001233.SZ | China | $1.82B | +9% | -4% | 23% | 25.6× | 1.8% | +13.7% |
| Hankook Tire & Technology 161390.KS | South Korea | $5.56B | +5% | +43% | 10% | 6.1× | -13.2% | +26.9% |
| MRF MRF.NS | India | $5.62B | -4% | +11% | 10% | 25.7× | 20.7% | +14.0% |
| Sailun 601058.SS | China | $5.92B | -10% | +12% | 12% | 10.4× | n/a | n/a |
| CEAT CEATLTD.NS | India | $1.52B | +6% | +24% | 7% | 31.0× | 24.9% | +15.5% |
| Yokohama Rubber 5101.T | Japan | $6.78B | +8% | +13% | 15% | 8.1× | n/a | n/a |
| Qingdao Doublestar 000599.SZ | China | $1.45B | -34% | +390% | 8% | n/a | -2.9% | +1.0% |
| Triangle Tyre 601163.SS | China | $1.38B | -21% | +2% | 5% | 18.2× | -7.2% | +2.9% |
| Goodyear Tire & Rubber GT | United States | $1.26B | -33% | -4% | 3% | n/a | 5.9% | +8.2% |
| TS Tech 7313.T | Japan | $1.25B | -3% | 0% | 2% | 23.3× | n/a | n/a |