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Japanese maker of toilets and bathroom fixtures, known globally for its Washlet bidet toilets.
Japanese maker of toilets and bathroom fixtures, known globally for its Washlet bidet toilets.
Earns from supplying bathrooms and kitchens to Japanese homes, mostly renovations and replacements rather than new builds, plus overseas housing sales in China, the US and elsewhere. A surprising profit contributor is its ceramics unit, which makes electrostatic chucks, the plates that hold silicon wafers inside chip-making machines.
In one line: Japan's Kohler.
Moat: narrow (brand, IP / patents). Washlet brand recognition and patented bidet-toilet technology built over decades.
Headquarters: Kitakyushu, Japan · Founded: 1917 · Employees: 30,324
Size Toto (5332.T) is a Japan Industrials company (Building Products) with a market value of $5.40B, the 226th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥5,362 on 6 Nov 2026.
Performance Over six months the shares fell 1.2%, against +4.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 4.8% over the last twelve months (peer median +3.0%); the operating margin is 7.7% (peer median 14.9%).
Valuation It trades at 18.2× forward earnings against a peer median of 16.1× (7th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.1 points above its cost of capital (8.6% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥753B | ¥737B | ¥724B | ¥702B | ¥701B |
| Revenue growth | — | +2% | +3% | 0% | — |
| Gross profit | ¥271B | ¥256B | ¥248B | ¥233B | ¥237B |
| EBITDA | ¥93.3B | ¥88.1B | ¥83.5B | ¥76.9B | ¥80.5B |
| Net income | ¥52.8B | ¥40.3B | ¥12.2B | ¥37.2B | ¥38.9B |
| Free cash flow | n/a | ¥34.8B | ¥26.8B | ¥25.2B | ¥3.83B |
| Capital expenditure | n/a | ¥43.2B | ¥50.7B | ¥58.1B | ¥36.3B |
| Total debt | ¥24.6B | ¥74.6B | ¥75.0B | ¥74.5B | ¥75.3B |
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 |
|---|---|---|---|---|---|---|
| Toto 5332.T | $5.40B | -1% | +5% | 8% | 18.2× | 7.8% |
| LIXIL 5938.T | $3.07B | +4% | +2% | 2% | 38.8× | 17.3% |
| Panasonic 6752.T | $44.5B | -6% | +4% | 8% | 13.5× | 9.8% |
| Geberit GEBN.SW | $22.1B | +14% | +3% | 29% | 29.8× | 6.6% |
| Villeroy & Boch AG Pref VIB3.DE | $323M | -33% | -11% | 3% | n/a | 1.8% |
| Fortune Brands Innovations FBIN | $5.74B | +27% | -3% | 14% | 19.7× | 5.3% |
| Masco MAS | $15.8B | +15% | +1% | 18% | 18.0× | 4.9% |
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 | 5332.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.1% | +2.6% | 3rd lowest of 21 |
| 6-month return | -1.2% | +4.3% | 10th lowest of 21 |
| Distance from 52-week high | -43.6% | -20.5% | 3rd lowest of 21 |
| Revenue growth (TTM) | +4.8% | +3.0% | 9th highest of 21 |
| Operating margin | 7.7% | 14.9% | 4th lowest of 20 |
| Forward P/E | 18.2× | 16.1× | 7th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 7.8% | 4.7% | 6th most demanding of 19 |
| Growth delivered (Del g) | +5.0% | +6.3% | 7th lowest of 19 |
| Hurdle (Req g minus delivered) | +2.8 pp | +0.4 pp | 7th most demanding of 19 |
| ROIC minus cost of capital | +0.1 pp | +5.5 pp | 4th lowest of 20 |
| EV / EBITDA | 8.2× | 11.7× | 3rd cheapest of 16 |
| Net debt / EBITDA | -1.0× | 0.6× | 3rd least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Toto 5332.T | Japan | $5.40B | -1% | +5% | 8% | 18.2× | 7.8% | +5.0% |
| Sanwa 5929.T | Japan | $5.10B | +8% | +2% | 11% | 14.8× | -2.6% | +9.1% |
| Fortune Brands Innovations FBIN | United States | $5.74B | +27% | -3% | 14% | 19.7× | 5.3% | -6.0% |
| Griffon GFF | United States | $4.58B | +15% | -12% | 20% | 17.1× | 7.5% | +4.0% |
| SPX Technologies SPXC | United States | $7.15B | -30% | +20% | 17% | 15.3× | 15.7% | +15.0% |
| Simpson Manufacturing SSD | United States | $8.07B | +4% | +5% | 20% | 20.9× | 13.2% | +13.0% |
| Nichias 5393.T | Japan | $3.52B | -5% | +3% | 15% | 15.2× | 7.1% | +5.1% |
| STO Express 002468.SZ | China | $3.40B | -8% | +26% | 5% | 10.2× | -12.5% | +20.8% |
| A. O. Smith AOS | United States | $8.67B | +10% | -1% | 18% | 17.3× | 4.5% | +5.8% |
| Rinnai 5947.T | Japan | $3.07B | -3% | +4% | 10% | 13.3× | -9.5% | +6.4% |
| Shanghai Mechanical & Electrical Industry 600835.SS | China | $2.34B | -27% | -2% | 2% | 22.5× | 0.6% | -3.8% |
| Reliance Worldwide RWC.AX | Australia | $2.33B | +47% | -5% | 12% | 16.3× | 9.9% | +7.5% |
| Watsco WSO | United States | $12.7B | -28% | 0% | 9% | 24.3× | 13.2% | +7.4% |
| Qingdao East Steel Tower Stock 002545.SZ | China | $2.25B | -50% | +23% | 32% | 8.5× | -10.2% | +13.0% |
| SPIC Industry-Finance 000958.SZ | China | $14.0B | -14% | +102% | n/a | 22.2× | n/a | n/a |
| Jangho 601886.SS | China | $2.01B | +26% | +14% | 5% | 15.0× | -0.1% | +3.9% |
| Carlisle Companies CSL | United States | $14.5B | +4% | +4% | 20% | 15.9× | 3.7% | +4.8% |
| Kajaria Ceramics KAJARIACER.NS | India | $1.96B | +7% | +14% | 16% | 26.1× | 26.2% | +11.7% |
| Tecnoglass TGLS | United States | $1.95B | +10% | +10% | 18% | 13.8× | n/a | n/a |
| Masco MAS | United States | $15.8B | +15% | +1% | 18% | 18.0× | 4.9% | +1.0% |
| Hyundai Elevator 017800.KS | South Korea | $1.79B | -31% | -9% | 9% | 9.4× | -5.5% | +6.3% |