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Employees: 5,290
Size Topy Industries (7231.T) is a Japan Materials company (Steel) with a market value of $440M, the 1140th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,980 on 6 Nov 2026.
Performance Over six months the shares gained 1.1%, against -12.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +0.1%); the operating margin is 2.3% (peer median 4.6%).
Valuation It trades at 9.0× forward earnings against a peer median of 15.7× (3rd cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +0 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 3.7 points below its cost of capital (6.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥304B | ¥298B | ¥301B | ¥334B | ¥334B |
| Revenue growth | — | -1% | -10% | 0% | — |
| Gross profit | ¥45.7B | ¥46.3B | ¥42.4B | ¥45.9B | ¥44.6B |
| EBITDA | ¥18.9B | ¥19.7B | ¥17.6B | ¥23.4B | ¥20.6B |
| Net income | ¥9.34B | ¥10.2B | ¥6.39B | ¥4.68B | ¥6.32B |
| Free cash flow | n/a | ¥3.22B | ¥7.49B | ¥13.8B | ¥6.93B |
| Capital expenditure | n/a | ¥10.2B | ¥8.38B | ¥9.34B | ¥8.59B |
| Total debt | ¥67.4B | ¥59.4B | ¥68.8B | ¥75.0B | ¥83.9B |
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.
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 | 7231.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.3% | -9.3% | 6th highest of 21 |
| 6-month return | +1.1% | -12.0% | 7th highest of 21 |
| Distance from 52-week high | -19.7% | -29.7% | 7th highest of 21 |
| Revenue growth (TTM) | +1.9% | +0.1% | 10th highest of 21 |
| Operating margin | 2.3% | 4.6% | 8th lowest of 21 |
| Forward P/E | 9.0× | 15.7× | 3rd cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 6.0% | 7.9% | 7th least demanding of 13 |
| Growth delivered (Del g) | +5.8% | +7.2% | 4th lowest of 13 |
| Hurdle (Req g minus delivered) | +0.2 pp | -0.7 pp | 7th least demanding of 13 |
| ROIC minus cost of capital | -3.7 pp | -2.6 pp | 10th lowest of 21 |
| EV / EBITDA | 5.7× | 10.1× | 3rd cheapest of 14 |
| Net debt / EBITDA | 1.9× | 1.2× | 6th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Topy Industries 7231.T | Japan | $440M | +1% | +2% | 2% | 9.0× | 6.0% | +5.8% |
| Liaoning Fu-An Heavy Industry 603315.SS | China | $439M | -46% | -4% | 3% | n/a | 31.1% | +7.5% |
| Chun Yuan Steel Industry 2010.TW | Taiwan | $445M | -8% | +2% | 8% | n/a | -11.7% | +4.7% |
| Electrosteel Castings ELECTCAST.NS | India | $450M | -25% | -16% | 2% | 26.5× | 12.6% | +11.3% |
| SK oceanplant 100090.KS | South Korea | $430M | -62% | -5% | 8% | 15.7× | n/a | n/a |
| Ferrexpo FXPO.L | United Kingdom | $453M | -55% | -39% | -1% | n/a | n/a | n/a |
| Kyoei Steel 5440.T | Japan | $455M | -13% | +7% | 4% | 8.8× | -7.0% | +6.8% |
| Shanxi Antai 600408.SS | China | $456M | -8% | -5% | -3% | n/a | 28.8% | -10.7% |
| Hsin Kuang Steel 2031.TW | Taiwan | $418M | +6% | -3% | 8% | 10.6× | 1.3% | +11.3% |
| Guangdong Sanhe Pile 003037.SZ | China | $466M | -28% | -9% | 1% | n/a | n/a | n/a |
| Shengtak New Material 300881.SZ | China | $416M | -50% | +9% | 4% | 20.8× | n/a | n/a |
| Osaka Steel 5449.T | Japan | $416M | -11% | -17% | -2% | n/a | n/a | n/a |
| China Oriental 0581.HK | Hong Kong | $413M | -31% | 0% | 2% | 9.2× | n/a | n/a |
| Kalyani Steels KSL.NS | India | $392M | -5% | -5% | 17% | n/a | 19.1% | +9.4% |
| Zhejiang Huada New Materials 605158.SS | China | $496M | -17% | +22% | 0% | n/a | 0.1% | +2.8% |
| Surya Roshni SURYAROSNI.NS | India | $500M | -20% | +12% | 5% | 11.0× | 20.2% | +6.3% |
| Steelcast STEELCAS.NS | India | $387M | +23% | +9% | 24% | n/a | 30.2% | +22.2% |
| Nippon Yakin Kogyo 5480.T | Japan | $504M | +17% | +1% | 9% | 8.8× | -1.0% | +6.0% |
| Kirloskar Industries KIRLOSIND.NS | India | $381M | +2% | +4% | 8% | 73.3× | 3.2% | +27.5% |
| Sambhv Steel Tubes SAMBHV.NS | India | $510M | +27% | +42% | 10% | 24.2× | n/a | n/a |
| Venus Pipes & Tubes VENUSPIPES.NS | India | $377M | +21% | +22% | 14% | 25.9× | n/a | n/a |