TOYOTA MOTOR CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3,436 JPY | +2.51% |
|
+0.32% | +32.64% |
| May. 18 | UAW's stinging loss in Alabama won't kill national organizing effort | RE |
| May. 17 | UAW trails in early unionization vote counting at Alabama Mercedes factory | RE |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 18,374,053 | 17,961,555 | 24,089,951 | 30,631,613 | 25,502,542 | 46,279,331 | - | - |
| Enterprise Value (EV) 1 | 34,949,527 | 34,324,006 | 40,433,272 | 51,014,316 | 47,365,849 | 51,110,075 | 64,432,003 | 66,745,276 |
| P/E ratio | 9.97 x | 8.84 x | 10.7 x | 10.8 x | 10.5 x | 10.4 x | 10.7 x | 10.1 x |
| Yield | 3.39% | 3.38% | 2.79% | 2.34% | 3.19% | 1.98% | 2.52% | 2.9% |
| Capitalization / Revenue | 0.61 x | 0.6 x | 0.89 x | 0.98 x | 0.69 x | 1.13 x | 1 x | 0.97 x |
| EV / Revenue | 1.16 x | 1.15 x | 1.49 x | 1.63 x | 1.27 x | 1.13 x | 1.39 x | 1.4 x |
| EV / EBITDA | 10.1 x | 10.5 x | 13.2 x | 12.7 x | 9.94 x | 6.87 x | 9.29 x | 9.35 x |
| EV / FCF | 32.7 x | 78 x | 28.2 x | 16.2 x | 31.5 x | 29.5 x | 41.9 x | 25.8 x |
| FCF Yield | 3.06% | 1.28% | 3.55% | 6.17% | 3.18% | 3.39% | 2.39% | 3.87% |
| Price to Book | 0.95 x | 0.9 x | 1.03 x | 1.17 x | 0.9 x | 1.49 x | 1.29 x | 1.2 x |
| Nbr of stocks (in thousands) | 14,162,212 | 13,814,455 | 13,979,777 | 13,782,503 | 13,565,182 | 13,468,955 | - | - |
| Reference price 2 | 1,297 | 1,300 | 1,723 | 2,222 | 1,880 | 3,436 | 3,436 | 3,436 |
| Announcement Date | 5/8/19 | 5/12/20 | 5/12/21 | 5/11/22 | 5/10/23 | 5/8/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 30,225,681 | 29,929,992 | 27,214,594 | 31,379,507 | 37,154,298 | 45,095,325 | 46,429,781 | 47,788,699 |
| EBITDA 1 | 3,452,345 | 3,256,000 | 3,074,648 | 4,002,897 | 4,764,929 | 7,440,000 | 6,936,812 | 7,138,277 |
| EBIT 1 | 2,467,545 | 2,442,869 | 2,197,748 | 2,995,697 | 2,725,025 | 5,352,934 | 5,165,226 | 5,450,150 |
| Operating Margin | 8.16% | 8.16% | 8.08% | 9.55% | 7.33% | 11.87% | 11.12% | 11.4% |
| Earnings before Tax (EBT) 1 | 2,285,465 | 2,554,607 | 2,932,354 | 3,990,532 | 3,668,733 | 6,965,085 | 6,060,980 | 6,575,468 |
| Net income 1 | 1,882,873 | 2,076,183 | 2,245,261 | 2,850,110 | 2,451,318 | 4,944,933 | 4,308,724 | 4,605,588 |
| Net margin | 6.23% | 6.94% | 8.25% | 9.08% | 6.6% | 10.97% | 9.28% | 9.64% |
| EPS 2 | 130.1 | 147.1 | 160.6 | 205.2 | 179.5 | 365.9 | 320.8 | 341.5 |
| Free Cash Flow 1 | 1,069,356 | 439,782 | 1,433,962 | 3,145,119 | 1,504,880 | 2,292,659 | 1,538,000 | 2,585,617 |
| FCF margin | 3.54% | 1.47% | 5.27% | 10.02% | 4.05% | 5.2% | 3.31% | 5.41% |
| FCF Conversion (EBITDA) | 30.97% | 13.51% | 46.64% | 78.57% | 31.58% | 34.86% | 22.17% | 36.22% |
| FCF Conversion (Net income) | 56.79% | 21.18% | 63.87% | 110.35% | 61.39% | 49.66% | 35.7% | 56.14% |
| Dividend per Share 2 | 44.00 | 44.00 | 48.00 | 52.00 | 60.00 | 75.00 | 86.60 | 99.76 |
| Announcement Date | 5/8/19 | 5/12/20 | 5/12/21 | 5/11/22 | 5/10/23 | 5/8/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2023 S2 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2024 S2 | 2025 Q1 | 2025 Q2 | 2025 S1 | 2025 Q3 | 2025 Q4 | 2025 S2 | 2026 S1 | 2026 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 15,285,595 | 14,644,397 | 11,375,223 | 15,839,371 | 7,545,741 | 15,481,299 | 7,785,742 | 8,112,466 | 15,898,208 | 8,491,116 | 9,218,232 | 17,709,348 | 9,754,685 | 9,690,265 | 19,444,950 | 10,546,831 | 11,434,786 | 21,981,617 | 12,041,104 | 11,072,604 | 23,113,708 | 11,020,406 | 11,408,500 | 23,613,662 | 12,265,683 | 12,146,050 | 25,379,200 | 24,503,996 | 26,345,517 |
| EBITDA 1 | - | - | - | - | 979,176 | - | 1,255,499 | 738,362 | - | 862,955 | 852,489 | - | 1,475,287 | 1,132,075 | - | 1,419,000 | 1,952,546 | - | 1,983,844 | 1,664,369 | - | 1,539,642 | 1,719,409 | - | 1,735,312 | 1,538,163 | - | - | - |
| EBIT 1 | 1,404,336 | 1,038,533 | 519,981 | 1,677,767 | 749,976 | 1,747,465 | 784,370 | 463,862 | 1,248,232 | 578,655 | 562,789 | 1,141,444 | 956,651 | 626,930 | 1,583,581 | 1,120,900 | 1,438,394 | 2,559,294 | 1,680,944 | 1,112,696 | 2,793,640 | 1,147,845 | 1,383,356 | 3,063,035 | 1,597,556 | 1,247,126 | 3,184,281 | 3,071,461 | 3,152,408 |
| Operating Margin | 9.19% | 7.09% | 4.57% | 10.59% | 9.94% | 11.29% | 10.07% | 5.72% | 7.85% | 6.81% | 6.11% | 6.45% | 9.81% | 6.47% | 8.14% | 10.63% | 12.58% | 11.64% | 13.96% | 10.05% | 12.09% | 10.42% | 12.13% | 12.97% | 13.02% | 10.27% | 12.55% | 12.53% | 11.97% |
| Earnings before Tax (EBT) 1 | 1,583,485 | 971,122 | 728,815 | 2,203,539 | 886,825 | 2,144,045 | 1,093,508 | 752,979 | 1,846,487 | 1,021,748 | 812,528 | 1,834,276 | 1,034,998 | 799,459 | 1,834,457 | 1,720,553 | 1,800,972 | 3,521,525 | 1,835,540 | 1,608,020 | 3,443,560 | 1,764,629 | 1,539,000 | 3,781,648 | 2,006,597 | 1,473,523 | 3,979,240 | 3,846,207 | 4,001,048 |
| Net income 1 | 1,274,976 | 801,207 | 629,368 | 1,615,893 | 626,652 | 1,524,484 | 791,738 | 533,888 | 1,325,626 | 736,820 | 434,264 | 1,171,084 | 727,942 | 487,196 | 1,280,234 | 1,311,372 | 1,278,056 | 2,589,428 | 1,357,814 | 997,691 | 2,355,505 | 1,022,424 | 1,143,650 | - | 1,154,151 | 1,005,330 | - | - | - |
| Net margin | 8.34% | 5.47% | 5.53% | 10.2% | 8.3% | 9.85% | 10.17% | 6.58% | 8.34% | 8.68% | 4.71% | 6.61% | 7.46% | 5.03% | 6.58% | 12.43% | 11.18% | 11.78% | 11.28% | 9.01% | 10.19% | 9.28% | 10.02% | - | 9.41% | 8.28% | - | - | - |
| EPS 2 | 89.87 | 57.25 | 45.04 | 115.6 | 45.05 | 109.3 | 57.17 | 38.78 | 95.95 | 53.65 | 31.77 | 85.42 | 53.36 | 40.69 | 94.00 | 96.74 | 94.52 | 191.3 | 100.6 | 74.07 | 174.7 | 86.33 | 89.09 | 202.6 | 104.3 | 84.36 | 208.0 | 206.2 | 209.1 |
| Dividend per Share 2 | 20.00 | 24.00 | 21.00 | 27.00 | 24.00 | 24.00 | - | 28.00 | 28.00 | - | 25.00 | 25.00 | - | 35.00 | 35.00 | - | 30.00 | 30.00 | - | 45.00 | - | - | 60.00 | - | - | 74.00 | - | - | - |
| Announcement Date | 11/7/19 | 5/12/20 | 11/6/20 | 5/12/21 | 11/4/21 | 11/4/21 | 2/9/22 | 5/11/22 | 5/11/22 | 8/4/22 | 11/1/22 | 11/1/22 | 2/9/23 | 5/10/23 | 5/10/23 | 8/1/23 | 11/1/23 | 11/1/23 | 2/6/24 | 5/8/24 | 5/8/24 | - | - | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 16,575,474 | 16,362,451 | 16,343,321 | 20,382,703 | 21,863,307 | 21,438,201 | 18,152,672 | 20,465,945 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 4.801 x | 5.025 x | 5.316 x | 5.092 x | 4.588 x | 3.259 x | 2.617 x | 2.867 x |
| Free Cash Flow 1 | 1,069,356 | 439,782 | 1,433,962 | 3,145,119 | 1,504,880 | 2,292,659 | 1,538,000 | 2,585,617 |
| ROE (net income / shareholders' equity) | 9.8% | 10.4% | 10.2% | 11.5% | 9% | 15.8% | 13% | 12.6% |
| ROA (Net income/ Total Assets) | 4.47% | 4.88% | 5.1% | 6.14% | 5.17% | 8.47% | 6.25% | 6.17% |
| Assets 1 | 42,117,162 | 42,512,414 | 44,006,864 | 46,408,450 | 47,437,030 | 58,364,922 | 68,903,528 | 74,688,447 |
| Book Value Per Share 2 | 1,366 | 1,450 | 1,674 | 1,905 | 2,089 | 2,540 | 2,665 | 2,874 |
| Cash Flow per Share 2 | 256.0 | 263.0 | 278.0 | 336.0 | 329.0 | 520.0 | 460.0 | 453.0 |
| Capex 1 | 1,465,800 | 1,393,000 | 1,293,200 | 1,197,266 | 1,450,196 | 4,848,042 | 2,282,333 | 2,205,470 |
| Capex / Sales | 4.85% | 4.65% | 4.75% | 3.82% | 3.9% | 10.75% | 4.92% | 4.62% |
| Announcement Date | 5/8/19 | 5/12/20 | 5/12/21 | 5/11/22 | 5/10/23 | 5/8/24 | - | - |
1JPY in Million2JPY
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
19
Last Close Price
3,436
JPY
Average target price
3,568
JPY
Spread / Average Target
+3.85%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +32.64% | 298B | |
| +7.69% | 72.03B | |
| -4.72% | 65.72B | |
| +17.80% | 53.58B | |
| +27.39% | 52.18B | |
| +0.66% | 49.03B | |
| +22.06% | 41.62B | |
| +19.90% | 39.28B | |
| +44.77% | 33.62B | |
| +47.34% | 28.09B |
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