Toray Industries Past Earnings Performance
Past criteria checks 3/6
Toray Industries's earnings have been declining at an average annual rate of -8.8%, while the Chemicals industry saw earnings growing at 5.4% annually. Revenues have been growing at an average rate of 4.7% per year. Toray Industries's return on equity is 4.6%, and it has net margins of 3.1%.
Key information
-8.81%
Earnings growth rate
-7.98%
EPS growth rate
| Chemicals Industry Growth | 6.58% |
| Revenue growth rate | 4.69% |
| Return on equity | 4.64% |
| Net Margin | 3.08% |
| Last Earnings Update | 31 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • May 26
3402: Share Buybacks And 2028 Profitability Plan Will Support Future Upside
Analysts have adjusted their price target on Toray Industries to ¥1,279.55, reflecting updated assumptions that include a slightly lower discount rate, a higher expected revenue growth rate, a modestly reduced profit margin, and a lower future P/E multiple. What's in the News Toray Industries updated earning guidance for the 2028 financial year, planning revenue of ¥3t compared with a prior plan of ¥2.6t, and Core Operating Income of ¥230b compared with ¥150b, with a focus on both growth and Profitability Improvement (company guidance).Narrative Update • Apr 22
3402: Share Buybacks And Renewable Plastics Supply Chain Will Support Future Upside
Analysts have slightly adjusted their price target for Toray Industries to ¥1,279.55, with the modest change linked to updated assumptions for the discount rate, revenue growth, profit margin, and future P/E multiples, while keeping the overall valuation view broadly consistent. What's in the News Toray plans for Financial Year 2028 revenue of ¥3t, compared with a prior plan of ¥2.6t, and Core Operating Income of ¥230b compared with ¥150b, with an emphasis on both growth and profitability improvement (Corporate guidance).Narrative Update • Apr 07
3402: Share Buybacks And Renewable Plastics Initiative Will Support Future Upside Potential
Analysts have adjusted their price target for Toray Industries to ¥1,280 from about ¥1,240, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What's in the News Completed share repurchase of 44,734,100 shares, representing 3% of outstanding shares, for ¥49,999.93 million under the buyback announced on November 14, 2025.Narrative Update • Mar 21
3402: Buybacks And Renewable Plastics Partnership Will Support Future Upside Potential
Analysts have kept Toray Industries' fair value estimate broadly unchanged at around ¥1,240 per share, noting only slight tweaks in assumptions such as discount rate, revenue growth, profit margin and future P/E, rather than a material shift in the overall view. What's in the News Toray completed a share buyback announced on November 14, 2025, repurchasing a total of 44,734,100 shares, or 3% of shares, for ¥49,999.93m.Narrative Update • Mar 07
3402: Renewable Plastics Alliance And Buybacks Will Support Steady Future Returns
The analyst price target for Toray Industries has shifted from ¥1,193.75 to ¥1,240.45. Analysts point to updated fair value estimates, a slightly adjusted discount rate, modest tweaks to revenue growth and profit margin assumptions, and a recalibrated future P/E multiple as the key drivers.Narrative Update • Feb 21
3402: Share Buybacks And Renewable Plastics Alliance Will Support Balanced Future Returns
Analysts have raised their fair value estimate for Toray Industries from ¥1,147.92 to ¥1,193.75, reflecting updated assumptions for the discount rate, revenue growth, profit margins and a future P/E of 14.96. What's in the News Toray revised its consolidated earnings guidance for the fiscal year ending March 31, 2026, and now expects revenue of ¥2,600,000 million compared with the previous forecast of ¥2,630,000 million, with core operating income held at ¥150,000 million and profit attributable to owners of parent unchanged at ¥82,000 million (Key Developments).Analysis Article • Feb 18
Some Investors May Be Willing To Look Past Toray Industries' (TSE:3402) Soft Earnings
The market for Toray Industries, Inc.'s ( TSE:3402 ) shares didn't move much after it posted weak earnings recently. We...Analysis Article • Feb 12
Toray Industries, Inc. Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
Last week saw the newest quarterly earnings release from Toray Industries, Inc. ( TSE:3402 ), an important milestone in...Narrative Update • Feb 06
3402: Share Cancellations And Higher Dividend Will Support Balanced Future Returns
Analysts have maintained their fair value estimate for Toray Industries at ¥1,147.92 per share. They have made only slight adjustments to assumptions around the discount rate, revenue growth, profit margin and future P/E, reflecting a largely unchanged view of the stock's risk and return profile.Narrative Update • Jan 23
3402: Share Cancellations And Higher Dividend Will Support Balanced Future Returns
Analysts have lifted their fair value estimate for Toray Industries from ¥1,138.75 to about ¥1,147.92, citing modest adjustments to the discount rate, revenue growth, profit margin assumptions, and a slightly higher future P/E multiple. What's in the News The Board of Directors authorized a share repurchase program on November 14, 2025, allowing Toray Industries to buy back up to 63,000,000 shares, or 4.2% of issued share capital (excluding treasury stock), for up to ¥50,000 million.Narrative Update • Jan 09
3402: Ongoing Share Cancellations And Higher Dividend Will Support Balanced Capital Returns
Analysts now place Toray Industries' fair value at ¥1,138.75, a modest adjustment from ¥1,137.08. This reflects updated assumptions around discount rate, revenue growth, profit margin and future P/E.Analysis Article • Jan 06
Toray Industries (TSE:3402) Is Due To Pay A Dividend Of ¥10.00
The board of Toray Industries, Inc. ( TSE:3402 ) has announced that it will pay a dividend on the 29th of June, with...Analysis Article • Jan 05
The Return Trends At Toray Industries (TSE:3402) Look Promising
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll...Analysis Article • Dec 19
Estimating The Intrinsic Value Of Toray Industries, Inc. (TSE:3402)
Key Insights Using the 2 Stage Free Cash Flow to Equity, Toray Industries fair value estimate is JP¥1,015 With JP¥1,014...Narrative Update • Dec 16
3402: Future Buybacks And Higher Dividend Will Shape Balanced Capital Returns
Analysts have raised their fair value estimate for Toray Industries to approximately ¥1,137 from about ¥1,107, citing slightly improved discount rate assumptions and expectations for a modestly stronger earnings multiple, while long term growth and margin forecasts remain largely unchanged. What's in the News The board of directors is scheduled to meet on November 14, 2025 to approve additional share buybacks and address other agenda items (company announcement).Analysis Article • Dec 03
Toray Industries (TSE:3402) Will Pay A Dividend Of ¥10.00
The board of Toray Industries, Inc. ( TSE:3402 ) has announced that it will pay a dividend on the 29th of June, with...Narrative Update • Dec 02
3402: Share Buyback Initiatives And Dividend Hike Will Influence Capital Returns
Analysts have modestly raised their price target for Toray Industries from ¥1,095 to ¥1,107.08. This change reflects improved expectations for revenue growth and profit margins.Analysis Article • Nov 18
Toray Industries, Inc. Just Missed Earnings - But Analysts Have Updated Their Models
It's shaping up to be a tough period for Toray Industries, Inc. ( TSE:3402 ), which a week ago released some...Analysis Article • Oct 10
Toray Industries, Inc.'s (TSE:3402) Earnings Haven't Escaped The Attention Of Investors
With a price-to-earnings (or "P/E") ratio of 21.4x Toray Industries, Inc. ( TSE:3402 ) may be sending bearish signals...Analysis Article • Sep 11
Is Toray Industries (TSE:3402) Using Too Much Debt?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analysis Article • Aug 27
Toray Industries (TSE:3402) Is Paying Out A Larger Dividend Than Last Year
Toray Industries, Inc. ( TSE:3402 ) will increase its dividend from last year's comparable payment on the 2nd of...Analysis Article • Aug 16
Toray Industries (TSE:3402) Is Posting Promising Earnings But The Good News Doesn’t Stop There
The stock was sluggish on the back of Toray Industries, Inc.'s ( TSE:3402 ) recent earnings report. Along with the...Analysis Article • Aug 13
Toray Industries (TSE:3402) Is Increasing Its Dividend To ¥10.00
Toray Industries, Inc. ( TSE:3402 ) will increase its dividend from last year's comparable payment on the 2nd of...Analysis Article • Aug 08
Toray Industries (TSE:3402) Has More To Do To Multiply In Value Going Forward
What are the early trends we should look for to identify a stock that could multiply in value over the long term...Analysis Article • Jul 24
Toray Industries' (TSE:3402) Shareholders Will Receive A Bigger Dividend Than Last Year
Toray Industries, Inc.'s ( TSE:3402 ) dividend will be increasing from last year's payment of the same period to ¥10.00...Analysis Article • Jul 10
Toray Industries (TSE:3402) Is Paying Out A Larger Dividend Than Last Year
Toray Industries, Inc. ( TSE:3402 ) has announced that it will be increasing its dividend from last year's comparable...
New Narrative • Jan 05
Project AP-G 2025 And Performance Chemicals Poised To Boost Profit Margins And Revenue Growth
Strategic reforms and pricing initiatives aimed at high-growth segments are set to enhance profit margins and streamline operations.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Toray Industries makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 2,585,077 | 79,521 | 381,361 | 0 |
| 31 Dec 25 | 2,558,876 | 42,898 | 374,458 | 0 |
| 30 Sep 25 | 2,503,482 | 59,322 | 370,680 | 0 |
| 30 Jun 25 | 2,521,383 | 68,203 | 368,003 | 0 |
| 31 Mar 25 | 2,563,280 | 77,911 | 366,106 | 0 |
| 31 Dec 24 | 2,559,085 | 51,415 | 364,101 | 0 |
| 30 Sep 24 | 2,559,328 | 48,554 | 358,504 | 0 |
| 30 Jun 24 | 2,524,265 | 34,810 | 353,219 | 0 |
| 31 Mar 24 | 2,464,596 | 21,897 | 346,344 | 0 |
| 31 Dec 23 | 2,416,938 | 43,929 | 339,280 | 0 |
| 30 Sep 23 | 2,426,912 | 42,578 | 334,164 | 0 |
| 30 Jun 23 | 2,461,518 | 46,848 | 331,616 | 0 |
| 31 Mar 23 | 2,489,330 | 72,823 | 330,907 | 0 |
| 31 Dec 22 | 2,483,451 | 69,482 | 327,591 | 0 |
| 30 Sep 22 | 2,427,339 | 82,423 | 322,437 | 0 |
| 30 Jun 22 | 2,320,720 | 94,427 | 315,447 | 0 |
| 31 Mar 22 | 2,228,523 | 84,235 | 305,762 | 0 |
| 31 Dec 21 | 2,166,266 | 107,201 | 303,874 | 0 |
| 30 Sep 21 | 2,090,509 | 102,252 | 296,437 | 0 |
| 30 Jun 21 | 1,999,641 | 66,066 | 290,282 | 0 |
| 31 Mar 21 | 1,883,600 | 45,794 | 286,981 | 0 |
| 31 Dec 20 | 1,897,417 | 17,450 | 211,642 | 65,929 |
| 30 Sep 20 | 1,948,343 | 14,533 | 219,650 | 65,929 |
| 30 Jun 20 | 2,068,081 | 42,545 | 227,122 | 65,929 |
| 31 Mar 20 | 2,214,633 | 55,725 | 234,126 | 65,929 |
| 31 Dec 19 | 2,261,940 | 64,212 | 237,711 | 65,226 |
| 30 Sep 19 | 2,319,995 | 76,527 | 237,010 | 65,226 |
| 30 Jun 19 | 2,382,253 | 79,176 | 238,581 | 65,226 |
| 31 Mar 19 | 2,388,848 | 79,373 | 240,182 | 65,226 |
| 31 Dec 18 | 2,364,344 | 99,622 | 240,531 | 65,106 |
| 30 Sep 18 | 2,347,852 | 96,895 | 239,121 | 65,106 |
| 30 Jun 18 | 2,247,548 | 92,652 | 234,987 | 65,106 |
| 31 Mar 18 | 2,204,858 | 95,915 | 228,527 | 65,106 |
| 31 Dec 17 | 2,183,161 | 100,177 | 232,399 | 57,733 |
| 30 Sep 17 | 2,117,702 | 93,537 | 226,712 | 57,733 |
| 30 Jun 17 | 2,056,450 | 95,824 | 221,494 | 57,733 |
| 31 Mar 17 | 2,026,470 | 99,418 | 218,604 | 57,733 |
| 31 Dec 16 | 2,016,316 | 90,831 | 216,883 | 57,401 |
| 30 Sep 16 | 2,032,860 | 94,091 | 217,871 | 57,401 |
| 30 Jun 16 | 2,085,685 | 93,639 | 221,438 | 57,401 |
| 31 Mar 16 | 2,104,430 | 90,132 | 223,140 | 57,401 |
| 31 Dec 15 | 2,104,016 | 84,659 | 221,730 | 58,082 |
| 30 Sep 15 | 2,091,311 | 79,197 | 219,505 | 58,082 |
| 30 Jun 15 | 2,058,967 | 82,488 | 215,629 | 58,082 |
Quality Earnings: 3402 has high quality earnings.
Growing Profit Margin: 3402's current net profit margins (3.1%) are higher than last year (3%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: 3402's earnings have declined by 8.8% per year over the past 5 years.
Accelerating Growth: 3402's earnings growth over the past year (2.1%) exceeds its 5-year average (-8.8% per year).
Earnings vs Industry: 3402 earnings growth over the past year (2.1%) did not outperform the Chemicals industry 11%.
Return on Equity
High ROE: 3402's Return on Equity (4.6%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/10 16:10 |
| End of Day Share Price | 2026/06/10 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2026/03/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Toray Industries, Inc. is covered by 24 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Mikiya Yamada | Barclays |
| Takashi Enomoto | BofA Global Research |
| Atsushi Ikeda | Citigroup Inc |