Toto

TOTDY

Construction Materials · Industrials

Price

$41.25

+0.22 (+0.54%)

Market Cap

$6.78B

Exchange

Other OTC

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Share count falling — buybacks

−2.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 169.7M (2022) → 165.7M (2026)

Toto Ltd. is a Japanese company best known for making toilets, sinks, faucets, and other bathroom fixtures. It sells to homebuilders, hotels, hospitals, and regular households across the world. Toto is one of the largest bathroom fixture makers in the world and invented the modern washlet — a toilet seat with built-in water cleaning functions that is extremely popular in Japan.

Toto earns money by selling its hardware products directly to contractors, distributors, and retailers. Most of its revenue comes from Japan, but it also operates in the United States, China, and other parts of Asia. Its main competitive advantage is its strong brand reputation for quality and its early lead in washlet technology, which competitors have struggled to match. The key growth opportunity is expanding washlet adoption outside Japan, particularly in the US and China, while the main risk is slowing construction activity in Japan and China, which are its two largest markets.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+150.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

3.3%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$197.2B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Toto is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

35.3%

Modest — 35.3% gross margin

Operating Margin

4.8%

Thin — 4.8% operating margin

ROCE

1.5%

Weak — 1.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+3.7%

Slow sales growth (+3.7% YoY)

EPS YoY

+337.3%

Earnings growing fast (+337.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

Weak — only 0% of profit becomes cash

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.05

Conservative — low debt load (0.05)

Interest Cover

63.73x

Comfortably covers interest (63.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

0.2x

Attractive valuation — P/E 0.2

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+0.1

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

1.57%

Small dividend — 1.57% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-16.6%

Dividend cut (-16.6% YoY) — warning sign

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