TOMOEGAWA CORPORATION
3878・Standard Market・Chemicals
Toner Business
Core business as an independent toner manufacturer with global operations in toner for copiers and printers
| Period | Current | Previous | Change |
|---|---|---|---|
| Net Sales (Full Year, FY2026) | ¥11,513 million | ¥12,415 million | ↓ |
| Segment Operating Profit (Full Year, FY2026) | ¥453 million | ¥849 million | ↓ |
| Segment Assets (End of FY2026) | ¥10,114 million | ¥10,194 million | ↓ |
| Depreciation and Amortization (Full Year, FY2026) | ¥599 million | ¥594 million | ↑ |
| Increase in Tangible and Intangible Fixed Assets (Full Year, FY2026) | ¥467 million | ¥437 million | ↑ |
Business Details
Globally sells toner (monochrome and color) for multifunction printers and printers, as well as chemical products such as powder-related products, to office equipment manufacturers, multifunction printer manufacturers, and others. In addition to domestic manufacturing sites, the company has manufacturing subsidiaries in China (Huizhou and Jiujiang) and sales subsidiaries in the US, Europe, Hong Kong, and Guangzhou, pursuing global optimization of production and sales. As an independent toner manufacturer, the company claims the No. 1 position in sales, development capability, quality, raw material purchasing power, and supply stability.
Recent Overview
Continued sluggish monochrome market conditions led to a significant decline in both sales and profit
Full-year net sales in the Toner Business for FY2026 were ¥11,513 million (down 7.3% year on year), and segment operating profit was ¥453 million (down 46.6% year on year), representing a substantial decline in both sales and profit. In addition to the continued sluggish market conditions for monochrome products carried over from the previous fiscal year, deterioration in market conditions beyond expectations and production curtailment associated with inventory adjustments reduced the fixed cost absorption rate. By region, Europe (¥3,815 million) and China (¥3,878 million) were the major markets. For FY2027, the policy is to accumulate the effects of business operation efficiency improvements while promoting market share expansion in markets showing signs of recovery and expanding sales of color toner.
Key Products
Growth Drivers
- Improvement in cost structure through efforts to enhance business operation efficiency
- Market share expansion strategy in the monochrome toner market, which is showing signs of recovery
- Improvement in product mix through the promotion of new color toner product development
- Profit improvement through company-wide price pass-through initiatives
- Optimal supply through the global production and sales structure (manufacturing sites in China, sales sites in Europe, the US, and Asia)
- Competitive advantage in the contracting market leveraged by the No. 1 position as an independent toner manufacturer
Risks
- Structural contraction of the global monochrome toner market (continuing decline in shipment volumes of copiers and multifunction printers)
- Intensifying price competition and deteriorating supply-demand balance due to market entry by Chinese manufacturers
- Prolonged sales slowdown due to the sluggish Chinese economy
- Increased costs due to rising prices of main raw materials (various petrochemical products, resins, etc.)
- Risk that production curtailment associated with inventory adjustments will reduce the fixed cost absorption rate
- Rising raw material and energy prices due to geopolitical risks such as the situation in the Middle East
- Risk of downside to performance due to deterioration in market conditions beyond expectations
Last updated: June 18, 2026