TOYO TANSO CO., LTD.
5310・Prime Market・Glass & Ceramics Products
Business
Toyo Tanso, founded in 1947, is a carbon-specialized manufacturer that pioneered the world's first mass production of isotropic graphite materials in 1974. Its core products fall into three categories: Special Graphite Products (for single-crystal silicon manufacturing, compound semiconductor manufacturing, etc.), General Carbon Products (Mechanical and Electrical), and Composite Materials and Other Products (SiC-coated graphite, C/C composites, etc.). The company has consolidated its material manufacturing bases domestically, building an integrated production and direct sales system that supplies overseas bases in the United States, Europe, and Asia. As a group including 12 consolidated subsidiaries, it supplies products to a wide range of industries including semiconductors, metallurgy, automotive, nuclear power, aerospace, and medical. Net sales for FY2025 (ending March 2025) were ¥46,189 million.
Business Model
The company adopts a vertically integrated model in which the manufacturing of materials (isotropic graphite materials) is consolidated at domestic sites such as the Takuma Plant, supplying semi-finished products to local processing and sales subsidiaries in the United States, Europe, and Asia. The local direct-sales structure enables customer needs to be quickly reflected in product development. Continued development of high-value-added products, backed by R&D expenditure of ¥1,239 million (FY2025), and capacity expansion through capital expenditure of ¥9,812 million, underpin the earnings base.
Company Strengths
In 1974, the company was the first in Japan or overseas to achieve mass production and large-scale manufacturing of isotropic graphite materials, and it continues to hold the world's largest production capacity. It has established a proprietary manufacturing technology using an isostatic molding process, enabling stable supply of high-purity, high-precision products such as furnace internal components for 300mm-wafer-compatible single-crystal silicon production.
The company has built an integrated supply chain from its domestic materials manufacturing base to processing and sales sites in the United States, Europe, and Asia. Its direct sales system allows customer needs to be quickly reflected in product development. In FY2025 as well, the four segments of Japan, United States, Europe, and Asia recorded combined net sales of ¥46,189 million, maintaining a global sales network.
The company secured orders worth ¥2,422 million for Graphite Products for High-Temperature Gas Reactors (Nuclear Applications) from X Energy, LLC in the United States, causing the order backlog in the United States segment to surge 133.4% year on year. Achievements are also accumulating in advanced energy fields, including a project adopted by NEDO (research on converting graphite materials to non-fossil raw materials) and the decision to adopt the porous carbon material CNovel® as a fuel cell catalyst support.
ENVALITH's Perspective
Performance Trend
Revenue rose for four consecutive fiscal years, from ¥37,734 million in FY2021 to ¥53,093 million in FY2024, but plunged to ¥46,189 million in FY2025 (down 13.0% year on year) due to a deterioration in semiconductor market conditions. Operating profit also roughly halved, from ¥12,238 million in FY2024 to ¥6,759 million in FY2025. In the first quarter of FY2026 (ending December 2026), conditions deteriorated further, with revenue of ¥10,576 million (down 7.8% year on year) and operating profit of ¥634 million (down 70.3% year on year). The main external factor was continued inventory adjustments for SiC semiconductor and silicon semiconductor applications, with Composite Materials and Other Products (the three main products) falling particularly sharply, down 23.2% year on year. On the other hand, the general industrial field (metallurgical and mechanical carbon, etc.) has remained resilient, providing support. The full-year forecast (revenue of ¥49,000 million and operating profit of ¥6,200 million) has been left unchanged, but given the low progress rate in the first quarter, the hurdle to achieving it is high.
Growth Strategy
Toward the 2030 Vision (net sales of ¥74.0 billion and operating profit of ¥18.0 billion), the company is accelerating the expansion of high-value-added products and overseas expansion.
The company anticipates a recovery in silicon semiconductor applications driven by the spread of generative AI and increasing data centers, and aims to expand sales of composite material products such as SiC-coated graphite and C/C composites. As of 1Q FY2026, demand for SiC semiconductor applications is significantly declining, and a market recovery is key to a turnaround in performance.
The company has received orders for graphite products for high-temperature gas reactors from X Energy, LLC, and the order backlog for Special Graphite Products stood at ¥7,138 million as of the end of March 2026. Building on this track record in the next-generation nuclear field, the company aims to expand sales contributions from advanced energy applications over the medium to long term.
The company is strengthening its sales functions in the Asia region through Shanghai Toyo Carbon Trading Co., Ltd., established in July 2025. It aims to expand sales of metallurgical and semiconductor products to China, Taiwan, and South Korea, while also promoting improvements to its earnings structure through optimization of the production system for the carbon brush business.
Construction in progress as of the end of March 2026 increased to ¥7,595 million (up ¥1,160 million from ¥6,435 million at the end of the previous fiscal year), reflecting ongoing investment toward future production capacity expansion. Total property, plant and equipment also increased to ¥49,420 million, indicating that the company is in an advance investment phase toward achieving the 2030 Vision.
Last updated: July 17, 2026