Financials Toyota Motor Corporation

Equities

7203

JP3633400001

Auto & Truck Manufacturers

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Projected Income Statement: Toyota Motor Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	27,214,594	31,379,507	37,154,298	45,095,325	48,036,704	50,367,635	52,356,924	54,008,650
Change	-	15.3%	18.4%	21.37%	6.52%	4.85%	3.95%	3.15%
EBITDA ¹	3,074,648	4,002,897	4,764,929	7,440,000	6,156,086	5,830,204	6,516,821	6,859,386
Change	-	30.19%	19.04%	56.14%	-17.26%	-5.29%	11.78%	5.26%
EBIT ¹	2,197,748	2,995,697	2,725,025	5,352,934	4,795,586	3,961,305	4,624,374	4,940,299
Change	-	36.31%	-9.04%	96.44%	-10.41%	-17.4%	16.74%	6.83%
Interest Paid ¹	-47,537	-43,997	-125,113	-103,709	-190,711	-97,266	-98,440	-100,817
Earnings before Tax (EBT) ¹	2,932,354	3,990,532	3,668,733	6,965,085	6,414,590	4,891,325	5,657,060	5,940,866
Change	-	36.09%	-8.06%	89.85%	-7.9%	-23.75%	15.65%	5.02%
Net income ¹	2,245,261	2,850,110	2,451,318	4,944,933	4,765,086	3,424,903	3,966,564	4,212,764
Change	-	26.94%	-13.99%	101.73%	-3.64%	-28.13%	15.82%	6.21%
Announcement Date	5/12/21	5/11/22	5/10/23	5/8/24	5/8/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2
Net sales ¹	8,150,032	7,689,339	7,935,558	7,545,741	7,785,742	8,112,466	8,491,116	9,218,232	9,754,685	9,690,265	10,546,831	11,434,786	12,041,104	11,072,604	11,837,879	11,444,500	12,391,000	12,363,159	12,253,326	12,377,427	12,874,485	12,833,352	12,767,649	13,019,404	13,632,165	13,112,364	13,285,485	13,466,766
Change	-	-5.65%	3.2%	-4.91%	3.18%	4.2%	4.67%	8.56%	5.82%	-0.66%	8.84%	8.42%	5.3%	-8.04%	6.91%	-3.32%	8.27%	-0.22%	-0.89%	1.01%	4.02%	-0.32%	-0.51%	1.97%	4.71%	-3.81%	1.32%	1.36%
EBITDA ¹	1,205,741	923,826	1,239,190	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	1,660,760	1,491,100	1,550,500	1,453,495	1,493,641	1,183,951	1,490,180	1,352,198	1,989,286	1,693,382	1,713,323	1,572,261	2,160,720	1,901,233
Change	-	-23.38%	34.14%	-20.98%	28.22%	-41.19%	16.87%	-1.21%	73.06%	-23.26%	25.35%	37.6%	1.6%	-16.1%	-0.22%	-10.22%	3.98%	-6.26%	2.76%	-20.73%	25.86%	-9.26%	47.11%	-14.87%	1.18%	-8.23%	37.43%	-12.01%
EBIT ¹	987,941	689,826	997,489	749,976	784,370	463,862	578,655	562,789	956,651	626,930	1,120,900	1,438,394	1,680,944	1,112,696	1,308,462	1,155,700	1,215,200	1,116,095	1,166,141	839,551	1,038,512	896,678	1,206,763	1,177,073	1,296,723	1,097,084	1,182,969	1,170,473
Change	-	-30.18%	44.6%	-24.81%	4.59%	-40.86%	24.75%	-2.74%	69.98%	-34.47%	78.79%	28.32%	16.86%	-33.81%	17.59%	-11.67%	5.15%	-8.16%	4.48%	-28.01%	23.7%	-13.66%	34.58%	-2.46%	10.17%	-15.4%	7.83%	-1.06%
Charge d'intérêts	-9,859	-14,441	-7,484	-8,875	-9,193	-18,445	-19,362	-50,988	-37,963	-16,800	-23,339	-20,961	-34,452	-24,957	-16,509	-	-107,572	-29,445	-6,211	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	1,141,174	1,062,365	1,257,220	886,825	1,093,508	752,979	1,021,748	812,528	1,034,998	799,459	1,720,553	1,800,972	1,835,540	1,608,020	1,872,258	859,800	2,698,000	984,497	1,252,152	1,225,975	1,283,437	1,160,282	1,514,289	1,408,187	1,592,247	1,370,002	1,521,366	1,444,790
Change	-	-6.91%	18.34%	-29.46%	23.31%	-31.14%	35.69%	-20.48%	27.38%	-22.76%	115.21%	4.67%	1.92%	-12.4%	16.43%	-54.08%	213.79%	-63.51%	27.19%	-2.09%	4.69%	-9.6%	30.51%	-7.01%	13.07%	-13.96%	11.05%	-5.03%
Net income ¹	838,696	777,197	897,832	626,652	791,738	533,888	736,820	434,264	727,942	487,196	1,311,372	1,278,056	1,357,814	997,691	1,333,347	573,700	2,193,200	664,697	841,345	932,081	854,581	732,651	1,123,828	1,061,342	1,079,471	946,222	1,369,317	1,199,920
Change	-	-7.33%	15.52%	-30.2%	26.34%	-32.57%	38.01%	-41.06%	67.63%	-33.07%	169.17%	-2.54%	6.24%	-26.52%	33.64%	-56.97%	282.29%	-69.69%	26.58%	10.78%	-8.31%	-14.27%	53.39%	-5.56%	1.71%	-12.34%	44.71%	-12.37%
Announcement Date	2/10/21	5/12/21	8/4/21	11/4/21	2/9/22	5/11/22	8/4/22	11/1/22	2/9/23	5/10/23	8/1/23	11/1/23	2/6/24	5/8/24	8/1/24	11/6/24	2/5/25	5/8/25	8/7/25	11/5/25	-	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2	2027 S1	2027 S2	2028 S1
Net sales ¹	15,481,299	15,898,208	17,709,348	19,444,950	21,981,617	23,113,708	23,282,400	24,754,254	24,630,753	25,512,292	25,381,822	26,611,893	26,126,438
Change	-	2.69%	11.39%	9.8%	13.05%	5.15%	0.73%	6.32%	-0.5%	3.58%	-0.51%	4.85%	-1.82%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,747,465	1,248,232	1,141,444	1,583,581	2,559,294	2,793,640	2,464,200	2,331,369	2,005,692	1,899,811	1,436,378	2,395,538	1,427,431
Change	-	-28.57%	-8.56%	38.73%	61.61%	9.16%	-11.79%	-5.39%	-13.97%	-5.28%	-24.39%	66.78%	-40.41%
Charge d'intérêts	-16,359	-27,638	-70,350	-54,763	-44,300	-59,409	-53,694	-	-25,010	-	-	-	-
Earnings before Tax (EBT) ¹	2,144,045	1,846,487	1,834,276	1,834,457	3,521,525	3,443,560	2,732,000	3,682,521	2,478,127	2,600,801	2,174,209	3,109,717	2,217,061
Change	-	-13.88%	-0.66%	0.01%	91.97%	-2.21%	-20.66%	34.79%	-32.71%	4.95%	-16.4%	43.03%	-28.71%
Net income ¹	1,524,484	1,325,626	1,171,084	1,280,234	2,589,428	2,355,505	1,907,100	2,857,973	1,773,426	1,677,000	-	-	-
Change	-	-13.04%	-11.66%	9.32%	102.26%	-9.03%	-19.04%	49.86%	-37.95%	-5.44%	-	-	-
Announcement Date	11/4/21	5/11/22	11/1/22	5/10/23	11/1/23	5/8/24	11/6/24	5/8/25	11/5/25	-	-	-	-

¹JPY in Million

Estimates

Forecast Balance Sheet: Toyota Motor Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	16,343,321	20,382,703	21,863,307	27,149,720	22,874,716	28,687,864	29,261,066	29,998,781
Change	-	24.72%	7.26%	24.18%	-15.75%	25.41%	2%	2.52%
Announcement Date	5/12/21	5/11/22	5/10/23	5/8/24	5/8/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Toyota Motor Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	1,293,200	1,197,266	1,605,800	4,848,042	2,134,800	2,303,842	2,310,714	2,355,714
Change	-	-7.42%	34.12%	201.91%	-55.97%	7.92%	0.3%	1.95%
Free Cash Flow (FCF) ¹	1,433,962	3,145,119	1,504,880	2,359,926	1,562,130	1,942,114	2,029,309	2,184,742
Change	-	119.33%	-52.15%	56.82%	-33.81%	24.32%	4.49%	7.66%
Announcement Date	5/12/21	5/11/22	5/10/23	5/8/24	5/8/25	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Toyota Motor Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	11.3%	12.76%	12.82%	16.5%	12.82%	11.58%	12.45%	12.7%
EBIT Margin (%)	8.08%	9.55%	7.33%	11.87%	9.98%	7.86%	8.83%	9.15%
EBT Margin (%)	10.77%	12.72%	9.87%	15.45%	13.35%	9.71%	10.8%	11%
Net margin (%)	8.25%	9.08%	6.6%	10.97%	9.92%	6.8%	7.58%	7.8%
FCF margin (%)	5.27%	10.02%	4.05%	5.23%	3.25%	3.86%	3.88%	4.05%
FCF / Net Income (%)	63.87%	110.35%	61.39%	47.72%	32.78%	56.71%	51.16%	51.86%
Profitability
ROA	5.1%	6.14%	5.17%	8.47%	6.98%	4.08%	4.52%	4.64%
ROE	10.2%	11.5%	9%	15.8%	13.6%	9.73%	10.51%	10.58%
Financial Health
Leverage (Debt/EBITDA)	5.32x	5.09x	4.59x	3.65x	3.72x	4.92x	4.49x	4.37x
Debt / Free cash flow	11.4x	6.48x	14.53x	11.5x	14.64x	14.77x	14.42x	13.73x
Capital Intensity
CAPEX / Current Assets (%)	4.75%	3.82%	4.32%	10.75%	4.44%	4.57%	4.41%	4.36%
CAPEX / EBITDA (%)	42.06%	29.91%	33.7%	65.16%	34.68%	39.52%	35.46%	34.34%
CAPEX / FCF (%)	90.18%	38.07%	106.71%	205.43%	136.66%	118.63%	113.87%	107.83%
Items per share
Cash flow per share ¹	278.3	336.4	328.8	520.4	529.4	480.8	506.9	531.9
Change	-	20.89%	-2.26%	58.26%	1.74%	-9.19%	5.44%	4.92%
Dividend per Share ¹	48	52	60	75	90	95.29	107.5	117.3
Change	-	8.33%	15.38%	25%	20%	5.88%	12.81%	9.15%
Book Value Per Share ¹	1,674	1,905	2,089	2,540	2,753	2,919	3,176	3,398
Change	-	13.78%	9.67%	21.57%	8.4%	6.04%	8.79%	6.99%
EPS ¹	160.6	205.2	179.5	365.9	359.6	275.6	328.5	355.4
Change	-	27.75%	-12.55%	103.9%	-1.74%	-23.34%	19.17%	8.2%
Nbr of stocks (in thousands)	13,979,777	13,782,503	13,565,182	13,478,395	13,062,407	13,033,389	13,033,389	13,033,389
Announcement Date	5/12/21	5/11/22	5/10/23	5/8/24	5/8/25	-	-	-