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Financial statementsTOYOTA MOTOR CORP/ financial statements
Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data TOYOTA MOTOR CORP/ files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2009 | FY2010 | FY2011 | FY2012 | |
|---|---|---|---|---|
| Revenue | 203,687 | 228,427 | 226,106 | 234,601 |
| Cost of revenue | 171,663 | 192,252 | 192,188 | 191,500 |
| Gross profit | 32,024 | 36,175 | 33,918 | 43,101 |
| Research and development | 8,783 | 9,488 | 8,585 | |
| Selling, general and administrative | 22,782 | 22,972 | 22,380 | 22,353 |
| Operating income | 1,586 | 5,632 | 4,327 | 14,045 |
| Interest expense | 359 | 353 | 279 | 244 |
| Interest income | 841 | 1,092 | 1,215 | 1,049 |
| Other non-operating income | 1,547 | 1,142 | 940 | 880 |
| Pre-tax income | 3,133 | 6,774 | 5,267 | 14,925 |
| Income tax | 996 | 3,762 | 3,191 | 5,866 |
| Net income to minority interests | 374 | 689 | 1,031 | 1,290 |
| Net income | 2,251 | 4,909 | 3,450 | 10,230 |
| EBITDA | 16,790 | 19,770 | 17,319 | 25,795 |
| EPS, basic | 0.72 | 1.57 | 1.10 | 3.23 |
| EPS, diluted | 0.72 | 1.57 | 1.10 | 3.23 |
| Shares, basic (weighted) | 3,136 | 3,136 | 3,143 | 3,167 |
| Shares, diluted (weighted) | 3,136 | 3,136 | 3,143 | 3,167 |
| Dividend per share | 0.48 | 0.60 | 0.61 | 0.96 |
Balance sheet
| FY2009 | FY2010 | FY2011 | FY2012 | |
|---|---|---|---|---|
| Cash and equivalents | 22,439 | 25,316 | 17,854 | 18,270 |
| Receivables | 20,274 | |||
| Inventory | 15,288 | 15,685 | 19,738 | 18,243 |
| Other current assets | 6,283 | 5,604 | ||
| Total current assets | 140,516 | 142,270 | 149,911 | 146,570 |
| Property, plant and equipment | 72,129 | 75,877 | 75,865 | 72,847 |
| Other non-current assets | 7,857 | 7,959 | 5,607 | 6,059 |
| Total assets | 326,196 | 358,607 | 372,928 | 377,281 |
| Accounts payable | 21,029 | 18,077 | 27,285 | 22,475 |
| Accrued liabilities | 18,658 | 21,326 | 22,248 | 23,238 |
| Short-term debt | 23,843 | 33,347 | 30,571 | 28,755 |
| Total current liabilities | 114,856 | 129,778 | 143,346 | 137,294 |
| Long-term debt | 75,402 | 77,561 | 73,516 | 78,020 |
| Other non-current liabilities | 2,422 | 2,162 | 1,744 | 3,276 |
| Total liabilities | 194,741 | 227,278 | 238,283 | 241,472 |
| Total debt | 99,245 | 77,561 | 73,516 | 78,020 |
| Paid-in capital | 5,388 | 6,083 | 6,700 | 5,859 |
| Retained earnings | 124,340 | 142,341 | 144,994 | 134,920 |
| Treasury stock | -13,547 | -15,170 | -13,818 | -12,048 |
| Other comprehensive income | -10,184 | -13,928 | -12,535 | -3,787 |
| Shareholders' equity | 111,347 | 124,262 | 128,364 | 129,166 |
| Minority interests | 6,134 | 7,067 | 6,281 | 6,643 |
| Total equity | 131,455 | 132,863 | 117,666 | 135,809 |
| Total liabilities and equity | 326,196 | 358,607 | 372,928 | 377,281 |
| Shares outstanding | 3,136 | 3,136 | 3,167 | 3,167 |
Cash flow statement
| FY2009 | FY2010 | FY2011 | FY2012 | |
|---|---|---|---|---|
| Net income | 2,625 | 5,598 | 4,481 | 11,520 |
| Depreciation and amortization | 15,204 | 14,138 | 12,992 | 11,750 |
| Stock-based compensation | 30 | 19 | 3 | |
| Deferred income tax | 274 | 1,031 | 78 | 1,701 |
| Change in inventory | 603 | 623 | -4,197 | 537 |
| Change in payables | 6,978 | -4,885 | 9,203 | -2,225 |
| Cash from operations | 27,499 | 24,342 | 17,672 | 26,064 |
| Capital expenditures | -6,498 | -7,569 | -8,803 | -9,086 |
| Cash from investing | -30,634 | -25,452 | -17,553 | -32,188 |
| Debt issued | 34,161 | 35,255 | 29,138 | 33,931 |
| Debt repaid | -31,580 | -29,942 | -34,889 | -28,518 |
| Dividends paid | -1,854 | -1,697 | -1,908 | -2,020 |
| Cash from financing | -2,988 | 5,223 | -4,323 | 5,074 |
| Exchange rate effect | -95 | -1,528 | -681 | 1,466 |
| Net change in cash | -6,218 | 2,585 | -4,885 | 416 |
| Free cash flow | 21,001 | 16,773 | 8,869 | 16,978 |
| Interest paid | 4,605 | 4,442 | 3,462 | |
| Income taxes paid | 2,543 | 3,436 | 3,519 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 18.4% | Gross profit / revenue. |
| Operating margin | 6.0% | Operating income / revenue. |
| EBITDA margin | 11.0% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 6.4% | Pre-tax income / revenue. |
| Net margin | 4.4% | Net income / revenue. |
| FCF margin | 7.2% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 11.1% | Cash from operations / revenue. |
| Effective tax rate | 39.3% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 7.9% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 2.7% | Net income / average total assets. |
| Return on invested capital (ROIC) | 4.6% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| R&D / revenue | 3.7% | Research and development expense / revenue. |
| SG&A / revenue | 9.5% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 0.0% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 3.9% | Capital expenditures / revenue. |
| D&A / revenue | 5.0% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 3.8% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 4.8% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 27.1% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 10.4% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income growth, 1y | 224.6% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | 106.9% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 48.9% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | 15.4% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income growth, 1y | 196.5% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 65.6% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS growth, 1y | 193.6% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 64.9% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 47.5% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -1.8% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 91.4% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | -6.8% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 57.4% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 26.0% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value growth, 1y | 0.6% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 5.1% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets growth, 1y | 1.2% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 5.0% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Share count change, 1y | 0.8% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 0.3% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 1.07x | Current assets / current liabilities. |
| Quick ratio | 0.13x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.13x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 0.60x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 20.7% | Total debt / total assets. |
| Liabilities / assets | 64.0% | Total liabilities / total assets. |
| Net debt | $59.75B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 2.32x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Interest coverage | 57.6x | Operating income / interest expense. |
| Working capital | $9.28B | Current assets - current liabilities. |
| Tangible book value | $129.17B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.63x | Revenue / average total assets. |
| Fixed asset turnover | 3.16x | Revenue / average property, plant and equipment. |
| Inventory turnover | 10.1x | Cost of revenue / average inventory. |
| Days inventory | 36 days | 365 x average inventory / cost of revenue. |
| Days payables | 47 days | 365 x average accounts payable / cost of revenue. |
| FCF conversion | 166.0% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 34.9% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $3.23 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| EPS, basic | $3.23 | Net income per basic share, as reported (split-adjusted). |
| Revenue per share | $74.07 | Revenue / diluted weighted shares. |
| FCF per share | $5.36 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $8.23 | Cash from operations / diluted weighted shares. |
| Book value per share | $40.78 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $40.78 | Tangible book value / shares outstanding. |
| Cash per share | $5.77 | (Cash + short-term investments) / shares outstanding. |
| Dividend per share | $0.96 | Dividend declared per common share (paid, when declared is not tagged). |
| Payout ratio | 19.7% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 11.9% | Dividends paid / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $300.64B | Share price x shares outstanding. |
| Enterprise value | $360.39B | Market cap + total debt - cash - short-term investments. |
| P/E | 29.4x | Market cap / net income. Only when net income is positive. |
| P/S | 1.28x | Market cap / revenue. |
| P/B | 2.33x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 2.33x | Market cap / tangible book value, when positive. |
| P/FCF | 17.7x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 11.5x | Market cap / cash from operations, when positive. |
| EV/Sales | 1.54x | Enterprise value / revenue. |
| EV/EBIT | 25.7x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 14.0x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 21.2x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 5.6% | Free cash flow / market cap. |
| Earnings yield | 3.4% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 0.7% | Dividends paid over the period / market cap. |
| Shareholder yield | 0.7% | (Dividends paid + share buybacks) / market cap. |
| PEG | 0.45x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was TOYOTA MOTOR CORP/'s revenue in fiscal 2012?
TOYOTA MOTOR CORP/ reported revenue of $234.60B for fiscal 2012, 3.8% higher than the year before.
Was TOYOTA MOTOR CORP/ profitable in fiscal 2012?
Yes. Net income was $10.23B, a net margin of 4.4%.
How much free cash flow did TOYOTA MOTOR CORP/ generate in fiscal 2012?
Cash from operations of $26.06B minus capital expenditures of $9.09B left free cash flow of $16.98B.