Toyota Motor Corporation (TM) Key Metrics

NYSE: TMValuation, returns, debt and efficiency ratios over 10 years.

TM key metrics, FY2017–FY2026

Fiscal year ended March 31, 2026 · Japanese yen

TM returns How much profit the business earns on the capital it uses.

Return on equity−3.1 pts
10.5%
FY2026 · hover or tap a bar for each year
FY2017: 10.7% (−3.1 pts)FY2018: 13.8% (+3.1 pts)FY2019: 9.7% (−4.0 pts)FY2020: 10.0% (+0.3 pts)FY2021: 9.6% (−0.5 pts)FY2022: 10.9% (+1.3 pts)FY2023: 9.0% (−1.9 pts)FY2024: 15.8% (+6.8 pts)FY2025: 13.6% (−2.2 pts)FY2026: 10.5% (−3.1 pts)
FY2017FY2026
Return on invested capital−1.7 pts
4.5%
FY2026 · hover or tap a bar for each year
FY2017: 5.0% (−2.1 pts)FY2018: 6.4% (+1.4 pts)FY2019: 5.5% (−0.8 pts)FY2020: 5.1% (−0.4 pts)FY2021: 4.3% (−0.9 pts)FY2022: 4.9% (+0.6 pts)FY2023: 4.0% (−0.9 pts)FY2024: 7.4% (+3.4 pts)FY2025: 6.2% (−1.2 pts)FY2026: 4.5% (−1.7 pts)
FY2017FY2026
Return on assets−1.2 pts
4.0%
FY2026 · hover or tap a bar for each year
FY2017: 3.8% (−1.1 pts)FY2018: 5.0% (+1.2 pts)FY2019: 3.6% (−1.4 pts)FY2020: 3.8% (+0.2 pts)FY2021: 3.7% (−0.1 pts)FY2022: 4.2% (+0.5 pts)FY2023: 3.5% (−0.8 pts)FY2024: 6.0% (+2.6 pts)FY2025: 5.2% (−0.8 pts)FY2026: 4.0% (−1.2 pts)
FY2017FY2026
Free cash flow margin+3.6 pts
0.4%
FY2026 · hover or tap a bar for each year
FY2017: 0.1% (−1.3 pts)FY2018: 2.1% (+2.0 pts)FY2019: 0.1% (−2.0 pts)FY2020: −0.0% (−0.1 pts)FY2021: −3.8% (−3.8 pts)FY2022: −0.3% (+3.5 pts)FY2023: −2.0% (−1.7 pts)FY2024: −1.9% (+0.2 pts)FY2025: −3.2% (−1.4 pts)FY2026: 0.4% (+3.6 pts)
FY2017FY2026
Cash conversion (OCF / net income)+77.0%
1.37
FY2026 · hover or tap a bar for each year
FY2017: 1.95 (+1.0%)FY2018: 1.69 (−13.1%)FY2019: 2.00 (+18.1%)FY2020: 1.76 (−11.8%)FY2021: 1.21 (−31.1%)FY2022: 1.31 (+7.5%)FY2023: 1.21 (−7.7%)FY2024: 0.85 (−29.4%)FY2025: 0.78 (−8.8%)FY2026: 1.37 (+77.0%)
FY2017FY2026
Asset turnover−2.9%
0.51
FY2026 · hover or tap a bar for each year
FY2017: 0.57 (−4.2%)FY2018: 0.59 (+3.4%)FY2019: 0.58 (−1.7%)FY2020: 0.56 (−3.4%)FY2021: 0.45 (−19.7%)FY2022: 0.46 (+2.5%)FY2023: 0.52 (+12.9%)FY2024: 0.55 (+4.8%)FY2025: 0.52 (−4.7%)FY2026: 0.51 (−2.9%)
FY2017FY2026

TM returns on capital

ROEROICROA

Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.

TM debt vs cash

Total debtCash & short-term investments

Debt includes short- and long-term borrowings and, where reported, lease liabilities.

TM cash returned to shareholders

DividendsBuybacksFree cash flow

TM key metrics in Japanese yen

FY2017–FY2026
FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Returns & profitability
Return on equity (ROE)10.5%13.6%15.8%9.0%10.9%9.6%10.0%9.7%13.8%10.7%
Return on invested capital (ROIC)4.5%6.2%7.4%4.0%4.9%4.3%5.1%5.5%6.4%5.0%
Return on assets (ROA)4.0%5.2%6.0%3.5%4.2%3.7%3.8%3.6%5.0%3.8%
Return on tangible assets3.9%5.2%5.6%3.4%4.3%3.4%3.9%3.6%5.0%3.8%
Free cash flow margin0.4%−3.2%−1.9%−2.0%−0.3%−3.8%−0.0%0.1%2.1%0.1%
Income quality (OCF / net income)1.370.780.851.211.311.211.762.001.691.95
Financial health
Total debt¥43.39T¥38.79T¥36.56T¥29.38T¥26.50T¥26.50T¥21.29T¥21.04T¥19.35T¥19.16T
Cash & short-term investments¥12.71T¥15.92T¥14.11T¥9.23T¥8.62T¥8.62T¥5.70T¥6.24T¥5.72T¥5.90T
Net debt¥30.68T¥22.87T¥22.45T¥20.15T¥17.88T¥17.88T¥15.60T¥14.80T¥13.63T¥13.26T
Debt / equity1.081.081.071.041.011.011.031.061.031.09
Debt / assets0.410.410.410.400.390.390.400.390.380.39
Net debt / EBITDA3.962.612.463.503.063.883.903.603.113.46
Current ratio1.271.261.191.101.091.091.041.041.021.03
Quick ratio1.121.101.030.930.910.910.910.890.880.89
Interest coverage62.557.082.757.592.344.451.287.987.067.9
Working capital¥9.26T¥7.64T¥5.54T¥2.50T¥1.88T¥1.88T¥740.15B¥696.09B¥355.76B¥514.73B
Invested capital¥70.77T¥58.80T¥56.67T¥48.49T¥44.12T¥44.12T¥36.33T¥34.71T¥32.36T¥30.77T
Tangible asset value¥38.41T¥35.52T¥33.88T¥28.02T¥25.96T¥25.96T¥19.74T¥20.64T¥19.43T¥18.18T
Net current asset value−¥21.77T−¥19.64T−¥20.16T−¥18.58T−¥16.81T−¥16.81T−¥13.30T−¥12.69T−¥12.73T−¥12.73T
Capital allocation
Dividends paid¥1.24T¥1.13T¥880.20B¥727.98B¥709.87B¥625.51B¥629.99B¥644.81B¥626.89B¥638.17B
Share buybacks (net)¥39.98B¥1.18T¥231.07B¥431.10B¥1.02T¥1.02T¥476.13B¥549.64B¥447.82B¥703.99B
Dividend payout ratio31.1%23.8%17.8%29.7%24.9%27.9%30.9%34.2%25.1%34.9%
Dividends + buybacks / free cash flow712.2%———————172.1%—
Capex / revenue10.4%10.9%11.2%10.0%12.2%13.8%12.0%12.4%12.2%12.8%
Capex / operating cash flow96.7%142.2%120.0%125.4%102.9%138.2%100.1%99.3%85.2%99.2%
Capex / depreciation2.212.342.421.822.102.292.242.092.082.20
Stock-based compensation / revenue——0.0%0.0%0.0%−2.0%0.0%−0.3%−0.3%−0.3%
R&D / revenue3.2%—2.7%3.3%3.6%4.0%3.7%3.5%3.6%3.8%
SG&A / revenue9.3%10.0%8.9%9.7%9.5%9.7%9.9%9.8%10.5%10.4%
Efficiency
Days sales outstanding118.6115.2109.5110.9122.0132.5115.9113.2110.6113.2
Days of inventory on hand42.243.745.347.854.951.038.538.837.735.7
Days payables outstanding42.937.339.141.345.545.738.138.739.439.8
Cash conversion cycle (days)117.9121.5115.7117.3131.4137.9116.3113.3108.9109.1
Receivables turnover3.083.173.333.292.992.753.153.223.303.23
Payables turnover8.519.789.348.838.027.999.599.429.279.17
Inventory turnover8.668.368.067.646.657.169.489.409.6910.22
Asset turnover0.510.520.550.520.460.450.560.580.590.57
Average receivables¥16.47T¥15.16T¥13.52T¥11.29T¥10.49T¥9.88T¥9.49T¥9.38T¥8.90T¥8.56T
Average payables¥4.96T¥3.93T¥3.82T¥3.49T¥3.17T¥2.80T¥2.55T¥2.63T¥2.58T¥2.48T
Average inventory¥4.88T¥4.60T¥4.43T¥4.04T¥3.82T¥3.13T¥2.58T¥2.64T¥2.46T¥2.23T
Intangibles / total assets2.6%1.5%1.5%1.7%1.8%1.8%1.9%1.7%0.0%0.0%

Computed from TM's annual financial statements (latest annual report filed June 10, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Japanese yen; data from EODHD. Averages use the opening and closing balance of each year.

TM valuation and financial ratios

Toyota Motor earned a return on equity of 10.5% and a return on invested capital of 4.5% in fiscal 2026. It ended the year with ¥43.39 trillion of debt and ¥12.71 trillion in cash and short-term investments, net debt of ¥30.68 trillion. It returned ¥1.28 trillion to shareholders: ¥1.24 trillion in dividends and ¥40.0 billion in share buybacks, 712% of free cash flow.

See the TM income statement, the TM chart for price history, or the TM stock overview for the latest quote and news.

TM key metrics FAQ

What is Toyota Motor's return on equity?

Toyota Motor's return on equity (ROE) was 10.5% in fiscal 2026: net income of ¥3.99 trillion on average shareholders' equity of ¥38.01 trillion.

What is Toyota Motor's ROIC?

Toyota Motor's return on invested capital was 4.5% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.

How much debt does Toyota Motor have?

Toyota Motor had total debt of ¥43.39 trillion at the end of fiscal 2026, a debt-to-equity ratio of 1.08 and ¥30.68 trillion of net debt (3.96 times EBITDA).

Does Toyota Motor buy back its shares?

Yes. Toyota Motor spent ¥40.0 billion on net share repurchases in fiscal 2026.

What is Toyota Motor's current ratio?

Toyota Motor's current ratio was 1.27 at the end of fiscal 2026: current assets were 1.27 times current liabilities.

Auto Manufacturers key metrics