Revenue distribution by industry:

• Sanitary products: approx. 60%
• Ceramic products: approx. 20%
• Environmental systems: approx. 10%
• Other: approx. 10%

TOP 3 markets and their percentage shares:

• Japan: approx. 45%
• China: approx. 25%
• USA: approx. 15%

TOTO LTD. generates the majority of its revenue from the sanitary industry, particularly through the sale of toilets and other bathroom products. The home market of Japan remains the largest single market, followed by China, where the company benefits from the growing middle class and urbanization. In the USA, TOTO also holds a significant market share, supported by the increasing interest in high-quality and environmentally friendly sanitary solutions.

Production sites of TOTO LTD.:

• Japan: Headquarters and several production facilities.
• China: Multiple plants to serve the Asian market.
• Vietnam: Production facilities for cost-efficient manufacturing.
• India: New production site to tap into the Indian market.
• USA: Production facilities to serve the North American market.

TOTO LTD. is a globally operating company that has strategically distributed its production capacities worldwide to be able to efficiently respond to regional market requirements. By diversifying the production sites, the company can optimize costs and minimize supply chain risks.

Revenue Growth: Estimated 5-7% annually (based on the latest reports until 2023) Focus on Sustainability: Increasing the environmentally friendly product lines

TOTO LTD. pursues a strategy that is strongly focused on sustainability and innovation. The company plans to expand its environmentally friendly product lines to meet the increasing demand for sustainable construction and sanitary solutions. This includes the development of water-saving technologies and energy-efficient products.

In addition, TOTO is investing in the digitization of its production processes to achieve efficiency gains and reduce operating costs. By using IoT technologies and data-driven approaches, the company aims to strengthen its market position in Asia and beyond.

Another strategic focus is on expanding into international markets, particularly in regions with growing demand for high-quality sanitary solutions. TOTO plans to strengthen its presence in North America and Europe to benefit from construction and renovation activities in those regions.

Main raw materials: Kaolin, feldspar, quartz

Main importing countries:

• Kaolin: USA, Brazil
• Feldspar: Turkey, India
• Quartz: China, Australia

TOTO LTD., a leading manufacturer of sanitary ceramics, imports essential raw materials such as kaolin, feldspar, and quartz, which are indispensable for the production of ceramic products. These materials are sourced from various countries to ensure quality and supply security.

Kaolin is mainly imported from the USA and Brazil, as these countries have large deposits and high-quality raw materials. Feldspar is predominantly sourced from Turkey and India, where it is abundant and costs are competitive. Quartz is imported from China and Australia, as these countries are significant producers of high-quality quartz.

By diversifying their sources of supply, TOTO LTD. can minimize the risks of supply shortages and at the same time benefit from the best available raw materials.

Market Share: 25% (2025, estimated)
Research & Development Expenses: 5% of revenue (2024)
Brand Awareness: High, especially in Asia and Europe

TOTO LTD. has a significant competitive advantage that is composed of several factors. The company holds an estimated market share of 25% in the sanitary industry, which is attributed to its strong brand presence and innovation capabilities.

The continuous investments in research and development, accounting for about 5% of revenue, enable TOTO to offer technologically advanced and environmentally friendly products that align with current market trends.

Additionally, TOTO benefits from high brand awareness, especially in Asia and Europe, which strengthens customer loyalty and makes it difficult for new competitors to enter. These factors together give TOTO a sustainable competitive advantage in the industry.

Institutional Investor Share: 45% (estimated, 2025)
Insider Buys/Sells: No significant transactions reported (last 12 months)

The institutional investor share in TOTO LTD. is estimated to be around 45%. This indicates that a significant portion of the shares are held by large investment funds and other institutional investors, suggesting a certain level of confidence in the company's stability and growth potential.

There have been no significant insider buys or sells in the last 12 months. This could suggest that the management and other insiders are satisfied with the current valuation of the company and do not expect immediate changes in the company's strategy or performance.

Market share of TOTO LTD.: 12% (2025, estimated)

Main competitors and their market share:

1. LIXIL Group Corporation: 15% (2025, estimated)
2. Kohler Co.: 10% (2025, estimated)
3. Roca Group: 9% (2025, estimated)
4. Geberit AG: 8% (2025, estimated)
5. American Standard Brands: 7% (2025, estimated)

Moat of TOTO LTD.:

TOTO LTD. has a significant moat, mainly attributed to its strong brand recognition and innovation in the field of sanitary technology. The company is known for its high-quality products and has gained a technological edge through continuous investments in research and development. In particular, the introduction of innovative toilet systems and environmentally friendly technologies has given TOTO an advantage.

Compared to its competitors, TOTO has a stronger focus on technological innovations and sustainability, which is considered a significant competitive advantage in the industry. While LIXIL Group Corporation has a larger market share, TOTO benefits from a loyal customer base and a reputation for quality, further strengthening its moat.

Other companies like Kohler and Geberit also have strong brands and a wide range of products, but their focus is less on technological innovations compared to TOTO. This gives TOTO an advantage in markets that value advanced and environmentally friendly solutions.

Revenue Growth: 4.8% (2024) Operating Margin: 12.5% (2024) Return on Equity (ROE): 9.2% (2024) Debt Ratio: 35% (2024)

TOTO LTD. recorded a revenue growth of 4.8% in 2024, indicating solid demand for its products and an effective sales strategy. The operating margin of 12.5% shows that the company operates efficiently and is able to control its costs well.

The return on equity of 9.2% suggests that the company is able to provide decent value to its shareholders, although there is still room for improvement compared to some industry leaders. The debt ratio of 35% indicates moderate leverage, providing the company with financial flexibility for future investments and growth.

Overall, TOTO LTD. appears to have a stable financial foundation, making it a potentially good investment, especially for investors interested in a long-term commitment. However, it is advisable to also consider market conditions and the company's strategic initiatives to make an informed investment decision.

Dividend yield: 2.5% (2025, estimated) Dividend history: Continuous payout over the last 5 years

TOTO LTD. has pursued a consistent dividend policy in recent years. The dividend yield of approximately 2.5% in 2025 indicates that the company regularly offers payouts to its shareholders.

The reliability of the dividend is supported by the stable financial performance and conservative payout ratio of the company. TOTO LTD. has not made any dividend cuts in recent years, indicating a solid financial foundation and a sustainable business model.