NYSE · Consumer Cyclical

Toyota Motor Corporation

TM · Auto Manufacturers

$188.30

▼ -0.41 (-0.22%)

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Mr. Market is currently offering Toyota Motor Corporation at $188.30.

The business passes only 3 of 6 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability N/A

Fin. Health D

Years to Pay Off Debt 8.1 yrs

Working Capital vs Long-Term Debt -$14,877.7B

Working Capital $7,644.5B

Valuation A

Margin of Safety 99.6%

Price-to-Book 0.01x

Cash Flow F

Free Cash Flow -$1,561.0B

CapEx % of Net Income 110.3%

Owner Earnings $12,274.2B

3/6

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $223.0B

Enterprise Value $29,013.0B

P/E (TTM) 10.57

Dividend Yield 50.34%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin N/A

Company Info

Sector Consumer Cyclical

Industry Auto Manufacturers

Employees 390241

Country Japan

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Toyota Motor Corporation at $188.30.

The business passes only 3 of 6 of Graham's defensive criteria — well below his required standard.

At $188.30, the stock trades below its Graham Number of $49,121.98 — suggesting a margin of safety exists.

The margin of safety of 99.6% exceeds Graham's recommended 33% threshold — a rare opportunity.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Toyota Motor Corporation

Toyota Motor Corporation designs, manufactures, assembles, and sells passenger vehicles, minivans and commercial vehicles, and related parts and accessories in Japan, North America, Europe, Asia, Central and South America, Oceania, Africa, the Middle East, and internationally. It operates through Automotive, Financial Services, and All Other segments. The company offers subcompact and compact cars; mini-vehicles; mid-size, luxury, sports, and specialty cars; recreational and sport-utility vehicles; pickup trucks; minivans; trucks; and buses. It also develops and sells battery electric vehicles and batteries. In addition, the company provides financial services, such as retail financing and leasing, wholesale financing, insurance, and credit cards. Further, it operates GAZOO.com, a web portal for automobile information, as well as engages in telecommunications and other businesses. It offers vehicles under the Toyota and Lexus brand names. Toyota Motor Corporation was founded in 1933 and is headquartered in Toyota, Japan.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	N/A •	N/A	17.0%	19.0%
Operating Margin %	N/A •	N/A	7.3%	9.5%
Net Income %	N/A •	N/A	6.6%	9.1%
Diluted EPS	3,534.80 ▼	3,820.20	N/A	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022
Total Assets	$93,601.4B	$90,114.3B	$74,303.2B	$67,688.8B
Total Debt	$38,792.9B ↑	$36,561.8B	$29,380.3B	$26,496.4B
Working Capital	$7,644.5B ▲	$5,536.4B	$2,500.1B	$1,880.1B
Years to Pay Debt	8.14	7.39	11.99	9.30

Cash Flow Highlights

Metric	2025	2024	2023	2022
Free Cash Flow	-$1,561.0B ▼	-$842.0B	-$750.8B	-$107.6B
Owner Earnings	$12,274.2B	$12,080.4B	$8,197.1B	$8,502.2B
CapEx % of Net Income	110.3%	102.1%	151.2%	134.4%

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items			74,823,680	87,085,600
Tax Rate For Calcs			0	0
Normalized EBITDA			5,522,169,000	5,533,850,000
Total Unusual Items			233,824,000	311,020,000
Total Unusual Items Excluding Goodwill			233,824,000	311,020,000
Net Income From Continuing Operation Net Minority Interest			2,451,318,000	2,850,110,000
Reconciled Depreciation			2,039,904,000	1,821,880,000
Reconciled Cost Of Revenue			30,841,282,000	25,407,834,000
EBITDA			5,755,993,000	5,844,870,000
EBIT			3,716,089,000	4,022,990,000
Net Interest Income			144,928,000	195,931,000
Interest Expense			47,356,000	32,458,000
Interest Income			234,102,000	101,512,000
Normalized Income			2,292,317,680	2,626,175,600
Net Income From Continuing And Discontinued Operation			2,451,318,000	2,850,110,000
Total Expenses			34,429,272,000	28,383,811,000
Total Operating Income As Reported			2,725,025,000	2,995,697,000
Diluted Average Shares	1,306,100	1,335,620
Basic Average Shares	1,306,100	1,335,620
Diluted EPS	4	4
Basic EPS	4	4
Diluted NI Availto Com Stockholders			2,451,318,000	2,850,132,000
Average Dilution Earnings			0	23,000
Net Income Common Stockholders			2,451,318,000	2,850,110,000
Net Income			2,451,318,000	2,850,110,000
Minority Interests			-41,650,000	-24,504,000
Net Income Including Noncontrolling Interests			2,492,967,000	2,874,614,000
Net Income Continuous Operations			2,492,967,000	2,874,614,000
Tax Provision			1,175,765,000	1,115,918,000
Pretax Income			3,668,733,000	3,990,532,000
Other Income Expense			798,778,000	798,905,000
Other Non Operating Income Expenses			-78,109,000	-72,461,000
Earnings From Equity Interest			643,063,000	560,346,000
Gain On Sale Of Security			233,824,000	311,020,000
Net Non Operating Interest Income Expense			144,928,000	195,931,000
Total Other Finance Cost			41,818,000	-126,877,000
Interest Expense Non Operating			47,356,000	32,458,000
Interest Income Non Operating			234,102,000	101,512,000
Operating Income			2,725,026,000	2,995,696,000
Operating Expense			3,587,990,000	2,975,977,000
Selling General And Administration			3,587,990,000	2,975,977,000
Gross Profit			6,313,016,000	5,971,673,000
Cost Of Revenue			30,841,282,000	25,407,834,000
Total Revenue			37,154,298,000	31,379,507,000
Operating Revenue			37,154,298,000	31,379,507,000

Balance Sheet

	2025	2024	2023	2022
Treasury Shares Number	2,746,058	2,840,815	2,749,808	2,536,686
Ordinary Shares Number	13,048,930	13,474,172	13,565,180	13,778,302
Share Issued	15,794,987	16,314,987	16,314,987	16,314,987
Net Debt	29,277,124,000	26,687,153,000	21,407,186,000	19,961,774,000
Total Debt	38,792,879,000	36,561,781,000	29,380,272,000	26,496,357,000
Tangible Book Value	34,561,560,000	32,865,665,000	27,089,584,000	25,054,003,000
Invested Capital	74,184,354,000	70,320,204,000	57,262,858,000	52,321,398,000
Working Capital	7,644,456,000	5,536,370,000	2,500,066,000	1,880,129,000
Net Tangible Assets	34,561,560,000	32,865,665,000	27,089,584,000	25,054,003,000
Capital Lease Obligations	533,351,000	462,568,000	456,120,000	420,928,000
Common Stock Equity	35,924,826,000	34,220,991,000	28,338,706,000	26,245,969,000
Total Capitalization	58,446,985,000	54,987,375,000	45,024,090,000	41,189,696,000
Total Equity Gross Minority Interest	36,878,914,000	35,239,338,000	29,264,213,000	27,154,820,000
Minority Interest	954,088,000	1,018,347,000	925,507,000	908,851,000
Stockholders Equity	35,924,826,000	34,220,991,000	28,338,706,000	26,245,969,000
Other Equity Interest	3,610,133,000	4,503,756,000	2,836,194,000	2,203,255,000
Treasury Stock	4,415,943,000	3,966,982,000	3,736,562,000	3,306,037,000
Retained Earnings	35,841,218,000	32,795,365,000	28,343,296,000	26,453,126,000
Additional Paid In Capital	492,368,000	491,802,000	498,728,000	498,575,000
Capital Stock	397,050,000	397,050,000	397,050,000	397,050,000
Common Stock	397,050,000	397,050,000	397,050,000	397,050,000
Total Liabilities Net Minority Interest	56,722,436,000	54,874,958,000	45,038,967,000	40,533,951,000
Total Non Current Liabilities Net Minority Interest	27,288,216,000	25,697,049,000	21,079,252,000	18,691,790,000
Other Non Current Liabilities	1,645,852,000	1,243,953,000	1,136,764,000	1,005,728,000
Employee Benefits	1,019,568,000	1,077,962,000	1,065,508,000	1,022,749,000
Non Current Pension And Other Postretirement Benefit Plans	1,019,568,000	1,077,962,000	1,065,508,000	1,022,749,000
Non Current Deferred Liabilities	1,659,433,000	2,219,638,000	1,802,346,000	1,354,794,000
Non Current Deferred Taxes Liabilities	1,659,433,000	2,219,638,000	1,802,346,000	1,354,794,000
Long Term Debt And Capital Lease Obligation	22,963,363,000	21,155,496,000	17,074,634,000	15,308,519,000
Long Term Capital Lease Obligation	441,204,000	389,112,000	389,250,000	364,792,000
Long Term Debt	22,522,159,000	20,766,384,000	16,685,384,000	14,943,727,000
Current Liabilities	29,434,220,000	29,177,909,000	23,959,715,000	21,842,161,000
Other Current Liabilities	5,743,924,000	5,431,965,000	4,710,818,000	4,014,970,000
Current Debt And Capital Lease Obligation	15,829,516,000	15,406,285,000	12,305,638,000	11,187,838,000
Current Capital Lease Obligation	92,147,000	73,456,000	66,870,000	56,136,000
Current Debt	15,737,369,000	15,332,829,000	12,238,768,000	11,131,702,000
Other Current Borrowings	11,825,066,000	11,232,702,000	8,565,321,000	7,879,146,000
Commercial Paper	3,912,303,000	4,100,127,000	3,673,447,000	3,252,556,000
Payables And Accrued Expenses	7,860,780,000	8,339,659,000	6,943,259,000	6,639,353,000
Current Accrued Expenses	1,827,933,000	1,863,760,000	1,552,345,000	1,520,446,000
Payables	6,032,847,000	6,475,899,000	5,390,914,000	5,118,907,000
Other Payable	1,492,427,000	1,423,289,000	1,166,974,000	1,124,008,000
Total Tax Payable	505,500,000	1,224,542,000	404,606,000	826,815,000
Income Tax Payable	505,500,000	1,224,542,000	404,606,000	826,815,000
Accounts Payable	4,034,920,000	3,828,068,000	3,819,334,000	3,168,084,000
Total Assets	93,601,350,000	90,114,296,000	74,303,180,000	67,688,771,000
Total Non Current Assets	56,522,674,000	55,400,016,000	47,843,399,000	43,966,480,000
Other Non Current Assets	872,101,000	1,014,083,000	806,687,000	718,968,000
Non Current Deferred Assets	517,869,000	502,230,000	387,427,000	342,202,000
Non Current Deferred Taxes Assets	517,869,000	502,230,000	387,427,000	342,202,000
Non Current Accounts Receivable	22,171,786,000	20,637,090,000	16,491,045,000	14,583,130,000
Investments And Advances	15,680,892,000	17,100,665,000	15,783,776,000	14,355,162,000
Investmentin Financial Assets	9,882,841,000	11,390,559,000	10,556,431,000	9,517,267,000
Available For Sale Securities	9,882,841,000	11,390,559,000	10,556,431,000	9,517,267,000
Long Term Equity Investment	5,798,051,000	5,710,106,000	5,227,345,000	4,837,895,000
Investmentsin Joint Venturesat Cost	910,377,000	1,093,508,000	1,057,773,000	911,628,000
Investmentsin Associatesat Cost	4,887,674,000	4,616,598,000	4,169,573,000	3,926,267,000
Goodwill And Other Intangible Assets	1,363,266,000	1,355,326,000	1,249,122,000	1,191,966,000
Other Intangible Assets	1,363,266,000	1,355,326,000	1,249,122,000	1,191,966,000
Net PPE	15,916,760,000	14,790,622,000	13,125,342,000	12,775,052,000
Accumulated Depreciation	-18,533,826,000	-18,101,905,000	-16,675,119,000	-15,648,890,000
Gross PPE	34,450,586,000	32,892,527,000	29,800,461,000	28,423,942,000
Construction In Progress	1,596,145,000	1,040,188,000	846,866,000	565,528,000
Other Properties	8,205,830,000	7,654,951,000	6,867,380,000	6,856,181,000
Machinery Furniture Equipment	16,621,243,000	16,469,032,000	14,796,619,000	13,982,362,000
Buildings And Improvements	6,525,552,000	6,226,157,000	5,798,509,000	5,590,153,000
Land And Improvements	1,501,816,000	1,502,199,000	1,491,087,000	1,429,718,000
Current Assets	37,078,676,000	34,714,279,000	26,459,781,000	23,722,290,000
Other Current Assets	1,212,782,000	1,031,099,000	886,885,000	791,947,000
Inventory	4,598,232,000	4,605,368,000	4,255,614,000	3,821,356,000
Finished Goods	2,875,405,000	2,796,831,000	2,317,143,000	2,012,243,000
Work In Process	486,552,000	496,471,000	530,915,000	547,810,000
Raw Materials	1,236,275,000	1,312,066,000	1,407,556,000	1,261,303,000
Receivables	15,349,499,000	14,963,584,000	12,084,641,000	10,488,084,000
Receivables Adjustments Allowances	-37,442,000	-32,684,000	-41,679,000	-40,124,000
Other Receivables	1,236,794,000	1,149,679,000	870,398,000	716,558,000
Taxes Receivable	216,528,000	116,886,000	218,704,000	163,925,000
Accounts Receivable	13,933,619,000	13,729,703,000	11,037,218,000	9,647,725,000
Cash Cash Equivalents And Short Term Investments	15,918,163,000	14,114,228,000	9,232,641,000	8,620,903,000
Other Short Term Investments	6,935,759,000	4,702,168,000	1,715,675,000	2,507,248,000
Cash And Cash Equivalents	8,982,404,000	9,412,060,000	7,516,966,000	6,113,655,000
Cash Equivalents	2,637,713,000	3,166,803,000	1,568,669,000	1,482,773,000
Cash Financial	6,344,691,000	6,245,257,000	5,948,297,000	4,630,882,000

Cash Flow

	2025	2024	2023	2022
Free Cash Flow	-1,560,993,000	-842,021,000	-750,756,000	-107,629,000
Repayment Of Debt	-10,872,262,000	-8,752,329,000	-8,353,033,000	-8,843,665,000
Issuance Of Debt	13,381,581,000	12,057,349,000	9,276,918,000	8,122,678,000
Capital Expenditure	-5,257,927,000	-5,048,394,000	-3,705,832,000	-3,830,244,000
End Cash Position	8,982,404,000	9,412,060,000	7,516,966,000	6,113,655,000
Beginning Cash Position	9,412,060,000	7,516,966,000	6,113,655,000	5,100,857,000
Effect Of Exchange Rate Changes	-134,089,000	189,914,000	103,305,000	334,195,000
Changes In Cash	-295,567,000	1,705,180,000	1,300,006,000	678,603,000
Financing Cash Flow	197,236,000	2,497,558,000	-56,180,000	-2,466,516,000
Cash Flow From Continuing Financing Activities	197,235,000	2,497,558,000	-56,181,000	-2,466,516,000
Net Other Financing Charges	-76,386,000	-97,936,000	-60,675,000	-51,723,000
Cash Dividends Paid	-1,132,329,000	-880,197,000	-727,980,000	-709,872,000
Common Stock Dividend Paid	-1,132,329,000	-880,197,000	-727,980,000	-709,872,000
Net Common Stock Issuance	-1,179,043,000	-231,069,000	-431,099,000	-404,718,000
Net Issuance Payments Of Debt	2,584,994,000	3,706,760,000	1,163,574,000	-1,300,203,000
Net Short Term Debt Issuance	75,675,000	401,740,000	239,689,000	-579,216,000
Net Long Term Debt Issuance	2,509,319,000	3,305,020,000	923,885,000	-720,987,000
Long Term Debt Payments	-10,872,262,000	-8,752,329,000	-8,353,033,000	-8,843,665,000
Long Term Debt Issuance	13,381,581,000	12,057,349,000	9,276,918,000	8,122,678,000
Investing Cash Flow	-4,189,736,000	-4,998,751,000	-1,598,890,000	-577,496,000
Cash Flow From Continuing Investing Activities	-4,189,737,000	-4,998,751,000	-1,598,891,000	-577,494,000
Net Other Investing Changes	-494,550,000	-1,392,565,000	207,830,000	1,898,141,000
Net Investment Purchase And Sale	-215,979,000	-721,411,000	183,515,000	-225,274,000
Sale Of Investment	3,749,571,000	2,251,368,000	1,333,729,000	2,202,637,000
Purchase Of Investment	-3,965,550,000	-2,972,779,000	-1,150,214,000	-2,427,911,000
Net Intangibles Purchase And Sale	-354,196,000	-334,287,000	-348,280,000	-346,085,000
Purchase Of Intangibles	-354,196,000	-334,287,000	-348,280,000	-346,085,000
Net PPE Purchase And Sale	-3,125,011,000	-2,550,488,000	-1,641,955,000	-1,904,278,000
Sale Of PPE	1,778,720,000	2,163,619,000	1,715,597,000	1,579,881,000
Purchase Of PPE	-4,903,731,000	-4,714,107,000	-3,357,552,000	-3,484,159,000
Operating Cash Flow	3,696,934,000	4,206,373,000	2,955,076,000	3,722,615,000
Cash Flow From Continuing Operating Activities	3,696,933,000	4,206,374,000	2,955,075,000	3,722,617,000
Taxes Refund Paid	-2,501,315,000	-1,124,322,000	-1,297,224,000	-809,763,000
Interest Received Cfo	2,672,724,000	2,292,156,000	1,516,404,000	835,739,000
Interest Paid Cfo	-1,609,083,000	-1,148,392,000	-593,216,000	-418,043,000
Dividend Received Cfo	623,295,000	587,259,000	460,351,000	347,387,000
Change In Working Capital	-2,815,550,000	-3,975,836,000	-1,502,482,000	-1,130,667,000
Change In Other Working Capital	-987,645,000	-411,358,000	-76,953,000	-5,478,000
Change In Other Current Liabilities	676,465,000	666,352,000	566,879,000	470,965,000
Change In Other Current Assets	-462,114,000	-326,365,000	-61,538,000	71,314,000
Change In Payables And Accrued Expense	362,924,000	560,737,000	712,400,000	152,399,000
Change In Payable	362,924,000	560,737,000	712,400,000	152,399,000
Change In Inventory	-70,654,000	-207,529,000	-350,550,000	-725,285,000
Change In Receivables	-2,334,526,000	-4,257,673,000	-2,292,720,000	-1,094,582,000
Changes In Account Receivables	55,139,000	-859,239,000	-532,432,000	118,652,000
Other Non Cash Items	-747,741,000	-713,507,000	-694,330,000	-354,104,000
Deferred Tax	1,624,835,000	1,893,665,000	1,175,765,000	1,115,918,000
Deferred Income Tax	1,624,835,000	1,893,665,000	1,175,765,000	1,115,918,000
Depreciation Amortization Depletion	2,251,233,000	2,087,066,000	2,039,904,000	1,821,880,000
Depreciation And Amortization	2,251,233,000	2,087,066,000	2,039,904,000	1,821,880,000
Operating Gains Losses	-591,219,000	-763,137,000	-643,063,000	-560,346,000
Earnings Losses From Equity Investments	-591,219,000	-763,137,000	-643,063,000	-560,346,000
Net Income From Continuing Operations	4,789,755,000	5,071,421,000	2,492,967,000	2,874,614,000

These metrics estimate what Toyota Motor Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$49,121.98

Margin of Safety

99.6%

Market Cap ÷ Company Value

1.58

P/B Ratio

0.01

Warren's Owner Earnings

$12,274.2B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/6 — Speculative Investor

❌ Strong Financial Condition

1.26x

vs Current Ratio > 2.0x

❌ Earnings Stability

No loss years (2 yrs data)

vs No negative EPS years

✅ Dividend Record

50.34%

vs Uninterrupted dividends

❌ Earnings Growth

-7.5% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

10.6x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

0.01x P/B (P/E×P/B: 0.1)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-16,589.54

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022
Capital Expenditure % of Net Income	110.3%	102.1%	151.2%	134.4%
Repurchase of Capital Stock	N/A	N/A	N/A	N/A
Free Cash Flow	-$1,561.0B ▼	-$842.0B ▼	-$750.8B ▼	-$107.6B •
Warren's Owner Earnings	$12,274.2B	$12,080.4B	$8,197.1B	$8,502.2B

Peers & Industry Comparison

Auto Manufacturers — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
TM	$188.30	$223.0B	10.57	N/A	N/A	N/A
TSLA Tesla, Inc.	$392.51	$1,474.2B	360.1	19.1%	3.9%	$97.9B
F Ford Motor Company	$11.50	$46.1B	N/A	7.1%	-3.2%	$189.9B
GM General Motors Company	$75.70	$68.3B	27.6	11.1%	1.4%	$184.6B
STLA Stellantis N.V.	$7.08	$20.5B	N/A	5.8%	-13.9%	$155.8B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.00%

Low — management has little skin in the game

Debt Trend YoY

+6.1% YoY

Debt is roughly stable

Leadership Team

Koji Sato

Vice Chairman & Chief Industry Officer

Age 56

Pay: $2,739,594

Yoichi Miyazaki

CFO, Operating Officer, Executive VP & Director

Age 62

Pay: $1,577,342

Kenta Kon

President & CEO

Age 57

Pay: $689,688

Gill Pratt

Chief Scientist, CEO & Executive Fellow of Toyota Research Institute, Inc.

Nobuhiko Murakami

Senior Managing Officer & CEO of East Asia, Oceania & Middle East Region

Age 66

Top Institutional Holders

Institution	% Owned	Shares
Fisher Asset Management, LLC	0.44%	6,995,672
Morgan Stanley	0.15%	2,421,645
Goldman Sachs Group Inc	0.07%	1,150,167
Northern Trust Corporation	0.07%	1,047,133
Blackrock Inc.	0.06%	893,741
Bank of America Corporation	0.06%	928,662
FMR, LLC	0.06%	883,462
Natixis Advisors, LLC	0.03%	532,334

Risk Analysis

Beta (Market Risk)

0.33

Low volatility — more stable than the market

Short Interest

0.1% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.05x

Moderate leverage

Current Ratio