Stock Analysis on Net
Stock Analysis on Net

Toyota Motor Corp. (NYSE:TM)

$22.49

This company has been moved to the archive! The financial data has not been updated since June 24, 2015.

Analysis of Income Taxes

Microsoft Excel

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Income Tax Expense (Benefit)

Toyota Motor Corp., income tax expense (benefit), continuing operations

US$ in millions, translated from JPY ￥

Microsoft Excel
12 months ended: Mar 31, 2015 Mar 31, 2014 Mar 31, 2013 Mar 31, 2012 Mar 31, 2011 Mar 31, 2010
Parent company and domestic subsidiaries
Foreign subsidiaries
Current income tax expense
Parent company and domestic subsidiaries
Foreign subsidiaries
Deferred income tax expense (benefit)
Provision for income taxes

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

Item Description The company
Current income tax expense Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Toyota Motor Corp. current income tax expense increased from 2013 to 2014 but then slightly decreased from 2014 to 2015.
Deferred income tax expense (benefit) Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Toyota Motor Corp. deferred income tax expense (benefit) decreased from 2013 to 2014 but then slightly increased from 2014 to 2015.
Provision for income taxes Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Toyota Motor Corp. provision for income taxes increased from 2013 to 2014 but then slightly decreased from 2014 to 2015.

Components of Deferred Tax Assets and Liabilities

Toyota Motor Corp., components of deferred tax assets and liabilities

US$ in millions, translated from JPY ￥

Microsoft Excel
Mar 31, 2015 Mar 31, 2014 Mar 31, 2013 Mar 31, 2012 Mar 31, 2011 Mar 31, 2010
Accrued pension and severance costs
Accrued expenses and liabilities for quality assurances
Other accrued employees’ compensation
Operating loss carryforwards for tax purposes
Tax credit carryforwards
Property, plant and equipment and other assets
Other
Gross deferred tax assets
Valuation allowance
Deferred tax assets
Unrealized gains on securities, net
Undistributed earnings of foreign subsidiaries
Undistributed earnings of affiliates accounted for by the equity method
Basis difference of acquired assets
Lease transactions
Gain on securities contribution to employee retirement benefit trust
Other
Deferred tax liabilities
Net deferred tax asset (liability)

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

Item Description The company
Gross deferred tax assets Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Toyota Motor Corp. gross deferred tax assets decreased from 2013 to 2014 and from 2014 to 2015.
Deferred tax assets Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Toyota Motor Corp. deferred tax assets increased from 2013 to 2014 but then slightly decreased from 2014 to 2015 not reaching 2013 level.
Net deferred tax asset (liability) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Toyota Motor Corp. net deferred tax asset (liability) decreased from 2013 to 2014 and from 2014 to 2015.

Deferred Tax Assets and Liabilities, Classification

Toyota Motor Corp., deferred tax assets and liabilities, classification

US$ in millions, translated from JPY ￥

Microsoft Excel
Mar 31, 2015 Mar 31, 2014 Mar 31, 2013 Mar 31, 2012 Mar 31, 2011 Mar 31, 2010
Current deferred tax assets
Noncurrent deferred tax assets (included in investments and other assets, other)
Current deferred tax liabilities (included in other current liabilities)
Noncurrent deferred tax liabilities

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

Item Description The company
Noncurrent deferred tax assets (included in investments and other assets, other) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Toyota Motor Corp. noncurrent deferred tax assets (included in investments and other assets, other) increased from 2013 to 2014 but then slightly decreased from 2014 to 2015 not reaching 2013 level.
Noncurrent deferred tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Toyota Motor Corp. noncurrent deferred tax liabilities increased from 2013 to 2014 and from 2014 to 2015.

Adjustments to Financial Statements: Removal of Deferred Taxes

Toyota Motor Corp., adjustments to financial statements

US$ in millions, translated from JPY ￥

Microsoft Excel
Mar 31, 2015 Mar 31, 2014 Mar 31, 2013 Mar 31, 2012 Mar 31, 2011 Mar 31, 2010
Adjustment to Current Assets
Current assets (as reported)
Less: Current deferred tax assets, net
Current assets (adjusted)
Adjustment to Total Assets
Total assets (as reported)
Less: Current deferred tax assets, net
Less: Noncurrent deferred tax assets, net
Total assets (adjusted)
Adjustment to Current Liabilities
Current liabilities (as reported)
Less: Current deferred tax liabilities, net
Current liabilities (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Less: Current deferred tax liabilities, net
Less: Noncurrent deferred tax liabilities, net
Total liabilities (adjusted)
Adjustment to Total Toyota Motor Corporation Shareholders’ Equity
Total Toyota Motor Corporation shareholders’ equity (as reported)
Less: Net deferred tax assets (liabilities)
Total Toyota Motor Corporation shareholders’ equity (adjusted)
Adjustment to Net Income Attributable To Toyota Motor Corporation
Net income attributable to Toyota Motor Corporation (as reported)
Add: Deferred income tax expense (benefit)
Net income attributable to Toyota Motor Corporation (adjusted)

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

Toyota Motor Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Toyota Motor Corp., adjusted financial ratios

Microsoft Excel
Mar 31, 2015 Mar 31, 2014 Mar 31, 2013 Mar 31, 2012 Mar 31, 2011 Mar 31, 2010
Current Ratio
Reported current ratio
Adjusted current ratio
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

Financial ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Toyota Motor Corp. adjusted current ratio improved from 2013 to 2014 and from 2014 to 2015.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Toyota Motor Corp. adjusted net profit margin ratio improved from 2013 to 2014 and from 2014 to 2015.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Toyota Motor Corp. adjusted total asset turnover ratio deteriorated from 2013 to 2014 and from 2014 to 2015.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Toyota Motor Corp. adjusted financial leverage ratio decreased from 2013 to 2014 and from 2014 to 2015.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Toyota Motor Corp. adjusted ROE improved from 2013 to 2014 and from 2014 to 2015.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Toyota Motor Corp. adjusted ROA improved from 2013 to 2014 and from 2014 to 2015.

Toyota Motor Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Current Ratio

Microsoft Excel
Mar 31, 2015 Mar 31, 2014 Mar 31, 2013 Mar 31, 2012 Mar 31, 2011 Mar 31, 2010
As Reported
Selected Financial Data (US$ in millions, translated from JPY ￥)
Current assets
Current liabilities
Liquidity Ratio
Current ratio1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions, translated from JPY ￥)
Adjusted current assets
Adjusted current liabilities
Liquidity Ratio
Adjusted current ratio2

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

2015 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= ÷ =

2 Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= ÷ =

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Toyota Motor Corp. adjusted current ratio improved from 2013 to 2014 and from 2014 to 2015.

Adjusted Net Profit Margin

Microsoft Excel
Mar 31, 2015 Mar 31, 2014 Mar 31, 2013 Mar 31, 2012 Mar 31, 2011 Mar 31, 2010
As Reported
Selected Financial Data (US$ in millions, translated from JPY ￥)
Net income attributable to Toyota Motor Corporation
Net revenues
Profitability Ratio
Net profit margin1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions, translated from JPY ￥)
Adjusted net income attributable to Toyota Motor Corporation
Net revenues
Profitability Ratio
Adjusted net profit margin2

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

2015 Calculations

1 Net profit margin = 100 × Net income attributable to Toyota Motor Corporation ÷ Net revenues
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net income attributable to Toyota Motor Corporation ÷ Net revenues
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Toyota Motor Corp. adjusted net profit margin ratio improved from 2013 to 2014 and from 2014 to 2015.

Adjusted Total Asset Turnover

Microsoft Excel
Mar 31, 2015 Mar 31, 2014 Mar 31, 2013 Mar 31, 2012 Mar 31, 2011 Mar 31, 2010
As Reported
Selected Financial Data (US$ in millions, translated from JPY ￥)
Net revenues
Total assets
Activity Ratio
Total asset turnover1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions, translated from JPY ￥)
Net revenues
Adjusted total assets
Activity Ratio
Adjusted total asset turnover2

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

2015 Calculations

1 Total asset turnover = Net revenues ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= ÷ =

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Toyota Motor Corp. adjusted total asset turnover ratio deteriorated from 2013 to 2014 and from 2014 to 2015.

Adjusted Financial Leverage

Microsoft Excel
Mar 31, 2015 Mar 31, 2014 Mar 31, 2013 Mar 31, 2012 Mar 31, 2011 Mar 31, 2010
As Reported
Selected Financial Data (US$ in millions, translated from JPY ￥)
Total assets
Total Toyota Motor Corporation shareholders’ equity
Solvency Ratio
Financial leverage1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions, translated from JPY ￥)
Adjusted total assets
Adjusted total Toyota Motor Corporation shareholders’ equity
Solvency Ratio
Adjusted financial leverage2

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

2015 Calculations

1 Financial leverage = Total assets ÷ Total Toyota Motor Corporation shareholders’ equity
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Toyota Motor Corporation shareholders’ equity
= ÷ =

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Toyota Motor Corp. adjusted financial leverage ratio decreased from 2013 to 2014 and from 2014 to 2015.

Adjusted Return on Equity (ROE)

Microsoft Excel
Mar 31, 2015 Mar 31, 2014 Mar 31, 2013 Mar 31, 2012 Mar 31, 2011 Mar 31, 2010
As Reported
Selected Financial Data (US$ in millions, translated from JPY ￥)
Net income attributable to Toyota Motor Corporation
Total Toyota Motor Corporation shareholders’ equity
Profitability Ratio
ROE1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions, translated from JPY ￥)
Adjusted net income attributable to Toyota Motor Corporation
Adjusted total Toyota Motor Corporation shareholders’ equity
Profitability Ratio
Adjusted ROE2

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

2015 Calculations

1 ROE = 100 × Net income attributable to Toyota Motor Corporation ÷ Total Toyota Motor Corporation shareholders’ equity
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net income attributable to Toyota Motor Corporation ÷ Adjusted total Toyota Motor Corporation shareholders’ equity
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Toyota Motor Corp. adjusted ROE improved from 2013 to 2014 and from 2014 to 2015.

Adjusted Return on Assets (ROA)

Microsoft Excel
Mar 31, 2015 Mar 31, 2014 Mar 31, 2013 Mar 31, 2012 Mar 31, 2011 Mar 31, 2010
As Reported
Selected Financial Data (US$ in millions, translated from JPY ￥)
Net income attributable to Toyota Motor Corporation
Total assets
Profitability Ratio
ROA1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions, translated from JPY ￥)
Adjusted net income attributable to Toyota Motor Corporation
Adjusted total assets
Profitability Ratio
Adjusted ROA2

Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).

2015 Calculations

1 ROA = 100 × Net income attributable to Toyota Motor Corporation ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net income attributable to Toyota Motor Corporation ÷ Adjusted total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Toyota Motor Corp. adjusted ROA improved from 2013 to 2014 and from 2014 to 2015.