Stock Analysis on Net
Stock Analysis on Net

Toyota Motor Corp. (NYSE:TM)

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

Analysis of Inventory

Microsoft Excel

Inventory Disclosure

Toyota Motor Corp., balance sheet: inventory

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
Finished goods 11,386 11,262 10,702 11,943 8,602 9,512
Raw materials 3,343 3,735 4,129 4,233 3,605 2,854
Work in process 2,252 2,507 2,501 2,689 2,626 2,142
Supplies and other 839 895 891 873 852 780
Inventories 17,819 18,399 18,222 19,738 15,685 15,288

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
Inventories Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Toyota Motor Corp. inventories increased from 2013 to 2014 but then decreased significantly from 2014 to 2015.

Adjustment to Inventory: Conversion from LIFO to FIFO

Adjusting LIFO Inventory to FIFO (Current) Cost

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 Inventories
Inventories at LIFO (as reported) 17,819 18,399 18,222 19,738 15,685 15,288
Add: Inventory LIFO reserve 326 449 711 691 697 689
Inventories at FIFO (adjusted) 18,146 18,848 18,933 20,429 16,382 15,977
Adjustment to Current Assets
Current assets (as reported) 149,520 152,629 146,399 149,911 142,270 140,516
Add: Inventory LIFO reserve 326 449 711 691 697 689
Current assets (adjusted) 149,846 153,078 147,110 150,602 142,967 141,205
Adjustment to Total Assets
Total assets (as reported) 397,881 402,384 376,841 372,928 358,607 326,196
Add: Inventory LIFO reserve 326 449 711 691 697 689
Total assets (adjusted) 398,208 402,833 377,552 373,619 359,304 326,885
Adjustment to Total Toyota Motor Corporation Shareholders’ Equity
Total Toyota Motor Corporation shareholders’ equity (as reported) 139,948 140,504 129,015 128,364 124,262 111,347
Add: Inventory LIFO reserve 326 449 711 691 697 689
Total Toyota Motor Corporation shareholders’ equity (adjusted) 140,274 140,954 129,726 129,055 124,959 112,036
Adjustment to Net Income Attributable To Toyota Motor Corporation
Net income attributable to Toyota Motor Corporation (as reported) 18,117 17,704 10,218 3,450 4,909 2,251
Add: Increase (decrease) in inventory LIFO reserve (59) (201) 108 (14) (74) 55
Net income attributable to Toyota Motor Corporation (adjusted) 18,058 17,502 10,326 3,436 4,835 2,306

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. inventory value on Mar 31, 2015 would be $18,146 (in millions) if the FIFO inventory method was used instead of LIFO. Toyota Motor Corp. inventories, valued on a LIFO basis, on Mar 31, 2015 were $17,819. Toyota Motor Corp. inventories would have been $326 higher than reported on Mar 31, 2015 if the FIFO method had been used instead.

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

Adjusted Financial Ratios: LIFO vs. FIFO (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 (LIFO) 1.09 1.07 1.07 1.05 1.10 1.22
Adjusted current ratio (FIFO) 1.09 1.07 1.07 1.05 1.10 1.23
Net Profit Margin
Reported net profit margin (LIFO) 7.98% 7.10% 4.36% 1.53% 2.15% 1.11%
Adjusted net profit margin (FIFO) 7.95% 7.02% 4.41% 1.52% 2.12% 1.13%
Total Asset Turnover
Reported total asset turnover (LIFO) 0.57 0.62 0.62 0.61 0.64 0.62
Adjusted total asset turnover (FIFO) 0.57 0.62 0.62 0.61 0.64 0.62
Financial Leverage
Reported financial leverage (LIFO) 2.84 2.86 2.92 2.91 2.89 2.93
Adjusted financial leverage (FIFO) 2.84 2.86 2.91 2.90 2.88 2.92
Return on Equity (ROE)
Reported ROE (LIFO) 12.95% 12.60% 7.92% 2.69% 3.95% 2.02%
Adjusted ROE (FIFO) 12.87% 12.42% 7.96% 2.66% 3.87% 2.06%
Return on Assets (ROA)
Reported ROA (LIFO) 4.55% 4.40% 2.71% 0.93% 1.37% 0.69%
Adjusted ROA (FIFO) 4.53% 4.34% 2.74% 0.92% 1.35% 0.71%

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 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 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 149,520 152,629 146,399 149,911 142,270 140,516
Current liabilities 136,975 142,559 137,134 143,346 129,777 114,856
Liquidity Ratio
Current ratio1 1.09 1.07 1.07 1.05 1.10 1.22
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions, translated from JPY ￥)
Adjusted current assets 149,846 153,078 147,110 150,602 142,967 141,205
Current liabilities 136,975 142,559 137,134 143,346 129,777 114,856
Liquidity Ratio
Adjusted current ratio2 1.09 1.07 1.07 1.05 1.10 1.23

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
= 149,520 ÷ 136,975 = 1.09

2 Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 149,846 ÷ 136,975 = 1.09

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by 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 18,117 17,704 10,218 3,450 4,909 2,251
Net revenues 227,030 249,484 234,327 226,106 228,427 203,686
Profitability Ratio
Net profit margin1 7.98% 7.10% 4.36% 1.53% 2.15% 1.11%
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions, translated from JPY ￥)
Adjusted net income attributable to Toyota Motor Corporation 18,058 17,502 10,326 3,436 4,835 2,306
Net revenues 227,030 249,484 234,327 226,106 228,427 203,686
Profitability Ratio
Adjusted net profit margin2 7.95% 7.02% 4.41% 1.52% 2.12% 1.13%

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 × 18,117 ÷ 227,030 = 7.98%

2 Adjusted net profit margin = 100 × Adjusted net income attributable to Toyota Motor Corporation ÷ Net revenues
= 100 × 18,058 ÷ 227,030 = 7.95%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by 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 227,030 249,484 234,327 226,106 228,427 203,686
Total assets 397,881 402,384 376,841 372,928 358,607 326,196
Activity Ratio
Total asset turnover1 0.57 0.62 0.62 0.61 0.64 0.62
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions, translated from JPY ￥)
Net revenues 227,030 249,484 234,327 226,106 228,427 203,686
Adjusted total assets 398,208 402,833 377,552 373,619 359,304 326,885
Activity Ratio
Adjusted total asset turnover2 0.57 0.62 0.62 0.61 0.64 0.62

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
= 227,030 ÷ 397,881 = 0.57

2 Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 227,030 ÷ 398,208 = 0.57

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 397,881 402,384 376,841 372,928 358,607 326,196
Total Toyota Motor Corporation shareholders’ equity 139,948 140,504 129,015 128,364 124,262 111,347
Solvency Ratio
Financial leverage1 2.84 2.86 2.92 2.91 2.89 2.93
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions, translated from JPY ￥)
Adjusted total assets 398,208 402,833 377,552 373,619 359,304 326,885
Adjusted total Toyota Motor Corporation shareholders’ equity 140,274 140,954 129,726 129,055 124,959 112,036
Solvency Ratio
Adjusted financial leverage2 2.84 2.86 2.91 2.90 2.88 2.92

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
= 397,881 ÷ 139,948 = 2.84

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Toyota Motor Corporation shareholders’ equity
= 398,208 ÷ 140,274 = 2.84

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 18,117 17,704 10,218 3,450 4,909 2,251
Total Toyota Motor Corporation shareholders’ equity 139,948 140,504 129,015 128,364 124,262 111,347
Profitability Ratio
ROE1 12.95% 12.60% 7.92% 2.69% 3.95% 2.02%
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions, translated from JPY ￥)
Adjusted net income attributable to Toyota Motor Corporation 18,058 17,502 10,326 3,436 4,835 2,306
Adjusted total Toyota Motor Corporation shareholders’ equity 140,274 140,954 129,726 129,055 124,959 112,036
Profitability Ratio
Adjusted ROE2 12.87% 12.42% 7.96% 2.66% 3.87% 2.06%

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 × 18,117 ÷ 139,948 = 12.95%

2 Adjusted ROE = 100 × Adjusted net income attributable to Toyota Motor Corporation ÷ Adjusted total Toyota Motor Corporation shareholders’ equity
= 100 × 18,058 ÷ 140,274 = 12.87%

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 18,117 17,704 10,218 3,450 4,909 2,251
Total assets 397,881 402,384 376,841 372,928 358,607 326,196
Profitability Ratio
ROA1 4.55% 4.40% 2.71% 0.93% 1.37% 0.69%
Adjusted: After Conversion from LIFO to FIFO
Selected Financial Data (US$ in millions, translated from JPY ￥)
Adjusted net income attributable to Toyota Motor Corporation 18,058 17,502 10,326 3,436 4,835 2,306
Adjusted total assets 398,208 402,833 377,552 373,619 359,304 326,885
Profitability Ratio
Adjusted ROA2 4.53% 4.34% 2.74% 0.92% 1.35% 0.71%

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 × 18,117 ÷ 397,881 = 4.55%

2 Adjusted ROA = 100 × Adjusted net income attributable to Toyota Motor Corporation ÷ Adjusted total assets
= 100 × 18,058 ÷ 398,208 = 4.53%

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.