Key Performance Metrics

  • The review of Net Profit Margin witnessed a fluctuating trend. The Net Profit Margin improved from 6.82% in 2019 to 10.97% in 2023.
  • The average EBIT Margin for the period under analysis was 11.66%, with 2019 and 2023 performing the worst and best, respectively.
  • In the current year, TOYOTA was able to cover its interest liabilities 69.94 times – compared to 2019 when it was 58.64 times.
  • The Asset turnover stood at 0.53 times in 2023 from 0.56 in 2019, implying a high performance on Assets of the business in relation to revenue.


  • The revenue of TOYOTA has fluctuated year on year. The revenue decreased by 8.88% between 2019 and 2020 and a further 18.40% increase was recorded between 2021 and 2022. There also occurred an increase of 21.37% between 2022 and 2023 (the current period).
  • Toyota’s performance in profitability looks good as the return on capital employed also recorded good performance during the period of analysis.


  • The company’s result in liquidity looks good, as current ratio increased from 1.10:1 to 1.19:1 on the last year. Which implies that the company has enough assets to settle its current liabilities.

Capital Structure

  • Toyota is both equity and debt financed.
  • The debt-to-equity (D/E) ratio has been mixed year on year. The gearing position of the company appears to be high as it stood at 113% in the current year.

Source: Toyota Annual Report

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