1. TOCALO's strengthWe use our four strengths to provide high-quality
coating solutions for our customers.

Development of advanced functional coatings

Our R&D focuses on developing high-quality, high-functional coatings. Our products are widely used in leading semiconductor and FPD technologies as well as in the rapidly expanding the environment and energy, medical, and agricultural fields.

Solutions focused on customer needs

We engage in proposal-based sales so we can provide customized solutions for our customers meeting their on-the-ground needs as well as underlying needs.

Our Four Strengths

Flexible production capability

We provide order-made coatings for customer products and production equipment. Our flexible production capability enable us to respond to meet each customer's detailed specifications individually.

Strong financial status for development investment

We have steadily grown our business over the 70 years since our founding and maintain high ROE and equity ratio with a stable financial structure supported by “all-weather management.”

2. Financial performanceSteady management enables high profitability
and a solid financial structure.

Business results

Business results

The ability of our “all-weather management” to produce solutions for customers in various industries has expanded our business potential. Our financial standing with a high ROE and high equity ratio allows us to invest aggressively in technological development and drives our ongoing growth.



Equity ratio

Equity ratio

3. Market and growth potentialSustaining growth as our business domains
expand into various industries

TOCALO technology is used in all fields from core industries to advanced industries.

Environment & energy

We are expanding our business activity to an increasingly diverse range of fields in the environment & energy sector, including renewable energy such as hydropower, wind power, geothermal power, and biomass as well as energy efficient thermal power generation, storage batteries, and equipment to realize a hydrogen society.

Iron & steel

We provide thermal spray coating that prevents foreign matter from sticking to the surface of the conveyer rollers in production lines of automotive steel sheet. Our coatings supports steady operations at steelworks by reducing corrosion and friction and extending equipment lifecycles.

Applications accross a wide range of fields

Semiconductor & FPD

Semiconductors and flat panel displays (FPDs) are integral to our increasingly advanced digital society. Our coatings are used for a wide range of purposes, such as preventing manufacturing equipment parts from generating dust.

Industrial machinery

Our coatings are used on bearings in the drive motors of high-speed Shinkansen trains to prevent corrosion due to electric discharge. The coatings extend the lifecycle of the bearings and play a key role in safe train operation.

A growing thermal spray market led by semiconductors.

TOCALO commands over 40% of the ¥70 billion domestic market for contracted thermal spray processing (job shops). Demand for thermal spray of semiconductors is driving market expansion, and we will continue growing our business by meeting the growing demand.

Domestic thermal spray market (job shop market)

Domestic thermal spray market (job shop market)
Source: Yano Research Institute,
Market Research and Future Market Outlook Report in the Thermal Spraying Industry.
Supervising editor: Japan Thermal Sprayers Association, Japan Thermal Spray Society
  • Data presented with permission of the Japan Thermal Sprayers Association and the Japan Thermal Spray Society.

4. StrategiesWe formulated a new medium-term management plan
to advance our vision of “Contributing to a bright future for people and nature.”

2030 Vision

Contributing to a bright future for people and nature

Growth strategies

Grow our business with a focus on the two themes of People and the Environment


  • Advance product development for the semiconductor field
  • Develop coatings supporting high functionality in the FPD field
  • Develop coatings specialized for the medical, agricultural, and food fields


  • Increase our offerings and create new projects in the energy field
  • Broaden our product applications in the raw materials field
  • Develop coatings for aviation components and electric vehicles and the electrification of the automobile industry

ESG initiatives


  • Progress toward becoming carbon neutral
  • Aim to attain the government target to reduce FY2030 greenhouse gas emissions by 46% compared to FY2013


  • Promote workstyle reform
  • Promote digital transformation
  • Formulate a medium- and long-term human resource development plan


  • Fully conform to Corporate Governance Code
  • Fully commit to compliance

5. Shareholder benefitsShareholders receive dividend payments
and have a voice in management

Shareholder dividend payments

The Company regularly distributes dividends to shareholders.

Dividend policy

Returning profits to shareholders is an important management policy. Our fundamental policy is to maintain a consistent level of dividend distribution in accordance with our earnings performance.
Our target is to maintain a consolidated dividend payout ratio of around 50%. Through this and other measures, we will continue seeking to enhance shareholder returns.

Dividend / dividend payout ratio (consolidated)

Dividend / dividend payout ratio (consolidated)

A voice in management

Shareholders attend the General Meeting of Shareholders and participate in the Company’s management by exercising voting rights in accordance with the number of shares of the Company are held.

6. Events for individual investorsWe participate events for individual investors
with the aim of deepening their understanding of our company.

Nikkei IR & Individual Investor Fair 2023

We exhibited at the Nikkei IR and Investor Fair 2023 hosted by Japan Keizai Shimbun at Tokyo Big Sight on September 1 and 2, 2023.

Nikkei IR & Individual Investor Fair 2023

Learn more about TOCALO