Toshiba Corporation
Industrial Conglomerate and Power InfrastructureFounded 1875- Updated July 2025
Reviewed by Swet Parvadiya
Last reviewed: July 2025
CorpDigest
Toshiba Corporation
Financial Performance
Last reviewed: July 2025 · By Swet Parvadiya
Revenue
$19.5B
Market Cap
$14.5B
Net Income
$450M
Employees
115,000
Toshiba's $19.5 billion in fiscal 2023 revenue and $450 million in net income represent a company that has stabilized after a decade of crisis management, divestiture, and restructuring. The 2.3% net margin is thin, but it arrives in a context where the prior decade produced multiple years of net losses and a near-bankruptcy event. Revenue has been relatively flat: $20.1 billion in fiscal 2021, $19 billion in fiscal 2022, and $19.5 billion in fiscal 2023. The consistency is somewhat misleading as a growth signal — the business mix has changed significantly through divestitures and the privatization process, and the remaining segments are oriented toward stable, recurring revenue rather than volume growth. The Energy Systems segment generates approximately 45% of total revenue through nuclear power maintenance and infrastructure services for the global pressurized water reactor fleet. These are multi-decade service relationships with utilities that have no practical option to switch suppliers for legacy system maintenance. The cash flow predictability of this business is its most important financial characteristic. The $14.5 billion leveraged buyout valuation in December 2023 placed the company at roughly 0.74 times fiscal 2023 revenue — a discount to most industrial conglomerates, reflecting the debt load from the LBO structure and the uncertainty about pace and direction of the company's transformation. The privatization removes the quarterly reporting cycle and the activist pressure that had complicated the restructuring process for several years, giving Japan Industrial Partners and Toshiba's management the operational space to execute the industrial refocusing without public market interference.
Revenue Trend Analysis
YoY Change
+2.6%
2-Year CAGR
-1.5%
Peak Year
2021
Trend
Mostly Growing
Toshiba Corporation has reported revenue across 3 fiscal years, compounding at -1.5% annually over 2 years. The most recent year saw a 2.6% increase versus the prior year. Revenue peaked in 2021 at $20.1B. Out of 2 reported periods, 1 showed growth and 1 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2023 | $19.5B | $450M | +2.6% |
| FY2022 | $19.0B | — | -5.5% |
| FY2021 | $20.1B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Toshiba's last full fiscal year as a listed company, the year ended 31 March 2023, produced revenue of ¥3.36 trillion (approximately $25 billion at then-prevailing rates) and operating income of ¥110 billion. Net income attributable to shareholders was ¥126 billion. The figures reflected a smaller and more diversified company than the pre-scandal Toshiba: revenue had fallen from roughly ¥6.5 trillion in fiscal 2014 because of the disposals of the medical-imaging business sold to Canon in 2016 for ¥665 billion, the white-goods business sold to Midea in 2016 for $477 million, the Toshiba Memory sale to Bain Capital in 2018 for $18 billion, the Westinghouse bankruptcy and the spin-off of Toshiba's PC business to Sharp in 2020 for ¥4 billion. After the JIP take-private the new private company reported fiscal 2023 (ended March 2024) revenue of roughly ¥3 trillion or about $19.5 billion, with stricter cost discipline and lower disclosure as a private entity. Operating margin has stabilized in the mid-single-digit range, well below the high-single-digit margins generated by the largest pre-Westinghouse Toshiba but consistent with the company's narrower industrial-conglomerate footprint.
Toshiba's market capitalization in the period leading up to the December 2023 take-private was approximately ¥2 trillion or roughly $14.5 billion, reflecting the JIP tender offer of ¥4,620 per share against a share count of about 432 million shares. The valuation was sharply below the peak market capitalization of more than ¥4 trillion seen in 2007 at the height of the Westinghouse-era optimism, and well below the roughly ¥3 trillion implied by some activist-investor breakup proposals discussed in 2021 and 2022. The take-private price represented a roughly 14 percent premium to the unaffected share price before deal speculation began in 2022, a modest premium by international standards but consistent with Japanese take-private practice. Shareholders who had bought during the 2017 capital raise at ¥2,628 per share earned a positive return; those who had owned the stock before the 2015 accounting scandal at peaks above ¥9,000 lost meaningful value. The delisting on 20 December 2023 closed 74 years of public trading and made JIP, ORIX, Chubu Electric Power and the other consortium members the equity owners of Toshiba.
The Westinghouse Chapter 11 filing in March 2017 forced Toshiba to recognize roughly ¥1.4 trillion (about $12 billion) of cumulative losses across fiscal 2016 and 2017, and produced a brief negative-equity position that threatened the company's listing on the Tokyo Stock Exchange. Toshiba responded with three principal balance-sheet actions. First, in December 2017 it raised ¥600 billion through a private placement of new shares to roughly 60 foreign investors, including Effissimo Capital Management, Farallon Capital and Elliott Management, which simultaneously created the activist-investor base that later pushed for governance change. Second, the June 2018 sale of Toshiba Memory to the Bain consortium produced ¥2 trillion (about $18 billion) of cash, of which roughly ¥1.3 trillion was retained after taxes and reinvested stake. Third, Toshiba ran a tender offer that returned approximately ¥700 billion to shareholders between 2018 and 2020. By March 2019 the company had restored positive equity and met Tokyo Stock Exchange listing requirements. The cumulative effect was that Toshiba emerged smaller, simpler and largely free of Westinghouse exposure but with a permanently impaired growth profile.
After the divestitures, Toshiba's operating margins by segment in the most recent reporting periods sit between 3 and 8 percent, well below the company's pre-Westinghouse ambitions and modestly below comparable Japanese industrial conglomerates. Energy Systems and Solutions, the nuclear and power-equipment segment, runs operating margins in the mid-single-digit range as the loss of high-margin reactor sales is offset by stable service revenue. Infrastructure Systems and Solutions, covering railways, building automation, water treatment and defense, generates operating margins in the high-single digits with strong domestic Japanese order books. Retail and Printing Solutions, run through Toshiba Tec, produces operating margins of roughly 5 to 6 percent and is the most stable cash generator in the portfolio. Storage and Electronic Devices, the HDD and discrete-semiconductor business, has produced volatile results depending on the data-center storage cycle, with operating margins ranging from negative single digits in down years to high-single digits in strong years. The Battery business is sub-scale and has not consistently produced profit. The JIP ownership has signaled a target of mid-single-digit consolidated operating margins with cost reductions of roughly ¥100 billion expected over three years.
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CorpDigest. "Toshiba Corporation Revenue & Financials." CorpDigest, https://corpdigest.com/company/toshiba/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Toshiba Corporation reported $20B in revenue (FY2023).</strong><br>Source: <a href="https://corpdigest.com/company/toshiba/financials" target="_blank" rel="noopener">CorpDigest — Toshiba Corporation financials</a></div>