Tokyo Electron Device
Cite as: Japan IR Index, Tokyo Electron Device (2760), methodology GNT-BDS v1.1.1, reviewed 2026-10-01.
Findings and sources as of the review date shown. The company’s English disclosure may have changed since.
Where to start
Chosen from this company's lowest answers, easiest first. A quick fix uses material the company already has; a translation fix is usually met by translating a Japanese document (our note says whether this company has one). Questions that need a budget or a board decision are left out. Suggestions drawn from the research, separate from the scores.
G6 Shareholder vote results disclosed in English 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O7 Named English IR contact published 2/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
G1 Corporate governance report available in English 0/5 Translation
Publish the corporate governance report filed with TSE in English.
F2 English results summary is a full translation, not an excerpt 3/5 Translation
Translate the whole results summary rather than an excerpt.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 1 answer corrected after re-checks (research errors) on 23 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Wholesale Trade) | 84.1 | 3 of 4 |
| Same size band (¥100–500bn) | 77.1 | 20 of 50 |
Compared with the companies covered here, not the whole market. Sector is the TSE 33-sector classification; market cap is from the TSE English-disclosure survey, Aug 2026; it only sets the size band, plays no part in the score, and is refreshed once a quarter. Ties share the higher rank.
Out of 100.
Of the 34 questions reviewed, 28 scored 3 or more and 4 found no qualifying English materials within the stated review scope. Read each score with its source and scope below.
Findings by question
F1Quarterly and full-year results summaries (tanshin) published in English5/5
English results summary for the quarter ended 30 June 2026, published 29 July 2026. Source document →
F2English results summary is a full translation, not an excerpt3/5
Consolidated Financial Results for the Three Months Ended June 30, 2026 (29 Jul 2026): English 8 pages against the Japanese 2027年3月期 第1四半期決算短信 at 12. The English keeps the two summary pages, the balance sheet, the income and comprehensive-income statements, the cash-flow statement and the segment note. It drops the whole qualitative section (1. 経営成績等の概況: results review by segment, financial position, forecast commentary), the notes on going concern, significant changes in equity and quarter-specific accounting, and section 3 (purchases, orders received and sales). The FY2026 tanshin (27 Apr 2026) has the same pattern at 14 English pages to 18 Japanese: no qualitative review, outlook, cash-flow commentary, basis-of-accounting statement, or the P&L, revenue-recognition, per-share and subsequent-event notes. The qualitative section and most notes exist only in Japanese, so 3. Source document →
F3Financial statements including notes available in English3/5
The English tanshin carry full statements: balance sheet, income, comprehensive income, cash flows, and at the year end changes in shareholders' equity. The only note is segment information. At the year end (FY2026 tanshin pp.12-14) that note includes the segment overview and measurement basis. The Japanese notes on per-share data, the income statement, revenue recognition, unapplied standards and subsequent events are not translated. No other current English source supplies notes: there is no English securities report and no English annual report with a financial section, and the Investors Guide gives only five-year summary tables. Statements without notes (the segment note aside), so 3. Source document →
F4Annual securities report available in English in any form0/5
No English securities report anywhere in the English IR site: IR home, Investors Guide, financial results and meeting pages all checked in a rendered browser. The company also reports none to TSE.
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Every English tanshin carries net sales (split into Semiconductor & Boards Products, Storage & Network Products, and Maintenance & Monitoring Services) and segment income for the two reporting segments, Electronic Components (EC) and Computer Networks (CN). Q1 FY2027 example: EC ¥50,354m sales and ¥2,374m income; CN ¥9,967m and ¥1,534m. The year-end tanshin states the segment definitions in English: method of categorisation, products in each segment, and segment income equal to ordinary income. It adds segment assets, depreciation and capex. The decks split out the PB (Private Brand) business inside EC and give quarterly segment sales and ordinary income for three years. Sales and profit by segment every period, definitions stated and held constant, so 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English5/5
The English Financial Highlight page embeds the Euroland interactive analysis tool, which has an 'Export all the data into an Excel' link. Downloaded in the browser, it is a real BIFF .xls (Data.xls, 30,720 bytes) covering FY2016-FY2026 (11 years). It has the income statement, balance sheet, cash-flow statement, segment information (CN/EC/PB sales, segment margins, product and application mix), per-share figures (BPS, EPS, PBR, PER), dividends, key ratios (ROE and turnovers), the FY2027 forecast and employees. Annual and quarterly views are offered. The file is generated by a third-party tool rather than posted by the company, but it is linked from the English IR page. Excel with eleven years of P&L, BS, CF and per-share data plus segments, so 5. Source document →
F7Guidance disclosed in English with the basis explained5/5
The English Q1 FY2027 tanshin gives the first-half and full-year forecast: FY ¥240.0bn sales, ¥13.6bn ordinary income, ¥9.4bn net income, EPS ¥318.26. The English Announcement of Revisions to the Consolidated Financial Forecasts (29 Jul 2026) sets previous against revised figures with a reasons section. The English decks carry the basis: segment forecasts by half for CN, EC and PB (FY2026 deck p.15; Q1 FY2027 deck pp.11-14 for the revised plan), 'Assumptions of Business Plan' with an assumed exchange rate of ¥156 and a market view per business (p.16 / p.20), and achievement rates against the forecast. The English Investors Guide 2026 adds the forecast narrative. The Japanese tanshin's own forecast paragraph is not in the English tanshin, but the deck and revision notice cover it. Forecast, FX, market and segment assumptions and the revision explained, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English disclosure current to the latest Japanese period: Q1 FY2027 results in English on 29 July 2026, the same quarter as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
The English Medium-Term Management Plan page carries VISION2030 (FY2026-FY2030) and matches the Japanese action.html section for section: mission, vision, business environment, strategies for EC, PB and CN, and the 'Financial model' targets for FY2030. Those targets are net sales ¥300.0-350.0bn, ordinary income ratio 8% or more, ROE 20% or more, and the business portfolio CN 15% of sales at a 12% ordinary income ratio, EC 75% at 7%, PB 10% at 10%. The same targets and the capital policy (40% payout, equity ratio 40% or more) are in the English FY2026 deck (pp.28-29) and Investors Guide 2026. The Japanese has one extra explanatory paragraph on the move from VISION2025 to VISION2030; no target is missing. Current plan with every target in English, so 5. Source document →
S2IR presentations published in English5/5
Results presentation materials in English for the latest quarter. Source document →
S3English equity-story or investment-highlights page5/5
The 'To Individual Investors' section has dedicated English pages. 'Three Businesses and TED's Strengths' gives quantified strengths: about 40% of employees are engineers, more than 2,000 customer companies, and the FY2025 sales mix. 'TED at a Glance' gives figures: over 60 years in business, 1,383 employees, over 2,000 customers, ordinary income ratio 5.3%, payout 40.2%, ROE 20.1%, PBR 1.8. The Investors Guide 2026 opens with a 'TED at a Glance' spread (about 70 suppliers, more than 2,000 customers, about 40% engineers, business model). The At a Glance web page is dated 31 Mar 2025, a year stale, and misstates net sales as '¥2,163 billion' (¥216.3bn). A dedicated investor-framed page with quantified strengths, so 5. Source document →
S4Growth drivers identified and quantified in English4/5
Drivers are named in English throughout the FY2026 deck, the VISION2030 page and Investors Guide 2026. They are security, AI-related and recurring-revenue services in CN; industrial and automotive semiconductors, customer commercial rights and in-house system products in EC; and wafer inspection and measurement systems plus design/manufacturing services in PB. Some are quantified: the FY2030 portfolio targets by business (sales share and ordinary income ratio), segment forecasts, sales by product category, field and application with year-on-year shares, and the order backlog. There is no market size, market share or capacity figure, and no driver's contribution to the ¥300-350bn target is quantified. Named, some quantified, so 4. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
The English results library has a presentation script for every quarter (Q1 FY2026 to Q1 FY2027) and 'Q&A Highlights' for the half-year and full-year briefings (qa2026, qa2026b). That matches the Japanese, which publishes プレゼンテーション要旨 and 質疑応答要旨 for the same briefings. Timing varies. The Q1 FY2027 script was posted 3 Aug 2026, the same day as the Japanese. The Q3 FY2026 script is presentation_260219 against the Japanese presentation_260202 (17 days). The Q1 FY2026 script was announced 4 Sep 2025 against the Japanese 29-30 Jul 2025 (about five weeks). The FY2026 script was posted 25 May 2026, four weeks after the 27 Apr results. Every briefing is covered but often late, so 4. Source document →
S6Integrated or annual report available in English5/5
The English Investors Guide page (IR Materials > Investors Guide) carries INVESTORS GUIDE 2026 (FY2026, fiscal year ended 31 March 2026; English news list dated 16 Sep 2026; PDF created 8 Sep, 10 spread pages = 18 printed pages, ~70,000 characters) with back numbers to FY2007. The Japanese side publishes no integrated report: its IR library carries the yuho, the Investors Guide (インベスターズガイド2026, posted 27 Jul 2026, 10 spread pages) and a Japanese-only shareholder newsletter (事業報告書). The Investors Guide is therefore the company's annual report, which it describes as its yearly compilation looking back at FY2026 with the FY2027 outlook, the VISION 2030 medium-term plan, segment strategies, sustainability/materiality, corporate governance, consolidated performance highlights, and corporate profile, board and stock data. The English carries every section in the Japanese table of contents, page for page, so the English reader does not need the Japanese document. It arrived about seven weeks after the Japanese, but it is the same, current edition. Re-checked 17 Oct 2026: the earlier not_found missed the PDF links on the Investors Guide page. Complete and current edition of the company's annual report → 5. Source document →
S7Progress against the previous plan, including misses, explained in English5/5
Investors Guide 2025 (English, posted 6 Oct 2025) has a 'Review of the Medium-Term Management Plan VISION 2025 (FY ended March 2022 to March 2025)'. It restates the targets (net sales ¥200bn ±10%, ordinary income ratio 5%, ROE 15%) and charts actuals by year: sales ¥179.9bn / ¥240.3bn / ¥242.8bn / ¥216.3bn, ordinary income ratio 4.1% / 5.2% / 5.7% / 5.3%, ROE 17.2% / 26.1% / 25.1% / 20.1%. It states that all three targets were met for three consecutive years to March 2025. It explains the record FY2024, the FY2025 decline from supply-chain inventory adjustment, and that the qualitative vision ('a manufacturer with technology trading company functions') was not yet achieved. Business-unit messages review each segment under VISION2025. The FY2026 deck p.17 repeats the results-and-plan chart. Target against actual with explanation, so 5. Source document →
G1Corporate governance report available in English0/5
No English corporate governance report found in the defined search; the company also reports none to TSE.
G2Director biographies in English with tenure, expertise and independence5/5
The English notice of the 41st AGM (electronic provision 22 May 2026) covers all eight director candidates, which is the whole proposed board. It gives a table of gender, position, years in office (19, 1, 11, 13, 6, 5, 2, new) and board attendance, then a full career summary, age, and reasons for nomination or expected roles for each. Outside and independent status is stated for the four outside directors, with the TSE independence designation and the company's independence criteria (pp.3-13). The English Corporate Governance page adds attendance and reasons for appointing each outside director and outside auditor. Every director with tenure, career and independence, so 5. Source document →
G3Board skills matrix published in English5/5
The English 41st AGM notice (May 2026), p.14, has a 'Skills Matrix of Corporate Directors, Audit & Supervisory Board Members, and Corporate Officers'. It covers all eight director candidates and four auditors, plus a separate matrix for the five corporate officers who are not directors. There are seven skill areas (corporate management, production/development, IT/DX, global, sales/marketing, finance/accounting, legal/risk), and the choice of skills is explained against VISION2030. The English Corporate Governance page also has a skill-matrix section. Current matrix in English, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English Corporate Governance page sets out the policy and structure. Executive directors receive fixed monthly pay (benchmarked, with a table indexed to the President at 100), annual performance-linked pay capped at 5% of net income attributable to owners of the parent and driven by net income and net profit margin (65% cash bonus, 35% stock on retirement), and medium-to-long-term stock paying 0-125% on VISION2030 ordinary income ratio, ROE and an engagement score. Non-executives receive fixed pay plus non-performance-linked stock. The English AGM notice gives the FY2026 bonus (¥108,739 thousand to three executive directors). The English plan announcements give the trust caps (¥334m and 162,000 shares over five years). Missing: total remuneration paid by category and recipient group (business report or yuho, Japanese only), weights between the medium-term KPIs, and the pay-mix ratio, which the company says it does not set. Structure and KPIs with partial amounts, so 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 41st AGM (meeting 19 Jun 2026), on the English General Meeting materials page and the English news list dated 22 May 2026 (PDF created 21 May; notice dated 1 Jun; electronic provision from 22 May), so 28 days before the meeting. Opened in full: 15 pages, ~38,000 characters, not 63,000. It contains the convocation notice and the Reference Documents, with every proposal in English: Proposal 1, election of eight directors, with full career profiles and reasons for nomination for all eight; Proposal 2, one Audit & Supervisory Board member, with profile and reason; Proposal 3, directors' bonuses, with the remuneration structure. The business report and financial statements are not included (the Japanese notice runs to 81 pages), but these are matters to be reported and do not affect the vote. The English names both voting methods ('in writing or through the Internet') and the deadline (5:30 p.m., 18 Jun 2026). It does not name the voting website (web54.net in the Japanese, with QR 'smart' voting), which under the house convention does not cost the point. Re-checked 17 Oct 2026: the score holds, and the reason is corrected on length and contents (no business report). Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the voting website named above, www.web54.net (Sumitomo Mitsui Trust Bank), is in Japanese only, with no English option, as for ESPEC (6859) and Nitto Boseki (3110). Every proposal in English, but a Japanese-only voting route, so 4. Source document →
G6Shareholder vote results disclosed in English0/5
The general-meeting page carries eleven documents, all convocation notices. No resolution or voting-results document in English for any year. Weaker than SUMCO, which at least announces the outcome.
G7Cross-shareholdings in English with reduction schedule and rationale0/5
No English disclosure of cross-shareholdings anywhere checked: no English Corporate Governance Report or securities report exists. The English Corporate Governance page covers structure, skills, attendance, appointment reasons and remuneration, but nothing on policy shareholdings. The AGM notice, Investors Guide 2026, FAQ, Management Policies and Dialogue with Shareholders pages are silent. The only touch is a risk-factor sentence on the Business and other Risks page about investment securities held 'for its business'. That is not a cross-shareholding policy, count or amount.
O1English IR section reachable within two clicks of the English homepage5/5
The English homepage (https://www.teldevice.co.jp/eng/) has 'Investor Relations' in its main navigation, and one click lands on the English IR top (/eng/ir/), which carries latest news, the IR schedule and the latest-quarter materials. One click, so 5. Source document →
O2English document links resolve to English documents5/5
31 English document links were opened across types, and every one is an English document. Tanshin: FY2027Q1_e, FY2026Q4_e, FY2026Q3_e, FY2026Q2_e, 4QFY2017, 3QFY2013. Decks: FY2027Q1_appendix_e, FY2026Q4/Q3/Q2/Q1_appendix_e, FY2020Q4_presentations_e, 1QFY2022_appendix_e. Timely disclosures: ir_e_260729_1, ir_e_260729_2, ir_e_251029, ir_e_250929, ir_e_250513_2, ir_e_250513_3. AGM notices: 41st.pdf, 40th.pdf. Investors Guides 2026, 2025 and 2015. The ir_e_analyst260814 analyst report. Transcript and Q&A pages: presentation_260803, _260525, _260219, _251030, qa2026, qa2026b. A few press-release links inside the Investors Guide go to Japanese pages and are labelled '[Japanese only]'. All English, so 5. Source document →
O3English IR archive free of dead links5/5
All 31 sampled English document links (see O2) resolved, with the oldest from the FY2013 tanshin and the 2015 Investors Guide. The English meeting page's notices (31st to 41st) and the Investors Guide back numbers to 2007 are listed with live links. The one dead route found earlier, /eng/inquiry/ (a Japanese-rendered 404 noted in the ten-question record), is a contact path, not an archive document. All live, so 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered in Chromium: IR top, results library, Investors Guide, meeting, Medium-Term Plan, Business Forecasts, Financial Highlight, Message, Management Policies, Business Risks, Disclosure Policy, Stock, Dividend, Dialogue, Stock Price, FAQ, IR mail, IR sitemap, History, Market Environment, Q&A pages and News. All returned 200 with content. The Euroland widgets (ticker, share graph, interactive financial-analysis tool) render with data, and so do the YouTube embed and the chat widget. Some content is stale, which is not a rendering fault: 'Market Environment and Financial Forecast' still shows the FY2026 forecast with a '2,000 billion yen' typo. Every page renders, so 5. Source document →
O5Single page listing all English IR documents by date and type4/5
The English IR News archive (/eng/news/, with year tabs from 2010) is one dated list that mixes tanshin, timely disclosures, deck and transcript postings, AGM notices, Investors Guide and analyst reports. It is not typed: the IR top shows TSE/Update tags, the archive does not. It is also not exhaustive: Q&A pages and older decks are reached only through the per-type pages. Those pages are Financial Results / Presentation Materials (by fiscal year 2003-2027), Investors Guide (2007-2026) and General Meeting (31st-41st), each dated by period. One dated page, not typed and not complete, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The English archive is deep across types. Results summaries run every quarter from FY2013 (older ones from 2003 per the year tabs). Decks run from FY2020, presentation scripts from FY2024, and Q&A highlights from FY2025. Investors Guides go back to 2007, AGM notices from the 31st meeting (about 2016) to the 41st, and timely-disclosure PDFs are in the news archive by year. Several years across document types, so 5. Source document →
O7Named English IR contact published2/5
The English IR top, IR menu, FAQ, IR sitemap and IR Email Alert page (an alert sign-up only) carry no IR contact item. The only 'Contact Us' link goes to the corporate contact page, which offers sales forms for Asia Pacific and North America and a 'General Contacts' form (company, department, address, phone, comments) with no IR category. A generic Zoho chat widget runs site-wide. The Japanese site does have a dedicated IRお問い合わせ page (IR室, phone, IR form) with no English counterpart. In English, the contact is named in the Q1 FY2027 tanshin header (Inquiries: Hiroki Tanaka, Director, Financial Department, +81-3-6635-6000). The back cover of the English Investors Guide 2026 also gives the IR Department address ir-info@teldevice.co.jp, but that is in a document, and the site itself offers no IR route. Re-checked 17 Oct 2026: the score holds, and the reason adds the guide's IR e-mail and the general form's lack of an IR category. Named only in documents, no IR route on the English site → 2 (floor; the dedicated address in the guide is the only thing that could argue for 3). Source document →
R1Earnings materials published in English simultaneously with Japanese4/5
Tanshin: the English Q1 FY2027 and FY2026 results are dated and listed on 29 Jul 2026 and 27 Apr 2026, the same days as the Japanese. PDF metadata agree (Q1 English modified 29 Jul; FY English created 24 Apr). Q3 and Q2 FY2026 were also same day (2 Feb, 29 Oct). Decks: the English news list says 'IR Presentation Materials Posted' on the Japanese day each period. However, the English deck files now served were created later than the Japanese ones every time: Q1 FY2027 on 7 Aug against 31 Jul (Japanese), FY2026 on 15 May against 27 Apr, Q3 FY2026 on 16 Feb against 2 Feb, Q2 FY2026 on 11 Nov against 29 Oct, Q1 FY2026 on 6 Aug 2025. Their URLs carry matching cache-busters (?2605, ?0217, ?251114). The evidence does not show a same-day English deck, so the floor is taken: tanshin same day, deck later, 4. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Lags (English minus Japanese). Q1 FY2027 tanshin: 29 Jul vs 29 Jul 2026 = 0. FY2026 tanshin: 27 Apr vs 27 Apr 2026 = 0. 41st AGM notice: English posted 22 May 2026 per the English news list (PDF created 21 May), Japanese electronic provision from 22 May 2026 = 0. Corporate Governance Report: no English version, counts as >90. Annual securities report: no English version, counts as >90. Median of (0, 0, 0, >90, >90) = 0 days, so 5 on the rule as written, although two of the five statutory documents have no English at all. Source document →
R3Timely disclosures published in English5/5
The Japanese IR news list (適時開示, 15 Oct 2025 to 14 Oct 2026) has eight timely disclosures besides the four tanshin: interim dividend (29 Oct 2025), change of representative directors (2 Feb 2026), change of officers (30 Mar 2026), year-end dividend forecast increase (27 Apr 2026), distribution of surplus (18 May 2026), matters concerning the controlling shareholder (24 Jun 2026), forecast and interim dividend revision (29 Jul 2026), and additional stock-compensation trust contribution (29 Jul 2026). The English news archive carries all eight as English PDFs on the same dates, and all four tanshin too. All, same day, so 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
No machine-translation notice anywhere on the rendered English site (IR pages, Terms of Use, Disclosure Policy) or in the English documents. The disclaimers are human-translation precedence lines ('translated from the Japanese original for reference purposes only ... the original shall prevail'), which belong to R5. Nothing is presented as machine-translated, so 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese1/5
"This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy ... the original shall prevail." Source document →
Open a question for the reasoning and the document its score was read from. A zero means no qualifying English materials were located within the stated review scope as of 2026-10-01. Compare this question across companies →
Capital-policy review
Not scored. 1 action has been reviewed; a score out of 100 is published once 3 or more are. The ratings:
Each action is read against the company’s own filings on four checks: was the promise specific, can the steps be traced, were the economics explained, and did it report back against the target. This records the status of selected actions, not an assessment of the company as a whole. How this is scored →
Semiconductor solutions, private-brand growth and capital-policy plan
Strategy or target reset · In progress · Plan announced 30 April 2024
Tokyo Electron Device set FY2030 sales, margin and ROE targets and explicit balance-sheet and payout guardrails.
Timeline and sources (1 step)
- 30 April 2024Plan announced Tokyo Electron Device set FY2030 sales, margin and ROE targets and explicit balance-sheet and payout guardrails. Medium-Term Management Plan VISION2030
What management said it would do
Management targets ¥300–350bn sales, at least 8% ordinary-income margin and at least 20% ROE by FY2030.
From the company’s own disclosure · Medium-Term Management Plan VISION2030
What it actually did, and when
The plan is underway; the required CN, EC and PB mix shift and final returns remain pending.
Partly disclosed — a gap remains · Medium-Term Management Plan VISION2030 · Announcement Regarding Medium-Term Management Plan VISION2030
What it disclosed about the economics
VISION2030 targets at least 40% equity, appropriate inventory and a 40% payout while prioritizing growth investment.
Partly disclosed — a gap remains · Medium-Term Management Plan VISION2030 · Announcement Regarding Medium-Term Management Plan VISION2030
What has happened since
The FY2030 result is not due.
Partly disclosed — a gap remains · Medium-Term Management Plan VISION2030
The question this leaves open
Investor question: Which PB and solution investments create the margin step-up? IR preparation: publish investment, segment mix, gross margin and ROIC bridges.
Our analysis, not a company statement
Balance sheet and capital-policy indicators
A source-backed first-pass capital-efficiency, balance-sheet and governance reading, separate from the accountability score.
Cash use and returns
Tokyo Electron Device prioritizes technology, business expansion, M&A, DX and human capital while using a 40% payout guideline.
Capital structure
VISION2030 targets an equity ratio of at least 40%, appropriate inventory and financial leverage while prioritizing growth investment.
Governance of capital decisions
Management defines value creation as returns above capital cost and publishes segment-mix and margin targets.
Preliminary and not scored: a selected-source reading, reviewed 29 September 2026. Surplus cash, leases, maturities, project ROIC, cost of capital, committed spend and peer comparability are not fully assessed; none enters the accountability score. Figures are the company’s own reported numbers; a large cash balance is not called excess without a defensible operating reserve and investment plan. Every company with a balance-sheet reading →
Changes to this record
- Research error 23 October 2026 · G5: 5 → 4. Every proposal is in the English notice, but the voting website shareholders use (Sumitomo Mitsui Trust Bank) is in Japanese only.
Every change is labelled as a research error, new evidence supplied, improved disclosure or a rule change, with its date and the previous score. Change log →
Scores assess how English information is published, not the quality of the business or its investment value. To report an error or a document we missed, see how to contact us.