Nitto Boseki Co., Ltd.
Cite as: Japan IR Index, Nitto Boseki Co., Ltd. (3110), 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.
F6 Multi-year financial data file (Excel or CSV) downloadable in English 0/5 Quick fix
Post the financial figures the company already publishes as an Excel or CSV file with English labels.
G6 Shareholder vote results disclosed in English 2/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O7 Named English IR contact published 3/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
S3 English equity-story or investment-highlights page 3/5 Translation
Put the investment case, with figures, on one English page or section.
English disclosure assessment
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Glass & Ceramics Products) | 76.5 | 2 of 5 |
| Same size band (¥500bn–2tn) | 84.2 | 27 of 43 |
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, 30 scored 3 or more and 2 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
Consolidated Financial Results for the first three months of FY ending 31 March 2027, in English, 5 August 2026, 40,000 characters carrying operating results, financial position, forecast, segments and per-share figures. Archive runs FY2013 to FY2026. Source document →
F2English results summary is a full translation, not an excerpt5/5
Consolidated Financial Results for the First Three Months of FY ending March 2027 (5 Aug 2026), English 10 pages against the Japanese 2027年3月期 第1四半期決算短信 at 11. The only page the English lacks is the Japanese attachment table of contents (添付資料の目次). Everything else is there in the same order: summary pages (results, financial position, dividends, forecast, notes on consolidation scope, accounting changes and share counts), the qualitative section (operating results by all six segments, financial position, the forecast revision with previous/revised/change tables for 1H and full year), the balance sheet, income statement and comprehensive income statement, and the notes (segment information for both periods with reconciliation, shareholders' equity, going concern, cash-flow/depreciation note). The year-end English tanshin (12 May 2026) is 16 pages to the Japanese 18 and also carries every section: cash flows, outlook, dividend policy, the accounting-standards statement, all five statements, and the going concern, segment, per-share and subsequent-events notes. The whole tanshin, so 5. Source document →
F3Financial statements including notes available in English5/5
The English Q1 FY3/2027 tanshin carries the quarterly balance sheet, income statement and comprehensive income statement with the notes the Japanese carries: the segment note for both periods with its reconciliation, plus the shareholders' equity, going-concern and cash-flow/depreciation notes. Like the Japanese, it has no quarterly cash-flow statement. The English FY3/2026 tanshin adds the statement of changes in equity and the cash-flow statement, with segment (including segment assets), per-share and subsequent-events notes. Full statements and notes for the latest period, so 5. Source document →
F4Annual securities report available in English in any form0/5
The English IR Library has exactly six sections - results reports, briefing materials, briefing video, general meeting, governance report, integrated report. No securities report in any of them, and the company reports none to TSE. The library's own blurb claims 'annual securities reports' are available; they are not.
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Every English tanshin gives net sales (external and intersegment) and segment profit for the six reportable segments: Electronic Materials, Medical, Composite Materials, Materials Solution, Insulation Materials and Other, with the adjustment line. In Q1 FY3/2027, for example, Electronic Materials had sales of ¥14,589m and profit of ¥7,036m. The FY3/2026 tanshin states the segment definitions ('Overview of reportable segments': what each segment makes and sells, and that segment profit is based on operating profit, with intersegment pricing at market). The decks repeat the segment figures and add segment forecasts. Sales and profit every period, with stated definitions, so 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
Searched the English IR top, IR Library and its six sub-pages, and Financial Highlights for .xls/.xlsx/.csv/Excel/data links, using rendered link lists. There are none. Financial Highlights (eng/ir/highlight.htm) is an HTML chart page with five years (3/22-3/26) of sales, operating income and margin, ordinary income, net profit, ROE, equity ratio and EBITDA. The only download is a ZIP bundle of the latest PDFs. The Japanese 業績ハイライト has no spreadsheet either. No downloadable data file.
F7Guidance disclosed in English with the basis explained5/5
The English FY3/2026 tanshin's 'Future Outlook' gives the FY3/2027 forecast with its basis: Middle East effects on resource and logistics costs, material procurement, FX volatility, China, and strong Special Glass demand from data centres and package substrates. The forecast table carries net sales ¥137.0bn, operating profit ¥26.0bn, EBITDA, capex ¥45.0bn, depreciation, R&D and an exchange rate of ¥152.5/USD. The Q1 tanshin (5 Aug 2026) explains the upward revision to ¥141.0bn / ¥30.0bn, with previous, revised and change tables for 1H and the full year. The Q1 deck adds the 1H/2H split, an operating-profit bridge with FX (¥158/USD), segment sales and profit forecasts against the May forecast, and a business outlook by segment. Forecast, assumptions, segment forecasts and explained revisions, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English Q1 FY3/2027 results published 5 August 2026, the same period as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
The English 'Medium-Term Management Plan (FY2024-2027)' page carries every quantitative target as revised on 12 May 2026: FY2027 net sales ¥155bn, operating profit ¥36bn, EBITDA ¥51bn, ROE 8%+, ROIC above WACC, four-year capex about ¥120bn, R&D about ¥16bn, net D/E 0.4x or less, equity ratio 55%+, a dividend floor of ¥55 with 30% payout, and the employee bonus link. It also has the key points, strategies for all five divisions, R&D and sustainability. It matches the Japanese 中期経営計画 page item for item. The revision itself ('Notice of Revisions to Targets for the Final Year of the Medium-Term Management Plan', initial against revised targets, with reasons) was in English the same day as the Japanese. Complete and current, so 5. Source document →
S2IR presentations published in English5/5
Financial Results Presentation in English on 5 August 2026, and the Main Questions and Answers from the results briefing on 7 August - the Q&A, not only the deck. Source document →
S3English equity-story or investment-highlights page3/5
There is no investor-framed equity-story page in English. The nearest is 'What Kind of Company Is Nittobo?' (eng/corporate/ataglance), under Company Information and featured on the homepage. It gives net sales by segment (Electronic Materials ¥49.3bn, 41.7%, and so on), product feature blurbs and Big VISION 2030. It is a company overview, not framed for an investor, and its strengths are product descriptions. Integrated Report 2025's 'Value Creation Drivers' describes strengths qualitatively. The Japanese IR site has a dedicated 個人投資家の皆様へ page (At a Glance, strategy, and a 23 Feb 2025 individual-investor briefing deck) with no English counterpart. A company-overview page doing the job, so 3. Source document →
S4Growth drivers identified and quantified in English4/5
The English decks name the drivers: AI-server demand for low-thermal-expansion T-glass in semiconductor package substrates, NE/NER low-dielectric glass for data centres, and medical reagents overseas. They also include an applications-by-device table and a 5G-6G roadmap. Some numbers are attached: the Special Glass yarn/cloth sales index by half-year (FY15 = 100, rising to 802 in 2H FY25, with an FY26 forecast), Electronic Materials sales forecast at ¥77.8bn (+¥16.4bn) and operating profit at ¥28.0bn, FY2026 capex of ¥45bn, a four-year MTP capex of about ¥120bn, and a capacity-expansion timeline by site. There are no market-size, market-share or capacity-volume figures. Named, some quantified, so 4. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
Every quarter has an English 'Main Questions and Answers at the Financial Results Briefing' (2 pages, about 4,200-4,400 characters), matching the Japanese 決算説明会 主要質疑応答, which is also a Q&A summary; the Japanese side publishes no full transcript. English against Japanese posting dates from the two IR news lists: Q1 FY3/27, 7 Aug against 6 Aug; FY3/26, 14 May against 13 May; 3Q, 10 Feb against 10 Feb; 2Q, 10 Nov against 7 Nov; Q1 FY3/26, 8 Aug against 5 Aug. The series runs back to FY2019. Every period, but up to three days behind the Japanese, so 4. Source document →
S6Integrated or annual report available in English4/5
Integrated Report in English with an independent assurance statement, back to 2019. The latest is Integrated Report 2025, covering the year ended 31 March 2025; no edition for the year ended March 2026 as at 1 October 2026. One edition behind. Source document →
S7Progress against the previous plan, including misses, explained in English4/5
Integrated Report 2024 (English) reviews the previous Mid-Term Business Plan (FY2021-2023). The CEO message sets the operating-profit target against the actual: FY2023 ¥8.4bn against the ¥14.0bn target, missed because of COVID-19, US-China friction and a semiconductor inventory correction. It also says the asset-efficiency targets were missed, without numbers. The 'Medium-Term Management Plan Review' page then narrates the four key measures. For the current plan, Integrated Report 2025 tabulates FY2024 results against every target, and the May 2026 revision notice explains that the original ¥20bn operating-profit target was reached in FY2025. The previous plan is reconciled on one target only, with the rest narrated, so 4. Source document →
G1Corporate governance report available in English5/5
The Corporate Governance Report filed with TSE, in English, last updated 19 June 2026. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English Notice of the 165th AGM (electronic provision 28 May 2026, 26 pages) covers all seven director candidates, which is the whole board (all terms expire). Each has date of birth, shares held, attendance at the board and each committee (e.g. 13/13), full dated career history with concurrent posts, and the reason for nomination. Each external candidate is marked External/Independent and is shown against the company's Independence Criteria, which are printed in full. Tenure is stated in years for the external directors ('Tenure as External Director: 6 years', 6, 4, 2) and is dated in the career history for the internal ones (e.g. Tsuji: Director and Executive Officer, June 2015). The committee composition table follows. Every director, all three elements, so 5. Source document →
G3Board skills matrix published in English5/5
The English 165th AGM notice (May 2026) carries 'Key Director Expertise and Experience (Skills Matrix)' for all seven candidates against seven defined skills (corporate management, global business, sales/marketing, technology/R&D, finance/accounting, legal/risk management, HR/personnel development), with the definitions explained. Current matrix in English, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English5/5
The English AGM notice's business-report section sets out the remuneration policy and structure: basic remuneration, variable remuneration (0-150%) and performance-linked stock. It gives the mix by position (e.g. CEO 60/25/-/15%), the KPIs and their weights (company: operating profit against a ¥10bn standard 40%, operating profit year on year 30%, ROE year on year 30%; division: divisional operating profit 42.9%, activity KPIs 57.1%) and FY2024 targets against actuals. It also gives the stock-plan formula (operating profit against the MTP target, coefficient 0-1.5, FY2025 target ¥16.9bn against ¥20.8bn actual) and base points by position. Amounts are given by category: directors ¥146m and executive officers ¥370m, total ¥516m (basic ¥330m, variable ¥128m, stock ¥58m). Structure, KPIs with weights, and amounts, so 5. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Electronic provision from 28 May 2026 for a meeting on 19 June - 22 days - and complete in English at 91,000 characters, reference documents and candidate profiles included. Held at 4 for a different reason than first recorded: the notice itself says 'the website that Nittobo uses for the exercise of voting rights (soukai.mizuho-tb.co.jp) is available in Japanese only'. The English reader can read the proposals but cannot use the route the company offers for voting on them. Source document →
G6Shareholder vote results disclosed in English2/5
The Notice of the Resolutions names each proposal and says it 'was approved and adopted as originally proposed'. No vote counts, no approval ratios. The reader learns that it passed, not how. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale3/5
The English CG report (19 Jun 2026, Principle 1-4) and AGM notice give the holding policy and the board's annual per-holding review (qualitative factors plus total return against cost of capital). They also report sales: 6 companies for ¥4,784m in FY2025, and 7 companies for ¥6,741m over FY2024-25. Integrated Report 2025 adds a five-year table (FY2020-24) of stocks sold by count and amount and the year-end portfolio (43 stocks, ¥20,549m at FY2024), plus the voting-rights policy. There is no reduction target or schedule anywhere. Policy and numbers without a target, so 3. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
The English homepage (www.nittobo.co.jp/eng/) has 'Investors Relations' as a visible item in its top navigation bar, linking straight to /eng/ir/. One click. Source document →
O2English document links resolve to English documents5/5
Sampled 24 English document links, and every one opened as an English document (no CJK beyond stray characters). The sample: Q1 FY3/27, FY3/26, FY3/20 and FY3/14 tanshin; Q1 FY3/27 and FY3/26 decks; FY3/20 briefing; Q1 FY3/27, FY3/26 and 2Q FY3/20 Q&A summaries; the 165th, 163rd and 2019 AGM notices and the 165th resolutions; the CG report (both the eng/ir/pdf and eir-parts copies); Integrated Reports 2025, 2024 and 2019 and the 2025 assurance statement; and the MTP revision, stock-split, Nan Ya collaboration and CEO-change notices. Items that are Japanese-only (briefing video, share price, electronic public notice, asbestos information) are labelled '(Japanese version only)'. All English, so 5. Source document →
O3English IR archive free of dead links5/5
The same 24 links, spanning 2014 to Aug 2026 (tanshin, decks, Q&A, AGM notices and resolutions, CG report, integrated reports from 2019, timely disclosures), all opened and rendered with page counts. No dead links, so 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered in Chromium, each of these pages shows its content: IR top (latest materials, CEO message, IR news), IR Library and its sub-pages (the eir-parts lists populate for every fiscal year selected), IR News Releases (2014-2026), IR Calendar, Financial Highlights (charts and tables), Analysts' Coverage (8 brokers), Stock Information, MTP, Shareholder Returns and IR Policy. No blank widgets. Share price is a labelled Japanese-only link rather than a failed widget. 5. Source document →
O5Single page listing all English IR documents by date and type4/5
The IR Library is split by type across six pages (results reports, briefing materials, briefing video, general meeting, CG report, integrated report). Those pages are arranged by fiscal year, but the items carry no dates. The one dated list is IR News Releases (eng/ir/news.htm), by year from 2014: tanshin, decks, Q&A summaries, AGM notices and resolutions, CG reports and timely disclosures, each with a date. It does not label document types and omits the integrated report. One dated page, not typed and not every type, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
Deep archive: English tanshin FY2013-FY2026 (back to the FY3/2014 report), briefing decks and Q&A summaries back to FY2019, AGM notices and resolutions from the 2019 convocation notice to the 165th, Integrated Reports 2019-2025 with assurance statements, and IR news from 2014. Several years across document types, so 5. Source document →
O7Named English IR contact published3/5
The English IR top (nittobo.co.jp/eng/ir/) and its full IR menu (Management Policy, Corporate Governance, IR Library, IR News Releases, IR Calendar, Financial Highlights, Analysts' Coverage, Stock Information) carry no IR contact item; the only route is the site-wide 'Contact us' link in the global header, which opens one shared corporate form whose required 'Inquiry item' list runs Glass Fiber, Yarn, Glass Cloth, Medical ... and includes 'IR' among a dozen product and corporate categories. The results summary names Hiroki Kajikawa, Senior Executive Officer, +81-3-4582-5040. Re-checked 17 Oct 2026 from the English IR top under the current bands, which no longer turn on a named person: the score is unchanged but now rests on the route, not the name. A genuine IR route exists (an IR category on a shared corporate form) but it is neither dedicated nor reachable from the IR section, which is a 3; the citation moves from the tanshin to the contact form. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
Posting dates from the English and Japanese IR news lists show the English tanshin and deck on the same day as the Japanese tanshin and 決算説明資料 every period: Q1 FY3/27, 5 Aug 2026 both; FY3/26, 12 May 2026 both; 3Q, 5 Feb 2026 both; 2Q, 6 Nov 2025 both; Q1 FY3/26, 1 Aug 2025 both. PDF creation dates agree (English Q1 tanshin created 5 Aug 09:56, English FY tanshin created 12 May). Tanshin and deck the same day every period, so 5. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
English against Japanese, from the two IR news lists: Q1 FY3/27 tanshin, 5 Aug / 5 Aug = 0 days; FY3/26 tanshin, 12 May / 12 May = 0; 165th AGM notice, 28 May / 28 May = 0 (both PDFs created 26 May); Corporate Governance Report, 19 Jun / 19 Jun = 0 (TDnet 19 Jun; English PDF created 11 Jun); annual securities report, Japanese 18 Jun 2026 with no English version = more than 90. Sorted: 0, 0, 0, 0, >90. Median 0 days, so 5. Source document →
R3Timely disclosures published in English5/5
In the twelve months to 14 Oct 2026 the Japanese IR news list carries seven 適時開示/任意開示 items besides results, and every one is in the English list on the same day: forecast revision with gain on asset transfer (6 Nov 2025), dividend-forecast revision (6 Nov), Nan Ya Plastics collaboration (28 Nov), change of CEO and officers (24 Dec), dividends of surplus (12 May 2026), MTP final-year target revision (12 May), and stock split with articles amendment and dividend-forecast revision (25 May). The CG report updates (1 Apr and 19 Jun) are also same day. The only Japanese-only item is the statutory 臨時報告書 (vote results). All, same day, so 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
Rendered the English homepage, IR top, library pages, Analysts' Coverage (whose 'Important Notice' concerns analyst lists) and Terms of Use. There is no machine- or AI-translation notice or banner. The documents carry human-translation precedence language ('The Japanese original of the document is the sole official version'), which belongs to R5, and the Q&A summaries say they are 'not a word-for-word' record. Nothing is presented as machine-translated, so 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese1/5
Every English document carries it: 'provided for your reference and convenience only, without any warranty as to its accuracy ... The Japanese original of the document is the sole official version.' 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 →
FY2024–FY2027 growth-investment and capital-efficiency plan
Strategy or target reset · In progress · Plan announced 10 May 2024
Nittobo set FY2027 operating and return targets alongside a large specialty-glass investment program and explicit balance-sheet guardrails.
Timeline and sources (1 step)
- 10 May 2024Plan announced Nittobo set FY2027 operating and return targets alongside a large specialty-glass investment program and explicit balance-sheet guardrails. Mid-Term Management Plan 2024–2027
What management said it would do
Management targets ¥155bn sales, ¥36bn operating profit and at least 8% ROE by FY2027.
From the company’s own disclosure · Mid-Term Management Plan 2024–2027
What it actually did, and when
Specialty-glass capacity investment is progressing; full deployment and project returns remain to be reconciled.
Partly disclosed — a gap remains · Mid-Term Management Plan 2024–2027 · Nittobo Integrated Report 2025
What it disclosed about the economics
The plan combines approximately ¥120bn of capex with ROIC-above-WACC, leverage and dividend guardrails.
Partly disclosed — a gap remains · Mid-Term Management Plan 2024–2027 · Nittobo Integrated Report 2025
What has happened since
The FY2027 outcome is not due.
Partly disclosed — a gap remains · Mid-Term Management Plan 2024–2027
The question this leaves open
Investor question: Which glass-fiber projects earn above WACC? IR preparation: publish project spend, utilization, margin and ROIC.
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
Nittobo plans approximately ¥120bn of capital investment and ¥16bn of R&D through FY2027, led by high-specialty glass fiber capacity.
Capital structure
The plan targets net D/E of 0.4x or less, an equity ratio of at least 55%, and a 30% dividend payout ratio with a ¥55 floor.
Governance of capital decisions
Management explicitly targets ROIC above WACC and ROE above the cost of shareholders’ equity.
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
No score on this page has changed since the change log started on 20 October 2026.
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.