Macnica Holdings, Inc.
Cite as: Japan IR Index, Macnica Holdings, Inc. (3132), 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.
O2 English document links resolve to English documents 3/5 Quick fix
Check every link on the English IR pages; label any that open a Japanese document, or link the English version.
R4 English disclosure free of machine-translation accuracy disclaimers 3/5 Quick fix
Have the English pages reviewed so that no machine-translation notice is needed.
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 | 2 of 4 |
| Same size band (¥500bn–2tn) | 84.2 | 6 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, 32 scored 3 or more and 1 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 three months ended 30 June 2026, in English, 27 July 2026. The results table runs FY2014 to FY2026 with summary, presentation, data and transcript columns. Source document →
F2English results summary is a full translation, not an excerpt5/5
Q1 tanshin 'Consolidated Financial Results for the Three Months Ended June 30, 2026', 27 Jul 2026: 16 pages in English against 16 in the Japanese 2027年3月期 第1四半期決算短信. Both carry the summary pages, the qualitative section (results by segment, sales by product, financial position, cash flows, outlook), the balance sheet, P&L, comprehensive income and cash flow statements, and the notes (quarterly accounting procedures, segment information with reconciliation, equity, going concern). The full-year tanshin for FY to Mar 2026 (11 May 2026) is 19 pages against 19, and also carries the segment overview note. The whole document, page for page, so 5. Source document →
F3Financial statements including notes available in English5/5
The latest English tanshin (Q1, 30 Jun 2026) has the full balance sheet, income statement, comprehensive income and cash flow statements with notes: quarterly accounting procedures, segment sales and profit with the reconciliation to the P&L and the reportable-segment change, shareholders' equity, and going concern. That is the same note set as the Japanese. The English annual securities report for FY to Mar 2026 adds the full audited statements and notes. Full statements and notes for the latest period, so 5. Source document →
F4Annual securities report available in English in any form5/5
The whole Annual Securities Report for the 11th business term (year ended 31 March 2026), filed 23 June 2026, 514,000 characters - every part of the statutory filing including business risks, corporate governance and the auditor's report, not only the financials. Source document →
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Every English tanshin gives net sales and operating income by reportable segment, in both the narrative and the segment note. The FY to Mar 2026 tanshin states how segments are determined and what products and services each covers (ICs/Electronic Devices; Cybersecurity and Other IT Solutions). From Q1 FY to Mar 2027 the CPS Solutions business is a separate third segment and the other two were renamed Semiconductor and Cybersecurity. The tanshin and deck (p9) both explain the change and restate the prior year on the new basis. The deck adds segment sales by application and product and quarterly segment series. Sales and profit every period with stated definitions, and a disclosed and restated change, so 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English4/5
The English Performance/Financial Information page embeds a stockweather data tool (EN_A01 to A05) with an 'XLS downloads' link to Premium_FinancialData_en.xlsx, separate from the Japanese _jp.xlsx. The tables run ten fiscal years (2017/03 to 2026/03), annual and quarterly. They cover operating results (sales, gross profit, OI, OP, NI, margins), efficiency (DSO, DIO, DPO), cash flow (operating, investing, financing and free CF), and financial metrics (total assets, equity, ROE, ROA, equity ratio), with segment P&L as a plus. There are no per-share data (EPS, BPS, DPS) and no balance sheet beyond total assets and equity. An English spreadsheet with ten years, but narrower than full P&L, BS, CF and per-share, so 4. Source document →
F7Guidance disclosed in English with the basis explained5/5
The English Q1 tanshin gives the full-year forecast for FY to Mar 2027 (sales ¥1,300bn, OI ¥52bn, OP ¥47bn, NI ¥32bn, EPS ¥179.21). Its qualitative outlook is by segment, assumes US$1 = ¥150, and states that the Middle East and oil-price effects are excluded. The decks give segment plans (Semiconductor ¥1,088bn/¥37.5bn, Cybersecurity ¥196bn/¥20.1bn, CPS ¥16bn/-¥5.6bn) and progress against them. The English 'Notice Regarding Revisions to the Consolidated Full-Year Financial Results Forecast' (2 Feb 2026) sets out previous vs revised figures and explains the reasons by business. Forecast, FX assumption, segment numbers and explained revisions, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English Q1 FY2026 results on 27 July 2026, the same period as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
The Mid-Term Management Plan (FY2025-2027), dated 7 May 2025, is on the English MTP page as a 17-page PDF, matching the 17-page Japanese 中期経営計画 published the same day. It carries the FY2027 targets (sales ¥1.4tn, OI ¥80bn, OPM 5.7%, ROE 15%), segment sales and OI targets, the FY2030 long-term targets (¥2tn, ¥150bn, 7.5%, 15%), growth investment of ¥50-80bn, a net DER cap of 0.5x, total payout of 40-50% and DOE of 5%. Complete and simultaneous, so 5. Source document →
S2IR presentations published in English5/5
Financial Results for FY2026 1Q presentation in English, 18 pages, published with the results on 27 July 2026, alongside a data appendix and a full briefing transcript including Q&A. Source document →
S3English equity-story or investment-highlights page5/5
Integrated Report LIMITLESS 2026 (English) has a dedicated 'Why Invest in Macnica?' section (pp.18-21) after 'Company Overview: At a Glance' (p.17). The section is quantified: No.1 semiconductor distributor in Japan and No.7 globally by share (Gartner), and an 11-year operating income and OI-per-employee comparison against eight named peers. It also gives EPS from FY2015-FY2025 and TSR against TOPIX over 1, 3, 5 and 10 years (e.g. 599.9% vs 328.2% over 10 years), then market CAGRs by business. A dedicated investor section with numbers, so 5. Source document →
S4Growth drivers identified and quantified in English5/5
The drivers are named and quantified. The integrated report gives a global semiconductor market CAGR of 21.6% for CY25-30 by application, cybersecurity market CAGRs of 13.8% in Japan and 11.4% in Asia-Pacific, and a target of 10,000 autonomous-service vehicles by FY2030 for the CPS business. The decks report AI-related revenue of ¥47.9bn (+142%) and share gains (domestic semiconductor share from 12.8% to 20.0%, domestic security product share 18.4%). The MTP adds segment targets to FY2027 and growth investment of ¥50-80bn. Named drivers with numbers, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
The English library and IR news carry a 'Transcript including Q&A' PDF for every briefing the Japanese side transcribes. These are Q1 FY to Mar 2027 (21 pp, 30 Jul 2026; the Japanese transcript PDF and logmi article are also 30 Jul), FY to Mar 2026 (34 pp, 15 May; Japanese logmi 14 May, TDnet PDF 18 May), and 1H FY to Mar 2026 (32 pp, 4 Nov 2025; Japanese logmi 30 Oct). Q3 gets a 'Frequently Asked Investor Questions and Answers' on 13 Apr 2026 in both languages. The Investor Day and LIMITLESS Dialogue event transcripts are also in English. A full transcript per period, but the English transcript for the half year followed the Japanese by about five days, and an English Q&A arriving days late is band 4 (as Nitto Boseki, 3110): 4. Source document →
S6Integrated or annual report available in English5/5
Integrated Report LIMITLESS 2026 published 14 September 2026 in English, in an online-viewing edition and a printable one. The current edition, not last year's. Source document →
S7Progress against the previous plan, including misses, explained in English5/5
The English FY to Mar 2025 results deck (7 May 2025, pp.10-14) has a 'Mid-Term Management Plan (FY2022-2024) Review'. It sets each target against the actual with an achievement rate: sales ¥1,034.2bn vs ¥1,040bn (-1%), OI ¥39.6bn vs ¥44.5bn (-11%), OPM 3.8% vs 4.3%, NI ¥25.3bn vs ¥30bn (-16%), ROE 10.0% vs 15.0%, working-capital turnover 3.4 vs 3.8. Segment target-vs-actual charts follow, and an executive summary explains the misses ('Semiconductor business impacted by supply shortages and US-China tensions'). The FY to Mar 2026 deck continues with FY25 target vs result. A dated, explained reconciliation, so 5. Source document →
G1Corporate governance report available in English5/5
The English page /en/investors/library/governance-report/ on holdings.macnica.co.jp now renders in English (machine-translated site prose under a 'This page uses machine translation' modal) and links 'Corporate Governance Report' to ssl4.eir-parts.net/doc/3132/ir_material6/281208/00.pdf. That file is the TSE filing itself in English: 31 pp, about 92,000 characters, headed 'Corporate Governance Report', 'Last Update: June 24, 2026', Kazumasa Hara as Representative Director and President, contact +81-45-470-8980, 'TSE Prime 3132'. It runs from I. Basic Views and the Code principles (cross-shareholdings etc.) through to the employment data and skills matrix on pp 30-31. The PDF was created 23 Jun 2026. The Japanese page links ir_material5/281207 (21 pp, 最終更新日 2026年6月24日), so the English is the same edition as the Japanese and was posted the same day. It opens with the standard 'original shall prevail' line (an R5 matter). Re-checked 17 Oct 2026: the first pass found the English URL serving the Japanese page, but it now carries the English filing. The report filed with TSE, in English and current, is 5. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English 11th AGM notice (provided 2 Jun 2026) covers the whole board: Proposal 2 has eight directors and Proposal 3 has three Audit and Supervisory Committee members. Each has date of birth, full career history, concurrent posts, shares held and the reason for nomination. Each is tagged [Outside Director]/[Independent Director], with supplementary notes on independence and the company's independence criteria. Tenure is given as 'term of office as an Outside Director ... will be seven years' and in the skills matrix's 'Since' column for every director. All three elements for every director, so 5. Source document →
G3Board skills matrix published in English5/5
The English AGM notice of June 2026 ends with 'Skills matrix of Directors to be elected' (p.16) for all directors if Proposals 2 and 3 pass. It shows position, outside status, year appointed, and skills including corporate management, governance, long-term strategy, risk management and HR. Integrated Report LIMITLESS 2026 repeats it ('Experience and Expertise of Directors (Skills Matrix)', p.54). Current and in English, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English5/5
Integrated Report LIMITLESS 2026 (p.55, 'Basic Design of Executive Compensation') gives the mix of base 50%, bonus 20% and restricted shares 30% with a 3-year restriction. The bonus pays 0-150% on KPIs weighted 60% management numerical targets (sales, OPM, ROE), 25% strategic targets and 15% corporate culture (engagement). The English annual securities report (pp.58-59) gives the policy, the FY actuals for the KPIs (sales ¥1,214,196m, OPM 3.5%, ROE 10.0%), and the amounts by category. For example, inside directors received ¥202m: base 77, bonus 36, shares 88, across 5 people. Structure, KPIs with weights, and amounts, so 5. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Electronic provision from 2 June 2026 for the 11th AGM on 24 June - 22 days. Complete in English at 61,000 characters: reference documents, all three proposals, candidate profiles and reasons for nomination. Only the company's own materials page is marked Japanese-only, and the same materials are in the English notice. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the company's shareholder pages name Mitsubishi UFJ Trust and Banking as share registrar, whose voting website (evote.tr.mufg.jp) 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 meeting page carries convocation notices and supplementary proposal information across FY2019 to FY2025 and nothing else. No resolution or voting-results document in English for any year, and none in the English IR news list.
G7Cross-shareholdings in English with reduction schedule and rationale3/5
The English annual securities report (pp.59-61, 'Status of Shareholdings') says the holding company holds only subsidiary shares. Macnica, Inc. holds non-pure-investment shares 'only on an exceptional basis' for business relationships, alliances or new business areas, and the board reviews each holding annually. Numbers are given: 10 unlisted issues (¥477m) and 6 listed (¥1,683m), five of them acquired in the Glosel merger. Two listed issues were sold for ¥1,817m, and each listed holding has a stated purpose. There is no reduction target or schedule, and the integrated report adds none. Policy and numbers with no target, so 3. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
The English homepage holdings.macnica.co.jp/en/ has 'Investor Relations' as a visible anchor in the top navigation bar (href /en/investors/). It also has an IR news block with direct document links. One click. Source document →
O2English document links resolve to English documents3/5
Sampled 17 English document links. English: Q1 FY27 tanshin, deck, data and transcript; FY tanshin, deck and transcript; 1H FY26 transcript; FY2014 results (2015); Q1 FY25 tanshin (2024); 11th and 10th AGM notices; annual securities report; Corporate Governance Report (Jun 2026 and Dec 2025); forecast-revision notice; Elektronika acquisition release; Q3 FAQ; Investor Day and LIMITLESS Dialogue transcripts. Japanese: two links on the English 'Other Information Materials' page for the 6 Oct 2026 LIMITLESS Dialogue, neither labelled as Japanese. 'Press release issued on September 14th' opens TDnet 2884370, a Japanese 3-page release (1,742 CJK chars), and 'Transcript' opens a Japanese logmi article. (Japanese-only videos in the news list are labelled 'JAPANESE'.) Several unlabelled Japanese documents, so 3. Source document →
O3English IR archive free of dead links5/5
All 17 sampled document links opened and rendered with page counts: tanshin (2015, 2024, 2026), decks, data sheets, transcripts, FAQ, AGM notices 2025 and 2026, securities report, CG reports, timely-disclosure notices and event transcripts. The two Japanese-language links also resolved. No dead links, so 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered in Chromium: IR top (pick-up news, IR news, access ranking), IR News (2022-2026 selector), IR Library, the earnings library (year selector FY2014-FY2026 loads each year's table), Securities Report, Integrated Report, Other Information Materials, General Meeting, IR Calendar, Stock Quotes (stockweather iframe with live price) and Performance/Financial Information (stockweather English chart and tables). All rendered their content. The cookie notice and the machine-translation modal overlay the page until dismissed but hide nothing behind them. So 5. Source document →
O5Single page listing all English IR documents by date and type4/5
IR News is one dated list covering every document type, from 2022 to 2026 by year: tanshin, decks, data, transcripts, FAQ, AGM notices, CG reports, securities report, timely disclosures and press releases. It has no type labels or filter, unlike the Japanese list's 決算/適時開示/株主総会 tags. By-type pages exist alongside it: the results table by fiscal year with typed columns, securities report, integrated report, other materials and AGM materials. One dated page that is not typed, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
Deep archive. Results materials run from FY2014 (a 24-page FY to Mar 2015 results PDF) through Q1 FY to Mar 2027, with decks and data from the integration onward and transcripts from FY2024. The other archives: IR news 2022-2026, AGM materials FY2019-FY2025, integrated reports from the FY2023 edition, other briefing materials across four fiscal years, and pre-integration IR materials. Only one English securities report is on the site (FY to Mar 2026). Several years across types, so 5. Source document →
O7Named English IR contact published4/5
From the English IR top (holdings.macnica.co.jp/en/investors/), 'Investor Relations Inquiries' sits in the Investor Relations dropdown of the main header menu and again in the IR column of the footer menu. It leads to /en/contact/investors/, which now renders in English as a dedicated 'Investor Relations Inquiries' page. The page has an English form (Your name, E-mail address, Company name, Department, Inquiry, an 'I agree' consent box, and a 'To the confirmation' button) plus English notes on response times and a link to the IR FAQ. The site-wide general 'inquiry' link is separate (/en/contact/). The results header names Makoto Okawara, Director, +81 45 470 8980. Re-checked 17 Oct 2026: the first pass found this URL rendering in Japanese, but it is now English. A dedicated IR form, linked by name from the IR menu, is immediately obvious: 4 (the cap). Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
English and Japanese IR news lists date the results identically: Q1 FY to Mar 2027 tanshin, deck and data 27 Jul 2026 both; FY to Mar 2026 11 May 2026 both; Q3 2 Feb 2026 both; 1H 27 Oct 2025 both; Q1 FY to Mar 2026 28 Jul 2025 both. PDF creation dates agree, e.g. the English Q1 tanshin was created 27 Jul (the Japanese 24 Jul, in advance) and the English FY tanshin 11 May (Japanese 7 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 vs Japanese posting dates from the two IR news lists. Q1 FY to Mar 2027 tanshin: 27 Jul / 27 Jul = 0. FY to Mar 2026 tanshin: 11 May / 11 May = 0. 11th AGM notice: 2 Jun / 2 Jun = 0 (English PDF created 27 May). Corporate Governance Report: 24 Jun / 24 Jun = 0 (English PDF created 23 Jun). Annual securities report: 23 Jun / 23 Jun = 0. Median 0 days, so 5. Source document →
R3Timely disclosures published in English5/5
Twelve months to 14 Oct 2026. Every Japanese timely disclosure has an English same-day counterpart: the four results sets; the 1H forecast-vs-actual difference (27 Oct 2025); the full-year forecast revision (2 Feb 2026); change of directors (30 Mar); segment change (22 Jun); restricted-share disposal and payment (24 Jun, 23 Jul); Indesmatech (26 May) and Elektronika (28 Sep) acquisitions; and the CG report, AGM notice and securities report. Not in English: the AGM resolution notice and vote results (24-25 Jun), the half-year report (14 Nov 2025), the shareholder-newsletter discontinuation (2 Dec) and the Rakuten retail-briefing notice (25 Mar). None of those is a TDnet timely disclosure of the kind the question counts. The Investor Day materials ran nine days late, labelled '[Delayed]'. All the timely disclosures, same day, so 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers3/5
Every rendered English page opens a modal: 'This page uses machine translation. The English version of this site is machine-translated, so some of the expressions may be incorrect.' This includes the homepage, IR top, earnings library, financial data, disclaimer and governance page, and the text repeats on the IR Disclaimer page. It covers the site's HTML pages. The PDF documents (tanshin, decks, transcripts, notices, securities report, CG report) carry only the human-translation 'for reference purposes only ... the original shall prevail' line, which belongs to R5, and none is presented as machine-translated. The English site is machine-translated and says so in a banner, while the core documents are not, so 3. Source document →
R5English version stated as authoritative, not subordinate to Japanese1/5
On the results summary, the securities report and the AGM notice alike: 'translated from the Japanese original for reference purposes only ... the original shall prevail', with responsibility disclaimed. 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 →
FY2025–FY2027 growth investment and capital policy
Strategy or target reset · In progress · Action announced 7 May 2025
Macnica set FY2027 financial targets and later quantified the three-year growth-investment, leverage and shareholder-return framework.
Timeline and sources (2 steps)
- 7 May 2025Plan launched Macnica set FY2027 sales, operating-income, margin and ROE targets. Mid-Term Management Plan FY2025–FY2027
- 3 December 2025Capital framework detailed Investor Day materials described ¥50–80bn of growth investment, a net-D/E guide and shareholder returns. Macnica Investor Day 2025
What management said it would do
Macnica set FY2027 sales of ¥1.4tn, operating income of ¥80bn, margin of 5.7% and ROE of 15%, backed by ¥50–80bn of growth investment.
From the company’s own disclosure · Mid-Term Management Plan FY2025–FY2027 · Macnica Investor Day 2025
What it actually did, and when
The plan is underway, but cumulative committed and realized investment returns are not yet reconciled.
Partly disclosed — a gap remains · Macnica Investor Day 2025
What it disclosed about the economics
The company disclosed a roughly 0.5x net-D/E upper guide, 5% DOE and a 40–50% total payout target.
Partly disclosed — a gap remains · Macnica Investor Day 2025 · Shareholder Returns
What has happened since
The FY2027 outcome is not due.
Partly disclosed — a gap remains · Mid-Term Management Plan FY2025–FY2027
The question this leaves open
Investor question: How much of the growth envelope is committed and what returns are visible? IR preparation: provide an annual investment, leverage and value-creation bridge.
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
Macnica plans ¥50–80bn of growth investment and targets a 40–50% total payout ratio with 5% DOE.
Capital structure
Governance of capital decisions
FY2027 operating and ROE targets are explicit and the strategy separates value-added distribution from services and solutions.
Preliminary and not scored: a selected-source reading, reviewed 24 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 (Mitsubishi UFJ Trust and Banking) 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.