TOCALO Co., Ltd.
Cite as: Japan IR Index, TOCALO Co., Ltd. (3433), 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.
Strengths
- S7 Targets compared with actual results 5/5The TOCALO2030 plan has a table of the previous plan’s targets against results by business, and explains the targets that were missed.
- G6 AGM and voting results 5/5The English extraordinary report on the 75th AGM gives votes for, against and abstaining, the approval requirement and the resulting ratio for each proposal.
Improvement considerations
Suggestions drawn from the research, separate from the recorded scores.
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.
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.
F1 Quarterly and full-year results summaries (tanshin) published in English 3/5 Translation
Publish the English results summary every quarter, including the qualitative section and the notes.
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 (Metal Products) | 76.9 | 1 of 4 |
| Same size band (¥100–500bn) | 77.1 | 14 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, 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 English3/5
Published every quarter in English and on time, but abridged: 7 pages against the Japanese tanshin's 15. The Japanese attachment index carries notes on the cash flow statement and on segments; the English carries the balance sheet, income statement and comprehensive income and stops. The word 'segment' does not appear in it once. An English reader cannot see which business produced the result without opening the Japanese. Source document →
F2English results summary is a full translation, not an excerpt3/5
Full-year tanshin of 11 May 2026: the English 'Consolidated Financial Results for the Fiscal Year Ended March 31, 2026' runs 10 pages and the Japanese 2026年3月期決算短信 runs 21. The English has the 3-page summary (results, dividends, forecast, notes on share counts, non-consolidated reference) followed by the balance sheet, income statement, comprehensive income, changes in equity and cash flow statement. It leaves out the whole qualitative section (経営成績等の概況: results and segment commentary, financial position, cash flows, outlook, dividend policy) and every note, including the segment note (セグメント情報等) and the production/orders/sales section. Q1 FY2026 (5 Aug 2026) is the same pattern at 6 English pages against 14 Japanese. The document's own substance is cut, so 3. Source document →
F3Financial statements including notes available in English3/5
English statements exist for every period: the full-year and Q1 English tanshin carry the BS and P&L, and the full year adds comprehensive income, changes in equity and cash flows. No English source carries the notes. The tanshin stop after the statements, the yuho is not in English, and Integrated Report 2025 has no financial section. Statements without notes, so 3. Source document →
F4Annual securities report available in English in any form0/5
The IR materials table has columns for results, presentations, briefing materials and the integrated report - no securities report, and the English IR sitemap lists none. The page's own blurb offers a bundle 'including securities report', but the English site's search facet for it is left untranslated as the Japanese term.
F5Segment revenue and profit disclosed in English, consistent definitions4/5
There are four reporting segments: Thermal Spray (TOCALO), Domestic Sub., Overseas Sub. and Other Surface Modif. Sales and segment profit for each appear every quarter in the English deck: 'Segment Information' on Q1 FY2026 deck p6, FY2025 deck p7 and p10-12. The Results by Segment page gives five years of segment sales and profit, and the decks add sales by field (Semicon & FPD, Industrial Parts, Iron & Steel, Others). The English tanshin carry no segment note, and no English document states the segment definitions or that segment profit is ordinary profit, as the Japanese note does. The only definitional line is 'Royalty Income is not included in the Segment Net Sales'. Every period, but deck-only and without definitions, so 4. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
No .xls, .xlsx or .csv anywhere on the English IR site. We checked Financial Information (Financial Highlight full year and quarter, Financial Indicators, Cash Flow, Results by Segment), the IR library and List of IR Materials, the IR sitemap and ESG data. The financial pages are rendered HTML charts with values for FY2022-FY2026. The only bulk download is a ZIP of the latest quarter's PDFs. The Japanese side has no spreadsheet either: its ファクトシート is a PDF.
F7Guidance disclosed in English with the basis explained5/5
The English tanshin gives the FY ending March 2027 forecast for the half and full year: sales ¥65.0bn, OP ¥15.0bn, OrdP ¥15.0bn, net ¥10.23bn, EPS ¥172.02, dividend ¥86. The English 'Notice of Revised Consolidated Financial Results Forecast and Dividends Forecast' (5 Aug 2026) raises this to ¥68.5bn/¥16.7bn/¥10.86bn with the reason given: Q1 results and order trends in semiconductors. The decks supply the basis. The FY2025 deck pp15-25 has a segment and field forecast table, a semiconductor/FPD demand view (+24.9%), an ordinary-profit bridge that includes an exchange effect, capex of ¥10bn and the dividend policy. The Q1 deck p7-9 sets the revised forecast against the May forecast by segment and field. The English FY transcript adds the narrative. No explicit FX-rate assumption is stated, and none is visible in the Japanese tanshin either. Forecast, basis and revision are all in English, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English Q1 FY2026 results on 5 August 2026, the same period as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
The new medium-term plan 'TOCALO2030' (FY2026-FY2030) was published in English on 11 May 2026, the same day as the Japanese. Both are 43 pages and the content matches. Quantified targets for FY2030: net sales ¥90.0bn (Semicon & FPD ¥45.0bn, general industry ¥26.0bn, subsidiaries ¥19.0bn), ordinary profit ¥20.0bn, ordinary profit ratio 22%, ROE 15%, payout around 50%, DOE at least 5%, growth investment of ¥40-60bn over five years, GHG -46% vs FY2013. A summary on the English MTP page links the deck. Source document →
S2IR presentations published in English5/5
Presentation materials in English for the latest quarter and for every quarter of FY2025, with fuller briefing materials for the half and full year - matching the Japanese briefing calendar, which holds none at Q1. Source document →
S3English equity-story or investment-highlights page5/5
'To individual investors' is a dedicated English IR page in six sections: TOCALO's strength, Financial performance (ROE and equity-ratio charts), Market and growth potential (TOCALO 'commands over 40% of the ¥70 billion domestic market for contracted thermal spray processing', sourced to Yano Research), Strategies, Shareholder benefits and Events. MTP pp10-12 and 'TOCALO Quick facts' add quantified strengths (No.1 domestic share, 70+ years). Its Strategies section still describes the previous plan, but the page is framed for investors and its strengths carry numbers, so 5. Source document →
S4Growth drivers identified and quantified in English5/5
The TOCALO2030 deck names its growth drivers and puts numbers on them. Semiconductors: global market $574bn growing to over $1.3tn by 2030 (about 2.3x from 2022), with TOCALO's Semicon & FPD sales target of ¥45.0bn against ¥24.8bn in FY2025. General industry (gas-turbine power generation, aircraft engines) targets ¥26.0bn, with market forecasts cited. Subsidiaries and overseas (US/ASEAN, the new Arizona plant) target ¥19.0bn. A waterfall bridges FY2025 to ¥90bn and ¥20bn, and capex is ¥40-60bn. The FY2025 deck adds the FY2026 field forecasts and a ¥10bn capex plan by site. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
The Japanese side publishes a full SCRIPTS Asia transcript (要約テキスト) for the half-year and full-year briefings, and none for Q1 or Q3. The English library has the matching full English transcripts, presentation and Q&A, under 'Briefing'. Q2 FY2025 (briefing 13 Nov 2025): Japanese posted 17 Nov (PDF 14 Nov), English posted 18 Nov. FY2025 (briefing 20 May 2026): Japanese posted 21 May, English PDF created 27 May (not in the English news list). The archive runs back to FY2018. Every period is covered with the full transcript, but one to six days after the Japanese, so 4. Source document →
S6Integrated or annual report available in English4/5
Integrated report 2025 in English, but the report itself says it covers 1 April 2024 to 31 March 2025 - 'fiscal 2024 results', company and shareholder data as at 31 March 2025. One edition behind as at 1 October 2026. Separately, the 'For viewing' link on the English page serves the Japanese file (tocaloIR2025_jp_index.pdf); only 'For printing' is the English edition. Source document →
S7Progress against the previous plan, including misses, explained in English5/5
TOCALO2030 pp14-20 is a 'Review of TOCALO2025, the Previous Medium-Term Management Plan'. p15 is a table of FY2020 actual, FY2025 plan, FY2025 result and achievement status: net sales 53.0 vs 58.49 (Good), Semicon & FPD 26.0 vs 24.81 (Fair), other fields 27.0 vs 33.68 (Good), ordinary profit 12.0 vs 14.75 (Good), with ROE 15% reached in the final year. p18 explains the variances, e.g. the semiconductor target was missed because of the FY2023 adjustment phase and new domains contributed little. pp19-20 grade each strategy. Target against actual, with explanations, so 5. Source document →
G1Corporate governance report available in English5/5
The whole Corporate Governance Report filed with TSE, in English, now "Last Update: July 6, 2026" - the same date as the Japanese (the English was posted 14 July, marked [Delayed]). Every section an English reader needs, current. 5 (was 4 on 12 Oct, when the linked file was the July 2025 edition). Source document →
G2Director biographies in English with tenure, expertise and independence5/5
Terms are two years, and there was no director election at the 2026 AGM. The English Notice of the 74th AGM (May 2025), where all nine current directors were elected, gives each one a full profile: date of birth, 'Term of office as a Director' in years, board attendance, career history, concurrent posts, shares held and reason for nomination. The four outside directors are marked 'Independent Officer' as TSE independent officers. Integrated Report 2025 repeats the officer careers, and the English CG report covers the independence of each outside officer. The site's Corporate officers page gives names and titles only. Source document →
G3Board skills matrix published in English5/5
The English 74th AGM notice (May 2025) carries the skills matrix for all nine directors and four A&SB members, with the note 'The above table does not describe all of the experience and expertise possessed by each person'. The English CG report (6 Jul 2026) says the matrix is presented in the convocation notice. The 2026 notices have no matrix in either language (no director election; the 69-page Japanese notice contains no スキル). So the 2025 matrix is the latest in either language and still describes the current board. Scored 5 on that basis; a strict reading of 'a year old' would give 4. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English CG report (6 Jul 2026) sets out the structure: monthly base pay, performance-linked cash pay and restricted stock (30-year restriction), with outside and part-time directors on base pay only. It names the KPIs: a multiplier from the three-year average of group ordinary income, ordinary income ratio, ROE and ROA. The pay mix at target is about 7:2:1. Integrated Report 2025 adds amounts by officer category for FY2024 (directors ¥320m: base ¥213m, performance-linked ¥106m, of which stock ¥31m). The FY2025 amounts and the current policy text are in the Japanese business report inside the 69-page notice, which the 8-page English notice omits. The weight of each KPI within the multiplier is not stated. Structure and KPIs are in English; current amounts and KPI weights are missing, so 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 75th AGM dated 1 June 2026 for a meeting on 25 June - 24 days - with the Reference Documents for the General Meeting of Shareholders in English and both proposals set out in full. Short at 22,000 characters because there was no director election that year, not because anything was cut; only the online-viewing guide is Japanese-only. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the voting website named in the English notice, evote.tr.mufg.jp (Mitsubishi UFJ Trust and Banking), 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 English5/5
The Extraordinary Report on the 75th AGM, in English, filed 2 July 2026: affirmative, negative and abstaining voting rights for each proposal, the approval requirement, and the resulting ratio. The strongest G6 evidence in the cohort so far - most companies announce only that the proposals passed. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale5/5
Principle 1-4 in the English Corporate Governance Report (6 Jul 2026): 'The Company did not retain any [strategically held shares] at the end of March 2026. As a general rule, we will not retain any strategically held shares in the future.' The anchor scores an English statement of no holdings as 5. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
'Investor relations' is a visible item in the top navigation of the English homepage (www.tocalo.co.jp/english/), linking to /english/ir.html. One click. Source document →
O2English document links resolve to English documents5/5
We sampled 22 English document links across types, and all are English (at most 34 stray CJK characters). Tanshin: Q1 FY2026, FY2025, FY2024 Q1 summary (2024), FY2021 and FY2019 summaries. Decks: Q1 FY2026, FY2025. Transcripts: Q2 FY2025, FY2025, FY2024, FY2020, FY2018. MTPs: 2030 and 2021. Integrated Report 2025 (both 'For viewing' and 'For printing') and 2024. AGM notices: 75th, 74th, 69th. 75th voting results. CG report. Forecast revision, RS disposition and subsidiary capital increase notices. The 'For viewing' file is named _jp_ but is the English edition. Source document →
O3English IR archive free of dead links5/5
All 22 sampled document links, dating from 2016 to Aug 2026, opened and rendered with page counts. No dead links. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered in Chromium, every page showed its content: English homepage, IR top (IR news, latest materials, future schedule), IR library, List of IR Materials (period grid FY2018-FY2026), Financial Results page, Integrated report (download by section), Financial Highlight, Indicators and Results by Segment (charts with values), IR calendar (schedule table back to 2020), Stock information, Analyst coverage, FAQ, Disclaimer, Corporate officers, MTP. The real-time stock quote is an outside link labelled '(Japanese only)', not a broken widget. The only flaw is stray Japanese UI labels (サブ-ナビゲーション, 現在位置). Source document →
O5Single page listing all English IR documents by date and type4/5
'List of IR Materials' is one page with fiscal-year tabs (FY2018-FY2026) and a quarter grid typed as Financial Results, Presentation, Briefing (transcript) and Integrated Report. It does not cover AGM notices, voting results, the CG report, MTPs or timely disclosures. The IR news list is dated and typed (Financial Results / IR / Meeting of Shareholders / Sustainability) but incomplete: the FY2025 transcript and the 2026 voting results are not in it. One dated library page that leaves out some types, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive is populated for several years. Results and decks run FY2018-FY2026, though English tanshin before FY2025 are 3-page summaries. Briefing transcripts go back to FY2018, AGM notices from the 65th (2016) to the 75th, voting results for the 73rd-75th, integrated reports for 2024 and 2025 plus environmental report back issues, both MTPs, and about 140 English IR news items. Source document →
O7Named English IR contact published2/5
Named in the results summary and the voting-results report - Hiroshi Goto, Senior Managing Executive Officer, +81-78-303-3433. On the site itself the IR routes are an email-alert subscription run by an outside service and a general Contact us form; neither reaches a named person. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
English and Japanese news lists and TDnet file stamps: Q1 FY2026 tanshin and deck, EN 5 Aug and JA 5 Aug. FY2025 tanshin, EN 11 May and JA 11 May; deck EN 20 May (file 140120260519541441) and JA 20 May (140120260519541434). Q3 FY2025, both 4 Feb. Q2 FY2025 tanshin 6 Nov both, deck 13 Nov both. Same day every period. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Lags, English vs Japanese, from the news lists. Q1 FY2026 tanshin 5 Aug / 5 Aug = 0. FY2025 tanshin 11 May / 11 May = 0. 75th AGM notice 28 May / 28 May = 0 (both TDnet-stamped 26 May). Corporate Governance Report: JA 6 Jul, EN posted 14 Jul as '[Delayed] Corporate Governance Report' (PDF created 10 Jul) = 8. Annual securities report: JA 22 Jun, no English = >90. Median 0 days. Source document →
R3Timely disclosures published in English5/5
Twelve months to 14 Oct 2026. Every Japanese timely disclosure has an English counterpart the same day: Q2/Q3/FY/Q1 tanshin and decks, interim dividend and year-end forecast revision (6 Nov 2025), organisational and executive officer changes (19 Mar), dividend increase and the TOCALO2030 announcement (11 May), AGM notice (28 May), subsidiary capital increase and specified subsidiary change (19 Jun), cancellation of the major-shareholder notice (6 Jul), RS disposition (17 Jul) and completion (7 Aug), and the forecast and dividend revision (5 Aug). The 75th voting results are on the English meeting page dated 2 Jul. The CG report came 8 days late. Only the statutory filings (yuho, its amendment, half-year report) and the Japanese 決議ご通知 have no English. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
Rendered English homepage, IR top, List of IR Materials, IR Disclaimer and Privacy policy and site usage: no machine- or AI-translation notice and no translation banner. The documents carry only the human-translation precedence line ('translated from the Japanese original for reference purposes only ... the original shall prevail'), which belongs to R5. Source document →
R5English version stated as authoritative, not subordinate to Japanese1/5
On the results summary and the AGM notice: 'translated from a part of the Japanese original for reference purposes only ... the original shall prevail', with responsibility for the translation 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 →
Semiconductor coatings, growth investment and ROIC plan
Strategy or target reset · In progress · Plan or update announced 11 May 2026
TOCALO launched a five-year plan with explicit growth-investment, semiconductor-field, return and shareholder-distribution targets.
Timeline and sources (1 step)
- 11 May 2026Plan or update announced TOCALO launched a five-year plan with explicit growth-investment, semiconductor-field, return and shareholder-distribution targets. Medium-Term Management Plan TOCALO2030
What management said it would do
Management targets ¥90bn sales, ¥20bn ordinary profit, 15% ROE and 13% ROIC by FY2030.
From the company’s own disclosure · Medium-Term Management Plan TOCALO2030
What it actually did, and when
TOCALO has begun the five-year investment phase from a strong profitability base; the final return result is pending.
Partly disclosed — a gap remains · Medium-Term Management Plan TOCALO2030 · Financial Indicators
What it disclosed about the economics
The plan combines ¥40bn-¥60bn of investment with ROIC, payout and DOE targets.
Partly disclosed — a gap remains · Medium-Term Management Plan TOCALO2030 · Financial Indicators
What has happened since
The FY2030 result is not due.
Partly disclosed — a gap remains · Medium-Term Management Plan TOCALO2030 · Financial Indicators
The question this leaves open
Investor question: Which semiconductor-coating projects clear the 13% ROIC target? IR preparation: bridge capacity, utilization, spend, margins 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
TOCALO allocates ¥40bn-¥60bn over five years, centered on semiconductor and FPD coatings, while targeting an approximately 50% payout and at least 5% DOE.
Capital structure
A real net-cash position underpins growth investment, but the selected plan does not quantify a target cash balance or leverage corridor.
Governance of capital decisions
The plan discloses both ROE and ROIC and separates sales goals by semiconductor/FPD, general industrial and subsidiary businesses.
Preliminary and not scored: a selected-source reading, reviewed 30 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.