TSUMURA & CO.
Cite as: Japan IR Index, TSUMURA & CO. (4540), methodology GNT-BDS v1.1.1, reviewed 2026-10-20.
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.
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.
G6 Shareholder vote results disclosed in English 2/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O5 Single page listing all English IR documents by date and type 3/5 Quick fix
Keep one English page that lists every IR document with its date and type.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 2 answers corrected after re-checks (research errors) between 20 Oct 2026 and 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 (Pharmaceutical) | 75.4 | 2 of 12 |
| Same size band (¥100–500bn) | 77.1 | 7 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 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
English 'Consolidated Financial Results for the Three Months Ended June 30, 2026 (Under Japanese GAAP)', 6 Aug 2026, listed on English IR News the same day as the Japanese 第1四半期決算短信 (6 Aug). 14 English pages against 12 Japanese, with the qualitative section, the four statements, the cash-flow statement and the notes (going concern, equity, segment information). The FY3/2026 English tanshin (13 May 2026) runs 19 pages against 17 Japanese. English IR News lists a tanshin for every quarter back to FY2023 on the Japanese results days. Every period, same day, complete. Source document →
F2English results summary is a full translation, not an excerpt5/5
Read against the Japanese: the Q1 FY3/2027 English tanshin (14 pp) and the Japanese (12 pp) carry the same table of contents: summary pages with the forecast, qualitative information on results, financial position and forecasts, quarterly balance sheet, P&L and comprehensive income, cash flows, and the notes (going concern, significant change in equity, segment information). The full-year pair (19 pp EN, 17 pp JA) matches the same way, including the business-combination note. A full translation. Source document →
F3Financial statements including notes available in English5/5
Full statements with notes for the latest period in the English Q1 tanshin (6 Aug 2026): balance sheet, statements of income and comprehensive income, cash flows, and the notes (going concern, equity, segment). The year-end English tanshin (13 May 2026) adds changes in equity and the full notes, including the Shanghai Hongqiao acquisition note and per-share calculations. Full statements and notes for the latest period. Source document →
F4Annual securities report available in English in any form0/5
No English annual securities report. Searched the English IR library (Financial Results Explanation, Financial Results Briefing, Integrated Reports), English IR News back to FY2020, the English site map and the governance page. The English Corporate Governance Report (31 Jul 2026) itself points readers to the 有価証券報告書 'in Japanese'. The Japanese 第90期 有価証券報告書 was posted on the Japanese IR News on 23 Jun 2026.
F5Segment revenue and profit disclosed in English, consistent definitions4/5
Tsumura reports a single segment (pharmaceutical products), and the English tanshin segment note says so. It gives sales and operating profit by business line every period in English: FY3/2026 Domestic business sales ¥161,172m and OP ¥35,024m, China business sales ¥31,442m and OP ¥195m, with a narrative for each, and the decks and the Excel data repeat the split. The business lines are not defined in a segment note, so this is scored on the business-line figures at the floor: every period, definitions unstated. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English5/5
The English Chart Generator (IR > Financials and Business Results) links 'XLS downloads': Premium_FinancialData_en.xlsx, which we fetched from inside the rendered page and read. Two sheets, Annual and Quarterly. The annual sheet runs FY2015 to FY2025: operating results (net sales, gross profit, operating profit and margin, ordinary profit, profit before tax, net profit), financial condition (total assets, net assets, liabilities, current and non-current items, equity ratio), cash flows (operating, investing, financing, cash at year end), per-share data (EPS, BPS, DPS, payout), ROE and DOE, and sales and operating profit for the Domestic and China businesses plus sales of the main formulations. The quarterly sheet runs to 1Q FY2026. Eleven years of P&L, balance sheet, cash flow and per-share data, in English. Source document →
F7Guidance disclosed in English with the basis explained5/5
The FY3/2026 English tanshin's 'Future outlook' gives the FY3/2027 forecast (net sales ¥213.6bn, OP ¥37.5bn, ordinary ¥35.5bn, net ¥26.2bn) with its basis: growth of prescription Kampo, China business sales of ¥46.0bn, higher personnel and materials costs, the full-year consolidation of Shanghai Hongqiao, and why ordinary profit falls (prior-year FX gains). The English FY2025 results deck (58 pp) adds an operating-profit bridge for the forecast including exchange-rate effects, ROE, and an 'Analysis of factors for failure to meet targets'. The November 2025 revision was explained in an English 'Notice Regarding Revision of Earnings Forecast and Revision of Dividend Forecast' the same day. Market view and business-line forecasts with explained revisions. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
The latest English results are for the three months to 30 June 2026, published 6 Aug 2026, the same period and day as the latest Japanese tanshin. The half-year results are not due until 9 Nov 2026. Source document →
S1Medium-term management plan in English with numerical targets5/5
The Second Medium-Term Management Plan (FY2025-FY2027) was presented in English on 12 May 2025, the results day ('FY2024 Financial Results and Second Medium-Term Management Plan Briefing', 77 pp). Its numerical targets for FY2027 are in English: net sales of ¥234bn (Domestic ¥184bn, China ¥50bn), operating profit (Domestic ¥39bn, China ¥4bn), ROE and shareholder returns. The revised targets of 10 Nov 2025 are on the English Medium-Term Management Plan page ('Second medium-term management plan numerical targets (FY2027)', revised November 10, 2025) alongside the English revision notice of that day. Current plan, quantified, in English. Source document →
S2IR presentations published in English5/5
An English results deck for every quarter on the Japanese results day: Q1 FY2026 'First Quarter Business Results for Fiscal 2026' (27 pp, 6 Aug 2026, Japanese 6 Aug), FY2025 Financial Results Briefing (58 pp, 13 May 2026, Japanese 13 May), and every quarter back to FY2023 on English IR News. The supplement the Japanese side publishes, a script with Q&A, has an English counterpart every period (see S5). The Japanese briefing video has no English version, which is a medium, not content. Source document →
S3English equity-story or investment-highlights page5/5
'What's TSUMURA' is a dedicated English IR page (IR > What's TSUMURA) framed for investors: Corporate Value, Corporate Purpose, 'Tsumura in Figures' (founded 1893, domestic share of the Kampo formulation market per IQVIA, domestic sales, employees, as of 31 Mar 2026) and 'Potential of Kampo and Tsumura' with quantified points (share of physicians prescribing ten or more Kampo formulations). Separately, 'Understanding TSUMURA in one minute'. A dedicated page with quantified strengths. Source document →
S4Growth drivers identified and quantified in English5/5
The English Second MTP deck (12 May 2025) names the drivers and puts numbers on them: Kampo market growth (CAGR approx. 4%), Domestic business sales target ¥184bn and OP ¥39bn and China business ¥50bn and ¥4bn for FY2027, the prescription-expansion strategy and capacity investment. The FY2025 deck and tanshin add China business sales of ¥46.0bn for FY2026 and the Shanghai Hongqiao contribution. Named drivers with numbers attached. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
Every briefing has an English 'Script with Q&A' (transcribed by SCRIPTS Asia): Q1 FY2026 (listed 17 Aug 2026), FY2025 (15 May 2026), Q3 FY2025 (9 Feb 2026), Q2 (12 Nov 2025) and back to FY2024. The Japanese side publishes the same document (決算説明会スクリプト（質疑含む）): Q1 on 7 Aug, ten days before the English; FY2025 on 15 May, the same day as the English. Every period, but sometimes days later than the Japanese, which the S5 ruling scores 4. Source document →
S6Integrated or annual report available in English4/5
The latest English integrated report is Integrated Report 2025 (viewing and printing PDFs plus chapter files), whose corporate data is 'As of March 31, 2025' and data period April 2024 to March 2025. The Japanese side announced 統合報告書2026 on its IR News; the English page still offers the 2025 edition. The complete report, one edition behind. Source document →
S7Progress against the previous plan, including misses, explained in English5/5
The English Second MTP deck (12 May 2025) opens with a 'Summary of the First Medium-Term Management Plan': the first plan's numerical targets for sales, operating profit and ROE against the achievements, stated as 'Achieved all numerical targets', followed by a review of each strategic challenge and a policy review. The FY2025 deck (13 May 2026) adds an 'Analysis of factors for failure to meet targets' for the year. Target against actual, explained. Source document →
G1Corporate governance report available in English5/5
The Corporate Governance Report filed with TSE, in English (27 pp, 'Last Update: July 31, 2026'), linked from the English Corporate Governance page. Current. Source document →
G2Director biographies in English with tenure, expertise and independence4/5
The English Notice of the 90th AGM (44 pp) profiles all seven director candidates (the directors other than Audit and Supervisory Committee members) with career history, tenure, board attendance, reasons for nomination and the Outside/Independent mark. The three Audit and Supervisory Committee directors, not up for election, appear in the notice's skills matrix with their independence status, and the English Directors and Officers page gives a brief personal record for all ten. All three elements for the candidates; thinner for the three committee members. Source document →
G3Board skills matrix published in English5/5
The English AGM notice (pp.15-17) has the 'Skill Matrix of the Company's Board of Directors' for the board as it stands after the 26 Jun 2026 meeting: all ten directors including the Audit and Supervisory Committee members, against ten skills (management/strategy, finance, legal/risk, human capital, global, pharmaceutical/healthcare, sales/marketing, ESG, IT/DX, R&D) with the requirements for each skill defined. Current. Source document →
G4Executive remuneration structure and its performance linkage explained in English5/5
The English AGM notice (pp.34-38) gives the structure (fixed pay, an STI paid within basic compensation, and two performance-linked stock plans, LTI-we and LTI-II), the KPIs with their weights and coefficient ranges (STI: consolidated net sales 25-35%, operating profit 25-35%, individual targets 30-50%; LTI-I: sales 30%, OP 20%, ROE 20%, individual 30%; LTI-II: relative TSR 25% plus sustainability, governance and overseas-sales indicators) and the amounts by type (directors excluding committee members: ¥271m, of which basic ¥218m and stock ¥53m). Structure, KPIs, weights and amounts. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
The English Notice of the 90th AGM (44 pp, PDF created 28 May 2026; electronic provision began 29 May) for the meeting of 26 Jun 2026: four weeks ahead, with the reference documents for every proposal and each candidate's profile. It tells the reader to vote by postal mail or via the Internet by 5:45 p.m. on 25 Jun. The '(in Japanese)' labels attach to the materials-posting websites, which the convention does not count. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the Japanese notice names the voting website, evote.tr.mufg.jp (Mitsubishi UFJ Trust and Banking), which 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 English2/5
English 'Notice of Resolutions at the 90th Ordinary General Meeting of Shareholders' (26 Jun 2026, 2 pp) states that each proposal was approved as proposed, with no vote counts. The Japanese IR News posted the 第90期 臨時報告書 (the extraordinary report with the counts) on 1 Jul 2026; there is no English counterpart on the English meeting page or IR News. Outcome only. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale4/5
The English Corporate Governance Report (31 Jul 2026), Principle 1-4: the company is 'aiming to reduce them to zero by the end of March 2028, in principle', and the board reviews each holding against the cost of capital while negotiating sales. Progress appears in the English FY2025 deck (gain on sales of cross-shareholdings ¥2,193m). The number of issues and the amounts held are not in English anywhere we found (they sit in the Japanese-only annual securities report). Policy, a dated zero target and progress, without the holdings themselves. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
The English homepage (tsumura.co.jp/english/) has 'IR Information' in its visible top navigation, linking straight to the English IR top. One click. Source document →
O2English document links resolve to English documents5/5
We opened 16 English document links across types and years, and all were English documents: tanshin for Q1 FY3/2027, FY3/2026 and Q1 FY3/2024 (2023); decks for Q1 FY2026, FY2025 and the Second MTP briefing (2025); scripts with Q&A for FY2025 and Q1 FY2024 (2024); supplementary materials FY3/2026; the revised MTP targets; the AGM notice and notice of resolutions; the Corporate Governance Report; Integrated Report 2025 chapters; and the Excel data file. Source document →
O3English IR archive free of dead links5/5
The same sample of 16 links, from August 2023 to August 2026, all opened as live documents. No dead links. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered in Chrome: IR top, Reports and Downloads (results, briefing, integrated report), Management Policy, Medium-Term Management Plan, Financial Highlights, Chart Generator, Fact Sheet, Stock Information, AGM page, FAQ and Cautions. Every page rendered its content; the third-party highlight and chart widgets display figures and charts once loaded (screenshots taken), and the stock quote renders. Source document →
O5Single page listing all English IR documents by date and type3/5
There is no single library of every English document. English IR News is one dated list but carries only results material (tanshin, supplementary materials, decks, scripts), not typed beyond 'IR News'; the AGM notices, the Corporate Governance Report and the integrated reports sit on their own pages (Ordinary General Meeting of Shareholders, Corporate Governance, Integrated Reports). Split across pages by type. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
Several years across document types: results material on the English library from FY2016, English IR News with every quarter back to FY2020, AGM notices and resolutions for the 85th to 90th meetings, and integrated reports. Genuinely populated. Source document →
O7Named English IR contact published2/5
The English site has no IR contact route: no contact or inquiry link on the English IR pages, the English FAQ or the English site map (the Japanese IR pages have an IRに関するお問い合わせ form). An English contact is named only in document headers: the tanshin gives 'Inquiries: Makoto Kitamura, Head of Corporate Communications Dept., Telephone +81-3-6361-7100', and the CG report names the Public Relations Section. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
Tanshin and deck in English on the Japanese day, every period read: Q1 FY3/2027 tanshin and deck both 6 Aug 2026 in both languages; FY3/2026 tanshin and deck both 13 May 2026 in both languages; English IR News shows the same pattern back through FY2024. The English script with Q&A sometimes follows later, which is S5's. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Per document, English against Japanese: Q1 FY3/2027 tanshin 6 Aug / 6 Aug = 0; FY3/2026 tanshin 13 May / 13 May = 0; AGM notice: Japanese electronic provision 29 May, English PDF created 28 May = 0; Corporate Governance Report: English 'Last Update: July 31, 2026' (current); annual securities report: Japanese 23 Jun 2026, no English, counted >90. Median 0 days. Source document →
R3Timely disclosures published in English4/5
Twelve months, Nov 2025 to Oct 2026: kabutan's TDnet list against the English news list. Every TDnet timely disclosure has an English filing at the same minute: the Q2 tanshin, forecast and dividend increase and medium-term-plan target revision (10 Nov 2025), the Shanghai Hongqiao consolidation, the loan with financial covenants (16 Jan 2026), the response to press reports (3 Feb), the Q3 tanshin, the Yomeishu agreements (25 Feb) and completion (1 Sep), the FY2025 tanshin and dividend increase (13 May), the AGM notice, the change in representative director (26 Jun), CG reports and the Q1 tanshin; the English news list carries them too. Not in English: the director-candidates release of 13 May 2026 on the Japanese news list, and the 独立役員届出書 filing. One or two missing, so 4. (An earlier note said the dividend increase had no English; it does, same minute, re-checked 20 Oct 2026.) Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
No machine-translation notice on the English site or documents. The English IR pages, FAQ and 'Cautions Regarding This Investor Relations Website' (forward-looking statements and product information only) carry none, and there is no translation banner. Documents carry the human-translation precedence line, which is R5's, and the scripts say 'translated by SCRIPTS Asia'. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The tanshin, the AGM notice and the notice of resolutions open with 'This document has been translated from the Japanese original for reference purposes only ... the original shall prevail'. The results decks (FY2025, Q1 FY2026) carry no such line. Disclaimed on some documents. 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 2026-10-20. Compare this question across companies →
Capital-policy review
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 →
Second Medium-Term Management Plan (FY2025-FY2027) and leveraged investment plan
Strategy or target reset · In progress · Plan announced 12 May 2025
Tsumura launched the plan with FY2027 targets and a cash allocation that adds interest-bearing debt to fund over ¥200bn of investment; in November 2025 it raised the operating-profit and ROE targets. The FY2027 outcome is not due.
Timeline and sources (3 steps)
- 12 May 2025Plan announced FY2027 targets of ¥234bn sales, ¥43bn operating profit and 8% ROE; FY2025-FY2027 cash allocation of ¥143bn+ operating cash flow, ¥70bn interest-bearing debt and ¥20bn+ from cross-shareholding sales and cash on hand, against ¥200bn+ investment and ¥33bn+ shareholder returns. FY2024 Financial Results and Second Medium-Term Management Plan Briefing
- 10 November 2025Targets revised FY2027 operating-profit target raised from ¥43bn to ¥46bn and ROE target from 8% to 9%; sales target unchanged at ¥234bn. Second medium-term management plan numerical targets (FY2027), revised November 10, 2025
- 13 May 2026First plan year reported FY2025 sales ¥192.6bn, operating profit ¥35.2bn and ROE 9.0%; investing cash outflow ¥50.3bn and financing inflow ¥32.6bn; equity ratio 54.3% against 64.7% a year earlier. Consolidated Financial Results for the Fiscal Year Ended March 31, 2026
What management said it would do
From the company’s own disclosure · FY2024 Financial Results and Second Medium-Term Management Plan Briefing · Second medium-term management plan numerical targets (FY2027), revised November 10, 2025
What it actually did, and when
FY2025 results show the first year: ¥35.2bn operating profit, 9.0% ROE, ¥50.3bn invested and the equity ratio down to 54.3%. Annual spend against the plan is not broken out.
Partly disclosed — a gap remains · Consolidated Financial Results for the Fiscal Year Ended March 31, 2026
What it disclosed about the economics
The plan quantifies the cash allocation and frames returns through ROE and an equity spread; project-level returns are not disclosed.
Partly disclosed — a gap remains · FY2024 Financial Results and Second Medium-Term Management Plan Briefing
What has happened since
The FY2027 result is not due.
Partly disclosed — a gap remains · Second medium-term management plan numerical targets (FY2027), revised November 10, 2025
The question this leaves open
Investor question: what returns do the plant investments earn, and what leverage limit applies? IR preparation: publish annual plan-versus-actual spend and a net-debt range.
Our analysis, not a company statement
¥5.0bn share repurchase alongside the cross-shareholders' secondary offering (February-May 2025)
Buyback · completed · Repurchase resolved 20 February 2025
The board set a ¥5.0bn, 1,465,000-share limit for market purchases from 11 March to 29 August 2025, alongside a secondary offering of 2,418,400 shares by eight cross-shareholders. The programme was completed by 31 May: 1,237,700 shares for ¥4,999,977,000.
Timeline and sources (4 steps)
- 20 February 2025Repurchase and offering resolved Up to ¥5.0bn and 1,465,000 shares (1.91% of shares outstanding), by market purchase, to improve returns and capital efficiency and to offset the offering's effect on supply; eight cross-shareholders to sell 2,418,400 shares. Notice of Decision on Matters Relating to Purchase of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-02-20) · Notice of Sale of Shares (English published the same day as the Japanese; Japanese version 2025-02-20)
- 3 March 2025Purchase period fixed With the offer price set, the purchase period was fixed at 11 March to 29 August 2025. (Progress of Disclosed Matters) Notice of Decision on Matters Relating to Purchase of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-03-03)
- 30 April 2025 · announced 12 May 2025Monthly status 500,900 shares bought in April for ¥2,119,966,700; 707,300 shares and ¥3,028,836,900 cumulative. Notice Concerning Status of Share Repurchases (April 2025) (English published the same day as the Japanese; Japanese version 2025-05-12)
- 31 May 2025 · announced 11 June 2025Programme completed 530,400 shares bought in May; cumulative 1,237,700 shares for ¥4,999,977,000, which completed the programme three months before the period ended. Notice Concerning the Status and Conclusion of Share Repurchase (English published the same day as the Japanese; Japanese version 2025-06-11)
What management said it would do
Tsumura resolved to buy back up to ¥5.0bn and 1,465,000 shares (1.91%) on the market between 11 March and 29 August 2025, alongside a secondary offering of 2,418,400 shares by eight cross-shareholders.
From the company’s own disclosure · Notice of Decision on Matters Relating to Purchase of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-02-20) · Notice of Sale of Shares (English published the same day as the Japanese; Japanese version 2025-02-20) · (Progress of Disclosed Matters) Notice of Decision on Matters Relating to Purchase of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-03-03)
What it actually did, and when
It bought 1,237,700 shares for ¥4,999,977,000 by 31 May 2025 and reported each month's purchases.
From the company’s own disclosure · Notice Concerning Status of Share Repurchases (April 2025) (English published the same day as the Japanese; Japanese version 2025-05-12) · Notice Concerning the Status and Conclusion of Share Repurchase (English published the same day as the Japanese; Japanese version 2025-06-11)
What it disclosed about the economics
The stated reasons are shareholder returns, capital efficiency, flexibility and offsetting the offering's supply; the effect on EPS or ROE is not quantified.
Partly disclosed — a gap remains · Notice of Decision on Matters Relating to Purchase of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-02-20)
What has happened since
The completion notice of 11 June 2025 reports the programme complete at the full value limit.
From the company’s own disclosure · Notice Concerning the Status and Conclusion of Share Repurchase (English published the same day as the Japanese; Japanese version 2025-06-11)
The question this leaves open
Investor question: will the repurchased shares be cancelled, and what did the programme add to EPS and ROE? IR preparation: state the treatment of the treasury shares and the capital-efficiency effect.
Our analysis, not a company statement
Acquisition of YOMEISHU SEIZO for ¥6.8bn (agreed February 2026, completed September 2026)
Acquisition · completed · Agreements announced 25 February 2026
After a tender offer by Reno, a squeeze-out and the transfer of non-operating assets to Yuzawa, Tsumura bought all YOMEISHU SEIZO shares from Yuzawa for ¥6.8bn on 1 September 2026. The effect on FY2027 results is under review and not yet disclosed.
Timeline and sources (2 steps)
- 24 February 2026 · announced 25 February 2026Agreements signed Four-party master agreement and share transfer agreements: Reno's tender offer at ¥4,050 a share, squeeze-out, non-operating assets to Yuzawa, then Tsumura buys the business for ¥6.8bn, planned around July-August 2026. Notice of Four-Party Master Agreement ... to Take YOMEISHU SEIZO CO., LTD. Private ... and Proceed with Acquisition of Shares by TSUMURA & CO. (English published the same day as the Japanese; Japanese version 2026-02-25) · Regarding the Conclusion of a Contract for the Acquisition of Shares of YOMEISHU SEIZO CO., LTD. (English published the same day as the Japanese; Japanese version 2026-02-25)
- 1 September 2026Acquisition completed Tsumura acquired 100% of YOMEISHU SEIZO for ¥6.8bn (subject to price adjustment); consolidation from the second quarter of FY2026 (year to March 2027), with the financial effect under review. Notice Regarding the Completion of Acquisition of Shares in YOMEISHU SEIZO CO., LTD. (Progress Report on Disclosure Matters) (English published the same day as the Japanese; Japanese version 2026-09-01)
What management said it would do
Tsumura agreed to buy YOMEISHU SEIZO for ¥6.8bn after a tender offer by Reno, a squeeze-out and the removal of non-operating assets, to build a healthcare and OTC pillar.
From the company’s own disclosure · Notice of Four-Party Master Agreement ... to Take YOMEISHU SEIZO CO., LTD. Private ... and Proceed with Acquisition of Shares by TSUMURA & CO. (English published the same day as the Japanese; Japanese version 2026-02-25) · Regarding the Conclusion of a Contract for the Acquisition of Shares of YOMEISHU SEIZO CO., LTD. (English published the same day as the Japanese; Japanese version 2026-02-25)
What it actually did, and when
It acquired 100% of the shares on 1 September 2026.
From the company’s own disclosure · Notice Regarding the Completion of Acquisition of Shares in YOMEISHU SEIZO CO., LTD. (Progress Report on Disclosure Matters) (English published the same day as the Japanese; Japanese version 2026-09-01)
What it disclosed about the economics
The briefing shows the business's sales of ¥8,541m and segment profit of ¥2,365m before ¥1,609m of unallocated costs (FY to March 2025); valuation, synergies and expected return are not disclosed.
Partly disclosed — a gap remains · Regarding the Conclusion of a Contract for the Acquisition of Shares of YOMEISHU SEIZO CO., LTD. (English published the same day as the Japanese; Japanese version 2026-02-25)
What has happened since
The financial effect is under review and will be announced; the first consolidated quarter is not yet reported.
Partly disclosed — a gap remains · Notice Regarding the Completion of Acquisition of Shares in YOMEISHU SEIZO CO., LTD. (Progress Report on Disclosure Matters) (English published the same day as the Japanese; Japanese version 2026-09-01)
The question this leaves open
Investor question: what profit does the acquired business earn inside Tsumura, and when will the synergies show? IR preparation: publish the purchase-price allocation and dated synergy targets.
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
FY2025 operating cash flow was ¥24.7bn against ¥50.3bn of investing outflow; the plan allocates ¥200bn+ to capacity and ¥33bn+ to shareholder returns over three years.
Capital structure
The equity ratio fell to 54.3% from 64.7% as total assets rose to ¥592.8bn; financing cash inflow was ¥32.6bn.
Governance of capital decisions
ROE targets are 9% for FY2027 and 10%+ for FY2031; DOE of 5% is the medium- to long-term dividend indicator; the CG Report aims to reduce cross-shareholdings to zero by March 2028.
Preliminary and not scored: a selected-source reading, reviewed 20 October 2026. Surplus cash, leases, maturities, project returns, 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.
- Research error 20 October 2026 · R3: 3 → 4. The dividend-increase notice of 13 May 2026 was in English on the same day; the earlier note missed it. Re-checked over twelve months.
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.