Kissei Pharmaceutical Co., Ltd.
Cite as: Japan IR Index, Kissei Pharmaceutical Co., Ltd. (4547), 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.
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.
G6 Shareholder vote results disclosed in English 2/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
S5 Results-briefing transcripts or Q&A published in English 0/5 Translation
Publish the results-briefing Q&A summary in English, on the same day as the Japanese.
English disclosure assessment
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Pharmaceutical) | 75.4 | 4 of 12 |
| Same size band (¥100–500bn) | 77.1 | 16 of 50 |
Compared with the companies covered here, not the whole market. Sector is the TSE 33-sector classification; market cap is from the TSE English-disclosure survey, Aug 2026; it only sets the size band, plays no part in the score, and is refreshed once a quarter. Ties share the higher rank.
Out of 100.
Of the 34 questions reviewed, 28 scored 3 or more and 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
English 'Consolidated Financial Results [Japanese GAAP]' for every quarter on the English Business Results page (back to Q1 FY2024) and on TDnet at the same minute as the Japanese (Q1 FY2026 31 Jul 2026 15:30; FY2025 11 May 2026 16:30; Q3 30 Jan 2026; H1 4 Nov 2025). Each is complete: Q1 FY2026 16 pp against 13 Japanese, FY2025 28 pp against 23, with the qualitative section and the segment note. Every period, whole, on the Japanese cycle, so 5, as the Miura and TOK examples. Source document →
F2English results summary is a full translation, not an excerpt5/5
Q1 FY2026 tanshin (31 Jul 2026) against the Japanese 2027年3月期 第1四半期決算短信 (13 pp). The English table of contents matches item for item: 1. Overview of operating results (results, financial position, forecast); 2. quarterly balance sheet, income and comprehensive income, notes (segment information, significant changes in shareholders' equity, going concern, cash flows); 3. Other (sales results by product). English 16 pp because English runs longer. Whole translation, so 5. Source document →
F3Financial statements including notes available in English5/5
The Q1 FY2026 English tanshin carries the quarterly statements and the notes, including the segment note with reconciliation. For the year end, the English 'Financial Data Book 2026' (20 pp, 30 Sep 2026) has the full consolidated statements, 23 pages of notes and the independent auditor's report. Full statements and notes for the latest period, so 5. Source document →
F4Annual securities report available in English in any form3/5
There is no English annual securities report. The nearest is the English 'Financial Data Book 2026' (20 pp, 30 Sep 2026; earlier editions 2024 and 2025): consolidated balance sheet, income and comprehensive income, changes in equity, cash flows, notes and the independent auditor's report. It has none of the yuho's narrative parts (business overview, risks, MD&A, facilities, shareholdings, governance). The Japanese 有価証券報告書 (第81期) was posted 22 Jun 2026. Financial statements only, so 3, as Tokuyama. Source document →
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Reportable segments (Pharmaceutical Business, Information Services, Construction Contracting and others) with sales, intersegment sales and segment profit in every English tanshin (Q1 FY2026 p.13-14: segment profit 1,809, 73, 130, 33), with the reconciliation. The FY2025 English tanshin (p.21) and the Data Book state the basis: segments by separate financial information, profit on an operating-profit basis, intersegment prices at arm's length. Sales by product follow in section 3. So 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
The English Investor Relations pages (Financial results / Timely disclosure, Business Results, Annual Report, Shareholders Meeting) and the latest-materials ZIP offer PDFs only. The Financial Data Book is a PDF of the statements. No Excel or CSV file in English.
F7Guidance disclosed in English with the basis explained5/5
The English FY2025 'Financial Briefing' deck (12 May 2026, 34 pp) sets out the FY2026 plan by segment and business (Pharmaceutical ¥82.0bn, domestic pharmaceuticals and overseas licensing, Information Services ¥13.7bn down 29.6% on the end of GIGA School demand) with the reasons for each line and for the profit swing (lower R&D, cost ratio, gain on securities). The English 'Notice Concerning Revisions to Financial Results Forecast' of 31 Jul 2026 gives the old and new H1 and full-year figures and explains them (TAVNEOS sales below plan, cost ratio, SG&A). Kissei is a yen business, so no FX assumption. Segment forecasts and market view, revision explained, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English results for the three months to 30 June 2026 were filed on TDnet at 15:30 on 31 July 2026, the same minute as the Japanese. Same period, so 5. Source document →
S1Medium-term management plan in English with numerical targets4/5
The five-year plan 'Beyond 80' (FY2025-FY2029) is a 21-page Japanese document of 7 May 2025 with no English version on the English site. Its targets are in English in the Annual Report 2025 (pp.18-21, 25 Dec 2025): net sales ¥110bn+ by business (pharmaceutical ¥95bn, domestic ¥80.5bn, overseas licensing ¥10bn, foods ¥4.5bn, other ¥15bn), OP before R&D ¥29bn+, ROE 8%+, EPS ¥400+, equity under ¥200bn, cross-shareholdings 10% or less of net assets, ten clinical themes, R&D ¥100bn, IT ¥20bn, facilities ¥20bn, dividends ¥27bn and buybacks ¥30bn. These match the Japanese plan's numbers, but in English they arrived seven months later and inside the annual report. Complete, late, so 4. Source document →
S2IR presentations published in English5/5
Kissei holds results briefings at the half year and the year end, and the English 'Financial Briefing' decks for both are on TDnet at the same minute as the Japanese (FY2025: 12 May 2026 16:00, 34 pp in both languages; H1: 5 Nov 2025, 29 pp). Every quarter also has the English 'Supplementary Explanatory Materials' (6 pp, as the Japanese 決算補足資料). The Japanese side adds only a briefing video, a medium; neither language has a transcript or Q&A. So 5. Source document →
S3English equity-story or investment-highlights page2/5
No investment-highlights or equity-story page in English. 'About Kissei' offers Message, Philosophy, Company Profile, Our Business, History and Code of Conduct: a generic corporate introduction, with nothing framed for an investor. So 2. Source document →
S4Growth drivers identified and quantified in English5/5
The English Annual Report 2025 names Beyond 80's drivers and puts numbers on them: domestic pharmaceuticals to ¥80.5bn from ¥63.9bn through existing products (Beova, TAVNEOS, TAVALISSE, CAROGRA, KORSUVA) plus four products with six indications (Linzagolix, Cretostimogene, Olutasidenib ...), overseas licensing to ¥10bn from ¥7.7bn (Linzagolix/Yselty), ten projects to the clinical stage, ¥100bn of R&D. Named drivers with their contribution to the target, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English0/5
Neither language publishes a transcript or Q&A of the results briefings. The Japanese library has only a video-viewing guide for the analyst briefings (決算説明会 動画視聴案内, 22 May 2026, 14 Nov 2025) and the individual-investor session; the English pages have the decks only.
S6Integrated or annual report available in English4/5
Annual Report 2025 in English (38 pp, 25 Dec 2025) 'For the fiscal year ended March 31, 2025', the same 38 pages as the Japanese 統合報告書2025 (30 Sep 2025). The Japanese 統合報告書2026 (41 pp, 30 Sep 2026, FY2025) has no English edition yet. Complete, one edition behind, so 4. Source document →
S7Progress against the previous plan, including misses, explained in English5/5
The English Annual Report 2025 (pp.16-17, 'Recap of PEGASUS') sets the previous plan's final-year targets against FY2024 results line by line (net sales target ¥87.0bn vs ¥88.3bn, pharmaceutical ¥75.0bn vs ¥75.2bn, domestic ¥57.0bn vs ¥63.9bn ...) and explains the misses: operating profit short 'due to delays in the commercialization of Linzagolix overseas', therapeutic foods short on COVID-19 and price rises. Targets against actuals with the variances explained, so 5, as the Kayaku and Santen examples. Source document →
G1Corporate governance report available in English3/5
No Corporate Governance Report in English. The English site has no governance page (Sustainability Management only); the Annual Report 2025 has a 'Corporate Governance' section (pp.58-59: system, committees, compensation policy). The Japanese CG Report was updated on 26 Jun 2026 on TDnet with no English. A governance narrative in place of the filing, so 3. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English notice of the 81st AGM tabulates all 12 director candidates (the whole board) with years in office, attendance, gender, age and independent/outside status (e.g. Shimizu 12 years, Uchikawa 6, Otsuki 4), then a full profile with career and reasons for nomination for each, plus the Audit & Supervisory Board member and the substitute. Tenure, expertise and independence for every director, so 5. Source document →
G3Board skills matrix published in English5/5
The English AGM notice (p.5) has the 'Skills Matrix of Members of the Board and Audit & Supervisory Board Members after the conclusion of this General Meeting of Shareholders (tentative)'. Current, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English Annual Report 2025 (p.59) gives the structure (base salary, performance-linked bonus, restricted stock; outside directors base salary only), the caps (¥600m, of which monetary ¥500m and stock ¥100m, 40,000 shares) and the KPI: the bonus is the standard amount per rank times a coefficient set by the achievement rate of consolidated operating profit. No amounts paid and no pay mix ('determined after deliberation'). Structure and KPI, amounts missing, so 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of Convocation of the 81st AGM in English (17 pp), on TDnet at 08:00 on 1 Jun 2026, the same minute as the Japanese, for a meeting on 23 June: 22 days. It carries the reference documents for all four proposals in full. But for internet voting it sends the reader to 'the Guide to Exercising Voting Rights via the Internet on page 6 of the Japanese original version (in Japanese only)'; the deadline (17:20 on 22 June) is given. Every proposal in English, the voting route Japanese-only, so 4, as Nitto Boseki. Source document →
G6Shareholder vote results disclosed in English2/5
The English Shareholders Meeting page has the 'Notice of Resolutions of the 81st Annual General Meeting' (2 pp, 23 Jun 2026): each proposal 'approved and adopted as originally proposed', with no counts. No English voting results or extraordinary report. The outcome only, so 2. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale4/5
The English Annual Report 2025 gives the cross-shareholdings amount by year (chart in ¥bn and ratio to net assets, falling from 18.1%), a target ('bring the ratio of cross-shareholdings to net assets to 10% or lower as soon as possible', also a Beyond 80 final-year target) and progress (holdings reduced under PEGASUS). No dated schedule, and the holding rationale is only in the Japanese CG Report. Target and progress without a schedule, so 4. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
On the English homepage (kissei.co.jp/e_contents/) 'Investor Relations' sits in the visible top navigation and links to the IR top (/e_contents/relation/). One click, so 5. Source document →
O2English document links resolve to English documents5/5
Sampled 17 English links: tanshin Q1 FY2024, H1 FY2025, Q1 FY2026; supplementary materials Q3 FY2025; decks H1 FY2025 and FY2025; the AGM notice and notice of resolutions; timely disclosures (buyback status Oct 2026, forecast revision Jul 2026 and Nov 2025, TAVNEOS May 2026, Olutasidenib licence May 2026); Status of Dialogue with Shareholders 2026; Annual Reports 2024 and 2025; Financial Data Books 2024-2026. All English (a few CJK characters in charts). So 5. Source document →
O3English IR archive free of dead links5/5
Every link in the same sample resolved to a live PDF (1 to 38 pp). No dead links, so 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered the English homepage, Investor Relations top, Financial results / Timely disclosure, Business Results (FY tabs), Annual Report, Shareholders Meeting, News Release, About Kissei pages, R&D Pipeline and Sustainability Management. All render their content, so 5. Source document →
O5Single page listing all English IR documents by date and type4/5
'Financial results / Timely disclosure' is one dated list of tanshin, supplementary materials, decks, timely disclosures and the dialogue report, back to 2024, untyped. The Annual Report, Data Book and AGM documents are on their own pages. One dated list, untyped and missing those types, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell4/5
Tanshin and supplementary materials every quarter from Q1 FY2024 (Jul 2024), decks from H1 FY2024, Annual Reports and Data Books 2024-2026, and one AGM (81st, 2026). Populated, but about two years deep and a single year of AGM documents. At least a year, so 4. Source document →
O7Named English IR contact published2/5
The English site has no contact page, form, address or IR route at all (header, footer and IR pages checked; /e_contents/ links only to the Japanese site). The tanshin and the timely disclosures name 'Takayuki Komamura, Director, Department Manager of Corporate Finance and Management Department, Phone +81-263-25-9081'. The Japanese site has an IR inquiry form (contact/#ir) in Japanese. Named only in document headers, so 2. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
Tanshin in English on TDnet at the same minute as the Japanese every quarter (31 Jul 2026 15:30; 11 May 2026 16:30; 30 Jan 2026; 4 Nov 2025), and the briefing decks too (FY2025 both at 16:00 on 12 May 2026; H1 both 5 Nov 2025). The English IR-site copy of the FY deck carries a 28 May creation date, but the TDnet English filing is same-day. So 5. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
English against Japanese: Q1 FY2026 tanshin 31 Jul / 31 Jul = 0; FY2025 tanshin 11 May / 11 May = 0; AGM notice 1 Jun 08:00 / 1 Jun 08:00 = 0; CG Report (Japanese 26 Jun 2026) no English, >90; annual securities report (Japanese 22 Jun 2026) no English, and the Data Book carries only the statements, so >90. Sorted 0, 0, 0, >90, >90: median 0, so 5. Source document →
R3Timely disclosures published in English5/5
We compared the Japanese IR news and kabutan's TDnet list from Oct 2025 to Oct 2026 with the English 'Financial results / Timely disclosure' list. Every timely disclosure has an English version on TDnet at the same minute: forecast revisions (4 Nov 2025, 31 Jul 2026), the commemorative-dividend revision (30 Jan 2026), the dividend-date change, the buyback and cancellation (11 May 2026) and every monthly buyback status, the new president (24 Apr 2026), restricted-stock disposals, approvals, the Olutasidenib licence and NDA, and the TAVNEOS notices. Only the CG Report and the independent-officer filing lack English. So 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
Rendered the English homepage, IR pages and the Terms of Use / privacy policy: no machine- or AI-translation notice and no translation widget. The documents carry the human-translation 'original shall prevail' line only (R5's). So 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
'The original in Japanese shall prevail in all respects' heads the English tanshin, and the AGM notice and notice of resolutions carry 'the Japanese originals shall prevail'. The English decks, the Annual Report 2025 and the Data Book carry no such statement. Disclaimed on some documents, so 2. 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 →
Beyond 80 five-year plan (FY2025-FY2029): growth investment, buybacks and smaller equity
Strategy or target reset · In progress · Plan announced 7 May 2025
Kissei set FY2029 targets with ¥100bn of R&D, ¥30bn of buybacks and equity reduced below ¥200bn. The English targets appeared in the Annual Report in December 2025; a ¥6bn buyback followed in May 2026. The FY2029 outcome is not due.
Timeline and sources (3 steps)
- 7 May 2025Plan announced (Japanese) Beyond 80 sets FY2029 net sales of ¥110bn or more, operating profit before R&D of ¥29bn or more, ROE of 8% or more and EPS of ¥400 or more, with R&D ¥100bn, IT ¥20bn, facilities ¥20bn, dividends ¥27bn and buybacks ¥30bn over five years. Medium-Term Management Plan "Beyond 80" (Japanese)
- 25 December 2025Targets published in English The English Annual Report 2025 carries the Beyond 80 targets, the cash allocation and a goal of cross-shareholdings at 10% or less of net assets. Annual Report 2025
- 11 May 2026Buyback authorized Up to 1.3 million shares (3.14%) and ¥6bn from 12 May to 31 December 2026, with cancellation; FY2025 results the same day showed an operating loss of ¥2.9bn and ROE of 6.3%. Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 · Notice Regarding Acquisition of Treasury Shares and Cancellation of Treasury Shares
What management said it would do
Beyond 80 targets FY2029 sales of ¥110bn+, operating profit before R&D of ¥29bn+ and ROE of 8%+, with ¥100bn of R&D, ¥30bn of buybacks and equity below ¥200bn.
From the company’s own disclosure · Medium-Term Management Plan "Beyond 80" (Japanese) · Annual Report 2025
What it actually did, and when
A ¥6bn buyback was authorized in May 2026; the English plan targets came seven months after the Japanese.
Partly disclosed — a gap remains · Annual Report 2025 · Notice Regarding Acquisition of Treasury Shares and Cancellation of Treasury Shares
What it disclosed about the economics
The allocation is quantified; returns on the R&D and in-licensing spend are not.
Partly disclosed — a gap remains · Annual Report 2025
What has happened since
The FY2029 result is not due.
Partly disclosed — a gap remains · Medium-Term Management Plan "Beyond 80" (Japanese)
The question this leaves open
Investor question: how will equity reach the sub-¥200bn target, and what earns the ¥100bn of R&D? IR preparation: publish annual progress on the allocation and equity.
Our analysis, not a company statement
¥5.2bn ToSTNeT-3 repurchase of 3.2% of shares, with cancellation (May 2025)
Buyback · completed · Repurchase resolved 7 May 2025
On the day Beyond 80 was announced, the board resolved to buy up to 1,400,000 shares (3.27%) for up to ¥5,334m in one ToSTNeT-3 session and cancel them; it bought 1,369,200 shares for ¥5,216,652,000 on 8 May 2025, to be cancelled on 27 June 2025.
Timeline and sources (2 steps)
- 7 May 2025Repurchase and cancellation resolved Up to 1,400,000 shares and ¥5,334m at the ¥3,810 closing price through ToSTNeT-3 at 8:45 on 8 May; all shares bought to be cancelled on 27 June 2025. Notice on the Acquisition of Treasury Shares, the Acquisition of Treasury Shares Through Off-Auction Own Share Repurchase Trading System (ToSTNeT-3) and the Cancellation of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-05-07)
- 8 May 2025Repurchase completed 1,369,200 shares (3.20%) bought for ¥5,216,652,000; the same number to be cancelled on 27 June 2025, leaving 46,541,985 shares issued. Notice Concerning the Results of the Acquisition of Treasury Shares, Through Off-Auction Treasury Share Repurchase Trading System (ToSTNeT-3), the Completion of Acquisition of Treasury Shares and the Cancellation of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-05-08)
What management said it would do
Kissei resolved to buy up to 1,400,000 shares (3.27%) for up to ¥5,334m through ToSTNeT-3 on 8 May 2025 and cancel them on 27 June 2025.
From the company’s own disclosure · Notice on the Acquisition of Treasury Shares, the Acquisition of Treasury Shares Through Off-Auction Own Share Repurchase Trading System (ToSTNeT-3) and the Cancellation of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-05-07)
What it actually did, and when
It bought 1,369,200 shares for ¥5,216,652,000 on 8 May 2025.
From the company’s own disclosure · Notice Concerning the Results of the Acquisition of Treasury Shares, Through Off-Auction Treasury Share Repurchase Trading System (ToSTNeT-3), the Completion of Acquisition of Treasury Shares and the Cancellation of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-05-08)
What it disclosed about the economics
The notices cite capital efficiency and shareholder returns without quantifying the effect or linking the amount to Beyond 80.
Partly disclosed — a gap remains · Notice on the Acquisition of Treasury Shares, the Acquisition of Treasury Shares Through Off-Auction Own Share Repurchase Trading System (ToSTNeT-3) and the Cancellation of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-05-07)
What has happened since
The cancellation of 1,369,200 shares was scheduled for 27 June 2025; the reviewed sources do not confirm it separately.
Partly disclosed — a gap remains · Notice Concerning the Results of the Acquisition of Treasury Shares, Through Off-Auction Treasury Share Repurchase Trading System (ToSTNeT-3), the Completion of Acquisition of Treasury Shares and the Cancellation of Treasury Shares (English published the same day as the Japanese; Japanese version 2025-05-08)
The question this leaves open
Investor question: how much of Beyond 80's ¥30bn of buybacks is now done? IR preparation: report cumulative buybacks and cancellations against the plan each year.
Our analysis, not a company statement
Sale of two listed shareholdings for an ¥11.6bn gain, proceeds earmarked for R&D (2025)
Cross-shareholdings · completed · Sale announced 29 July 2025
Announced with first-quarter results: two listed holdings to be sold between 30 July and 30 September 2025 for a gain of about ¥12bn, the cash to fund growth investment, mainly R&D. The sale ended on 25 September with a gain of ¥11,605m. The holdings and the proceeds are not named. The 29 July English notice is on TDnet; the company's English website carries only the September result.
Timeline and sources (1 step)
- 25 September 2025Sale completed Two listed stocks sold between 4 August and 25 September 2025 for a gain of ¥11,605m. The result notice reproduces the plan announced on 29 July 2025 (sale by 30 September, gain about ¥12,000m, cash for growth investment, mainly R&D). The 29 July English notice is listed on TDnet but was not found on the company's English website. Notice Regarding Sale of Investment Securities (Result) (English published the same day as the Japanese; Japanese version 2025-09-25)
What management said it would do
Kissei said on 29 July 2025 it would sell two listed shareholdings by 30 September for a gain of about ¥12bn and use the cash for growth investment, mainly R&D.
From the company’s own disclosure · Notice Regarding Sale of Investment Securities (Result) (English published the same day as the Japanese; Japanese version 2025-09-25)
What it actually did, and when
It sold them between 4 August and 25 September 2025 for a gain of ¥11,605m.
From the company’s own disclosure · Notice Regarding Sale of Investment Securities (Result) (English published the same day as the Japanese; Japanese version 2025-09-25)
What it disclosed about the economics
The reason given is return on capital and cost-of-capital awareness; the holdings and proceeds are not named.
Partly disclosed — a gap remains · Notice Regarding Sale of Investment Securities (Result) (English published the same day as the Japanese; Japanese version 2025-09-25)
What has happened since
The gain landed close to the forecast; the use of the cash in R&D is not reported against the sale.
Partly disclosed — a gap remains · Notice Regarding Sale of Investment Securities (Result) (English published the same day as the Japanese; Japanese version 2025-09-25)
The question this leaves open
Investor question: which shareholdings were sold and what remains against the plan's 10%-of-net-assets goal? IR preparation: disclose the names, proceeds and remaining cross-shareholding ratio.
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 -¥1.5bn and investing inflow ¥17.5bn; profit of ¥13.8bn came largely from non-operating gains while operating profit was -¥2.9bn.
Capital structure
Equity was ¥230.1bn and the equity ratio 83.7% at March 2026, against a plan target of equity below ¥200bn.
Governance of capital decisions
Cross-shareholdings are to fall to 10% or less of net assets "as soon as possible"; Beyond 80 aims for a P/B above 1.0.
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
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.