Zeria Pharmaceutical Co., Ltd.
Cite as: Japan IR Index, Zeria Pharmaceutical Co., Ltd. (4559), 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.
G6 Shareholder vote results disclosed in English 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
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.
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 21 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 | 9 of 12 |
| Same size band (¥100–500bn) | 77.1 | 43 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, 26 scored 3 or more and 6 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 English4/5
The English Financial Results page has every quarter back to FY2022 (summaries to 2005). We read Q1 FY2026 (14 pages against 12 in Japanese) and FY2025 (26 against 23). Both are complete tanshin: summary, qualitative section, statements, notes including segment information, and supplementary product sales and pipeline. But the full English is late every period. Same-day TDnet carries only an English '[Summary]'; the full English follows as '[Updated]': Q1 FY2026 on 18 Aug (Japanese 6 Aug), FY2025 on 1 Jun (8 May), Q3 on 20 Feb (5 Feb), Q2 on 20 Nov 2025 (5 Nov). The PDF creation dates match. Every period and complete, but 12 to 24 days behind, so 4. Source document →
F2English results summary is a full translation, not an excerpt5/5
We read Q1 FY2026 against the Japanese 2027年３月期 第１四半期決算短信 (6 Aug 2026). The English is 14 pages and the Japanese 12. The English table of contents matches the Japanese item for item. 1. Summary of Business Results: operating results by segment, financial position, forecast explanation. 2. Statements and notes: changes in estimates, special quarterly accounting, segment information, shareholders' equity, going concern, cash flows. 3. Supplemental information: major product sales and the new-drug pipeline. The FY2025 English (26 pages against 23) also has the statement of changes in equity, cash flows, per-share and subsequent-event notes. The whole tanshin, so 5. Source document →
F3Financial statements including notes available in English5/5
The latest English tanshin (Q1 FY2026, three months to June 2026) has the quarterly balance sheet, income and comprehensive-income statements. It also has the notes: changes in accounting estimates, special accounting methods, segment information with the reconciliation, shareholders' equity, going concern, cash flows. The FY2025 English tanshin has all four statements with notes. Full statements and notes for the latest period, so 5. Source document →
F4Annual securities report available in English in any form0/5
The English Financial Data section has Financial Results, Briefing Materials, Business Report, Selected Financial Data, Stockholders' General Assembly and Share Information. None of them, nor the English site map or What's New, has the annual securities report in any form. The Japanese yuho is on the Japanese 有価証券報告書 page.
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Every English tanshin has the segment note. In Q1 FY2026, Ethical Pharmaceuticals had sales ¥14,379m and segment profit ¥2,195m; Consumer Healthcare ¥7,032m and ¥1,362m; Other ¥37m and ¥54m. External and intersegment sales are shown separately, with the corporate-expense adjustment reconciled to operating profit. The FY2025 note defines the two reportable segments and states that segment profit is operating profit after goodwill amortisation. The qualitative section also discusses each segment. Every period with definitions stated, so 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
English 'Selected Financial Data' (/english/ir/selected/) is an HTML table: five years (FY3/2022 to FY3/2026) of net sales, ordinary profit, profit, capital, shares, EPS, ROE, payout, employees and net assets. It has no download. No Excel or CSV anywhere in the English Financial Data section.
F7Guidance disclosed in English with the basis explained4/5
The FY2025 English tanshin ('(ii) Future outlook', p.3) gives the FY3/2027 forecast: sales ¥95.0bn, OP ¥13.0bn, ordinary profit ¥13.0bn, net ¥10.0bn. It gives first-half figures too. The reasons are by segment: Asacol and Dificlir overseas, Veltassa in Japan, recovery of Chondroitin and WithOne. Energy and raw-material costs and R&D are the cost headwinds, and no FX gain or loss is assumed. The deck adds R&D of ¥5.0bn and advertising of ¥3.1bn. The 31 Oct 2025 revision has its own English notice. There are no segment forecast figures and no FX rate assumption. Forecast with part of the basis, so 4. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
The latest Japanese filing is the Q1 FY3/2027 tanshin (three months to 30 June 2026), 6 Aug 2026. The English for that period is on the English site: the summary on 6 Aug, the full English on 18 Aug. Same period, so 5. The lag is scored under F1 and R1. Source document →
S1Medium-term management plan in English with numerical targets4/5
The 12th Mid-Term Management Plan (2026-2028) was presented in the FY2025 results briefing deck. The English deck (31 pages, the same 31 as the Japanese) sets the positioning, the three priorities, and the FY2028 targets: consolidated sales ¥100bn, OP more than ¥12.0bn, ROE more than 10%. It also gives the cash allocation (three-year operating cash flow before R&D ¥77.0bn, R&D ¥15-20bn, strategic investments) and the dividend policy. Complete against the Japanese, but the English PDF was created 3 Jun 2026 against the 14 May briefing and the Japanese deck of 15 May. Complete but late, so 4. Source document →
S2IR presentations published in English5/5
Zeria briefs at the half year and full year; the Q1 and Q3 tanshin say no briefing. The English Briefing Materials page has both decks for every year back to FY2021. FY2025 is 31 pages against 31 in Japanese, and H1 FY2025 is 25 against 25. The Japanese page has the decks only, with no script, Q&A or transcript, so there is no supplement to match. Every deck the Japanese side has, complete. The roughly three-week lag (English created 3 Jun and 28 Nov 2025) is R1's, not S2's. So 5. Source document →
S3English equity-story or investment-highlights page3/5
There is no investor-highlights page in the English Financial Data section. Corporate Profile > Growth Strategy ('Beyond Tomorrow') sets out three strengths, BALANCE, FOCUS and GLOBAL. They are the two-business portfolio, the gastrointestinal specialty and global development through alliances and M&A, with a single figure (overseas sales ratio 59.3%). A company-overview page doing the job, not framed for an investor, so 3. Source document →
S4Growth drivers identified and quantified in English4/5
The English FY2025 deck names the drivers under the 12th MTP. They are new in-licensed products for the European network after Dificlir's patent cliff, Asacol 1600mg, Asia (Vietnam F.T. Pharma's intravenous plant) and domestic Veltassa. Some are quantified: the hyperkalaemia market at about ¥36.3bn with about 400,000 patients, and Veltassa sales up 18.9% on a drug-price basis. Overseas sales are 59%, and the deck sets the ¥100bn sales target for FY2028. Most drivers carry no contribution or share figures. Named, some quantified, so 4. Source document →
S5Results-briefing transcripts or Q&A published in English0/5
Neither language publishes a results-briefing transcript or Q&A. The Japanese 決算説明会 page lists only 説明資料 (decks) for every briefing back to FY3/2020, and the English Briefing Materials page lists only the decks.
S6Integrated or annual report available in English3/5
The English site has no integrated or annual report. Zeria's first Integrated Report (統合報告書 2026, 30 pages, posted 9 Oct 2026) is Japanese only. The English 'Business Report' page offers the 72nd Business Report (16 pages, April 2025 to March 2026, PDF created 17 Jul 2026). It is a translation of the shareholder newsletter (株主通信): president's message, business review, R&D, production, shareholder benefits, summary statements and share data. A highlights document in place of the report, so 3. Source document →
S7Progress against the previous plan, including misses, explained in English5/5
The English FY2025 deck (pp.12-16) reviews the 11th Mid-Term Management Plan before introducing the 12th. 'Quantitative Targets and Results' sets consolidated sales of ¥90bn against FY2025 results (achievement rate 99%, from ¥68.3bn in FY2022) and an overseas sales ratio of 50% or more (achieved). 'Qualitative Targets and Results' slides take each region and business against its target. Europe grew on Dificlir and Asacol 1600mg. In Japan, Acofide declined on price revisions and the Chondroitin range lost ground to competition. Targets against actuals with the variances explained, so 5. Source document →
G1Corporate governance report available in English3/5
The English Corporate Profile > Corporate Governance page is a short narrative written for the site. It covers the executive-officer system, '6 directors (including 3 outside directors) ... since June 29, 2022' (now out of date: seven directors after the 2026 AGM), internal control and committees. The Corporate Governance Report filed with TSE (Japanese, 26 June 2026 on TDnet) has no English version on the site or on TDnet. Site 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 72nd AGM (10 pages, 2026) profiles all seven director candidates; all six seats were up, plus one new outside director. Each profile has the career summary with board dates (e.g. Sachiaki Ibe, Director of the Board since March 1972), current position, concurrent posts and shares held. Outside and independent status is flagged. Outside directors' tenure is stated (11, nine and six years), with the reason for nomination and expected role. Expertise is in the skills matrix. All three elements for every director, so 5. Source document →
G3Board skills matrix published in English5/5
The English AGM notice (2026) ends with '(Reference) Expertise and experience of candidates for Director of the Board (skills matrix)'. It covers the seven directors as they stand after Proposal 2, across corporate management, global, sales and marketing, R&D, finance and accounting, legal affairs and academic experience. It notes that up to three key skills are marked per person. Current, in English, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English0/5
Not in English anywhere we looked. The English AGM notice carries only the convocation and the two proposals; the business report with remuneration (Japanese notice p.28, 報酬等の総額等) is not translated. The English Corporate Governance page doesn't cover it, and neither does the English Business Report (shareholder newsletter). There is no English CG report or yuho.
G5AGM notice in English with sufficient lead time to vote4/5
The 'Notice of Convocation Annual General Meeting 2026' was on TDnet at 08:00 on 29 May 2026, the same minute as the Japanese 招集通知 (kabutan.jp). It is also on the English Stockholders' General Assembly page; the PDF was created 22 May. The meeting was 26 June, so 28 days ahead. It carries the reference documents for both proposals (appropriation of surplus, election of seven directors). It explains voting via the internet (www.web54.net) or by post, with the deadline of 5:45 p.m. on 25 June. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the voting website named in the English notice, www.web54.net (Sumitomo Mitsui Trust Bank), 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 English Stockholders' General Assembly page lists only the convocation notices (67th to 72nd). English What's New and the TDnet list on kabutan.jp have no English notice of resolutions or voting results. The Japanese meeting page has 決議通知 (notice of resolutions) for each year.
G7Cross-shareholdings in English with reduction schedule and rationale0/5
Nothing in English on cross-shareholdings. We looked at the English corporate governance page, the AGM notice, the Business Report and Share Information; the last lists major shareholders, banks and Kissei among them, but not Zeria's own holdings. There is no English CG report.
O1English IR section reachable within two clicks of the English homepage5/5
The English homepage (zeria.co.jp/english/) has 'Financial Data' in its visible top navigation. It goes straight to the IR section (/english/ir/), with results, briefing materials, business report, selected data, AGM and share information. One click. Source document →
O2English document links resolve to English documents5/5
We sampled 13 English links and every one opened an English PDF. They were the Q1 FY2026, FY2025, Q3, Q2 and Q1 FY2025 and FY2024 tanshin, the FY2025 and H1 FY2025 decks, the 72nd AGM notice, the 72nd Business Report, and the 8 May 2026 dividend and director-candidate notices. The Japanese-language websites named inside the AGM notice are labelled '(in Japanese)'. All English, so 5. Source document →
O3English IR archive free of dead links4/5
All 13 links sampled for O2 (2025-2026 tanshin, decks, notices, business report) open. Re-checked 21 Oct 2026 by testing every PDF link on the English News list (39 links, by HTTP status; the browser pane refused the site that day): two return 404, the 5 Aug 2025 'Notice regarding Cancellation of Treasury Shares' (release20250805e01.pdf) and the FY2016 Financial Summary (h29_3_end.pdf). Two dead out of 39 is scored as 4, as 6890 and 4516 were. Previously scored 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
In the rendered browser, every English IR page rendered its content once the certificate chain was supplied. They were the Financial Data top, Financial Results, Briefing Materials, Business Report, Selected Financial Data, Stockholders' General Assembly, Share Information, What's New and the corporate pages. Only a cookie-consent iframe loads alongside. Every page renders, so 5. Source document →
O5Single page listing all English IR documents by date and type3/5
There is no single library. Documents are split across pages by type, each dated or grouped by fiscal year: Financial Results, Briefing Materials, Business Report and Stockholders' General Assembly. English What's New is dated but carries the tanshin and notices, not the decks or AGM notices. Split by type across pages, so 3. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
Tanshin every quarter since FY3/2022 and financial summaries back to FY3/2005. Briefing decks since FY3/2022, business reports since FY3/2010, AGM notices since the 67th (2021), and What's New back to 2022. Several years across types, so 5. Source document →
O7Named English IR contact published2/5
The English site has no contact route: no contact or inquiry page in the navigation, footer or site map, and nothing in the Financial Data section. The Japanese site has お問い合わせ. A person is named only in the tanshin header: 'Person in charge of reference: Koichi Tamura, Director, Public Relations Division TEL (03) 3661-1039'. The 72nd Business Report lists a main number. Named only in document headers, no IR route, so 2. Source document →
R1Earnings materials published in English simultaneously with Japanese3/5
On release day only an English '[Summary] Financial Results' goes to TDnet. The full English tanshin follows as '[Updated]' 12 to 24 days later: 18 Aug for 6 Aug, 1 Jun for 8 May, 20 Feb for 5 Feb and 20 Nov for 5 Nov 2025. kabutan.jp's TDnet list and the PDF creation dates agree, though the English site files each under the Japanese date. The decks lag too: the FY2025 English was created 3 Jun 2026 for a 14 May briefing, and H1 on 28 Nov 2025 for 11 Nov. A same-day summary with the full English later counts as late. Days to weeks, so 3. Source document →
R2Median lag in days between Japanese and English statutory publication3/5
Lags in days, full English against Japanese. Q1 FY2026 tanshin 12 (6 Aug to 18 Aug 2026). FY2025 tanshin 24 (8 May to 1 Jun 2026). AGM notice 0 (both on TDnet 29 May 2026 08:00). The Corporate Governance Report (Japanese 26 Jun 2026) and the annual securities report have no English, so each counts as more than 90. Sorted 0, 12, 24, >90, >90: the median is 24 days, so 3. Source document →
R3Timely disclosures published in English4/5
We compared the Japanese timely disclosures on kabutan.jp (Nov 2025 to Oct 2026) with English What's New and TDnet. Same-day English exists for the treasury-share cancellations (5 Nov 2025, 5 Feb 2026), the dividend increase and director candidates (8 May 2026) and the executive-officer change (9 Apr). It also exists for the shareholder-benefit change (27 Mar), the AGM notice (29 May) and a tanshin summary each quarter. The 31 Oct 2025 forecast revision is on English What's New under that date. Japanese only: the Corporate Governance Report (26 Jun), the independent-officer filing (29 May) and a 1 Sep 2026 product launch. All the corporate actions are covered, a few filings are not, so 4. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
No machine-translation wording on the English pages (Terms of use, What's New, Financial Data) or in the tanshin, decks, AGM notice or business report. There is no translation widget or banner. The documents carry only human-translation precedence lines, which are R5's. Nothing presented as machine-translated, so 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
Several documents carry a precedence line. The tanshin (e.g. Q1 FY2026) and AGM notice say 'translated from the Japanese original for reference purposes only ... the original shall prevail'. The timely disclosures (8 May 2026) say 'The Japanese original should be considered as the primary version'. The results decks (FY2025, H1 FY2025) and the Business Report carry no such line. Disclaimer 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 →
12th Mid-Term Management Plan (FY2026-FY2028): ¥100bn sales and ROE above 10%
Strategy or target reset · In progress · Plan announced 14 May 2026
Zeria launched its 12th plan at the FY2025 briefing, with a three-year cash allocation and FY2028 targets. The English deck followed on 3 June 2026. The outcome is not due.
Timeline and sources (1 step)
- 14 May 2026 · announced 3 June 2026Plan announced FY2028 targets of ¥100bn net sales, operating profit above ¥12.0bn and ROE above 10%; three-year operating cash flow before R&D of ¥77.0bn allocated to R&D of ¥15-20bn, strategic investment and stable dividends (¥50 expected for FY2026). Briefing held 14 May; English deck posted 3 June. FY2025 Financial Results Briefing Materials (12th Mid-Term Management Plan)
What management said it would do
The 12th plan targets FY2028 sales of ¥100bn, operating profit above ¥12.0bn and ROE above 10%, with ¥77.0bn of operating cash flow before R&D over three years.
From the company’s own disclosure · FY2025 Financial Results Briefing Materials (12th Mid-Term Management Plan)
What it actually did, and when
The plan was launched in May 2026; no implementation evidence yet.
Partly disclosed — a gap remains · FY2025 Financial Results Briefing Materials (12th Mid-Term Management Plan)
What it disclosed about the economics
R&D of ¥15-20bn is quantified; strategic investment is not.
Partly disclosed — a gap remains · FY2025 Financial Results Briefing Materials (12th Mid-Term Management Plan)
What has happened since
The FY2028 result is not due.
Partly disclosed — a gap remains · FY2025 Financial Results Briefing Materials (12th Mid-Term Management Plan)
The question this leaves open
Investor question: how much will go to strategic investment and at what return? IR preparation: quantify the strategic bucket and its hurdle.
Our analysis, not a company statement
Cancellation of treasury shares in three tranches (August 2025 to February 2026)
Buyback · completed · Cancellation resolved 5 November 2025
Zeria cancelled treasury shares in August 2025, November 2025 (1,000,000 shares, 1.92%) and February 2026 (1,000,000 shares, 1.96%), reducing shares issued to 50,119,190. The notices state no reason. The English link to the August 2025 notice returns 404.
Timeline and sources (2 steps)
- 5 November 2025Cancellation resolved 1,000,000 shares (1.92%) to be cancelled on 26 November 2025; 51,119,190 shares issued afterwards. Notice regarding Cancellation of Treasury Shares (November 2025) (English published the same day as the Japanese; Japanese version 2025-11-05)
- 5 February 2026Cancellation resolved 1,000,000 shares (1.96%) to be cancelled on 25 February 2026; 50,119,190 shares issued afterwards. Notice regarding Cancellation of Treasury Shares (February 2026) (English published the same day as the Japanese; Japanese version 2026-02-05)
What management said it would do
Zeria resolved to cancel 1,000,000 treasury shares in November 2025 and another 1,000,000 in February 2026, after a cancellation in August 2025.
From the company’s own disclosure · Notice regarding Cancellation of Treasury Shares (November 2025) (English published the same day as the Japanese; Japanese version 2025-11-05) · Notice regarding Cancellation of Treasury Shares (February 2026) (English published the same day as the Japanese; Japanese version 2026-02-05) · News (English)
What it actually did, and when
Planned cancellation dates and the resulting 50,119,190 issued shares are stated; the August notice cannot be opened in English.
Partly disclosed — a gap remains · Notice regarding Cancellation of Treasury Shares (February 2026) (English published the same day as the Japanese; Japanese version 2026-02-05) · News (English)
What it disclosed about the economics
No reason is given for the cancellations.
Partly disclosed — a gap remains · Notice regarding Cancellation of Treasury Shares (November 2025) (English published the same day as the Japanese; Japanese version 2025-11-05)
What has happened since
Completion is not confirmed separately.
Partly disclosed — a gap remains · Notice regarding Cancellation of Treasury Shares (February 2026) (English published the same day as the Japanese; Japanese version 2026-02-05)
The question this leaves open
Investor question: how many treasury shares remain and what are they for? IR preparation: state the treasury-share policy and fix the dead English link.
Our analysis, not a company statement
Year-end dividend increases for FY2024 (¥47 annual) and FY2025 (¥49 annual)
Dividend · completed · First increase decided 8 May 2025
Zeria paid year-end dividends above its forecasts two years running: ¥24 against ¥23 for FY2024 (annual ¥47) and ¥25 against ¥24 for FY2025 (annual ¥49), under a policy of stable and continuous dividends with no stated payout target.
Timeline and sources (2 steps)
- 8 May 2025FY2024 dividend increased Year-end ¥24 (forecast ¥23), total ¥1,058m; annual ¥47, up ¥3. Notice Concerning Dividends from Surplus (Increase) (May 2025) (English published the same day as the Japanese; Japanese version 2025-05-08)
- 8 May 2026FY2025 dividend increased Year-end ¥25 (forecast ¥24), total ¥1,102m; annual ¥49, up ¥2. Notice Concerning Dividends from Surplus (Increase) (May 2026) (English published the same day as the Japanese; Japanese version 2026-05-08)
What management said it would do
Zeria raised its year-end dividend above forecast in May 2025 (¥24, annual ¥47) and May 2026 (¥25, annual ¥49).
From the company’s own disclosure · Notice Concerning Dividends from Surplus (Increase) (May 2025) (English published the same day as the Japanese; Japanese version 2025-05-08) · Notice Concerning Dividends from Surplus (Increase) (May 2026) (English published the same day as the Japanese; Japanese version 2026-05-08)
What it actually did, and when
The totals were ¥1,058m and ¥1,102m, paid on 30 June 2025 and 29 June 2026.
From the company’s own disclosure · Notice Concerning Dividends from Surplus (Increase) (May 2025) (English published the same day as the Japanese; Japanese version 2025-05-08) · Notice Concerning Dividends from Surplus (Increase) (May 2026) (English published the same day as the Japanese; Japanese version 2026-05-08)
What it disclosed about the economics
The reason given is performance; no payout ratio or DOE is stated.
Partly disclosed — a gap remains · Notice Concerning Dividends from Surplus (Increase) (May 2026) (English published the same day as the Japanese; Japanese version 2026-05-08)
What has happened since
Both years exceeded the forecast by ¥1 at year-end.
From the company’s own disclosure · Notice Concerning Dividends from Surplus (Increase) (May 2025) (English published the same day as the Japanese; Japanese version 2025-05-08) · Notice Concerning Dividends from Surplus (Increase) (May 2026) (English published the same day as the Japanese; Japanese version 2026-05-08)
The question this leaves open
Investor question: what payout does Zeria target alongside the new plan's ROE goal? IR preparation: publish a payout or DOE policy.
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 ¥10.0bn, investing outflow ¥2.7bn and financing outflow ¥5.9bn; the plan expects ¥77.0bn of operating cash flow before R&D over three years.
Capital structure
Net assets were ¥108.6bn and the equity ratio 60.3% at March 2026.
Governance of capital decisions
The FY2028 ROE target is above 10% against FY2025 ROE of 8.5%; the 11th plan was reviewed target against result in the same deck.
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 (Sumitomo Mitsui Trust Bank) is in Japanese only.
- Research error 21 October 2026 · O3: 5 → 4. A full check of the English news list found two links that return errors (an August 2025 notice and a 2017 summary); the earlier sample missed them.
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.