Toyo Gosei Co., Ltd.
Cite as: Japan IR Index, Toyo Gosei Co., Ltd. (4970), methodology GNT-BDS v1.1.1, reviewed 2026-10-06.
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.
G3 Board skills matrix published in English 0/5 Quick fix
Publish the skills matrix from the Japanese AGM notice in English.
G6 Shareholder vote results disclosed in English 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O2 English document links resolve to English documents 2/5 Quick fix
Check every link on the English IR pages; label any that open a Japanese document, or link the English version.
English disclosure assessment
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Chemicals) | 82.8 | 17 of 18 |
| Same size band (Under ¥100bn) | 51.4 | 13 of 25 |
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, 18 scored 3 or more and 8 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
Q1 FY2027 tanshin, 7 Aug 2026, 3 pages, headline figures and dividend forecast only. The Japanese original for the same date is 10 pages and carries a dedicated segment-information note (セグメント情報等の注記) discussing the Photosensitive Materials and Chemicals segments by name - missing entirely from the English version, for a company with more than one reporting segment. Source document →
F2English results summary is a full translation, not an excerpt2/5
We compared the English tanshin with the Japanese, page for page. The English Q1 FY3/2027 tanshin (7 Aug 2026) has 3 pages against 10 in Japanese. The English FY3/2026 tanshin (dated 8 May, posted 11 May 2026) has 3 pages against 16. Each English version carries only the summary cover pages: headline results, financial position, dividends, the forecast table and the share-count notes. Everything after the cover is missing: the qualitative review (経営成績に関する説明 / 今後の見通し), the balance sheet, income statement and cash-flow statement, and the notes, including the segment note (セグメント情報等の注記). This is the cover-pages-only band. Source document →
F3Financial statements including notes available in English3/5
No English source carries financial statements with notes. The English tanshin are cover pages only. There is no English yuho: the 'Securities Reports' page links Japanese PDFs that stop at FY3/2020. There is no English annual or integrated report. The only English statements are the condensed ones in the results decks. The FY3/2026 deck has an income statement (p.9), cash-flow statement (p.10) and balance sheet (p.11). The Q1 FY3/2027 deck has an income statement (p.8) and balance sheet (p.9). None of these has notes. This is statements without notes. They are condensed, so this is the floor of 3. Source document →
F4Annual securities report available in English in any form0/5
No Annual Securities Report in English. The English "Securities Reports, Quarterly Reports" page (ir/library/statements.html) now renders, but every file it links, 2000 to 2020, is the Japanese filing. (Reason corrected 14 Oct 2026; an earlier version said the page returned a 404.)
F5Segment revenue and profit disclosed in English, consistent definitions4/5
Every English deck gives net sales and operating profit for both segments, Photosensitive Materials and Chemicals. Examples: Q1 FY3/2027 pp.6-7 (¥7,382m / ¥1,052m and ¥4,704m / ¥879m); FY3/2026 pp.7-8 (¥26,417m / ¥1,051m and ¥15,538m / ¥2,617m); Q2 and Q3 FY3/2026 likewise. The figures come with quarterly and half-year history. The English tanshin, however, has no segment note, so the segment definitions are never stated in English and the figures exist only in the deck. This is the 'every period, but only in the deck' band. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
The English 'Financial Performance Highlights' page (ir/highlight.html) says the data 'can be downloaded in PDF and Excel format'. Its only download, 'Excel List' (english/files/finance_FY2026_en.xlsx), returns 404 in the browser. Fetching it from inside the page also returns 404 text/html. The page itself shows five-year charts (FY2021-FY2025) and an HTML table of regional sales; neither counts. The English IR library has no other xls or csv file. The Japanese page's file (img/ir/xls/finance_FY2026.xls) is live, so only the English reader is cut off.
F7Guidance disclosed in English with the basis explained5/5
The full-year forecast is in English with its basis. The FY3/2026 deck sets out the FY3/2027 forecast: sales ¥47.5bn, OP ¥5.0bn, ordinary profit ¥4.6bn, net profit ¥3.2bn. A slide headed 'Assumptions for the FY2026 Earnings Forecast' (p.15) covers market environment (generative-AI-driven demand for semiconductor materials), an exchange rate of ¥155/$, cost environment (Middle East raw-material, fuel and logistics costs), production and utilisation, and stable supply. The deck also gives an OP variance bridge (p.16) and an H1/H2 split with reasons (p.17). The Q1 deck (7 Aug 2026) explains the upward revision to ¥50.0bn sales and ¥5.8bn OP (pp.2, 10-11): more advanced-material demand, a ¥0.4bn inventory-valuation effect, and the H2 cost headwinds. It also gives the H1 FX assumption of ¥155/$ (p.12). There are no segment forecast numbers, but FX, market view and revision reasons are all present. The English tanshin carries only the forecast table, without the Japanese qualitative outlook; the deck covers that content. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
Q1 FY2027 tanshin in English, the same period as the Japanese filing. Listed in English IR News on 18 August 2026, eleven days after the Japanese (7 August); the period, not the day, decides F8. (Reason corrected 14 Oct 2026; an earlier version said same day.) Source document →
S1Medium-term management plan in English with numerical targets5/5
The current plan is 'Beyond 500', covering FY3/2023 to FY3/2027, now in its final year. It is on the English 'Medium-term Management Plan' page (dated 11 May 2022, the same date as the Japanese notice). The page carries every target the Japanese notice and 8-page supplementary deck carry: net sales over ¥50bn, operating profit over ¥8bn (margin over 16%), cumulative capex ¥30bn, FX ¥115/$. It also gives the FY3/2022 base, the company and segment strategies, and the vision. The plan is in HTML rather than the Japanese PDFs, but no target is missing. Source document →
S2IR presentations published in English5/5
A slide deck in English for every quarter and full year back through FY2023, matching the Japanese cadence. A results briefing is held (the FY3/2026 tanshin says so, and the Japanese IR top hosts the videos), but the Japanese side publishes no transcript or Q&A for current briefings (one Q&A summary, for FY3/2023), so there is no narrative supplement being withheld. The English decks arrive days to weeks after the Japanese (full year 4 June against 18 May; Q1 18 August against 7 August), which R1 scores. (Reason corrected 14 Oct 2026; an earlier version said no briefing is held.) Source document →
S3English equity-story or investment-highlights page2/5
There is no 'why invest', investment-highlights or at-a-glance page in English. The Japanese 個人投資家の皆さまへ section (ir/investor/) has no English counterpart. The IR top's 'For Investors' tile opens the President's message (company/message.html). That page is a general corporate statement ('Global Niche Top', high-purity synthesis and refining, EUV as 'the main battlefield') with no figures and no investor framing. The English company profile PDF (2026) is a fact sheet: address, capital, products, banks, organisation. The business pages are brief introductions. This is a generic corporate introduction. Source document →
S4Growth drivers identified and quantified in English5/5
The FY3/2026 English deck names the growth drivers and puts numbers on them. Semiconductor market: about 30x growth in 40 years at a 9% CAGR, with $1tn expected ahead of schedule in 2026 (p.22). Photoresist market: KrF/ArF/EUV volume results and forecasts to 2031, with the market about one year behind the MTP assumption (p.23). Capacity: ArF/EUV production capacity up 1.8x and high-purity-solvent shipping capacity tripled, with plant investment amounts of about ¥12.0bn, ¥3.0bn and ¥1.0bn (pp.19, 26). Capex of ¥4.46bn and R&D of ¥2.08bn are planned for FY3/2027 (p.18). The Q1 deck ties advanced-semiconductor-material demand to record segment sales (Photosensitive +38% YoY). Source document →
S5Results-briefing transcripts or Q&A published in English0/5
There is no transcript or Q&A summary anywhere in English. The English Supplements to Financial Results page (2019-2026) and the English IR News list carry decks only. The Japanese side published one 質疑応答要旨 (4 pp.), for the FY3/2023 briefing, on its 決算補足説明資料 page. It has published none since; its briefing hub on the IR top carries videos and decks only. The English side has never had a counterpart.
S6Integrated or annual report available in English0/5
No integrated or annual report in English anywhere on the site; the "Download Various Documents" page marks its CSR Report explicitly "Japanese only."
S7Progress against the previous plan, including misses, explained in English4/5
The plan's final year is still running, so the English reconciliation sets targets against the final-year forecast, not against actuals. FY3/2026 deck: 'Comparison of Beyond 500 Targets and FY2026 Forecast' (p.24) sets sales ¥50bn vs ¥47.5bn, OP ¥8bn vs ¥5bn, margin 16% vs 10.5%, cumulative capex ¥30bn vs ¥32.7bn. 'Factors Behind the Expected Shortfall' (p.25) explains the gap: the 2023 market downturn delayed photoresist growth by about a year, and capex and inflation-driven costs rose. The Q1 FY3/2027 deck updates the comparison (p.13): sales on track at ¥50.0bn, OP ¥5.8bn (73%). The previous plan was 'TGC300'. Its targets set against actuals (sales ¥30bn+ vs ¥33.14bn, ordinary profit ¥3bn+ vs ¥4.79bn) are only in the Japanese 2022 MTP notice; the English plan page leaves them out. The explanation is there, but against a forecast and with the previous plan's reconciliation in Japanese only, so this is 4. Source document →
G1Corporate governance report available in English3/5
"Corporate Governance System" is a prose narrative on the company page (current, as of 24 Jun 2026) describing the board and committees - not the Corporate Governance Report filed with TSE, which is not published in English. Source document →
G2Director biographies in English with tenure, expertise and independence2/5
The English 'Introduction of Directors, Auditors & Executive Officers' page gives names and titles only, marking two directors 'Outside Director'. It has no career histories, no years on the board and no expertise. The governance page adds only counts: '2 (of which, 2 independent outside directors)'. There is no English AGM notice since 2019 to carry candidate profiles. The 2026 company profile PDF lists names with outside-director asterisks. Source document →
G3Board skills matrix published in English0/5
There is no skills matrix in English. We checked the governance page, the directors page, the company profile PDF and the IR pages. No English AGM notice exists after 2019, and there is no English integrated report or CG Report.
G4Executive remuneration structure and its performance linkage explained in English2/5
The only English mention of pay is on the governance page. It says the Nomination and Remuneration Advisory Committee deliberated 'the remuneration of each director based on their performance achievements' and reported to the board. There is no English pay structure, KPIs, weights or amounts. There is no English yuho, AGM notice (after 2019), CG Report or integrated report. Source document →
G5AGM notice in English with sufficient lead time to vote0/5
No English AGM notice. The rendered English AGM page lists meetings only up to the 73rd (2023), by date and venue, and the 69th (2019) notices it links as English are Japanese documents. The IR News feed carries no AGM items in English. (Reason corrected 14 Oct 2026.)
G6Shareholder vote results disclosed in English0/5
No English resolution notice for any year: the English AGM page lists meetings to the 73rd (2023) with no voting results, and its older links open Japanese documents. (Reason corrected 14 Oct 2026.)
G7Cross-shareholdings in English with reduction schedule and rationale0/5
There is no English statement on cross-shareholdings. We checked the governance page (system narrative and quick-look table only), the IR pages, the FAQ and the decks. The CG Report, yuho and integrated report, where this would sit, are not in English. The CSR/TOYO GOSEI Report is marked Japanese only.
O1English IR section reachable within two clicks of the English homepage5/5
'IR Information' is a visible item in the English homepage's global navigation (www.toyogosei.co.jp/english/) and goes straight to /english/ir/. That is one click. Source document →
O2English document links resolve to English documents2/5
We sampled 29 English-site document links. These 18 are English: tanshin Q1 FY3/27, FY3/26, Q3 and Q2 FY3/26, FY3/25, FY3/23, Q1 FY3/24, Q2 FY3/21 and FY3/19; decks Q1 FY3/27, FY3/26, Q2 FY3/26, Q1 FY3/26, FY3/25, Q3 FY3/25, Q3 FY3/23, Q2 FY3/22, FY3/21 and Q1 FY3/23. These 9 are Japanese documents behind English labels, with no language marking: on 'Securities Reports, Quarterly Reports', the FY2019 Securities Report (st200701_70, 85 pp.), the 70th 3Q quarterly report, the FY2015 report and the 2001 interim report; on the AGM page, the 69th convocation notice (40 pp.), the 69th resolution notice and the 67th notice; on the Supplements page, the FY2019 full-year deck (report_202005) and the 2Q FY2019 deck. One more, the 'Excel List', is a dead link (see O3). In the English library, the whole Securities Reports page (about 80 links, 2000-2020) and every AGM document link the Japanese files. That makes Japanese documents frequent. Source document →
O3English IR archive free of dead links4/5
In the same 29-link sample, 28 opened. The dead one is the 'Excel List' on Financial Performance Highlights (english/files/finance_FY2026_en.xlsx), which returns 404. Separately, the 'FY2022 Business Results Presentation Material' link on the Supplements page points at the Q3 FY2022 deck (20230210_Q3FY2022_presentationEN.pdf), so the FY3/2023 full-year English deck cannot be reached. That link is live, though, so it is not counted as dead. Source document →
O4English IR pages render without blank JavaScript failures5/5
We rendered these English pages: homepage, IR top (full-page screenshot), IR News, IR Library and its three type pages, Medium-term Management Plan, Financial Performance Highlights (screenshot: charts for FY2021-FY2025 and the regional table all render), AGM page, FAQ, Disclosure Policy, governance and directors. Every one renders its content; no list or section is empty. On the IR top, the three image tiles (For Investors / Medium-Term Plan / Highlights) animate in on scroll and leave white space in a static full-page capture, but they are working links. The broken Excel link is scored under O3. Source document →
O5Single page listing all English IR documents by date and type3/5
There is no single library. 'IR Library' splits by type across three pages, each dated by fiscal year: Financial Results (tanshin), Supplements to Financial Results (decks) and Securities Reports (Japanese files). AGM documents are on a fourth page under Stock Information. The IR News list is one dated page, but it carries only tanshin and decks, and only from Feb 2024. This is split by type, each dated. Source document →
O6English archive genuinely populated, not an unverifiable shell4/5
The genuinely English archive covers two types over several years: tanshin from FY3/2019 to Q1 FY3/2027 (2-3 page summaries) and decks from FY3/2021 to Q1 FY3/2027. The FY2019 decks are Japanese. The other archive pages are well populated, Securities Reports from 2000 to 2020 and AGM documents from the 60th to the 69th, but every file on them is Japanese. Nothing in English covers the MTP documents, AGMs since 2019, governance filings or reports. Several years exist, but for two document types only, so we scored 4 rather than 5. Source document →
O7Named English IR contact published3/5
Shiro Shinozaki, General Manager of Financial and Accounting Department, named with phone in the tanshin header. The general Contact Us form carries a specific "Inquiries about public relations and IR information" category, reachable from the site-wide Contact link - a genuine route, but one option among several in a general form rather than a dedicated IR page. Source document →
R1Earnings materials published in English simultaneously with Japanese3/5
Dates are from the English and Japanese IR News lists, with PDF creation dates in brackets. Q1 FY3/2027: Japanese tanshin and deck 7 Aug 2026; English tanshin listed 18 Aug (PDF created 7 Aug), English deck 18 Aug (created 18 Aug). That is 11 days. FY3/2026: Japanese tanshin and supplementary deck 8 May, briefing deck 18 May; English tanshin 11 May (created 11 May), English deck 4 Jun (created 4 Jun), 17-27 days late. Q3 FY3/2026: Japanese 6 Feb, English tanshin and deck 9 Feb. Q2 FY3/2026: tanshin both 7 Nov; Japanese decks 7 and 18 Nov, English deck 20 Nov. English is days to weeks behind every period. Source document →
R2Median lag in days between Japanese and English statutory publication1/5
Lags by document, Japanese date against English date: Q1 FY3/2027 tanshin, Japanese 7 Aug 2026, English listed 18 Aug (11 days; the PDF was created 7 Aug); FY3/2026 tanshin, Japanese 8 May, English 11 May (3 days); 76th AGM notice, Japanese 2 Jun 2026, no English (over 90); Corporate Governance Report, no English (over 90); FY3/2026 annual securities report, Japanese 25 Jun 2026, no English (over 90). The English 'Securities Reports' page holds only Japanese files up to FY3/2020. Sorted: 3, 11, >90, >90, >90. The median is over 90 days. Source document →
R3Timely disclosures published in English2/5
We compared the Japanese IR News list for 14 Oct 2025 to 14 Oct 2026 with the English list. These Japanese non-results disclosures have no English counterpart: H1 forecast/actual difference and FY forecast revision (7 Nov 2025); fixed-asset acquisition (26 Mar 2026); FY forecast/actual difference, continuation of the takeover-defence policy, and officer changes (8 May); AGM resolutions and director positions (24 Jun); Awaji plant capacity completion (5 Aug); forecast revision (7 Aug). The English list carries only the four results tanshin and decks, plus two product-exhibition notices. The Q1 deck does explain the 7 Aug revision, but the notice itself is not in English. Results only, none of the other disclosures. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
We checked these rendered English pages for machine- or AI-translation wording and found none: homepage, IR top (with its disclaimer), IR library, Disclosure Policy, Terms of Use, Privacy Policy, Contact and Dividends. There is no banner or pop-up either. The tanshin carry only the human-translation precedence line ('translated from the Japanese original for reference purposes only ... the original shall prevail'), which belongs to R5. The decks carry no translation notice. Source document →
R5English version stated as authoritative, not subordinate to Japanese1/5
The tanshin carries "translated from the Japanese original for reference purposes only. In the event of any discrepancy... the original shall prevail." 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 2026-10-06. 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 →
Advanced photoresist materials, completed capex and FY2026 target update
Strategy or target reset · In progress · Plan or update announced 14 November 2025
Toyo Gosei reported ¥28.84bn of cumulative capex and retained FY2026 sales and profit goals while showing a lower FY2025 profit forecast.
Timeline and sources (1 step)
- 14 November 2025Plan or update announced Toyo Gosei reported ¥28.84bn of cumulative capex and retained FY2026 sales and profit goals while showing a lower FY2025 profit forecast. FY2025 First-Half Financial Results Presentation
What management said it would do
Management targets ¥50bn sales and ¥8bn operating profit at a 16% margin by FY2026.
From the company’s own disclosure · FY2025 First-Half Financial Results Presentation
What it actually did, and when
Cumulative capex reached ¥28.84bn and major facilities were completed; FY2025 profit was forecast below the plan trajectory.
Partly disclosed — a gap remains · FY2025 First-Half Financial Results Presentation · Medium-Term Management Plan Beyond500
What it disclosed about the economics
The investment supports advanced photoresist materials and high-purity capacity, but no project ROIC threshold is published.
Partly disclosed — a gap remains · FY2025 First-Half Financial Results Presentation · Medium-Term Management Plan Beyond500
What has happened since
The FY2026 result is not due.
Partly disclosed — a gap remains · FY2025 First-Half Financial Results Presentation
The question this leaves open
Investor question: What utilization, yield and price/mix are required to recover the capex? IR preparation: publish ramp, depreciation, margin and cash returns.
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
Toyo Gosei has deployed ¥28.84bn of its ¥30bn cumulative capex plan, including advanced-semiconductor materials facilities.
Capital structure
The company maintains stable dividends but does not disclose a comparable payout, leverage or liquidity framework in the selected plan sources.
Governance of capital decisions
Management reports plan progress and specific project completions, but no explicit ROIC or cost-of-capital hurdle accompanies the investment program.
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
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.