Fujimi Incorporated
Cite as: Japan IR Index, Fujimi Incorporated (5384), 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.
Strengths
- F6 Downloadable financial data 4/5Two English Excel files: five years of headline results, and three years of the balance sheet, income statement and cash flows.
- G6 AGM and voting results 5/5An English notice of 1 July 2026 gives votes for, against and abstaining, with the approval ratio, for every resolution.
Improvement considerations
Suggestions drawn from the research, separate from the recorded scores.
Where to start
Chosen from this company's lowest answers, easiest first. A quick fix uses material the company already has; a translation fix is usually met by translating a Japanese document (our note says whether this company has one). Questions that need a budget or a board decision are left out. Suggestions drawn from the research, separate from the scores.
O7 Named English IR contact published 3/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
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.
F1 Quarterly and full-year results summaries (tanshin) published in English 3/5 Translation
Publish the English results summary every quarter, including the qualitative section and the notes.
F2 English results summary is a full translation, not an excerpt 3/5 Translation
Translate the whole results summary rather than an excerpt.
English disclosure assessment
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Glass & Ceramics Products) | 76.5 | 3 of 5 |
| Same size band (¥100–500bn) | 77.1 | 28 of 50 |
Compared with the companies covered here, not the whole market. Sector is the TSE 33-sector classification; market cap is from the TSE English-disclosure survey, Aug 2026; it only sets the size band, plays no part in the score, and is refreshed once a quarter. Ties share the higher rank.
Out of 100.
Of the 34 questions reviewed, 30 scored 3 or more and 2 found no qualifying English materials within the stated review scope. Read each score with its source and scope below.
Findings by question
F1Quarterly and full-year results summaries (tanshin) published in English3/5
English tanshin for every period on the Japanese cycle, the same day. But each drops the whole notes section, the segment note included: FY2026 runs 14 English pages against 23 Japanese (segment note pp.19-20 in the Japanese), Q1 FY2027 9 against 12. A content cut: 3 (was 5 on 6 Oct, read without a browser; re-checked 14 Oct 2026). Source document →
F2English results summary is a full translation, not an excerpt3/5
English tanshin are cut down against the Japanese. FY2026 Financial Results (14 May 2026) runs to 14 English pages against 23 Japanese pages for the 2026年3月期 決算短信. The English keeps the two summary pages, the qualitative overview (results by region and by application, financial position, dividend policy) and all four statements, then jumps to '4. Others' (changes in directors). The whole Japanese notes section is missing: going concern, basis of preparation, presentation changes, P&L, comprehensive income, equity and cash-flow notes, the segment note (セグメント情報等の注記, JA pp.19-20), per-share data and subsequent events. Q1 FY2027 (5 Aug 2026) is 9 English pages against 12 Japanese. Its contents stop at the statements, while the Japanese adds the quarterly notes on pp.7-8, including the segment note. The notes are part of the document's own substance, the segment note above all, so 3. Source document →
F3Financial statements including notes available in English3/5
No current English source carries notes. The English tanshin (FY2026 and Q1 FY2027) give full balance sheet, income, comprehensive income, equity (at year end) and cash-flow statements, but no notes at all (see F2). There is no English annual securities report. The Fiscal 2025 Integrated Report (30 pp) has only an 11-year financial summary. The English 'Financial Statements (3 years)' xlsx is the statements again. Statements without notes, so 3. Source document →
F4Annual securities report available in English in any form0/5
hunt_yuho.py found nothing beyond the Financial Report page itself; no English securities report under any name.
F5Segment revenue and profit disclosed in English, consistent definitions4/5
Every English tanshin gives sales and operating profit for the four geographic reportable segments in the qualitative section. Example, Q1 FY2027: Japan operating profit +40.8% to ¥3,841m; North America ¥116m. The FY2026 tanshin gives Japan ¥11,401m, North America ¥335m, Asia ¥5,252m and Europe ¥162m. Sales by application (silicon, CMP, hard disk, general industry) are given alongside. The English 'Trends in Segment Sales' page tabulates segment sales and operating income for FY2022-FY2026, and the decks give application forecasts. But the segment note that states how segments are defined and measured is dropped from every English tanshin. The figures are there every period with the definitions unstated, so 4. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English4/5
There are two English Excel files, both downloaded in the browser and read. (1) 'Result Highlights (5 years)' (a80133395913122.xlsx, 11 KB, Financial Highlights page) has one sheet with FY2021-FY2025 sales, operating, ordinary and net profit, net assets, total assets, margins, equity ratio, ROE and ROA. It is a year stale: the HTML table on the same page already shows FY2026. It has no cash flow, per-share or segment data. (2) 'Financial Statements (3 years)' (a83572400014976.xlsx, Financial Statements page) has BS(e), PL(e) and CF(e) sheets for FY2024-FY2026, which is current. These are real spreadsheets, but narrower and shorter than five years of all three statements plus per-share data, so 4. Source document →
F7Guidance disclosed in English with the basis explained5/5
The full-year forecast is in every English tanshin. The English FY2026 Financial Overview deck (43 pp, matching the Japanese 43 pp) gives the basis. Its 'Financial Forecast: FY2027' page explains each line and states 'Assumed exchange rate: JPY150/USD (FY2026: JPY151/USD)'. It adds 1H/2H forecasts, a market view (WSTS/Gartner and SEMI forecasts, AI-driven demand) and forecasts by application and business (silicon wafer, CMP, hard disk, general industry). Revisions are explained in English the same day: the 9 Oct 2026 'Notice Concerning Revisions of Financial Forecast and Dividend Forecast' sets previous against revised figures for 1H and FY with a 'Reason for Revision' (firm CMP and silicon-wafer demand). FX, market view and segment forecasts are all present and revisions are explained, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
Current quarter, published 5 Aug 2026, same day as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
'Notice Concerning the Formulation of the Medium- to Long-Term Business Plan 2026' (FY2027-FY2032) was posted in English on 9 Oct 2026, the same day as the Japanese. It is 6 English pages against 7 Japanese, section for section. It covers basic policy, business environment, and quantitative targets for year 1, 3 and 6: net sales ¥82.5bn / ¥104.0bn / ¥138.0bn, operating margin 20.9% / 20% / 21%, EBITDA margin 26.0% / 29% / 31%, ROE 14.3% / 14% / 17%. It also gives net sales by application, ¥130bn capex over six years, shareholder returns (payout 55%+, progressive dividend) and capital allocation. The English and Japanese MTP pages both carry only this release. The qualitative details are promised for Nov 2026 in both languages. The current plan is as complete as the Japanese, so 5. Source document →
S2IR presentations published in English5/5
An English "Financial Overview" deck for every briefing the Japanese side holds (half and full year, in both languages), matching page for page (43/43, 44/44; 2Q FY2026 a81738810074194.pdf). Neither side publishes a Q&A or transcript. 5 (was 0 on 6 Oct, which found no English deck; re-checked 14 Oct 2026 in the rendered browser). Source document →
S3English equity-story or investment-highlights page3/5
There is no English investor-highlights page. The Japanese IR site has a 個人投資家の皆様へ section (フジミの歩み, 製品の強み, 配当, glossary) with no English counterpart: /english/ir/individual/ returns 404. The English 'Fujimi's Strengths' page (Philosophy, Communication, Technology, Product tabs) is corporate prose with no numbers and is not framed for an investor. The quantified strengths sit in the English Integrated Report 2025's 'About Fujimi' pages: global market shares for CMP/FEOL and silicon, a 'No. 1 market share' product series, 1,407 patents, and the value-creation figures. That is a company overview doing the job rather than a dedicated equity story, so 3. Source document →
S4Growth drivers identified and quantified in English5/5
Drivers are named with numbers attached in English. The MTP 2026 notice names AI-driven advanced logic and HBM demand, physical AI and data-centre investment. It quantifies the contribution by application to FY2032 (CMP ¥46.1bn to ¥85.8bn, silicon ¥23.8bn to ¥31.8bn, GI non-abrasive, ¥4.0bn from M&A) and the capacity behind it (¥130bn capex, Kakamiyama expansion, a second Taiwan plant). The FY2026 deck adds market size (WSTS USD 975.5bn and Gartner USD 1,320.2bn for 2026), SEMI wafer forecasts and per-application growth (CMP sales +14.3%). The Integrated Report gives global market shares. So 5. Source document →
S5Results-briefing transcripts or Q&A published in English0/5
Neither language publishes a results-briefing transcript or Q&A. The English Results Meetings page and the English IR News (2012-2026) carry only the 'Financial Overview' decks. The Japanese 決算説明会 page and Japanese IR news carry only 決算説明会資料, with no 質疑応答 or 書き起こし. The only Japanese Q&A document is the AGM Q&A summary (第74期定時株主総会における質疑応答（要旨）, 8 Jul 2026), which is not a results briefing and has no English version.
S6Integrated or annual report available in English4/5
Fiscal 2025 Integrated Report is the newest English edition (via the IR library's business-report feed); Fujimi's fiscal year ends in March, so FY2025 (ended Mar 2025) is one edition behind the FY2026 year-end that has since passed. Source document →
S7Progress against the previous plan, including misses, explained in English4/5
The English Integrated Report 2025 (pp.19-20) sets the previous plan's (Medium & Long Term Business Plan 2023) target items against actuals for FY2023, FY2024 and FY2025. Sales were ¥58.3bn / ¥51.4bn / ¥62.5bn against the FY2029 target of ¥95.0bn. The table also covers new-business, non-semiconductor and non-polishing ratios, operating margin, EBITDA margin and ROE (16.1 / 9.2 / 12.7% against 15%). It says only 'we did not achieve all target items' and adds a capex-overrun note, with no item-by-item explanation of variances. The 9 Oct 2026 MTP 2026 notice restates the previous plan's FY2026 targets (¥77.0bn, 20%, 26%, 15%) as reference. It explains the replacement by changes in the business environment rather than by reconciling FY2026 actuals against those targets. A dated target-versus-actual reconciliation exists without the variance explanation, so 4. Source document →
G1Corporate governance report available in English5/5
Corporate Governance Report, English, "Last Update: June 24, 2026" - current, in the filed report's own structure. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English Notice of the 74th AGM (73 pp, posted 4 Jun 2026) covers Proposal 3, the election of seven directors, which is the whole board. A summary table gives gender, position, tenure (23, 14, 1, 11, 4, 2, 1 years) and board attendance. Each candidate then gets a full career summary, shares held, and reasons for nomination. All four outside directors have an '[Independence of the candidate]' paragraph and are designated independent officers, and the independence criteria are reproduced on p.16. Every director has tenure, expertise and independence stated, so 5. Source document →
G3Board skills matrix published in English5/5
The English AGM notice p.15, '(Reference) Management Structure after Approval of Proposals 3 and 4 (Planned) [Skills Matrix]', covers all seven directors and three corporate auditors across nine skills: corporate management, global business development, sales and marketing, technology and R&D, manufacturing/QC, finance/M&A, legal/risk, HR, and CSR/ESG. It is dated June 2026. The Integrated Report 2025 has the previous matrix as of 24 Jun 2025. Current matrix in English, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English AGM notice business report (pp.57-59) and the English CG Report set out the structure: monthly pay, executive bonuses, and Board Benefit Trust stock compensation. The bonus pool is estimated profit attributable to owners of the parent times a coefficient, with a stated rationale for that KPI. Stock points depend on 'the achievement rate of performance indicators selected in advance from the targets set in the Medium & Long-Term Business Plan'. Amounts are given: directors ¥221m (monthly ¥141m, bonuses ¥80m), auditors ¥39m, and the ¥480m cap. The stock plan's indicators are not named and no weights or mix are given beyond 'the performance-based proportion rises with rank'. Structure, KPIs and amounts are there with weights missing, so 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 74th ordinary general meeting in English, 73 pages with the full reference documents, naming voting in writing or via the internet - posted 4 June 2026 for the meeting on 24 June, 20 days ahead, short of three weeks. 4 (was 0 on 6 Oct, which found no English notice; re-checked 14 Oct 2026). Source document →
G6Shareholder vote results disclosed in English5/5
Notice of resolutions and voting results in English, 1 July 2026: counts for, against and abstaining, with approval ratios, for every resolution. 5 (was 0 on 6 Oct; re-checked 14 Oct 2026). Source document →
G7Cross-shareholdings in English with reduction schedule and rationale2/5
The English Corporate Governance Report (Last Update 24 Jun 2026, posted 7 Aug 2026), Principle 1.4, gives only the policy. Holdings serve to maintain business relationships, shares that do not serve a significant purpose will be reduced, and the board reviews each holding every June against cost of capital. A voting-rights standard follows. The Integrated Report 2025 repeats the policy. There is no count, amount, reduction target or progress anywhere in English, and the securities report that carries the numbers is Japanese-only. Boilerplate policy only, so 2. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
The English homepage (https://www.fujimiinc.co.jp/english/) has 'Investor Relations' as a visible main-navigation button (screenshot shots/5384_home.png). One click lands on the English IR top (/english/ir/index.html), which shows IR News, the IR menu and latest materials. One click, so 5. Source document →
O2English document links resolve to English documents5/5
Twenty-four English document links were opened, and every one is English (cjk 0-34 characters, all names). Tanshin: Q1 FY2027 (a83926148977654), FY2026 (a83209257586712), 3Q FY2013 (a42392686525596), 2Q FY2019 (.PDF). Decks: FY2026 (a83337848749147), 2Q FY2026 (a81738810074194), FY2025 (a80176461276899), 2Q FY2025 (a78561184747033), FY2024 (a76979675122799). AGM: 74th notice (a83387451036527), 74th voting results (a83622030552345). Governance: CG Report via the news list (a83943630250930) and via /english/ir/governance/file/governance.pdf. Reports: Integrated Report 2025 from the news list and the library (a82238414375369, a82238391744634), Fiscal 2012 Business Report (a67110522721094). Disclosures: MTP 2026, forecast revision 9 Oct 2026, NANKO acquisition 2024, independent-committee change 2025, board-effectiveness 2026, representative-director changes 2026. Data: the two xlsx files. All English, so 5. Source document →
O3English IR archive free of dead links5/5
All 24 sampled links (see O2) resolved and opened, from the 3Q FY2013 tanshin and the Fiscal 2012 Business Report to the 9 Oct 2026 releases. No dead document link was met in the English archive. All live, so 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
These pages were rendered in Chromium: IR top, IR News (year tabs), Financial Report library (fiscal-year accordions to FY2012), Business/Integrated Report library, Results Meetings, IR Calendar, Medium & Long Term Business Plan, Financial Highlights (table plus chart), Financial Statements, Trends in Segment Sales (FY2022-FY2026 tables), List of Directors, Directors' Compensation, Annual Management Policy, Basic Stock Information, Shareholder Returns, Analyst Coverage, FAQ and Legal Disclaimers. All returned 200 with their content. No empty list or blank widget. The share-price link goes out to Yahoo Japan, labelled '(Japanese only)'. So 5. Source document →
O5Single page listing all English IR documents by date and type4/5
The English IR News page (/english/ir/news/, year tabs 2012-2026) is one dated list that mixes every document type: tanshin, Financial Overview decks, AGM notices, resolutions and voting results, CG Reports, Integrated Reports, board-effectiveness outlines and timely disclosures. Items are not typed (no category tags or filter). Per-type pages also exist (Financial Report, Integrated Report, Results Meetings). One dated all-types list, untyped, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive is deep across types. The English IR News runs from 2012. Tanshin go every quarter from FY2012. Business/Integrated Reports run from Fiscal 2012 to Fiscal 2025, and Results Meetings decks are listed by fiscal year back to FY2012. AGM notices, resolutions and voting results are in the news list for 2024-2026 at least. Several years across document types, so 5. Source document →
O7Named English IR contact published3/5
"Contact" in the English IR section redirects to the shared "Non-product/technology related inquiries" form (fujimi_survey_NPT_EN), with "IR Inquiries" as one of four options. A genuine IR route through the general form, not a dedicated IR contact: 3 (was 4; re-checked 14 Oct 2026 under the ruling that a shared form with an IR option is not dedicated). Source document →
R1Earnings materials published in English simultaneously with Japanese4/5
Tanshin are same day every period in the last four checked: English and Japanese news lists both date Q1 FY2027 5 Aug 2026, FY2026 14 May 2026, Q3 FY2026 3 Feb 2026 and Q2 FY2026 5 Nov 2025. Decks are issued only for the half and full year in both languages, a week after the tanshin. The English news list dates them the same as the Japanese (FY2026 21 May 2026; 2Q FY2026 12 Nov 2025), but the PDF metadata disagrees. The English 2Q FY2026 deck was created 25 Nov 2025 against 12 Nov for the Japanese file, and the English FY2025 deck was created 4 Jun 2025 against the 20 May posting. The FY2026 files were both re-saved on 27-29 May, so that pair tells nothing. Tanshin same day; decks possibly a week or two later on the metadata. Floor 4. Source document →
R2Median lag in days between Japanese and English statutory publication3/5
Lags, English minus Japanese, from the dated EN and JA IR News lists. Q1 FY2027 tanshin: 5 Aug against 5 Aug 2026 = 0. FY2026 tanshin: 14 May against 14 May 2026 = 0. 74th AGM notice: Japanese 26 May 2026 (start of electronic provision), English 4 Jun 2026 (PDF created 3 Jun) = 9. Corporate Governance Report (Last Update 24 Jun 2026): Japanese 24 Jun, English 7 Aug 2026 (PDF created 7 Aug) = 44. Annual securities report (第74期有価証券報告書, 19 Jun 2026): no English version, counts as >90. Median of (0, 0, 9, 44, >90) = 9 days, so 3. Source document →
R3Timely disclosures published in English4/5
The Japanese IR news from 15 Oct 2025 to 14 Oct 2026 has 19 timely disclosures besides tanshin, decks and statutory filings. Fifteen are in English the same day. Forecast revisions: 5 Nov 2025, and 9 Oct 2026 with the dividend. Past-yuho GHG correction (5 Nov). Six notices on 14 May 2026: director candidates, dividend, representative-director and officer changes, articles amendment, takeover-policy renewal, dividend-policy change. Board effectiveness (22 May), AGM resolutions (24 Jun), voting results (1 Jul), dividend from subsidiary (5 Aug), MTP 2026 (9 Oct). The CG Report followed 44 days late. Not translated: three staff-level 人事異動 notices (3 Feb, 25 Mar, 29 Sep 2026; division-deputy level, not board) and the AGM Q&A summary (8 Jul). Every forecast, dividend and management change is same day; nearly all overall, so 4. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
Nothing on the rendered English site is presented as machine-translated: homepage, IR top, IR pages and Legal Disclaimers. There is no translation banner or pop-up, and the disclaimer page covers investment decisions, forecasts, accuracy, revisions and blackout periods only. The documents carry human-translation precedence lines ('excerpt translation ... the original Japanese document shall prevail'), which belong to R5. So 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese1/5
Both the tanshin and the governance report carry "this document is an excerpt translation of the original Japanese document and is only for reference purposes... the latter 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 →
Semiconductor-materials growth and capital-return plan
Strategy or target reset · In progress · Plan announced 10 May 2023
Fujimi set FY2026 and FY2029 operating and return targets while maintaining a payout target above 55%.
Timeline and sources (1 step)
- 10 May 2023Plan announced Fujimi set FY2026 and FY2029 operating and return targets while maintaining a payout target above 55%. Medium & Long Term Business Plan 2023
What management said it would do
Management targets ¥95bn sales, 20% operating margin and 15% ROE by FY2029.
From the company’s own disclosure · Medium & Long Term Business Plan 2023
What it actually did, and when
The strategy is underway; project-level investment and realized-return disclosure remains incomplete.
Partly disclosed — a gap remains · Medium & Long Term Business Plan 2023 · Shareholder Return
What it disclosed about the economics
Fujimi combines profitability and ROE targets with a dividend payout target above 55%.
Partly disclosed — a gap remains · Medium & Long Term Business Plan 2023 · Shareholder Return
What has happened since
The FY2029 result is not due.
Partly disclosed — a gap remains · Medium & Long Term Business Plan 2023
The question this leaves open
Investor question: Which capacity and R&D programs drive the FY2029 targets? IR preparation: quantify capital, milestones and product-level 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
Capital structure
The selected sources show a high payout target, but not a complete leverage and liquidity range for the FY2029 plan.
Governance of capital decisions
Management disclosed sales, operating-margin, EBITDA-margin and ROE targets through FY2029.
Preliminary and not scored: a selected-source reading, reviewed 29 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.