NSK Ltd.
Cite as: Japan IR Index, NSK Ltd. (6471), methodology GNT-BDS v1.1.1, reviewed 2026-10-12.
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.
G6 Shareholder vote results disclosed in English 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
S3 English equity-story or investment-highlights page 3/5 Translation
Put the investment case, with figures, on one English page or section.
O5 Single page listing all English IR documents by date and type 4/5 Quick fix
Keep one English page that lists every IR document with its date and type.
O7 Named English IR contact published 4/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 1 answer corrected after re-checks (research errors) and 1 changed under a rule change between 21 Oct 2026 and 23 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
This company is a case in “Questions shareholders ask at the AGM”: 03 Unwinding cross-shareholdings. The shareholder proposals, the company’s answers and the vote results are taken from published documents.
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Machinery) | 76.4 | 6 of 39 |
| Same size band (¥500bn–2tn) | 84.2 | 13 of 43 |
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, 32 scored 3 or more and 1 found no qualifying English materials within the stated review scope. Read each score with its source and scope below.
Findings by question
F1Quarterly and full-year results summaries (tanshin) published in English5/5
Financial Results for Q1 FY2026 (IFRS), with the 31 July 2026 corrected edition also in English: 16 pages with the results discussion and the segment information. Every quarter is in the English financial announcements. Source document →
F2English results summary is a full translation, not an excerpt5/5
Q1 FY2026 (quarter to 30 Jun 2026): the English 'Financial Results for Q1 FY2026 (Consolidated) (Corrected)' is 16 pages against the Japanese 2027年3月期 第1四半期決算短信（訂正版） at 17; the Japanese extra page is its table of contents. Both carry the summary pages; 1. qualitative information (results with a narrative for each of the industrial machinery, automotive and steering segments, financial position, the forecast explanation); 2. the condensed statements (financial position, income, comprehensive income, changes in equity, cash flows); the notes (going concern, basis of preparation, segment information with the change in reportable segments, events after the reporting period: none); and the supplementary data with quarterly segment tables, capex, R&D, FX rates and the forecast by segment. The year-end tanshin (12 May 2026) is 30 English pages against 27 Japanese. The whole tanshin, so 5. Source document →
F3Financial statements including notes available in English5/5
The latest-period English tanshin (Q1 FY2026, 30 Jul 2026, corrected 31 Jul) carries the full condensed IFRS statements (financial position, income, comprehensive income, changes in equity for both periods, cash flows) with the notes: going concern, basis of preparation, segment information (overview, the steering-segment change, revenue and segment income with reconciliation) and subsequent events. The year end adds the 84-page 'Consolidated Financial Statements with Independent Auditor's Report' (31 Aug 2026) with full notes. Full statements and notes for the latest period, so 5. Source document →
F4Annual securities report available in English in any form3/5
No securities report in English. 'FY25 Consolidated Financial Statements' (84 pages, 31 August 2026) carries the IFRS statements, notes and the independent auditor's report for the year just ended - financial statements only, none of the narrative parts. Source document →
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Three reportable segments (Industrial Machinery, Automotive, and since Sept 2025 Steering) plus Others. Every English tanshin gives sales and segment income for each, with a reconciliation to income before income taxes, and the note defines the segments (by customer industry, steering run stand-alone) and explains the September 2025 segment addition and restatement. Q1 FY2026: industrial machinery sales ¥104,532m, automotive ¥98,863m, operating income ¥4,576m for automotive; steering ¥44,263m. The supplementary pages add quarterly segment tables and segment forecasts, and the English eleven-year xlsx has segment sales and income back to FY2015. Every period, definitions stated, so 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English5/5
The English Financial Information page offers 'Eleven-Year_Summary(Consolidated)' as an .xlsx (eleven-Year_summary_e.xlsx, 20KB; Japanese counterpart 11年間の主要財務データ .xlsx). Read in the page: one sheet, FY2015-FY2025 (IFRS), with sales and operating income by segment, sales by region, net income, capex, depreciation, R&D, operating/investing/free cash flow, dividends and buybacks, shareholders' equity, total assets, interest-bearing debt, per-share earnings, equity and dividends, margins, ROE, ROA, equity ratio, net D/E, payout, DOE, share price, PER, PBR, yield and FX rates, with footnotes on segment changes. Eleven years of P&L, balance-sheet, cash-flow and per-share data plus segments, so 5. Source document →
F7Guidance disclosed in English with the basis explained5/5
The English Q1 tanshin gives the revised forecast (H1 sales ¥514.0bn, OP ¥26.0bn; FY sales ¥1,040bn, OP ¥50.0bn, net ¥29.0bn, EPS ¥59.27) and its supplementary pages give the forecast by segment (sales and OP, H1/H2) and assumed FX (USD 155, EUR 180, CNY 22.5 for Q2 on). The English 'Notice Regarding the Revision of Consolidated Business Forecast' (30 Jul 2026) explains the revision: AI-related capex lifting semiconductor-equipment and machine-tool demand, a weaker yen, firm industrial demand expected in H2. The Q1 deck adds a 'Business Environment Outlook for Full Year Forecast' table by end market, the OP bridge from previous to revised forecast and the ¥5.0bn NTN integration cost. FX, market view, segment forecasts and explained revisions, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English results for the quarter ended 30 June 2026 published with the Japanese at the end of July 2026, including the correction notice of 31 July. Source document →
S1Medium-term management plan in English with numerical targets5/5
Medium-Term Management Plan 2028 (FY2026-FY2028), announced 13 May 2026. The English MTP2028 PDF is 15 pages, the same as the Japanese 中期経営計画2028 (15), and the same material is in the English FY2025 results/MTP deck (36 pp, Japanese 36) listed on the English IR News on 13 May 2026, the Japanese date. Targets for FY2028: OP ¥75.0bn, margin over 8%, industrial machinery OP ¥42.0bn (10%), automotive ¥30.0bn (7%), ROE 8%, ROIC 6%, net D/E under 0.4x, FX ¥150/USD, CO2 Scope 1+2 under -60% vs FY2017, engagement over 75, DOE 3.5%, cross-shareholdings to zero, a ¥270bn three-year cash allocation. Note: the plan excludes the NTN integration announced 12 May. Complete and same day, so 5. Source document →
S2IR presentations published in English5/5
For every quarter the English side has the presentation, the presentation with script of the conference call (Q1 FY2026: 25 pages, 20 August) and a Q&A summary (19 August), plus fact books - the full Japanese set. Source document →
S3English equity-story or investment-highlights page3/5
There is no investor-highlights page in English: /company/investors/individual/ returns 404, whereas the Japanese side has 個人投資家の皆さまへ, an ORIGIN/TODAY/FUTURE page on NSK's strengths, fields and outlook. The English IR top is a link hub. What does the job is the English NSK Report 2025 (Value Creation Story, business model, MTP2026 progress, financial highlights) and the CEO/CFO messages, which describe strengths but are not framed as an equity story, and the report is one edition behind. A company-overview substitute, so 3. Source document →
S4Growth drivers identified and quantified in English5/5
The English MTP2028 names the drivers and attaches numbers: an OP roadmap from ¥38.8bn to ¥75.0bn (profitability +10.0, structural reform +12.0, portfolio reform +5.0, sales expansion and organic growth +13.0, on ~1% market growth); industrial machinery sales ¥377.5bn to ¥420.0bn with key-sector sales 52% to 55% and a ¥29.4bn improvement (semiconductor mechatronics, aftermarket in the Americas and India, PLM/condition monitoring); automotive key-area sales 24% to 35%; structural reform effects by year; robotics, actuators and PLM as new pillars. The Q1 FY2026 deck tracks demand by end market. Named drivers with numbers, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
English Q&A summaries exist for every quarter, as on the Japanese side, but later: Q1 FY2026 JP 7 Aug / EN 19 Aug 2026 (4 pp each); FY2025 JP 18 May / EN 25 May 2026; Q3 FY2025 JP 12 Feb / EN 16 Feb 2026; Q2 FY2025 JP 12 Nov / EN 14 Nov 2025 (dates from the two IR News lists). The presentation-with-script also lags (Q1 FY2026 JP 7 Aug, EN 20 Aug). Every period, but days late, so 4 under the ruling. Source document →
S6Integrated or annual report available in English4/5
NSK Report 2025 (year ended 31 March 2025) in English, 40 pages. The Japanese side already carries NSKレポート2026 for the year ended March 2026; the English edition is one behind. Source document →
S7Progress against the previous plan, including misses, explained in English4/5
The English MTP2028 (p.6, also in the 13 May 2026 deck p.20) reviews MTP2026 (modified May 2024): an OP bridge from FY2023 actual ¥27.4bn to the FY2026 forecast against the ¥75.0bn MTP target, with the gap explained (structural reform in line with plan; growth and sales expansion projected to fall short; FX, steering and one-time costs), plus the ¥15.0bn profitability-improvement programme and DOE 2.5% maintained; p.7 notes ROE stayed low against the 10% target. The reconciliation is for operating income only; the other MTP2026 targets (ROE, sales) are not set against actuals in a table. Some targets only, so 4. Source document →
G1Corporate governance report available in English5/5
The Corporate Governance Report in English, 28 pages, 'Last Update: June 29, 2026'. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English AGM notice (165th, 3 Jun 2026) gives for all nine director candidates a career summary, position and responsibilities, board and committee attendance, years since assuming office as outside director, independence status with the TSE filing and the business-relationship test, and reasons for nomination; the criteria for independence are on p.16. The English Corporate Governance page adds a table of years as director at NSK for every director (Ichii 9, Suzuki 3, Yamana 5, Yoshida 1, Izumoto 4, Fujitsuka 3, Hayashi 2, Kashima 1, Kiyota new), committee roles, concurrent positions and outside-director appointment reasons, as of end-June 2026. Tenure, expertise and independence for every director, so 5. Source document →
G3Board skills matrix published in English5/5
The current skills matrix is in English on the Corporate Governance page (as of end-June 2026; nine directors against corporate management, finance/accounting/capital policy, engineering/manufacturing, digital and sustainability, with expected roles for outside directors and the reasons for choosing each skill) and in the AGM notice (pp.17-18, 'if each Director candidate is elected'). Current matrix in English, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English AGM notice (pp.36-41) sets out the structure (executive officers: basic, short-term performance-based, mid- to long-term performance-based stock via a Board Benefit Trust; directors: basic and non-performance stock), the KPIs (operating margin, ROE, cash flow, new-product sales ratio, CO2, safety and quality for the bonus; relative TSR vs TOPIX, ROE, engagement and DJBIC inclusion for the stock), malus/clawback, the revised policy effective 1 Apr 2026, and the pay mix by role in charts (CEO 1:1:1, executive officers 4:3:3, non-executive and outside directors 4:1). FY2025 amounts by type: internal directors ¥104m (fixed 89, stock 14; 5), outside ¥90m (69, 20; 6), executive officers ¥696m (fixed 215, performance 145, stock 334). The governance page repeats the policy with FY2024 amounts. The weights among the individual KPIs are not given. Re-checked 21 Oct 2026 under v1.1.1, which needs the weight of each performance measure in every performance-linked element: the bonus and stock plans each name several KPIs with no weights between them (only the pay mix by role is given). So 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the Fiscal 2025 (165th) Ordinary General Meeting in English (file dated 3 June 2026) for a meeting on 25 June - 22 days - 57 pages with the reference documents for the election of nine directors. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the company's English FAQ names the voting website (soukai.mizuho-tb.co.jp, Mizuho Trust & Banking) and says it is in Japanese only; it 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 shareholder-meetings page has notices for the 163rd to 165th meetings but its last notice of resolutions is for the 162nd (fiscal 2022). Nothing in English on how the 2024, 2025 or 2026 votes went.
G7Cross-shareholdings in English with reduction schedule and rationale5/5
The English AGM notice p.19 (linked from the English governance page's Cross-Shareholdings section) gives the policy ('In principle, NSK maintains no cross-shareholdings'), the annual board review of each holding against cost of capital, progress (136 stocks incl. 79 listed in March 2010 to 42 incl. 12 listed at March 2026; 4 sold in FY2025), counts and balance-sheet amounts (46 / ¥31,313m to 42 / ¥24,514m; 4.7% to 3.5% of equity), and the MTP2028 target of reducing cross-shareholdings to zero during FY2026-FY2028, with voting criteria. Holdings, target and schedule, progress and rationale, so 5. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
From the English homepage (nsk.com) the 'Investors' link in the footer goes straight to the IR top /company/investors/ (it is also under the Company menu). One click, so 5. Source document →
O2English document links resolve to English documents5/5
Sampled twelve English document links, all English: FY2025 results/MTP deck (fis2025q4, 36 pp), FY2025 Q&A (fis2025q4qa), FY2025 tanshin (fy2025q4e, 30 pp), FY2025 fact book (bilingual tables), Q2 FY2025 Q&A, Q3 FY2025 presentation with script, the NTN integration MOU notice (16 pp), the 4 Nov 2025 forecast-difference notice, Q1 FY2026 Q&A and script, NSK Report 2025 (40 pp), FY25 consolidated financial statements (84 pp); plus the AGM notice, CG report, MTP2028 and the eleven-year xlsx. No Japanese document behind an English link, so 5. Source document →
O3English IR archive free of dead links5/5
All sixteen sampled English links (the twelve PDFs listed under O2 plus the AGM notice, CG report, MTP2028 PDF and the xlsx) opened in the rendered browser. None dead, so 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered the English IR top, IR News (with the Past News year tabs), Financial Announcements (with the FY accordions), Financial Information, MTP, General Meeting of Shareholders, IR Calendar, Corporate Governance and IR Contacts pages: all rendered their content, lists and the contact form. No blank widget or empty list, so 5. Source document →
O5Single page listing all English IR documents by date and type4/5
The English IR News (/company/investors/ir-news/) is one dated list with year tabs back to 2015 covering results, revised forecasts, decks, scripts, Q&A, fact books, audio, AGM notices, dividends, the consolidated financial statements and the integrated report, but it is untyped and omits some types (CG report, the NTN MOU and plant-withdrawal notices, which are on the general News page with an 'Investors/Company' type filter). The typed archives are split by type: Financial Announcements by fiscal year, Consolidated Financial Statements, Integrated Reports, General Meeting. One dated list, untyped and not every type, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The English archive is deep: Financial Announcements from FY1999 to FY2026 (results, decks, scripts, Q&A, fact books), AGM notices and resolutions from the 155th (2016) meeting, IR News by year from 2015, integrated reports and MTPs back to the 5th plan (FY2016-18). Several years across types, so 5. Source document →
O7Named English IR contact published4/5
'IR Contacts' is an entry in the English IR menu on every investor page, opening a dedicated IR inquiry form (https://www.nsk.com/company/investors/contacts/). Named in the tanshin header - Naoya Takigawa, Head of Finance Division HQ. A dedicated, obvious IR route: 4 (was 2 on 12 Oct, which saw only the global 'Contact Us'; re-checked 16 Oct 2026). Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
The English tanshin and deck go up the same day as the Japanese every period read: Q1 FY2026 tanshin 30 Jul 2026 both (TDnet 15:30 both), deck 31 Jul both; FY2025 tanshin 12 May both, deck 13 May both; Q3 FY2025 tanshin 3 Feb both, deck 4 Feb both; Q2 FY2025 tanshin 4 Nov 2025 both, deck 5 Nov both (IR News listing dates; some deck PDFs were re-uploaded later in both languages, e.g. the FY2025 English deck PDF is dated 7 Aug 2026). Scripts and Q&A lag (S5). Same day every period, so 5. Source document →
R2Median lag in days between Japanese and English statutory publication4/5
Lags (Japanese -> English): Q1 FY2026 tanshin 30 Jul -> 30 Jul 2026, 0; FY2025 tanshin 12 May -> 12 May 2026, 0; AGM notice 29 May (site; TDnet 30 May) -> 3 Jun (site; TDnet 4 Jun), 5 days; Corporate Governance Report: Japanese updated 14 Oct 2026 (TDnet), English still the 29 Jun 2026 edition on 16 Oct, so at least 2 days and open (the June edition was same day); annual securities report 22 Jun 2026, no English translation (only the IFRS statements with audit report, 31 Aug), counted >90. Sorted 0, 0, >=2, 5, >90: median between 2 and 5 days, so 4. Source document →
R3Timely disclosures published in English4/5
Twelve months of TDnet (mid-Oct 2025 to 14 Oct 2026, from kabutan's disclosure list): every results and forecast-revision filing (4 Nov 2025, 3 Feb, 12 May, 30 Jul 2026), the Peterlee and Newark plant-withdrawal notices, the NTN integration MOU (12 May), the dividend (28 May), the AGM-materials correction (16 Jun) and the tanshin correction (31 Jul) have same-day English filings; the management structure (3 Feb), director candidates and compensation revision (26 Mar) and compensation details (18 May) have same-day English only on TDnet, not on the English site. The AGM notice was 5 days late; the independent-officer notification (29 May) and the 14 Oct 2026 CG report have no English filing. Nearly all, a few only on TDnet or late, so 4. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
No machine-translation notice on the rendered English IR pages, the Cautionary Statements page or the documents read (tanshin, decks, AGM notice, MTP, CG report); their caveats are human-translation 'Japanese version shall prevail' language, which is R5. Nothing presented as machine-translated, so 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The tanshin, the consolidated financial statements, the Corporate Governance Report and the AGM notice say 'the Japanese version shall prevail'. The presentation with script and the Q&A summary carry no such statement. Disclaimed on some documents. Source document →
Open a question for the reasoning and the document its score was read from. A zero means no qualifying English materials were located within the stated review scope as of 2026-10-12. 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 →
MTP2028 profitability, portfolio and capital-control plan
Strategy or target reset · In progress · Plan announced 13 May 2026
NSK launched MTP2028 with targets for ROE, ROIC, debt, capex, zero cross-shareholdings and staged DOE improvement.
Timeline and sources (1 step)
- 13 May 2026MTP2028 announced NSK disclosed the three-year plan, profitability roadmap and capital-allocation policy. Medium-Term Management Plan 2028 · Medium-term Management Plan
What management said it would do
NSK targets 8% ROE, 6% ROIC and ¥75bn operating profit while investing ¥120bn and keeping net D/E below 0.4x.
From the company’s own disclosure · Medium-Term Management Plan 2028
What it actually did, and when
MTP2028 includes structural-reform and portfolio roadmaps, but final outcomes are not yet available.
Partly disclosed — a gap remains · Medium-Term Management Plan 2028
What it disclosed about the economics
Management links zero cross-shareholdings, capital control, selective investment, DOE growth and flexible buybacks.
Partly disclosed — a gap remains · Medium-Term Management Plan 2028
What has happened since
The FY2028 result is not due.
Partly disclosed — a gap remains · Medium-Term Management Plan 2028
The question this leaves open
Investor question: Which reforms and investments close the gap from current returns? IR preparation: disclose milestones, capital and return attribution.
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
MTP2028 sets ¥120bn of capex and ¥50bn for strengthening management resources alongside portfolio reform.
Capital structure
The plan caps net D/E below 0.4x and targets zero cross-shareholdings.
Governance of capital decisions
NSK reviewed prior shortfalls, set a profitability roadmap and ties ROE/ROIC to portfolio and structural reform.
Preliminary and not scored: a selected-source reading, reviewed 28 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
- Research error 23 October 2026 · G5: 5 → 4. Every proposal is in the English notice, but the voting website shareholders use (Mizuho Trust & Banking) is in Japanese only.
- Rule change 21 October 2026 · G4: 5 → 4. Under v1.1.1, a 5 needs the weight of each performance measure in every performance-linked element. The bonus and stock plans name several KPIs each with no weights; only the pay mix by role is given.
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.