THK
Cite as: Japan IR Index, THK (6481), methodology GNT-BDS v1.1.1, reviewed 2026-10-23.
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 2/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
S5 Results-briefing transcripts or Q&A published in English 0/5 Translation
Publish the results-briefing Q&A summary in English, on the same day as the Japanese.
G1 Corporate governance report available in English 3/5 Translation
Publish the corporate governance report filed with TSE in English.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 20 answers 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”: 10 The economics of M&A and disposals. 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 | 14 of 39 |
| Same size band (¥500bn–2tn) | 84.2 | 28 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, 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 English5/5
Consolidated financial results for the six months ended 30 June 2026 (IFRS), 5 August 2026, the same day as the Japanese: 18 pages with the results discussion, the statements and the segment information. Every quarter is in the English IR library. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.) Source document →
F2English results summary is a full translation, not an excerpt5/5
H1 FY12/2026 tanshin, 5 Aug 2026. The English 'Consolidated Financial Results for the Six Months Ended June 30, 2026 under IFRS' is 18 pages against the Japanese 第2四半期（中間期）決算短信 at 20. The English has the summary pages, a forecast section that points to the same-day revision notice, and Management's Discussion and Analysis: operating results, a narrative for each of the five segments, and financial position. It has all four statements plus changes in equity and cash flows. Its notes cover changes in presentation, segment information, assets held for sale, cash-flow information, the discontinued operation, comprehensive income and subsequent events. That matches the Japanese contents list note for note. The only gap is the one-line 'no going-concern issues' note. The FY2025 tanshin (12 Feb 2026) is 24 pages in both languages. The page gap is layout, not content: the whole tanshin, so 5. Re-opened 23 Oct 2026; the September record scored 4. Source document →
F3Financial statements including notes available in English5/5
The latest-period English tanshin (H1 FY12/2026, 5 Aug 2026) has full condensed statements: financial position, profit or loss, comprehensive income, changes in equity for both periods, and cash flows (pp.6-12). Notes follow (pp.13-18): segment information with reconciliation, assets held for sale, cash-flow information, the discontinued operation with its P&L and cash flows, comprehensive income, and subsequent events. The year end is also covered with notes and audit-level statements in the English Annual Securities Report for FY2025 (199 pp). Full statements and notes for the latest period, so 5. Re-opened 23 Oct 2026; the September record scored 4. Source document →
F4Annual securities report available in English in any form4/5
The Annual Securities Report for the fiscal year ended 31 December 2025 (filed 18 March 2026) in English, 199 pages, posted June 2026: overview of the group, business, facilities, the full 'Status of Corporate Governance' and the financial statements - 'translated from a part of the Japanese original', and the part left out is the independent auditor's report, which the English file does not contain. Re-opened 23 Oct 2026; the September record scored 5. Source document →
F5Segment revenue and profit disclosed in English, consistent definitions5/5
There are five geographic reportable segments: Japan, the Americas, Europe, China and Other. Every English tanshin gives revenue (external and intersegment) and segment income for each, with adjustments, plus a segment narrative in the MD&A. For H1 2026, Japan had revenue ¥63,351m and segment income ¥27,163m, and China ¥49,922m and ¥8,318m. The note defines the segments: geographic, reviewed by the Board for resource allocation. Segment income is operating income, and intersegment sales are at fair value. It explains the restatement after the automotive & transportation business was classified as discontinued. The English IR site's 'Segment Information' page adds a five-year segment table (FY21-FY25). Sales and profit every period with stated definitions, so 5. Re-opened 23 Oct 2026; the September record scored 3. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
There is no downloadable data file. We searched the rendered links on the English IR top, Performance Overview, the P&L, balance-sheet, cash-flow, segment and Major Financial Data pages, and the 'Financial Statements related Data' library for xls, xlsx, csv, 'excel' and 'download'. Nothing turned up. The multi-year data is HTML tables (five years, FY21-FY25, on the finance pages) and the 33-page bilingual PDF 'Investor Information' fact book (Aug 2026). Neither counts. (Note from the October cohort record; the September record also found nothing. The English finance, results-library and IR top pages re-checked 23 Oct 2026: no Excel, CSV or download.)
F7Guidance disclosed in English with the basis explained5/5
The full-year forecast and its basis are both in English. The tanshin cover gives the FY12/2026 forecast. On 5 Aug 2026 the English 'Notice Regarding the Revision of Financial Forecasts' revised it from revenue ¥276.0bn and OP ¥31.0bn to ¥310.0bn and ¥48.0bn (net ¥54.8bn, EPS ¥488.97), and the non-consolidated forecast too. It explains why: orders above plan on AI-driven semiconductor capex, a weaker yen, and the gain on the automotive business transfer. It states the FX assumptions: US$1 = ¥155.00 and €1 = ¥175.00 for July-December, after ¥158.09 and ¥184.46 in the first half. The H1 deck (pp.21-23) sets the Feb, May and Aug forecasts side by side, consolidated and non-consolidated. Its forecast bridge shows the FX impact on revenue (about +¥13.4bn) and OP (+¥6.6bn), and p.20 gives orders by region. The FY2025 deck and the 11 May revision were also in English. Forecast, FX and market view, with revisions explained, so 5. Re-opened 23 Oct 2026; the September record scored 3. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English results for the six months to 30 June 2026 published 5 August 2026, the same period and day as the Japanese filing. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.) Source document →
S1Medium-term management plan in English with numerical targets5/5
The current plan is the New Management Policy 'Early Realization of ROE of Over 10%', announced 12 Feb 2025. The English deck is 16 pages, the same as the Japanese, and both were posted that day. Its targets are ROE over 10%, OP of ¥40.0bn and revenue of ¥300.0bn+α in FY2027-29, and equity capital of around ¥300bn. It also targets over ¥20.0bn from the structural reform of industrial machinery and an 8% DOE dividend policy. It sets out a capital policy (net cash to neutral, net debt of 1-2x EBITDA) and phases: structural reform in FY2025-26, growth in FY2027-29, stable growth from FY2030. Every English results deck since carries the progress update; the H1 2026 deck (pp.9-19) has the ROE path and the ¥14.4bn/¥6.0bn reform accumulation. Complete and same-day, so 5. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.) Source document →
S2IR presentations published in English5/5
An English presentation for every briefing THK holds - the half year (5 August 2026, 27 pages) and the full year - with the investor-meeting webcast; Q1 and Q3 have results only, in both languages. The Japanese results page offers nothing further. Re-opened 23 Oct 2026; the September record scored 3. Source document →
S3English equity-story or investment-highlights page5/5
The English Integrated Report 2026 has an 'At a Glance' spread (p.7) and a 'Strengths' section: the leading global share in linear motion guides, development and proposal-based sales, and a global structure with 60% of revenue outside Japan in 23 countries. The Industrial business page (p.25) says the LM Guide holds the leading share. Re-checked 21 Oct 2026; the September index record scored this without a note. Under the S3 reading applied to the cohort on 21 Oct, a section in an investor document counts the same as a page and a named market rank counts as a quantified strength. So 5. Source document →
S4Growth drivers identified and quantified in English4/5
The English H1 2026 deck names the drivers. 'Profit Increase in Growth Area' identifies seven target markets: semiconductors, robots, machine tools, medical, logistics, EV/renewables, and railroads and aircraft. It also names FA solutions (mechatronics modules, OMNIedge IoT/AI), physical AI, and capacity, with the THK Dalian ball-screw plant phase 2 (about 27,000 m², completion Dec 2027). Some drivers are quantified: growth areas and M&A contribute +¥6.5bn to the ¥40bn OP path; structural reform ¥20bn+ (¥14.4bn variable plus ¥6.0bn fixed); needs identified about 2.6x and new-product releases about 2.7x. Orders by region are shown too. There is no market size or share per driver and no revenue target by market. Named, some quantified, so 4. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.) Source document →
S5Results-briefing transcripts or Q&A published in English0/5
Neither language publishes a transcript or Q&A. The Japanese 決算関連情報 library offers only 決算短信, 有価証券報告書 and 決算補足説明資料. The Japanese 決算説明会動画 page offers only the briefing video (H1 FY2026 briefing, 6 Aug 2026, Teramachi and Nakane). The English library and 'Webcast of Investor Meeting' page mirror this: decks and the video, with no transcript or Q&A summary. The Japanese side has none either. Re-opened 23 Oct 2026; the September record scored 3.
S6Integrated or annual report available in English5/5
THK Integrated Report 2026 in English, 64 pages (July 2026), reporting period 1 January to 31 December 2025 - the latest closed year for a December year-end. Current and complete. Re-opened 23 Oct 2026; the September record scored 4. Source document →
S7Progress against the previous plan, including misses, explained in English4/5
The previous plan was the 'Management Targets for FY2026 (Five-Year Plan)', set in Feb 2022: revenue ¥500.0bn, OP ¥100.0bn, EPS ¥590 and ROE 17%. The English New Management Policy deck (12 Feb 2025, p.5, 'Review of Management Targets for FY2026') reviews it. Yearly revenue and OP actuals from FY2017 to FY2024 (FY2024: ¥352.7bn and ¥17.3bn), split into industrial machinery and automotive, sit against the ¥500bn and ¥100bn targets. The shortfall is explained by external factors (geopolitics, inflation, China, the auto-industry shift) and internal ones (upfront investment assuming 7% market growth; delayed automotive reform). That explanation is the stated reason the targets were withdrawn. The EPS and ROE targets are listed but not set against actuals. A reconciliation for some targets, explained, so 4. Re-opened 23 Oct 2026; the September record scored 0. Source document →
G1Corporate governance report available in English3/5
No Corporate Governance Report in English. The English site's 'Corporate Governance' page under Sustainability is a narrative written for the site, and the securities report's governance section is in English - but the TSE filing itself is not. Re-opened 23 Oct 2026; the September record scored 5. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English Notice of Convocation of the 56th OGM (March 2026, 81 pp) profiles all eleven directors, since all their terms expire. That is eight directors who are not Audit and Supervisory Committee members (pp.11-21) and three committee members (pp.22-28). Each profile gives 'Service years as Director' (e.g. 44 years; 11 years 9 months; external directors 4 and 9-11 years), a dated career history, shares held, attendance and reasons for nomination. External directors are marked [Independent], with independence reasoning and the TSE independent-officer registration. The Standards for Independence of External Directors are on p.37. Every director has all three elements, so 5. Re-opened 23 Oct 2026; the September record scored 4. Source document →
G3Board skills matrix published in English5/5
The English 56th OGM notice (p.29, March 2026) has a 'Skill Matrix of the Board of Directors and Reasons for Selection'. It covers all eleven directors, including the three Audit and Supervisory Committee members, against eight skills: corporate management, global business, corporate finance, development/production/innovation, IT/digital, personnel/HR/culture, legal/risk/governance and sustainability. A table of the reasons for selecting each skill follows (p.30). The current matrix in English, so 5. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.) Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English corporate-governance page and AGM notice set out fixed pay, performance-based pay and restricted stock, with amounts by type. Performance-based pay is set by business performance, an amount scaling linearly with ROE, and by personal KPI evaluations using quantitative and qualitative metrics. Re-checked 21 Oct 2026 under v1.1.1, which needs the weight of each performance measure in every performance-linked element. The ROE part and the personal KPIs have no weights between them. So 4. Source document →
G5AGM notice in English with sufficient lead time to vote3/5
Notice of Convocation of the 56th Ordinary General Meeting in English, 81 pages with every proposal's reference documents - but the English file is dated 12 March 2026 for a meeting on 20 March, eight days, while the Japanese electronic provision began on 27 February. The English arrives too late to vote on comfortably. Re-opened 23 Oct 2026; the September record scored 4. Source document →
G6Shareholder vote results disclosed in English2/5
Notice of Resolutions at the 56th AGM, in English, 23 March 2026: every item 'approved as originally proposed'. No vote counts, no approval ratios. Re-opened 23 Oct 2026; the September record scored 4. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale3/5
The English Annual Securities Report for FY2025 (pp.102-103, '(5) Shareholding status') gives the holding policy and rationale. Holdings must strengthen relationships with important business partners. The Board annually checks each holding's financials, valuation gains and losses, dividend yield, ROE and transaction size, and the report gives the voting policy. It also gives the numbers: 9 unlisted names ¥372m and 12 listed names ¥4,435m. In the year one listed name was sold (¥49m) and three increased via business-partner shareholding associations. Neither the report, the Integrated Report 2026 nor the New Management Policy states a reduction target or schedule. Policy and numbers, no target, so 3. Re-opened 23 Oct 2026; the September record scored 0. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
On the English homepage (www.thk.com/jp/en/), 'Investors' is in the top navigation. Clicking it in the rendered browser goes straight to the IR top, /jp/en/ir/. One click, so 5. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.) Source document →
O2English document links resolve to English documents5/5
We sampled 19 English document links across types and years. Tanshin: H1 2026, Q1 2026, FY2025, Q3 2025, H1 2019, FY3/2005 (THKNews_20050519). Decks: H1 2026, FY2025, FY3/2012, FY3/2017. Also the Annual Securities Reports FY2025 (199 pp) and FY2024 (178 pp), the New Management Policy 2025, the Nov 2024 basic-policy notice, the 56th and 52nd AGM notices, the 55th resolutions, Integrated Report 2026 and the forecast-revision notice. All opened as English documents. The Investor Information fact book is bilingual EN/JA by design. All English, so 5. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.) Source document →
O3English IR archive free of dead links5/5
Every link in the same sample of 19 across 2005-2026 resolved to a live PDF (2 to 199 pages), including the oldest THKNews tanshin from 2005 and the 2012 and 2017 decks. No dead links, so 5. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.) Source document →
O4English IR pages render without blank JavaScript failures5/5
We rendered these English pages in Chrome: the IR top, IR News (with year tabs), Financial Statements related Data (period table plus 26 back-number tabs), the Webcast page, the General Shareholders Meeting page, Integrated Report, Performance Overview, the P&L, balance-sheet, cash-flow, segment and Major Financial Data tables, and the IR contact/FAQ page. Each rendered its content; the lists and tables were populated and no widget was blank. So 5. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.) Source document →
O5Single page listing all English IR documents by date and type4/5
'Financial Statements related Data' is one page typed by column: Consolidated Financial Results, Annual Securities Report and Supplementary Material. Year tabs date it, back to FY3/2001. But AGM materials sit on the General Shareholders Meeting page, the Integrated Report and webcast on their own pages, and timely disclosures in IR News. IR News is one dated list covering every type (results, decks, securities report, integrated report, AGM notice and resolutions, timely disclosures), with per-year tabs, but every item is labelled just 'IR'. One dated all-types list, untyped, so 4. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.) Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive is deep. English tanshin go back to FY3/2001 (THKNews interim reports from Nov 2000), with every quarter since the mid-2000s. Decks run from 2005 to 2026, English Annual Securities Reports cover FY2022-FY2025, and AGM notices and resolutions from the 51st (2021) to the 56th (2026). IR News has year tabs from 2017 to 2026. Several years across types, so 5. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.) Source document →
O7Named English IR contact published4/5
'IR Department Contact and FAQ' is a visible link on the English IR top page and an item in the IR section's menu, leading to a dedicated Investor Relations contact - address, TEL +81 3-5730-3906, FAX and THK-IR@thk.co.jp - beside an IR FAQ. The tanshin names Kenji Nakane, Director and CFO. Dedicated and immediately obvious (see the note on the rubric's THK example). Re-opened 23 Oct 2026; the September record scored 3. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
Both IR news lists, English and Japanese, give the posting dates. Tanshin: H1 2026 on 5 Aug 2026 in both, Q1 on 11 May, FY2025 on 12 Feb, Q3 2025 on 11 Nov 2025. kabutan's TDnet list shows the English H1 tanshin at 15:30 on 5 Aug, the same minute as the Japanese. Decks are produced only for the half and full year in both languages. The H1 2026 deck was listed 5 Aug in both. Both decks' PDFs were re-created 17-19 Aug, so both were re-uploaded and the listing date is used. The FY2025 deck was 12 Feb in both, with PDFs created that day. Tanshin and deck the same day every period, so 5. Re-opened 23 Oct 2026; the September record scored 4. Source document →
R2Median lag in days between Japanese and English statutory publication3/5
Lags, English against Japanese, from the two IR news lists and kabutan. H1 2026 tanshin: 5 Aug / 5 Aug = 0. Q1 2026 tanshin: 11 May / 11 May = 0. 56th AGM notice: Japanese posted 25 Feb 2026, English listed 13 Mar (PDF created 12 Mar) = 16 days. Annual Securities Report FY2025: Japanese 18 Mar 2026, English listed 10 Jun 2026 (TDnet 10 Jun; PDF created 1 Jun) = 84 days. It lacks the auditor's report but is otherwise a full translation. Corporate Governance Report: Japanese refiled 30 Sep 2026, with no English version on the site, so more than 90. Sorted: 0, 0, 16, 84, >90. Median 16 days, so 3. Re-opened 23 Oct 2026; the September record scored 4. Source document →
R3Timely disclosures published in English4/5
We compared the Japanese IR news list for Oct 2025 to Oct 2026 with the English, all items including the hidden year tabs. Every timely disclosure has a same-day English counterpart: Link Ball integration (21 Oct), Thailand subsidiary (4 Nov), forecast revisions (11 Nov, 11 May, 5 Aug), board-effectiveness results (23 Dec), the automotive business transfer (2 Feb) and its completion (1 Jun), and forecast-vs-actual differences (12 Feb, 5 Aug). Also Next Career Support special measures (12 Feb) and results (28 Apr), auditor change (19 Feb), restricted-stock disposal (23 Mar) and payment completion (17 Apr), the dividend and dividend-forecast revision (5 Aug), and every personnel notice. kabutan shows the English TDnet filings at the same minute. One is missing: the Japanese 「第56期定時株主総会招集ご通知」一部訂正 (13 Mar 2026) has no English notice (the English URL 404s), though the English convocation notice posted that day presumably incorporates it. Nearly all, same day, so 4. (Note from the October cohort record; the September record gave the same score without a note. Re-read 23 Oct 2026.) Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
We rendered the English homepage, IR top, IR contact/FAQ, results library and Terms of Use, and searched the visible text. There is no machine- or AI-translation notice or pop-up. The documents carry only human-translation precedence language: the tanshin's 'the original Japanese version shall supersede', and '[Translation for Reference and Convenience Purposes Only]' on the AGM notice. That belongs to R5. So 5. Re-opened 23 Oct 2026; the September record scored 3. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The tanshin, the securities report and the AGM notice say the English is for convenience and the Japanese prevails. The results presentation and the integrated report carry no such statement. Disclaimed on some documents. Re-opened 23 Oct 2026; the September record scored 1. 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 2026-10-23. 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 →
ROE >10% and capital-policy reset
Strategy or target reset · Policy in force · Capital policy resolved 12 November 2024
The November 2024 decision began replacing the earlier FY2026 targets; the February 2025 plan put ROE above 10% in the FY2027–29 growth stage, with roughly ¥300bn required equity and over ¥40bn operating income as a path. FY2025 ROE was −21.7% after a major loss. First-half 2026 operating income was ¥22.5bn; ¥48bn for FY2026 is a revised forecast, not a realized result or ROE achievement. The 2027–29 target is not yet due.
Timeline and sources (5 steps)
- 12 November 2024Board resolved ROE and capital-policy reset THK said its old 17% FY2026 ROE target was difficult to foresee and resolved a revised basic policy of early ROE above 10%; it included roughly ¥300bn required equity, 8% DOE, flexible buybacks, prompt net-neutral cash and tolerance for 1–2x net debt/EBITDA in the medium to long term. Decision of Basic Policy for Revision of FY2026 Management Targets
- 12 February 20252027–29 target path published THK placed the >10% ROE target in the FY2027–29 growth stage after FY2025–26 restructuring; its path uses over ¥40bn operating income, about ¥30bn net profit and roughly ¥300bn required equity. New Management Policy: Early Realization of ROE of Over 10%
- 31 December 2025 · announced 12 February 2026FY2025 result and progress review THK reported FY2025 ROE of −21.7%, a ¥69.9bn loss attributable to owners and ¥14.4bn continuing-operations operating income. Its February progress presentation continued to show the target path; the FY2026 8.2% ROE shown then was a forecast, later not repeated as an August ROE forecast. Consolidated Financial Results for FY2025 · Supplementary Materials for FY2025 Financial Results
- 1 June 2026Portfolio exit completed The automotive and transportation transfer was completed. It is one implementation step under the policy, separately documented as a divestiture, not a duplicate return outcome. THK, Notice Regarding Completion of the Transfer of Shares and Assignment of Receivables
- 30 June 2026 · announced 5 August 2026First-half result and revised forecast First-half continuing-operations operating income was ¥22.5bn and parent-attributable profit ¥33.7bn; the latter includes a ¥16.4bn transfer-related gain. Equity attributable to owners was ¥276.0bn at June end. THK raised FY2026 continuing-operations operating-income forecast to ¥48bn; full-year ROE is not presented as an actual result here. THK, Consolidated Financial Results for the Six Months Ended June 30, 2026 · Supplementary Materials for First-Half FY2026 Financial Results
What management said it would do
On 12 November 2024 THK decided on a basic policy for revising its hard-to-achieve old FY2026 revenue/profit/EPS/17% ROE goals: early ROE above 10%. Its February 2025 path put this outcome in FY2027–29, after a FY2025–26 restructuring period, with roughly ¥300bn required equity, over ¥40bn operating income and approximately ¥30bn net profit as a route—not guaranteed results.
From the company’s own disclosure · Decision of Basic Policy for Revision of FY2026 Management Targets · New Management Policy: Early Realization of ROE of Over 10%
What it actually did, and when
THK announced the new path in February 2025, completed a ¥40bn treasury-share purchase in March 2025, and completed the automotive/transportation transfer in June 2026. Its August 2026 presentation reports industrial-machinery restructuring measures and a revised FY2026 forecast. The buyback, dividend and transfer have their own action records; their amounts are not counted again as separate ROE outcomes.
From the company’s own disclosure · New Management Policy: Early Realization of ROE of Over 10% · Notice Regarding the Status and Completion of Acquisition of Treasury Stock · THK, Notice Regarding Completion of the Transfer of Shares and Assignment of Receivables · Supplementary Materials for First-Half FY2026 Financial Results
What it disclosed about the economics
THK's rationale combines operating-profit improvement, selection of businesses against ROIC and capital cost, and control of the equity denominator. The original policy proposes 8% DOE, flexible buybacks, a prompt move to net-neutral cash and tolerance for 1–2x net debt/EBITDA over the medium to long term. The plan quantifies operating income, net profit and equity, but does not give one reconciled normalized ROE and liquidity/debt bridge for every lever.
Partly disclosed — a gap remains · Decision of Basic Policy for Revision of FY2026 Management Targets · New Management Policy: Early Realization of ROE of Over 10%
What has happened since
FY2025 ROE was −21.7%, alongside a ¥69.9bn parent-attributable loss; the target is for FY2027–29, so this is an interim baseline rather than a missed target. In H1 FY2026, continuing-operations operating income was ¥22.5bn and equity attributable to owners ¥276.0bn at June end. The August FY2026 ¥48bn continuing-operations operating-income figure is a forecast. H1 parent profit includes a ¥16.4bn transfer-related gain, so it cannot be annualized as recurring ROE progress. There is no verified FY2027–29 outcome yet.
Partly disclosed — a gap remains · Consolidated Financial Results for FY2025 · THK, Consolidated Financial Results for the Six Months Ended June 30, 2026 · Supplementary Materials for First-Half FY2026 Financial Results
The question this leaves open
Investor question: How does management bridge FY2025's reported loss and the H1 FY2026 improvement to >10% sustainable ROE in FY2027–29—split between recurring operating income, one-off transfer effects and equity reduction? IR clarification: publish a dated bridge for normalized profit, average equity, capital deployment, net debt/EBITDA and cash-reserve needs, preserving the original target versus revised forecasts.
Our analysis, not a company statement
8% DOE dividend policy and FY2025–26 decisions
Dividend · Policy in force · Dividend policy adopted 12 November 2024
FY2025's ¥123 interim and ¥123 year-end were approved; THK reported ¥246 per share and a 9.0% dividend-to-equity ratio for that year. The ¥96 FY2026 interim was resolved with an 11 September effective date; ¥99 year-end and ¥195 full year remain forecasts. The DOE denominator has not been independently reconciled.
Timeline and sources (7 steps)
- 12 November 20248% DOE policy adopted Until ROE exceeds 10%, THK adopted 8% DOE based on average beginning/end equity capital. For the second half of FY2024, it specified a 4% half-year basis. Decision of Basic Policy for Revision of FY2026 Management Targets
- 15 March 2025 · announced 17 March 2025FY2024 transitional dividend approved Shareholders approved ¥128.50 per share year-end; with the ¥18 interim preceding the new policy, FY2024 totaled ¥146.50 per share. The original policy specified a half-year 4% DOE basis. Notice of Resolutions at the 55th Ordinary General Meeting of Shareholders · Decision of Basic Policy for Revision of FY2026 Management Targets
- 9 May 2025FY2025 dividend forecast THK forecast ¥123 interim plus ¥123 year-end, or ¥246 per share for FY2025. This was a forecast, not an approval or payment. Notice Regarding Revision to Dividend Projection
- 6 August 2025FY2025 interim resolved THK reported ¥123 per share as the FY2025 interim actual; the ¥123 year-end remained a forecast at this date. Consolidated Financial Results for the Six Months Ended June 30, 2025
- 12 February 2026FY2025 result and DOE disclosure THK reported ¥246 per share and a 9.0% cash-dividend-to-parent-equity ratio for FY2025, while the year-end ¥123 still awaited shareholder approval. Consolidated Financial Results for FY2025
- 20 March 2026 · announced 23 March 2026FY2025 year-end approved The shareholder meeting approved the ¥123 per-share year-end payment, confirming ¥246 per share for FY2025 including the interim dividend. Notice of Resolutions at the 56th Ordinary General Meeting of Shareholders
- 5 August 2026FY2026 interim resolved; year-end forecast revised The board resolved ¥96 per share interim, effective 11 September, versus its prior ¥92 forecast. It projected ¥99 year-end and ¥195 full year; neither forecast is a completed payment. Dividends from Surplus and Revision to Year-End Dividend Projection
What management said it would do
On 12 November 2024 THK adopted an 8% dividend-on-equity policy until ROE exceeds 10%, using average prior/current year-end equity capital; it applied a 4% half-year basis to the FY2024 year-end dividend.
From the company’s own disclosure · Decision of Basic Policy for Revision of FY2026 Management Targets · THK Annual Securities Report for FY2024
What it actually did, and when
THK forecast ¥123 interim plus ¥123 year-end for FY2025 in May 2025, reported the interim as actual in August, and shareholders approved the ¥123 year-end dividend on 20 March 2026, confirming ¥246 per share for FY2025. On 5 August 2026 the board resolved a ¥96 interim dividend effective 11 September; ¥99 year-end is still a forecast.
From the company’s own disclosure · Notice Regarding Revision to Dividend Projection · Consolidated Financial Results for the Six Months Ended June 30, 2025 · Notice of Resolutions at the 56th Ordinary General Meeting of Shareholders · Dividends from Surplus and Revision to Year-End Dividend Projection
What it disclosed about the economics
THK said its financial simulation showed sufficient reserves for growth, set an approximate ¥300 billion required-equity level, and chose 8% DOE to return capital and improve efficiency. The policy provides a formula, but not a dividend-specific stress-case liquidity or alternative-use comparison.
Partly disclosed — a gap remains · Decision of Basic Policy for Revision of FY2026 Management Targets
What has happened since
FY2025's ¥246-per-share projection was confirmed by the year-end shareholder resolution. THK reported a 9.0% FY2025 cash-dividend-to-parent-equity ratio against the 8% policy, but a line-by-line denominator reconciliation is not shown in these sources. The FY2026 interim ¥96 was resolved; the revised ¥99 year-end and ¥195 annual total remain forecasts, not completed results.
Partly disclosed — a gap remains · Notice Regarding Revision to Dividend Projection · Consolidated Financial Results for FY2025 · Notice of Resolutions at the 56th Ordinary General Meeting of Shareholders · Dividends from Surplus and Revision to Year-End Dividend Projection
The question this leaves open
Investor question: What numerator and average-equity denominator produce the reported 9.0% FY2025 ratio, and how do the FY2026 ¥96 interim and ¥99 forecast fit the 8% policy after the business exit? IR clarification: publish a concise year-by-year bridge from policy formula and forecast to board approval, shareholder approval and effective payment date, with forecast changes explained.
Our analysis, not a company statement
Automotive & transportation business transfer
Disposal · Completed · Board decision 2 February 2026
THK's 1 June 2026 notice confirms the share and receivables transfer completed. The 2027–29 group ROE target remains a separate, future outcome.
Timeline and sources (2 steps)
- 2 February 2026Board decision THK decided to transfer the automotive and transportation subsidiaries and related receivables; price was not disclosed under transaction confidentiality. Notice Regarding Transfer of Shares and Assignment of Receivables
- 1 June 2026Transfer completed THK confirmed the share and receivables transfer and removal of the subsidiaries from its consolidation scope. THK, Notice Regarding Completion of the Transfer of Shares and Assignment of Receivables
What management said it would do
THK set a group-wide objective of ROE above 10%, with 2027–29 identified as the target period, and said it would select and concentrate businesses using capital-cost discipline.
From the company’s own disclosure · THK, Progress under the New Management Policy
What it actually did, and when
On 2 February 2026 the board decided to transfer the automotive and transportation subsidiaries and associated receivables to an Advantage Partners-funded vehicle. THK's 1 June 2026 follow-up notice confirms the transfer completed that day.
From the company’s own disclosure · Notice Regarding Transfer of Shares and Assignment of Receivables · THK, Notice Regarding Completion of the Transfer of Shares and Assignment of Receivables
What it disclosed about the economics
THK cited expected capital cost and ROIC as the basis for exiting the business. The notice does not disclose the transfer price because of non-disclosure obligations. The >10% ROE objective is group-wide, not a quantified return target for this transaction.
Partly disclosed — a gap remains · Notice Regarding Transfer of Shares and Assignment of Receivables · THK, Progress under the New Management Policy
What has happened since
The 1 June notice confirms closing and removal of the transferred subsidiaries from consolidation. THK's strategy page reports a ¥81.6 billion business liquidation loss related to the transfer and a ¥69.8 billion FY2025 loss. These do not establish whether the group-wide >10% ROE target for 2027–29 will be met; post-exit returns require later evidence.
Partly disclosed — a gap remains · THK, Notice Regarding Completion of the Transfer of Shares and Assignment of Receivables · THK, Progress under the New Management Policy
The question this leaves open
Investor question: What is the post-exit ROIC and ROE bridge, including remaining restructuring costs and the timing of benefits? IR clarification: link the completion notice and, where disclosure obligations permit, give a comparable before/after segment and capital-employed baseline.
Our analysis, not a company statement
¥40 billion treasury-share purchase
Buyback · Completed · Board authorization 12 November 2024
THK's dated notices document authorization, monthly progress, purchase completion and later cancellation. This tape was assembled retrospectively in September 2026; it was not a live 2024 signal.
Timeline and sources (8 steps)
- 12 November 2024Board authorization Up to 20,000,000 shares and ¥40 billion, with a purchase authorization from 13 November 2024 to 12 November 2025. Notice Regarding Decision of Acquisition of Treasury Stock
- 29 November 2024No November purchases No shares were acquired 13–29 November; THK said purchases would follow its planned employee stock-plan share disposal after 16 December. Notice Regarding the Status of Acquisition of Treasury Stock
- 31 December 2024 · announced 6 January 2025December progress Cumulative 1,102,900 shares for ¥4,017,146,523. Notice Regarding the Status of Acquisition of Treasury Stock (December 2024)
- 31 January 2025 · announced 3 February 2025January progress Cumulative 5,423,300 shares for ¥19,974,929,010. Notice Regarding the Status of Acquisition of Treasury Stock (January 2025)
- 28 February 2025 · announced 3 March 2025February progress Cumulative 9,958,400 shares for ¥36,913,437,062. Notice Regarding the Status of Acquisition of Treasury Stock (February 2025)
- 6 March 2025 · announced 7 March 2025Purchase completed 10,757,100 shares purchased for ¥39,999,945,978 in total. Notice Regarding the Status and Completion of Acquisition of Treasury Stock
- 6 August 2025Cancellation resolved Board resolved to cancel all 10,757,100 shares acquired under the authorization, scheduled for 27 August. Notice Regarding Cancellation of Treasury Stock
- 27 August 2025 · announced 28 August 2025Cancellation completed THK confirmed cancellation of 10,757,100 treasury shares; shares issued afterward were 119,099,803. Notice Regarding the Completion of the Cancellation of Treasury Stock
What management said it would do
On 12 November 2024, THK authorized purchase of up to 20 million shares for up to ¥40 billion during 13 November 2024–12 November 2025, alongside its ROE and capital-policy goals.
From the company’s own disclosure · Notice Regarding Decision of Acquisition of Treasury Stock · THK Integrated Report 2025
What it actually did, and when
The monthly notices document 1,102,900 shares by December 2024, 5,423,300 by January and 9,958,400 by February. THK confirmed on 7 March 2025 that it had purchased 10,757,100 shares for ¥39,999,945,978 through 6 March.
From the company’s own disclosure · Notice Regarding the Status of Acquisition of Treasury Stock (December 2024) · Notice Regarding the Status of Acquisition of Treasury Stock (January 2025) · Notice Regarding the Status of Acquisition of Treasury Stock (February 2025) · Notice Regarding the Status and Completion of Acquisition of Treasury Stock
What it disclosed about the economics
The stated rationale was to manage the equity denominator of ROE while maintaining shareholder returns and financial soundness. The report gives a buyback amount and group ROE/equity targets, but no stand-alone buyback return hurdle.
Partly disclosed — a gap remains · THK Integrated Report 2025
What has happened since
The purchase amount was ¥54,022 below the ¥40 billion ceiling. The board resolved on 6 August 2025 to cancel the acquired shares, and THK confirmed that all 10,757,100 were cancelled on 27 August. The effect on the later group ROE target still needs a quantified bridge.
Partly disclosed — a gap remains · Notice Regarding Decision of Acquisition of Treasury Stock · Notice Regarding the Status and Completion of Acquisition of Treasury Stock · Notice Regarding Cancellation of Treasury Stock · Notice Regarding the Completion of the Cancellation of Treasury Stock
The question this leaves open
Investor question: How much of the ROE bridge comes from operating-profit improvement versus equity reduction, and what is the forward rule for buybacks after the 8% DOE period? IR clarification: reconcile this completed purchase and cancellation with the current share count and forward capital plan.
Our analysis, not a company statement
Balance sheet and capital-policy indicators
A source-backed balance-sheet and governance reading, separate from the disclosure/follow-through score. It identifies questions, not an investment rating or an excess-cash verdict.
Cash use and returns
THK reported ¥18.9bn of operating cash flow and ¥8.7bn of property, plant and equipment purchases in the first half of 2026. Cash stood at ¥116.9bn on 30 June.
Capital structure
At 30 June 2026, bonds and borrowings were ¥60.0bn current and ¥79.8bn non-current. Less cash, the simple net-borrowings balance was ¥22.9bn, excluding leases.
Governance of capital decisions
THK describes five independent outside directors on an eleven-member board, ROE-linked performance pay, and a third-party evaluation of the board in 2025.
Preliminary and not scored: a single-company reading, reviewed 22 September 2026. Discretionary cash, ROIC–cost-of-capital spread, normalized returns, peer context, and an optimal leverage range remain unassessed; none enters the live 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 · F2: 4 → 5. The English H1 tanshin (18 pp against 20) carries the same sections and notes as the Japanese; only the going-concern line is missing.
- Research error 23 October 2026 · F3: 4 → 5. The latest English tanshin has full condensed statements with notes, including segment information.
- Research error 23 October 2026 · F4: 5 → 4. The English annual securities report (199 pp) leaves out the independent auditor's report.
- Research error 23 October 2026 · F5: 3 → 5. Revenue and segment income for all five geographic segments every period, with the segment definitions stated.
- Research error 23 October 2026 · F7: 3 → 5. The English forecast revision gives the reasons and the FX assumptions (US$1 = ¥155, €1 = ¥175).
- Research error 23 October 2026 · S2: 3 → 5. An English deck for every briefing THK holds (half year and full year), with the webcast.
- Research error 23 October 2026 · S5: 3 → 0. No transcript or Q&A summary in either language; the briefing video only.
- Research error 23 October 2026 · S6: 4 → 5. The English Integrated Report 2026 covers calendar 2025, the latest closed year.
- Research error 23 October 2026 · S7: 0 → 4. The English New Management Policy deck reviews the previous five-year targets against yearly actuals and explains the shortfall.
- Research error 23 October 2026 · G1: 5 → 3. No English Corporate Governance Report; the English site has a governance narrative only.
- Research error 23 October 2026 · G2: 4 → 5. All eleven directors stood for election; the English AGM notice gives tenure, career and independence for each.
- Research error 23 October 2026 · G5: 4 → 3. The English AGM notice was created on 12 March for a meeting on 20 March: under two weeks.
- Research error 23 October 2026 · G6: 4 → 2. The English notice of resolutions says only that each item was approved: no counts or ratios.
- Research error 23 October 2026 · G7: 0 → 3. The English securities report gives the holding policy and the count and book value of holdings (21 names); no reduction target.
- Research error 23 October 2026 · O7: 3 → 4. A dedicated IR contact (address, phone, e-mail) is linked from the English IR top.
- Research error 23 October 2026 · R1: 4 → 5. The English tanshin and deck were posted the same day as the Japanese in each period.
- Research error 23 October 2026 · R2: 4 → 3. Lags 0, 0, 16, 84 and over 90 days (no English governance report): median 16 days.
- Research error 23 October 2026 · R4: 3 → 5. Nothing on the English site is presented as machine-translated; the 'original shall prevail' line belongs to R5.
- Research error 23 October 2026 · R5: 1 → 2. The prevailing-language disclaimer is on the tanshin, securities report and AGM notice, but not on the deck or integrated report.
- 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 ROE-linked amount and the personal KPI evaluations have no weights between them.
- Research error 21 October 2026 · S3: 3 → 5. The English integrated report has an At a Glance spread and a strengths section stating the leading global share in LM Guides. The September record had no note.
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.