PILLAR Corporation
Cite as: Japan IR Index, PILLAR Corporation (6490), 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.
F6 Multi-year financial data file (Excel or CSV) downloadable in English 0/5 Quick fix
Post the financial figures the company already publishes as an Excel or CSV file with English labels.
G6 Shareholder vote results disclosed in English 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O7 Named English IR contact published 3/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
S7 Progress against the previous plan, including misses, explained in English 3/5 Translation
Set the previous plan's targets against the results in English, and explain the misses.
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) on 23 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Machinery) | 76.4 | 18 of 39 |
| Same size band (¥100–500bn) | 77.1 | 22 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 3 found no qualifying English materials within the stated review scope. Read each score with its source and scope below.
Findings by question
F1Quarterly and full-year results summaries (tanshin) published in English4/5
Every quarter arrives in English twice: on results day a 6-page summary 'translated from a part of the Japanese original' (6 August 2026), then the full tanshin 13 days later - '[Updated] Consolidated Financial Results for the Three Months Ended June 30, 2026' (19 August, 13 pages) with the qualitative information by segment, the statements and the notes on segment information. Complete, but days to weeks behind. Source document →
F2English results summary is a full translation, not an excerpt5/5
Q1 FY3/2027. The English '[Updated] Consolidated Financial Results for the Three Months Ended June 30, 2026' (19 Aug 2026) is 13 pages; the Japanese 2027年3月期 第1四半期決算短信 is 12. The attachment index matches item for item. Both have the qualitative information: operating results, with net sales and operating profit by segment; financial position; R&D; and the forecast explanation. Both have the balance sheet, the income and comprehensive income statements, and the notes: going concern, significant change in equity, cash flows, segment information, and revenue recognition. The full-year '[Updated]' tanshin (28 May 2026, 20 pp against 16 Japanese) carries the same set, plus the equity and cash flow statements, per-share data and subsequent events. The same-day English version (6 Aug, 6 pp) is only a part translation, but the full one exists. Whole tanshin: 5. Source document →
F3Financial statements including notes available in English5/5
The latest-period English tanshin (Q1 FY3/2027, full version 19 Aug 2026) has the quarterly balance sheet and the income and comprehensive income statements. It also has the notes: going concern, equity, cash flows, segment information with a reconciliation, and revenue recognition. The Japanese quarterly tanshin has no cash flow statement either. The full-year English tanshin (28 May 2026) adds the equity and cash flow statements and per-share notes. Full statements and notes for the latest period: 5. Source document →
F4Annual securities report available in English in any form0/5
The English IR library offers results, presentations, fact books, timely disclosures and integrated reports. No securities report in English under any name.
F5Segment revenue and profit disclosed in English, consistent definitions5/5
The company has two reportable segments, Electronic Equipment and Industrial Equipment, plus Others (real estate rental). Every English tanshin gives net sales and segment profit for each segment. Q1 FY3/2027: Electronic ¥13,710m sales and ¥4,475m OP; Industrial ¥4,584m and ¥482m. The segment note in the full-year English tanshin (28 May 2026, p.12) defines them. Electronic covers Pilaflon and other resin products; Industrial covers seal products. Segment profit is operating profit and intersegment transfers are at market prices. The note also gives assets, depreciation and capex by segment. The decks repeat the figures with five-year trends. Defined and every period: 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
There is no downloadable data file. We rendered the English Financial Highlights page (Pronexus chart/table widget for FY22/3-FY26/3: sales, OP, net, ROE, assets, equity ratio, cash flows), the IR Library, the IR top, the Integrated Reports page and Sustainability. We filtered their links for xls/xlsx/csv/excel/data/download. There is no .xls, .xlsx or .csv and the widget has no export button. What exists instead: the HTML highlight tables, the PDF 'FACT BOOK for FY2025' (4 pp) and the integrated report's PDF data section.
F7Guidance disclosed in English with the basis explained5/5
The FY3/2027 forecast is in English in the year-end tanshin (14 May, full version 28 May): sales ¥70.0bn, OP ¥15.5bn, net ¥10.7bn, dividend ¥188. Its 'Future outlook' section gives the market view: semiconductor recovery, China, the Chuzhou plant, industrial maintenance demand. The FY2025 deck (pp.17-20) gives segment forecasts: Electronic ¥48.9bn/¥12.3bn, Industrial ¥21.1bn/¥3.2bn. The Q1 revision (6 Aug 2026) is explained in the English notice and in the Q1 deck (pp.15-20). Sales rise to ¥83.0bn and OP to ¥20.0bn, with revised segment figures, record semiconductor orders, an OP bridge (sales +¥11.5bn, labour costs +¥1.4bn against the initial plan) and the dividend raised to ¥245. There is no FX assumption. Two of the three assumption types plus explained revisions: 5 (ruling). Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English results for the quarter ended 30 June 2026 published 6 August 2026 (in full on 19 August) - the same period as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
The current plan is 'One2030' (FY2026-FY2030). The English detail document 'Medium-term Management Plan_One2030' is 27 pp, dated 14 May 2026, PDF created 15 May 2026. It is linked from the English MTP page and matches the Japanese 中期経営計画説明資料 (27 pp, also created 15 May 2026) page for page. Its FY2030 targets: sales ¥100bn, OP ¥25bn, OPM 25%, overseas sales ratio 50%+, ROE 15%, payout 40%, five-year growth investment ¥90bn. There are segment targets (Electronic ¥68.5bn at 27%, Industrial ¥31.5bn at 21%) and a cash allocation. The English FY2025 deck of 14 May carries the same targets. Complete and same-day as far as the dates show: 5. Source document →
S2IR presentations published in English5/5
An English presentation for every quarter on the Japanese date (Q1 FY2026: 6 August), and for the full year an English 'Financial Results Presentation Script (Presentation/Q&A)' (28 May 2026). The Japanese library's Q1 set is the deck and a video, which is a medium. Source document →
S3English equity-story or investment-highlights page5/5
The English IR menu has a 'To Individual Investors' section. Its 'Group's Core Competence' page describes the integrated materials-to-product model, the fluid-control expertise, technology and people, all qualitatively. Its 'PILLAR by the Numbers' page is an at-a-glance spread with figures. Sales are ¥57.9bn, OP ¥11.3bn, the FY2019-24 sales CAGR 14.7%, and the segment mix 67/33. The overseas ratio is 29.7%, and PILLAR fittings are No.1 worldwide for semiconductor cleaning equipment. The page also gives ROE, EPS and dividend. Integrated Report 2025 adds the 90%+ share of fittings for wafer cleaning equipment. A dedicated investor section with quantified strengths: 5, though the numbers page still shows FY2024 data. Source document →
S4Growth drivers identified and quantified in English5/5
The drivers are named and have numbers. The English One2030 plan and FY2025 deck give each segment's contribution to the FY2030 target: Electronic +¥29.1bn (+74%) to ¥68.5bn, Industrial +¥11.4bn (+56.8%) to ¥31.5bn. They target a 50%+ overseas sales ratio (34.7% now) and set ¥50bn capex, ¥20bn M&A and ¥20bn R&D. Capacity is quantified: Fukuchiyama Factory No.2, and Chuzhou with a 26,700 m2 site and 17,400 m2 of floor. Integrated Report 2025 adds a 90%+ global share of fittings for wafer cleaning equipment and No.1 in semiconductor rotary joints. The Q1 deck ties the upward revision to semiconductor orders. Named and quantified: 5. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
The Japanese side publishes a script and Q&A for the half-year and full-year briefings only (no Q1 or Q3 transcripts). FY3/2026 full year: the Japanese 決算説明会スクリプト (決算説明、質疑応答) on 28 May 2026; the English 'FY2025 Financial Results Presentation Script (Presentation/Q&A)' also on 28 May, same day. H1 FY3/2026: the Japanese script and Q&A summary on 28 Nov 2025; the English script on 1 Dec 2025 and the 'Q2 FY2025 Financial Results Presentation Q&A (Summary)' on 4 Dec 2025, 3-6 days late. Earlier, the English library has Q&A summaries for FY2023 and Q2 FY2023/FY2024. But the Japanese FY3/2025 script (19 May 2025) and Q&A (21 May 2025) have no English counterpart in the FY2024 library or the 2025 news list. Late, with one gap 17 months back: 4 (see uncertainties). Source document →
S6Integrated or annual report available in English4/5
Integrated Report 2025 in English, covering the year ended March 2025. The Japanese 2026 edition was published on 31 August 2026, and the company's own notice says 'Publication of the English version is scheduled for October 2026' - one edition behind, by the company's own account. Source document →
S7Progress against the previous plan, including misses, explained in English3/5
The previous plan, One2025 (FY2023-FY2025), ended in March 2026. The English One2030 document (p.2-3, 'One2025 Overview') tabulates actuals for FY2022-FY2025 and evaluates each basic policy in prose. Sales were ¥59.5bn, OP ¥12.1bn, ROE 11.7%, and growth investment ¥31.2bn over three years. The prose says the company was 'yet to achieve initial sales and income targets due to the impact of semiconductor market conditions'. The targets themselves are not set against the actuals. The nearest reconciliation is in English Integrated Report 2025, a mid-plan table. It sets the revised FY2025 targets (sales ¥57.5bn, OP ¥10.3bn, ROE 10%+, payout 30%+) against FY2022-24 results and explains the downward revision. The final year is not reconciled. The Japanese plan document is the same. Progress narrated with numbers, not target against actual: 3. Source document →
G1Corporate governance report available in English3/5
No Corporate Governance Report in English. The English 'Governance' page under Sustainability describes the board, the nomination and remuneration advisory committees and internal control - written for the site in place of the filing. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English 'Directors and Executive Officers' page lists all nine directors with a 'View career summary' for each, marks the outside directors and has a skills matrix. The English notice of the 78th AGM (June 2026) gives the six candidates' dated career histories (e.g. 'June 2020 Chairman'), attendance, shares and reasons for nomination. It marks the outside candidates 'Outside/Independent' and states years served (e.g. 'Outside Director for seven (7) years'). The three Audit & Supervisory Committee directors are not up for election. English Integrated Report 2025 profiles all nine with '[Number of years as a Director]', careers, reasons for appointment and independence tags. Every director, all three elements: 5. Source document →
G3Board skills matrix published in English5/5
The English notice of the 78th AGM (June 2026, p.8) maps all nine directors as composed after the meeting, including the three Audit & Supervisory Committee members. The skills are corporate management, production/technology development, sales and marketing, finance and accounting, legal and compliance, and environment and sustainability, with an outside-director column. The English 'Directors and Executive Officers' page carries the same matrix. Current matrix in English: 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English Integrated Report 2025, 'Officer Remuneration' (pp.71-72), sets out the structure. Executive directors get fixed, performance-linked and restricted-stock remuneration, with fixed pay 50-60% of cash pay and a lower share at higher positions. Outside and A&SC directors get fixed pay only. The KPIs are consolidated sales, operating income, operating margin, ROE and ESG (CDP), with the stock price against the Nikkei 225 added from FY2025. For FY2024 the evaluation was sales 120.3%, OP 102.6%, OPM 135.6%, ROE 200%, ESG 110% and stock price 118.2%. Amounts are given by type: executive directors ¥231m (fixed 63, performance 118, restricted stock 49), A&SC ¥8m, outside ¥19m. The KPIs are only 'weighted according to each position', with no weights given. The report is a year behind (FY2024). Structure, KPIs and amounts without the weights: 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 78th Ordinary General Meeting posted in English on 26 May 2026 for a meeting on 23 June - 28 days - with the reference documents for both proposals, including each director candidate. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the company's shareholder pages name Mitsubishi UFJ Trust and Banking as share registrar, whose voting website (evote.tr.mufg.jp) 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 Shareholders' Meetings page carries the notice only. No notice of resolutions and no voting results in English.
G7Cross-shareholdings in English with reduction schedule and rationale3/5
In English the only treatment is the capital-cost material. The FY2025 deck (p.40) and 'Action to Implement Management Conscious of Capital Cost and Stock Price (updated May 2026)' list 'Promoting cross-shareholdings reduction: 5 stocks, book value of approx. 400 million yen (market value equivalent to 1.2 billion yen)'. They state the aim to 'Reduce cross-shareholdings to improve capital efficiency and management transparency'. There is no English CG report or securities report. The holding policy and annual board review (principle 1-4) exist only in the Japanese CG report (updated 15 Jul 2026), and Integrated Report 2025 says nothing on cross-holdings. No count or total of holdings remaining, no target or schedule. A policy direction with reduction numbers, no target: 3 (floor of a 2/3 call; see uncertainties). Source document →
O1English IR section reachable within two clicks of the English homepage5/5
On the English homepage (pillar.co.jp/en/), 'Investor Relations' in the global navigation is itself a link. Clicking it in the rendered browser lands on /en/ir/, the IR top, in one click. Source document →
O2English document links resolve to English documents4/5
We sampled 22 English document links across types and years. Tanshin: Q1 FY3/2027 same-day and updated, FY3/2026 updated, Q3 FY3/2025 (Feb 2025), FY3/2024 summary. Decks: Q1 FY2026, FY2025, FY2023, FY2020, FY2017. Also the FY2025 fact book, the Q2 FY2025 script and Q&A summary, the FY2023 Q&A summary, the 77th AGM notice, the forecast revision of Aug 2026, the dividend policy notice, the buyback completion, the Tokyo Innovation Center release, the capital-cost document (May 2025), the sponsored research report and Integrated Report 2023. All are English except 'CSR Report 2014 (Japanese)' (24 pp, Japanese text). The archive labels it as Japanese, as it does 'CSR Report 2018 (Japanese)'. One labelled Japanese document in the sample: 4. Source document →
O3English IR archive free of dead links5/5
In the same sample of 22 links, from 2014 to 2026, every one opened as a live PDF (1 to 70 pp). No dead links: 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
We rendered the English homepage, IR top, IR News List (year selector 2026/2025), IR Library (FY2026, FY2025, FY2024, FY2023, FY2020, FY2017, FY2013), Financial Highlights (the Pronexus charts render), IR Calendar, Shareholders' Meetings, MTP page, Core Competence, PILLAR by the Numbers, and the Directors page. All rendered their content. One load of the FY2025 library view came back empty, and the two re-renders showed the full list, so we treat it as a timing glitch. Stock Quotes is a plain link to Reuters, not a widget. Every page renders its content: 5. Source document →
O5Single page listing all English IR documents by date and type4/5
The English 'IR News List' (/en/ir/news/) is one dated list, with a year selector from 2014 to 2026. It has type filters (Timely Disclosure, Financial Results, IR, Announcements). It carries tanshin, decks, scripts and Q&A, fact books, AGM notices, timely disclosures and releases. The integrated reports themselves are not on it, only the publication notices; they sit on a separate Integrated Reports page. The IR Library holds results material only, by fiscal year. One dated, typed list missing a type: 4 (ruling). Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive is deep. The English news list runs from 2014 to 2026, and the IR Library from FY2013 to FY2026. There are quarterly decks back to FY2017, tanshin or summaries every quarter from FY2023, Q&A summaries from FY2023, and AGM notices for the 68th-78th meetings. Integrated Reports go back to 2023 and Sustainability Data Books exist. Several years across types: 5. Source document →
O7Named English IR contact published3/5
The global 'Contact Us' page offers exactly two routes, 'Inquiries about Our Products' and 'Inquiries about Investor Relations' - a dedicated IR form - but the IR section itself does not link to it; the reader has to leave the IR pages through the site header to find it. Source document →
R1Earnings materials published in English simultaneously with Japanese3/5
The decks are same-day: Q1 FY3/2027 6 Aug/6 Aug, FY3/2026 14 May/14 May, Q3 9 Feb/9 Feb, Q2 13 Nov/13 Nov. The full English tanshin is days to weeks late. Q1 FY3/2027: Japanese 6 Aug 2026, English full '[Updated]' version 19 Aug (+13). FY3/2026: 14 May, then 28 May (+14). Q3 FY3/2026: 9 Feb, then 13 Feb (+4). H1 FY3/2026: 13 Nov 2025, then 20 Nov (+7). Each day-one English file is a partial translation ('translated from a part of the Japanese original': summary pages and statements, no qualitative section or notes). A same-day partial with the full English later counts as late (ruling). Dates are from the English and Japanese IR news lists and TDnet times on kabutan: 3. Source document →
R2Median lag in days between Japanese and English statutory publication3/5
Lags, English against Japanese. Q1 FY3/2027 tanshin: 6 Aug to 19 Aug (full translation) = 13. FY3/2026 tanshin: 14 May to 28 May = 14. AGM notice: Japanese 25 May 2026 on site and TDnet, English on the site 26 May = 1 (the English copy reached TDnet only on 17 Jun). Corporate Governance Report: Japanese filed 8 Jul and 15 Jul 2026, no English = >90. Securities report: Japanese 18 Jun 2026, no English = >90. Median 14 days: 3. Counting the same-day partial tanshin as the translation would give a median of 1 (4); not done, per R1/F1 rulings. Source document →
R3Timely disclosures published in English5/5
We compared the Japanese TDnet list (kabutan, Oct 2025 to Oct 2026) and Japanese IR news with the English list. Each timely disclosure has an English version at the same TDnet time. Overseas subsidiary, 21 Oct 2025. Buyback status, 6 Nov, and completion, 3 Dec. Tokyo Innovation Center, 25 Dec. Forecast and dividend revisions, 9 Feb and 6 Aug 2026. Reorganisation and officer changes, 17 Mar and 6 Aug. Dividend policy change and takeover-defence abolition, 14 May. Restricted-stock disposal, 23 Jun, and payment completion, 24 Jul. Sponsored research report, 13 Jul; IR2026 notice, 31 Aug. Results, AGM papers and the CG reports (8 and 15 Jul, no English) are scored elsewhere. All same day: 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
We rendered the English homepage, IR top, IR FAQ, the IR 'Agreement' page and the site 'About the use of the website' page, and searched the visible text. There is no machine- or AI-translation notice and no translation pop-up. The documents carry only human-translation precedence language ('translated from the Japanese original for reference purposes only ... the original shall prevail' on tanshin and the AGM notice), which is R5's. Nothing presented as machine-translated: 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The tanshin (both editions) and the AGM notice say 'the original shall prevail'. The results presentations and the integrated report 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 →
Semiconductor fluid-control growth and capital-cost plan
Strategy or target reset · In progress · Plan or update announced 1 May 2026
PILLAR launched One2030 with operating targets and a separate capital-cost response centered on 15% ROE.
Timeline and sources (1 step)
- 1 May 2026Plan or update announced PILLAR launched One2030 with operating targets and a separate capital-cost response centered on 15% ROE. Medium-Term Management Plan One2030
What management said it would do
Management targets ¥100bn sales, ¥25bn operating profit and 15% ROE under One2030.
From the company’s own disclosure · Medium-Term Management Plan One2030
What it actually did, and when
The plan follows underachievement in One2025; implementation and target-to-actual evidence are still limited.
Partly disclosed — a gap remains · Medium-Term Management Plan One2030 · Action to Implement Management Conscious of Cost of Capital and Stock Price
What it disclosed about the economics
The capital policy references quantified ROE and capital structure, but not project hurdles or an absolute allocation table.
Partly disclosed — a gap remains · Medium-Term Management Plan One2030 · Action to Implement Management Conscious of Cost of Capital and Stock Price
What has happened since
The FY2030 result is not due.
Partly disclosed — a gap remains · Medium-Term Management Plan One2030 · Action to Implement Management Conscious of Cost of Capital and Stock Price
The question this leaves open
Investor question: What capital and return assumptions underpin semiconductor expansion? IR preparation: disclose investment, capacity, margins, working capital and ROIC.
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
PILLAR is pursuing semiconductor fluid-control growth and targets ¥100bn sales and ¥25bn operating profit, but the selected pages do not disclose a full absolute cash-allocation envelope.
Capital structure
Management says it will optimize capital structure and strengthen cash generation; dividend policy targets a 40% payout, while leverage and liquidity guardrails remain less specific.
Governance of capital decisions
The board analyzes group cost of capital using CAPM and other methods and targets 15% ROE, but project-level ROIC and hurdle rates are not published.
Preliminary and not scored: a selected-source reading, reviewed 30 September 2026. Surplus cash, leases, maturities, project ROIC, cost of capital, committed spend and peer comparability are not fully assessed; none enters the accountability score. Figures are the company’s own reported numbers; a large cash balance is not called excess without a defensible operating reserve and investment plan. Every company with a balance-sheet reading →
Changes to this record
- Research error 23 October 2026 · G5: 5 → 4. Every proposal is in the English notice, but the voting website shareholders use (Mitsubishi UFJ Trust and Banking) is in Japanese only.
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.