ULVAC, Inc.
Cite as: Japan IR Index, ULVAC, Inc. (6728), 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 2/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
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. 2 changed under rule changes between 21 Oct 2026 and 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 (Electric Appliances) | 80.8 | 15 of 33 |
| Same size band (¥100–500bn) | 77.1 | 12 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, 29 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 Fiscal Year Ended June 30, 2026 (Japanese GAAP), dated and posted 14 August 2026 with the Japanese: 29 pages against the Japanese 24, with the qualitative overview, the statements, and the notes including segment information. Q1 (11 Nov 2025, 16 vs 16 pages), Q2 (10 Feb 2026, 17 vs 14) and Q3 (12 May 2026, 18 vs 17) are each in the English library on the Japanese day, all with segment notes. Every period, same day, complete. Source document →
F2English results summary is a full translation, not an excerpt5/5
FY2026.06 tanshin, 14 Aug 2026. The English 'Consolidated Financial Results for the Fiscal Year Ended June 30, 2026 (Under Japanese GAAP)' is 29 pages against the Japanese 2026年6月期 決算短信 at 24. The sections match the Japanese index one for one: the summary pages (results, financial position, cash flows, dividends, FY2027.06 forecast, non-consolidated reference); 1. Overview of operating results (results by segment, financial position, cash flows, outlook, dividend policy); 2. choice of accounting standards; 3. the statements (balance sheet, income and comprehensive income, changes in equity, cash flows); and the notes (going concern, basis of preparation, segment information, per-share data, subsequent events). Q1 (16 vs 16 pp), Q2 (17 vs 14) and Q3 (18 vs 17) are complete in the same way. The whole tanshin, so 5. Source document →
F3Financial statements including notes available in English5/5
The latest-period English tanshin (FY2026.06, 14 Aug 2026) has the full consolidated statements: balance sheet, income, comprehensive income, changes in equity and cash flows. It also has the notes: going concern, significant matters for preparation (scope change: ULVAC Materials (Suzhou) excluded), segment information with revenue by timing of transfer, segment assets, depreciation and capex, regional sales and PP&E, per-share data and subsequent events. The quarterly English tanshin carry the condensed statements and the segment note too. Full statements and notes for the latest period, so 5. Source document →
F4Annual securities report available in English in any form0/5
The English IR Library has Financial Results/Presentation Materials, Investors' Guide, Fact Sheet, Annual Report (ULVAC VALUE REPORT) and IR Events; the Japanese library adds 有価証券報告書 and 事業報告書, with no English counterpart. The value report's own communication-tools chart lists only the VALUE REPORT as Japanese-and-English. No securities report in English under any name.
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Two reportable segments, Vacuum Equipment and Vacuum Application. Every English tanshin gives sales (external and intersegment) and segment profit for each, reconciled to operating profit. For example FY2026.06: Vacuum Equipment sales ¥210,759m and profit ¥15,197m; Vacuum Application ¥58,370m and ¥4,283m. Q3 FY2026.06 shows segment profit 17,743 / 2,926. The FY note defines the segments by product and states that segment profit is operating profit and that intersegment prices are market-based. The qualitative section adds orders, sales and OP per segment. The deck adds orders and sales for six product categories, and notes the reclassification of leak-testing equipment from Components to Industrial Equipment from FY26/6. Every period, with definitions, so 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
There is no downloadable data file. The English Financial Information pages (Business Highlight, Financial Indicator, Cash Flow) are rendered charts with five years of figures (FY2022/06-FY2026/06) and no download links. The Fact Sheet page offers bilingual PDFs from 2003 to 2026; FACT SHEET 2026 (15 pp) has five years of P&L, balance sheet, cash flow, segment and per-share data. The ULVAC VALUE REPORT has an 11-year data PDF section. The IR Library 'Download All' (all_download_EN.zip), opened in the page, holds only the FY2026.06 tanshin and deck PDFs. No .xls, .xlsx or .csv anywhere in the English IR site, and none on the Japanese financial pages either. PDFs and HTML charts don't count, so 0.
F7Guidance disclosed in English with the basis explained5/5
The FY2026.06 English tanshin (14 Aug 2026) gives the FY2027.06 forecast: H1 and full year net sales ¥255.0bn, OP ¥28.0bn, ordinary ¥28.0bn, net ¥19.0bn, EPS ¥386.20, dividend ¥152. '(4) Outlook for the future' gives the market view (AI and data-centre investment, government support for semiconductors and supply chains). It also has a net sales forecast by product: semiconductor and electronic equipment 107.0, display and energy 48.5, components 33.0, industrial 28.0, materials 14.5, others 24.0. The English deck adds orders and sales by product, an OP waterfall (one-time factors +5.8, divestitures -1.5, semiconductor sales +4.0, workforce cost savings +2.0, R&D -1.9) and the margin plan. Revisions are explained in English: the 12 May 2026 'Announcement on Revision of Full-Year Earnings Forecasts and Dividend Forecast' gives previous against revised figures and the reasons (fewer high-margin power-device and optoelectronics projects, EV-related expenses, orders revised up to ¥310bn). There is no FX assumption, but there is a market view and product forecasts, and revisions are explained, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English results for the fiscal year ended 30 June 2026 posted 14 August 2026, the same period and day as the Japanese tanshin; the next period (Q1 FY2027.06) is scheduled for 10 November 2026. Source document →
S1Medium-term management plan in English with numerical targets5/5
The current plan is the Value-Up Plan (FY2026/6-FY2031/6), set out in the English 'Financial Results Presentation for FY2025.06 (New Mid-to-Long Term Management Plan)'. It is 57 pages, the same as the Japanese 決算説明資料（新中長期経営計画）. Both were listed on 13 Aug 2025, as was the English 'Notice Regarding the Formulation of the New Mid- to Long-Term Management Plan'. The script followed on 15 Aug on both sides. The KGI table: net sales ¥251.2bn FY25/6 actual, ¥260bn FY28/6 milestone, ¥360bn FY31/6 target. Semiconductor and electronics share 36%, 45%, 60% or more. OP ¥26.5bn, ¥39bn, ¥79bn. OPM 10.6%, 15%, 22%. ROE 7.5%, 10%, 16%. There are business-level milestones too. The ULVAC VALUE REPORT 2025 and the FY2026.06 deck (same day) restate the targets. Complete and simultaneous, so 5. Source document →
S2IR presentations published in English5/5
For every quarter of FY2026.06 the English library carries the results presentation, the presenter's scripts and the Q&A of the results conference, plus the Supplementary Materials at Q2 and Q3 - the Japanese set (決算説明資料, ノーツ付き資料, 質疑応答サマリー, 決算参考資料) item for item. FY deck 42 pages against 42 Japanese, scripts 42 pages and a 6-page Q&A, posted with the Japanese on 24 August. Only the briefing video is Japanese-only, which does not count. Source document →
S3English equity-story or investment-highlights page5/5
The English IR Library has a dedicated 'Investors' Guide' (Aug. 2026, 58 pp). It covers the profile, net sales by sector (FY26/6 ¥269.1bn: semiconductor and electronics 33% and so on), the long-run earnings trend, results, forecast and Value-Up Plan progress. Market-by-market pages set out 'Our Strengths' with numbers: semiconductor sputtering share 19% against a 9% SAM, No. 1 share in ashing equipment for power devices, top share above 70% in certain equipment, and SAM and share charts for packaging and power devices. The ULVAC VALUE REPORT 2025 has an 'At a Glance' and an 'ULVAC's Strengths' section, and the corporate site has an English At a Glance page (patents 1,857 Japan / 2,098 overseas, R&D ¥25.0bn). A dedicated investor document with quantified strengths, so 5. Source document →
S4Growth drivers identified and quantified in English5/5
The drivers are named and quantified in English. The FY2025.06 MTP deck gives the semiconductor sputtering SAM and ULVAC's share (ULVAC 19% against SAM 9%; share 13% to 17% to 20% by FY31/6). It sets the number of key-customer POR from 25 to 50 or more, and semiconductor orders from ¥35.9bn to ¥63.0bn to ¥100bn or more (about 2.8x). It has the packaging, ashing and power-device SAM and shares, and a sales bridge from ¥251.2bn to ¥260bn to ¥360bn (business reform -¥48bn, semiconductor and electronics +¥39bn and +¥57bn, vacuum-related +¥7bn). The FY2026.06 deck adds the AI and data-centre server market (CAGR 26.8% 2025-2030, to US$1tn, Gartner) and the FY27/6 OP waterfall. Named drivers with numbers, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English5/5
The Japanese side publishes a 質疑応答サマリー (Q&A summary, not a full transcript) for every briefing. The English library and IR News have a matching 'Q&A of Financial Results Conference and Analyst Meetings' listed the same day each time. FY2026.06: 24 Aug and 24 Aug, 6 pp each. Q3: 18 May and 18 May, 4 pp each. Q2: 17 Feb and 17 Feb. Q1: 19 Nov and 19 Nov 2025. FY2025.06: 19 Aug and 19 Aug 2025. Also the IR Seminar 2026 Q&A (8 Apr, both) and the IR Seminar 2025 Q&A (7 Oct 2025, both). The PDF creation dates match the Japanese (24 Aug, 18 May). Every one, same day, so 5. Source document →
S6Integrated or annual report available in English4/5
ULVAC VALUE REPORT 2025 in English, 70 pages against the Japanese 70 (English file March 2026, Japanese February 2026), covering the year ended June 30, 2025, with strategy, CFO message, governance, 11-year data and consolidated statements. The report states it is published each February (previous issue February 2025), so the edition for the year to June 2026 is not due until about February 2027 and the Japanese side is on the same edition. Current for a June year-end and complete. Re-scored 23 Oct 2026 under the owner's S6 ruling of that day (currency is judged against the latest closed year on the day of the check): the report covers the year ended June 30, 2025, and FY6/2026 closed on 30 June 2026, before the 12 Oct check. The complete report, one year behind the latest closed year, so 4. Source document →
S7Progress against the previous plan, including misses, explained in English3/5
The previous mid-term plan (FY2023-FY2025, three years to June 2026) was ended a year early. The English notice of 13 May 2025 gives only the reason ('slowdown in EV-related businesses'). The FY2025.06 MTP deck has no target-versus-actual page for it. The English ULVAC VALUE REPORT 2025 narrates its progress: a strong start with orders 'far above expectations', then power-device and battery investment falling with the Chinese EV slowdown, so that targets could not be reached. It gives some numbers, such as the FY2024 gross margin of 31.8%, the highest since listing. The FY2026.06 deck's 'Review of the First Year of the Value-up Plan' gives record orders of ¥324.2bn and OPM of 7.3% against the plan path, but not as a reconciliation. Progress narrated with some numbers, not targets set against actuals, so 3. Source document →
G1Corporate governance report available in English4/5
The Corporate Governance Report filed with TSE is in English (24 pages, 'Last Update: September 29, 2025', file dated 1 December 2025), linked from the English Corporate Governance page. The Japanese page already offers the report updated 30 September 2026 after this year's AGM; the English one is more than a year old and one update behind. The filed report in English, stale. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English notice of the 122nd AGM (29 Sep 2026) proposes all nine directors, the whole board, since directors serve one-year terms. It has a summary table with attributes (new or re-election, external, independent officer) and board attendance (e.g. 16/16). Each candidate has a dated career history ('July 2026 President and Executive Officer'), shares held and the reasons for nomination. The notes state the external directors' tenure (Nishi six years, Uchida eleven, Ishida ten, Nakajima eight) and set out each one's independence against the company's standards and TSE registration. Every director, with tenure, expertise and independence, so 5. Source document →
G3Board skills matrix published in English5/5
The English 122nd AGM notice (p.19) has '[Reference] Skill matrix of Board of Directors after General Meeting of Shareholders'. It maps all nine directors and four corporate auditors against corporate management, global, sales/marketing, R&D/technology/manufacturing, finance/accounting and legal/risk management. The current matrix in English, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English 122nd AGM notice and its business report set out the structure: basic compensation, an annual performance-linked bonus and stock-based compensation (BBT); external directors and auditors get fixed pay only. The KPIs: the bonus is based on non-consolidated operating profit margin plus individual evaluation; the stock award on consolidated OP against the mid-term plan targets. Proposal 6 introduces RSU/PSU, with a target pay ratio of about 1 : 0.5 : 1 (basic : bonus : stock), RSU:PSU 30:70, and PSU metrics weighted 50% financial (net sales, OP, OPM, ROA) and 50% relative TSR, paying out 0-200%. The amounts for FY2026.06 are given by pay type: directors ¥293m (basic 212, bonus 46, stock 36, seven people), of which external ¥72m; auditors ¥89m; total ¥382m. Re-checked 21 Oct 2026 under v1.1.1, which needs the weight of each performance measure in every performance-linked element: the bonus combines the operating margin with an individual evaluation, with no weights. So 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 122nd Ordinary General Meeting of Shareholders in English, 56 pages with the reference documents for all six proposals (director and auditor candidates, compensation, RSU/PSU plan), posted in IR News 4 September 2026 (file 2 September) for the meeting on 29 September - 25 days. But the notice itself says internet voting via the Portal of Shareholders' Meeting 'available in Japanese only', and the voting Q&A likewise. Every proposal in English; the voting route is Japanese-only. Source document →
G6Shareholder vote results disclosed in English2/5
Resolutions of the 122nd Ordinary General Meeting of Shareholders (29 September 2026, 2 pages) in English on the meeting page and in IR News: each proposal 'approved as proposed', with no vote counts or approval ratios. No English extraordinary report or voting-results sheet. The outcome only. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale2/5
The only English treatment is the Principle 1.4 text in the English Corporate Governance Report (last update 29 Sep 2025). It says the company may hold a business partner's shares to strengthen the relationship, reviews them annually for purpose, benefits, risks and cost of capital, and will 'consider reducing' any found less significant. It also sets out the voting standards. There is no count, no amount, no reduction target and no progress in English. The ULVAC VALUE REPORT 2025, the AGM notice and business report, and the decks have nothing on it beyond investment-securities lines in the statements. The holdings table is in the Japanese 有価証券報告書 only. Boilerplate policy only, so 2. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
The English homepage (www.ulvac.co.jp/en/) has a visible 'Investor Relations' link in its global navigation. It goes to ir.ulvac.co.jp/en/, which resolves to the English IR top (/en/ir.html). One click, so 5. Source document →
O2English document links resolve to English documents5/5
We sampled 20 English document links across types and years. Tanshin: FY2026.06, Q1 FY2025.06 (Nov 2024), FY2021, 2Q FY2020 summary, 2012 summary, Q1 FY2008. Q&A: Q1 FY2024.06, 3Q FY2019. Scripts and decks: FY2021 script, FY2016 Q2 deck. AGM notices: 112th (2016), 117th (2021) and 121st (2025). Fact sheets: 2010, 2019 and 2026. Also the May 2026 forecast-revision notice, the English CG report from IR News (Nov 2025), and ULVAC VALUE REPORT 2019 and 2024. Every one opened as an English document. The fact sheets are bilingual English/Japanese, and none was a Japanese-only file. So 5. Source document →
O3English IR archive free of dead links5/5
In the same sample of 20 links from 2008 to 2026, every one opened as a live PDF (1 to 46 pp), including the accordion-hidden archive years of the results library. No dead links, so 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
We rendered the English IR top, News Release (with year filters), IR Library, Financial Results/Presentation Materials (accordion back to FY2007), Fact Sheet, Investors' Guide, Business Highlight, Financial Indicator, Cash Flow (charts render with figures), Shareholder Return and Dividends, Ordinary General Meeting of Shareholders, Analyst Coverage, IR Events, FAQs, Disclaimer and IR Policy, and Contact Us in Chromium. All rendered their content. The Stock Quote page links out to external quote sites rather than embedding a widget. No blank widgets, so 5. Source document →
O5Single page listing all English IR documents by date and type4/5
The English News Release page is one dated list (321 items since 2004) with year filters and type filters (PR / IR / General Meeting). It carries tanshin, decks, scripts, Q&A, supplementary materials, timely disclosures, AGM notices and resolutions, fact sheets and the 2025 English CG report ('[Delayed] Corporate Governance Report', 28 Nov 2025). But it doesn't carry every type. The ULVAC VALUE REPORT editions and the Investors' Guide are only on their own pages, and the TDnet-only English ransomware notice (4 Feb 2026) is missing. The IR Library itself is split by type across pages, with results grouped by fiscal period and undated. One dated, typed list missing a type, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive is deep across types. Results, decks, scripts and Q&A run back to FY2007 in the results library. AGM notices go from the 112th (2016) to the 122nd (2026). Fact sheets run from 2003 to 2026, and value, annual and CSR reports from 2011 to 2025. IR News goes back to 2004. Several years across document types, so 5. Source document →
O7Named English IR contact published4/5
'Contact Us' sits in the English IR top menu and leads to the IR section's own contact page and an English inquiry form inside the Investor Relations site (cloud.swcms.net/ulvac-irPublic/en/ir/inquiry1.html). The tanshin also names Daichi Harada, General Manager of Public Relations & Investor Relations Department, +81-467-89-2024. Dedicated and immediately obvious. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
The tanshin is same-day every period. TDnet (via kabutan) has the English 'Financial Results for FY2025' at 15:30 on 14 Aug 2026 beside the Japanese, and the English Q3 (12 May 2026), Q2 (10 Feb 2026) and Q1 (11 Nov 2025) likewise. The deck is listed the same day as the Japanese in every period: English IR News 14 Aug, 12 May, 10 Feb and 11 Nov, against Japanese 14 Aug, 12 May, 10 Feb and 11 Nov. Q2 deck PDFs were created 10 Feb on both sides; the FY deck files on both sides were re-created 24 Aug. Caveat: the current English Q1 and Q3 deck PDFs were created 28 Nov 2025 and 21 May 2026, while the Japanese ones were created on results day. The English FY tanshin file was re-created 1 Oct 2026 (TDnet stamp 14 Aug). These look like replaced files, not a pattern of late English posting, so the listing dates govern. Same day every period, so 5. Source document →
R2Median lag in days between Japanese and English statutory publication4/5
Lags, English against Japanese, from the two IR news lists and TDnet. FY2026.06 tanshin: 14 Aug / 14 Aug = 0. Q3 tanshin: 12 May / 12 May = 0. 122nd AGM notice: Japanese 31 Aug 2026 (TDnet 08:00), English 4 Sep (TDnet 08:00, PDF created 2 Sep) = 4. Corporate Governance Report: Japanese updated 30 Sep 2026, with no English yet, so it counts as more than 90; the previous edition took 60 days (29 Sep to 28 Nov 2025). Yuho: Japanese 第122期 有価証券報告書 25 Sep 2026, no English, so more than 90. Sorted 0, 0, 4, >90, >90: the median is 4 days, so 4. Source document →
R3Timely disclosures published in English4/5
TDnet (rendered on kabutan), 16 Oct 2025 to 15 Oct 2026, excluding results, AGM papers and the CG report. Each of these has a same-day English counterpart at the same minute: BBT contribution and Tianma equity completion (11 Nov); ransomware incident at an overseas subsidiary (4 Feb); voluntary retirement programme (10 Feb); change of representative directors, officer changes, business integration and equity transfer, and forecast and dividend revision (12 May); company split (23 Jun) and transfer completion (26 Jun); executive remuneration revision and year-end dividend (14 Aug); split completion (25 Aug); investment-unit policy (29 Sep). All except the ransomware notice are also on the English IR News; that one is in English on TDnet only (it isn't on the Japanese site list either). The 独立役員届出書 (3 Sep) has no English. Nearly all same day, with one TDnet-only and one untranslated filing, so 4. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
We rendered the English homepage, IR top, Results library, Disclaimer and IR Policy, Contact Us and the corporate Terms of Use, and searched the visible text. There is no machine- or AI-translation notice and no translation widget. The documents (tanshin, decks, scripts, AGM notice, Investors' Guide, value report, CG report) carry no machine-translation language. Their 'translated from the Japanese original ... the original shall prevail' lines are human-translation precedence and belong to R5. So 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The tanshin, the results presentation and scripts, the AGM notice and the notice of resolutions each say 'translated from the Japanese original for reference purposes only ... the original shall prevail'. The ULVAC VALUE REPORT 2025 and the English Corporate Governance 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 →
Value Up Plan capital allocation and portfolio reform
Strategy or target reset · In progress · Action announced 13 August 2025
ULVAC launched a six-year plan focused on semiconductor electronics, portfolio reform and a 70/30 growth-to-return cash allocation.
Timeline and sources (1 step)
- 13 August 2025Plan announced ULVAC disclosed the Value Up Plan and six-year capital allocation. New Mid- to Long-Term Management Plan: Value Up Plan · Notice Regarding Formulation of the Value Up Plan
What management said it would do
ULVAC targets 16% ROE and expects about ¥195bn of six-year cash inflow, allocating roughly 70% to growth/strategic investment and 30% to returns.
From the company’s own disclosure · New Mid- to Long-Term Management Plan: Value Up Plan · Notice Regarding Formulation of the Value Up Plan
What it actually did, and when
The plan has begun, but project spend, exits and returns are not yet reconciled.
Partly disclosed — a gap remains · New Mid- to Long-Term Management Plan: Value Up Plan
What it disclosed about the economics
Management links portfolio reform, semiconductor-electronics focus, R&D, M&A and shareholder returns.
Partly disclosed — a gap remains · New Mid- to Long-Term Management Plan: Value Up Plan
What has happened since
The FY2031 result is not due.
Partly disclosed — a gap remains · New Mid- to Long-Term Management Plan: Value Up Plan
The question this leaves open
Investor question: Which projects and exits make the 70/30 allocation value-accretive? IR preparation: publish annual cash, capital and ROIC outcomes.
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
ULVAC plans about ¥195bn of cash inflow, roughly 70% for growth/strategic investment and 30% for shareholder returns.
Capital structure
The plan uses operating cash, divestitures and debt financing.
Governance of capital decisions
The plan calls for withdrawal from low-profit businesses and portfolio concentration around semiconductor electronics.
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
- Rule change 23 October 2026 · S6: 5 → 4. The English report covers the year ended June 30, 2025; FY6/2026 closed on 30 June 2026, so it is one year behind under the 23 Oct ruling.
- 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 combines the operating margin with an individual evaluation, with no weights.
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.