Ferrotec Holdings Corporation
Cite as: Japan IR Index, Ferrotec Holdings Corporation (6890), 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.
S6 Integrated or annual report available in English 0/5 Translation
Publish the current integrated or annual report in English.
F1 Quarterly and full-year results summaries (tanshin) published in English 2/5 Translation
Publish the English results summary every quarter, including the qualitative section and the notes.
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 (Electric Appliances) | 80.8 | 29 of 33 |
| Same size band (¥500bn–2tn) | 84.2 | 41 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, 23 scored 3 or more and 5 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 English2/5
The English 'Consolidated Financial Results' are cover pages only. FY3/26 (15 May 2026) is 4 pages against the Japanese 18, and H1 FY3/26 (14 November 2025) is 3 pages: headline figures, forecasts, the notes checklist and non-consolidated figures, with no qualitative section, no statements and no segment note. There is no English tanshin for Q1 FY26/12 (Japanese 14 August 2026, 11 pages). Headline figures only. Source document →
F2English results summary is a full translation, not an excerpt2/5
The English 'Consolidated Financial Results' are the summary cover pages only. FY3/26 (15 May 2026) is 4 English pages against the Japanese 2026年3月期 決算短信 at 18. Q3 FY3/26 (13 Feb 2026) is 3 pages, and H1 FY3/26 (14 Nov 2025) is 3. Each has the headline figures, the forecast, the notes checklist and non-consolidated figures. None has the qualitative section, the statements or the notes. There is no English version of the latest tanshin, Q1 FY26/12 (Japanese 14 Aug 2026, 11 pp). Summary cover pages only, so 2. Source document →
F3Financial statements including notes available in English2/5
No current English source has full statements with notes. The English tanshin are cover pages: headline P&L, total assets, net assets, equity ratio and cash-flow totals only. There is no English annual securities report, annual or integrated report, and the English AGM notice (24 pp) leaves out the business report and the financial statements. The FY3/26 deck (41 pp) has a summary P&L, balance sheet and cash-flow slides, not statements with notes. The IR 'Earnings data' and 'Key Management Indicators' pages are five-year HTML headline tables. Headline figures only, so 2. Source document →
F4Annual securities report available in English in any form0/5
The English IR library has financial results, briefing documents, briefing videos, business-overview videos and shareholder-related documents (AGM notices); the IR news list was checked too. There is no annual securities report in English. The Japanese IR library has a 有価証券報告書 page with no English counterpart.
F5Segment revenue and profit disclosed in English, consistent definitions3/5
There are four segments: Semiconductor Equipment, Electronic Devices, Automotive and Other. The English tanshin cover pages have no segment note. In English, segment sales and operating profit appear only in the decks. FY3/26 deck p.8: Semiconductor Equipment ¥185.1bn sales, ¥16.0bn OP; Electronic Devices ¥57.5bn and ¥10.4bn; Automotive ¥29.2bn and ¥2.6bn, with a segment-reclassification note in the rolling-plan materials. The H1 FY3/26 deck and the Q1 FY26/12 supplementary deck (sales by product) carry them too. Japan publishes no deck for Q1 and Q3 FY3/26, so for those periods an English reader gets no segment figures at all, while the Japanese tanshin has the segment note every quarter. Segment definitions are not stated in English. Half-year and full-year only, deck only, so 3. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
There is no downloadable data file. We filtered the links on the English IR top, financial results library, briefing library, dividend page, 'Earnings data (consolidated)', 'Key Management Indicators' and 'Sales by region' (plus the Japanese counterparts) for xls/xlsx/csv/excel: none. The data pages are five-year HTML tables, FY2022-FY2026 (sales, profits, assets, capex, D&A, cash flows, per-share, regional sales). The only non-PDF download is 'Download All Materials' (Financial_Statements_20260907_2.zip). We read it inside the rendered page: it holds two PDFs, Earning_Release_20260814.pdf and Presentation_Material_20260907.pdf, and no spreadsheet.
F7Guidance disclosed in English with the basis explained4/5
The FY26/12 forecast is in English: the tanshin cover page (15 May 2026) and FY3/26 deck pp.17-19. Sales ¥350.0bn, OP ¥38.0bn, net ¥23.0bn. It comes with the FX assumption (USD/JPY 150, RMB/JPY 21.0), capex and D&A, and a product-by-product sales forecast by segment with a market-view note on each line (e.g. thermoelectric modules +31.5% on AI optical transceivers, ceramics +20.6% correlated with SPE output). The deck also explains the nine-month transition period. The 22 Jul 2026 upward revision (sales ¥380bn, OP ¥60bn, net ¥33bn) has an English notice with reasons (listed 22 Jul, PDF created 24 Jul). The 14 Aug 2026 revision (net profit to ¥36.0bn, from a review of non-operating and extraordinary items) has no English notice. The English IR top shows 'Revised Forecast' with no link. The ¥36.0bn figure reaches English only in the rolling-plan release, created 4 Sep, without the reason. Forecast with FX and segment/market basis, but the latest revision is not explained in English, so 4. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
The latest Japanese filing is the Q1 FY26/12 tanshin (three months to June 2026, 14 August 2026). The English side has 'Results for the First Quarter of the Fiscal Year Ending December 31, 2026 (Supplementary Materials)', a 9-page deck with the Q1 results, linked from the IR top as 'Earning Release (Aug 14)' and as 'Presentation Material (Sep 7)'. The file is dated September, so it came about three weeks after the Japanese. There is no English Q1 tanshin. English results are current to the latest period, judged on the period rather than the day. Re-checked 17 Oct 2026: the English and Japanese Q1 supplementary decks were both posted 7 September; the late item was the English 14 August release (created 4 September). The period matches, so 5 holds. Source document →
S1Medium-term management plan in English with numerical targets4/5
The current plan is the Medium-Term Management Plan (Rolling Plan), updated 15 May 2026. The English 'Disclosure of Financial Results Presentation and Mid-Term Management Plan (Rolling Plan)' is 17 pp, the same as the Japanese 17. It has the key target table for FY26/12, FY27/12 and FY28/12 (sales ¥450bn, OP ¥57bn, margin 12.7%, net ¥38bn, capex), previous against revised, and the background to target-setting. The FY3/26 deck (41 pp, Japanese 42) adds ROE, ROIC, equity ratio, DPS/DOE ≥3.5%, a 50% total payout, ¥25bn of buybacks, ¥50bn of asset disposals, a ¥174.6bn capex plan and the FY30/12 vision (¥500bn sales, ¥50bn net). Complete, but late. The English is listed 15 May, but the PDF was created 18 May; the Japanese was created 15 May. The 14 Aug 2026 rolling-plan update is listed 14 Aug in English but was created 4 Sep, three weeks late. Complete but late, so 4. Source document →
S2IR presentations published in English5/5
Japan publishes decks at the half and full year plus Q&A summaries, and now a Q1 supplementary deck; English matches each one. FY3/26 deck: 41 pages in both languages (29 May 2026), with the English logmi results-briefing transcript (https://finance.logmi.jp/en/articles/384857). H1 FY3/26: deck plus 'Q&A Summary of the Explanatory Session' (28 November 2025). Q1 FY26/12: the Japanese supplementary deck (2026年12月期 決算補足説明資料) is listed on 7 September 2026 (https://www.ferrotec.co.jp/ir/ir_company_info_session.php), the same day as the English. Every period, with the supplement: 5. Set to 5 in review, 17 Oct 2026 (was 4 for the Q1 deck arriving after the 14 August release; deck lateness is R1's, not S2's). Source document →
S3English equity-story or investment-highlights page2/5
There is no investor-facing equity story. The English IR menu has no 'why invest', 'investment highlights' or 'at a glance' page. The IR top offers a stock quote, the CEO message, an IR calendar, latest materials and news. The 'Message to Shareholders' is a December 2024 interim greeting. The 'About Ferrotec' pages (president's message, corporate principles, outline, '8 major products') introduce the company and its products without framing strengths for an investor. The decks open with topics and MTP policy rather than investment highlights. A generic corporate introduction only, so 2. Source document →
S4Growth drivers identified and quantified in English5/5
The drivers are named and numbers are attached in English. The FY3/26 deck p.18 gives the FY26/12 sales forecast by product line with growth rates and a demand note for each. Thermoelectric modules ¥40.5bn (+31.5%, AI optical transceivers), vacuum feedthroughs and metal processing OEM ¥68.3bn (+38.8%), ceramics ¥49.0bn (+20.6%), parts cleaning ¥22.8bn (+22.8%), power semiconductor substrates for automotive ¥22.2bn (+23.2%, Chinese EV recovery). It also gives capacity milestones (Kulim Factory No.2 building completed August 2026 and operating by end-2026; Beijing factory from June 2027; Shaoxing and Wuhan summer 2027) and the ¥174.6bn capex plan. The English logmi transcript (FY3/26 briefing) adds a 70% global share in thermoelectric modules for optical modules and a 9 million/month capacity target by end-2026. Named drivers with numbers, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
Japan publishes Q&A for the half-year and full-year briefings, and England has a counterpart for each, late. FY3/26: Japanese logmi transcript (event 3 Jun, published 12 Jun 2026) against English logmi (published 19 Jun). The Japanese Q&A notice was listed 4 Jun (created 3 Jun); the English Notice Regarding Q&A was listed 4 Jun but created 5 Jun. H1 FY3/26: Japanese 質疑応答要旨 listed 3 Dec 2025, 4 pp; the English 'Q&A Summary' (4 pp) is listed 28 Nov but created 6 Jan 2026. FY3/25: both listed 6 Jun 2025 (English 7 pp against Japanese 6). H1 FY3/25: both 4 Dec 2024. There is no Japanese Q&A for Q1 FY26/12; the English IR top's 'Q&A summary' entry has no link. Every briefing covered in English, days to weeks late, so 4. Source document →
S6Integrated or annual report available in English0/5
There is no integrated, annual or sustainability report in English. The English IR library and the ESG/SDGs section (concepts, environment, social, governance, SDGs, compliance guidelines) are web pages only. The Japanese side has no integrated report either, only 決算報告書.
S7Progress against the previous plan, including misses, explained in English4/5
The plan is rolled each May. The English rolling-plan release (15 May 2026, p.1 'Trends in Key Target Figures') sets the previous plan's FY26/3 targets against actuals: sales 285,000 vs 288,933, OP 30,000 vs 27,561, margin 10.5% vs 9.5%, profit 16,000 vs 14,886, capex 65,000 vs 54,598. It also sets the previous FY26/12 and FY27/12 targets against the revised ones. The explanation is thin: deck p.23 says profit growth was 'constrained due to increased inventory write-downs at new factories', and p.8 covers FX losses and taxes. The ROE/ROIC targets are not reconciled against actuals. A reconciliation for the main targets with only a brief explanation, so 4. Source document →
G1Corporate governance report available in English3/5
No Corporate Governance Report in English. The English ESG > Corporate governance page gives the basic approach, the governance structure, internal-control concepts and a chronological table of board composition from FY2002/3 to FY2027/12. That table records 'Submitted the Corporate Governance Report' in FY2016/3, but the report itself is not offered. A site narrative in place of the filing. Re-checked 17 Oct 2026: a new Japanese Corporate Governance Report was posted on 15 July 2026 (https://www.ferrotec.co.jp/php/download.php?f=jp/20260708589828.pdf) with no English version; 3 stands. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English 46th AGM notice (June 2026, 24 pp) profiles all eight directors standing for re-election, which is the whole board after the meeting: He, Yamamura, Takeda, Sato, Fujimoto, and outside directors Iso, Katsuta and Nagamori. Each profile has the date of birth, a dated career summary (e.g. 'June 2001 Director'), concurrent positions, board attendance and shares held. The three outside directors are marked 'Outside / Independent' and have reasons for nomination and expected roles, including years in office. The skill matrix (p.19) covers expertise for all eleven directors and A&SB members. Inside directors have no separate nomination-reason paragraph, but the career histories and matrix cover their expertise. Every director with tenure, expertise and independence, so 5. Source document →
G3Board skills matrix published in English5/5
The English 46th AGM notice (June 2026), p.19, has '[Reference] Skill Matrix of Directors and Audit & Supervisory Board Members (Incumbents and Candidates)'. It maps all 8 directors and 3 A&SB members against eight skills: corporate management and sector knowledge, manufacturing, legal and risk, technology and R&D, finance and capital markets, sales and marketing, ESG, and global experience. It gives the count and percentage per skill. Current and complete, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
Proposal 5 of the English AGM notice and its '[Reference] Summary of the New Executive Remuneration System' (pp.20-24) set out the structure and KPIs: basic pay, short-term performance-linked pay (0-200%) and share-based RSU/PSU. The CEO's guideline ratio is 2:2:5 (22/22/56%). The short-term KPIs are sales, operating margin, current profit and ROE at 25% each. The PSU is tied to TSR against the Nikkei Semiconductor Stock Index over three years. There are malus/clawback terms, and outside directors and A&SB members get fixed pay only. The new pay ceiling is ¥1,000m (outside directors ¥50m). The cost-of-capital document (Jul 2026) repeats the structure. The amounts actually paid are not in English: they are in the business report, which the English notice leaves out, and in the Japanese yuho and CG report. Structure, KPIs and weights without amounts, so 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 46th Annual General Meeting in English, posted 4 June 2026 (the electronic-provision start date) for a meeting on 26 June, 22 days before. It runs 24 pages with the Reference Documents for all five proposals, including every director candidate with the reasons for nomination. The '(in Japanese)' labels attach to the materials-posting websites (company site, d.sokai.jp, TSE). The notice describes internet voting with no Japanese-only label. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the company's shareholder pages name Sumitomo Mitsui Trust Bank as share registrar, whose voting websites (www.web54.net and www.soukai-portal.net) are in Japanese only, with no English option, as for ESPEC (6859) and Nitto Boseki (3110). Every proposal in English, but a Japanese-only voting route, so 4. Source document →
G6Shareholder vote results disclosed in English0/5
The English Shareholder-related Documents page lists only the AGM notices (2020 to 2026), and the English IR news has no resolution or voting-results item around 26 June 2026. The Japanese page posts 第46期定時株主総会決議ご通知 (26 June 2026), which has no English counterpart.
G7Cross-shareholdings in English with reduction schedule and rationale0/5
Cross-shareholdings are not covered in English. We checked the English ESG > Corporate governance page (structure, internal control, board history table), the AGM notice, the IR FAQ, the disclosure policy, both 'Initiatives to Achieve Management Focused on Cost of Capital and Stock Price' documents (Oct 2025 and Jul 2026, searched for cross/strategic/shareholding) and the IR news list. The Corporate Governance Report (Principle 1-4) and the yuho shareholdings section exist only in Japanese (CG report 15 Jul 2026; 有価証券報告書 25 Jun 2026).
O1English IR section reachable within two clicks of the English homepage5/5
On the English homepage (www.ferrotec.co.jp/en/), the global navigation bar has 'IR Information' as a direct link to /en/ir/, visible in the rendered screenshot beside About Ferrotec, ESG and News Release. A promotional pop-up and the cookie banner must be closed first. One click, so 5. Source document →
O2English document links resolve to English documents5/5
We sampled 22 English document links, and every one opened as an English document. Tanshin: FY3/26, Q3 FY3/26, H1 FY3/26, Q2 FY3/20 (2019), and the Nov 2022 forecast notice. Decks: FY3/26 (41 pp), H1 FY3/26 (36 pp), H1 FY3/18, FY3/15, MTP FY3/20-22, MTP progress Jan 2022, Q1 FY26/12 supplementary (9 pp). Also the H1 FY3/26 and FY3/25 Q&A summaries, the AGM notices for 2026, 2025 and 2020, the rolling-plan releases (15 May and 14 Aug 2026), the 27 Aug 2026 news, Earning_Release_20260814.pdf, and the SEMI 'Fab Investment' PDF. One link goes off-site to logmi's English transcript, which is in English. All English, so 5. Source document →
O3English IR archive free of dead links4/5
All 22 sampled document links were live (1 to 43 pp). The IR top's 'Download Latest IR Materials (2026/12)' box, however, shows two entries, 'Revised Forecast' and 'Q&A summary', with PDF icons but no link at all; the Japanese counterpart links 修正開示(8/14). Counting those as one dead route, 4. Source document →
O4English IR pages render without blank JavaScript failures4/5
We rendered the IR top, financial results, briefing documents, briefing videos, shareholder documents, IR news, medium-term strategy, earnings data, key indicators, regional sales, dividend, analyst coverage, calendar and IR inquiries pages in Chromium. All show their content. On the Stock Quote page the price chart renders, but the 'Timely Disclosure' panel is empty and the 'Stock Information (Divident Chart)' box is a blank frame (full-page screenshot). Content present with widgets failing, so 4. Source document →
O5Single page listing all English IR documents by date and type4/5
The library is split by type: financial results (tanshin and forecast notices, dated by year), briefing documents (decks, Q&A, transcripts), videos, and shareholder documents (AGM notices). The English 'IR News Release' page, though, is one dated list with a year selector (2015-2026). It carries every kind: tanshin, decks, Q&A notices, transcripts, the AGM notice, MTP and cost-of-capital papers, and timely disclosures. Every item is labelled just 'IR', so it is untyped. One dated all-types list, untyped, so 4 under the O5 ruling. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive runs several years across types. Tanshin and forecast notices go back to 2019 and earlier. Decks run from FY3/15 (May 2015) to Q1 FY26/12, with MTP documents from 2018 and Q&A summaries from 2023. AGM notices cover 2020-2026, and the IR news years run 2015-2026. Several years across types, so 5. Source document →
O7Named English IR contact published4/5
The English IR menu and the IR top's site map link 'IR Inquiries' (ir_contact.php), a dedicated 'IR and Shareholder Related Inquiries' page. After a consent checkbox it leads to the IR team's inquiry route; the form behind the checkbox was not opened. The tanshin names Takeru Yamamura, Executive Vice President, +81-3-3281-8186. Dedicated and immediately obvious. Source document →
R1Earnings materials published in English simultaneously with Japanese3/5
The English tanshin is only the summary cover pages, posted the same day (FY3/26 15 May 2026, Q3 13 Feb 2026, H1 14 Nov 2025, created the same day). A full English tanshin never comes, and for Q1 FY26/12 (Japanese 14 Aug 2026) there is no English tanshin at all. Decks: FY3/26 both listed 29 May 2026 (English PDF created 11 Jun, Japanese 4 Jun). H1 FY3/26 Japanese 27 Nov, English listed 28 Nov (created 23 Jan 2026 vs Japanese 6 Jan). For Q1 FY26/12, the Japanese 14 Aug results/rolling-plan release has English listed 14 Aug but created 4 Sep, and the supplementary deck is 7 Sep in both. A headline sheet with the full English never arriving is 3 under the R1 ruling. The floor could arguably be lower, since Q1 has no English tanshin at all. Source document →
R2Median lag in days between Japanese and English statutory publication1/5
Japanese against English, from the listing dates and PDF creation dates. Q1 FY26/12 tanshin: Japanese 14 Aug 2026, no English, so >90. FY3/26 tanshin: Japanese 15 May 2026 (18 pp); the English is the 4-page cover only, which counts as untranslated, so >90. AGM notice: Japanese 4 Jun 2026, English 4 Jun (created 3 Jun), lag 0. Corporate Governance Report: Japanese 15 Jul 2026, no English, so >90. Annual securities report: Japanese 25 Jun 2026, no English, so >90. The median is over 90 days, so 1. Source document →
R3Timely disclosures published in English3/5
We compared the Japanese IR news/TDnet list (kabutan) from 16 Oct 2025 to 16 Oct 2026 with the English IR news, about 50 Japanese timely disclosures. Missing in English: the 17 Sep 2026 tender offer for Nippon Resistor (6977), the 7 Oct 2026 TOPIX inclusion, the 14 Aug 2026 forecast revision, the 17 Aug Beijing subsidiary progress notice, the 21 Apr Sanriku earthquake notice, and the corrections of 18 May (rolling-plan materials) and 22 Jul (forecast). The others have English versions, but the English list reuses the Japanese date while the PDFs are created later. Examples: 22 Oct 2025 items created 29 Oct; 12 Feb 2026 created 19 Feb; 15 Jul RSU created 18 Aug; 27 Aug created 4 Sep; the Kumamoto earthquake reports 31 Jul and 6 Aug against Japanese 29 Jul and 5 Aug. Only about ten are same-day: the tanshin covers, the 8 May and 6 Jul monthly CB notices, 14 May, the 15 May director and year-end changes, 23 Jun and 30 Apr. Seven missing, including the largest M&A item, and most of the rest late: more than 'one or two', so 3. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
We rendered the English homepage, IR top, Disclaimer, Disclosure Policy and Terms of Use, and searched the visible text for machine/automatic/AI translation. There is no machine-translation notice, pop-up or translation widget. The documents carry only human-translation precedence language ('translated from the Japanese original ... the original shall prevail'), which is R5. Nothing is presented as machine-translated, so 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese1/5
Every document checked carries 'the original shall prevail': the tanshin (FY3/26, H1 FY3/26), the FY3/26 and Q1 FY26/12 presentation decks on every page, the 14 August news release and the AGM notice. Disclaimed on every document. 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 growth, asset recycling and shareholder-return plan
Strategy or target reset · In progress · Plan announced 29 May 2026
Ferrotec set FY2028 operating and return targets and disclosed capex, asset-sale and distribution policies.
Timeline and sources (1 step)
- 29 May 2026Plan announced Ferrotec set FY2028 operating and return targets and disclosed capex, asset-sale and distribution policies. Rolling Medium-Term Management Plan FY2026–FY2028
What management said it would do
Management targets ¥450bn sales, ¥57bn operating profit, 11% ROE and 7% ROIC by FY2028.
From the company’s own disclosure · Rolling Medium-Term Management Plan FY2026–FY2028
What it actually did, and when
The capex and asset-sale program is underway; final deployment and returns are pending.
Partly disclosed — a gap remains · Rolling Medium-Term Management Plan FY2026–FY2028 · Investor Relations
What it disclosed about the economics
Ferrotec combines ¥160bn of capex with ¥50bn of asset disposals, a 40% equity target and explicit distribution rules.
Partly disclosed — a gap remains · Rolling Medium-Term Management Plan FY2026–FY2028 · Investor Relations
What has happened since
The FY2028 result is not due.
Partly disclosed — a gap remains · Rolling Medium-Term Management Plan FY2026–FY2028
The question this leaves open
Investor question: Which projects clear the 7% ROIC goal after full capital and working capital? IR preparation: publish project spend, ramps, disposals and returns.
Our analysis, not a company statement
Balance sheet and capital-policy indicators
A source-backed first-pass capital-efficiency, balance-sheet and governance reading, separate from the accountability score.
Cash use and returns
Ferrotec plans ¥160bn of FY2026–FY2028 capex and ¥50bn of asset disposals while scaling semiconductor materials and equipment.
Capital structure
The plan targets a 40% equity ratio and combines a 3.5% DOE floor, 50% total return ratio and up to ¥25bn of buybacks.
Governance of capital decisions
Management disclosed ROE and ROIC targets, annual capex, asset disposals and shareholder-return rules.
Preliminary and not scored: a selected-source reading, reviewed 29 September 2026. Surplus cash, leases, maturities, project ROIC, cost of capital, committed spend and peer comparability are not fully assessed; none enters the accountability score. Figures are the company’s own reported numbers; a large cash balance is not called excess without a defensible operating reserve and investment plan. Every company with a balance-sheet reading →
Changes to this record
- Research error 23 October 2026 · G5: 5 → 4. Every proposal is in the English notice, but the voting website shareholders use (Sumitomo Mitsui Trust Bank) 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.