Ushio Inc.
Cite as: Japan IR Index, Ushio Inc. (6925), methodology GNT-BDS v1.1.1, reviewed 2026-10-12.
Findings and sources as of the review date shown. The company’s English disclosure may have changed since.
Where to start
Chosen from this company's lowest answers, easiest first. A quick fix uses material the company already has; a translation fix is usually met by translating a Japanese document (our note says whether this company has one). Questions that need a budget or a board decision are left out. Suggestions drawn from the research, separate from the scores.
G6 Shareholder vote results disclosed in English 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O2 English document links resolve to English documents 3/5 Quick fix
Check every link on the English IR pages; label any that open a Japanese document, or link the English version.
O5 Single page listing all English IR documents by date and type 3/5 Quick fix
Keep one English page that lists every IR document with its date and type.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 1 answer corrected after re-checks (research errors) and 1 changed under a rule change between 21 Oct 2026 and 23 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Electric Appliances) | 80.8 | 5 of 33 |
| Same size band (¥100–500bn) | 77.1 | 4 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, 32 scored 3 or more and 1 found no qualifying English materials within the stated review scope. Read each score with its source and scope below.
Findings by question
F1Quarterly and full-year results summaries (tanshin) published in English5/5
Consolidated Financial Results for the First Three Months of the Fiscal Year Ending March 31, 2027, dated 4 August 2026 with the Japanese (PDF created 3-4 August): 13 pages against the Japanese 12, with the qualitative information, the statements and the notes including segment information. The full-year release (14 May 2026) is 24 pages against 22. The English library has every quarter back to FY2023 alongside the Japanese. Complete and on the Japanese cycle. Source document →
F2English results summary is a full translation, not an excerpt5/5
We read the latest English tanshin, Consolidated Financial Results for the First Three Months of the Fiscal Year Ending March 31, 2027 (4 Aug 2026, 13 pages), against the Japanese 決算短信 (12 pages). The contents match: summary pages with the forecast; qualitative overview of results by segment, financial position and the forecast explanation; quarterly balance sheet; P&L and comprehensive income; and notes including the segment information tables for both years. The FY2025 full-year English tanshin (14 May 2026, 24 pages against the Japanese 22) also carries the cash-flow overview, all four statements, and notes on going concern, segments, per-share data, subsequent events and officer changes. A whole translation. Source document →
F3Financial statements including notes available in English5/5
The Q1 FY2026 English tanshin (4 Aug 2026) has the quarterly balance sheet, P&L and comprehensive income, and notes with the full reportable-segment tables. The FY2025 English tanshin has all four statements and notes. The 82-page English Consolidated Financial Statements for the year ended 31 March 2026 (posted 7 Aug 2026) adds full audited notes and EY's auditor's report. Full statements and notes for the latest period. Source document →
F4Annual securities report available in English in any form3/5
No English securities report. The English 'Consolidated Financial Statements for the year ended March 31, 2026' (82 pages, PDF created 5 August 2026, posted 7 August) carries the EY Independent Auditor's Report and the audited statements and notes, but none of the yuho's narrative parts (business overview, risk factors, management's analysis, facilities, shareholdings, governance); the Japanese side posts the full 有価証券報告書. Financial statements only. Source document →
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Every English tanshin gives net sales and segment profit for the four reportable segments (Industrial Processes, Visual Imaging, Life Sciences, Photonics Solutions) plus Others. For example, Q1 FY2026 segment profit was IP ¥2,867m and VI ¥1,376m. The FY2025 note 'Overview of reportable segments' states the definitions: segments are organised by market, the products of each are described, and segment profit is operating profit with inter-segment transfers at market prices. The deck and the Historical Financial Data workbook add sub-segment sales. Defined and given every period. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English5/5
There are two English Excel files, and we read both inside the rendered page by unzipping the sheet XML. (1) 'Historical Financial Data (as of August 4, 2026)', data_20260804_en.xlsx on the Fact Sheet page, has four sheets of segment net sales, operating profit and margin plus sub-segment sales, annual and quarterly, from FY2000 to FY2025 with the FY2026 forecast. (2) The 'XLS downloads' link on Financial Highlights (Premium_FinancialData_en.xlsx, hosted by stockweather) has 11 years (FY2015-FY2025, i.e. 2016/03-2026/03) of P&L (sales, OP, ordinary profit, net income, EBITDA, margins), depreciation and R&D, operating, investing, financing and free cash flow, total assets, equity, current assets, ratios, and EPS, DPS, payout, PER and PBR. It also has a quarterly sheet to Q1 FY2026. Five years or more across P&L, balance sheet, cash flow and per-share data, with segments as well. Source document →
F7Guidance disclosed in English with the basis explained5/5
The FY2026 forecast is in every English tanshin (Q1: 'unchanged') and the deck. The Q1 FY2026 deck (4 Aug 2026) gives the forex assumption for Q2 onward (USD ¥150, EUR ¥175), the yen sensitivity (¥1/USD = ¥1.0bn sales, ¥0.14bn OP), a forecast by business segment, a YoY operating-profit bridge, and market views such as cinema screen and light-source trends. Revisions are explained in English notices: on 19 Mar 2026 the forecast went to sales ¥175.0bn and OP ¥11.5bn, citing fixed-cost cuts, semiconductor recovery and a weaker yen at 150/174 assumed. The full basis with revisions explained. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English results for the three months to 30 June 2026 published 4 August 2026, the same period and day as the Japanese first-quarter tanshin. Source document →
S1Medium-term management plan in English with numerical targets5/5
The New Growth Strategy 'Revive Vision 2030' runs Phase I FY2024-26 and Phase II FY2027-30. The English deck (59 pp) and the version with script were announced 14 May 2024, the same day as the Japanese (English IR news 2024.05.14). Its targets are ROE of 8% or more in Phase I and 12% or more in Phase II, operating margin of 12% or more by FY2030, at least ¥40bn of growth investment, and ¥65-75bn of buybacks and dividends. The Progress Report on Phase I (38 pp, 13 May 2025, same day as the Japanese) adds Phase I reference values (OP margin 10% or more, sales ¥195bn) and FY2030 sales of ¥200-250bn. The English plan page summarises them. The 38 English pages match the 38 Japanese. Current plan, complete, on time. Source document →
S2IR presentations published in English5/5
For every quarter an English Financial Presentation (Q1 FY2026: 34 pages, 4 August 2026, matching the 34-page Japanese deck), the Financial Presentation with Script and the Major Questions and Answers (5 pages against the Japanese 3, posted 6 August); the Industrial Processes business briefing (30 June 2026) is in English too. The Japanese set item for item. Source document →
S3English equity-story or investment-highlights page5/5
The English Fact Sheet (July 2026, 2 pp, on the IR library's Fact Sheet page) has an investor-framed 'Our Strengths' section with numbers. Strength 1, the light-source earnings base, has 80-90% share products. Strength 2 is steppers with 90% share in semiconductor back-end. Strength 3 is R&D at 7-8% of sales, ¥41.7bn of R&D in FY2024-26, and 2,186 patents. It also gives an 'Ushio in Numbers' panel. 'Ushio at a Glance' (Aug 2026) and the 'Ushio's Strength' page (qualitative) add to this. Dedicated and quantified. Source document →
S4Growth drivers identified and quantified in English5/5
The English Progress Report on Phase I (13 May 2025) names and sizes the drivers. Advanced-packaging lithography has a SAM of more than $250m with a target share of 20% or more in FY2025, a SAM of more than $800m with 50% or more share by FY2030, and lithography sales CAGR over 15% FY2023-30. The DLT system with Applied Materials is to contribute to revenue from FY2025. There is an IP operating-profit bridge from FY2024 to FY2026 (+¥10.2bn from ADP equipment, -¥3.7bn DLT forward investment) toward an 18-20% FY2030 IP margin. The Industrial Processes business briefing (30 Jun 2026, 107 pp English) goes further. Named drivers with numbers attached. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
Every quarterly briefing has an English 'Major Questions and Answers' plus the deck with script, matching the Japanese 質疑応答要旨 (a summary on both sides). The English comes 1-3 days after the Japanese. Q1 FY2026: JA Q&A posted 5 Aug 2026, EN 6 Aug (5 pp vs 3). FY2025: JA 15 May 2026, EN 18 May (8 pp vs 6). Q3: JA 10 Feb, EN 12 Feb 2026. Q2: JA 10 Nov, EN 11 Nov 2025. Complete every period, but late. Source document →
S6Integrated or annual report available in English4/5
Ushio Report 2025 in English, 49 pages (PDF created November 2025), covering the fiscal year ended 31 March 2025 with full sections (top message, growth strategy, value creation, governance, data section). The Japanese side already carries Ushio Report 2026; the English page still offers 2025. Complete report, one edition behind. Source document →
S7Progress against the previous plan, including misses, explained in English5/5
The English New Growth Strategy deck (14 May 2024) has a 'Review of Previous Medium-Term Management Plan' section (pp8-11, appendix pp38-42). It sets the Second MTP's net sales and operating-margin targets for FY2021-FY2025 against FY2023 actuals and the latest forecasts (FY2025 sales ¥220.0bn planned vs ¥200.0bn; margin 9.5% vs 7.0%). It bridges the FY2025 operating-profit shortfall by business (¥21.0bn planned vs ¥14.0bn: lithography -5.5, etc.) and explains the variances: the semiconductor market, customer concentration, EUV competition, and unprofitable businesses. The English plan page also narrates the review. The plan was superseded a year early, so the final year is compared with the forecast rather than an actual. Targets against actuals and forecasts, with the variances explained. Source document →
G1Corporate governance report available in English5/5
Corporate Governance Report in English, 16 pages, 'Last Updated: July 14, 2026', posted on the English IR library 17 September 2026 (with the 2023-2025 editions). The TSE filing, current. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English Notice of the 63rd AGM (reference documents, pp4-16) covers all nine directors of the post-AGM board: six directors and three Audit & Supervisory Committee members, every one up for election. Each has a career history, years in office (e.g. Asahi 5 years, Matsuzaki 4, Masuyama 2, Sugihara and Sunaga 6), board attendance, reasons for nomination or expected roles, and an Independence section for the outside directors against the stated criteria. The English Corporate Governance page adds outside-director rationales and independence flags. All three elements for every director. Source document →
G3Board skills matrix published in English5/5
The English AGM notice (p18, June 2026) has a 'Skills Matrix of the Board of Directors' for the board as composed after the 29 Jun 2026 meeting. It covers all nine directors, including new nominee Kohei Morikawa, across seven skills, with a note on why IT/DX is omitted and the reasons for each skill item (p19). The English governance page also has a matrix (the 2025 board, with years of experience). The current matrix in English. Source document →
G4Executive remuneration structure and its performance linkage explained in English5/5
The English Corporate Governance page sets out the full policy. It gives the mix at target: Representative Director 50/25/25 fixed / short-term bonus / stock, directors 55/25/20. Short-term KPIs are ROE and consolidated operating margin, weighted 50/50 for executives and set against the unit's targets, paying 0-200%. Stock KPIs are ROE 70%, engagement score 18% and FTSE ESG rating 12%. FY2024 targets and actuals are given (ROE target 2.0%, actual 3.1%; OP margin 2.9%, actual 5.0%). Amounts are by pay type: executive directors ¥235m (fixed 115, bonus 72, stock 47; 5 people), inside ASC members ¥24m, and outside directors ¥80m. The amounts are for fiscal 2024, and the newer year is only in the Japanese yuho. Structure, KPIs, weights and amounts. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 63rd Annual General Meeting in English, 19 pages, with the Reference Document setting out all three proposals in full, every director candidate included. No posted date on the English page or IR news: timing judged from the PDF creation date (2 June 2026) and the notice itself (dated 8 June, electronic provision from 3 June) for a meeting on 29 June - three weeks or more. The notice gives voting in writing or electronically with no Japanese-only label on the route. 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 Shareholders' Meeting page carries the 59th-63rd notices only, and the English IR news has no resolutions item. The Japanese page posts 決議ご通知 and 議決権行使結果 (臨時報告書) for each meeting; no English counterpart.
G7Cross-shareholdings in English with reduction schedule and rationale4/5
Ushio Report 2025 in English (pp22-23, 40-43) gives the holding rationale and the board's annual review policy (also on the governance page and in CG report Principle 1-4). It gives the book value of cross-shareholdings at ¥6.84bn (7.9% of net assets) at FY2023 and ¥4.70bn (5.3%) at FY2024, and the number of stocks falling from 26 to 11. The target is zero by the end of FY2030, with a schedule to sell about ¥35bn of securities in Phase I and over ¥15bn in Phase II. Progress was ¥16.1bn sold in FY2024. Re-checked 21 Oct 2026 under v1.1.1, which brings deemed holdings (shares in a retirement-benefit trust whose votes the company directs) into G7. The Japanese securities report for FY2025 shows a deemed holding of 1,615,000 Ricoh shares (¥2.1bn) in a retirement-benefit trust. The English report does not mention it, and the zero target and its schedule are stated for the holdings on the balance sheet only. One element short, so 4. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
The English homepage (https://www.ushio.co.jp/en/) has a visible 'Investor relations information' link in the header that goes straight to the English IR top (/en/ir/). One click. Source document →
O2English document links resolve to English documents3/5
We sampled 24 English document links across types and years, and all opened as English PDFs. Tanshin: Q1 FY26, FY25, Q3/Q2/Q1 FY25, Q2 FY2023, Q1 FY2021. Decks: Q1 FY26, FY25, FY25 with script. Q&A: Q1 FY26, FY25, Q2 FY25. IP business briefing 2026. Plan 2024 and with script, plan progress 2025. Consolidated Financial Statements FY2025 and FY2017. Ushio Report 2025, its data section, and 2018. CG reports 2026.07 and 2023.07. AGM notices 63rd and 59th. Timely notices 20260414, 20260319, 20251027, 20260708. Fact Sheet and At a Glance. But the English IR menu's 'To our individual shareholders' section links 'Ushio in 5 minutes' and 'History' to the Japanese pages (/jp/company/about/, /jp/company/history/), unlabelled, although English versions exist. Documents all English, with two unlabelled navigation links to Japanese pages. We scored that 4 rather than 3 because they are pages, not documents. Set to 3 in review (17 Oct 2026): the anchor puts unlabelled Japanese at 3, and two items in the English IR menu ("Ushio in 5 minutes", "History") open Japanese pages with no label (as for Mitsui High-tec, 6966). Source document →
O3English IR archive free of dead links5/5
The same 24-document sample (see O2), from 2018 to Oct 2026, all opened with text in the rendered browser. None was dead. Several English IR news items link with plain http:// URLs, which the harness proxy cannot follow, but their https targets render. All live. Source document →
O4English IR pages render without blank JavaScript failures5/5
These English IR pages all rendered their content: IR top (stock quote, IR news, latest materials), IR Library, Financial Results/Presentation library, Fact Sheet, Financial Statements, Integrated Report, CG Report, Shareholders' Meeting, Share Information, Financial Highlights (interactive chart plus table), Forecast, Consolidated Highlights, Chart (stock chart rendered, screenshot), IR Calendar, CEO Message, Videos, Governance, Plan, and IR Inquiry. No empty lists or failed widgets. Source document →
O5Single page listing all English IR documents by date and type3/5
There is no single library page. The IR Library splits documents by type across pages. Financial Results/Presentation/Business Briefing groups tanshin, decks, scripts, Q&A, business briefings and plan decks under dated period headings. Consolidated Financial Statements, Integrated Report and Corporate Governance Report each have their own page, and AGM notices sit on the Shareholders' Meeting page. The dated IR news list announces most postings, but it links to these library pages rather than to the documents and omits the AGM notices. Split across pages by type, each dated. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive is deep across types: tanshin, decks and Q&A each quarter from FY2021 (Aug 2021), consolidated financial statements from FY2017, Ushio Reports 2018-2025, CG reports 2023-2026, AGM notices from the 59th (2022), and IR news back to 2007. Several years across document types. Source document →
O7Named English IR contact published4/5
The English IR top page has an 'Inquiries about IR' block and the IR menu/footer links to a dedicated IR inquiry form (non-IR enquiries are sent elsewhere). Dedicated and immediately obvious. The tanshin names Hiromi Ito, General Manager, Accounting & Finance Department, +81-3-5657-1000. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
The English library and IR news list the tanshin and deck on the Japanese date every period we checked. Q1 FY2026: EN and JA both 4 Aug 2026 (EN tanshin created 3 Aug; EN and JA decks both created 4 Aug). FY2025: both 14 May 2026, with the EN tanshin created 14 May. However, the EN deck PDF was created 19 May against the JA 14 May, although the page lists it as 'released May 14, 2026'. Q3: 6 Feb 2026, decks both created 6 Feb. Q2: 6 Nov 2025, decks both created 6 Nov. The scripts and Q&A follow 1-4 days later, which is S5's matter. On listing dates, same day every period. Source document →
R2Median lag in days between Japanese and English statutory publication4/5
Per-document lags. Q1 FY26 tanshin: EN 4 Aug vs JA 4 Aug 2026, 0 days. FY25 tanshin: 14 May vs 14 May 2026, 0. AGM notice: there is no English listing date; the EN PDF was created 2 Jun 2026, the JA notice PDF 26 May, and electronic provision started 3 Jun, so taken as up to 7 days. CG report: JA 15 Jul 2026, EN 17 Sep 2026, 64 days. Yuho: no English securities report, only the 82-page consolidated financial statements (7 Aug 2026), so counted as more than 90 days against the JA 25 Jun 2026 filing. Median 7 days, or 0 if the AGM notice went up with the Japanese. Recorded at the floor, 4. Source document →
R3Timely disclosures published in English5/5
From the Japanese IR news list we took 20 timely disclosures for 16 Oct 2025-16 Oct 2026: treasury-share status reports (2 Oct, 5 Nov, 2 Dec 2025; 6 Jan, 3 Feb, 3 Mar, 2 Apr, 7 May 2026), subsidiary dividends (27 Oct), RS payment completions (31 Oct 2025, 31 Aug 2026), the ams-OSRAM acquisition completion (3 Mar), cancellation of treasury shares (4 Mar), extraordinary income (6 Mar), the forecast revision (19 Mar), extraordinary income and loss (31 Mar), the laser-business split (14 Apr), RS disposal (14 May) and its price (22 May), and the major-shareholder change (8 Jul). The English IR news has all 20, each on the same date. Spot-checked English PDFs were created that day or the day before. All, same day. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
There is no machine-translation notice on the rendered English pages. The homepage 'Visit Your Language Site' is a selector for group sites, not a translation widget. The IR Disclaimer and About this Website pages have general accuracy and forward-looking caveats, with nothing on machine translation. The documents carry only the human-translation precedence line (R5). Nothing presented as machine-translated. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The results deck, the script, the Q&A and the AGM notice each say the Japanese original shall prevail. The tanshin (headed only 'Translation') and the Ushio 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 →
Revive Vision 2030 portfolio and capital-allocation reset
Strategy or target reset · In progress · Action announced 14 May 2024
Ushio reset its prior strategy, set Phase I ROE and capital-allocation targets and later reduced development investment after reviewing execution.
Timeline and sources (2 steps)
- 14 May 2024Strategy reset Ushio launched Revive Vision 2030 after the prior plan deviated materially. New Growth Strategy: Revive Vision 2030
- 31 March 2025 · announced 30 September 2025Investment plan revised Development investment for FY2024–FY2026 was reduced from ¥52bn to ¥40.5bn. Ushio Report 2025
What management said it would do
Ushio reset its strategy with Phase I ROE of at least 8%, growth investment of at least ¥40bn and ¥65–75bn of buybacks and dividends.
From the company’s own disclosure · New Growth Strategy: Revive Vision 2030
What it actually did, and when
It later reduced planned development investment from ¥52bn to ¥40.5bn after reviewing execution.
Partly disclosed — a gap remains · Ushio Report 2025
What it disclosed about the economics
The strategy identifies roughly 7% cost of equity, 6% WACC and an equity goal of ¥200bn or less.
Partly disclosed — a gap remains · Ushio Report 2025
What has happened since
The Phase I FY2026 result is not due.
Partly disclosed — a gap remains · New Growth Strategy: Revive Vision 2030
The question this leaves open
Investor question: Why were projects cut or retained and how will the reset create value? IR preparation: publish original, revised and actual spend with project and ROE 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
Ushio plans at least ¥40bn of growth investment and ¥65–75bn of buybacks/dividends in Phase I.
Capital structure
The strategy targets shareholders’ equity of ¥200bn or less and identifies roughly 6% WACC.
Governance of capital decisions
Ushio reset a prior plan after material deviation and revised development investment from ¥52bn to ¥40.5bn.
Preliminary and not scored: a selected-source reading, reviewed 28 September 2026. Surplus cash, leases, maturities, project ROIC, cost of capital, committed spend and peer comparability are not fully assessed; none enters the accountability score. Figures are the company’s own reported numbers; a large cash balance is not called excess without a defensible operating reserve and investment plan. Every company with a balance-sheet reading →
Changes to this record
- Research error 23 October 2026 · G5: 5 → 4. Every proposal is in the English notice, but the voting website shareholders use (Sumitomo Mitsui Trust Bank) is in Japanese only.
- Rule change 21 October 2026 · G7: 5 → 4. Under v1.1.1, deemed holdings (shares in a retirement-benefit trust whose votes the company directs) count as cross-shareholdings. The deemed holding of Ricoh shares in the Japanese securities report is not mentioned in English, and the zero target covers only the shares on the balance sheet.
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.