JEOL Ltd.
Cite as: Japan IR Index, JEOL Ltd. (6951), methodology GNT-BDS v1.1.1, reviewed 2026-10-13.
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.
O7 Named English IR contact published 2/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
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.
R4 English disclosure free of machine-translation accuracy disclaimers 3/5 Quick fix
Have the English pages reviewed so that no machine-translation notice is needed.
English disclosure assessment
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Electric Appliances) | 80.8 | 19 of 33 |
| Same size band (¥100–500bn) | 77.1 | 25 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 English3/5
English '[Summary] Consolidated Financial Results' for every period on the Japanese cycle, the same day: Three Months Ended June 30, 2026 dated 14 August 2026 (Japanese tanshin 14 August). But the English is abridged: Q1 is 7 pages against the Japanese 13 and the full year (FY to March 2026, 15 May 2026) 14 pages against 21. The English has the summary, balance sheet, income and comprehensive-income statements (cash-flow statement at the full year) and the segment note, but no section 1 qualitative information (results, financial position, forecasts) that the Japanese attachment opens with, and none of the other notes (going concern, shareholders' equity) or the review report. On time, but the narrative exists only in Japanese. Source document →
F2English results summary is a full translation, not an excerpt3/5
The English tanshin is a cut-down of the Japanese. Q1 FY3/2027 (14 Aug 2026): the English '[Summary] Consolidated Financial Results for the Three Months Ended June 30, 2026' is 7 pages against the Japanese 13. FY3/2026 (15 May 2026): 14 English pages against 21 Japanese. The English has the summary pages, the balance sheet, income and comprehensive-income statements (plus equity and cash-flow statements at the year end) and the segment note. It has none of section 1, 経営成績等の概況: the results narrative by segment, financial position, cash flows and 今後の見通し (outlook). It also drops the other notes (going concern, shareholders' equity) and carries the cover line 'translated from a part of the Japanese original'. The qualitative review is cut, so 3. Source document →
F3Financial statements including notes available in English4/5
Year end: the English Financial Report 2026 (FY to 31 Mar 2026, 14 spread pages, PDF 24 Sep 2026) has the full consolidated statements with notes (accounting policies, investment securities, segment information and others) and the independent auditor's report. Latest quarter: the English Q1 FY3/2027 tanshin (14 Aug 2026) has the balance sheet, income and comprehensive-income statements and the segment note only. The other quarterly notes in the Japanese are not translated. Full statements and notes only at the year end, so 4. Source document →
F4Annual securities report available in English in any form3/5
Financial Report 2026 (fiscal year ended March 31, 2026; PDF created 24 September 2026, 14 spread pages = 28 pages): consolidated balance sheet, income, comprehensive income, equity and cash-flow statements with notes, and the Independent Auditor's Report (Deloitte Touche Tohmatsu, 16 September 2026, with key audit matters). None of the yuho's narrative parts - business overview, risk factors, MD&A, facilities, governance, shareholdings - in English. Financial statements only. Source document →
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Every English tanshin carries the segment note with net sales and segment profit (loss) by reportable segment and a reconciliation to operating profit. Q1 FY3/2027: Scientific/Metrology Instruments (271) loss, Industrial Equipment 221, adjustment (1,911). The FY3/2026 English tanshin states the segment definitions: three segments based on product classification, the products in each, and segment profit measured on operating income. It also gives segment assets. The Q1 note explains the change from three segments to two after the Medical Equipment business was transferred to Sysmex on 1 Apr 2026. The decks add segment sales, OP and margin with forecasts, and the IR Data Book has segment results by quarter since FY2016. Every period, definitions stated, so 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English5/5
The English IR Data Book page offers 'IR Data Book 2026 (Excel 347 KB)' (ir_data_book_2026_xehda5.xlsx, updated Aug 2026) alongside the PDF. It has 21 bilingual English/Japanese sheets. Part I is quarterly results FY2016-FY2026 Q1: consolidated P&L, segment results, sales by product category and by region, and unit sales by model. Part II is annual: balance sheet assets and liabilities (FY2015-FY2025), income statement, operating, investing and financing cash flows (FY2016-FY2025), profitability ratios, safety ratios, per-share data (EPS, BPS, PER, PBR, dividend and payout) and orders and backlog. That is ten-plus years of P&L, BS, CF and per-share data with segments, so 5. Source document →
F7Guidance disclosed in English with the basis explained5/5
The FY3/2027 full-year forecast is in the English tanshin (unchanged at Q1). The English FY2025 Financial Results Briefing deck (29 May 2026, 43 pp) gives its basis. FX: ¥155/USD and ¥175/EUR. Market view: a Business Environment page by demand sector and region. Segment forecasts: sales, OP and margin for Scientific/Metrology and Industrial. There is also an OP bridge with FX, mix and Medical-transfer effects. The previous forecast's revision is explained (OP ¥24.0bn to ¥26.0bn), and the Q1 deck (14 Aug 2026) says why the H1 and FY forecasts are unchanged. All three assumption types plus explained revisions, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English results for the three months to 30 June 2026 dated 14 August 2026, the same period and day as the Japanese first-quarter tanshin (14 August 2026); the Q2 results are not yet due. Source document →
S1Medium-term management plan in English with numerical targets5/5
The current plan is 'Evolving Growth 2.0 -A New Horizon-' (FY2025-FY2029). The English MTP page and the 15 May 2025 English timely disclosure 'Formulation of Medium-Term Management Plan' (TDnet same minute as the Japanese) give the original FY2029 targets: sales ¥225.0bn, OP ¥45.0bn, 20.0% margin, ROE and ROIC 15%+. The plan was updated for the Medical transfer at the FY2025 briefing. The English deck was posted 29 May 2026, the same day as the Japanese (PDF created 29 May). It carries the revised targets: sales ¥205.0bn, OP ¥44.0bn, margin 21.5%, ROE and ROIC 15%+. It also gives segment targets (SI ¥144.0bn / ¥27.5bn; Industrial ¥61.0bn / ¥23.0bn), the semiconductor field target (¥70.0bn / ¥28.0bn) and the cash allocation. The English deck runs 43 pp against 44 Japanese. The current plan is complete and same day, so 5. Caveat: the 2025 FY briefing deck that first set out the plan in detail has an English PDF created 3 Aug 2025, against a Japanese posting of 30 May 2025. Source document →
S2IR presentations published in English5/5
An English deck for every period the Japanese side has, matching page for page: FY2026 Q1 Financial Results (18 pages, dated 14 Aug 2026 and listed in English IR News that day; PDF created 17 Aug), FY2025 Financial Results Briefing (43 pages, 29 May 2026, Japanese 44), FY-end results (10 pages, 15 May), Q3 (15 pages, 13 Feb 2026) and the Q2 briefing (35 pages, 26 Nov 2025, Japanese 35). The Japanese side publishes no Q&A, script or transcript - only briefing videos, a medium that does not cost a point. Source document →
S3English equity-story or investment-highlights page3/5
There is no English 'why invest' or investment-highlights page. The English IR top offers a Top Message and an outside-director roundtable. The strengths are carried by the Integrated Report 2025 'Value Creation Process' (pp. 13-14). It quantifies inputs: 124 PhD holders, 3,604 employees, 27 overseas bases, 130+ countries, 4 production bases. Next to them are niche-technology narrative and the FY2029 targets. The decks add 'Our Strengths' boxes for the priority areas and the Nature Index ranking (No. 1 Japanese company by Count). These are company-overview and value-creation material doing the job, not framed as an investor highlights section, so 3 (floor between 3 and 4). Source document →
S4Growth drivers identified and quantified in English5/5
The English decks name the drivers and attach numbers. Semiconductor field: net sales from ¥50.5bn (FY25) to a ¥70.0bn FY2029 target (+¥19.5bn) and OP ¥28.0bn (+¥8.2bn), split SI 24.0% CAGR and Industrial 4.2% CAGR. Products named: FIB/TEM for GAA/CFET metrology, MBMW for High-NA, and spot-beam EBL for DFB lasers in AI data-centre optics, with order and sales indices 100 to 129/117. Life science: market CAGR 10.83% and a $78bn FY29 market. SI margin bridge: +4.1pt from priority-area mix, +1.5pt service, +1.5pt productivity. Regional: sales outside Japan from ¥117.3bn to ¥153.0bn. Named drivers with quantities, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English0/5
Neither language publishes a transcript or Q&A. The Japanese 決算説明会資料 page lists only decks and briefing videos (e.g. 2026年3月期 決算説明会 PDF and 決算説明会動画, 29 May and 2 Jun 2026; Q2 video 28 Nov 2025), with no 質疑応答 or script. The English Financial Results page has decks and tanshin only.
S6Integrated or annual report available in English4/5
Integrated Report 2025 in English, 64 pages (PDF 30 October 2025), covering the fiscal year ended March 31, 2025. The Japanese 統合報告書2026 went up on 30 September 2026; the English page still offers 2025 as the most recent. Complete report, one edition behind. Source document →
S7Progress against the previous plan, including misses, explained in English4/5
The English FY2024 Financial Results Briefing (dated 30 May 2025, 59 pp) has 'Review of the Medium-term Management Plan FY22-FY24 Evolving Growth Plan'. P.13 sets the FY24 targets against actuals with the differences: sales 170bn vs 196.7bn (+26.7), OP 24bn vs 35.5bn, margin 14.1% vs 18.0%, net 17.5bn vs 18.7bn, ROE 10%+ vs 14.3%, 'All targets achieved'. P.14 does the same by segment: SI and Industrial achieved, Medical unachieved (19.3bn/1.8bn targets vs 15.4bn/0.7bn). The explanation is limited to two lines: records for four years, profitability up on competitive launches, 'room for improvement in approach by area/market'. The Medical shortfall is not explained. A full reconciliation with thin explanation, so 4. The English PDF was created 3 Aug 2025. Source document →
G1Corporate governance report available in English3/5
No Corporate Governance Report in English anywhere on the English IR or sustainability pages. Sustainability > Governance > Corporate Governance gives the basic approach, structure, board and Audit & Supervisory Board membership as of 25 June 2026, internal control and board-effectiveness evaluation - a narrative written for the site in place of the filing. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English Notice of the 79th AGM (meeting 25 Jun 2026; English on TDnet 2 Jun 2026) puts the whole board of seven directors up for election (Oi, Yaguchi, Kanayama, Kanno, Terashima, Yomo, Nakao). Each has a dated career summary (e.g. 'June 2015 Director & Officer'), shares held, board attendance (17/17 etc.) and reasons for nomination. Each outside director is marked 'Outside / Independent', and their tenures are stated (five, four, three and one years). The two A&SB candidates get the same treatment, and the matrix marks independent officers for all eleven officers. Every director with tenure, career and independence, so 5. Source document →
G3Board skills matrix published in English5/5
The English 79th AGM notice has '(Reference) Skills Matrix of Directors and Audit & Supervisory Board Members (planned) after the General Meeting'. It covers all seven directors and four A&SB members against eight skills: corporate management, global business, technology/R&D, sales/marketing, finance/accounting, HR/training, IT/digital, legal/risk. Gender is shown and independent officers are noted. The Integrated Report 2025 carries the prior-year matrix. A current matrix in English, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English 'Executive compensation system (Design)' page (also Integrated Report 2025 p.57) gives the structure and KPIs. Pay is basic compensation with a performance-linked portion (0-200% of standard) plus performance-linked stock compensation (coefficient 50-170%). Outside and non-executive directors get fixed pay only. The target mix is 70% basic and 30% stock. KPIs: consolidated net sales, consolidated operating income, ROIC and departmental evaluation for the cash portion; net sales, operating income and ROE for the stock. Also given: the compensation committee process, malus, and shareholder-approved caps (¥600m basic; ¥350m a year to the stock trust). No English source gives the amounts actually paid, by type or in total; that is in the Japanese yuho and business report only. The KPI weights are not given either. Structure and KPIs without amounts, so 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 79th Annual General Meeting in English, 16 pages, filed on TDnet at the same minute as the Japanese (2 June 2026, 08:00; https://kabutan.jp/disclosures/pdf/20260602/140120260601556555/) for a meeting on 25 June 2026 - about three weeks - with the reference documents for all four proposals, every director and A&SB candidate with reasons for nomination and the skills matrix. It gives the voting deadline (5:20 p.m. 24 June) and methods, but the internet voting site evote.tr.mufg.jp is marked '(in Japanese)' and the internet-voting guide is 'in Japanese only': the voting route is Japanese-only, so 4. (Timing corrected 17 Oct 2026; an earlier version dated the Japanese 3 June and said the English was reachable only from the Japanese IR page.) Source document →
G6Shareholder vote results disclosed in English0/5
The English IR site has no shareholders-meeting page; IR News and timely disclosures carry no resolutions or voting results. The Japanese IR page has 第79回 定時株主総会決議ご通知 in Japanese only (4 pages); no English counterpart and no English extraordinary report.
G7Cross-shareholdings in English with reduction schedule and rationale2/5
No English source has a cross-shareholding policy, count, target or rationale. The English Corporate Governance page has no section on it, and there is no English CG report or yuho. Integrated Report 2025 (CFO message) says only that the balance sheet will be streamlined by 'carefully examining policies on cross shareholdings'. The English Financial Report 2026 gives accounting totals for available-for-sale equity securities (investment securities ¥11,877m), not holdings disclosure. A passing mention at most, recorded at 2 (the anchor's lowest non-zero band). Source document →
O1English IR section reachable within two clicks of the English homepage5/5
The English homepage (www.jeol.com) has 'IR' as a top-level item in the global header (screenshot), linking straight to https://www.jeol.com/ir/. One click, so 5. Source document →
O2English document links resolve to English documents5/5
We sampled 31 English document links. Tanshin: Q1 FY27, FY26, Q3 FY26, Q2 FY26 (_2025_11), Q1 FY26 (_2025_06), FY2010, H1 FY2016, H1 FY2023. Decks: Q1 FY26, FY2025 briefing, FY2026 results, Q3 FY25, Q2 FY25 briefing, FY2024 briefing, FY2022 briefing, Q3 FY24. Timely disclosures: 20260515, 20260305, 20260202, 20251114 x2, 20250902, new buildings, 20250515 x4, Oct 2023 revised forecast, May 2024 representative-director change. Others: Financial Report 2026, Integrated Report 2025, IR Data Book PDF and xlsx, and the 1 Apr 2026 IR news page. Every one opened as an English document. The data book is bilingual by design. Some decks carry a Japanese PDF title property (e.g. 'PowerPoint プレゼンテーション'), but their content is English. All English, so 5. Source document →
O3English IR archive free of dead links5/5
In the same 31-link sample, spanning FY2010 to Aug 2026 across tanshin, decks, TDs, reports and the data files, every link resolved to a live file or page. No dead links, so 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
We rendered in Chromium the English IR top (IR News list, IR Library menu), Financial Results (full list FY2010-FY2026), Timely disclosure documents (16 items, 2023-2026), IR Data Book, Mid-Term Management Plan, Integrated Report (2020-2025), the news list, and the governance and compensation pages. All rendered their content with no empty lists or blank widgets. The only external element is the third-party stockweather price link, which is not part of the IR rendering. So 5. Source document →
O5Single page listing all English IR documents by date and type3/5
The library is split by type across separate pages: Financial Results (tanshin and decks together, titled by period but without posting dates), Financial Report, Timely disclosure documents (titles dated), Integrated Report, IR Data Book, and the MTP page. The dated IR News list on /news/ (IR tab) shows only recent postings (Feb-Aug 2026 on the IR top). No single page lists all English documents by date and type, so 3 under the split-by-type ruling. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive is deep. English tanshin from FY3/2010 to Q1 FY3/2027 (quarterly from Q1 FY3/2026; earlier mostly H1 and FY). Results decks from FY2021 to FY2026 Q1. Timely disclosures from Oct 2023. Integrated Reports 2020-2025, Financial Report 2026, and a data book spanning FY2015-FY2026. Several years across types, so 5. Source document →
O7Named English IR contact published2/5
The English IR section has no contact link; the site's only Contact is 'Request Product Information', whose required 'Area(s) of Interest' list is instruments plus 'Other / Unknown' - no IR category. The English tanshin names Toshihiko Kanayama, Director & Officer, General Manager, Management Strategy Planning Division, +81-42-543-1111. Named only in the document header. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
The English tanshin is same-day every period (TDnet via kabutan, both languages at 15:30): 14 Aug 2026, 15 May 2026, 13 Feb 2026, 14 Nov 2025, 13 Aug 2025. The decks match the Japanese listing dates. Q1 FY27 deck: 14 Aug both. FY2025 briefing: 29 May both (English PDF created 29 May). FY results deck: 15 May both (created 15 May). Q3 FY25 deck: 13 Feb both (created 13 Feb). Q2 FY25 briefing: Japanese 26 Nov 2025, English PDF created 25 Nov (deck dated 26 Nov). One exception: the Q1 FY27 English deck's PDF was created 17 Aug 2026, three days after its 14 Aug listing. That is a single instance, so the listing date governs. Same day every period, so 5. Note that the English tanshin itself is abridged (F2), which is a content issue, not a timing one. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Japanese vs English dates, from TDnet (kabutan) and the IR pages. Q1 FY3/2027 tanshin: 14 Aug / 14 Aug = 0. FY3/2026 tanshin: 15 May / 15 May = 0 (the English is abridged but carries the statements and segment note, so it is not a headline sheet). 79th AGM notice: 2 Jun 08:00 / 2 Jun 08:00 on TDnet = 0. Corporate Governance Report: Japanese 25 Jun 2026, no English, so >90. Yuho: Japanese due 23 Jun 2026; the English Financial Report 2026 (24 Sep) carries only the financial statements, so per the ruling it counts as >90. Sorted 0, 0, 0, >90, >90: median 0, so 5. Source document →
R3Timely disclosures published in English5/5
TDnet, 16 Oct 2025 to 16 Oct 2026 (kabutan list, also checked against the Japanese 適時開示書類 page). Each Japanese timely disclosure besides results and AGM/CG papers has an English version filed on TDnet at the same minute and posted on the English TD page. These are: stock-compensation treasury disposal and additional trust contribution (14 Nov 2025, x2), share repurchase and tender offer (2 Feb 2026), tender offer results (5 Mar 2026), and increased dividend (15 May 2026). The English site also has a 1 Apr 2026 notice on completing the Medical business transfer. Two items have no English. One is the 12 May 2026 法定事前/事後開示書類 (Companies Act split documents of the subsidiary). The other is the 独立役員届出書 (2 Jun 2026). Both are statutory filings, not timely disclosures of the types tested. All tested TDs in English the same day, so 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers3/5
Several English timely disclosures carry a machine-translation disclaimer on page 1: 'This English document is translated using a machine translation ... it may include inaccurate translations. It is your sole responsibility if you rely not on the Japanese original'. They are the dividend notice (15 May 2026), the stock-compensation notices (14 Nov 2025 x2), new buildings (28 May 2025), and the 15 May 2025 dividend, MTP formulation, stock-plan and extraordinary-loss notices. The tanshin, AGM notice and tender-offer notices use human-translation precedence language instead ('translated from (a part of) the Japanese original ... original shall prevail'), which is R5. The decks, Financial Report and Integrated Report carry no such notice. We found no machine-translation banner on the rendered English IR pages or the IR Disclaimer. Machine-translation disclaimers on non-statutory disclosures only, so 3. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The tanshin (every period checked) and the AGM notice each say 'translated from a part of the Japanese original for reference purposes only ... the original shall prevail'. The results decks, the Financial Report 2026 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 2026-10-13. 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 →
Revised semiconductor instruments and capital-efficiency plan
Strategy or target reset · In progress · Plan or update announced 29 May 2026
May 2026 update rebases targets after medical-equipment transfer; original and revised targets are retained.
Timeline and sources (1 step)
- 29 May 2026Plan or update announced May 2026 update rebases targets after medical-equipment transfer; original and revised targets are retained. FY2025 Financial Results Briefing and Evolving Growth 2.0 Update
What management said it would do
The update rebases growth goals after the medical-equipment transfer and retains semiconductor/life-science priorities.
From the company’s own disclosure · FY2025 Financial Results Briefing and Evolving Growth 2.0 Update
What it actually did, and when
FY2025 sales were ¥179.353bn. FY2026 Q1 recorded an operating loss of ¥1.961bn; its August forecast remained unchanged.
Partly disclosed — a gap remains · FY2025 Financial Results Briefing and Evolving Growth 2.0 Update · FY2024 Financial Results Briefing and Evolving Growth 2.0 · Consolidated Financial Results FY ended March 31 2026 · Consolidated Financial Results three months ended June 30 2026 · Company Outline
What it disclosed about the economics
Revised capital allocation and investment discipline clarify choices between strategic investment and additional distributions.
Partly disclosed — a gap remains · FY2025 Financial Results Briefing and Evolving Growth 2.0 Update · FY2024 Financial Results Briefing and Evolving Growth 2.0 · Consolidated Financial Results FY ended March 31 2026 · Consolidated Financial Results three months ended June 30 2026 · Company Outline
What has happened since
Final plan outcomes remain not due.
Partly disclosed — a gap remains · FY2025 Financial Results Briefing and Evolving Growth 2.0 Update · FY2024 Financial Results Briefing and Evolving Growth 2.0 · Consolidated Financial Results FY ended March 31 2026 · Consolidated Financial Results three months ended June 30 2026 · Company Outline
The question this leaves open
Investor question: Which semiconductor projects explain the gap between current earnings and the plan? IR preparation: bridge investment, utilization, margins 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
Revised allocation plans ¥75.0bn capex, ¥56.0bn R&D and ¥35.5bn dividends; strategic investment competes with additional shareholder returns.
Capital structure
FY2025 ended with ¥37.326bn cash equivalents and a 59.9% equity ratio; these are observations rather than policy limits.
Governance of capital decisions
The updated plan adds a segment margin-improvement bridge and investment discipline while retaining group ROE and ROIC targets of at least 15%.
Preliminary and not scored: a selected-source reading, reviewed 1 October 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
No score on this page has changed since the change log started on 20 October 2026.
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.