Hamamatsu Photonics K.K.
Cite as: Japan IR Index, Hamamatsu Photonics K.K. (6965), 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.
O7 Named English IR contact published 3/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
S7 Progress against the previous plan, including misses, explained in English 2/5 Translation
Set the previous plan's targets against the results in English, and explain the misses.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 1 answer corrected after re-checks (research errors) and 1 changed under a rule change 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 | 16 of 33 |
| Same size band (¥500bn–2tn) | 84.2 | 26 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, 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 Nine Months Ended June 30, 2026, posted 6 August 2026, the same day as the Japanese 決算短信. It runs 11 pages against the Japanese 14 and has the qualitative overview of operating results, financial position and forecasts, the statements, and the notes, including the full segment information. The Japanese adds only the voluntary auditor's quarterly review report. Q1 (5 February, 10pp) and Q2 (14 May, 12pp vs 12) were also same-day, and the FY2025 release (7 November 2025) runs 24 pages against 25. Every period is same-day and complete apart from that review report. Source document →
F2English results summary is a full translation, not an excerpt3/5
Latest tanshin, Q3 FY2026, 6 Aug 2026. The English 'Consolidated Financial Results for the Nine Months Ended June 30, 2026' is 11 pp; the Japanese 2026年9月期 第3四半期決算短信 is 14 pp. Both have the summary pages and the qualitative overview (results, financial position, the forecast revision and its reasons). Both have the balance sheet, income statement and comprehensive income statement. Both have the segment note, with sales by region and segment profit and its reconciliation, and the note on significant changes in equity (the buyback). The English leaves out three short Japanese notes. The first is the tax-expense computation note (the cover page only says 'Yes'). The second is the going-concern note ('none'). The third is the cash-flow note, which gives nine-month depreciation of ¥14,091m and goodwill amortisation of ¥2,849m (depreciation is in the English databook). The English also omits the voluntary review report (pp.13-14), which does not count. Q2 (12 pp against 12) and the FY2025 year-end tanshin (24 pp against 25, with the segment definitions, per-share and subsequent-events notes) are complete. The English is whole in substance but trims a few boilerplate notes in Q3. That fits neither band exactly; We chose 4 over 3 because nothing material is only in Japanese. Set to 3 in review (16 Oct 2026): F2 is the page-for-page test, and the latest English tanshin cuts three of the Japanese notes (tax computation, going concern, the cash-flow note) - a cut to the notes is band 3 (as for Tokuyama, 4043), and the floor is taken where the cut is small. Source document →
F3Financial statements including notes available in English5/5
The latest-period English tanshin (Q3 FY2026, 6 Aug 2026) has the full quarterly statements: balance sheet, income statement and comprehensive income statement. Like the Japanese, it has no cash-flow statement for Q3. It has the notes: segment information for both periods, with revenue by region and customer type, segment profit and the reconciliation to operating profit, and the equity-change note on the treasury-share purchase. The FY2025 English year-end tanshin (7 Nov 2025, 24 pp) adds the cash-flow statement, changes in equity, accounting-policy changes, per-share data, subsequent events and non-consolidated statements. 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 rows are financial statements (tanshin), data book, results briefing document and script, notices of convocation, integrated reports and IR briefings. The Japanese library has an additional 有価証券報告書 row (FY2025 yuho) with no English counterpart. Financial highlights is a web data table. No securities report in English under any name.
F5Segment revenue and profit disclosed in English, consistent definitions5/5
There are four reportable segments: Electron Tube, Opto-semiconductor, Imaging and Measurement Instruments, and Laser, plus Other. Every English tanshin gives each segment's sales, broken down by region, and segment profit (loss), with the adjustment to operating profit. For example, Q3 FY2026 YTD segment profit was 17,897 / 12,741 / 6,857 / (4,896) ¥m. The FY2025 year-end segment note states the definitions: the segments are based on products and services, with a description of what each makes; segment profit is on an operating-profit basis; and intersegment transfers are at market prices. The FY2024 reclassification of stealth dicing into Laser is explained, with the prior year restated. The decks add segment results and forecasts (Q3 FY2026 pp.27-30), and the bilingual databook adds quarterly segment sales and profit back to FY2022. Every period, definitions stated, so 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English4/5
Every quarter's English library row has a 'Data book' .xlsx: h_ir_79q_3rd_databook.xlsx (6 Aug 2026), with the 1st/2nd FY2026 and all four FY2025 files, and FY2024 Q2-Q4. It is the same bilingual file the Japanese library links. It has 11 sheets: Index, Notes, Notes on reclassification, Financial results, Sales by application, Sales by business segment, one sheet each for the four segments, and Capex/R&D/Depreciation. Financial results is a quarterly and half-yearly P&L (sales through net profit plus USD/EUR/RMB rates) for FY2022-FY2026, five fiscal years. The segment sheets give sales, cost, SG&A, R&D and segment profit. There is no balance sheet, no cash flow and no per-share data. Those are only on the HTML 'Financial highlights' table (FY2020-FY2025), which does not count. Before FY2024 the data book was a PDF. A spreadsheet that is narrower than the full set of statements, so 4. Source document →
F7Guidance disclosed in English with the basis explained5/5
The Q3 FY2026 English tanshin (6 Aug 2026) revises the full-year forecast (sales ¥239.0bn, OP ¥22.0bn) against the 14 May forecast, in a table. It gives the reasons: firm semiconductor and AI data-centre demand in industrial equipment, yen weaker than assumed, and Middle East raw-material and energy risk. The English Q3 deck (32 pp, same day) sets the revised against the previous forecast and YoY. It gives the assumed rates (USD/JPY 158.25, EUR/JPY 183.43, CNY/JPY 22.10), FX sensitivity, and revised forecasts by segment (pp.26-30) and by application. The FY2025 deck likewise gave the FY2026 plan with FX assumptions, application forecasts and a bridge. Forecast, FX, market view and segment forecasts, with revisions explained, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English results for the nine months to 30 June 2026 (Q3 of the September year-end) posted 6 August 2026, the same period and day as the latest Japanese filing. FY2026 full-year results are not yet due. Source document →
S1Medium-term management plan in English with numerical targets5/5
The current plan is a rolling three-year medium-term plan to FY2028, set out in the English FY2025 results presentation. That deck is 51 pp, the same as the Japanese 51, and was listed 7 Nov 2025 on both the English and Japanese IR news. Its FY2028 targets: sales ¥262.0bn, OP ¥33.6bn (12.8%), EBITDA ¥60.2bn, ROE above 8%, CCC 240 days. It gives FY2026-FY2028 P&L plans, capex, R&D and depreciation by year, and plans by segment and by application. It has the ¥289bn three-year capital allocation and the payout and DOE policy. The English 'Medium-term plan' web page and Integrated Report 2025 (pp.13-14) repeat it. Complete and same day, so 5. Source document →
S2IR presentations published in English5/5
Every FY2026 quarter has an English results deck ('Hamamatsu Summary Report', Q3: 32 pages, posted 6 August 2026 with the Japanese 32-page deck) and an English briefing script with the full Q&A (Q3: 22 pages against the Japanese 22, both PDFs created 18 August 2026). The March 2026 Laser segment business briefing is also in English with its script. The English set matches the Japanese item for item. Source document →
S3English equity-story or investment-highlights page5/5
The English IR section has a 'To individual investors' page with 'Why Hamamatsu?', 'Hamamatsu at a glance', shareholder returns, FAQs and an English Company Guide PDF. 'Hamamatsu at a glance' gives quantified strengths: ¥212.0bn sales, 15,000+ products, 100+ countries, R&D at 8.7% of sales, 90% PMT market share, 22 R&D and production bases. Integrated Report 2025 adds an 'At a glance' spread and a value-creation page with capital figures. A dedicated investor-facing section with quantified strengths, so 5. Source document →
S4Growth drivers identified and quantified in English5/5
The English FY2025 deck names the drivers and puts numbers on them. Semiconductor: SEMI 300mm fab equipment spending of $107bn (2025) to $138bn (2028), and the company's semiconductor sales target of ¥68bn by FY2030 (CAGR 8.1%). Laser segment: sales of ¥22.4bn to ¥35.5bn (CAGR 16.7%) and a path to profitability. The former NKT Photonics: sales CAGR targets for FY25-FY30 of 18% in ophthalmology, 41% in security and 19% in quantum. Quantum applications: CAGR 15% for FY26-30. The deck also gives application-level plans for FY25 to FY28. The Q3 FY2026 deck adds the AI data-centre business at a CAGR of +18.5% and the ¥5bn quantum order. Named drivers with market sizes and targets, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English4/5
Every Japanese results-briefing script (スクリプト付き, with the full 質疑応答) has an English counterpart with the same Q&A. Q3 FY2026: 22 pp against 22, 17 questions on both sides, both PDFs created 18 Aug 2026. Q2: 12 pp against 13, Q1-Q5. Q1: 15 against 11. FY2025: 33 against 28, Q1-Q12. The March 2026 Laser business briefing script is in English too. The FY2026 scripts share filename dates (260211, 260521, 260819) and creation dates on both sides. For FY2025 the filenames, which track posting dates on this site, are later in English: year-end Japanese h_ir_251113_se against English h_ir_251124_se_en (about 11 days), and Q3 250819 against 250820. Neither script is in the IR news lists. Every period covered, but the FY2025 English Q&A came after the Japanese, so 4 under the ruling (floor; the evidence is the filename dates). Source document →
S6Integrated or annual report available in English4/5
2025 Integrated Report in English, 28 pages, matching the Japanese 28. Its reporting period is FY2025, the year ended September 2025, and it has the financial statements and the nine-year summary. That is the current edition for a September year-end, since FY2026 closed only on 30 September. Judged by PDF creation dates (no posted date): the English file is from May 2026, the Japanese from March 2026. 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 FY2025, the year ended September 2025, and FY9/2026 closed on 30 September 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 English2/5
The previous plan was the rolling FY2025-FY2027 plan in the FY2024 English deck (8 Nov 2024): FY2027 sales ¥259.1bn, OP ¥37.7bn (14.6%), EBITDA ¥62.0bn, ROE above 8%, and FY2030 sales ¥300bn. In November 2025 it was replaced by the FY2026-FY2028 plan (¥262.0bn, ¥33.6bn, ROE above 8% in FY2028). Neither the English nor the Japanese FY2025 deck (51 pp each) sets the old targets against actuals or explains the cut. FY2025 actuals are compared only with the Q3 forecast. The only English treatment is the FY2025 briefing script. It says 'We have been creating three-year plans on a rolling basis each year, but from now on, we will analyze the gaps between our mid-term plans and actual results', and its Q&A explains the FY28 profit step-up. A mention without a target-against-actual reconciliation, in either language, so 2. Source document →
G1Corporate governance report available in English5/5
Corporate Governance Report in English ('Corporate Governance at Hamamatsu Photonics K.K.', 20 pages, final update 24 December 2025), linked from the English corporate governance page. It is the TSE filing format and the same edition as the Japanese (h-csr-governance_20251224_ja). Current, being less than a year old. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English Notice of Convocation of the 78th AGM (Nov 2025, 50 pp) puts all ten directors up for election (one-year terms). For each it gives a brief history with positions and responsibilities, significant concurrent positions, shares held, board attendance (e.g. 16/16) and 'Service period as a Director' (e.g. 8 years, 1 year). Each also has the reason for nomination, which states the expertise. For the four outside directors (Kurihara, Hirose, Minoshima, Kimura) it states that each is filed with the TSE as an independent officer, with the transactional-relationship assessment. The board-composition web page and Integrated Report 2025 also carry profiles. Every director, with tenure, expertise and independence, so 5. Source document →
G3Board skills matrix published in English5/5
The current skill matrix is in English in three places. The 78th AGM notice (Nov 2025) covers all ten director candidates and four A&SB members across management strategy (business company / public-interest organisation), technology and R&D, finance and accounting, legal compliance, sales and marketing, communication and sustainability, with gender. Integrated Report 2025 has 'Executives & Skill Matrix' (pp.17-18). The governance 'Board composition' page defines each skill category. Current, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English5/5
The 78th AGM notice business report (pp.36-38, English) gives the amounts by pay type for FY2025. Directors: 13 people, basic ¥312m, short-term performance-linked ¥0, restricted stock ¥63m, total ¥376m (outside directors ¥33m). A&SB members ¥55m. It also gives the caps (¥720m a year; RS up to ¥200m). It sets out the structure: fixed, short-term performance-linked and restricted stock at a standard 70:15:15, with outside directors on fixed pay only. It gives the KPI and how it works: the short-term pay is indexed to consolidated operating income. The coefficient is 1 within ±5% of the prior year, varies within ±30%, and is zero if OP falls more than 30%. Restricted stock carries a 30-year transfer restriction, and pay is set by the board after the majority-outside Nomination and Compensation Committee. The 'Initiatives' governance page repeats the policy and caps. Structure, KPI and weighting, and amounts by pay type, so 5. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of Convocation of the 78th Ordinary General Meeting in English, 50 pages, posted in English IR news on 24 November 2025 (dated 26 November) for a meeting on 19 December 2025, 25 days before. It has the reference documents for both proposals (appropriation of surplus; ten directors, each with the reason for nomination) and the business report. The voting websites (soukai-portal.net / web54.net) carry no Japanese-only label. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the English notice names the voting websites, www.web54.net and www.soukai-portal.net (Sumitomo Mitsui Trust Bank), which 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
Checked the English IR library (notices of convocation only), the English IR news for 2025 and 2026 (no item after the 24 November 2025 notice concerns the AGM), the announcements news and the stock information page. No notice of resolutions and no voting results in English.
G7Cross-shareholdings in English with reduction schedule and rationale2/5
The English Corporate Governance Report (24 Dec 2025), Principle 1.4, gives only the policy. Shares are held only when they contribute to medium- to long-term value and are kept 'to the minimum extent necessary'. The board annually checks the economic rationale of major holdings against the cost of capital and decides retention or sale. It also gives the voting policy. We found no count, no amount, no reduction target and no progress in English. We looked in the CG report, Integrated Report 2025, the 78th AGM notice, the Basic Policy on Corporate Governance (Apr 2026) and the governance web pages. The holdings table is in the Japanese yuho, which has no English version. Boilerplate policy only, so 2. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
On the English homepage (hamamatsu.com/jp/en.html), the body has a visible 'Investor relations' tile that links straight to /jp/en/investor-relations.html: one click. The global-nav 'Investors' item opens a mega-menu panel, rendered and screenshotted, whose 'Investors >' link is a second click. A first visit also shows a region-confirmation pop-up. One click by the homepage tile, so 5. Source document →
O2English document links resolve to English documents3/5
We sampled 37 links from the English IR library. Tanshin: FY2026 Q3, FY2025 year, FY2019 Q1, FY2016 Q3, FY2014 year. Decks: 260806, 260514, 260205, 251107, 250807, 250509, 250206, 210513, 191113, 150513. Scripts: 260819, 260521, 260211, 251124, 250820. AGM notices: 78, 77, 74, 72, and the 76 corrections. Integrated Reports: 2025, 2023, 2022, 2019 A4. Annual Reports 2018 and 2014. Databook PDFs FY2022 Q3, FY2019 Q3, FY2024 Q1, and the Q3 FY2026 xlsx (bilingual). Also the NKT acquisition briefing and the Laser briefing script. Seven are in Japanese with nothing to say so. The FY2022 Q2 deck (h_ir_220513_se.pdf, '2022年9月期 第2四半期 決算説明会', 33 pp) and both FY2014 decks (h_ir_140514_se, h_ir_141112_se) are Japanese. So are 'Integrated Report 2021 (A3)/(A4)' and 'Integrated Report 2020 (A3)/(A4)' (the _J files, 統合報告書, about two-thirds CJK text). All seven are listed under English labels. Several unlabelled Japanese documents, so 3. Source document →
O3English IR archive free of dead links5/5
The same 37-link sample covers FY2014 to FY2026 and every document type: tanshin, decks, scripts, AGM notices, integrated and annual reports, PDF and xlsx databooks and briefings. Every link opened a live file (1 to 58 pp), as did the IR news, calendar and governance PDFs. No dead links, so 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
We rendered these English pages in Chromium: the IR top (news and latest materials), the IR library (all 13 fiscal-year tables), IR news (2026 and ?year=2025), Announcements, the investor calendar, Management policy and Medium-term plan, the integrated report page, Financial highlights (six-year financial and non-financial tables), Stock information (overview, shareholder breakdown, major shareholders), To individual investors, the governance pages and Disclaimer. All render their content; no empty list or failed widget. The integrated-report page's footer label shows 'お問い合わせ', which is cosmetic. So 5. Source document →
O5Single page listing all English IR documents by date and type4/5
The English IR library is one page. It has a table for each fiscal year from FY2014 to FY2026, with typed rows (Financial statements, Data book, Results briefing document plus Script, Notices of convocation, Integrated or Annual reports, IR briefing), each dated by quarter. Posting dates are on the IR news list and the investor calendar, which are dated but untyped. The library leaves out the timely-disclosure notices (buybacks, restricted stock, director nominations), which sit only in the IR news and announcements lists. It also leaves out the Corporate Governance Report, which is on the governance page. One dated, typed page missing a document type, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive runs FY2014-FY2026: tanshin for every quarter from FY2014, decks from 2014 (H1 and full year to FY2018, then every quarter), and scripts with Q&A from FY2024. It has AGM notices from the 67th to the 78th, Annual Reports 2014-2019, Integrated Reports 2019-2025 (2020-2021 in Japanese only), databooks from FY2019, and IR news 2022-2026. Several years across types, so 5. Source document →
O7Named English IR contact published3/5
The English Investors top page's 'Contact us' link opens the site inquiry form with 'Type of request: Investors' already set, an IR route one click from the IR top, but into the shared site form. The support contact page also has an 'IR Inquiry' entry. The tanshin names Takashi Ogasawara, Executive Officer and Chief of Finance and Accounting General Headquarters, +81-53-452-2141. Obvious, but a shared form with an IR category rather than a dedicated route (as Yokogawa, 6841): 3. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
The tanshin went out at the same time in both languages on TDnet (kabutan list), at 15:30 each time. That covers Q3 FY2026 (6 Aug 2026), Q2 (14 May), Q1 (5 Feb) and FY2025 (7 Nov 2025), and Q3 FY2025 (7 Aug 2025). The English IR news lists the English deck on the same day as the Japanese IR news lists the Japanese one. Q3 FY2026: 'Hamamatsu Summary Report' 6 Aug, Japanese 決算説明会資料 6 Aug. Q2: 14 May on both. Q1: 5 Feb on both. FY2025: 'Presentation Materials' 7 Nov, Japanese 配布資料 7 Nov. Q3 FY2025: 7 Aug on both. The current English PDFs of the Q3 FY2025 and FY2025 decks were created later (7 Oct and 4 Dec 2025). The FY2025 Japanese deck was re-made on 4 Dec too, so these look like replacements and the listing dates are used. Tanshin and deck same day every period, so 5. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Lags, English against Japanese, from TDnet times and the IR news lists. Q3 FY2026 tanshin: 6 Aug / 6 Aug = 0. Q2 FY2026 tanshin: 14 May / 14 May = 0. 78th AGM notice: 24 Nov / 24 Nov 2025 = 0 (both on TDnet at 08:00). Corporate Governance Report: 24 Dec / 24 Dec 2025 = 0 (Japanese 15:48, English 17:00). Annual securities report: Japanese 18 Dec 2025 (corrected 26 Dec), no English, so more than 90. Sorted 0, 0, 0, 0, >90: the median is 0, so 5. Source document →
R3Timely disclosures published in English5/5
TDnet list (rendered on kabutan), 16 Oct 2025 to 16 Oct 2026. Every Japanese disclosure has an English one filed the same day. Buyback decision, 7 Nov 2025 15:30, with English at the same minute. Monthly buyback status, 1 Dec and 5 Jan, 2 Feb, 2 Mar, 1 Apr, 1 May, 1 Jun, 1 Jul, and completion on 3 Aug 2026: English at the same minute every time. Restricted-stock issuance, 19 Dec 2025 (Japanese 16:30, English 18:10), and its payment completion, 16 Jan 2026. Director-candidate and executive-officer changes, 25 Sep 2026 (both 15:30; English also in the site's Announcements). Also the results, AGM notice and CG report, all same day. All but the forecast revision and the buyback decision are also on the English IR news list. Two items have no English. One is the 独立役員届出書 (independent-officer filing form, 25 Nov 2025), a statutory form rather than a disclosure of the types counted. The other is the company-site notice of the corrected yuho (26 Dec 2025), which was not on TDnet. Every counted disclosure in English the same day, so 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
We rendered the English homepage, IR top, IR library, disclosure policy, Disclaimer and Terms of Use, and searched the visible text. There is no machine- or AI-translation notice, banner or pop-up; the only pop-up picks the region and language. The documents carry only human-translation precedence lines (the AGM notice's 'the latter shall prevail', and the CG report's 'English translation of the original Japanese document'), which belong to R5. So 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The AGM notice says it is an 'unofficial English translation... the latter shall prevail', and the Corporate Governance Report says 'the original Japanese document prevails'. The tanshin, the results deck, the briefing script and the integrated report carry no such statement. Disclaimed on some documents. Source document →
Open a question for the reasoning and the document its score was read from. A zero means no qualifying English materials were located within the stated review scope as of 2026-10-12. Compare this question across companies →
Capital-policy review
Not scored. 1 action has been reviewed; a score out of 100 is published once 3 or more are. The ratings:
Each action is read against the company’s own filings on four checks: was the promise specific, can the steps be traced, were the economics explained, and did it report back against the target. This records the status of selected actions, not an assessment of the company as a whole. How this is scored →
FY2028 medium-term plan and three-year capital allocation
Strategy or target reset · In progress · Plan announced 7 November 2025
Hamamatsu set a ¥289bn three-year capital allocation, a ¥35bn flexible strategic pool and an above-8% FY2028 ROE goal.
Timeline and sources (1 step)
- 7 November 2025Plan announced The company disclosed FY2028 targets and a three-year capital allocation framework. Medium-term plan to FY2028
What management said it would do
Management committed ¥289bn of three-year capital, including ¥35bn of flexible strategic investment, and targets ROE above 8%.
From the company’s own disclosure · Medium-term plan to FY2028 · Integrated Report 2025
What it actually did, and when
The plan has begun; the selected sources do not yet provide a project-by-project spend and return ledger.
Partly disclosed — a gap remains · Medium-term plan to FY2028
What it disclosed about the economics
Management links capital use to growth, a 7–8% estimated cost of equity and possible additional returns.
Partly disclosed — a gap remains · Medium-term plan to FY2028
What has happened since
The FY2028 outcome is not due.
Partly disclosed — a gap remains · Medium-term plan to FY2028
The question this leaves open
Investor question: Which projects earn above the cost of equity? IR preparation: disclose capital, milestones and realized ROIC by cohort.
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
Hamamatsu set a ¥289bn three-year allocation, including ¥35bn of flexible strategic capital.
Capital structure
The plan explicitly compares ROE with a 7–8% estimated cost of equity.
Governance of capital decisions
Strategic-project priority and possible surplus returns are stated.
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 FY2025, the year ended September 2025; FY9/2026 closed on 30 September 2026, so it is one year behind under the 23 Oct ruling.
- 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.