Shimadzu Corporation
Cite as: Japan IR Index, Shimadzu Corporation (7701), 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 2/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O5 Single page listing all English IR documents by date and type 4/5 Quick fix
Keep one English page that lists every IR document with its date and type.
O7 Named English IR contact published 4/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
S1 Medium-term management plan in English with numerical targets 4/5 Translation
Publish the medium-term plan, with its numerical targets, in English.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 2 answers 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 (Precision Instruments) | 84.7 | 1 of 4 |
| Same size band (¥500bn–2tn) | 84.2 | 3 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, 32 scored 3 or more and 0 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 Three Months Ended June 30, 2026 (Japanese GAAP), dated and created 6 August 2026, the same day as the Japanese 決算短信: 21 English pages against the Japanese 15, with the qualitative information, the statements and the notes including segment information. The FY2025 full-year release (12 May 2026, 26 pages) and every quarter of 2025 are in the English library. Every period, same day, complete. Source document →
F2English results summary is a full translation, not an excerpt5/5
The latest English tanshin is 'Consolidated Financial Results for the Three Months Ended June 30, 2026 (Under Japanese GAAP)', dated and created 6 Aug 2026. It runs to 21 pages against the Japanese 2027年3月期 第1四半期決算短信 at 15 pages (same day), and the difference is layout, not content. The table of contents matches the Japanese section for section. It has the summary pages, including the forecast revision and the notes on the summary. 1. Operating Results covers the overview, a narrative for each of the four segments with regional sales tables, financial position, and the consolidated outlook with the revised-forecast table. 2. The quarterly balance sheet, income statement and comprehensive income are followed by the notes: segment information (with the change in segment-profit measure), shareholders' equity, going concern, cash-flow note, and subsequent events (the Tescan acquisition and a ¥110bn borrowing). 3. Supplemental Information has the 28-row overview table. The FY3/2026 year-end tanshin (12 May 2026) is 26 English pages against 22 Japanese. It adds the dividend policy, the basis for accounting standards, changes in equity, cash flows and per-share notes. The whole tanshin, so 5. Source document →
F3Financial statements including notes available in English5/5
The latest-period English tanshin (Q1 FY3/2027, 6 Aug 2026) has the full quarterly statements. That is the balance sheet, income statement and statement of comprehensive income; no quarterly cash-flow statement is prepared on either side, and a note gives depreciation and goodwill amortisation instead. It also has the notes: segment information for both periods with reconciliations, changes in reportable segments, shareholders' equity, going concern, and subsequent events. The year-end English tanshin (12 May 2026) adds changes in equity, cash flows and per-share information. Consolidated Financial Statements for the year to March 2026, with Deloitte's auditor's report (44 pp), are also in English. Full statements and notes for the latest period, so 5. Source document →
F4Annual securities report available in English in any form3/5
The English Annual Securities Report for the 163rd term (year to March 2026, created 23 June 2026) is labelled '(Excerpt)': 26 pages covering only the sustainability section, shareholdings under Corporate Governance, and employee/diversity data. Separately, Consolidated Financial Statements for the Year Ended March 31, 2026 with Deloitte's Independent Auditor's Report (44 pages) are in English. No company overview, business overview, risk factors in yuho form, MD&A or facilities. Statements and extracts only. Source document →
F5Segment revenue and profit disclosed in English, consistent definitions5/5
There are four reportable segments (Analytical & Measuring Instruments, Medical Systems, Industrial Machinery, Aircraft Equipment) plus Other. Every English tanshin gives sales (external and intersegment) and segment operating profit, with the adjustments and a reconciliation to consolidated operating profit. Q1 FY3/2027 example: AMI ¥80,300m sales and ¥7,668m profit; IM ¥20,734m and ¥3,823m. The notes define 'Other' (real estate rental and management, construction flooring) and what the adjustments consist of. From Q1 FY3/2027, segment profit changed to operating profit before amortisation of goodwill. The note explains the change, restates the prior-year comparatives and quantifies the effect (+¥292m AMI, +¥42m MED, +¥18m IM). Each segment narrative adds sales by region. The decks and the Databook carry the same segment figures by quarter. Every period, definitions stated and changes restated, so 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English5/5
The English 'DATABOOK' (/ir/library/fact.html, updated with each set of results, latest 6 Aug 2026) is an .xlsx file. We read it in the rendered page: 17 bilingual English/Japanese sheets. Part I, Quarterly Results, covers consolidated performance for FY2013 to Q1 FY2026: sales, cost of sales, gross profit, SG&A, OP, ordinary income, net income, R&D, capex, depreciation and FX rates. It also has sales and OP by business segment, net sales by region (consolidated and by segment), sales by model (LC/MS/GC, TMP, hydraulics, defence and commercial aircraft) and the recurring ratio. Part II, Annual Results, runs FY2008 to FY2025: profitability and efficiency (ROE, ROA, ROIC), safety (equity and current ratios), per-share data with dividend and payout ratio, the consolidated balance sheet, income statement, cash-flow statement and cash at year end. The Financial (Highlights) page also offers Excel downloads behind its interactive charts. Five years or more of P&L, balance sheet, cash flow and per-share data, with segments, so 5. Source document →
F7Guidance disclosed in English with the basis explained5/5
The forecast and its basis are both in English. The Q1 FY3/2027 tanshin (6 Aug 2026) revises the full-year forecast upward and explains why. Sales go to ¥620.0bn (from ¥575.0bn), OP to ¥80.0bn (from ¥76.0bn), ordinary ¥81.0bn, net ¥59.0bn, and OP before goodwill amortisation ¥85.0bn. The reasons given are the continuing semiconductor boom, a smaller Middle East impact than assumed, the weak yen and the consolidation of Tescan. A previous-versus-revised table is included. The same-day English Q1 deck gives the FX assumptions (USD ¥157.5, H2 ¥155; EUR ¥182.5, H2 ¥180). It quantifies the Middle East impact (sales -3.0, OP -2.5) and Tescan's six-month contribution (sales +16.5, OP before amortisation +2.8, amortisation -3.8). There is an OP bridge to the new forecast and segment forecasts of sales, OP and OPM against both the prior year and the initial forecast. The FY3/2026 deck (12 May) gave the initial forecast at ¥150/USD and ¥175/EUR. FX, market view and segment forecasts, with the revision explained, 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 published 6 August 2026, the same period and day as the Japanese first-quarter tanshin; the Q2 release is not due until November. Source document →
S1Medium-term management plan in English with numerical targets4/5
The current plan is the FY2026-2028 Medium-Term Management Plan, briefed on 4 Jun 2026. The English deck has 45 pages, the same as the Japanese 2026年度-2028年度 中期経営計画. It covers FY2028 management targets (sales, OP, OPM, EBITDA, ROE, ROIC), segment sales and OP targets with CAGRs, investment and capital-allocation plans, and the review of the previous plan. The English Q&A summary (7 pp) and a scripted version are also posted. The English is complete but late. Japanese listing: 4 Jun 2026. English listing: 8 Jun 2026 (Q&A both 9 Jun). The current English PDF was created 13 Jul 2026, later than its listing; the Japanese file was likewise re-created on 15 Jun. Complete, published four days after the Japanese, so 4. Source document →
S2IR presentations published in English5/5
For Q1 FY2026 (August 2026) the English library has the presentation (33 pages), the presentation with script (35 pages) and the Q&A Summary (3 pages, 6 August briefing) - the same four-item set as the Japanese page (決算短信, 説明会資料, スクリプト付, 決算説明会Q&A). The same set is posted for each quarter of 2025 and the FY2025 full year (42-page deck). Every period with the supplements. Source document →
S3English equity-story or investment-highlights page5/5
There are dedicated English investor pages. Individual Investors has a '1-minute Guide to SHIMADZU' page with figures: net sales ¥560.7bn, sales mix by segment and by region, 14,649 employees, R&D ¥29.1bn (5.2% of sales), 8,830 patents, and a history of firsts. There is also a 33-page 'Investors' Guide' PDF (Investor Relations Group, 30 Sep 2026) with a 'Corporate Culture and Strengths' page, though its strengths are qualitative. The quantified strengths sit in a section of the MTP deck (pp. 2-3, 'About the Shimadzu Group' / 'One of the Global Leaders'): No. 1 global share in TMPs for semiconductor equipment, No. 1 in Asia for LC, No. 1 in APAC for radiography, No. 1 in Japan for defence aircraft equipment, a ¥12.6tn market growing about 4% a year, and the only non-US company among the six global leaders. Integrated Report 2026 has 'Shimadzu at a Glance' and 'Core Strengths' (qualitative). Re-checked 21 Oct 2026 under the rule as written: a section in an investor deck counts the same as a page, and a named market rank counts as a quantified strength. The MTP deck's opening section quantifies the strengths, so 5. Source document →
S4Growth drivers identified and quantified in English5/5
The English FY2026-2028 MTP deck names the drivers and puts numbers on them. Core businesses (LC, MS, GC and recurring) are to grow at a 6% CAGR against a market of about 4%, with pharmaceutical and food market forecasts at 4.1% and 4.7% CAGR. The clinical LCMS and clinical microbiology markets have sizes and a 12% CAGR. The semiconductor/TMP expansion is quantified, as is Tescan's contribution (AMI CAGR 5.5% excluding Tescan). India growth is above 10% a year. Segment sales and OP targets have CAGRs (p.15). The Q1 FY3/2027 deck adds quantified drivers for the year: value-added pricing +¥9.0bn, higher sales +¥10.4bn, TMP-led IM segment +20% sales and +50% OP. Named drivers with numbers, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English5/5
Every briefing for which the Japanese side posts a Q&A has an English Q&A summary, listed the same day. Q1 FY3/2027: Japanese 決算説明会Q&A 7 Aug 2026, English 'Q&A Session Transcript (Summary)' 7 Aug (3 pp). FY3/2026: 15 May, both. Q3 FY3/2026: 10 Feb 2026, both. H1 FY3/2026: 12 Nov 2025, both. The MTP briefing (4 Jun 2026) has its Q&A on both sides on 9 Jun (English 7 pp). The English library carries the Q&A for every quarter back to FY2023. The AMI business briefings and the sustainability briefings have no Q&A in either language. Every one, same day, so 5. Source document →
S6Integrated or annual report available in English5/5
Shimadzu Integrated Report 2026 in English, 70 pages (file created 29 September 2026), reporting period April 2025 to March 2026 - the same 70 pages as the Japanese 統合報告書2026. Current edition, complete. Source document →
S7Progress against the previous plan, including misses, explained in English5/5
The English FY2026-2028 MTP deck, 'II. Review of the Previous Medium-Term Management Plan', reconciles the FY2023-2025 plan's targets against FY2025 actuals with achievement rates (p.9). Sales: target ¥550.0bn, actual ¥560.7bn (102%). OP: ¥80.0bn vs ¥73.7bn (92%). OPM: 14.5% vs 13.1%. ROE: 12.0% or higher vs 11.4%. ROIC: 11.0% or higher vs 9.6%. R&D: ¥73.0bn vs ¥79.4bn. Capex: ¥80.0bn vs ¥67.5bn. It also compares the plan FX rates with actuals (USD 120 vs 150.81). The variances are explained: China's slowdown, US tariffs, input inflation, and the responses taken. Pp. 33-38 give segment target achievement with reasons (AMI and AE achieved; MED and IM fell short, and why). The previous plan's targets set against actuals with explanations, so 5. Source document →
G1Corporate governance report available in English5/5
Corporate Governance Report in English, 31 pages, 'Last Updated: November 10, 2025', on the English governance pages. The Japanese filing was updated on 26 June 2026 after the AGM, so the English is one update behind but less than a year old. The TSE filing in English, current under the one-year line. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English Notice of the 163rd AGM (meeting 25 Jun 2026) Proposal 2 profiles all seven directors (the whole board), with four outside directors: Hanai, Nakanishi, Hamada and Kitano. Each profile has a dated career history, 'Years served as Director' (e.g. 15 years, 6 years), attendance, shares held, reasons for nomination, and the independence notes for the outside directors (TSE independent officer, the company's standards). The reference table on p.15 gives each Audit & Supervisory Board member's years served, independence and attendance. Integrated Report 2026 repeats the board profiles. Every director with tenure, career and independence, so 5. Source document →
G3Board skills matrix published in English5/5
The English 163rd AGM notice (p.16) has a 'Skill Matrix of Each Director and Audit & Supervisory Board Member after the closing of this Annual General Meeting' (June 2026). It covers all directors and A&SB members against nine areas: company management, international experience, technology/R&D/manufacturing, DX/IT, sales/marketing, sustainability, finance/accounting, compliance/risk management and HR strategy, with the rationale for the skills chosen. The English governance section also has a 'Skill Matrix of Directors' page. Current matrix in English, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
Integrated Report 2026 (English, pp. 58-59) gives the structure: base pay, short-term performance-linked cash pay, and stock pay. The stock has a short-term restricted-stock portion and a medium- to long-term portion tied to MTP final-year targets. Outside directors and A&SB members get base pay only. The KPIs: short-term pay is based on year-on-year growth in consolidated net sales and operating profit, business-area evaluations and individual evaluations. The MTP portion is based on consolidated net sales and OP achievement and varies from 50% to 200% of base shares. The FY2025 amounts are in a table by officer category and pay type: internal directors (4) ¥163m base, ¥118m short-term, ¥13m stock short-term, ¥12m stock medium/long-term, ¥307m total; A&SB internal ¥52m; outside directors ¥59m; outside A&SB ¥24m; total ¥442m. The English CG Policy (Art. 16) repeats the structure. Re-checked 21 Oct 2026 under v1.1.1, which needs the weight of each performance measure in every performance-linked element: the short-term pay uses net sales and operating profit growth, business-area and individual evaluations with no weights. So 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 163rd Annual General Meeting in English, dated 29 May 2026 (PDF created 18-19 May; no posted date on the page) for a meeting on 25 June - about four weeks. 18 pages with the Reference Documents for all three proposals, each director candidate with reasons for nomination. It explains voting in writing or via the Internet at evote.tr.mufg.jp with a 5:00 p.m. 24 June deadline and the ICJ platform; no Japanese-only label on the voting route. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the voting website named in the English notice, evote.tr.mufg.jp (Mitsubishi UFJ Trust and Banking), is 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 English2/5
Notice of Resolutions at the 163rd Annual General Meeting (25 June 2026, 8 pages) says each proposal was 'resolved as originally proposed' and lists the officers - no vote counts or ratios. The English Timely Disclosure list has nothing between May and August 2026. Outcome only. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale3/5
The English policy and numbers are full. The governance 'Corporate Governance Measures > Cross-Shareholdings' page and Integrated Report 2026 (p.59) give the board's annual review against purpose and the cost of capital, and a commitment to reduce holdings that don't fit the policy. They give the number of issues for FY2020-FY2025 (listed 30 to 18, unlisted 30 to 27) and the carrying amounts (listed ¥12,600m, unlisted ¥1,646m at FY2025). Six deemed holdings of ¥32,540m bring the total to 6.3% of total assets and 8.3% of net assets. The English Annual Securities Report excerpt (163rd term) carries the yuho section 'Status of shareholding', with per-stock purposes, increases and decreases (2 listed stocks sold for ¥19m), and the FY2025 verification result. There is no reduction target or schedule (no number and no 'zero'). Policy, holdings and progress without a target, so 3. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
The English homepage (www.shimadzu.com) has a visible 'INVESTOR RELATIONS' link straight to /ir/index.html. The global navigation's INVESTORS menu also links the IR top and its sub-sections. One click, so 5. Source document →
O2English document links resolve to English documents5/5
We sampled 24 English document links across types and years. Tanshin: Q1 FY3/2027, FY3/2026, Q3 and H1 FY3/2026, FY3/2017. Decks: Q1 FY3/2027 (plain and with script), FY3/2026, Q3 and H1 FY3/2026. Q&A summaries: Q1 FY3/2027 and H1 FY2023. MTP: FY2026-2028 deck and Q&A, the FY2020-2022 update (May 2022), and the FY2014-2016 plan. Also: AMI Business Briefing (Sep 2026), 2nd Sustainability Management Briefing (Dec 2025), Integrated Report 2026, the Shimadzu Report 2017 financial section, FY3/2026 consolidated statements and auditor's report, the Annual Securities Report excerpt, the CG Report (Nov 2025), the 163rd AGM notice and resolutions, the Investors' Guide, and the Databook .xlsx. Every one is an English document. All English, so 5. Source document →
O3English IR archive free of dead links5/5
In the same sample of 24 links, from 2015 to 2026, every one resolved to a live file (PDFs of 2 to 70 pages, plus the 369 KB .xlsx). No dead links, so 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
We rendered these pages in Chromium: IR top, IR News (2026 and 2025), Timely Disclosure, IR Library and its Earnings Results, MTP, Business Briefing, Sustainability Briefing and Databook pages, Financial Highlights (interactive charts with Excel/PDF downloads), the Corporate Governance Measures tabs (the Cross-Shareholdings tab renders its tables), Stock Information/Basic Information, IR Calendar, the MTP page and the 1-minute Guide. Each rendered its content; collapsed year accordions hold their links in the DOM. No blank widgets, so 5. Source document →
O5Single page listing all English IR documents by date and type4/5
The English IR News (/ir/news.html, with one page per year from 2021 to 2026) is a single dated list with type tags and filters: Financial, Information, Timely Disclosure. It lists tanshin, decks, Q&A, Databook, MTP, AGM notice and resolutions, the yuho excerpt, the CG Report and Policy, the Integrated Report, briefings and timely disclosures. It does not list every document type. The FY3/2026 'Consolidated Financial Statements and Independent Auditor's Report' (PDF modified 28 Jul 2026) and the Investors' Guide (30 Sep 2026) are absent, and earlier years' buyback notices are on the Timely Disclosure page only. The IR Library itself is split by type across pages. One dated, typed list missing a type, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive is deep. Earnings reports and decks for every quarter from 2015 to Q1 FY3/2027. Q&A summaries every quarter from FY2023. Consolidated statements with the auditor's report from 2017. MTP decks for every plan since FY2014-2016, including mid-plan updates. AMI and Medical business briefings. Two sustainability briefings. Integrated Reports. Yuho excerpts, AGM materials, the CG Report and Policy. IR News from 2021 and the Timely Disclosure list back to 2024. The Databook goes back to FY2008. Several years across types, so 5. Source document →
O7Named English IR contact published4/5
The English IR top page and the IR sidebar on every IR page link 'IR Inquiry' to 'Inquiry for Investor Relations', a dedicated IR form in English. The tanshin names Hiroshi Ogasawara, General Manager, Finance and Accounting Dept., +81-75-823-1127. Dedicated and immediately obvious. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
Tanshin and deck are posted in English the same day as the Japanese every period, by both IR news lists and TDnet. Q1 FY3/2027: Japanese tanshin and deck 6 Aug 2026, English 6 Aug (TDnet 15:30 both); Q&A 7 Aug both. FY3/2026: 12 May both, Q&A 15 May both. Q3 FY3/2026: 5 Feb 2026 both, Q&A 10 Feb both. H1 FY3/2026: 7 Nov 2025 both, Q&A 12 Nov both. The current Q1 deck files on both sides were created 7 Aug, a day after their 6 Aug listing; that applies to both languages alike. Same day, every period, so 5. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Lags, English against Japanese, by listing dates. Q1 FY3/2027 tanshin: 6 Aug / 6 Aug = 0. FY3/2026 tanshin: 12 May / 12 May = 0. 163rd AGM notice: 21 May / 21 May = 0 (both on TDnet at 08:00). Corporate Governance Report: Japanese updated 26 Jun 2026; the English on the site is still the 10 Nov 2025 version (English posted 14 Nov 2025), so the current one is untranslated after 112 days, more than 90. Yuho: Japanese filed 23 Jun 2026. The English '163rd Business Term Annual Securities Report (Excerpt)' (23 Jun) covers only the sustainability, shareholding and employee sections, and the separate English statements are financial statements only, so it counts as more than 90. Sorted 0, 0, 0, >90, >90: the median is 0, so 5. Source document →
R3Timely disclosures published in English5/5
TDnet as rendered on kabutan, 16 Oct 2025 to 16 Oct 2026. The Japanese timely disclosures besides results, AGM papers and the CG report are: interim dividend (7 Nov 2025), the Tescan acquisition (25 Dec 2025), changes in executive members (26 Feb 2026), voluntary adoption of IFRS (26 Feb 2026), year-end dividend (12 May 2026), continuation of share-based compensation (12 May 2026) and the additional contribution to it (28 Aug 2026). All seven have an English version at the same TDnet minute, and all seven are on the English Timely Disclosure page and IR News with the same dates. The independent-officer filings (独立役員届出書) are TSE forms with no English, and are not company announcements. Before the window, the Feb-Mar 2025 buyback progress notices also have English versions on the TD page. All, same day, so 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
We rendered the English homepage, IR top, IR Library, governance pages, the Cautionary Statement (/ir/disclaimer.html) and the Terms of Use, and searched the visible text. There is no machine- or AI-translation notice and no translation pop-up. The documents (tanshin, decks, Q&A, yuho excerpt, AGM notice) carry only human-translation precedence language ('translated from the Japanese original for reference purposes only... the original shall prevail'), which belongs to R5. So 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese2/5
The tanshin, the AGM notice and resolutions, and the Annual Securities Report excerpt each say 'the original shall prevail'. The results presentation decks and the Integrated Report 2026 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 →
FY2026-FY2028 growth, M&A and capital-efficiency plan
Strategy or target reset · In progress · Plan announced 4 June 2026
Shimadzu set FY2028 profit and return targets and a three-year allocation including ¥220bn of R&D/capex and up to ¥200bn of M&A.
Timeline and sources (1 step)
- 4 June 2026New plan briefed Shimadzu presented the FY2026-FY2028 plan and capital allocation. FY2026-FY2028 Medium-Term Management Plan · FY2026-FY2028 Medium-Term Management Plan Q&A
What management said it would do
Management targets ¥680bn sales and ¥100bn operating profit with at least 11.5% ROE and at least 10% ROIC.
From the company’s own disclosure · FY2026-FY2028 Medium-Term Management Plan
What it actually did, and when
The new plan has begun; investment and acquisition outcomes are not yet available.
Partly disclosed — a gap remains · FY2026-FY2028 Medium-Term Management Plan
What it disclosed about the economics
Shimadzu plans ¥220bn of R&D/capex, up to ¥200bn of M&A and at least ¥61bn of returns, using investment-recovery and SROIC discipline.
Partly disclosed — a gap remains · FY2026-FY2028 Medium-Term Management Plan · FY2026-FY2028 Medium-Term Management Plan Q&A
What has happened since
The FY2028 result is not due.
Partly disclosed — a gap remains · FY2026-FY2028 Medium-Term Management Plan
The question this leaves open
Investor question: What returns are underwritten for the investment and M&A envelopes? IR preparation: disclose approvals, integration, cash deployment and realized SROIC.
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
Shimadzu plans ¥220bn of R&D and capex and up to ¥200bn of M&A over three years.
Capital structure
Management intends to use external financing while preserving financial soundness and centralizing group cash.
Governance of capital decisions
Investment decisions must clarify strategic fit, recovery certainty and timing, with SROIC-based business and product management.
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 (Mitsubishi UFJ Trust and Banking) is in Japanese only.
- Rule change 21 October 2026 · G4: 5 → 4. Under v1.1.1, a 5 needs the weight of each performance measure in every performance-linked element. The short-term pay uses sales and profit growth, business-area and individual evaluations with no weights.
- Research error 21 October 2026 · S3: 4 → 5. The English medium-term plan deck opens with a section giving No.1 shares, including the global share in turbomolecular pumps. The rule allows a dedicated page or section; the earlier score discounted it for sitting inside the report.
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.