Worth reading
90Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
500
¥100 million or more (fiscal 2030 revenue target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.1%
基準 2,027Target2,030million
Operating profit margin+3.0pt
基準 2,027Target2,030％
ROE+4.0pt
基準 2,026Target2,030％
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Operating profitNot disclosed → Fiscal 2030 target: operating margin of 7.0% (operating profit: not disclosed)
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planRevised fiscal 2026 revenue target under MIRAI 2026: ¥44.8 billion (initial target: ¥60 billion) → Actual revenue for the fiscal year ended March 2026: ¥32.6 billion0.0%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyAs the fiscal 2030 target and medium- to long-term policy, a consolidated dividend payout ratio of at least 30% and consolidated DOE of at least 3%. The company will raise its dividend payout ratio from 25% to at least 30% and maintain it at that level.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe specific framework, timing, and conditions for share repurchases are not disclosed. The plan states that the company will consider diverse shareholder return measures in light of market conditions.
Self-assessment of PBR and share pricePBR was 0.63x at the end of March 2026, below 1x. The company targets a PBR of at least 1.0x for the fiscal year ending March 2031.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Expand production capacity
02Expand technology development capabilities
03Expand maintenance and support services
04Physical AI strategy
05AI/SCM systems strategy
06AI talent development strategy
07Launch a business model transformation project
08Select M&A candidates
09Commence full-scale operation of Physical Fab
10Business Portfolio Optimization
11Launch AI/SCM systems
12Fundamentally strengthen IR strategy
Plan assumptionsSemiconductor market: 8% CAGR from 2025 to 2030, exceeding US$1 trillion in 2030, Physical AI market: 47% CAGR from 2026 to 2032, reaching US$15.2 billion in 2032, Semiconductor manufacturing equipment market: 10% CAGR from 2024 to 2027, reaching US$156 billion in 2027, Annual fluctuations of 20–30% are the norm in the semiconductor market, Source: Prepared by the company based on WSTS Fall 2025 Forecast, SEMI's forecast at the end of 2025, and MarketsandMarkets
Segment targetSegment SS business (sales) / Sales target ¥30 billion / AI-related revenue ¥1 billion (3.3%), Segment MS business (contract assembly) / Sales target ¥10 billion / AI-related revenue ¥5 billion (50.0%), Segment FS business (maintenance support) / Sales target ¥5 billion / AI-related revenue ¥2.5 billion (50.0%), Segment TS business (product and technology development) / Sales target ¥2.5 billion / AI-related revenue ¥1 billion (40.0%), Segment PS business (precision machining) / Sales target ¥2.5 billion / AI-related revenue ¥500 million (20.0%)
Non-financial targetsIndicator AI talent / Target value A workforce of 300 people / Timing 2030, Indicator Business process automation rate / Target value 80％ / Timing 2030, Indicator CO2 emissions / Target value 70% reduction / Timing 2030, Indicator Net zero and renewable energy / Target value Achieve net zero and 80% renewable energy / Timing 2040, Indicator Procurement Costs / Target value 30% reduction / Timing 2030
Size of the Target MarketThe semiconductor market is expected to exceed US$1 trillion in 2030, the physical AI market to reach US$15.2 billion in 2032, and the semiconductor manufacturing equipment market to reach US$156 billion in 2027. Sources: WSTS Fall 2025 Forecast, SEMI's forecast at the end of 2025, and MarketsandMarkets.
Risks identified by the company
Sharp changes in the silicon cycle and annual fluctuations of 20–30% in the semiconductor market
Inventory adjustments by major customers
U.S. tariffs
Geopolitical risk
Supply chain disruptions and risks to stable procurement
Reason for revision or withdrawal
The downturn phase of the silicon cycle lasted longer than expected, inventory adjustments by major customers were prolonged beyond expectations, and U.S. tariffs and geopolitical risks emerged. Annual fluctuations of 20–30% are the norm in the semiconductor market, and the fixed interim-year targets in the previous medium-term plan diverged from market conditions, ultimately undermining the plan's credibility.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan MIRAI 2030 (Naigai Frontier Gate) |
| Plan period | Fiscal 2026–fiscal 2030 (final year: fiscal 2030 / fiscal year ending March 2031) |
| Progress against the plan | Formulated |
| Sales Target | Forecast for the fiscal year ending March 2027: ¥40.6 billion → Fiscal 2030 target: ¥50 billion or more |
| Operating profit target | Not disclosed → Fiscal 2030 target: operating margin of 7.0% (operating profit: not disclosed) |
| Operating profit margin target | Forecast for the fiscal year ending March 2027: 3.7% → Fiscal 2030 target: 7.0% |
| ROE target | Actual for the fiscal year ended March 2026: 7.9% → Fiscal 2030 target: 12.5% |
| Payout ratio / DOE policy | As the fiscal 2030 target and medium- to long-term policy, a consolidated dividend payout ratio of at least 30% and consolidated DOE of at least 3%. The company will raise its dividend payout ratio from 25% to at least 30% and maintain it at that level. |
| Treasury share acquisition policy | The specific framework, timing, and conditions for share repurchases are not disclosed. The plan states that the company will consider diverse shareholder return measures in light of market conditions. |
| Self-assessment of PBR and share price | PBR was 0.63x at the end of March 2026, below 1x. The company targets a PBR of at least 1.0x for the fiscal year ending March 2031. |
| Segment target | Segment SS business (sales) / Sales target ¥30 billion / AI-related revenue ¥1 billion (3.3%), Segment MS business (contract assembly) / Sales target ¥10 billion / AI-related revenue ¥5 billion (50.0%), Segment FS business (maintenance support) / Sales target ¥5 billion / AI-related revenue ¥2.5 billion (50.0%), Segment TS business (product and technology development) / Sales target ¥2.5 billion / AI-related revenue ¥1 billion (40.0%), Segment PS business (precision machining) / Sales target ¥2.5 billion / AI-related revenue ¥500 million (20.0%) |
| Non-financial targets | Indicator AI talent / Target value A workforce of 300 people / Timing 2030, Indicator Business process automation rate / Target value 80％ / Timing 2030, Indicator CO2 emissions / Target value 70% reduction / Timing 2030, Indicator Net zero and renewable energy / Target value Achieve net zero and 80% renewable energy / Timing 2040, Indicator Procurement Costs / Target value 30% reduction / Timing 2030 |
| Plan assumptions | Semiconductor market: 8% CAGR from 2025 to 2030, exceeding US$1 trillion in 2030, Physical AI market: 47% CAGR from 2026 to 2032, reaching US$15.2 billion in 2032, Semiconductor manufacturing equipment market: 10% CAGR from 2024 to 2027, reaching US$156 billion in 2027, Annual fluctuations of 20–30% are the norm in the semiconductor market, Source: Prepared by the company based on WSTS Fall 2025 Forecast, SEMI's forecast at the end of 2025, and MarketsandMarkets |
| Key initiatives | Expand production capacity, Expand technology development capabilities, Expand maintenance and support services, Physical AI strategy, AI/SCM systems strategy, AI talent development strategy, Launch a business model transformation project, Select M&A candidates, Commence full-scale operation of Physical Fab, Business Portfolio Optimization, Launch AI/SCM systems, Fundamentally strengthen IR strategy |
| Results under the previous plan | Revised fiscal 2026 revenue target under MIRAI 2026: ¥44.8 billion (initial target: ¥60 billion) → Actual revenue for the fiscal year ended March 2026: ¥32.6 billion |
| Reason for revision or withdrawal | The downturn phase of the silicon cycle lasted longer than expected, inventory adjustments by major customers were prolonged beyond expectations, and U.S. tariffs and geopolitical risks emerged. Annual fluctuations of 20–30% are the norm in the semiconductor market, and the fixed interim-year targets in the previous medium-term plan diverged from market conditions, ultimately undermining the plan's credibility. |
| Size of the Target Market | The semiconductor market is expected to exceed US$1 trillion in 2030, the physical AI market to reach US$15.2 billion in 2032, and the semiconductor manufacturing equipment market to reach US$156 billion in 2027. Sources: WSTS Fall 2025 Forecast, SEMI's forecast at the end of 2025, and MarketsandMarkets. |
| Risks identified | Sharp changes in the silicon cycle and annual fluctuations of 20–30% in the semiconductor market, Inventory adjustments by major customers, U.S. tariffs, Geopolitical risk, Supply chain disruptions and risks to stable procurement |
| Publication date | 15 May 2026 |
Items this document does not state (6)
Net income targetROIC targetCost of capitalTotal investment planInvestment amount by sectorDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.To capture changes in the business environment resulting from the rapid adoption of AI and the expansion of its applications as growth opportunities. In light of annual fluctuations of 20–30% in the semiconductor market, the prolonged downturn phase of the silicon cycle, inventory adjustments by major customers, and U.S. tariffs and geopolitical risks, the company decided to disclose earnings forecasts for each fiscal year and its fiscal 2030 targets rather than fixed targets for an interim year.
How to read this page
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