Worth reading
78Important
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
316
¥100 million (increase from actual consolidated net sales for the fiscal year ending March 2026 to the target for the fiscal year ending March 2031)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.2%
基準 2,026Target2,031100 million
ROE+5.0pt
基準 2,026Target2,031％
ROIC+5.0pt
基準 2,026Target2,031％
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.
What happened to the previous planNet sales 53,000; ordinary income 12,000 (plan for the fiscal year ending March 2026) → Net sales 58,490; ordinary income 14,745 (actual for the fiscal year ending March 2026)（Net sales approximately +10.4%; ordinary income approximately +22.9% (calculated)）+10.4%Calculated from the two disclosed figures
Total investment plan¥40–60 billion over five years
Investment amount by sectorField Semiconductors and FPDs / Investment amount Not disclosed, Field General industrial field / Investment amount Not disclosed, Field Overseas expansion / Investment amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyThe Company will continue to target a consolidated payout ratio of approximately 50% and a DOE (dividend on equity) of at least 5%. The applicable period is the plan period of TOCALO2030.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 Company will conduct and consider share repurchases flexibly, taking into account the business environment, financial position and other factors.
Cost of capitalCost of equity: 8–10%The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceThe Company has maintained a PBR above 1x, and market assessment of its capital efficiency is favorable.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Deepening core businesses
02Major expansion in semiconductors and FPDs
03Strengthening the foundation of the general industry business
04Maintaining a high-profit structure
05Expanding strategic business areas
06Expanding into new technologies and new fields
07Expanding into global markets
08Strengthening the management base supporting sustainable growth
09Manufacturing and quality control
10Sustainability
11Human Capital Management
12Proactive capital investment
13Pursuing advanced technologies
14Expanding into new manufacturing equipment
15Strengthening the recoating business
16Maintaining all-weather management
17Developing next-generation growth pillars
18Developing new markets
19Expanding orders for mass-produced products
20Priority regions
21Creating Group Synergies
22Technology development strategy
23Business expansion strategy
24Toward carbon neutrality
25Advancing and improving the efficiency of manufacturing processes
26Advancing the service structure
27Further strengthening the quality control structure
28Promoting Global Expansion
29Reducing environmental impact
30Developing talent and creating a rewarding work environment
31Maintaining technological superiority
32Advancement of Corporate Governance
Plan assumptionsItem Global semiconductor market size / Assumptions Expected to grow from $574 billion in 2022 to more than $1.3 trillion in 2030, approximately 2.3 times larger / Source Prepared by the Company based on the World Semiconductor Trade Statistics (WSTS) of the Japan Electronics and Information Technology Industries Association, Item Gas turbine-related market / Assumptions Orders are expected to expand toward 2030 / Source Nikkei online edition, 16 April 2025
Segment target¥248 100 million → ¥450 100 million, ¥185 100 million → ¥260 100 million, ¥151 100 million → ¥190 100 million
Non-financial targetsIndicator name Greenhouse Gas Emissions / Target value 46% reduction from fiscal 2013 / Timing FY2030, Indicator name Carbon Neutrality / Target value Achieve / Timing 2040
Size of the Target MarketThe global semiconductor market is expected to grow approximately 2.3 times, from $574 billion in 2022 to more than $1.3 trillion in 2030. The source is prepared by the Company based on the World Semiconductor Trade Statistics (WSTS) of the Japan Electronics and Information Technology Industries Association.
Risks identified by the company
Rising geopolitical risks
Surging resource prices
Declining birthrate, population aging and population decline
Societal demands for carbon neutrality
Demand for the establishment of sustainable supply chains
Growing importance of risk management
Declining working-age population
Further acceleration of the digital revolution (DX) and explosive growth in AI
Spread of COVID-19
US-China trade friction
War in Ukraine
Trump tariffs
Frequent natural disasters
Reason for revision or withdrawal
In light of achieving the performance targets of the previous medium-term management plan, “TOCALO2025,” one year ahead of schedule, capturing coating demand in the semiconductor and FPD and industrial machinery sectors, and the steady growth of domestic and overseas subsidiaries, the Company will pursue a major leap beyond the trajectory of its past businesses.
| Item | Details |
|---|---|
| Plan name | TOCALO2030 |
| Plan period | Fiscal year ending March 2027 (76th fiscal year) to fiscal year ending March 2031 (80th fiscal year), five years |
| Progress against the plan | Formulated |
| Sales Target | 584 (actual for the fiscal year ending March 2026) → 900 (target for the fiscal year ending March 2031)（Approximately 54.1% (calculated)） |
| ROE target | 15.8% (actual for the fiscal year ending March 2026) → 15% (target for the fiscal year ending March 2031)（Approximately △5.1% (calculated)） |
| ROIC target | 13.1% (actual for the fiscal year ending March 2026) → 13% (target for the fiscal year ending March 2031)（Approximately △0.8% (calculated)） |
| Payout ratio / DOE policy | The Company will continue to target a consolidated payout ratio of approximately 50% and a DOE (dividend on equity) of at least 5%. The applicable period is the plan period of TOCALO2030. |
| Treasury share acquisition policy | The Company will conduct and consider share repurchases flexibly, taking into account the business environment, financial position and other factors. |
| Cost of capital | Cost of equity: 8–10% |
| Self-assessment of PBR and share price | The Company has maintained a PBR above 1x, and market assessment of its capital efficiency is favorable. |
| Total investment plan | ¥40–60 billion over five years |
| Investment amount by sector | Field Semiconductors and FPDs / Investment amount Not disclosed, Field General industrial field / Investment amount Not disclosed, Field Overseas expansion / Investment amount Not disclosed |
| Segment target | ¥248 100 million → ¥450 100 million, ¥185 100 million → ¥260 100 million, ¥151 100 million → ¥190 100 million |
| Non-financial targets | Indicator name Greenhouse Gas Emissions / Target value 46% reduction from fiscal 2013 / Timing FY2030, Indicator name Carbon Neutrality / Target value Achieve / Timing 2040 |
| Plan assumptions | Item Global semiconductor market size / Assumptions Expected to grow from $574 billion in 2022 to more than $1.3 trillion in 2030, approximately 2.3 times larger / Source Prepared by the Company based on the World Semiconductor Trade Statistics (WSTS) of the Japan Electronics and Information Technology Industries Association, Item Gas turbine-related market / Assumptions Orders are expected to expand toward 2030 / Source Nikkei online edition, 16 April 2025 |
| Key initiatives | Deepening core businesses, Major expansion in semiconductors and FPDs, Strengthening the foundation of the general industry business, Maintaining a high-profit structure, Expanding strategic business areas, Expanding into new technologies and new fields, Expanding into global markets, Strengthening the management base supporting sustainable growth, Manufacturing and quality control, Sustainability, Human Capital Management, Proactive capital investment, Pursuing advanced technologies, Expanding into new manufacturing equipment, Strengthening the recoating business, Maintaining all-weather management, Developing next-generation growth pillars, Developing new markets, Expanding orders for mass-produced products, Priority regions, Creating Group Synergies, Technology development strategy, Business expansion strategy, Toward carbon neutrality, Advancing and improving the efficiency of manufacturing processes, Advancing the service structure, Further strengthening the quality control structure, Promoting Global Expansion, Reducing environmental impact, Developing talent and creating a rewarding work environment, Maintaining technological superiority, Advancement of Corporate Governance |
| Results under the previous plan | Net sales 53,000; ordinary income 12,000 (plan for the fiscal year ending March 2026) → Net sales 58,490; ordinary income 14,745 (actual for the fiscal year ending March 2026)（Net sales approximately +10.4%; ordinary income approximately +22.9% (calculated)） |
| Reason for revision or withdrawal | In light of achieving the performance targets of the previous medium-term management plan, “TOCALO2025,” one year ahead of schedule, capturing coating demand in the semiconductor and FPD and industrial machinery sectors, and the steady growth of domestic and overseas subsidiaries, the Company will pursue a major leap beyond the trajectory of its past businesses. |
| Size of the Target Market | The global semiconductor market is expected to grow approximately 2.3 times, from $574 billion in 2022 to more than $1.3 trillion in 2030. The source is prepared by the Company based on the World Semiconductor Trade Statistics (WSTS) of the Japan Electronics and Information Technology Industries Association. |
| Risks identified | Rising geopolitical risks, Surging resource prices, Declining birthrate, population aging and population decline, Societal demands for carbon neutrality, Demand for the establishment of sustainable supply chains, Growing importance of risk management, Declining working-age population, Further acceleration of the digital revolution (DX) and explosive growth in AI, Spread of COVID-19, US-China trade friction, War in Ukraine, Trump tariffs, Frequent natural disasters |
| Date of board resolution | 11 May 2026 |
| Publication date | 11 May 2026 |
Items this document does not state (3)
Operating profit targetOperating profit margin targetNet income target
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.The Company achieved the performance targets of the previous medium-term management plan, “TOCALO2025,” one year ahead of schedule, driven by growth in the semiconductor and FPD, industrial machinery, environment and energy sectors and at its subsidiaries. Under the new plan, the Company will seek a major leap beyond the trajectory of its past businesses by expanding growth businesses, strengthening technology development and quality control, expanding globally and reinforcing its management base.
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