Worth reading
85Important
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
200
Increase in operating income (¥ billion, versus fiscal 2025 results)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+16.6%
基準 3,494Target4,075100 million
Operating profit+54.1%
基準 370Target570100 million
Operating profit margin+3.4pt
基準 10.6Target14%
ROE+2.4pt
基準 8.2Target10.6%
ROIC+2.3pt
基準 6.8Target9.1%
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 planOperating profit ¥450 100 million → ¥370 100 million / Net Sales ¥4,000 100 million → ¥3,494 100 million / ROE 11.0% or higher → 8.2 % / CAGR of net sales from growth businesses At least 10.0% → 9.6 %
Investment amount by sectorField Business Investment / Amount Not disclosed / Share of cash outflows Approximately 54%, Field Maintaining and improving quality / Amount Not disclosed / Share of cash outflows Approximately 12%, Field Environmental initiatives, etc. / Amount Not disclosed / Share of cash outflows Approximately 8%, Field Shareholder Returns / Amount Not disclosed / Share of cash outflows Approximately 14%, Field Financial Soundness / Amount Not disclosed / Share of cash outflows Approximately 12%, Field Business investment in advanced electronic materials / Amount Not disclosed / Share of business investment 41%, Field Business investment in life sciences / Amount Not disclosed / Share of business investment 48%, Field Business investment in chemicals and environmental services / Amount Not disclosed / Share of business investment 11%
Statements about the use of capital
Payout ratio / DOE policyThe company targets a DOE of 4.0% for fiscal 2030 and aims to provide stable and consistent dividends, along with ongoing dividend increases. The applicable period is fiscal 2026 through fiscal 2030.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalWACC＝6.5%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 assesses that further improvement in its PBR is necessary, as its PBR was 0.95x as of the end of March 2026.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Business Portfolio Transformation
02Creating businesses and products through co-creation with customers
03Pursuing operational excellence
04Responsibility for and commitment to global environmental issues
05Strengthening governance and resilience
06Leveraging human capital
07Business Portfolio Management
08Creating group-wide revenue synergies
09Establishing the technological foundation for business expansion
10Expanding the business of improved IVD raw materials, immunoassays and new reagents, and new sensors
11Increasing revenue from new businesses and expanding into the cancer genomics field
12Research and development
13Initiatives toward carbon neutrality
14Shareholder Returns
15Capital efficiency
Plan assumptionsItem Exchange rate / FY2025 actual ¥151/US$ / Fiscal 2030 assumption ¥150/US$, Item Domestic naphtha / FY2025 actual ¥65,300/kL / Fiscal 2030 assumption ¥63,000/kL
Segment targetSegment Advanced Electronic Materials / FY2026 net sales ¥91.7 billion / Revenue in FY2030 ¥175.4 billion / FY2026 operating profit ¥15.7 billion / FY2030 operating profit ¥37.1 billion, Segment Life Science / FY2026 net sales ¥49.4 billion / Revenue in FY2030 ¥83.9 billion / FY2026 operating profit ¥7.8 billion / FY2030 operating profit ¥16.6 billion, Segment Chemical Products / FY2026 net sales ¥106.2 billion / Revenue in FY2030 ¥113.3 billion / FY2026 operating profit ¥9.7 billion / FY2030 operating profit ¥10.1 billion, Segment Environmental Business / FY2026 net sales ¥6.1 billion / Revenue in FY2030 ¥7.2 billion / FY2026 operating profit ¥700 million / FY2030 operating profit ¥800 million, Segment Cement and other / FY2026 net sales ¥108.6 billion / Revenue in FY2030 ¥39.5 billion / FY2026 operating profit ¥11.6 billion / FY2030 operating profit -¥1.9 billion, Segment Adjustments / FY2026 net sales -¥12.5 billion / Revenue in FY2030 -¥11.8 billion / FY2026 operating profit -¥8.4 billion / FY2030 operating profit -¥5.7 billion, Segment Consolidated total / FY2026 net sales ¥349.5 billion / Revenue in FY2030 ¥407.5 billion / FY2026 operating profit ¥37.0 billion / FY2030 operating profit ¥57.0 billion
Non-financial targetsIndicator GHG emissions (Scopes 1 and 2) / Target value 30% reduction from fiscal 2019 / Timing FY2030, Indicator GHG emissions (Scopes 1 and 2) / Target value 60% reduction from fiscal 2019 / Timing FY2035, Indicator Carbon Neutrality / Target value Achieve / Timing FY2050
Risks identified by the company
International environmental regulations
The Russia–Ukraine war
Foreign Exchange Movements
Higher crude oil prices
Lower prices resulting from economies of scale
Market maturation due to the limits of semiconductor technology
The end of the AI boom
Foreign Exchange Movements
Differences in trends by country
Oversupply resulting from economies of scale (lower prices)
Soaring maintenance and renewal costs and raw material and fuel prices
The shift from the 3Rs (reduce, reuse and recycle) to a circular economy
GHG emissions regulations
Geopolitical risk
Fluctuations in energy and resource prices
Reason for revision or withdrawal
None of the final-year targets of Medium-Term Management Plan 2025 was achieved. The main factors cited include the semiconductor market entering a correction phase midway through the plan period, the time required for the effects of expanding demand in advanced semiconductor fields to reach the company's business areas, shrinking domestic demand in the chemicals and cement businesses, soaring raw material and fuel prices, and increases in personnel, research and development, and IT costs.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2030 |
| Plan period | Fiscal 2026–fiscal 2030 (1 April 2026–31 March 2031) |
| Progress against the plan | Formulated |
| Sales Target | ¥3,494 100 million → ¥4,075 100 million（3.1%（CAGR）） |
| Operating profit target | ¥370 100 million → ¥570 100 million（9.0%（CAGR）） |
| Operating profit margin target | 10.6 % → 14 % |
| ROE target | 8.2 % → 10.6 % |
| ROIC target | 6.8 % → 9.1 % |
| Payout ratio / DOE policy | The company targets a DOE of 4.0% for fiscal 2030 and aims to provide stable and consistent dividends, along with ongoing dividend increases. The applicable period is fiscal 2026 through fiscal 2030. |
| Cost of capital | WACC＝6.5% |
| Self-assessment of PBR and share price | The company assesses that further improvement in its PBR is necessary, as its PBR was 0.95x as of the end of March 2026. |
| Investment amount by sector | Field Business Investment / Amount Not disclosed / Share of cash outflows Approximately 54%, Field Maintaining and improving quality / Amount Not disclosed / Share of cash outflows Approximately 12%, Field Environmental initiatives, etc. / Amount Not disclosed / Share of cash outflows Approximately 8%, Field Shareholder Returns / Amount Not disclosed / Share of cash outflows Approximately 14%, Field Financial Soundness / Amount Not disclosed / Share of cash outflows Approximately 12%, Field Business investment in advanced electronic materials / Amount Not disclosed / Share of business investment 41%, Field Business investment in life sciences / Amount Not disclosed / Share of business investment 48%, Field Business investment in chemicals and environmental services / Amount Not disclosed / Share of business investment 11% |
| Segment target | Segment Advanced Electronic Materials / FY2026 net sales ¥91.7 billion / Revenue in FY2030 ¥175.4 billion / FY2026 operating profit ¥15.7 billion / FY2030 operating profit ¥37.1 billion, Segment Life Science / FY2026 net sales ¥49.4 billion / Revenue in FY2030 ¥83.9 billion / FY2026 operating profit ¥7.8 billion / FY2030 operating profit ¥16.6 billion, Segment Chemical Products / FY2026 net sales ¥106.2 billion / Revenue in FY2030 ¥113.3 billion / FY2026 operating profit ¥9.7 billion / FY2030 operating profit ¥10.1 billion, Segment Environmental Business / FY2026 net sales ¥6.1 billion / Revenue in FY2030 ¥7.2 billion / FY2026 operating profit ¥700 million / FY2030 operating profit ¥800 million, Segment Cement and other / FY2026 net sales ¥108.6 billion / Revenue in FY2030 ¥39.5 billion / FY2026 operating profit ¥11.6 billion / FY2030 operating profit -¥1.9 billion, Segment Adjustments / FY2026 net sales -¥12.5 billion / Revenue in FY2030 -¥11.8 billion / FY2026 operating profit -¥8.4 billion / FY2030 operating profit -¥5.7 billion, Segment Consolidated total / FY2026 net sales ¥349.5 billion / Revenue in FY2030 ¥407.5 billion / FY2026 operating profit ¥37.0 billion / FY2030 operating profit ¥57.0 billion |
| Non-financial targets | Indicator GHG emissions (Scopes 1 and 2) / Target value 30% reduction from fiscal 2019 / Timing FY2030, Indicator GHG emissions (Scopes 1 and 2) / Target value 60% reduction from fiscal 2019 / Timing FY2035, Indicator Carbon Neutrality / Target value Achieve / Timing FY2050 |
| Plan assumptions | Item Exchange rate / FY2025 actual ¥151/US$ / Fiscal 2030 assumption ¥150/US$, Item Domestic naphtha / FY2025 actual ¥65,300/kL / Fiscal 2030 assumption ¥63,000/kL |
| Key initiatives | Business Portfolio Transformation, Creating businesses and products through co-creation with customers, Pursuing operational excellence, Responsibility for and commitment to global environmental issues, Strengthening governance and resilience, Leveraging human capital, Business Portfolio Management, Creating group-wide revenue synergies, Establishing the technological foundation for business expansion, Expanding the business of improved IVD raw materials, immunoassays and new reagents, and new sensors, Increasing revenue from new businesses and expanding into the cancer genomics field, Research and development, Initiatives toward carbon neutrality, Shareholder Returns, Capital efficiency |
| Results under the previous plan | Operating profit ¥450 100 million → ¥370 100 million / Net Sales ¥4,000 100 million → ¥3,494 100 million / ROE 11.0% or higher → 8.2 % / CAGR of net sales from growth businesses At least 10.0% → 9.6 % |
| Reason for revision or withdrawal | None of the final-year targets of Medium-Term Management Plan 2025 was achieved. The main factors cited include the semiconductor market entering a correction phase midway through the plan period, the time required for the effects of expanding demand in advanced semiconductor fields to reach the company's business areas, shrinking domestic demand in the chemicals and cement businesses, soaring raw material and fuel prices, and increases in personnel, research and development, and IT costs. |
| Risks identified | International environmental regulations, The Russia–Ukraine war, Foreign Exchange Movements, Higher crude oil prices, Lower prices resulting from economies of scale, Market maturation due to the limits of semiconductor technology, The end of the AI boom, Foreign Exchange Movements, Differences in trends by country, Oversupply resulting from economies of scale (lower prices), Soaring maintenance and renewal costs and raw material and fuel prices, The shift from the 3Rs (reduce, reuse and recycle) to a circular economy, GHG emissions regulations, Geopolitical risk, Fluctuations in energy and resource prices |
| Publication date | 29 May 2026 |
Items this document does not state (5)
Net income targetTreasury share acquisition policyTotal investment planSize of the Target MarketDate 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.The final-year targets of Medium-Term Management Plan 2025 were not achieved. The company cites the semiconductor market correction, delays in the benefits of demand growth in advanced fields reaching its business areas, declining domestic demand for chemicals and cement, soaring raw material and fuel prices, and increases in personnel, research and development, and IT costs as the main factors. Under the new plan, the company aims to accelerate the transformation of its business portfolio centered on electronics and healthcare, achieving sustainable earnings growth and enhancing corporate value.
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