Worth reading
58In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
43.3
Year-on-year change in net sales (%)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Presentation materials for financial resultsFiscal year ending March 2026, full year10 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥18,073 million+43.3%
Operating profit¥576 million+14.7%
Ordinary income¥776 million+18.0%
Net income¥1,803 million+14.2%
Results for the three months of the current quarter
Net Sales
¥5,806 million
Operating profit
¥138 million
Ordinary income
¥155 million
Quarterly net income
¥369 million
Full-year earnings forecast
Fiscal year ending March 2027
Net Sales
¥24,000 million
Operating profit
¥610 million
Ordinary income
¥800 million
Gain on sale of investment securities
¥2,100 million
Net income for the current fiscal year
¥2,170 million
Dividend per share
¥230
ROE
12.1 %
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Increase in sales volume¥153 million
- Orders for new lines¥39 million
- One-time factor (precious metal recovery associated with R&D prototyping)¥60 million
- Salary increases and additional hiring¥-56 million
- R&D investment and other expenses¥-65 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The outlook assumes demand for AI servers, data centers and high-end smartphones, a recovery in substrates and connectors for industrial machinery, and precious metal prices remaining at high levels. Figures are not disclosed.New initiatives
- Opening of the Narimasu Office and reorganization of the technology and manufacturing floors at headquarters
- Expansion and enhancement of the J-PLAT portal
- Development of next-generation bonding plating technology for power semiconductors (IMC plating solution)
- Strengthening R&D in plating chemicals for new materials and battery materials
- Changes to the layout of R&D and manufacturing facilities for the fiscal year ending March 2027, and investment in a liquid chromatograph-mass spectrometer
Key KPIsA metric the company considers important as a management benchmark.
- Export ratio50.8 %Year on year against the same period last yearUp from 46.3%
- Number of companies using J-PLAT50 companies
- Number of records accumulated in J-PLAT20,000 Cases or more
- Average customer survey rating3.9 Six-point scale from 0 to 5
- GaN power device market size (2024)0.36 US$ billion
- GaN power device market size (2030)2.9 US$ billion
Medium-term management plan targets
Reduce the percentage of cross-held shares as a proportion of net assets to below 20% during the FY2025–2027 period. The actual figure at the end of March 2026 was 59.5%, substantially above the target and indicating that the target has not been met.Financial targets
ROE
Actual results for the fiscal year ending March 202611.5 %
Target for the fiscal year ending March 202712.1 %
Market Size / Share
The GaN power device market was valued at US$0.36 billion in 2024 and is projected to reach US$2.90 billion in 2030. The company states that it has one of the leading global market shares, but the specific share is not disclosed.Capital expenditures
¥118.5 million
Annual Dividend
Fiscal year ending March 2026¥200 per share
Fiscal year ending March 2027: plan¥230 per share
Acquisition of treasury shares
The company refers to share repurchases as a means of returning value to shareholders, but the repurchase limit, number of shares and period are not disclosed.| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | Fiscal year ending March 2026, full year |
| Net Sales | ¥18,073 million (YoY +43.3%) |
| Operating profit | ¥576 million (YoY +14.7%) |
| Ordinary income | ¥776 million (YoY +18.0%) |
| Net income | ¥1,803 million (YoY +14.2%) |
| Results for the three months of the current quarter | Net Sales ¥5,806 million / Operating profit ¥138 million / Ordinary income ¥155 million / Quarterly net income ¥369 million |
| Full-year earnings forecast | Fiscal year ending March 2027 Net Sales ¥24,000 million / Operating profit ¥610 million / Ordinary income ¥800 million / Gain on sale of investment securities ¥2,100 million / Net income for the current fiscal year ¥2,170 million / Dividend per share ¥230 / ROE 12.1 % |
| Breakdown of Factors Affecting the Change | Factors Increase in sales volume / Amount ¥153 million, Factors Orders for new lines / Amount ¥39 million, Factors One-time factor (precious metal recovery associated with R&D prototyping) / Amount ¥60 million, Factors Salary increases and additional hiring / Amount ¥-56 million, Factors R&D investment and other expenses / Amount ¥-65 million |
| Key KPIs | Indicator name Export ratio / Value 50.8 % / Year on year against the same period last year Up from 46.3%, Indicator name Number of companies using J-PLAT / Value 50 companies / Year on year against the same period last year Not disclosed, Indicator name Number of records accumulated in J-PLAT / Value 20,000 Cases or more / Year on year against the same period last year Not disclosed, Indicator name Average customer survey rating / Value 3.9 Six-point scale from 0 to 5 / Year on year against the same period last year Not disclosed, Indicator name GaN power device market size (2024) / Value 0.36 US$ billion / Year on year against the same period last year Not disclosed, Indicator name GaN power device market size (2030) / Value 2.9 US$ billion / Year on year against the same period last year Not disclosed |
| Assumptions Underlying the Business Outlook | The outlook assumes demand for AI servers, data centers and high-end smartphones, a recovery in substrates and connectors for industrial machinery, and precious metal prices remaining at high levels. Figures are not disclosed. |
| Medium-term management plan targets | Reduce the percentage of cross-held shares as a proportion of net assets to below 20% during the FY2025–2027 period. The actual figure at the end of March 2026 was 59.5%, substantially above the target and indicating that the target has not been met. |
| Financial targets | ROE Actual results for the fiscal year ending March 2026 11.5 % / Target for the fiscal year ending March 2027 12.1 % |
| Annual Dividend | Fiscal year ending March 2026 ¥200 per share / Fiscal year ending March 2027: plan ¥230 per share / Interim and Year-End Breakdown Not disclosed |
| Acquisition of treasury shares | The company refers to share repurchases as a means of returning value to shareholders, but the repurchase limit, number of shares and period are not disclosed. |
| Capital expenditures | ¥118.5 million |
| Market Size / Share | The GaN power device market was valued at US$0.36 billion in 2024 and is projected to reach US$2.90 billion in 2030. The company states that it has one of the leading global market shares, but the specific share is not disclosed. |
| New initiatives | Opening of the Narimasu Office and reorganization of the technology and manufacturing floors at headquarters, Expansion and enhancement of the J-PLAT portal, Development of next-generation bonding plating technology for power semiconductors (IMC plating solution), Strengthening R&D in plating chemicals for new materials and battery materials, Changes to the layout of R&D and manufacturing facilities for the fiscal year ending March 2027, and investment in a liquid chromatograph-mass spectrometer |
Items this document does not state (13)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesProgress against full-year forecastSelf-assessment against the planSegment resultsUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookPayout ratioOrders received and order backlogKey points of the Q&A
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.Revenue increased due to a recovery in consumer demand for products such as smartphones and PCs, solid sales of semiconductor packages, modules and memory products related to generative AI, and higher precious metal prices. The increase in gross profit from expanded sales of new products and higher sales volumes absorbed the rise in expenses from upfront investments, including research and development, resulting in higher operating income. In addition to the increase in operating income, gains on the sale of cross-held shares exceeded those in the previous fiscal year, resulting in higher net income.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.