Worth reading
69In focus
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
15.3
¥100 million (year-on-year decrease in operating profit)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+0.2%
基準 2,025Target2,030Hundreds of millions of yen
Operating profit+0.2%
基準 2,025Target2,030Hundreds of millions of yen
Operating profit margin+5.0pt
基準 2,025Target2,030%
ROE+5.0pt
基準 2,025Target2,030%
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.
Total investment planThe total investment plan for safety and management infrastructure strengthening is ¥20.0 billion. Cash allocation is planned to total ¥100.0 billion over the six-year period from FY2025 to FY2030.
Investment amount by sectorField Safety measures / Amount ¥700 million, Field Replacement of aging facilities / Amount ¥8.1 billion, Field Workplace Environment / Amount ¥700 million, Field Future investments / Amount ¥10.5 billion, Field Fujioka No. 12 Plant / Amount Approximately ¥4.0 billion, Field FY2025 growth investment actual / Amount ¥2.8 billion
Statements about the use of capital
Payout ratio / DOE policyThe company plans to pay a dividend of ¥90 in FY2026, exceeding the guideline DOE of 3%. Total dividends are expected to amount to ¥10.0 billion over the six-year period from FY2025 to FY2030.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 plans total share buybacks of ¥15.0 billion plus additional amounts over the six-year period from FY2025 to FY2030, concentrated in the first 3 years. No share buybacks were conducted in FY2025, and the plan remains unchanged.
Self-assessment of PBR and share pricePBR rose from 0.5–0.6 times in FY2023 and FY2024 to 1.00 times in FY2025. The company aims to maintain and improve PBR to at least 1.0 times in FY2030.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Safety-first initiatives
02Progress on the safety and management infrastructure strengthening investment plan
03Construction of a new plant with capacity to spare—Fujioka No. 12 Plant
04High-value-added Only One products
05Global de facto standard
06Electrification
07North America: expanding sales and developing new customers
08Global South
09Non-automotive
10Cost reduction / earnings improvement
11Expand ODDS sales / improve earnings
12Maintain and improve earnings
13Expand global sales
14Further cost reduction
15Secure profitability
16Develop new customers / expand distribution channels
17Expand product offerings / monetize
18Human resources investment
19Sustainability
Plan assumptionsThe assumed exchange rate at the end of the fiscal year ending March 2027 is ¥155.00 per dollar.
Segment targetSegment Chassis Springs / FY2027 revenue ¥60 billion / Operating income for fiscal 2027 ¥1.1 billion / 1.8% / Revenue in FY2030 ¥70.0 billion / FY2030 operating profit ¥4.6 billion / 6.5%, Segment Precision Springs / FY2027 revenue ¥29.0 billion / Operating income for fiscal 2027 ¥2.5 billion / 8.6% / Revenue in FY2030 ¥30 billion / FY2030 operating profit ¥3.0 billion / 10.0%, Segment Cables / FY2027 revenue ¥14.0 billion / Operating income for fiscal 2027 ¥0 billion / 0.0% / Revenue in FY2030 ¥12.0 billion / FY2030 operating profit ¥100 million / 1.0%, Segment Non-automotive / FY2027 revenue ¥17.0 billion / Operating income for fiscal 2027 ¥1.2 billion / 7.0% / Revenue in FY2030 ¥18 billion / FY2030 operating profit ¥1.4 billion / 7.8%
Risks identified by the company
Changes in the economic and business environments
The possibility that actual results may differ materially from earnings forecasts, plans, strategies and targets
Reason for revision or withdrawal
Focused investment in safety and infrastructure strengthening increased fixed costs and weighed on earnings, but the growth strategy is progressing steadily. The company will generate earning power through further cost reductions and continued progress in its growth strategy.
| Item | Details |
|---|---|
| Plan name | Medium- to Long-Term Management Plan 2030 (Management Plan Update—Review of the First Year, FY2025) |
| Plan period | 2025–2030 |
| Progress against the plan | Annual update |
| Sales Target | FY2025 actual: ¥110.8 billion → FY2030 target: ¥130.0 billion（+17.3%） |
| Operating profit target | FY2025 actual: ¥2.84 billion → FY2030 target: ¥9.1 billion（+220.4%） |
| Operating profit margin target | FY2025 actual: 2.6% → FY2030 target: 7.0%（+169.2%） |
| ROE target | FY2025 actual: 15.1% → FY2030 target: 8.0% or higher |
| Payout ratio / DOE policy | The company plans to pay a dividend of ¥90 in FY2026, exceeding the guideline DOE of 3%. Total dividends are expected to amount to ¥10.0 billion over the six-year period from FY2025 to FY2030. |
| Treasury share acquisition policy | The company plans total share buybacks of ¥15.0 billion plus additional amounts over the six-year period from FY2025 to FY2030, concentrated in the first 3 years. No share buybacks were conducted in FY2025, and the plan remains unchanged. |
| Self-assessment of PBR and share price | PBR rose from 0.5–0.6 times in FY2023 and FY2024 to 1.00 times in FY2025. The company aims to maintain and improve PBR to at least 1.0 times in FY2030. |
| Total investment plan | The total investment plan for safety and management infrastructure strengthening is ¥20.0 billion. Cash allocation is planned to total ¥100.0 billion over the six-year period from FY2025 to FY2030. |
| Investment amount by sector | Field Safety measures / Amount ¥700 million, Field Replacement of aging facilities / Amount ¥8.1 billion, Field Workplace Environment / Amount ¥700 million, Field Future investments / Amount ¥10.5 billion, Field Fujioka No. 12 Plant / Amount Approximately ¥4.0 billion, Field FY2025 growth investment actual / Amount ¥2.8 billion |
| Segment target | Segment Chassis Springs / FY2027 revenue ¥60 billion / Operating income for fiscal 2027 ¥1.1 billion / 1.8% / Revenue in FY2030 ¥70.0 billion / FY2030 operating profit ¥4.6 billion / 6.5%, Segment Precision Springs / FY2027 revenue ¥29.0 billion / Operating income for fiscal 2027 ¥2.5 billion / 8.6% / Revenue in FY2030 ¥30 billion / FY2030 operating profit ¥3.0 billion / 10.0%, Segment Cables / FY2027 revenue ¥14.0 billion / Operating income for fiscal 2027 ¥0 billion / 0.0% / Revenue in FY2030 ¥12.0 billion / FY2030 operating profit ¥100 million / 1.0%, Segment Non-automotive / FY2027 revenue ¥17.0 billion / Operating income for fiscal 2027 ¥1.2 billion / 7.0% / Revenue in FY2030 ¥18 billion / FY2030 operating profit ¥1.4 billion / 7.8% |
| Plan assumptions | The assumed exchange rate at the end of the fiscal year ending March 2027 is ¥155.00 per dollar. |
| Key initiatives | Safety-first initiatives, Progress on the safety and management infrastructure strengthening investment plan, Construction of a new plant with capacity to spare—Fujioka No. 12 Plant, High-value-added Only One products, Global de facto standard, Electrification, North America: expanding sales and developing new customers, Global South, Non-automotive, Cost reduction / earnings improvement, Expand ODDS sales / improve earnings, Maintain and improve earnings, Expand global sales, Further cost reduction, Secure profitability, Develop new customers / expand distribution channels, Expand product offerings / monetize, Human resources investment, Sustainability |
| Reason for revision or withdrawal | Focused investment in safety and infrastructure strengthening increased fixed costs and weighed on earnings, but the growth strategy is progressing steadily. The company will generate earning power through further cost reductions and continued progress in its growth strategy. |
| Risks identified | Changes in the economic and business environments, The possibility that actual results may differ materially from earnings forecasts, plans, strategies and targets |
| Publication date | 28 May 2026 |
Items this document does not state (7)
Net income targetROIC targetCost of capitalNon-financial targetsResults under the previous 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.Focused investment in safety and infrastructure strengthening increased fixed costs and weighed on earnings. Meanwhile, net income increased substantially due to the sale of financial assets.
How to read this page
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