Worth reading
73In 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
14
Year-on-year change in net sales (%)Wording
Conditional
How definitive the wording is.Contents of this document
Results presentationThird quarter of the fiscal year ending December 202612 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥11,241 million +14.0%three months of the current quarter
Operating profit¥1,888 million +9.3%three months of the current quarter
Ordinary income¥5,531 million +275.0%three months of the current quarter
Net income5,103 Million yen +432.1%three months of the current quarter, net income attributable to owners of the parent
Gross Profit Margin36 %
Operating profit margin16.8 %
Selling, general and administrative expenses¥2,162 million three months of the current quarter
Results for the three months of the current quarter
Net Sales
11,241 Millions of yen+14.0%
Operating profit
1,888 Millions of yen+9.3%
Ordinary income
5,531 Millions of yen+275.0%
Net income
5,103 Millions of yen+432.1%
Full-year earnings forecast
Orders received
56,000 Millions of yen
Net Sales
38,200 Millions of yen
Operating profit
6,200 Millions of yen
Ordinary income
7,400 Millions of yen
Net income
5,600 Millions of yen
Annual Dividend
56 Yen
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales71 %
Operating profit62 %
Ordinary income84 %
Net income for the current fiscal year91 %
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Equity-Method Investment Income
3,670 Millions of yen
Cumulative non-operating income/loss for 1Q-3Q
3,300 Millions of yen
Progress in collecting from projects pending acceptanceFactors behind the quarter-on-quarter improvement in gross margin
Chinese yuan appreciationFactors behind the year-on-year decline in gross margin
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Foreign exchange
US dollar¥148/USD
Chinese yuan¥22/CNY
Operating profit sensitivity
¥1/USD yen appreciationOperating profit: -¥150 million (annualized)
¥0.1/CNY yen appreciationOperating profit: +¥100 million (annualized)
New initiatives
- Expansion of locations in India, Japan, Vietnam and Greater China
- Launch of the silicon photonics business
- Expansion into business areas involving optical thin-film equipment and materials companies
- From the fiscal year ending December 2027 onward, the company plans to link its five core technologies and bring in adjacent related businesses
Key KPIsA metric the company considers important as a management benchmark.
- Orders received (actual basis)¥15,012 millions current quarterYear on year against the same period last year+43.6%
- Order backlog51,323 Millions of yenYear on year against the same period last year+88.6%
- NOA adoption rate in urban China30.4 % September 2026
- Inventory turnover days319 Days
- Forecast orders related to optical communications20,000 Millions of yenYear on year against the same period last year+460.0%
Segment results
Optical business
Orders received
12,777 Millions of yen+61.6%
Net Sales
9,834 Millions of yen+15.9%
AI smartphones
Orders received
1,639 Millions of yen-54.2%
Net Sales
4,301 Millions of yen-5.3%
EVs/connected cars
Orders received
2,261 Millions of yen+60.3%
Net Sales
917 Millions of yen-51.9%
Optical components
Orders received
8,878 Millions of yen+204.4%
Net Sales
4,616 Millions of yen+126.8%
Semiconductor-optics integrated and electronic devices
Orders received
999 Millions of yen-45.6%
Net Sales
773 Millions of yen+24.9%
Parts, services and other
Orders received
1,236 Millions of yen+74.1%
Net Sales
647 Millions of yen-14.3%
Medium-term management plan targets
Profit attributable to owners of the parent margin15% or higher
ROEAt least 10%
Consolidated payout ratioAt least 30%
Comparison with actual results
Net profit margin45.4
ROE28.7
Financial targets
ROE
TargetAt least 10%
Actual results28.7 %
Market Size / Share
Global smartphone unit sales
20261,060,000,000 Machines
Year on year against the same period last year-13.6%
Capex by 5 US hyperscalers
2026$7,590 billions
Year on year against the same period last year+102.0%
Share of orders related to optical communicationsSlightly more than 60% of optical component orders
Orders received and order backlog
Orders received
45,700 Million yen +64.0%cumulative 1Q–3Q, actual basis
Order backlog
51,323 Millions of yen+88.6%
Annual Dividend
56 yen per share
Interim28
End of period28
Payout ratio
30 % or higher
Acquisition of treasury shares
PolicyFlexible Share Repurchases
| Item | Details |
|---|---|
| Document type | Results presentation |
| Fiscal Period Covered | Third quarter of the fiscal year ending December 2026 |
| Net Sales | ¥11,241 million (three months of the current quarter) (YoY +14.0%) |
| Operating profit | ¥1,888 million (three months of the current quarter) (YoY +9.3%) |
| Ordinary income | ¥5,531 million (three months of the current quarter) (YoY +275.0%) |
| Net income | 5,103 Million yen (three months of the current quarter, net income attributable to owners of the parent) (YoY +432.1%) |
| Gross Profit Margin | 36 % |
| Operating profit margin | 16.8 % |
| Selling, general and administrative expenses | ¥2,162 million (three months of the current quarter) |
| Results for the three months of the current quarter | Net Sales 11,241 Millions of yen (YoY +14.0%) / Operating profit 1,888 Millions of yen (YoY +9.3%) / Ordinary income 5,531 Millions of yen (YoY +275.0%) / Net income 5,103 Millions of yen (YoY +432.1%) |
| Full-year earnings forecast | Orders received 56,000 Millions of yen / Net Sales 38,200 Millions of yen / Operating profit 6,200 Millions of yen / Ordinary income 7,400 Millions of yen / Net income 5,600 Millions of yen / Annual Dividend 56 Yen |
| Progress against full-year forecast | Net Sales 71 % / Operating profit 62 % / Ordinary income 84 % / Net income for the current fiscal year 91 % |
| Segment results | Optical business Orders received 12,777 Millions of yen (YoY +61.6%) / Net Sales 9,834 Millions of yen (YoY +15.9%) / AI smartphones Orders received 1,639 Millions of yen (YoY -54.2%) / Net Sales 4,301 Millions of yen (YoY -5.3%) / EVs/connected cars Orders received 2,261 Millions of yen (YoY +60.3%) / Net Sales 917 Millions of yen (YoY -51.9%) / Optical components Orders received 8,878 Millions of yen (YoY +204.4%) / Net Sales 4,616 Millions of yen (YoY +126.8%) / Semiconductor-optics integrated and electronic devices Orders received 999 Millions of yen (YoY -45.6%) / Net Sales 773 Millions of yen (YoY +24.9%) / Parts, services and other Orders received 1,236 Millions of yen (YoY +74.1%) / Net Sales 647 Millions of yen (YoY -14.3%) |
| Breakdown of Factors Affecting the Change | Equity-Method Investment Income 3,670 Millions of yen / Cumulative non-operating income/loss for 1Q-3Q 3,300 Millions of yen / Progress in collecting from projects pending acceptance Factors behind the quarter-on-quarter improvement in gross margin / Chinese yuan appreciation Factors behind the year-on-year decline in gross margin |
| Key KPIs | Orders received (actual basis) ¥15,012 millions (current quarter), Order backlog 51,323 Millions of yen, NOA adoption rate in urban China 30.4 % (September 2026), Inventory turnover days 319 Days, Forecast orders related to optical communications 20,000 Millions of yen |
| Assumptions Underlying the Business Outlook | Foreign exchange US dollar ¥148/USD / Chinese yuan ¥22/CNY / Operating profit sensitivity ¥1/USD yen appreciation Operating profit: -¥150 million (annualized) / ¥0.1/CNY yen appreciation Operating profit: +¥100 million (annualized) |
| Medium-term management plan targets | Profit attributable to owners of the parent margin 15% or higher / ROE At least 10% / Consolidated payout ratio At least 30% / Target fiscal year Not disclosed / Comparison with actual results Net profit margin 45.4 / ROE 28.7 |
| Financial targets | ROE Target At least 10% / Actual results 28.7 % / Equity ratio Not disclosed / Debt-to-equity ratio Not disclosed / ROIC Not disclosed |
| Annual Dividend | 56 yen per share |
| Payout ratio | 30 % or higher |
| Acquisition of treasury shares | Policy Flexible Share Repurchases / Buyback limit Not disclosed / Number of Shares Not disclosed / Period Not disclosed |
| Orders received and order backlog | Orders received 45,700 Million yen (cumulative 1Q–3Q, actual basis) (YoY +64.0%) / Order backlog 51,323 Millions of yen (YoY +88.6%) |
| Market Size / Share | Global smartphone unit sales 2026 1,060,000,000 Machines / yoy_pct -13.6 Machines / Capex by 5 US hyperscalers 2026 $7,590 billions / yoy_pct $102 billions / Share of orders related to optical communications Slightly more than 60% of optical component orders |
| New initiatives | Expansion of locations in India, Japan, Vietnam and Greater China, Launch of the silicon photonics business, Expansion into business areas involving optical thin-film equipment and materials companies, From the fiscal year ending December 2027 onward, the company plans to link its five core technologies and bring in adjacent related businesses |
Items this document does not state (7)
Self-assessment against the planUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookCapital expendituresKey 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.Operating profit benefited from progress in collecting on projects pending acceptance, while ordinary profit and net income benefited from improved investment gains at equity-method affiliates. Meanwhile, the gross margin declined due to the appreciation of the Chinese yuan. Orders benefited from the adoption of ADAS in automotive applications and demand for DUV inspection equipment used in semiconductor-related applications.
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