Worth reading
65In focus
Scored from 3 of 5 sectionsDirection
Improvement
Direction inferred from the company’s description.Scale
50
Payout ratio (%)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedROE0.0pt
基準 10Target10％
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).
What happened to the previous planPayout ratio of 26.6% during the period of the 9th Medium-Term Management Plan → Not disclosed
Statements about the use of capital
Payout ratio / DOE policyDuring the period of the 10th Medium-Term Management Plan (April 2026 to March 2031), the target payout ratio will be approximately 50%. The target total payout ratio will be 50% or higher.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 consider its financial position, capital efficiency and market conditions comprehensively and conduct flexible share buybacks.
Cost of capitalAssumed cost of equity of 7–9%The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR rose from around 0.8–1.0x in periods before the previous fiscal year to above 1.2x at the end of December 2025. The latest five-year averages for PBR, ROE and PER are 0.8–1.0x, 9.3% and 11.8x, respectively.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Expand the global sales network
02Accelerate product development for cutting-edge markets
03Build long-term relationships of trust with customers
04Achieve highly efficient production by leveraging advanced production technologies
05Establish a distinctive business leveraging customization capabilities
06Ensure stable procurement through a robust supplier network
07Provide shareholder returns targeting a payout ratio of approximately 50%
08Enhance dialogue with shareholders and investors
09Improving share liquidity
Plan assumptionsExpansion of markets such as IT and communications, semiconductors and automation investment; strong demand centered on AI-related markets; and continued growth in global markets.
Non-financial targetsExpand investor events, increase the number of individual meetings and create new opportunities for dialogue. The plans for fiscal 2025 include 2 earnings briefings, 4 small-group meetings, 1 plant tour and 142 individual meetings.
Reason for revision or withdrawal
To further improve capital efficiency and enhance shareholder returns
| Item | Details |
|---|---|
| Plan name | 10th Medium-Term Management Plan |
| Plan period | April 2026 to March 2031 (5 years) |
| Progress against the plan | Partially revised |
| ROE target | Continue to achieve ROE of 10% or higher → Continue to achieve ROE of 10% or higher |
| Payout ratio / DOE policy | During the period of the 10th Medium-Term Management Plan (April 2026 to March 2031), the target payout ratio will be approximately 50%. The target total payout ratio will be 50% or higher. |
| Treasury share acquisition policy | The company will consider its financial position, capital efficiency and market conditions comprehensively and conduct flexible share buybacks. |
| Cost of capital | Assumed cost of equity of 7–9% |
| Self-assessment of PBR and share price | PBR rose from around 0.8–1.0x in periods before the previous fiscal year to above 1.2x at the end of December 2025. The latest five-year averages for PBR, ROE and PER are 0.8–1.0x, 9.3% and 11.8x, respectively. |
| Non-financial targets | Expand investor events, increase the number of individual meetings and create new opportunities for dialogue. The plans for fiscal 2025 include 2 earnings briefings, 4 small-group meetings, 1 plant tour and 142 individual meetings. |
| Plan assumptions | Expansion of markets such as IT and communications, semiconductors and automation investment; strong demand centered on AI-related markets; and continued growth in global markets. |
| Key initiatives | Expand the global sales network, Accelerate product development for cutting-edge markets, Build long-term relationships of trust with customers, Achieve highly efficient production by leveraging advanced production technologies, Establish a distinctive business leveraging customization capabilities, Ensure stable procurement through a robust supplier network, Provide shareholder returns targeting a payout ratio of approximately 50%, Enhance dialogue with shareholders and investors, Improving share liquidity |
| Results under the previous plan | Payout ratio of 26.6% during the period of the 9th Medium-Term Management Plan → Not disclosed |
| Reason for revision or withdrawal | To further improve capital efficiency and enhance shareholder returns |
| Date of board resolution | 19 March 2026 |
| Publication date | 19 March 2026 |
Items this document does not state (10)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetTotal investment planInvestment amount by sectorSegment targetSize of the Target MarketRisks identified
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 shareholder return policy was reviewed to further improve capital efficiency and enhance shareholder returns.
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.