Worth reading
58In 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
2
Increase in operating profit margin target (percentage points)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales0.0%
基準 13Target13100 million
Operating profit margin+2.0pt
基準 12Target14%
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 planNot disclosed → Revenue of ¥10,040 million and achievement of the full-year operating profit forecast for the fiscal year ending February 2026
Key initiatives
01Expand sales and increase production capacity for new products, including high-power 266 nm models and 193 nm models for photomasks, in addition to existing products
02Strengthen the stable earnings base through further expansion of the maintenance business
03Develop and commercialize lasers for micromachining, centered on semiconductor back-end processes and the integration of optical sources
04Accelerate expansion into new inspection applications in semiconductor front-end processes, including PEEM (photoelectron microscopy)
05Continue stable shipments to major customers
06Advance prototyping and evaluation of scintillator single crystals for head-only PET scanners
07Consider and execute a capital investment strategy to expand the Faraday rotator business for data centers
08Maximize the use of strategic partnerships to expand quantum-related businesses, including lasers for quantum computers
09Advance the development of advanced materials, including TFLN, that contribute to new developments in co-packaged optics and quantum applications
10Accelerate device evaluations of solution-processed p-type SiC wafers and establish mass-production technology
11Improve profitability to achieve the Medium-Term Management Targets ahead of schedule
12Balance strategic investment in growth and new fields with financial discipline
Plan assumptionsThe semiconductor manufacturing equipment (WFE) market will expand at a CAGR of 10% over the four-year period from 2023 to 2026, Semiconductor business revenue will grow at a CAGR of 27% over the same period, The PET scanner market will grow over the long term at a CAGR of approximately 5%, The market for Alzheimer's disease treatments is expected to grow at a CAGR of 10.1%
Segment targetSegment Semiconductors / Sales Target ¥7.9 billion, Segment Healthcare / Sales Target ¥2.3 billion, Segment New domain / Sales Target ¥2.8 billion
Size of the Target MarketGlobal photonics components market: More than approximately ¥5.7 trillion. Source: 2026 SPIE Global Industry Report (the $381 billion figure converted at $1 = ¥150), Deep-ultraviolet laser market in the semiconductor market (TAM): Approximately ¥150 billion. Source: Global Industry Analysts market research materials, Laser light source market for wafer defect inspection equipment in semiconductor front-end processes (SAM): Approximately ¥22 billion. Source: Company estimate based on various market data and customer information, PET scanner market: $2,177 million in 2023, $2,960 million in 2026, $4,307 million in 2034, and a CAGR of approximately 5%. Source: Fortune Business Insights
Risks identified by the company
Geopolitical risks, particularly the uncertain situation in the Middle East and the prolongation of conflicts
Slower sales resulting from boycotts of Israeli products in certain regions
Deteriorating profitability due to rising inflation in Israel and higher material costs
Reason for revision or withdrawal
The decline in revenue resulting from the transfer of shares in Raicol will be offset by growth in the semiconductor and new businesses. The original operating profit margin target is 12%, but this is scheduled to be achieved one year ahead of schedule, in the fiscal year ending February 2028. Accordingly, the target for the fiscal year ending February 2029 has been revised upward to 14%.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Targets |
| Plan period | Starting fiscal year Not disclosed / Final year Fiscal year ending February 2029 |
| Progress against the plan | Partially revised |
| Sales Target | ¥13.0 billion → ¥13.0 billion |
| Operating profit margin target | 12% → 14% |
| Segment target | Segment Semiconductors / Sales Target ¥7.9 billion, Segment Healthcare / Sales Target ¥2.3 billion, Segment New domain / Sales Target ¥2.8 billion |
| Plan assumptions | The semiconductor manufacturing equipment (WFE) market will expand at a CAGR of 10% over the four-year period from 2023 to 2026, Semiconductor business revenue will grow at a CAGR of 27% over the same period, The PET scanner market will grow over the long term at a CAGR of approximately 5%, The market for Alzheimer's disease treatments is expected to grow at a CAGR of 10.1% |
| Key initiatives | Expand sales and increase production capacity for new products, including high-power 266 nm models and 193 nm models for photomasks, in addition to existing products, Strengthen the stable earnings base through further expansion of the maintenance business, Develop and commercialize lasers for micromachining, centered on semiconductor back-end processes and the integration of optical sources, Accelerate expansion into new inspection applications in semiconductor front-end processes, including PEEM (photoelectron microscopy), Continue stable shipments to major customers, Advance prototyping and evaluation of scintillator single crystals for head-only PET scanners, Consider and execute a capital investment strategy to expand the Faraday rotator business for data centers, Maximize the use of strategic partnerships to expand quantum-related businesses, including lasers for quantum computers, Advance the development of advanced materials, including TFLN, that contribute to new developments in co-packaged optics and quantum applications, Accelerate device evaluations of solution-processed p-type SiC wafers and establish mass-production technology, Improve profitability to achieve the Medium-Term Management Targets ahead of schedule, Balance strategic investment in growth and new fields with financial discipline |
| Results under the previous plan | Not disclosed → Revenue of ¥10,040 million and achievement of the full-year operating profit forecast for the fiscal year ending February 2026 |
| Reason for revision or withdrawal | The decline in revenue resulting from the transfer of shares in Raicol will be offset by growth in the semiconductor and new businesses. The original operating profit margin target is 12%, but this is scheduled to be achieved one year ahead of schedule, in the fiscal year ending February 2028. Accordingly, the target for the fiscal year ending February 2029 has been revised upward to 14%. |
| Size of the Target Market | Global photonics components market: More than approximately ¥5.7 trillion. Source: 2026 SPIE Global Industry Report (the $381 billion figure converted at $1 = ¥150), Deep-ultraviolet laser market in the semiconductor market (TAM): Approximately ¥150 billion. Source: Global Industry Analysts market research materials, Laser light source market for wafer defect inspection equipment in semiconductor front-end processes (SAM): Approximately ¥22 billion. Source: Company estimate based on various market data and customer information, PET scanner market: $2,177 million in 2023, $2,960 million in 2026, $4,307 million in 2034, and a CAGR of approximately 5%. Source: Fortune Business Insights |
| Risks identified | Geopolitical risks, particularly the uncertain situation in the Middle East and the prolongation of conflicts, Slower sales resulting from boycotts of Israeli products in certain regions, Deteriorating profitability due to rising inflation in Israel and higher material costs |
| Publication date | May 2026 |
Items this document does not state (12)
Operating profit targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorNon-financial targetsDate 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.To offset the decline in revenue resulting from the transfer of shares in Raicol through growth in the semiconductor and new businesses. In addition, because the original operating profit margin target of 12% is scheduled to be achieved one year ahead of schedule, in the fiscal year ending February 2028, the target for the fiscal year ending February 2029 has been revised upward.
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.