Worth reading
84Important
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
4100
¥100 million (fiscal 2030 sales revenue target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.2%
基準 2,025Target2,030Hundreds of millions of yen
Operating profit margin+5.0pt
基準 2,025Target2,030Business profit margin (%)
ROE+5.0pt
基準 2,025Target2,030%
ROIC+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.
What happened to the previous planSales revenue of at least ¥370.0 billion, business profit margin of at least 5.0%, EBITDA margin of at least 10%, ROE of at least 10%, ROIC of at least 9%, D/E ratio of no more than 0.6x, and PBR above 1.0x (VISION2025 fiscal 2025 targets) → Sales revenue of ¥356.9 billion, business profit margin of 5.9%, EBITDA margin of 11.7%, ROE of 12.5%, ROIC of 8.9%, D/E ratio of 0.5x, and PBR of 1.07x (fiscal 2025 actual)0.0%Calculated from the two disclosed figures
Total investment planAt least ¥200.0 billion (total for the five years from 2026 through 2030)
Investment amount by sectorField Strategic Investment / Amount At least ¥90.0 billion / Details M&A centered on the wireless systems business, Field Growth Investment / Amount ¥110.0 billion / Details Investment in growth aligned with the business portfolio strategy
Statements about the use of capital
Payout ratio / DOE policyThe company will target a total payout ratio of approximately 30–45%. It aims to maintain stable dividends and increase dividends continuously. The policy covers the five-year period from fiscal 2026 through fiscal 2030.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 policyShare buybacks will be conducted flexibly within the total payout ratio while maintaining financial soundness and securing investment in growth businesses.
Cost of capitalCost of shareholders’ equity: approximately 7%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 was 1.07x as of 31 March 2026. The PBR target under “VISION2025” was above 1.0x. The company has set out its intention to advance management with greater focus on the cost of capital and share price.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Aggressive investment in the wireless systems business
02Management focused on capital efficiency
03Strengthening the management base supporting sustainable growth
04Deepening sustainability-focused management
05Expanding sales in the public safety market
06Expanding into global markets outside North America
07Expanding the addressable market through full-scale entry into hybrid fields
08Executing a component strategy to strengthen competitiveness in response to component supply risks and the increasing multifunctionality of products
09Expanding the overseas OEM business, where market growth is expected
10Securing a dominant position in the domestic OEM equipment business as its competitive landscape changes
11Reviewing the business structure of the aftermarket business and pursuing a qualitative transformation while establishing a competitive advantage
12Expanding growth in the entertainment business and improving profitability in the media business
13Strengthening supply chain management
14Evolving toward AI-driven management
15Technology and intellectual property strategy
16Human Capital Management
Plan assumptionsThe North American public safety market is expected to grow from US$4.3B in 2025 to US$5.0B in 2030, representing a CAGR of 3.1%. The global public safety market outside North America is expected to grow from US$3.4B in 2025 to US$5.9B in 2030, representing a CAGR of 11.7%. The global professional wireless communications market is expected to grow from US$10.8B in 2025 to US$17.7B in 2030, approximately 1.6 times its 2025 level. The company expects its OEM business to be affected by yen depreciation and tariffs.
Segment targetSegment Safety & Security / Revenue At least ¥145.0 billion / Business profit margin At least 17%, Segment Mobility & Telematics Services / Revenue ¥200 billion or more / Business profit margin 5% or more, Segment Entertainment Solutions / Revenue At least ¥60.0 billion / Business profit margin 5% or more
Non-financial targetsIndicator North American public safety market share / Target 10% / Timing VISION2030 period, Indicator Employee Engagement / Target At least 70% / Timing VISION2030 period, Indicator Participants in corporate culture reform workshops / Target 1,500 people over five years / Timing VISION2030 period, Indicator Percentage of women in management positions / Target 10% or higher / Timing VISION2030 period, Indicator Women hired / Target At least 150 over five years / Timing VISION2030 period, Indicator Absenteeism / Target Below 1% / Timing VISION2030 period, Indicator Presenteeism / Target At least 94% / Timing VISION2030 period
Size of the Target MarketNorth American public safety market: US$4.3B in 2025 and US$5.0B in 2030. Global public safety market outside North America: US$3.4B in 2025 and US$5.9B in 2030. Global professional wireless communications market: US$10.8B in 2025 and US$17.7B in 2030. Source for all figures: company estimates based on various market reports.
Risks identified by the company
Rising geopolitical and trade risks
Increasing macroeconomic uncertainty
Supply chain constraints and higher raw material prices
Changes in demand structures arising from the increased emphasis on economic security
Technological changes, including business transformation driven by AI, quantum computing, and data utilization
Sharp fluctuations in economic conditions in key markets and product supply and demand
Trade restrictions and other regulations in key domestic and overseas markets
Significant fluctuations in exchange rates for the US dollar, euro, and other currencies against the yen
Significant fluctuations in capital market prices
Changes in social infrastructure resulting from rapid technological change and other factors
| Item | Details |
|---|---|
| Plan name | New Medium-Term Management Plan “VISION2030” |
| Plan period | Fiscal 2026–fiscal 2030 (five years) |
| Progress against the plan | Formulated |
| Sales Target | ¥356.9 billion (fiscal 2025 actual; sales revenue) → At least ¥410.0 billion (fiscal 2030 management target; target level of at least ¥500.0 billion)（At least 14.9%） |
| Operating profit margin target | 5.9% (fiscal 2025 actual; business profit margin) → At least 9% (fiscal 2030 target; business profit margin)（At least 52.5%） |
| ROE target | 12.5% (fiscal 2025 actual) → At least 11% (fiscal 2030, on a stable basis) |
| ROIC target | 8.9% (fiscal 2025 actual) → At least 10% (fiscal 2030, on a stable basis)（At least 12.4%） |
| Payout ratio / DOE policy | The company will target a total payout ratio of approximately 30–45%. It aims to maintain stable dividends and increase dividends continuously. The policy covers the five-year period from fiscal 2026 through fiscal 2030. |
| Treasury share acquisition policy | Share buybacks will be conducted flexibly within the total payout ratio while maintaining financial soundness and securing investment in growth businesses. |
| Cost of capital | Cost of shareholders’ equity: approximately 7% |
| Self-assessment of PBR and share price | PBR was 1.07x as of 31 March 2026. The PBR target under “VISION2025” was above 1.0x. The company has set out its intention to advance management with greater focus on the cost of capital and share price. |
| Total investment plan | At least ¥200.0 billion (total for the five years from 2026 through 2030) |
| Investment amount by sector | Field Strategic Investment / Amount At least ¥90.0 billion / Details M&A centered on the wireless systems business, Field Growth Investment / Amount ¥110.0 billion / Details Investment in growth aligned with the business portfolio strategy |
| Segment target | Segment Safety & Security / Revenue At least ¥145.0 billion / Business profit margin At least 17%, Segment Mobility & Telematics Services / Revenue ¥200 billion or more / Business profit margin 5% or more, Segment Entertainment Solutions / Revenue At least ¥60.0 billion / Business profit margin 5% or more |
| Non-financial targets | Indicator North American public safety market share / Target 10% / Timing VISION2030 period, Indicator Employee Engagement / Target At least 70% / Timing VISION2030 period, Indicator Participants in corporate culture reform workshops / Target 1,500 people over five years / Timing VISION2030 period, Indicator Percentage of women in management positions / Target 10% or higher / Timing VISION2030 period, Indicator Women hired / Target At least 150 over five years / Timing VISION2030 period, Indicator Absenteeism / Target Below 1% / Timing VISION2030 period, Indicator Presenteeism / Target At least 94% / Timing VISION2030 period |
| Plan assumptions | The North American public safety market is expected to grow from US$4.3B in 2025 to US$5.0B in 2030, representing a CAGR of 3.1%. The global public safety market outside North America is expected to grow from US$3.4B in 2025 to US$5.9B in 2030, representing a CAGR of 11.7%. The global professional wireless communications market is expected to grow from US$10.8B in 2025 to US$17.7B in 2030, approximately 1.6 times its 2025 level. The company expects its OEM business to be affected by yen depreciation and tariffs. |
| Key initiatives | Aggressive investment in the wireless systems business, Management focused on capital efficiency, Strengthening the management base supporting sustainable growth, Deepening sustainability-focused management, Expanding sales in the public safety market, Expanding into global markets outside North America, Expanding the addressable market through full-scale entry into hybrid fields, Executing a component strategy to strengthen competitiveness in response to component supply risks and the increasing multifunctionality of products, Expanding the overseas OEM business, where market growth is expected, Securing a dominant position in the domestic OEM equipment business as its competitive landscape changes, Reviewing the business structure of the aftermarket business and pursuing a qualitative transformation while establishing a competitive advantage, Expanding growth in the entertainment business and improving profitability in the media business, Strengthening supply chain management, Evolving toward AI-driven management, Technology and intellectual property strategy, Human Capital Management |
| Results under the previous plan | Sales revenue of at least ¥370.0 billion, business profit margin of at least 5.0%, EBITDA margin of at least 10%, ROE of at least 10%, ROIC of at least 9%, D/E ratio of no more than 0.6x, and PBR above 1.0x (VISION2025 fiscal 2025 targets) → Sales revenue of ¥356.9 billion, business profit margin of 5.9%, EBITDA margin of 11.7%, ROE of 12.5%, ROIC of 8.9%, D/E ratio of 0.5x, and PBR of 1.07x (fiscal 2025 actual) |
| Size of the Target Market | North American public safety market: US$4.3B in 2025 and US$5.0B in 2030. Global public safety market outside North America: US$3.4B in 2025 and US$5.9B in 2030. Global professional wireless communications market: US$10.8B in 2025 and US$17.7B in 2030. Source for all figures: company estimates based on various market reports. |
| Risks identified | Rising geopolitical and trade risks, Increasing macroeconomic uncertainty, Supply chain constraints and higher raw material prices, Changes in demand structures arising from the increased emphasis on economic security, Technological changes, including business transformation driven by AI, quantum computing, and data utilization, Sharp fluctuations in economic conditions in key markets and product supply and demand, Trade restrictions and other regulations in key domestic and overseas markets, Significant fluctuations in exchange rates for the US dollar, euro, and other currencies against the yen, Significant fluctuations in capital market prices, Changes in social infrastructure resulting from rapid technological change and other factors |
| Publication date | 1 May 2026 |
Items this document does not state (4)
Operating profit targetNet income targetReason for revision or withdrawalDate 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.The company aims to further develop “Transformation and Growth,” the theme of “VISION2025,” refine its business portfolio strategy, and advance management with greater focus on the cost of capital and share price. It has also formulated a long-term, five-year plan in light of the long-term nature of its businesses and changes in market structures.
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