Worth reading
87Important
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
93
¥10 billion (FY2028 revenue target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedROE+3.0pt
基準 2,025Target2,028％
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).
Net SalesFY2025 actual ¥5,784 million / FY2027 / Medium-Term Management Plan R2027 ¥7.30 billion → ¥9,300 million
Operating profitFY2025 actual －¥70 million / FY2027 / Medium-Term Management Plan R2027 ¥769 million → ¥1,500 million
Operating profit marginFY2025 actual △1.2％ / FY2027 / Medium-Term Management Plan R2027 10.5％ → 16％
ROICFY2025 actual △0.7％ / FY2027 / Medium-Term Management Plan R2027 7.5％ → At least 13%
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planNet Sales ¥7.30 billion / Operating profit ¥769 million / Operating profit margin 10.5％ / ROIC 7.5％ → Net Sales ¥5,784 million / Operating profit －¥70 million / Operating profit margin △1.2％ / ROIC △0.7％
Investment amount by sectorField Capital expenditures (for high-frequency and tuning-fork devices) / Amount Approximately ¥3.10 billion
Statements about the use of capital
Payout ratio / DOE policyThe Company will use a consolidated net income payout ratio of 20% as a guideline and seek to provide stable dividends through the long-term, stable enhancement of corporate value. The applicable period is the period covered by the current Medium-Term Management Plan. The introduction of DOE is being deferred at this time and will be considered in the future.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 prioritize reducing interest-bearing debt and conduct share buybacks flexibly while taking into consideration factors including the status of free cash flow.
Cost of capitalThe Company recognizes a cost of equity of approximately 8.5% and WACC of approximately 5.0%. The cost of equity is estimated to range from 7.5% to 9.0%, and WACC from 4.0% to 5.5%.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Key initiatives
01Earning customer satisfaction and trust
02Creating value through original ideas
03Strengthening earnings power and cash-generating capacity through structural reform
04Establishing and strengthening a sustainable management foundation
05Aiming for the No. 1 share in small tuning-fork crystal resonators
06Securing IC reference registration
07Making KoT-cut devices the new normal in the AI era
08Enhancing product capabilities
09Optimizing the development portfolio
10Optimizing inventories
11Improving throughput
12Strengthening design-in activities
13Avoiding missed market launch opportunities
Plan assumptionsThe semiconductor market in 2027 is forecast to grow 26.6% year on year to approximately ¥300 trillion (Source: WSTS Spring 2026 Semiconductor Market Forecast), The automotive electrical systems market is expected to reach ¥85.6 trillion in 2035, up 69.5% from 2024 (Source: Fuji Keizai Co., Ltd.), The automotive sensor market is expected to grow from $38.5 billion in 2026 to $81.8 billion in 2030, representing a CAGR of 8.7% (Source: Global Market Insights Inc.), The global blood glucose monitoring device market is expected to grow from $15.0 billion in 2025 to $22.0 billion in 2030, representing a CAGR of 8% (Source: Knowledge Sourcing Intelligence), The global number of people with diabetes is forecast to increase from 580 million in 2024 to 850 million in 2050 (Source: IDF Diabetes Atlas 11th Edition), The 1.6T transceiver market is expected to grow from $3.12 billion in 2024 to $5.6 billion in 2030, representing a CAGR of 10.2% (Source: Emergen Research), 1.6T Ethernet is expected to become the volume segment within data centers in 2028.
Segment targetSegment / product TFX-05X / Target By the 84th fiscal year, net sales approximately 1.4 times higher and an operating margin of 30%
Non-financial targetsIndicator Stable supply capacity for core products / Target At least 100 million units annually / Timing Medium-term plan period
Size of the Target MarketMarket Semiconductor Market / Dimensions Approximately ¥300 trillion in 2027, up 26.6% year on year / Source WSTS Spring 2026 Semiconductor Market Forecast, Market Automotive electrical systems market / Dimensions ¥85.6 trillion in 2035, up 69.5% from 2024 / Source Fuji Keizai Co., Ltd., “Comprehensive Survey of Automotive Electrical Devices & Components 2026, Vol. 1: Systems/Devices”, Market Automotive sensor market / Dimensions $38.5 billion in 2026, $81.8 billion in 2030, CAGR of 8.7% / Source Global Market Insights Inc., Market Global blood glucose monitoring device market / Dimensions $15.0 billion in 2025, $22.0 billion in 2030, CAGR of 8% / Source Knowledge Sourcing Intelligence, “Global Blood Glucose Monitoring Device Market—Forecast 2025–2030”, Market 1.6T transceiver market / Dimensions $3.12 billion in 2024, $5.6 billion in 2030, CAGR of 10.2% / Source Emergen Research「1.6T Optical Transceiver Market (2024-2034)」
Risks identified by the company
Economic Conditions
Economic Trends
Foreign Exchange Movements
Innovation in related technologies and fluctuations in demand
Development and production capacity
Intensifying competition from silicon MEMS
Price competition from Chinese manufacturers of commodity products
Labor shortages at the Company’s own factories
Geopolitical risk
Requirements to decarbonize the entire supply chain
Reason for revision or withdrawal
Although demand for the Company’s focus markets, including automotive, medical and healthcare, and industrial equipment (IoT wireless communications), remained strong, profitability deteriorated due to a worsening product mix resulting from a sharp decline in orders for the Company’s mainstay smartphone applications, as well as higher raw material prices, labor costs and other expenses. As the arrival of the AI and IoT era is increasing the importance of crystal devices and expanding growth opportunities, the Company will further accelerate the transformation of its business portfolio and strengthen its earnings power and cash-generating capacity.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan R2028 |
| Plan period | Three years from fiscal 2026 through fiscal 2028 |
| Progress against the plan | Formulated |
| Sales Target | FY2025 actual ¥5,784 million / FY2027 / Medium-Term Management Plan R2027 ¥7.30 billion → ¥9,300 million |
| Operating profit target | FY2025 actual －¥70 million / FY2027 / Medium-Term Management Plan R2027 ¥769 million → ¥1,500 million |
| Operating profit margin target | FY2025 actual △1.2％ / FY2027 / Medium-Term Management Plan R2027 10.5％ → 16％ |
| ROE target | FY2025 actual: (0.3)% → FY2028: at least 27% |
| ROIC target | FY2025 actual △0.7％ / FY2027 / Medium-Term Management Plan R2027 7.5％ → At least 13% |
| Payout ratio / DOE policy | The Company will use a consolidated net income payout ratio of 20% as a guideline and seek to provide stable dividends through the long-term, stable enhancement of corporate value. The applicable period is the period covered by the current Medium-Term Management Plan. The introduction of DOE is being deferred at this time and will be considered in the future. |
| Treasury share acquisition policy | The Company will prioritize reducing interest-bearing debt and conduct share buybacks flexibly while taking into consideration factors including the status of free cash flow. |
| Cost of capital | The Company recognizes a cost of equity of approximately 8.5% and WACC of approximately 5.0%. The cost of equity is estimated to range from 7.5% to 9.0%, and WACC from 4.0% to 5.5%. |
| Investment amount by sector | Field Capital expenditures (for high-frequency and tuning-fork devices) / Amount Approximately ¥3.10 billion |
| Segment target | Segment / product TFX-05X / Target By the 84th fiscal year, net sales approximately 1.4 times higher and an operating margin of 30% |
| Non-financial targets | Indicator Stable supply capacity for core products / Target At least 100 million units annually / Timing Medium-term plan period |
| Plan assumptions | The semiconductor market in 2027 is forecast to grow 26.6% year on year to approximately ¥300 trillion (Source: WSTS Spring 2026 Semiconductor Market Forecast), The automotive electrical systems market is expected to reach ¥85.6 trillion in 2035, up 69.5% from 2024 (Source: Fuji Keizai Co., Ltd.), The automotive sensor market is expected to grow from $38.5 billion in 2026 to $81.8 billion in 2030, representing a CAGR of 8.7% (Source: Global Market Insights Inc.), The global blood glucose monitoring device market is expected to grow from $15.0 billion in 2025 to $22.0 billion in 2030, representing a CAGR of 8% (Source: Knowledge Sourcing Intelligence), The global number of people with diabetes is forecast to increase from 580 million in 2024 to 850 million in 2050 (Source: IDF Diabetes Atlas 11th Edition), The 1.6T transceiver market is expected to grow from $3.12 billion in 2024 to $5.6 billion in 2030, representing a CAGR of 10.2% (Source: Emergen Research), 1.6T Ethernet is expected to become the volume segment within data centers in 2028. |
| Key initiatives | Earning customer satisfaction and trust, Creating value through original ideas, Strengthening earnings power and cash-generating capacity through structural reform, Establishing and strengthening a sustainable management foundation, Aiming for the No. 1 share in small tuning-fork crystal resonators, Securing IC reference registration, Making KoT-cut devices the new normal in the AI era, Enhancing product capabilities, Optimizing the development portfolio, Optimizing inventories, Improving throughput, Strengthening design-in activities, Avoiding missed market launch opportunities |
| Results under the previous plan | Net Sales ¥7.30 billion / Operating profit ¥769 million / Operating profit margin 10.5％ / ROIC 7.5％ → Net Sales ¥5,784 million / Operating profit －¥70 million / Operating profit margin △1.2％ / ROIC △0.7％ |
| Reason for revision or withdrawal | Although demand for the Company’s focus markets, including automotive, medical and healthcare, and industrial equipment (IoT wireless communications), remained strong, profitability deteriorated due to a worsening product mix resulting from a sharp decline in orders for the Company’s mainstay smartphone applications, as well as higher raw material prices, labor costs and other expenses. As the arrival of the AI and IoT era is increasing the importance of crystal devices and expanding growth opportunities, the Company will further accelerate the transformation of its business portfolio and strengthen its earnings power and cash-generating capacity. |
| Size of the Target Market | Market Semiconductor Market / Dimensions Approximately ¥300 trillion in 2027, up 26.6% year on year / Source WSTS Spring 2026 Semiconductor Market Forecast, Market Automotive electrical systems market / Dimensions ¥85.6 trillion in 2035, up 69.5% from 2024 / Source Fuji Keizai Co., Ltd., “Comprehensive Survey of Automotive Electrical Devices & Components 2026, Vol. 1: Systems/Devices”, Market Automotive sensor market / Dimensions $38.5 billion in 2026, $81.8 billion in 2030, CAGR of 8.7% / Source Global Market Insights Inc., Market Global blood glucose monitoring device market / Dimensions $15.0 billion in 2025, $22.0 billion in 2030, CAGR of 8% / Source Knowledge Sourcing Intelligence, “Global Blood Glucose Monitoring Device Market—Forecast 2025–2030”, Market 1.6T transceiver market / Dimensions $3.12 billion in 2024, $5.6 billion in 2030, CAGR of 10.2% / Source Emergen Research「1.6T Optical Transceiver Market (2024-2034)」 |
| Risks identified | Economic Conditions, Economic Trends, Foreign Exchange Movements, Innovation in related technologies and fluctuations in demand, Development and production capacity, Intensifying competition from silicon MEMS, Price competition from Chinese manufacturers of commodity products, Labor shortages at the Company’s own factories, Geopolitical risk, Requirements to decarbonize the entire supply chain |
| Publication date | 12 June 2026 |
Items this document does not state (4)
Net income targetSelf-assessment of PBR and share priceTotal investment planDate 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.As the importance of and growth opportunities for crystal devices increase with the arrival of the AI and IoT era, the Company will further accelerate the transformation of its business portfolio and strengthen its earnings power and cash-generating capacity, which are urgent issues.
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