Worth reading
66In focus
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
9000
¥ million (increase in revenue versus the FY26 plan)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+10.6%
基準 85,000Target94,000million
Operating profit+142.4%
基準 3,300Target8,000million
Operating profit margin+4.6pt
基準 3.9Target8.5%
Net income for the current fiscal year+69.2%
基準 6,500Target11,000million
ROE+2.4pt
基準 5.6Target8%
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 plan¥28.0 billion over 3 years (growth investment during the Eighth Medium-Term Management Plan period) → Not disclosed
Total investment plan¥40–60 billion over 3 years (growth investment; total investment over the full plan period is not disclosed)
Investment amount by sectorField Growth investment (cash allocation) / Amount ¥20–40 billion, Field Recurring capital expenditure / Amount ¥5 billion, Field M&A / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyAnnual dividends per share will remain unchanged at ¥115 during the Ninth Medium-Term Management Plan period (fiscal years 2027 to 2029). Total dividends will be kept within core net profit excluding gains on the sale of investment securities, and the target total payout ratio will be 70% of consolidated net income plus α.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 repurchases of up to ¥27.0 billion are planned during the Ninth Medium-Term Management Plan period (fiscal years 2027 to 2029), excluding the ¥17.0 billion repurchase authorization announced on 31 July 2026. Repurchases will be carried out flexibly based on a comprehensive assessment of business performance, the share price level, and stock market conditions, among other factors.
Cost of capitalCost of equity: 5.4%–6.4% (FY25 actual)The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceThe plan refers to "management with awareness of capital profitability and the share price." The assessment that PBR and the share price are at low levels, as well as specific share price and PBR figures, are not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Growth areas
02Core areas
03Restructuring areas
04Advancement of solutions
05Regional systems strategy
06Expand growth areas in the healthcare market
07Deepen and expand the business in the V&S market
08Enhance the reliability and sophistication of hardware supporting customers' decision-making
09Maximize value through monitors and related offerings
10Investment in human resources to support growth
11Promotion of sustainability
12Advance quality management solutions using AI technology
13Expand software and service businesses
14Strengthen the surgical monitor lineup
15Package AI video applications
16Accelerate collaboration with overseas SI partners
17Strengthen the overseas sales platform
18Expand products for emerging markets
19Develop and strengthen local sales and service structures
20Optimize the product lineup
21Redefine markets and customer segments to strengthen product competitiveness and sales
Plan assumptionsThe plan states that it includes risks such as foreign exchange fluctuations, demand fluctuations, and procurement risks. Assumptions regarding quantified exchange rates, market growth rates, raw material prices, and other factors are not disclosed.
Segment targetSegment Healthcare / Net Sales FY26 plan: ¥37.8 billion; FY29 target: ¥43.2 billion, Segment V&S / Net Sales FY26 plan: ¥20.9 billion; FY29 target: ¥23.8 billion, Segment B&P / Creative Work / Net Sales FY26 plan: ¥15.7 billion; FY29 target: ¥18.6 billion, Segment Amusement / Net Sales FY26 plan: ¥10.6 billion; FY29 target: ¥8.4 billion
Non-financial targetsIndicator Qualified personnel and reskilling in DX/AI / Target value 100 people / Timing Not disclosed, Indicator Engagement score / Target value FY25 +0.5 percentage points / Timing Not disclosed, Indicator GHG emissions, Scope 1 + 2 (versus fiscal 2019) / Target value 70.0% reduction / Timing FY2030, Indicator GHG emissions, Scope 3 / Target value 27.5% reduction / Timing FY2030, Indicator Recycled plastic usage rate in finished products / Target value 70.0％ / Timing FY2030, Indicator Reduction in waste generated at business sites per unit produced (versus fiscal 2019) / Target value 15.0％ / Timing FY2030
Risks identified by the company
Foreign Exchange Fluctuations
Demand Fluctuations
Procurement risk
Other known and unknown risks and uncertainties
Reason for revision or withdrawal
The plan is positioned as "three years of evolution into a video solutions company and reform of the earnings structure," with the aim of pursuing profit growth and sustainable business growth.
| Item | Details |
|---|---|
| Plan name | Ninth Medium-Term Management Plan |
| Plan period | FY2027–FY2029 |
| Progress against the plan | Formulated |
| Sales Target | ¥85,000 million → ¥94,000 million（+10.6%） |
| Operating profit target | ¥3,300 million → ¥8,000 million（+142.4%） |
| Operating profit margin target | 3.9 % → 8.5 % |
| Net income target | ¥6,500 million → ¥11,000 million（+69.2%） |
| ROE target | 5.6 % → 8 % |
| Payout ratio / DOE policy | Annual dividends per share will remain unchanged at ¥115 during the Ninth Medium-Term Management Plan period (fiscal years 2027 to 2029). Total dividends will be kept within core net profit excluding gains on the sale of investment securities, and the target total payout ratio will be 70% of consolidated net income plus α. |
| Treasury share acquisition policy | Share repurchases of up to ¥27.0 billion are planned during the Ninth Medium-Term Management Plan period (fiscal years 2027 to 2029), excluding the ¥17.0 billion repurchase authorization announced on 31 July 2026. Repurchases will be carried out flexibly based on a comprehensive assessment of business performance, the share price level, and stock market conditions, among other factors. |
| Cost of capital | Cost of equity: 5.4%–6.4% (FY25 actual) |
| Self-assessment of PBR and share price | The plan refers to "management with awareness of capital profitability and the share price." The assessment that PBR and the share price are at low levels, as well as specific share price and PBR figures, are not disclosed. |
| Total investment plan | ¥40–60 billion over 3 years (growth investment; total investment over the full plan period is not disclosed) |
| Investment amount by sector | Field Growth investment (cash allocation) / Amount ¥20–40 billion, Field Recurring capital expenditure / Amount ¥5 billion, Field M&A / Amount Not disclosed |
| Segment target | Segment Healthcare / Net Sales FY26 plan: ¥37.8 billion; FY29 target: ¥43.2 billion, Segment V&S / Net Sales FY26 plan: ¥20.9 billion; FY29 target: ¥23.8 billion, Segment B&P / Creative Work / Net Sales FY26 plan: ¥15.7 billion; FY29 target: ¥18.6 billion, Segment Amusement / Net Sales FY26 plan: ¥10.6 billion; FY29 target: ¥8.4 billion |
| Non-financial targets | Indicator Qualified personnel and reskilling in DX/AI / Target value 100 people / Timing Not disclosed, Indicator Engagement score / Target value FY25 +0.5 percentage points / Timing Not disclosed, Indicator GHG emissions, Scope 1 + 2 (versus fiscal 2019) / Target value 70.0% reduction / Timing FY2030, Indicator GHG emissions, Scope 3 / Target value 27.5% reduction / Timing FY2030, Indicator Recycled plastic usage rate in finished products / Target value 70.0％ / Timing FY2030, Indicator Reduction in waste generated at business sites per unit produced (versus fiscal 2019) / Target value 15.0％ / Timing FY2030 |
| Plan assumptions | The plan states that it includes risks such as foreign exchange fluctuations, demand fluctuations, and procurement risks. Assumptions regarding quantified exchange rates, market growth rates, raw material prices, and other factors are not disclosed. |
| Key initiatives | Growth areas, Core areas, Restructuring areas, Advancement of solutions, Regional systems strategy, Expand growth areas in the healthcare market, Deepen and expand the business in the V&S market, Enhance the reliability and sophistication of hardware supporting customers' decision-making, Maximize value through monitors and related offerings, Investment in human resources to support growth, Promotion of sustainability, Advance quality management solutions using AI technology, Expand software and service businesses, Strengthen the surgical monitor lineup, Package AI video applications, Accelerate collaboration with overseas SI partners, Strengthen the overseas sales platform, Expand products for emerging markets, Develop and strengthen local sales and service structures, Optimize the product lineup, Redefine markets and customer segments to strengthen product competitiveness and sales |
| Results under the previous plan | ¥28.0 billion over 3 years (growth investment during the Eighth Medium-Term Management Plan period) → Not disclosed |
| Reason for revision or withdrawal | The plan is positioned as "three years of evolution into a video solutions company and reform of the earnings structure," with the aim of pursuing profit growth and sustainable business growth. |
| Risks identified | Foreign Exchange Fluctuations, Demand Fluctuations, Procurement risk, Other known and unknown risks and uncertainties |
| Publication date | 30 October 2026 |
Items this document does not state (3)
ROIC targetSize of the Target MarketDate 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 plan is positioned as "three years of evolution into a video solutions company and reform of the earnings structure," with the aim of pursuing profit growth and sustainable business growth. The company intends to strengthen its business portfolio based on growth potential and profitability, and to focus management resources on growth areas.
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