Worth reading
70In 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
—
Displayed only when the document provides numerical figures.Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+8.6%
基準 70Target76100 million
Operating profit-13.3%
基準 10.5Target9.1100 million
Operating profit margin-3.0pt
基準 15Target12％
Net income for the current fiscal year-11.8%
基準 7.6Target6.7100 million
ROE0.0pt
基準 12Target12％
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 plan11.0% (initial target) → 10.0% (FY2025 actual)+18,309.1%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyA dividend payout ratio of at least 40%. During the medium-term management plan period (FY2025-FY2027), the company targets a total payout ratio of at least 50% on a cumulative 3-year basis and has a policy of not reducing dividends.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 conduct share repurchases flexibly. It decided to repurchase shares in November 2025.
Cost of capitalCost of equity of approximately 10% (approximately 8% previously)The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceAs of the end of March 2026, the company’s PBR was 1.03x and its PER was 11.0x, which it considers to remain undervalued. The share price as of the end of March 2026 was ¥2,973.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Improving Profitability
02Financial Strategy and Shareholder Returns
03Strengthening IR activities
04Enhancing product value
05Improving manufacturing efficiency
Risks identified by the company
Intensifying competition in the Chinese market for the Equipment business
Decline in contract testing services as the EV market slows
Reason for revision or withdrawal
The targets were revised based on performance in the first year, FY2025. Profitability deteriorated because of intensifying competition in the Chinese market for the Equipment business and a decline in contract testing services as the EV market slowed.
| Item | Details |
|---|---|
| Plan name | PROGRESSIVE PLUS 2027 |
| Plan period | FY2025-FY2027 |
| Progress against the plan | Partially revised |
| Sales Target | ¥70.0 billion → ¥76.0 billion |
| Operating profit target | ¥10.5 billion → ¥9.1 billion |
| Operating profit margin target | 15.0％ → 12.0％ |
| Net income target | ¥7.6 billion → ¥6.7 billion |
| ROE target | At least 12.0% → At least 12.0% |
| Payout ratio / DOE policy | A dividend payout ratio of at least 40%. During the medium-term management plan period (FY2025-FY2027), the company targets a total payout ratio of at least 50% on a cumulative 3-year basis and has a policy of not reducing dividends. |
| Treasury share acquisition policy | The company will conduct share repurchases flexibly. It decided to repurchase shares in November 2025. |
| Cost of capital | Cost of equity of approximately 10% (approximately 8% previously) |
| Self-assessment of PBR and share price | As of the end of March 2026, the company’s PBR was 1.03x and its PER was 11.0x, which it considers to remain undervalued. The share price as of the end of March 2026 was ¥2,973. |
| Key initiatives | Improving Profitability, Financial Strategy and Shareholder Returns, Strengthening IR activities, Enhancing product value, Improving manufacturing efficiency |
| Results under the previous plan | 11.0% (initial target) → 10.0% (FY2025 actual) |
| Reason for revision or withdrawal | The targets were revised based on performance in the first year, FY2025. Profitability deteriorated because of intensifying competition in the Chinese market for the Equipment business and a decline in contract testing services as the EV market slowed. |
| Risks identified | Intensifying competition in the Chinese market for the Equipment business, Decline in contract testing services as the EV market slows |
| Date of board resolution | 14 May 2026 |
| Publication date | 14 May 2026 |
Items this document does not state (7)
ROIC targetTotal investment planInvestment amount by sectorSegment targetNon-financial targetsPlan assumptionsSize of the Target Market
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 targets were revised based on performance in FY2025. Profitability deteriorated because of intensifying competition in the Chinese market for the Equipment business and a decline in contract testing services as the EV market slowed. The assumed cost of equity was also revised in light of rising interest rates and dialogue with shareholders and investors.
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.
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.