Worth reading
51Recurring
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
91.2
Year-on-year change in operating income (%)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFiscal year ending March 2026, full year9 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥355,341 million+4.1%
Operating profit¥19,996 million+91.2%
Ordinary income¥24,129 million+129.4%
Net income¥14,806 million+535.9%
Selling, general and administrative expenses¥61,932 million
Gross Profit Margin23.1% (21.0% in the previous year)
Operating profit margin5.6% (3.1% in the previous year, +2.5 percentage points)
Results for the three months of the current quarter
Fourth quarter of the fiscal year ended March 2026
Net Sales
¥89,201 million+2.9%
Operating profit
¥3,477 million+69.0%
Ordinary income
¥4,328 million
Net income
¥2,179 million
Full-year earnings forecast
Fiscal Period CoveredFiscal year ending March 2027
Net Sales
¥384,000 million
Operating profit
¥30,000 million
Ordinary income
¥27,000 million
Net income
¥18,000 million
Research and development costs
¥15,000 million
Capital expenditures
¥40,000 million
Depreciation and amortization
¥48,000 million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating profit, fiscal year ended March 2026
Operating leverage from higher sales volumesFactors contributing to higher profit
Price declines for existing productsSlower than in the previous fiscal year and the initial forecast
Foreign Exchange MovementsOperating income: -¥4.0 billion
InventoriesIncrease of ¥4.5 billion
Operating income forecast for the fiscal year ending March 2027
Operating leverage from higher sales volumes and inventoryFactors contributing to higher profit
InventoriesPlanned inventory build-up of ¥8.0 billion
Pricing policy reflecting higher raw material pricesImplemented for some products
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
US dollar exchange rate¥150.00
US dollar exchange rate for the first quarter of the fiscal year ending March 2027¥155.00
Inventory build-up¥8.0 billion (full year), ¥1.5 billion (first quarter)
New initiatives
Selection and concentration of products as part of structural reforms in the communications devices business. From the fiscal year ending March 2027, the product categories “Composite Devices” and “Other” will be consolidated.Key KPIsA metric the company considers important as a management benchmark.
- Book-to-bill ratio (company-wide)1.25 times
- Book-to-bill ratio (capacitors)1.31 times
- Sales mix of information infrastructure, industrial equipment and automotive products56 %Year on year against the same period last yearHigher
Segment results
Capacitors
Net Sales
¥251,771 million
Year on year against the same period last year+8.5%
Inductors
Net Sales
¥64,319 million
Year on year against the same period last year+4.5%
Composite Devices
Net Sales
¥14,796 million
Year on year against the same period last year-35.6%
Other
Net Sales
¥24,453 million
Year on year against the same period last year-1.5%
Orders received and order backlog
Trends in orders received and order backlog are shown in a chart. Fourth-quarter capacitor orders increased 26% from the previous quarter; amount: Not disclosedCapital expenditures
40,416 Millions of yen fiscal year ended March 2026 actual
Annual Dividend
Annual dividend per share¥90
Payout ratio
62.5% (basic policy: 30%), DOE of 3.8% (basic policy: 3.5%)| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Fiscal year ending March 2026, full year |
| Net Sales | ¥355,341 million (YoY +4.1%) |
| Operating profit | ¥19,996 million (YoY +91.2%) |
| Ordinary income | ¥24,129 million (YoY +129.4%) |
| Net income | ¥14,806 million (YoY +535.9%) |
| Gross Profit Margin | 23.1% (21.0% in the previous year) |
| Operating profit margin | 5.6% (3.1% in the previous year, +2.5 percentage points) |
| Selling, general and administrative expenses | ¥61,932 million |
| Results for the three months of the current quarter | Subject Fourth quarter of the fiscal year ended March 2026 / Net Sales ¥89,201 million (YoY +2.9%) / Operating profit ¥3,477 million (YoY +69.0%) / Ordinary income ¥4,328 million / Net income ¥2,179 million |
| Full-year earnings forecast | Fiscal Period Covered Fiscal year ending March 2027 / Net Sales ¥384,000 million / Operating profit ¥30,000 million / Ordinary income ¥27,000 million / Net income ¥18,000 million / Research and development costs ¥15,000 million / Capital expenditures ¥40,000 million / Depreciation and amortization ¥48,000 million |
| Segment results | Capacitors Net Sales ¥251,771 million / Year on year against the same period last year 8.5 / Inductors Net Sales ¥64,319 million / Year on year against the same period last year 4.5 / Composite Devices Net Sales ¥14,796 million / Year on year against the same period last year -35.6 / Other Net Sales ¥24,453 million / Year on year against the same period last year -1.5 |
| Breakdown of Factors Affecting the Change | Operating profit, fiscal year ended March 2026 Operating leverage from higher sales volumes Factors contributing to higher profit / Price declines for existing products Slower than in the previous fiscal year and the initial forecast / Foreign Exchange Movements Operating income: -¥4.0 billion / Inventories Increase of ¥4.5 billion / Operating income forecast for the fiscal year ending March 2027 Operating leverage from higher sales volumes and inventory Factors contributing to higher profit / Inventories Planned inventory build-up of ¥8.0 billion / Pricing policy reflecting higher raw material prices Implemented for some products |
| Key KPIs | Indicator name Book-to-bill ratio (company-wide) / Value 1.25 times / Year on year against the same period last year Not disclosed, Indicator name Book-to-bill ratio (capacitors) / Value 1.31 times / Year on year against the same period last year Not disclosed, Indicator name Sales mix of information infrastructure, industrial equipment and automotive products / Value 56 % / Year on year against the same period last year Higher |
| Assumptions Underlying the Business Outlook | US dollar exchange rate ¥150.00 / US dollar exchange rate for the first quarter of the fiscal year ending March 2027 ¥155.00 / Inventory build-up ¥8.0 billion (full year), ¥1.5 billion (first quarter) |
| Annual Dividend | Annual dividend per share ¥90 / Interim and Year-End Breakdown Not disclosed |
| Payout ratio | 62.5% (basic policy: 30%), DOE of 3.8% (basic policy: 3.5%) |
| Capital expenditures | 40,416 Millions of yen (fiscal year ended March 2026 actual) |
| Orders received and order backlog | Trends in orders received and order backlog are shown in a chart. Fourth-quarter capacitor orders increased 26% from the previous quarter; amount: Not disclosed |
| New initiatives | Selection and concentration of products as part of structural reforms in the communications devices business. From the fiscal year ending March 2027, the product categories “Composite Devices” and “Other” will be consolidated. |
Items this document does not state (11)
Progress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAcquisition of treasury sharesMarket Size / ShareKey points of the Q&A
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.Profit growth was driven by expanding demand for AI servers and automotive applications, operating leverage from higher sales volumes, and slower price declines for existing products than in the previous fiscal year and the initial forecast. Foreign-exchange movements had a negative impact of ¥4.1 billion on net sales and ¥4.0 billion on operating income.
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.