Worth reading
76Important
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
110
¥10 billion (increase in the fiscal 2026 revenue outlook)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+0.0%
基準 2,026Target2,027100 million
ROE-2,017.0pt
基準 2,026Target9％
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 planTargets under the previous medium-term management plan (figures: Not disclosed) → Achieve
Total investment planApproximately 5%-10% of shareholders' equity (indicative amount of growth investment over the 3-year medium-term plan; total investment: Not disclosed)
Investment amount by sectorField Growth Investment / Amount Approximately 5%-10% of shareholders' equity (3-year medium-term plan period), Field Investment in business infrastructure and human capital (human resources) / Amount Not disclosed, Field M&A and business acquisitions / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyFor fiscal 2026, the lower limit will be a consolidated dividend payout ratio of 40% or a DOE of 2.5%, with the higher of a consolidated dividend payout ratio of 50% or a DOE of 3.5% serving as the guideline. The applicable period is fiscal 2026 and the medium-term plan period.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalMarket-implied cost of equity: approximately 8.6%-19.2%; CAPM-based cost of shareholders' equity: approximately 5.9%-9.0%The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceBased on the closing share price of ¥1,875 on 30 September 2026, the year-end PBR is expected to return only to approximately 0.8x. Achieving a PBR above 1x is identified as an ongoing priority.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01I. Execution of the growth strategy
02II. Execution of financial measures
03III. Development of non-financial measures
04Selective focus on growth areas
05Expansion and maintenance of commercial channels / support for restructuring
06Development of new technologies and products / expansion of passive-component sales
07Realization of group synergies
08Development of new businesses / development of new products
09Expansion of the scope and scale of existing businesses
10Capture of businesses related to government-led initiatives
11Establishment of overseas operations
12Pursuit of non-linear growth opportunities in aerospace, medical and healthcare, and other fields
13Ensuring readiness by enhancing the M&A playbook
14Improving operational efficiency and advancing management information through systems investment
15Strengthening execution capabilities through the recruitment and development of highly specialized professionals
16Enhancing organizational sustainability through health and productivity management and workforce diversification
17Advancing Sustainability Management
18Enhancing stakeholder engagement
19Strengthening Corporate Governance
Plan assumptionsPBR calculated based on the closing share price of ¥1,875 on 30 September 2026 as the current share price level, Fiscal 2030 EPS calculated assuming no extraordinary gains or losses and an effective tax rate of 30%, Assumes annual EPS growth of 9%, from the average EPS of ¥164.1 for the 3 years immediately preceding fiscal 2025 to the fiscal 2027 target EPS of ¥213.2, The materials state that the foreign exchange market moved in a yen-appreciation trend.
Segment targetSegment Device Business / Net Sales ¥167.0 billion / Profit Ordinary income of ¥3 billion or more / Timing FY2027, Segment Systems Business / Net Sales ¥67.0 billion / Profit Ordinary profit of at least ¥4.0 billion / Timing FY2027, Segment Entrepreneur business / Net Sales ¥6 billion / Profit Ordinary profit of at least ¥1.0 billion / Timing FY2027
Non-financial targetsIndicator KPIs relating to 5 materiality topics / Target value Not disclosed / Timing FY2030, Indicator eNPS / Target value +12.1 pt versus fiscal 2022 / Timing FY2025
Risks identified by the company
Business performance and other results may vary depending on various significant factors
Foreign Exchange Risk
Interest rate outlook
Inventory risk in line with demand trends
Credit Risk on Trade Receivables
Impact on the equity ratio and financial leverage
Risks related to investment decisions and post-merger integration in M&A and business acquisitions
Additions and deletions from the previous plan: Not disclosed
Reason for revision or withdrawal
The company analyzed and evaluated the current status of the measures announced on 7 November 2023 and updated their progress. Regarding the outlook for fiscal 2026, it reviewed the initial plan announced in May 2026.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan "Marubun Nextage 2027" |
| Plan period | FY2025-FY2027 |
| Progress against the plan | Partially revised |
| Sales Target | ¥225.0 billion (initial plan for fiscal 2026) → ¥236.0 billion (outlook for fiscal 2026) / ¥240.0 billion (target for fiscal 2027, the final year of the medium-term plan) |
| ROE target | 5.9% (actual for the fiscal year ended March 2026) → 9% or higher (medium-term plan target) |
| Payout ratio / DOE policy | For fiscal 2026, the lower limit will be a consolidated dividend payout ratio of 40% or a DOE of 2.5%, with the higher of a consolidated dividend payout ratio of 50% or a DOE of 3.5% serving as the guideline. The applicable period is fiscal 2026 and the medium-term plan period. |
| Cost of capital | Market-implied cost of equity: approximately 8.6%-19.2%; CAPM-based cost of shareholders' equity: approximately 5.9%-9.0% |
| Self-assessment of PBR and share price | Based on the closing share price of ¥1,875 on 30 September 2026, the year-end PBR is expected to return only to approximately 0.8x. Achieving a PBR above 1x is identified as an ongoing priority. |
| Total investment plan | Approximately 5%-10% of shareholders' equity (indicative amount of growth investment over the 3-year medium-term plan; total investment: Not disclosed) |
| Investment amount by sector | Field Growth Investment / Amount Approximately 5%-10% of shareholders' equity (3-year medium-term plan period), Field Investment in business infrastructure and human capital (human resources) / Amount Not disclosed, Field M&A and business acquisitions / Amount Not disclosed |
| Segment target | Segment Device Business / Net Sales ¥167.0 billion / Profit Ordinary income of ¥3 billion or more / Timing FY2027, Segment Systems Business / Net Sales ¥67.0 billion / Profit Ordinary profit of at least ¥4.0 billion / Timing FY2027, Segment Entrepreneur business / Net Sales ¥6 billion / Profit Ordinary profit of at least ¥1.0 billion / Timing FY2027 |
| Non-financial targets | Indicator KPIs relating to 5 materiality topics / Target value Not disclosed / Timing FY2030, Indicator eNPS / Target value +12.1 pt versus fiscal 2022 / Timing FY2025 |
| Plan assumptions | PBR calculated based on the closing share price of ¥1,875 on 30 September 2026 as the current share price level, Fiscal 2030 EPS calculated assuming no extraordinary gains or losses and an effective tax rate of 30%, Assumes annual EPS growth of 9%, from the average EPS of ¥164.1 for the 3 years immediately preceding fiscal 2025 to the fiscal 2027 target EPS of ¥213.2, The materials state that the foreign exchange market moved in a yen-appreciation trend. |
| Key initiatives | I. Execution of the growth strategy, II. Execution of financial measures, III. Development of non-financial measures, Selective focus on growth areas, Expansion and maintenance of commercial channels / support for restructuring, Development of new technologies and products / expansion of passive-component sales, Realization of group synergies, Development of new businesses / development of new products, Expansion of the scope and scale of existing businesses, Capture of businesses related to government-led initiatives, Establishment of overseas operations, Pursuit of non-linear growth opportunities in aerospace, medical and healthcare, and other fields, Ensuring readiness by enhancing the M&A playbook, Improving operational efficiency and advancing management information through systems investment, Strengthening execution capabilities through the recruitment and development of highly specialized professionals, Enhancing organizational sustainability through health and productivity management and workforce diversification, Advancing Sustainability Management, Enhancing stakeholder engagement, Strengthening Corporate Governance |
| Results under the previous plan | Targets under the previous medium-term management plan (figures: Not disclosed) → Achieve |
| Reason for revision or withdrawal | The company analyzed and evaluated the current status of the measures announced on 7 November 2023 and updated their progress. Regarding the outlook for fiscal 2026, it reviewed the initial plan announced in May 2026. |
| Risks identified | Business performance and other results may vary depending on various significant factors, Foreign Exchange Risk, Interest rate outlook, Inventory risk in line with demand trends, Credit Risk on Trade Receivables, Impact on the equity ratio and financial leverage, Risks related to investment decisions and post-merger integration in M&A and business acquisitions, Additions and deletions from the previous plan: Not disclosed |
| Date of board resolution | 10 November 2026 |
| Publication date | 10 November 2026 |
Items this document does not state (6)
Operating profit targetOperating profit margin targetNet income targetROIC targetTreasury share acquisition policySize 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 company analyzed and evaluated the current status of the measures announced in November 2023 and updated their progress. As the gap between market expectations and profitability remains, it stated that it would continue working to implement the ongoing initiatives.
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.