Worth reading
74In 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
250
¥100 million (2029 operating profit target)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.1%
基準 2,026Target2,029Hundreds of millions of yen
Operating profit+0.1%
基準 2,026Target2,029Hundreds of millions of yen
ROE+3.0pt
基準 2,026Target2,029%
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 planROE of 16% or more and operating profit of ¥20.5 billion (2026 targets under the current medium-term management plan) → ROE of 14.0% and operating profit of ¥16.6 billion (2025 actual results)-0.0%Calculated from the two disclosed figures
Total investment plan¥71.0 billion (during the next medium-term plan period: ¥30.0 billion in R&D investment, ¥20.0 billion in capital investment and ¥21.0 billion in strategic investment)
Investment amount by sectorField R&D Investment / Amount ¥30 billion, Field Capital expenditure / Amount ¥20 billion, Field Strategic investment (M&A) / Amount ¥21.0 billion
Statements about the use of capital
Payout ratio / DOE policyFrom 2027 onward, dividends will be determined with the higher of a 60% payout ratio or 8% DOE as a guideline. With ROE of 20% or more and a 60% payout ratio, DOE of 12% or more is expected. The applicable period is from the next medium-term management plan onward.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 policyAdditional shareholder returns of approximately ¥18.0 billion are planned by the end of the next medium-term management plan period. Share repurchases and dividends will be considered in light of market conditions.
Self-assessment of PBR and share priceImproving PBR is positioned as a direction for enhancing corporate value over the medium to long term, but quantitative data and an assessment of the current PBR level are not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Growth strategy driven by both organic and inorganic initiatives
02Establishment of a new business portfolio
03Social implementation and monetization of new businesses, and establishment of a business development framework
04Transformation of management control methods
05Evolution of human capital management aligned with strategy
06Sales growth while maintaining high profitability (progress in transforming the photography-related business into a cash cow and breakthrough growth in the industrial business)
07Appropriate allocation of resources according to the maturity, growth potential and profitability of each business
08Development of light sources, measuring instruments and other products in addition to the supply of dedicated lenses
09Creation of new business opportunities through image recognition and sensing technologies, with a view to next-generation markets such as physical AI
10Accelerating the multi-mount business for proprietary brands by launching 10 or more new products each year
11Reducing GHG emissions and implementing circular economy initiatives toward a resource-circulating society
12Conserving biodiversity to realize a society in harmony with nature and contributing to nature positivity
13Evolution of human capital management aligned with strategy
14Fostering a corporate culture that embraces transformation through unconventional thinking and open innovation, and strengthening engagement
15Strengthening the Board of Directors to ensure effective oversight of the long-term vision and medium-term management plan
16Revising the compensation system to achieve the medium-term management plan
17Delegating authority and accelerating decision-making through the introduction of a CxO system, and promoting strategy execution from a company-wide perspective
Plan assumptionsGlobal factory automation / machine vision market: CAGR of 8.9% (2024–2034), Global rigid endoscope market: CAGR of 6.8% (2025–2034), Global remote patient monitoring market: CAGR of 12.8% (2025–2032), Japan’s nature-positive market: ¥47 trillion in 2030
Segment targetSegment Industrial business / Target CAGR of 15% or more, Segment Photography-related business / Target CAGR of 5% or more
Non-financial targetsIndicator Scope 1 and 2 emissions / Target 27% reduction from 2015 / Timing 2029, Indicator Scope 1 and 2 emissions / Target 30% reduction from 2015 / Timing 2030, Indicator Scope 1 and 2 emissions / Target 45% reduction from 2015 / Timing 2035, Indicator GHG Emissions / Target ゼロ / Timing 2050, Indicator Investor briefings / Target Held approximately 4 times a year / Timing Not disclosed
Size of the Target MarketMarket Global factory automation / machine vision market / Scale US$127.4 billion in 2024 and US$298.7 billion in 2034 / Growth rate CAGR8.9％ / Source Emergen Research, “Factory Automation & Machine Vision Market (2024-2034)” (October 2025), Market Global rigid endoscope market / Scale US$10.4 billion in 2025 and US$20.0 billion in 2034 / Growth rate CAGR6.8％ / Source Global Market Insights, “Rigid Endoscope Market Size and Share 2025–2034” (August 2025), Market Global remote patient monitoring market / Scale US$28.1 billion in 2025 and US$65.6 billion in 2032 / Growth rate CAGR12.8％ / Source Global Information, “Remote Patient Monitoring Market” (March 2026), Market Japan’s nature-positive market / Scale ¥47 trillion in 2030 / Growth rate Not disclosed / Source Ministry of the Environment, “Reference Materials for the Strategy for the Transition to a Nature-Positive Economy” (March 2024)
Risks identified by the company
Uncertainty over the outlook for economic and market conditions
Actual results may differ from the outlook presented
The Company does not guarantee the accuracy or certainty of figures and other information in external vendors’ market forecasts, or the consistency of their key assumptions
Actual market developments may differ from the data presented due to changes in future market trends, social conditions and other factors
Reason for revision or withdrawal
Amid uncertainty over the outlook for economic and market conditions, the Company believes that presenting its direction for growth strategy and capital policy aimed at enhancing corporate value at an early stage will promote understanding among shareholders and investors and lead to more constructive dialogue. It has therefore decided to disclose this framework ahead of the full plan.
| Item | Details |
|---|---|
| Plan name | Next Medium-Term Management Plan, “Value Up29” |
| Plan period | Fiscal years ending December 2027 through December 2029 (2027–2029) |
| Progress against the plan | Formulated |
| Sales Target | ¥95.0 billion or more (2026) → ¥120.0 billion or more (2029) |
| Operating profit target | ¥20.5 billion or more (2026) → ¥25.0 billion or more (2029) |
| ROE target | 16% or more (2026) / Most recent actual: 14.0% (2025) → 20% or more (to be achieved sustainably by 2029) |
| Payout ratio / DOE policy | From 2027 onward, dividends will be determined with the higher of a 60% payout ratio or 8% DOE as a guideline. With ROE of 20% or more and a 60% payout ratio, DOE of 12% or more is expected. The applicable period is from the next medium-term management plan onward. |
| Treasury share acquisition policy | Additional shareholder returns of approximately ¥18.0 billion are planned by the end of the next medium-term management plan period. Share repurchases and dividends will be considered in light of market conditions. |
| Self-assessment of PBR and share price | Improving PBR is positioned as a direction for enhancing corporate value over the medium to long term, but quantitative data and an assessment of the current PBR level are not disclosed. |
| Total investment plan | ¥71.0 billion (during the next medium-term plan period: ¥30.0 billion in R&D investment, ¥20.0 billion in capital investment and ¥21.0 billion in strategic investment) |
| Investment amount by sector | Field R&D Investment / Amount ¥30 billion, Field Capital expenditure / Amount ¥20 billion, Field Strategic investment (M&A) / Amount ¥21.0 billion |
| Segment target | Segment Industrial business / Target CAGR of 15% or more, Segment Photography-related business / Target CAGR of 5% or more |
| Non-financial targets | Indicator Scope 1 and 2 emissions / Target 27% reduction from 2015 / Timing 2029, Indicator Scope 1 and 2 emissions / Target 30% reduction from 2015 / Timing 2030, Indicator Scope 1 and 2 emissions / Target 45% reduction from 2015 / Timing 2035, Indicator GHG Emissions / Target ゼロ / Timing 2050, Indicator Investor briefings / Target Held approximately 4 times a year / Timing Not disclosed |
| Plan assumptions | Global factory automation / machine vision market: CAGR of 8.9% (2024–2034), Global rigid endoscope market: CAGR of 6.8% (2025–2034), Global remote patient monitoring market: CAGR of 12.8% (2025–2032), Japan’s nature-positive market: ¥47 trillion in 2030 |
| Key initiatives | Growth strategy driven by both organic and inorganic initiatives, Establishment of a new business portfolio, Social implementation and monetization of new businesses, and establishment of a business development framework, Transformation of management control methods, Evolution of human capital management aligned with strategy, Sales growth while maintaining high profitability (progress in transforming the photography-related business into a cash cow and breakthrough growth in the industrial business), Appropriate allocation of resources according to the maturity, growth potential and profitability of each business, Development of light sources, measuring instruments and other products in addition to the supply of dedicated lenses, Creation of new business opportunities through image recognition and sensing technologies, with a view to next-generation markets such as physical AI, Accelerating the multi-mount business for proprietary brands by launching 10 or more new products each year, Reducing GHG emissions and implementing circular economy initiatives toward a resource-circulating society, Conserving biodiversity to realize a society in harmony with nature and contributing to nature positivity, Evolution of human capital management aligned with strategy, Fostering a corporate culture that embraces transformation through unconventional thinking and open innovation, and strengthening engagement, Strengthening the Board of Directors to ensure effective oversight of the long-term vision and medium-term management plan, Revising the compensation system to achieve the medium-term management plan, Delegating authority and accelerating decision-making through the introduction of a CxO system, and promoting strategy execution from a company-wide perspective |
| Results under the previous plan | ROE of 16% or more and operating profit of ¥20.5 billion (2026 targets under the current medium-term management plan) → ROE of 14.0% and operating profit of ¥16.6 billion (2025 actual results) |
| Reason for revision or withdrawal | Amid uncertainty over the outlook for economic and market conditions, the Company believes that presenting its direction for growth strategy and capital policy aimed at enhancing corporate value at an early stage will promote understanding among shareholders and investors and lead to more constructive dialogue. It has therefore decided to disclose this framework ahead of the full plan. |
| Size of the Target Market | Market Global factory automation / machine vision market / Scale US$127.4 billion in 2024 and US$298.7 billion in 2034 / Growth rate CAGR8.9％ / Source Emergen Research, “Factory Automation & Machine Vision Market (2024-2034)” (October 2025), Market Global rigid endoscope market / Scale US$10.4 billion in 2025 and US$20.0 billion in 2034 / Growth rate CAGR6.8％ / Source Global Market Insights, “Rigid Endoscope Market Size and Share 2025–2034” (August 2025), Market Global remote patient monitoring market / Scale US$28.1 billion in 2025 and US$65.6 billion in 2032 / Growth rate CAGR12.8％ / Source Global Information, “Remote Patient Monitoring Market” (March 2026), Market Japan’s nature-positive market / Scale ¥47 trillion in 2030 / Growth rate Not disclosed / Source Ministry of the Environment, “Reference Materials for the Strategy for the Transition to a Nature-Positive Economy” (March 2024) |
| Risks identified | Uncertainty over the outlook for economic and market conditions, Actual results may differ from the outlook presented, The Company does not guarantee the accuracy or certainty of figures and other information in external vendors’ market forecasts, or the consistency of their key assumptions, Actual market developments may differ from the data presented due to changes in future market trends, social conditions and other factors |
| Date of board resolution | 16 June 2026 |
| Publication date | 16 June 2026 |
Items this document does not state (4)
Operating profit margin targetNet income targetROIC targetCost of capital
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.Amid uncertainty over the outlook for economic and market conditions, the Company believes that presenting its direction for growth strategy and capital policy aimed at enhancing corporate value at an early stage will promote understanding among shareholders and investors and lead to more constructive dialogue. The Company also seeks to transition from a lens-specialist manufacturer to a comprehensive optical and sensing solutions company based on its new long-term vision.
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.