Fanuc's Policy Holdings: Eleven Names and Two Purposes
The item on shareholdings in FANUC CORPORATION's annual securities report for the year to March 2026, filed June 22, 2026, prints 11 listed issuers held for purposes other than pure investment at a carrying amount of 51,839 million yen (US$316.5 million) and 7 unlisted issuers at 675 million yen (US$4.1 million), with dashes in every cell of the tables for shares bought and sold; a year earlier the same rows read 11 and 31,877 million yen (US$194.6 million), 7 and 1,084 million yen (US$6.6 million), with one listed issuer sold for 99 million yen (US$0.60 million). The named table has eleven rows, the same share count in both years in every one, a purpose cell that reads one of two sentences, and a last column that reads 有 for four.
(5) 【株式の保有状況】, the state of shareholdings, is item (5) of 4 【コーポレート・ガバナンスの状況等】 in 第4 【提出会社の状況】 of the annual securities report of FANUC CORPORATION for its 57th fiscal year, April 2025 to March 2026, filed on EDINET on June 22, 2026. It occupies pages 46 and 47 of 108. The item asks a filer three things: how it divides its investment shares between those held purely for investment and those held for any other purpose; how many issuers it holds for those other purposes and at what balance-sheet amount; and, issuer by issuer, why. This piece reads the item in that report beside the same item on pages 49 to 51 of 108 in the 56th-term report, filed June 26, 2025, and follows the figures into the consolidated notes on pages 67, 69 and 70 and the parent balance sheet on page 85 of the 2026 report.
Part ①, 投資株式の区分の基準及び考え方, is one sentence: 当社は、投資株式について、もっぱら株式の価値の変動または配当の受領によって利益を得ることを目的として保有する株式を純投資目的である投資株式、それ以外の株式を純投資目的以外の目的である投資株式(政策保有株式)に区分しております — the company classifies as investment shares held for pure investment those it holds solely to profit from changes in their value or from receiving dividends, and all other shares as investment shares held for purposes other than pure investment, which it calls 政策保有株式, policy holdings. Compared character by character after removing whitespace, the sentence is printed in the same words in the 2025 report.
Part ② a, headed 保有方針及び保有の合理性を検証する方法並びに個別銘柄の保有の適否に関する取締役会等における検証の内容, is two sentences. 当社は、新商品開発、部品・材料の安定購入、その他取引先との事業上の関係維持などの便益の点から、中長期的視点に基づき当社グループ事業の維持・発展のために必要と判断した場合のみ、保有コストなども勘案のうえ、他社株式を保有します — the company holds shares of other companies only where, from the standpoint of benefits such as new product development, stable purchasing of parts and materials and the maintenance of business relationships with trading partners, it judges them necessary from a medium- to long-term view for the maintenance and development of the group's business, and after taking the cost of holding into account. 毎年、当該観点に基づき検証し、保有意義が希薄と判断した株式について保有の縮減を図ります — each year it verifies the holdings on that basis and works to reduce those whose significance it judges to have thinned. Whitespace aside, the two sentences are identical in the 2025 report, and they are printed a second time as the note to the issuer table, on page 47 of the 2026 report and page 51 of the 2025 report.
Part ② b, 銘柄数及び貸借対照表計上額, is a table of two rows. 非上場株式, unlisted shares: 7 銘柄 at a 貸借対照表計上額の合計額 of 675 million yen (US$4.1 million). 非上場株式以外の株式, shares other than unlisted: 11 銘柄 at 51,839 million yen (US$316.5 million). Two smaller tables follow, one for issuers whose share count increased during the year and one for issuers whose share count decreased; the count and amount cells in both tables, and the reason cells in the increase table, all contain dashes. Page 50 states that amounts in the financial statements are printed 表示単位未満の端数を四捨五入にて, rounded below the unit shown.
The 2025 report's part ② b, on page 49, printed 7 unlisted issuers at 1,084 million yen (US$6.6 million) and 11 listed issuers at 31,877 million yen (US$194.6 million). Its increase table was dashes. Its decrease table printed, for 非上場株式以外の株式, 1 銘柄 with 株式数の減少に係る売却価額の合計額, total sale price on the reduction in shares, of 99 million yen (US$0.60 million), and dashes for unlisted shares. Across the two reports, then, the number of issuers in each row is the same, 7 and 11, and the one printed sale is in the earlier year.
Part ② c, headed 特定投資株式及びみなし保有株式の銘柄ごとの株式数、貸借対照表計上額等に関する情報, carries one table, 特定投資株式, on page 47. Its columns are 銘柄, the issuer; 株式数 and 貸借対照表計上額 for 当事業年度 and for 前事業年度; a column headed 保有目的、業務提携等の概要、定量的な保有効果及び株式数が増加した理由, the purpose of holding, an outline of any business alliance, the quantitative effect of holding and the reason for any increase in share count; and 当社の株式の保有の有無, whether the issuer holds the company's shares. It has 11 rows, the same number as the count table's listed issuers, and a total line. By this desk's count the rows run from the largest current-year carrying amount to the smallest, every row's reason cell is built from the same three labels, (保有目的), (業務提携等の概要) and (定量的な保有効果)(注), and the last column reads 有 in four rows and 無 in seven.
The 保有目的 label takes one of two sentences. Three rows read 当社商品の重要部品の安定購入を確保するため, to secure stable purchasing of important parts for the company's products. The first is 富士電機株式会社, FUJI ELECTRIC CO., LTD., at 2,684,200 shares and 28,399 million yen (US$173.4 million), against 16,900 million yen (US$103.2 million) a year earlier, with the outline 同社グループは、主に当社事業に必要な部品の購入先です, the group is mainly a supplier of parts needed for the company's business, and 有 in the last column. The second is ナブテスコ株式会社, Nabtesco Corporation, at 3,760,000 shares and 14,446 million yen (US$88.2 million) against 8,687 million yen (US$53.0 million), with the outline 主に当社事業に必要な部品の購入先です and 無. The third is the smallest row in the table, 株式会社ハーモニック・ドライブ・システムズ, Harmonic Drive Systems Inc., at 6,500 shares and 22 million yen (US$0.13 million) against 21 million yen (US$0.13 million), with the same outline as ナブテスコ and 無.
The other eight rows read 取引関係の維持・発展のため, for the maintenance and development of the business relationship, and the outline cell says what the relationship is. Six describe the issuer or its group as a customer, お客様: 津上精密機床(中国)有限公司, at 6,200,000 shares and 4,298 million yen (US$26.2 million) against 2,819 million yen (US$17.2 million), whose outline reads 親会社である株式会社ツガミを含むツガミグループは、主に当社商品のお客様です, the Tsugami group including its parent 株式会社ツガミ is mainly a customer for the company's products; シチズン時計株式会社, Citizen Watch Co., Ltd., at 1,000,000 shares and 1,665 million yen (US$10.2 million) against 892 million yen (US$5.4 million); 株式会社ツガミ, TSUGAMI CORPORATION, at 327,000 shares and 1,045 million yen (US$6.4 million) against 595 million yen (US$3.6 million), with 有; 株式会社牧野フライス製作所, Makino Milling Machine Co.,Ltd., at 43,249 shares and 496 million yen (US$3.0 million) against 505 million yen (US$3.1 million), with 有; 株式会社岡本工作機械製作所, OKAMOTO MACHINE TOOL WORKS, LTD., at 94,000 shares and 354 million yen (US$2.2 million) against 352 million yen (US$2.1 million), whose outline reads 同社グループは、主に当社商品のお客様かつ当社事業に必要な部品の購入先です, the group is mainly a customer for the company's products and also a supplier of parts needed for its business; and 黒田精工株式会社, KURODA PRECISION INDUSTRIES LTD., at 196,800 shares and 193 million yen (US$1.2 million) against 195 million yen (US$1.2 million). One row, 株式会社山善, YAMAZEN CORPORATION, at 480,000 shares and 690 million yen (US$4.2 million) against 632 million yen (US$3.9 million), reads 当社商品の販売代理店です, a sales agent for the company's products. One row, 株式会社シーイーシー, COMPUTER ENGINEERING & CONSULTING LTD., at 120,000 shares and 231 million yen (US$1.4 million) against 279 million yen (US$1.7 million), with 有, reads 主に当社事業に必要なソフトウェアの開発業務の委託先です, a contractor for software development work needed for the company's business.
Read the two amount columns together and the year's movement is in the amounts, not in the shares. In all eleven rows the share count printed for 当事業年度 is the same as the one printed for 前事業年度, which is what the dashes in the increase and decrease tables say in another form. By this desk's count the carrying amount is higher in the current year in eight rows and lower in three, 牧野フライス製作所, シーイーシー and 黒田精工, and the total line moves from 31,877 million yen (US$194.6 million) to 51,839 million yen (US$316.5 million). The desk confirmed that the eleven current-year amounts add to the printed 51,839 and the eleven prior-year amounts to the printed 31,877; amounts are rounded, as page 50 states, so no sum is written here that the report does not print. The accounting policy on page 58 values その他有価証券 with a market price by 時価法, the fair-value method, with the difference taken directly to net assets, so a change in a row's amount with no change in its share count is what that policy produces, and nothing more is read into it.
The 2025 report's table, on pages 50 and 51, has twelve rows and the same three labels in every reason cell. Eleven of the rows are the same issuers with the same share counts, and the amounts printed for 当事業年度 there are the amounts the 2026 report prints for 前事業年度, row for row. The twelfth row is 浜井産業株式会社, HAMAI CO.,LTD, with a dash for the current year against 75,000 shares and 129 million yen (US$0.79 million) a year earlier, the reason 取引関係の維持・発展のため, the outline 主に当社商品のお客様です and 無; it is the one issuer behind the decrease table's 1 銘柄 and 99 million yen (US$0.60 million). The total line of that table reads 31,877 million yen (US$194.6 million) against 41,746 million yen (US$254.9 million), and the desk confirmed that its twelve prior-year amounts add to the printed 41,746. By the desk's count, between the 2024 and 2025 columns the amount rose in four of the eleven continuing rows, 津上精密機床(中国), ツガミ, 牧野フライス製作所 and シーイーシー, and fell in seven; 富士電機 went from 27,513 million yen (US$168.0 million) to 16,900 million yen (US$103.2 million).
The note under the table, (注), reads: 当社は、特定投資株式における定量的な保有効果の記載が困難であるため、保有の合理性を検証した方法について記載いたします — because it is difficult to state the quantitative effect of holding for the specified investment shares, the company states instead the method by which it verified the rationality of holding, and the two sentences of part ② a follow. Every row's (定量的な保有効果) cell points to this note. Part ③, 保有目的が純投資目的である投資株式, is one line in both reports: 該当事項はありません, not applicable.
The listed total reappears in the consolidated notes. On page 69, the fair-value hierarchy table prints 株式 under その他有価証券 at 31,877 million yen at March 31, 2025 and 51,839 million yen at March 31, 2026 (US$194.6 million and US$316.5 million), all of it in レベル1, with the note that 上場株式は相場価格を用いて評価しております, listed shares are valued at their quoted price. On page 70, the その他有価証券 table prints 株式 whose carrying amount exceeds cost at 51,839 million yen (US$316.5 million) against 取得原価 of 12,544 million yen (US$76.6 million) and a 差額 of 39,295 million yen (US$239.9 million) at March 31, 2026; a year earlier it split the shares into 23,190 million yen (US$141.6 million) above cost, with cost 3,272 million yen (US$20.0 million), and 8,687 million yen (US$53.0 million) below cost, with cost 9,273 million yen (US$56.6 million). These are consolidated figures; the issuer table is the parent's, and this piece does not reconcile them beyond noting that 51,839 is printed on all three pages.
The parent balance sheet on page 85 prints 投資有価証券 at 32,961 million yen (US$201.2 million) and 52,514 million yen (US$320.6 million) at the two year-ends and 関係会社株式 at 109,869 million yen (US$670.8 million) at both; page 96 breaks the latter into 子会社株式 102,529 million yen (US$625.9 million) and 関連会社株式 7,340 million yen (US$44.8 million). In 純資産の部 on page 86, その他有価証券評価差額金 is 14,224 million yen (US$86.8 million) and 28,069 million yen (US$171.4 million), and the tax note on page 96 prints a deferred tax liability for the same item of 5,226 and 11,382 million yen (US$31.9 million and US$69.5 million). On the consolidated side, 投資有価証券 on page 51 is 192,214 million yen (US$1,173.5 million) and 223,287 million yen (US$1,363.2 million), of which page 62 attributes 155,976 million yen (US$952.2 million) and 167,210 million yen (US$1,020.8 million) to 非連結子会社及び関連会社等, unconsolidated subsidiaries, affiliates and the like, and page 67, under its note on 市場価格のない株式等, shares without a market price, prints a row labelled 非上場株式 at 157,061 million yen (US$958.9 million) and 167,886 million yen (US$1,024.9 million). The year's その他有価証券評価差額金 in other comprehensive income on page 63 is 20,237 million yen before tax and 14,022 million yen (US$85.6 million) after (US$123.5 million before).
Two more lines on page 70 belong to the same population of その他有価証券. 2 売却したその他有価証券 reads 重要性が乏しいため、記載を省略しております for the year to March 2025, omitted as immaterial, and 該当事項はありません for the year to March 2026. 3 減損処理を行った有価証券 prints an impairment of 1,101 million yen (US$6.7 million) on その他有価証券の株式 in the earlier year and 449 million yen (US$2.7 million) in the later one. The note on financial instruments on page 66 describes the asset in a sentence: 投資有価証券は主に業務上の関係を有する企業の株式であり、市場価格の変動リスクに晒されております — investment securities are mainly shares of companies with which the group has business relationships, and are exposed to the risk of market price movements. Under risk management it adds: 投資有価証券については、定期的に時価や発行体(取引先企業)の財務状況等を把握し、取引先企業との関係を勘案して保有状況を継続的に見直しております — the group periodically ascertains the fair value and the financial condition of the issuers, its trading partners, and continuously reviews the holdings in light of its relationship with them.
For a reader who needs one of these numbers, the report prints it in a fixed place. The count of issuers and the total carrying amount for listed and unlisted holdings are in part ② b on page 46: 11 and 51,839 million yen (US$316.5 million), 7 and 675 million yen (US$4.1 million). The share count, the two carrying amounts, the purpose and the 有 or 無 for each listed issuer are in the table on page 47. Purchases and sales are in the increase and decrease tables: the increase table has columns for the issuer count, the acquisition amount and the reason for the increase, the decrease table for the issuer count and the sale amount. Both are dashes this year, and last year's decrease table printed one listed issuer and 99 million yen (US$0.60 million). The consolidated acquisition cost and difference are on page 70, and the parent's deferred tax liability for その他有価証券評価差額金 is on page 96. The policy itself is on page 46 and again, as the note, on page 47.
What would change our mind
The counts in this piece that the reports do not print are this desk's tallies over the tables as extracted by pdfplumber: 4 有 and 7 無, the three rows with 安定購入 and the eight with 取引関係, the six described as customers, the eight rows whose amount rose and the three whose amount fell between the 2025 and 2026 columns, and the four and seven between the 2024 and 2025 columns. A wrapped cell could have dropped a character of a reason sentence. The desk's three additions, of eleven, eleven and twelve printed amounts, each matched the printed total line, and that is the only arithmetic here apart from the reference US dollar conversions; amounts are rounded below one million yen, as page 50 states, so a match is a check and not a figure. The 51,839 and 31,877 million yen (US$316.5 million and US$194.6 million) on page 69 and the 51,839 million yen (US$316.5 million) on page 70 are consolidated notes and the table on page 47 is the parent's; page 70 prints the prior year's shares as 23,190 million yen (US$141.6 million) and 8,687 million yen (US$53.0 million), not as one figure. The piece says only that the same figure is printed, not that the populations are the same. The 99 million yen (US$0.60 million) sale price and the 129 million yen (US$0.79 million) prior-year carrying amount of 浜井産業 are two printed figures on two bases and are not compared. The 2026 report's increase and decrease tables are dashes as extracted; the same share count in all eleven rows is read from the two printed columns and a change that the table does not print would not be visible here. The reasons attributed to FANUC CORPORATION for any holding are those its own cells print, and the policy sentences are quoted, not assessed.
Sources
- ファナック株式会社 (FANUC CORPORATION, 6954), 有価証券報告書 第57期 (2025/04/01–2026/03/31) filed 2026-06-22 — (5) 【株式の保有状況】, pp. 46–47 of 108: ① 投資株式の区分の基準及び考え方 (もっぱら株式の価値の変動または配当の受領 … 純投資目的以外の目的である投資株式(政策保有株式)); ② a 保有方針 (新商品開発、部品・材料の安定購入、その他取引先との事業上の関係維持などの便益 … 保有コストなども勘案 … 毎年 … 保有の縮減を図ります); ② b 銘柄数及び貸借対照表計上額 (非上場株式 7 / 675; 非上場株式以外の株式 11 / 51,839; 増加 ―; 減少 ―); ② c 特定投資株式 p. 47 (11 行: 富士電機 2,684,200 / 28,399 (16,900) 有 当社商品の重要部品の安定購入を確保するため; ナブテスコ 3,760,000 / 14,446 (8,687) 無; 津上精密機床(中国)有限公司 6,200,000 / 4,298 (2,819) 無 親会社である株式会社ツガミを含むツガミグループは、主に当社商品のお客様です; シチズン時計 1,000,000 / 1,665 (892) 無; ツガミ 327,000 / 1,045 (595) 有; 山善 480,000 / 690 (632) 無 当社商品の販売代理店です; 牧野フライス製作所 43,249 / 496 (505) 有; 岡本工作機械製作所 94,000 / 354 (352) 無 当社商品のお客様かつ当社事業に必要な部品の購入先です; シーイーシー 120,000 / 231 (279) 有 ソフトウェアの開発業務の委託先です; 黒田精工 196,800 / 193 (195) 無; ハーモニック・ドライブ・システムズ 6,500 / 22 (21) 無; 合計 51,839 (31,877); (注) 定量的な保有効果の記載が困難); ③ 該当事項はありません — https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG3QFinancial Services Agency (EDINET)
- ファナック株式会社 (FANUC CORPORATION, 6954), 有価証券報告書 第57期 filed 2026-06-22 (PDF, 108 pp.) — p. 1 表紙 (提出日 2026年6月22日, 第57期, 英訳名 FANUC CORPORATION); p. 50 第5 【経理の状況】 3 端数処理について (表示単位未満の端数を四捨五入); p. 51 連結貸借対照表 (有価証券 16,000 / 35,800; 投資有価証券 ※2 192,214 / 223,287); p. 58 重要な会計方針 イ)有価証券 その他有価証券 (市場価格のない株式等以外のもの) 時価法 (評価差額は全部純資産直入法), (市場価格のない株式等) 移動平均法による原価法; p. 62 ※2 投資有価証券(株式等) 非連結子会社及び関連会社等 155,976 / 167,210; p. 63 その他有価証券評価差額金 当期発生額 △9,664 / 20,237, 税効果 2,718 / △6,215, 計 △6,946 / 14,022; p. 66 金融商品関係 (投資有価証券は主に業務上の関係を有する企業の株式; 取引先企業との関係を勘案して保有状況を継続的に見直し); p. 67 その他有価証券 51,153 / 91,201, (*2) 非上場株式 157,061 / 167,886; p. 69 時価のレベル (株式 31,877 / 51,839 レベル1; 譲渡性預金 16,000 / 35,800 レベル2; その他 3,276 / 3,562); p. 70 有価証券関係 1 その他有価証券 (2025: 株式 超えるもの 23,190 / 3,272 / 19,918, 超えないもの 8,687 / 9,273 / △586; 2026: 株式 51,839 / 12,544 / 39,295, 超えないもの ―; 合計 51,153 / 31,463 / 19,690 → 91,201 / 51,339 / 39,862), 2 売却 (重要性が乏しいため、記載を省略 / 該当事項はありません), 3 減損 (1,101 / 449); p. 85 貸借対照表 (投資有価証券 32,961 / 52,514; 関係会社株式 109,869 / 109,869); p. 86 その他有価証券評価差額金 14,224 / 28,069; p. 96 有価証券関係 (子会社株式 102,529, 関連会社株式 7,340), 税効果 (繰延税金資産 投資有価証券 627 / 755; 繰延税金負債 その他有価証券評価差額金 △5,226 / △11,382) — https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YG3Q.pdfFinancial Services Agency (EDINET)
- ファナック株式会社 (FANUC CORPORATION, 6954), 有価証券報告書 第56期 (2024/04/01–2025/03/31) filed 2025-06-26 — (5) 【株式の保有状況】, pp. 49–51 of 108: ①・② a (2026 年版と同文); ② b (非上場株式 7 / 1,084; 非上場株式以外の株式 11 / 31,877; 増加 ─; 減少 非上場 ─, 非上場株式以外 1 / 99); 特定投資株式 pp. 50–51 (12 行: 富士電機 2,684,200 / 16,900 (27,513) 有; ナブテスコ 8,687 (9,626); 津上精密機床(中国)有限公司 2,819 (1,078); シチズン時計 892 (991); 山善 632 (646); ツガミ 595 (376) 有; 牧野フライス製作所 505 (271) 有; 岡本工作機械製作所 352 (633); シーイーシー 279 (186) 有; 黒田精工 195 (271); ハーモニック・ドライブ・システムズ 21 (26); 浜井産業 − / − (75,000 / 129) 無 取引関係の維持・発展のため 主に当社商品のお客様です; 合計 31,877 (41,746); (注) 同文); ③ 該当事項はありません — https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6NXFinancial Services Agency (EDINET)
- ファナック株式会社 (FANUC CORPORATION, 6954), 有価証券報告書 第56期 filed 2025-06-26 (PDF, 108 pp.) — p. 1 表紙 (提出日 2025年6月26日, 第56期); p. 52 第5 【経理の状況】 3 端数処理について (表示単位未満の端数を四捨五入) — https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100W6NX.pdfFinancial Services Agency (EDINET)
- EDINET document list API (v2), date 2026-06-22 — index row for S100YG3Q: 有価証券報告書-第57期(2025/04/01-2026/03/31), ファナック株式会社, E01946, secCode 69540, submitDateTime 2026-06-22 15:50 (saved in data/edinet_june_2026.json) — https://api.edinet-fsa.go.jp/api/v2/documents.json?date=2026-06-22&type=2Financial Services Agency (EDINET)
- EDINET document list API (v2), date 2025-06-26 — index row for S100W6NX: 有価証券報告書-第56期(2024/04/01-2025/03/31), ファナック株式会社, E01946, submitDateTime 2025-06-26 13:53 (saved in data/edinet_june_2025.json) — https://api.edinet-fsa.go.jp/api/v2/documents.json?date=2025-06-26&type=2Financial Services Agency (EDINET)
- EDINET code list (EDINETコードリスト) — E01946, ファナック株式会社, 提出者名(英字) FANUC CORPORATION, 証券コード 69540, 所在地 南都留郡忍野村忍草字古馬場3580番地, 業種 電気機器, 決算日 3月31日; and the 提出者名(英字) of the issuers named in the table: E01740 FUJI ELECTRIC CO., LTD.; E01726 Nabtesco Corporation; E02281 Citizen Watch Co., Ltd.; E01480 TSUGAMI CORPORATION; E02560 YAMAZEN CORPORATION; E01496 Makino Milling Machine Co.,Ltd.; E01493 OKAMOTO MACHINE TOOL WORKS, LTD.; E04853 COMPUTER ENGINEERING & CONSULTING LTD.; E02269 KURODA PRECISION INDUSTRIES LTD.; E01712 Harmonic Drive Systems Inc.; E01492 HAMAI CO.,LTD — https://disclosure2.edinet-fsa.go.jp/weee0010.aspxFinancial Services Agency (EDINET)
- EDINET API (v2) specification — the document-list endpoint (documents.json?date=…&type=2) used to locate the two reports and the document endpoint (documents/{docID}?type=2) used to retrieve the PDFs — https://disclosure2dl.edinet-fsa.go.jp/guide/static/disclosure/WZEK0110.htmlFinancial Services Agency (EDINET)
- Japanese yen exchange rate — the live quote page the ¥163.8 rate was retrieved from on 24 July 2026; used only for the reference US dollar conversions in this piece — https://tradingeconomics.com/japan/currencyTrading Economics
- USD/JPY for 24 July 2026 — 163.82 on a dated reference series blended across central-bank sources; cross-check for the ¥163.8 conversion rate — https://api.frankfurter.app/2026-07-24?from=USD&to=JPYFrankfurter
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