Dependence on interest-bearing debt and interest-rate fluctuations
First written in FY2016. 14 of 28 entries say "Worsened", first in FY2018-Q2. Latest entry: 2026-10-05.
Nextage moved to the "Worse" side of this theme in 2024, 1 year after the typical company in this theme (2023).
The whole theme swung hardest in 2025: 31 of 96 companies on the "Worse" side.
40 other companies' latest entry also says "Worsened".
- 2026-10-05WorsenedEarnings
「The main factors were increases of ¥2.455 billion in accounts payable, ¥5 billion in bonds due for redemption within 1 year, and ¥17.037 billion in long-term borrowings due for repayment within 1 year.」
Long-term borrowings due for repayment within 1 year and bonds due for redemption within 1 year increased, causing current liabilities to rise by ¥25.870 billion from the end of the previous fiscal year. - FY2026-H1WorsenedAnnual report
「Fixed liabilities increased by ¥8,318 million from the end of the previous consolidated fiscal year to ¥81,963 million. The main factor was a ¥6,985 million increase in long-term borrowings.」
Long-term borrowings increased by ¥6,985 million from the end of the previous fiscal year, and the equity ratio declined from 34.9% to 33.1%. - 2026-04-06OtherEarnings
「Current liabilities increased by ¥4.069 billion from the end of the previous consolidated fiscal year to ¥78.006 billion. The main factors were increases of ¥1.2 billion in accounts payable and ¥7.432 billion in short-term borrowings. Non-current liabilities decreased by ¥3.180 billion from the end of the previous consolidated fiscal year to ¥70.464 billion. The main factor was a ¥3.806 billion decrease in long-term borrowings.」
Short-term borrowings increased, while long-term borrowings decreased. The equity ratio was 34.9%, unchanged from the end of the previous fiscal year. - FY2025-H1WorsenedAnnual report
「Equity ratio (%) 32.1 31.0 32.7」
The equity ratio declined from 32.7% at the end of the previous fiscal year to 31.0%. Long-term borrowings also increased, worsening the indicators of reliance on interest-bearing debt. - FY2024-Q2WorsenedAnnual report
「Equity ratio (%) 37.2 32.2 37.5」
The equity ratio declined from 37.5% at the end of the previous fiscal year to 32.2%. Short- and long-term borrowings also increased, worsening the indicators of reliance on interest-bearing debt. - FY2024-Q1WorsenedAnnual report
「Equity ratio (%) 37.6 31.8 37.5」
The equity ratio declined from 37.5% at the end of the previous fiscal year to 31.8%. Short- and long-term borrowings increased, indicating a rise in interest-bearing debt relative to the expansion of total assets. - FY2023-Q3MitigatedAnnual report
「Equity ratio (%) 37.4 39.4 34.9」
The equity ratio rose from 34.9% at the end of the previous fiscal year to 39.4%. Short-term borrowings also declined, improving the indicator of reliance on interest-bearing debt. - FY2023-Q2MitigatedAnnual report
「Equity ratio (%) 37.1 37.2 34.9」
The equity ratio rose from 34.9% at the end of the previous fiscal year to 37.2%. Short-term borrowings declined, while long-term borrowings increased. - FY2023-Q1MitigatedAnnual report
「Equity ratio (%) 38.2 37.6 34.9」
The equity ratio rose from 34.9% at the end of the previous fiscal year to 37.6%, and short- and long-term borrowings also declined. - FY2022WorsenedAnnual report
「The Group primarily finances store openings through borrowings from banks and other financial institutions. As a result of actively opening stores in recent years, the balance of interest-bearing debt has increased.」
Short- and long-term borrowings increased, while the equity ratio declined from 37.5% at the end of the previous fiscal year to 34.9%, increasing reliance on interest-bearing debt and interest-rate risk. - FY2022-Q3Increase in borrowings alongside recovery in equity ratioAnnual report
「Current liabilities increased by ¥11,998 million from the end of the previous consolidated fiscal year to ¥40,010 million. The main factors were increases of ¥2,767 million in accounts payable, ¥3,261 million in short-term borrowings and ¥1,873 million in the current portion of long-term borrowings. Non-current liabilities increased by ¥6,768 million from the end of the previous consolidated fiscal year to ¥48,170 million. The main factor was a ¥4,697 million increase in long-term borrowings.」
While short- and long-term borrowings increased, the equity ratio remained nearly unchanged at 37.4% compared with 37.5% at the end of the previous fiscal year. - FY2022-Q2WorsenedAnnual report
「Equity ratio (%) 33.2 37.1 37.5」
The equity ratio rose from 33.2% in the same period of the previous year to 37.1%, but declined from 37.5% at the end of the previous fiscal year. Short- and long-term borrowings also increased. - FY2022-Q1MitigatedAnnual report
「Equity ratio (%) 33.3 38.2 37.5」
The equity ratio rose from 37.5% at the end of the previous fiscal year to 38.2%. Long-term borrowings also declined. - FY2021MitigatedAnnual report
「Equity ratio (%) 42.5 28.2 32.3 30.1 37.5」
The equity ratio rose from 30.1% at the end of the previous fiscal year to 37.5%. Long-term borrowings included in interest-bearing debt also declined. - FY2021-Q3Increase in equity ratio and long-term borrowingsAnnual report
「Equity ratio (%) 28.1 35.8 30.1」
The equity ratio rose from 30.1% at the end of the previous fiscal year to 35.8%, while long-term borrowings increased by ¥806 million. - FY2021-Q1MitigatedAnnual report
「Fixed liabilities decreased by ¥1,169 million from the end of the previous consolidated fiscal year to ¥40,433 million. The main factor was a ¥1,252 million decrease in long-term borrowings.」
Long-term borrowings declined, and the equity ratio rose from 30.1% at the end of the previous fiscal year to 33.3%. - FY2020WorsenedAnnual report
「The Group primarily finances store openings through borrowings from banks and other financial institutions. As a result of actively opening stores in recent years, the balance of interest-bearing debt has increased. Accordingly, if interest rates fluctuate due to changes in financial conditions, higher interest expense on future financing and other factors could affect the Group's operating results and financial position.」
The risk associated with reliance on borrowings to finance store openings and the resulting increase in interest-bearing debt continues to be identified. The equity ratio at the end of the full fiscal year also declined from 32.3% to 30.1%. - FY2020-Q3WorsenedAnnual report
「Equity ratio (%) 36.1 28.1 32.3」
The equity ratio declined from 32.3% at the end of the previous fiscal year to 28.1%. Short- and long-term borrowings also increased from the end of the previous fiscal year. - FY2020-Q2WorsenedAnnual report
「Equity ratio (%) 35.0 25.9 32.3」
The equity ratio declined to 25.9% from 35.0% in the same period of the previous year and 32.3% at the end of the previous fiscal year. Short- and long-term borrowings also increased. - FY2020-Q1WorsenedAnnual report
「Equity ratio (%) 28.7 30.8 32.3」
The equity ratio rose from 28.7% in the same period of the previous year to 30.8%, while declining from 32.3% at the end of the previous consolidated fiscal year to 30.8%. Short-term borrowings also increased by ¥3,991 million. - FY2019Higher interest-bearing debt alongside lower debt dependenceAnnual report
「The balance of interest-bearing debt is the total of short- and long-term borrowings, including amounts due for repayment within 1 year, bonds, including amounts due for redemption within 1 year, and lease obligations.」
The balance of interest-bearing debt increased to ¥44,259 million, while the interest-bearing debt dependence ratio declined to 51.25%. The risk of higher interest expense due to interest-rate fluctuations continues to be identified. - FY2019-Q3MitigatedAnnual report
「Equity ratio (%) 32.2 36.1 28.2」
The equity ratio rose from 28.2% at the end of the previous consolidated fiscal year to 36.1%. Short- and long-term borrowings included in interest-bearing debt also declined from the end of the previous consolidated fiscal year. - FY2019-Q1Slight increase in equity ratio and increase in long-term borrowingsAnnual report
「Equity ratio (%) 41.2 28.7 28.2」
The equity ratio rose slightly from 28.2% at the end of the previous consolidated fiscal year to 28.7%, while long-term borrowings increased by ¥1,152 million. - FY2018WorsenedAnnual report
「Interest-bearing debt balance (¥ million) 13,854 35,381 Interest-bearing debt dependence ratio (%) 39.00 55.56」
The balance of interest-bearing debt increased from ¥13,854 million to ¥35,381 million, and the interest-bearing debt dependence ratio also rose from 39.00% to 55.56%. - FY2018-Q3WorsenedAnnual report
「Equity ratio (%) 26.7 32.2 42.5」
The equity ratio was 32.2% for the first 3 quarters of the current consolidated fiscal year, down from 42.5% in the previous consolidated fiscal year. Short- and long-term borrowings also increased. - FY2018-Q2WorsenedAnnual report
「Equity ratio (%) 25.4 35.8 42.5」
The equity ratio rose from 25.4% in the second quarter of the previous fiscal year, but declined from 42.5% at the end of the previous consolidated fiscal year to 35.8%, while short- and long-term borrowings also increased. - FY2017MitigatedAnnual report
「Interest-bearing debt balance (¥ million) 12,909 13,854 Interest-bearing debt dependence ratio (%) 55.0 39.00」
The balance of interest-bearing debt increased, while the interest-bearing debt dependence ratio declined from 55.0% to 39.0%. - FY2016First statedAnnual report
「As a result of actively opening stores in recent years, the balance of interest-bearing debt has increased year after year, and interest-bearing debt as a percentage of total assets has also risen.」
The balance of interest-bearing debt changed from ¥98,903 million at the end of the fiscal year ended November 2015 to ¥12,909 million at the end of the fiscal year ended November 2016, while the ratio of dependence changed from 55.4% to 55.0%. The risk of higher interest expense due to interest-rate fluctuations is identified.