Worth reading
90Important
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
340
¥100 millionWording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+26.0%
基準 26,991Target34,000million
Operating profit+50.4%
基準 2,261Target3,400million
Operating profit margin+4.0pt
基準 2,025Target2,029％
ROE+4.0pt
基準 2,025Target2,029％
ROIC+4.0pt
基準 2,025Target2,029％
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 planInitial VISION30 target for the fiscal year ending March 2031: revenue of ¥30.0 billion, operating profit of ¥3.0 billion, operating margin of at least 10.0%, and ROE of at least 10.0% → Actual results for the fiscal year ending March 2026: revenue of ¥26.9 billion, operating profit of ¥2.26 billion, operating margin of 8.4%, and ROE of 8.5%-0.2%Calculated from the two disclosed figures
Investment amount by sectorField Capital expenditure / Amount ¥2.2 billion (¥800 million for the fiscal year ending March 2027, ¥900 million for the fiscal year ending March 2028, and ¥500 million for the fiscal year ending March 2029), Field Growth investment and debt repayment / Amount ¥5.0 billion (may be allocated to M&A depending on opportunities), Field M&A / Amount Considering a cumulative investment of ¥2.0–3.0 billion
Statements about the use of capital
Payout ratio / DOE policyProgressive dividends, with a target payout ratio of at least 30%. Covered period: Not disclosedThe payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalCost of equity: 8.2% (from the fiscal year ending March 2027); WACC: 4.57% (fiscal year ending March 2027 plan), 5.01% (fiscal year ending March 2028 plan), and 5.45% (fiscal year ending March 2029 plan)The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Key initiatives
01Domestic Business
02After-sales business
03Overseas Business
04New Businesses and M&A
05Inventory Management
06Further enhancement of QCD
07Strengthening maintenance solutions
08Establishing a global position
09Capital expenditure
10Systems Investment
11Talent and Organization
Plan assumptionsThe overall domestic product market is expected to grow at a CAGR of +3.7%; crushers are expected to grow by 4.2% from 2025 to 2030, The overall U.S. product market is expected to grow at a CAGR of +4.0%; crushers are expected to grow by 5.1% and breakers by 10.9%, The global ship-demolition market is expected to grow at an annual rate of 7–9%, The U.S. market is expected to recover as inventory adjustments run their course and interest rates decline, although sudden policy changes and interest-rate trends require close monitoring, The published numerical targets may be revised depending on market conditions and other factors
Segment targetSegment Domestic / Sales Target ¥21.5 billion (fiscal year ending March 2027), ¥23.0 billion (fiscal year ending March 2028), and ¥25.0 billion (fiscal year ending March 2029), Segment Overseas expansion / Sales Target ¥7.0 billion (fiscal year ending March 2027), ¥8.0 billion (fiscal year ending March 2028), and ¥9.0 billion (fiscal year ending March 2029)
Non-financial targetsIndicator Planned investment in human resources to support global growth / Target value 20 / Timing 5 years, Indicator Planned investment in human resources to maximize LTV / Target value 15 / Timing 5 years, Indicator Planned investment in human resources to enhance QCD / Target value 5 / Timing 5 years, Indicator Total planned investment in human resources / Target value 30 people / Timing 5 years
Size of the Target MarketDomestic product market: ¥40.0 billion in 2025, ¥48.1 billion in 2030, overall CAGR of +3.7%. U.S. product market: US$373 million in 2025, US$617 million in 2030, overall CAGR of +4.0%. Global ship-demolition market: annual growth rate of 7–9%. Source: Domestic and U.S. markets, “Company estimates as of 2025”
Risks identified by the company
Variations by region in the profitability and repeatability of growth of the overseas business
An overseas earnings structure that is susceptible to market fluctuations
The impact of persistently high inventory levels on cash-generation capacity
Sudden policy changes
Interest-rate trends
Future plan figures and initiatives involve risks and uncertainties and are not guaranteed or assured to be achieved
Reason for revision or withdrawal
The reason for revising or withdrawing the previous plan is Not disclosed. The new plan is intended to shift to a value-creation growth model that emphasizes “quality of earnings,” “repeatability of growth,” and “capital efficiency.”
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan “Onyx (オニキス)” |
| Plan period | FY2026 to FY2028 |
| Progress against the plan | Formulated |
| Sales Target | ¥26,991 million (FY2025 actual) → ¥34,000 million (FY2028 plan, fiscal year ending March 2029)（Approx. 26.0% increase） |
| Operating profit target | ¥2,261 million (FY2025 actual) → ¥3,400 million (FY2028 plan, fiscal year ending March 2029)（Approx. 50.4% increase） |
| Operating profit margin target | 8.4% (FY2025 actual) → 10.0% (FY2028 plan, fiscal year ending March 2029)（Approx. 19.0% increase） |
| ROE target | 8.5% (FY2025 actual) → 10.8% (FY2028 plan, fiscal year ending March 2029)（Approx. 27.1% increase） |
| ROIC target | 4.70% (FY2025 actual) → 6.64% (FY2028 plan, fiscal year ending March 2029)（Approx. 41.3% increase） |
| Payout ratio / DOE policy | Progressive dividends, with a target payout ratio of at least 30%. Covered period: Not disclosed |
| Cost of capital | Cost of equity: 8.2% (from the fiscal year ending March 2027); WACC: 4.57% (fiscal year ending March 2027 plan), 5.01% (fiscal year ending March 2028 plan), and 5.45% (fiscal year ending March 2029 plan) |
| Investment amount by sector | Field Capital expenditure / Amount ¥2.2 billion (¥800 million for the fiscal year ending March 2027, ¥900 million for the fiscal year ending March 2028, and ¥500 million for the fiscal year ending March 2029), Field Growth investment and debt repayment / Amount ¥5.0 billion (may be allocated to M&A depending on opportunities), Field M&A / Amount Considering a cumulative investment of ¥2.0–3.0 billion |
| Segment target | Segment Domestic / Sales Target ¥21.5 billion (fiscal year ending March 2027), ¥23.0 billion (fiscal year ending March 2028), and ¥25.0 billion (fiscal year ending March 2029), Segment Overseas expansion / Sales Target ¥7.0 billion (fiscal year ending March 2027), ¥8.0 billion (fiscal year ending March 2028), and ¥9.0 billion (fiscal year ending March 2029) |
| Non-financial targets | Indicator Planned investment in human resources to support global growth / Target value 20 / Timing 5 years, Indicator Planned investment in human resources to maximize LTV / Target value 15 / Timing 5 years, Indicator Planned investment in human resources to enhance QCD / Target value 5 / Timing 5 years, Indicator Total planned investment in human resources / Target value 30 people / Timing 5 years |
| Plan assumptions | The overall domestic product market is expected to grow at a CAGR of +3.7%; crushers are expected to grow by 4.2% from 2025 to 2030, The overall U.S. product market is expected to grow at a CAGR of +4.0%; crushers are expected to grow by 5.1% and breakers by 10.9%, The global ship-demolition market is expected to grow at an annual rate of 7–9%, The U.S. market is expected to recover as inventory adjustments run their course and interest rates decline, although sudden policy changes and interest-rate trends require close monitoring, The published numerical targets may be revised depending on market conditions and other factors |
| Key initiatives | Domestic Business, After-sales business, Overseas Business, New Businesses and M&A, Inventory Management, Further enhancement of QCD, Strengthening maintenance solutions, Establishing a global position, Capital expenditure, Systems Investment, Talent and Organization |
| Results under the previous plan | Initial VISION30 target for the fiscal year ending March 2031: revenue of ¥30.0 billion, operating profit of ¥3.0 billion, operating margin of at least 10.0%, and ROE of at least 10.0% → Actual results for the fiscal year ending March 2026: revenue of ¥26.9 billion, operating profit of ¥2.26 billion, operating margin of 8.4%, and ROE of 8.5% |
| Reason for revision or withdrawal | The reason for revising or withdrawing the previous plan is Not disclosed. The new plan is intended to shift to a value-creation growth model that emphasizes “quality of earnings,” “repeatability of growth,” and “capital efficiency.” |
| Size of the Target Market | Domestic product market: ¥40.0 billion in 2025, ¥48.1 billion in 2030, overall CAGR of +3.7%. U.S. product market: US$373 million in 2025, US$617 million in 2030, overall CAGR of +4.0%. Global ship-demolition market: annual growth rate of 7–9%. Source: Domestic and U.S. markets, “Company estimates as of 2025” |
| Risks identified | Variations by region in the profitability and repeatability of growth of the overseas business, An overseas earnings structure that is susceptible to market fluctuations, The impact of persistently high inventory levels on cash-generation capacity, Sudden policy changes, Interest-rate trends, Future plan figures and initiatives involve risks and uncertainties and are not guaranteed or assured to be achieved |
| Publication date | 14 May 2026 |
Items this document does not state (5)
Net income targetTreasury share acquisition policySelf-assessment of PBR and share priceTotal investment planDate of board resolution
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.To shift to a value-creation growth model that emphasizes “quality of earnings,” “repeatability of growth,” and “capital efficiency,” rather than focusing solely on expanding the revenue scale, in pursuit of the long-term vision “VISION30.” The Company plans to strengthen the earnings power of its domestic business, enhance its after-sales business, accelerate growth in its overseas business, particularly in North America, pursue disciplined M&A, and optimize inventory.
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