Worth reading
75Important
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
960
¥100 million (net sales target for the fiscal year ending March 2029)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.1%
基準 2,026Target2,029Hundreds of millions of yen
Net income for the current fiscal year+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 planRevenue of ¥90.0 billion, ordinary profit of ¥3.8 billion, and ROE of at least 6% (Medium-Term Management Plan 2026) → Revenue of ¥85.9 billion, ordinary profit of ¥4.8 billion, and ROE of 8.2% (actual for the fiscal year ended March 2026)0.0%Calculated from the two disclosed figures
Total investment planApproximately ¥15.0–20.0 billion (cumulative over the three years of the plan)
Investment amount by sectorField TATRAS-related investments / Amount ¥4.6 billion, Field Strategic investments in logistics and the supply chain / Amount ¥1.0 billion (over three years), Field Human capital investments to expand the ODM business / Amount ¥0.8 billion (over three years), Field Growth Investment / Details Expansion of the Brand and Retail businesses, expansion of global sales, development of new businesses, M&A and business alliances, human capital investments, and DX and IT investments, Field Strengthening the management base and other initiatives / Details Strengthening organizational capabilities, including the consolidation of operations at the Tokyo head office, business continuity planning measures, and infrastructure upgrades
Statements about the use of capital
Payout ratio / DOE policyDuring the three years covered by Medium-Term Management Plan 2029, the Company targets a dividend payout ratio of at least 40% and a total payout ratio of approximately 70%. Total dividends for the three-year period will be ¥5.0 billion. DOE: not disclosed.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 policyThe Company will flexibly repurchase its own shares during the period covered by Medium-Term Management Plan 2029. The planned amount is approximately ¥4.0 billion, or ¥4.0 billion is scheduled.
Self-assessment of PBR and share priceThe Company has secured profitability exceeding its cost of capital by achieving ROE of 8%, but obtaining a market valuation sufficient to bring its PBR above 1x remains a work in progress. PBR was 0.70x for the fiscal year ended March 2026. The Company aims to achieve a PBR above 1x.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Evolution of the value creation model, “YAGI CYCLE 140”
02Optimizing the Business Portfolio
03Business strategy [Growth businesses]
04Business strategy [Earnings businesses]
05Financial Strategy
06Human resources strategy
07DX Strategy
08Governance Enhancement
09Sustainability
Plan assumptionsBased on information currently available to the Company and certain assumptions it considers reasonable. Specific assumptions regarding exchange rates, market growth rates and raw material prices have not been disclosed.
Segment targetSegment Brand / Net Sales ¥14.9 billion (fiscal year ending March 2027), ¥16.0 billion (fiscal year ending March 2028), ¥17.3 billion (fiscal year ending March 2029) / Segment profit ¥1.99 billion (fiscal year ending March 2027), ¥2.40 billion (fiscal year ending March 2028), ¥2.78 billion (fiscal year ending March 2029), Segment Retail / Net Sales Not shown because equity-method affiliates are the primary entities. GMV of ¥19.5 billion in the fiscal year ending March 2029 / Segment profit ¥0.32 billion (fiscal year ending March 2027), ¥0.48 billion (fiscal year ending March 2028), ¥0.59 billion (fiscal year ending March 2029), Segment Materials / Net Sales ¥33.7 billion (fiscal year ending March 2027), ¥36.1 billion (fiscal year ending March 2028), ¥38.2 billion (fiscal year ending March 2029) / Segment profit ¥1.15 billion (fiscal year ending March 2027), ¥1.32 billion (fiscal year ending March 2028), ¥1.50 billion (fiscal year ending March 2029), Segment Apparel / Net Sales ¥43.8 billion (fiscal year ending March 2027), ¥45.8 billion (fiscal year ending March 2028), ¥49.5 billion (fiscal year ending March 2029) / Segment profit ¥2.72 billion (fiscal year ending March 2027), ¥2.80 billion (fiscal year ending March 2028), ¥3.00 billion (fiscal year ending March 2029)
Non-financial targetsIndicator name Number of NIKE retail stores / Target value 3x the level in the fiscal year ended March 2026 / Timing Fiscal year ending March 2029
Risks identified by the company
Loss of confidence due to delays in non-financial initiatives
Higher costs associated with regulatory compliance
Penalties for greenwashing
Intensifying competition in the domestic market
Difficulty securing raw materials due to the decline of production regions
Supply chain reviews accompanying industry consolidation
Supply chain disruptions and surging resource prices due to conflicts and other factors
Contraction of the mid-priced product market
Accelerating commoditization
Disruption in the transfer of skills and expertise
Declining competitiveness due to delays in responding to technological innovation
Growing dependence on platform operators
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2029 |
| Plan period | Fiscal years ending March 2027 through March 2029 |
| Progress against the plan | Formulated |
| Sales Target | ¥85.93 billion (actual for the fiscal year ended March 2026) → ¥96.00 billion (target for the fiscal year ending March 2029) |
| Net income target | ¥3.67 billion (actual for the fiscal year ended March 2026) → ¥4.70 billion (target for the fiscal year ending March 2029) |
| ROE target | 8.2% (actual for the fiscal year ended March 2026) → 10.0% (target for the fiscal year ending March 2029) |
| Payout ratio / DOE policy | During the three years covered by Medium-Term Management Plan 2029, the Company targets a dividend payout ratio of at least 40% and a total payout ratio of approximately 70%. Total dividends for the three-year period will be ¥5.0 billion. DOE: not disclosed. |
| Treasury share acquisition policy | The Company will flexibly repurchase its own shares during the period covered by Medium-Term Management Plan 2029. The planned amount is approximately ¥4.0 billion, or ¥4.0 billion is scheduled. |
| Self-assessment of PBR and share price | The Company has secured profitability exceeding its cost of capital by achieving ROE of 8%, but obtaining a market valuation sufficient to bring its PBR above 1x remains a work in progress. PBR was 0.70x for the fiscal year ended March 2026. The Company aims to achieve a PBR above 1x. |
| Total investment plan | Approximately ¥15.0–20.0 billion (cumulative over the three years of the plan) |
| Investment amount by sector | Field TATRAS-related investments / Amount ¥4.6 billion, Field Strategic investments in logistics and the supply chain / Amount ¥1.0 billion (over three years), Field Human capital investments to expand the ODM business / Amount ¥0.8 billion (over three years), Field Growth Investment / Details Expansion of the Brand and Retail businesses, expansion of global sales, development of new businesses, M&A and business alliances, human capital investments, and DX and IT investments, Field Strengthening the management base and other initiatives / Details Strengthening organizational capabilities, including the consolidation of operations at the Tokyo head office, business continuity planning measures, and infrastructure upgrades |
| Segment target | Segment Brand / Net Sales ¥14.9 billion (fiscal year ending March 2027), ¥16.0 billion (fiscal year ending March 2028), ¥17.3 billion (fiscal year ending March 2029) / Segment profit ¥1.99 billion (fiscal year ending March 2027), ¥2.40 billion (fiscal year ending March 2028), ¥2.78 billion (fiscal year ending March 2029), Segment Retail / Net Sales Not shown because equity-method affiliates are the primary entities. GMV of ¥19.5 billion in the fiscal year ending March 2029 / Segment profit ¥0.32 billion (fiscal year ending March 2027), ¥0.48 billion (fiscal year ending March 2028), ¥0.59 billion (fiscal year ending March 2029), Segment Materials / Net Sales ¥33.7 billion (fiscal year ending March 2027), ¥36.1 billion (fiscal year ending March 2028), ¥38.2 billion (fiscal year ending March 2029) / Segment profit ¥1.15 billion (fiscal year ending March 2027), ¥1.32 billion (fiscal year ending March 2028), ¥1.50 billion (fiscal year ending March 2029), Segment Apparel / Net Sales ¥43.8 billion (fiscal year ending March 2027), ¥45.8 billion (fiscal year ending March 2028), ¥49.5 billion (fiscal year ending March 2029) / Segment profit ¥2.72 billion (fiscal year ending March 2027), ¥2.80 billion (fiscal year ending March 2028), ¥3.00 billion (fiscal year ending March 2029) |
| Non-financial targets | Indicator name Number of NIKE retail stores / Target value 3x the level in the fiscal year ended March 2026 / Timing Fiscal year ending March 2029 |
| Plan assumptions | Based on information currently available to the Company and certain assumptions it considers reasonable. Specific assumptions regarding exchange rates, market growth rates and raw material prices have not been disclosed. |
| Key initiatives | Evolution of the value creation model, “YAGI CYCLE 140”, Optimizing the Business Portfolio, Business strategy [Growth businesses], Business strategy [Earnings businesses], Financial Strategy, Human resources strategy, DX Strategy, Governance Enhancement, Sustainability |
| Results under the previous plan | Revenue of ¥90.0 billion, ordinary profit of ¥3.8 billion, and ROE of at least 6% (Medium-Term Management Plan 2026) → Revenue of ¥85.9 billion, ordinary profit of ¥4.8 billion, and ROE of 8.2% (actual for the fiscal year ended March 2026) |
| Risks identified | Loss of confidence due to delays in non-financial initiatives, Higher costs associated with regulatory compliance, Penalties for greenwashing, Intensifying competition in the domestic market, Difficulty securing raw materials due to the decline of production regions, Supply chain reviews accompanying industry consolidation, Supply chain disruptions and surging resource prices due to conflicts and other factors, Contraction of the mid-priced product market, Accelerating commoditization, Disruption in the transfer of skills and expertise, Declining competitiveness due to delays in responding to technological innovation, Growing dependence on platform operators |
| Date of board resolution | 11 May 2026 |
| Publication date | 11 May 2026 |
Items this document does not state (6)
Operating profit targetOperating profit margin targetROIC targetCost of capitalReason for revision or withdrawalSize 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.While the previous plan established growth foundations, including a segment-based structure and global sales, the external environment has changed significantly due to the contraction of the domestic market, rising geopolitical risks, and advances in AI and DX. Under the new management philosophy, “Business to Belief,” the Company aims to establish a sustainable competitive advantage.
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