Sustained Improvement in ROE and Maximization of Free Cash Flow
First written in FY2017-Q1. 10 of 31 entries say "Worsened", first in FY2019-Q2. Latest entry: 2026-10-30.
SCREEN Holdings moved to the "Worse" side of this theme in 2018.
The whole theme swung hardest in 2022: 1 of 6 companies on the "Worse" side.
0 other companies' latest entry also says "Worsened".
- FY2026Decline in ROE and increase in operating cash flowAnnual report
「Return on equity (%) 19.9 21.0 21.0 25.1 20.3. Cash flow from operating activities was an inflow of ¥92,707 million (an inflow of ¥71,234 million in the previous fiscal year).」
ROE declined from 25.1% in the previous fiscal year to 20.3%, while operating cash flow increased from ¥71,234 million to ¥92,707 million. - 2026-05-13WorsenedEarnings
「自己資本利益率（ＲＯＥ）（％） 19.9 21.0 21.0 25.1 20.3」
ROEは前期の25.1％から20.3％へ低下した。一方、営業活動によるキャッシュ・フローは712億34百万円から927億7百万円へ増加し、フリーキャッシュ・フローも改善しているため、スレッド内で指標の動きが分かれた。 - FY2026-H1WorsenedAnnual report
「Cash flow from operating activities was an inflow of ¥30,834 million (an inflow of ¥33,494 million in the same period of the previous year), as inflow items such as interim profit before income taxes, increases in contract liabilities and depreciation exceeded outflow items such as income tax payments, a decrease in trade payables and an increase in inventories. Cash flow from investing activities was an outflow of ¥12,288 million (an outflow of ¥14,527 million in the same period of the previous year), mainly due to the acquisition of property, plant and equipment such as research and development facilities and the acquisition of a business.」
Operating cash flow changed from ¥33,494 million in the same period of the previous year to ¥30,834 million, while cash used in investing activities changed from ¥14,527 million to ¥12,288 million. Simple free cash flow was approximately ¥18,546 million, down from approximately ¥18,967 million in the same period of the previous year. - FY2025-H1WorsenedAnnual report
「Cash flow from operating activities was an inflow of ¥33,494 million (an inflow of ¥68,909 million in the same period of the previous year), as inflow items such as interim profit before income taxes and decreases in trade receivables and contract assets exceeded outflow items such as an increase in inventories, a decrease in trade payables and income tax payments. Cash flow from investing activities was an outflow of ¥14,527 million (an outflow of ¥18,311 million in the same period of the previous year), mainly due to payments related to the construction of a new building at the Hikone facility and the acquisition of property, plant and equipment such as research and development facilities.」
Operating cash flow for the interim period decreased from ¥68,909 million in the same period of the previous year to ¥33,494 million. Simple free cash flow after deducting the ¥14,527 million outflow from investing activities was approximately ¥18,967 million, down from approximately ¥50,598 million in the same period of the previous year. - FY2024AchievedAnnual report
「ROE 20% or higher in the final year 21.0% Operating cash flow Cumulative total of ¥240,000 million or more over 4 years ¥96,200 million (Cumulative total of ¥309,100 million over 4 years)」
Against the final-year ROE target of 20% or higher for Value Up 2023, actual ROE was 21.0%; against the 4-year cumulative operating cash flow target of ¥240,000 million or more, the cumulative total reached ¥309,100 million. - FY2024-Q3AdvancedAnnual report
「Cash flow from operating activities was an inflow of ¥127,328 million (an inflow of ¥53,654 million in the same period of the previous year), as inflow items such as quarterly profit before income taxes, an increase in contract liabilities, decreases in trade receivables and contract assets and an increase in trade payables exceeded outflow items such as an increase in inventories and income tax payments.」
Operating cash flow for the first 3 quarters increased from ¥53,654 million in the same period of the previous year to ¥127,328 million. Free cash flow also remained positive after deducting the ¥23,257 million outflow from investing activities. - FY2024-Q2AdvancedAnnual report
「Cash flow from operating activities was an inflow of ¥68,909 million (an inflow of ¥20,160 million in the same period of the previous year), as inflow items such as quarterly profit before income taxes, an increase in contract liabilities, an increase in trade payables and decreases in trade receivables and contract assets exceeded outflow items such as an increase in inventories and income tax payments. Cash flow from investing activities was an outflow of ¥18,311 million (an outflow of ¥2,800 million in the same period of the previous year), mainly due to payments related to the construction of a new plant and the acquisition of property, plant and equipment such as research and development facilities.」
Operating cash flow increased from ¥20,160 million in the same period of the previous year to ¥68,909 million. Free cash flow after deducting the ¥18,311 million outflow from investing activities was positive at approximately ¥50,598 million, reflecting progress in operating cash flow generation. - FY2024-Q1Update of first-quarter operating and investing cash flow resultsAnnual report
「Cash flow from operating activities was an inflow of ¥39,803 million (an inflow of ¥29,269 million in the same period of the previous year), as inflow items such as increases in contract liabilities and other current liabilities and quarterly profit before income taxes exceeded outflow items such as income tax payments, a decrease in trade payables and an increase in inventories. Cash flow from investing activities was an outflow of ¥17,573 million (an inflow of ¥1,739 million in the same period of the previous year), mainly due to payments related to the construction of a new plant and the acquisition of property, plant and equipment such as research and development facilities.」
Operating cash flow increased from ¥29,269 million in the same period of the previous year to ¥39,803 million, while investing cash flow changed from an inflow of ¥1,739 million to an outflow of ¥17,573 million. - FY2023AdvancedAnnual report
「Operating cash flow (cumulative total for 3 years) was ¥212,800 million, exceeding cumulative operating profit through improved profitability and efficiency, while net cash also increased significantly.」
Cumulative operating cash flow generated over the 3 years of Value Up 2023 was ¥212,800 million. ROE was 21.0%, providing a numerical indication of capital efficiency for the fiscal year. - FY2023-Q3WorsenedAnnual report
「Cash flow from operating activities was an inflow of ¥53,654 million (an inflow of ¥63,703 million in the same period of the previous year), as inflow items such as quarterly profit before income taxes, increases in other current liabilities and trade payables exceeded outflow items such as income tax payments, an increase in inventories and an increase in trade receivables. Cash flow from investing activities was an outflow of ¥5,469 million (an outflow of ¥4,694 million in the same period of the previous year), as outflow items such as payments related to the construction of a new plant exceeded inflow items such as proceeds from the sale of shares in affiliates.」
Operating cash flow for the first 3 quarters was ¥53,654 million, while cash used in investing activities was ¥5,469 million. Simple free cash flow was positive at approximately ¥48,185 million, but contracted from approximately ¥59,009 million in the same period of the previous year. - FY2023-Q2WorsenedAnnual report
「Cash flow from operating activities was an inflow of ¥20,160 million (an inflow of ¥41,717 million in the same period of the previous year), as inflow items such as quarterly profit before income taxes, a decrease in trade receivables and an increase in trade payables exceeded outflow items such as income tax payments and an increase in inventories. Cash flow from investing activities was an outflow of ¥2,800 million (an outflow of ¥2,856 million in the same period of the previous year), as outflow items such as payments related to the construction of a new plant exceeded inflow items such as proceeds from the sale of shares in affiliates.」
Operating cash flow was an inflow of ¥20,160 million, down from ¥41,717 million in the same period of the previous year. Free cash flow after deducting the ¥2,800 million outflow from investing activities remained positive at approximately ¥17,360 million, but operating cash flow generation declined year on year. - FY2023-Q2RestatedAnnual report
「We revised the numerical targets of the medium-term management plan Value Up 2023, which reaches its final year in the fiscal year ending March 2024 (fiscal years ending March 2021 through March 2024). For details, please refer to the first-quarter report for the 82nd fiscal year.」
The revision of the numerical targets for Value Up 2023 is being reiterated. The revised figures themselves are not presented, with the revision details referred to in the first-quarter report. - FY2023-Q1RaisedAnnual report
「ROE 15% or higher in the final year 20% or higher in the final year Operating cash flow Cumulative total of ¥120,000 million or more over 4 years Cumulative total of ¥240,000 million or more over 4 years」
The final-year ROE target for Value Up 2023 was raised from 15% or higher to 20% or higher, and the 4-year cumulative operating cash flow target was raised from ¥120,000 million or more to ¥240,000 million or more. Operating cash flow in the first quarter was ¥29,269 million, while cash flow from investing activities was an inflow of ¥1,739 million. - FY2022-Q3AdvancedAnnual report
「Net cash provided by operating activities amounted to an inflow of ¥63,703 million, compared with an inflow of ¥32,980 million in the same period of the previous year, as inflows including quarterly profit before income taxes and an increase in trade payables exceeded outflows including an increase in inventories. Net cash used in investing activities amounted to an outflow of ¥4,694 million, compared with an outflow of ¥3,652 million in the same period of the previous year, mainly due to the acquisition of tangible fixed assets, including research and development facilities.」
Operating cash flow for the first 3 quarters was ¥63,703 million, an increase from ¥32,980 million in the same period of the previous year. Free cash flow after deducting cash used in investing activities was approximately ¥59,000 million, and the stable generation of operating cash flow progressed further. - FY2022-Q2AdvancedAnnual report
「Net cash provided by operating activities amounted to an inflow of ¥41,717 million, compared with an inflow of ¥18,424 million in the same period of the previous year, as inflows including quarterly profit before income taxes and an increase in trade payables exceeded outflows including an increase in inventories. Net cash used in investing activities amounted to an outflow of ¥2,856 million, compared with an outflow of ¥1,471 million in the same period of the previous year, mainly due to the acquisition of tangible fixed assets, including research and development facilities.」
Cumulative operating cash flow for the first 2 quarters was an inflow of ¥41,717 million, while investing cash flow was an outflow of ¥2,856 million, resulting in free cash flow of approximately ¥38,861 million positive on a simple net basis. The generation of operating cash flow and positive free cash flow are progressing. - FY2022-Q1AdvancedAnnual report
「Net cash provided by operating activities amounted to an inflow of ¥18,552 million, compared with an outflow of ¥1,148 million in the same period of the previous year, as inflows including quarterly profit before income taxes, a decrease in trade receivables and an increase in other current liabilities exceeded outflows including an increase in inventories. Net cash used in investing activities amounted to an outflow of ¥1,688 million, compared with an outflow of ¥760 million in the same period of the previous year, mainly due to the acquisition of tangible fixed assets, including research and development facilities.」
Operating cash flow turned from an outflow of ¥1,148 million in the same period of the previous year into an inflow of ¥18,552 million, resulting in free cash flow of approximately ¥16,864 million positive after deducting investing cash outflows. - FY2021-Q3AdvancedAnnual report
「Net cash provided by operating activities amounted to an inflow of ¥32,980 million, compared with an outflow of ¥1,289 million in the same period of the previous year, driven by inflows including quarterly profit before income taxes, an increase in trade payables and depreciation and amortization. Net cash used in investing activities amounted to an outflow of ¥3,652 million, compared with an outflow of ¥8,226 million in the same period of the previous year, mainly due to the acquisition of tangible fixed assets, including research and development facilities.」
Cumulative operating cash flow for the first 3 quarters turned from an outflow in the same period of the previous year into an inflow of ¥32,980 million, while investing cash outflows also narrowed to ¥3,652 million. Free cash flow was approximately ¥29.3 billion positive on a simple net basis. - FY2021-Q2AdvancedAnnual report
「Net cash provided by operating activities amounted to an inflow of ¥18,424 million, compared with an outflow of ¥16,645 million in the same period of the previous year, as inflows including a decrease in trade receivables, quarterly profit before income taxes, a decrease in inventories, and depreciation and amortization exceeded outflows including a decrease in trade payables. Net cash used in investing activities amounted to an outflow of ¥1,471 million, compared with an outflow of ¥6,980 million in the same period of the previous year, mainly due to the renewal of plant equipment and the acquisition of research and development facilities.」
Cumulative operating cash flow for the first 2 quarters turned from an outflow in the same period of the previous year into an inflow of ¥18,424 million, while investing cash outflows also narrowed to ¥1,471 million. Free cash flow was approximately ¥16,953 million positive on a simple net basis. - FY2021-Q1ReframedAnnual report
「② Strengthen investment in growth areas through the steady generation of operating cash flow」
Under Value Up 2023, the previous emphasis on maximizing free cash flow was replaced by a commitment to the steady generation of operating cash flow, expressed as a specific target of at least ¥120 billion cumulatively over 4 years. ROE was set at 15% or higher in the final year. Meanwhile, operating cash flow in the first quarter was an outflow of ¥1,148 million, and free cash flow, including investing cash outflows, was negative. - FY2020Decline in ROE and return to positive free cash flowAnnual report
「Return on equity (%) 16.3 18.4 18.2 10.3 2.8. Net cash provided by operating activities amounted to an inflow of ¥11,811 million, compared with an outflow of ¥37,534 million in the previous fiscal year, as inflows including decreases in trade receivables and inventories, depreciation and amortization, and profit before income taxes exceeded outflows including a decrease in trade payables.」
ROE declined from 10.3% in the previous fiscal year to 2.8%. Meanwhile, operating cash flow turned to an inflow of ¥11,811 million, and free cash flow was approximately ¥500 million positive after deducting investing cash outflows of ¥11,293 million. - FY2020-Q3AdvancedAnnual report
「Net cash provided by operating activities amounted to an outflow of ¥1,289 million, compared with an outflow of ¥28,122 million in the same period of the previous year, as outflows including increases in inventories and decreases in trade payables exceeded inflows including a decrease in trade receivables, quarterly profit before income taxes and depreciation and amortization. Net cash used in investing activities amounted to an outflow of ¥8,226 million, compared with an outflow of ¥17,706 million in the same period of the previous year, mainly due to the acquisition of tangible fixed assets, including research and development facilities.」
Cumulative operating cash flow for the first 3 quarters improved from an outflow of ¥28,122 million in the same period of the previous year to an outflow of ¥1,289 million, while investing cash outflows also narrowed to ¥8,226 million. Free cash flow was approximately negative ¥9.5 billion on a simple net basis. Although it remained negative, the deficit narrowed from approximately negative ¥45.8 billion in the same period of the previous year. - FY2020-Q2WorsenedAnnual report
「Net cash provided by operating activities amounted to an outflow of ¥16,645 million, compared with an outflow of ¥7,999 million in the same period of the previous year, as outflows including a decrease in trade payables and an increase in inventories exceeded inflows including a decrease in trade receivables, depreciation and amortization, and quarterly profit before income taxes. Net cash used in investing activities amounted to an outflow of ¥6,980 million, compared with an outflow of ¥11,922 million in the same period of the previous year, mainly due to the acquisition of tangible fixed assets, including research and development facilities.」
Cumulative operating cash flow for the first 2 quarters was an outflow of ¥16,645 million, while investing cash outflows were ¥6,980 million, resulting in free cash flow of approximately negative ¥23.6 billion on a simple net basis. - FY2020-Q1WorsenedAnnual report
「Net cash provided by operating activities amounted to an inflow of ¥2,493 million, compared with an inflow of ¥11,230 million in the same period of the previous year, as inflows including a decrease in trade receivables and an increase in other current liabilities exceeded outflows including an increase in inventories, a decrease in trade payables and corporate income tax payments. Net cash used in investing activities amounted to an outflow of ¥5,243 million, compared with an outflow of ¥6,180 million in the same period of the previous year, mainly due to the acquisition of tangible fixed assets, including research and development facilities.」
Cumulative operating cash flow for the first quarter declined from an inflow of ¥11,230 million in the same period of the previous year to ¥2,493 million, and free cash flow after deducting investing cash outflows was approximately negative ¥2,750 million. - FY2019-Q3WorsenedAnnual report
「Net cash provided by operating activities amounted to an outflow of ¥28,122 million, compared with an inflow of ¥13,763 million in the same period of the previous year, as outflows including increases in inventories and decreases in trade payables and corporate income tax payments exceeded inflows including quarterly profit before income taxes and a decrease in trade receivables. Net cash used in investing activities amounted to an outflow of ¥17,706 million, compared with an outflow of ¥4,949 million in the same period of the previous year, mainly due to the construction of a new plant and the acquisition of tangible fixed assets, including research and development facilities.」
Cumulative operating cash flow for the first 3 quarters was an outflow of ¥28,122 million, while investing cash flow was an outflow of ¥17,706 million, resulting in free cash flow of approximately negative ¥45.8 billion on a simple net basis. - FY2019-Q2WorsenedAnnual report
「Net cash provided by operating activities amounted to an outflow of ¥7,999 million, compared with an inflow of ¥18,437 million in the same period of the previous year, as outflows including an increase in inventories and corporate income tax payments exceeded inflows including quarterly profit before income taxes and a decrease in trade receivables. Net cash used in investing activities amounted to an outflow of ¥11,922 million, compared with an outflow of ¥2,991 million in the same period of the previous year, mainly due to the acquisition of tangible fixed assets, including research and development facilities.」
Cumulative operating cash flow for the first 2 quarters turned from an inflow in the same period of the previous year into an outflow of ¥7,999 million, while investing cash outflows were ¥11,922 million. Free cash flow, calculated as the simple difference between the two, was approximately negative ¥19.9 billion, indicating deterioration in the cumulative results for the current period against the previous target of maximizing free cash flow. - FY2017ReframedAnnual report
「② Maintain and improve profitability: operating margin of 13% or higher in the final year ③ Maintain and improve capital efficiency: ROE of around 15%」
Under Challenge 2019, the previous combined objective of steadily improving ROE and maximizing free cash flow was reorganized into numerical targets of an operating margin of 13% or higher and ROE of around 15%. Actual ROE was 18.4%. - FY2017-Q3RestatedAnnual report
「In addition, through the execution of the three-year medium-term management plan, we will steadily improve ROE and maximize free cash flow, while seeking to return profits to shareholders with a target of a 25% consolidated total payout ratio under our shareholder return policy, and work to enhance corporate value.」
The target of steadily improving ROE and maximizing free cash flow was reiterated. - FY2017-Q2RestatedAnnual report
「In addition, through the execution of the three-year medium-term management plan, we will steadily improve ROE and maximize free cash flow, while seeking to return profits to shareholders with a target of a 25% consolidated total payout ratio under our shareholder return policy, and work to enhance corporate value.」
The target of steadily improving ROE and maximizing free cash flow was reiterated. - FY2017-Q1First statedAnnual report
「In addition, through the execution of the three-year medium-term management plan, we will steadily improve ROE and maximize free cash flow, while seeking to return profits to shareholders with a target of a 25% consolidated total payout ratio under our shareholder return policy, and work to enhance corporate value.」
The company set a target of improving and maximizing ROE and free cash flow through execution of the medium-term plan.