Worth reading
69In focus
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
1.5
¥ trillionWording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.1%
基準 2,026Target2,029100 million
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.
Operating profit2026 forecast: ¥195 billion → Not disclosed
Operating profit margin2026 forecast: 18.6% → Profitability at industry-leading levels
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planInitial MTP2026 plan: sales CAGR of 7% to 10%, operating profit of at least ¥80 billion, operating margin of around 12% and ROA of around 10% → 2026 forecast: sales of ¥1.05 trillion, operating profit of ¥195 billion and operating margin of 18.6%. ROA was 17.9% in 2025.（Operating profit increase of approximately 140% (based on ¥80 billion)）0.0%Calculated from the two disclosed figures
Total investment planApproximately ¥200 billion (cumulative during the MTP2029 period, including CAPEX and right-of-use assets; of which right-of-use assets account for ¥100 billion)
Statements about the use of capital
Payout ratio / DOE policyTotal payout ratio of 80% (cumulative for fiscal 2027 through fiscal 2029 during the MTP2029 period). ASICS will implement progressive dividends, with total shareholder returns of approximately ¥400 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 policyASICS will conduct flexible and bold share buybacks. Dividends and share buybacks during the MTP2029 period are estimated at approximately ¥400 billion in total. The amount and timing of share buybacks alone have not been disclosed.
Self-assessment of PBR and share pricePBR was approximately 10x in December 2025, and market capitalization was ¥3.88 trillion on 14 August 2026. The company’s assessment that its PBR is at a low level has not been disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01PRODUCT INNOVATION
02MANUFACTURING
03BRAND EXPERIENCE
04PARTNERSHIP
05CAPITAL POLICY
06Strategic Growth
07Essential Partner
08Advanced Value Chain
09ASICS ACTIVE CAPITAL MANAGEMENT
10Human-Centric Innovation
11Manufacturing Excellence
12Global Optimized Supply
13Brand Equity
14Product Excellence
15Cultural Value
16Organizational Excellence
17Sustainable Growth
Plan assumptionsThe exchange-rate assumptions for the 2026 forecast and 2029 target are ¥160 to US$1, ¥180 to €1 and ¥23 to RMB1. The average growth rate of the US running footwear market is 7.2% for 2027 through 2029, and that of Greater China is 7.7%.
Segment targetSegment Asics / Indicator Revenue CAGR / Target 13% or more / Period FY27-29, Segment Onitsuka Tiger / Indicator Revenue CAGR / Target At least 10% / Period FY27-29, Segment Onitsuka Tiger / Indicator Revenue / FY2026 Forecast ¥180 billion / FY2029 Outlook ¥240.0 billion, Segment Onitsuka Tiger / Indicator Operating profit / FY2029 Outlook ¥67.0 billion, Segment Onitsuka Tiger / Indicator Operating margin / FY2029 Outlook 28%, Segment P.RUN / Indicator Revenue / 2026 forecast ¥427 billion / 2029 Medium-Term Plan ¥600 billion / CAGR 12%, Segment CPS / Indicator Revenue / 2026 forecast ¥105 billion / 2029 Medium-Term Plan ¥152.0 billion / CAGR 13%, Segment SPS / Indicator Revenue / 2026 forecast ¥242 billion / 2029 Medium-Term Plan ¥380 billion / CAGR 16%
Non-financial targetsIndicator Employee engagement score / 2026 74 / 2029 76, Indicator Operating profit productivity per employee / Target 20% improvement versus 2026 / Timing 2029, Indicator OneASICS sales / Target Approximately 2x versus 2026 / Timing 2029, Indicator Footwear share at major marathons worldwide / Target No.1 / Timing 2029
Size of the Target MarketUS running footwear market: approximately ¥1.6 trillion, with an average market growth rate of 7.2% from 2027 through 2029. Greater China running footwear market: approximately ¥1.8 trillion, with an average market growth rate of 7.7%. Source: 360i Research Sporting Goods and Equipment Market Global Forecast 2026-2032 (converted at ¥160 to US$1).
Risks identified by the company
Economic conditions surrounding the business
Various competitive pressures
Relevant laws and regulations
Foreign exchange rate fluctuations
Geopolitical and supply chain uncertainty
Dynamic changes in consumer behavior
Reason for revision or withdrawal
Under Medium-Term Management Plan 2026, ASICS delivered continued record-high performance and profitability at industry-leading levels, establishing a global management platform for sustainable business scale expansion.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan 2029 |
| Plan period | 3 years from fiscal 2027 through fiscal 2029 |
| Progress against the plan | Formulated |
| Sales Target | 2026 forecast: ¥1.05 trillion → 2029 target: ¥1.5 trillion（Increase of approximately 42.9%） |
| Operating profit target | 2026 forecast: ¥195 billion → Not disclosed |
| Operating profit margin target | 2026 forecast: 18.6% → Profitability at industry-leading levels |
| ROE target | 2026 forecast: 39% → 2029: 50%（Increase of approximately 28.2%） |
| Payout ratio / DOE policy | Total payout ratio of 80% (cumulative for fiscal 2027 through fiscal 2029 during the MTP2029 period). ASICS will implement progressive dividends, with total shareholder returns of approximately ¥400 billion. DOE: not disclosed. |
| Treasury share acquisition policy | ASICS will conduct flexible and bold share buybacks. Dividends and share buybacks during the MTP2029 period are estimated at approximately ¥400 billion in total. The amount and timing of share buybacks alone have not been disclosed. |
| Self-assessment of PBR and share price | PBR was approximately 10x in December 2025, and market capitalization was ¥3.88 trillion on 14 August 2026. The company’s assessment that its PBR is at a low level has not been disclosed. |
| Total investment plan | Approximately ¥200 billion (cumulative during the MTP2029 period, including CAPEX and right-of-use assets; of which right-of-use assets account for ¥100 billion) |
| Segment target | Segment Asics / Indicator Revenue CAGR / Target 13% or more / Period FY27-29, Segment Onitsuka Tiger / Indicator Revenue CAGR / Target At least 10% / Period FY27-29, Segment Onitsuka Tiger / Indicator Revenue / FY2026 Forecast ¥180 billion / FY2029 Outlook ¥240.0 billion, Segment Onitsuka Tiger / Indicator Operating profit / FY2029 Outlook ¥67.0 billion, Segment Onitsuka Tiger / Indicator Operating margin / FY2029 Outlook 28%, Segment P.RUN / Indicator Revenue / 2026 forecast ¥427 billion / 2029 Medium-Term Plan ¥600 billion / CAGR 12%, Segment CPS / Indicator Revenue / 2026 forecast ¥105 billion / 2029 Medium-Term Plan ¥152.0 billion / CAGR 13%, Segment SPS / Indicator Revenue / 2026 forecast ¥242 billion / 2029 Medium-Term Plan ¥380 billion / CAGR 16% |
| Non-financial targets | Indicator Employee engagement score / 2026 74 / 2029 76, Indicator Operating profit productivity per employee / Target 20% improvement versus 2026 / Timing 2029, Indicator OneASICS sales / Target Approximately 2x versus 2026 / Timing 2029, Indicator Footwear share at major marathons worldwide / Target No.1 / Timing 2029 |
| Plan assumptions | The exchange-rate assumptions for the 2026 forecast and 2029 target are ¥160 to US$1, ¥180 to €1 and ¥23 to RMB1. The average growth rate of the US running footwear market is 7.2% for 2027 through 2029, and that of Greater China is 7.7%. |
| Key initiatives | PRODUCT INNOVATION, MANUFACTURING, BRAND EXPERIENCE, PARTNERSHIP, CAPITAL POLICY, Strategic Growth, Essential Partner, Advanced Value Chain, ASICS ACTIVE CAPITAL MANAGEMENT, Human-Centric Innovation, Manufacturing Excellence, Global Optimized Supply, Brand Equity, Product Excellence, Cultural Value, Organizational Excellence, Sustainable Growth |
| Results under the previous plan | Initial MTP2026 plan: sales CAGR of 7% to 10%, operating profit of at least ¥80 billion, operating margin of around 12% and ROA of around 10% → 2026 forecast: sales of ¥1.05 trillion, operating profit of ¥195 billion and operating margin of 18.6%. ROA was 17.9% in 2025.（Operating profit increase of approximately 140% (based on ¥80 billion)） |
| Reason for revision or withdrawal | Under Medium-Term Management Plan 2026, ASICS delivered continued record-high performance and profitability at industry-leading levels, establishing a global management platform for sustainable business scale expansion. |
| Size of the Target Market | US running footwear market: approximately ¥1.6 trillion, with an average market growth rate of 7.2% from 2027 through 2029. Greater China running footwear market: approximately ¥1.8 trillion, with an average market growth rate of 7.7%. Source: 360i Research Sporting Goods and Equipment Market Global Forecast 2026-2032 (converted at ¥160 to US$1). |
| Risks identified | Economic conditions surrounding the business, Various competitive pressures, Relevant laws and regulations, Foreign exchange rate fluctuations, Geopolitical and supply chain uncertainty, Dynamic changes in consumer behavior |
| Publication date | 13 November 2026 |
Items this document does not state (5)
Net income targetROIC targetCost of capitalInvestment amount by sectorDate 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.Medium-Term Management Plan 2026 delivered continued record-high performance and profitability at industry-leading levels, establishing a global management platform for sustainable business scale expansion. Under Medium-Term Management Plan 2029, ASICS will leverage the unique strengths it has built to date, accelerate growth investment in priority areas and achieve sustainable growth.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.