Improving the ROIC spread and establishing a Net DE ratio below 0.5x as the norm
First written in FY2021. 9 of 17 entries say "Restated". Latest entry: 2026-10-21.
The whole theme swung hardest in 2026: 2 of 13 companies on the "Worse" side.
5 other companies' latest entry also says "Advanced".
- 2026-10-21AdvancedGovernance
「Walk the Talk 2028ではROIC経営を深化するために、新たに回転率や生産性指標を加え、稼ぐ力と回す力の両面から資本効率を引き上げます。」
ROIC管理に売上総利益率等の利益率指標に加え、運転資本回転率・固定資産回転率などを追加している。 - FY2026RaisedAnnual report
「Under Walk the Talk 2028, in addition to the 3 financial KPIs, we will introduce working capital turnover and fixed asset turnover, as well as the SG&A ratio of indirect functions relative to gross profit as an indicator of productivity improvement in corporate functions, which we recognize as an ongoing issue. We will raise capital efficiency from both the ability to generate earnings and the ability to turn over capital.」
Under the next plan, we will deepen management centred on ROIC and introduce working capital turnover, fixed asset turnover and the SG&A ratio of indirect functions as additional management indicators. - FY2026-H1RestatedAnnual report
「There were no material changes during the six-month interim consolidated accounting period to the management policies, management strategies and other matters established by the Group, or to the objective indicators and other measures used to assess progress toward management targets.」
No material changes have been indicated to the financial policy of consistently maintaining ROIC above WACC and limiting the Net DE ratio to below 0.5x. - FY2025AdvancedAnnual report
「ROIC improved by 0.4 percentage points year on year to 4.4% in fiscal 2024.」
ROIC improved by 0.4 percentage points year on year to 4.4%, but WACC was 5.9%, so ROIC had not yet exceeded WACC. - FY2025-H1RestatedAnnual report
「There were no material changes during the six-month interim consolidated accounting period to the management policies, management strategies and other matters established by the Group, or to the objective indicators and other measures used to assess progress toward management targets.」
No material changes have been indicated to the financial policy of consistently maintaining ROIC above WACC and limiting the Net DE ratio to below 0.5x. - FY2024-Q2RestatedAnnual report
「During the six-month period of the current consolidated fiscal year, there were no material changes to the objective indicators used to assess progress toward the management policies, management strategies and management targets established by the group.」
No material changes have been indicated to the financial policy of consistently maintaining ROIC above WACC and limiting the Net DE ratio to below 0.5x. - FY2024-Q1RestatedAnnual report
「During the nine-month period of the current consolidated fiscal year, there were no material changes to the objective indicators used to assess progress toward the management policies, management strategies and management targets established by the group.」
No material changes have been indicated to the financial policy of consistently maintaining ROIC above WACC and limiting the Net DE ratio to below 0.5x. - FY2023WorsenedAnnual report
「Under these circumstances, ROIC was 4.4%, WACC was 5.7%, partly due to the impact of higher risk-free rates, and the Net DE ratio was 0.38x.」
ROIC declined from 5.3% in the previous fiscal year to 4.4%, falling below WACC of 5.7%. The Net DE ratio was 0.38x, within the upper limit of below 0.5x. - FY2023-Q3RestatedAnnual report
「During the nine-month period of the current consolidated fiscal year, there were no material changes to the objective indicators used to assess progress toward the management policies, management strategies and management targets established by the group.」
No material changes have been indicated to the financial policy of consistently maintaining ROIC above WACC and limiting the Net DE ratio to below 0.5x. - FY2023-Q2RestatedAnnual report
「During the six-month period of the current consolidated fiscal year, there were no material changes to the objective indicators used to assess progress toward the management policies, management strategies and management targets established by the group.」
No material changes have been indicated to the financial policy of consistently maintaining ROIC above WACC and limiting the Net DE ratio to below 0.5x. - FY2023-Q1RestatedAnnual report
「During the nine-month period of the current consolidated fiscal year, there were no material changes to the objective indicators used to assess progress toward the management policies, management strategies and management targets established by the group.」
No material changes have been indicated to the financial policy of consistently maintaining ROIC above WACC and limiting the Net DE ratio to below 0.5x. - FY2022Disclosure of actual ROIC, WACC and Net DE ratioAnnual report
「ROIC was 5.3%. WACC declined to 5.5%. The Net DE ratio was 0.3x, partly due to an increase in interest-bearing debt.」
Actual ROIC of 5.3%, WACC of 5.5% and a Net DE ratio of 0.3x were disclosed. ROIC has not yet exceeded WACC. - FY2022-Q3RestatedAnnual report
「During the nine-month period of the current consolidated fiscal year, there were no material changes to the objective indicators used to assess progress toward the management policies, management strategies and management targets established by the group.」
No material changes have been indicated to the financial policy of consistently maintaining ROIC above WACC and limiting the Net DE ratio to below 0.5x. - FY2022-Q1RestatedAnnual report
「During the nine-month period of the current consolidated fiscal year, there were no material changes to the objective indicators used to assess progress toward the management policies, management strategies and management targets established by the group.」
No material changes have been indicated to the financial policy of consistently maintaining ROIC above WACC and limiting the Net DE ratio to below 0.5x. - FY2021First statedAnnual report
「We aim to establish a consistent level of ROIC above WACC and enhance corporate value. Under our financial strategy, we will seek to reduce WACC through the use of interest-bearing debt, capped by a Net DE ratio of below 0.5x, as well as through dividend increases and other measures.」
Under ACE 2.0, the Company set improving the ROIC spread through higher ROIC and lower WACC as a target, and established a Net DE ratio below 0.5x as the upper limit for the use of interest-bearing debt.