Managing profitability and asset efficiency with a focus on ROA
First written in FY2017. 5 of 8 entries say "Restated". Latest entry: FY2026.
Nagahori moved to the "Worse" side of this theme in 2026, 4 years after the typical company in this theme (2022).
The whole theme swung hardest in 2019: 7 of 42 companies on the "Worse" side.
3 other companies' latest entry also says "Reframed".
- FY2026ReframedAnnual report
「We place particular emphasis on operating income margin and ROE (return on equity) as profitability metrics, and on free cash flow and ordinary income margin as efficiency metrics, with the aim of increasing shareholder value by securing stable earnings.」
In addition to the previously emphasized free cash flow and ordinary income margin, the company explicitly identified operating income margin and ROE as profitability metrics and reorganized its management-metric framework. - FY2023RestatedAnnual report
「The company places particular emphasis on free cash flow and ordinary income margin as efficiency metrics, with the aim of increasing shareholder value by securing stable earnings.」
The company continues the policy adopted in the previous fiscal year of changing the metrics from ROA to free cash flow and ordinary income margin. - FY2022ReframedAnnual report
「We consistently give top priority to improving profitability and cash flow and operating assets efficiently, and place particular emphasis on free cash flow and ordinary income margin as efficiency metrics, with the aim of increasing shareholder value by securing stable earnings.」
The description changed from a focus on ROA to management metrics emphasizing free cash flow and ordinary income margin. The basic policy of emphasizing profitability, cash flow and asset efficiency remains unchanged. - FY2021RestatedAnnual report
「Under the group’s business-unit-based profit and loss management system, we consistently give top priority to improving profitability and cash flow and operating assets efficiently, and place particular emphasis on ROA (return on ordinary income on total assets) as an efficiency metric.」
The company continues to manage profit and loss by business unit, emphasize profitability, cash flow and asset efficiency, and manage efficiency using ROA. - FY2020RestatedAnnual report
「Under the group’s business-unit-based profit and loss management system, we consistently give top priority to improving profitability and cash flow and operating assets efficiently, and place particular emphasis on ROA (return on ordinary income on total assets) as an efficiency metric.」
The company continues to manage profit and loss by business unit, emphasize profitability, cash flow and asset efficiency, and manage these areas using ROA. - FY2019RestatedAnnual report
「Under the group’s business-unit-based profit and loss management system, we consistently give top priority to improving profitability and cash flow and operating assets efficiently, and place particular emphasis on ROA (return on ordinary income on total assets) as an efficiency metric.」
The company continues to manage profit and loss by business unit, emphasize profitability, cash flow and asset efficiency, and manage these areas using ROA. - FY2018RestatedAnnual report
「We consistently give top priority to improving profitability and cash flow and operating assets efficiently, and place particular emphasis on ROA (return on ordinary income on total assets) as an efficiency metric.」
The company continues to manage profit and loss by business unit, emphasize profitability, cash flow and asset efficiency, and manage efficiency using ROA. - FY2017First statedAnnual report
「Under the group’s business-unit-based profit and loss management system, we consistently give top priority to improving profitability and cash flow and operating assets efficiently, and place particular emphasis on ROA (return on ordinary income on total assets) as an efficiency metric.」
Based on business-unit-level profit and loss management, the company emphasizes profitability, cash flow and asset efficiency, and explicitly identifies ROA as an efficiency metric.