Capital planning targets for ROE, ROA, ROIC and the dividend payout ratio
First written in FY2021-Q1. 5 of 13 entries say "Softened", first in FY2022. Latest entry: FY2026.
No other company in this theme has enough history to compare yet.
- FY2026ReframedAnnual report
「Fiscal 2028 plan Dividend payout ratio 40.0% or higher (78.9% for the fiscal year ending March 2026) ROE 7.0% or higher (3.1% for the fiscal year ending March 2026) DOE 2.5% or higher (2.5% for the fiscal year ending March 2026)」
JT-2028 set capital plan targets for the fiscal year ending March 2028 of ROE of 7.0% or higher, a dividend payout ratio of 40.0% or higher and DOE of 2.5% or higher. - FY2025Annual update of capital efficiency metricsAnnual report
「ROE for the fiscal year was 3.3%, the CDP Climate Change score was A, and the employee engagement score was 63 points.」
Against the JT-2025 ROE target of 8.0% or higher, actual ROE was 3.3% for the fiscal year ended March 2025. - FY2024RaisedAnnual report
「ROE 8.0% or higher (5.0% for the fiscal year ended March 2023) ROA 5.0% or higher (3.8% for the fiscal year ended March 2023) ROIC (return on invested capital) 5.0% or higher (3.7% for the fiscal year ended March 2023)」
JT-2025 set capital efficiency targets for the fiscal year ending March 2026 of ROE of 8.0% or higher, ROA of 5.0% or higher and ROIC of 5.0% or higher. The ROE target was raised from 7.0% or higher in the final year of JT-2023. - FY2023SoftenedAnnual report
「Equity ratio 45.0% or higher 45.1% ROE 7.0% or higher 5.0% ROA 5.0% or higher 3.8% ROIC ※ 5.0% or higher 3.7% Dividend payout ratio Approximately 30.0% 40.2%」
Under the capital plan for the final year of JT-2023, the equity ratio and dividend payout ratio exceeded their targets, while ROE, ROA and ROIC fell short of target. - FY2023-Q3RestatedAnnual report
「During the cumulative third-quarter period, there were no material changes to the basic policies or consolidated target figures of the management plan described in the annual securities report for the previous fiscal year.」
The absence of material changes to the basic policies and consolidated target figures of the JT-2023 management plan is reconfirmed. - FY2022SoftenedAnnual report
「The plan calls for ROE of 7.0% or higher, ROA of 5.0% or higher, ROIC of 5.0% or higher and a dividend payout ratio of approximately 30.0%, with the aim of achieving steady and consistent growth.」
For the final year of JT-2023's capital plan, the ROE target was lowered from 9.0% or higher to 7.0% or higher, and the ROA and ROIC targets from 7.0% or higher to 5.0% or higher. The equity ratio target of 45% or higher and the dividend payout ratio of approximately 30% were maintained. - FY2021RaisedAnnual report
「Equity ratio 45.0% or higher (45.2% for the fiscal year ended March 2020, unchanged) ROE 9.0% or higher (6.2% for the fiscal year ended March 2020; initial plan: 7.0% or higher) ROA 7.0% or higher (4.4% for the fiscal year ended March 2020; initial plan: 5.5% or higher) ROIC ※ 7.0% or higher (4.3% for the fiscal year ended March 2020; initial plan: 5.5% or higher) Dividend payout ratio Approximately 30.0% (24.6% for the fiscal year ended March 2020, unchanged)」
For the final year of JT-2023's capital plan, the ROE target was raised from 7.0% or higher to 9.0% or higher, and the ROA and ROIC targets from 5.5% or higher to 7.0% or higher. - FY2021-Q3RestatedAnnual report
「Generate ROE above the cost of capital while maintaining financial soundness, with the aim of increasing shareholder value. Equity ratio 45.0% or higher (45.2% for the fiscal year ended March 2020) ROE 7.0% or higher (6.2% for the fiscal year ended March 2020) ROA 5.5% or higher (4.4% for the fiscal year ended March 2020) ROIC (return on invested capital) 5.5% or higher (4.3% for the fiscal year ended March 2020) Dividend payout ratio Approximately 30.0% (24.6% for the fiscal year ended March 2020)」
The capital plan targets for the equity ratio, ROE, ROA, ROIC and dividend payout ratio for JT-2023 and the fiscal year ending March 2023 are reconfirmed. - FY2021-Q2RestatedAnnual report
「B. Capital Plan Generate ROE above the cost of capital while maintaining financial soundness, with the aim of increasing shareholder value. Equity ratio 45.0% or higher (45.2% for the fiscal year ended March 2020) ROE 7.0% or higher (6.2% for the fiscal year ended March 2020) ROA 5.5% or higher (4.4% for the fiscal year ended March 2020) ROIC (return on invested capital) 5.5% or higher (4.3% for the fiscal year ended March 2020) Dividend payout ratio Approximately 30.0% (24.6% for the fiscal year ended March 2020)」
The capital plan targets for the equity ratio, ROE, ROA, ROIC and dividend payout ratio for JT-2023 and the fiscal year ending March 2023 are reiterated. - FY2021-Q1First statedAnnual report
「Equity ratio 45.0% or higher (45.2% for the fiscal year ended March 2020) ROE 7.0% or higher (6.2% for the fiscal year ended March 2020) ROA 5.5% or higher (4.4% for the fiscal year ended March 2020) ROIC (return on invested capital) 5.5% or higher (4.3% for the fiscal year ended March 2020) Payout ratio approximately 30.0% (24.6% for the fiscal year ended March 2020)」
As part of JT-2023's capital plan, the company set out a policy of generating ROE above the cost of capital while maintaining financial soundness, and established numerical targets for the equity ratio, ROE, ROA, ROIC and dividend payout ratio for the first time for the fiscal year ending March 2023.