Target Setting for ROE, ROA, Net Interest-Bearing Debt/EBITDA Multiple, and Equity Ratio
First written in FY2017. 5 of 17 entries say "Softened", first in FY2020. Latest entry: 2026-10-30.
Nagoya Railroad moved to the "Worse" side of this theme in 2019, 1 year before the typical company in this theme (2020).
The whole theme swung hardest in 2025: 8 of 37 companies on the "Worse" side.
6 other companies' latest entry also says "Softened".
- FY2026ReframedAnnual report
「The company has set fiscal 2026 targets of ¥50 billion in operating profit, approximately 8% ROE and net interest-bearing debt/EBITDA in the 6x range.」
The indicators were updated from those of the previous plan to the targets for the final year of the 2024–2026 medium-term plan. Fiscal 2025 results were ¥36.185 billion in operating profit, 4.8% ROE and 7.6x net interest-bearing debt/EBITDA, leaving a gap against all of the targets. - FY2024SoftenedAnnual report
「Operating profit 35,000 34,750 (Reference) ROE (net income/equity) approximately 6% 5.8% ROA (operating profit/total assets) approximately 3% 2.7% Net interest-bearing debt/EBITDA※ approximately 6x 6.2x Equity ratio approximately 25% over the medium to long term 24.6%」
For the final year of Turn-Over 2023, operating profit was ¥34.750 billion against the ¥35 billion target, and the company explained that it had broadly achieved the target. However, ROE, ROA and the equity ratio were below target, while net interest-bearing debt/EBITDA exceeded the target. The medium- to long-term targets under the new plan are scheduled to be disclosed together with the announcement of the Meieki redevelopment plan. - FY2024-Q3AdvancedAnnual report
「Operating profit increased to ¥30,120 million, up 44.8% year on year, due to higher revenue despite increased personnel expenses and cost of goods sold.」
Against the fiscal 2023 operating profit target of ¥35 billion, operating profit for the nine months ended the third quarter was ¥30,120 million, up from ¥20,806 million in the same period of the previous fiscal year. - FY2024-Q2AdvancedAnnual report
「Operating profit increased to ¥15,900 million, up 56.2% year on year, due to higher revenue despite increased personnel and fuel costs.」
Against the fiscal 2023 operating profit target of ¥35 billion, operating profit for the six months ended the second quarter was ¥15.9 billion, representing progress of 56.2% year on year. - FY2023AdvancedAnnual report
「Management indicators Fiscal 2023 (target) Operating profit 35,000 22,731 ROE (net income/equity) approximately 6% 4.8% ROA (operating profit/total assets) approximately 3% 1.9% Net interest-bearing debt/EBITDA approximately 6x 7.2x Equity ratio approximately 25% over the medium to long term 24.3%」
Against the fiscal 2023 operating profit target of ¥35 billion, second-year operating profit was ¥22.731 billion. ROE, ROA and the equity ratio were below target, while net interest-bearing debt/EBITDA was 7.2x against the target of approximately 6x. - FY2023-Q3AdvancedAnnual report
「Operating profit increased to ¥20,806 million, up 212.1% year on year, due to higher revenue despite increased expenses, including fuel costs.」
Against the fiscal 2023 operating profit target of ¥35 billion, operating profit for the nine months ended the third quarter was ¥20,806 million, up from ¥6,667 million in the same period of the previous fiscal year. - FY2022AdvancedAnnual report
「Under the Group's three-year plan, the medium-term management plan "Turn-Over 2023: Toward a Counteroffensive," which began in the current consolidated fiscal year, the Group has set a consolidated operating profit target of ¥35 billion for fiscal 2023, the final year of the plan, and is working toward achieving it.」
Against the fiscal 2023 operating profit target of ¥35 billion, first-year operating profit was ¥2.932 billion, ROE was 2.5%, ROA was 0.2%, net interest-bearing debt/EBITDA was 10.6x, and the equity ratio was 23.8%. - FY2021ReframedAnnual report
「The Group's medium-term management plan, "Turn-Over 2023: Toward a Counteroffensive," which began in fiscal 2021, sets a consolidated operating profit target of ¥35,000 million for fiscal 2023, the final year of the plan. We will systematically implement various measures to achieve the target.」
The "BUILD UP 2020" targets of ¥50 billion in operating profit and ¥93 billion in EBITDA were not achieved, and the new plan reset fiscal 2023 operating profit of ¥35 billion as its primary target. - FY2020SoftenedAnnual report
「Given the magnitude of the impact, achieving the target is expected to be extremely difficult, but we intend to make every effort to secure as much profit as possible.」
Against the fiscal 2020 targets of ¥50 billion in operating profit and ¥93 billion in EBITDA, actual results for the period were ¥47.363 billion in operating profit and ¥88.602 billion in EBITDA. The company indicated that achieving the targets would be extremely difficult due to the impact of COVID-19. - FY2019ReframedAnnual report
「The company also set operating income and EBITDA (operating income + depreciation and amortisation) as consolidated management targets for fiscal 2020, the final year of its medium-term management plan, and set ROE (net income/equity), ROA (operating income/total assets), the net debt (*)/EBITDA multiple and the shareholders’ equity ratio as reference indicators.」
After achieving the 4 indicators under the former “PLAN123,” the new medium-term plan shifted to a structure in which operating income and EBITDA are the primary targets, while the 4 indicators including ROE are reference indicators. - FY2018AchievedAnnual report
「As a result, the company achieved all 4 management indicators it had established as targets.」
In the final year of PLAN123, the company achieved ROE of 8.5%, ROA of 4.2%, a net debt/EBITDA multiple of 4.8x and a shareholders’ equity ratio of 21.6%, explicitly stating that all 4 targets had been achieved. - FY2017First statedAnnual report
「The company set consolidated management targets for fiscal 2017, the final year of its medium-term management plan, consisting of ROE (net income/equity), ROA (operating income/total assets), the net debt/EBITDA multiple (*) and the shareholders’ equity ratio.」
For fiscal 2017, the final year of the medium-term management plan, the company set targets for 4 consolidated management indicators. However, the text does not provide specific target figures for each indicator.