Improvements in operating margin, unit cost, net assets, and net debt-to-equity ratio
First written in FY2017. 17 of 34 entries say "Advanced", first in FY2018-Q1. Latest entry: 2026-07-31.
Star Flyer moved to the "Worse" side of this theme in 2020, 5 years before the typical company in this theme (2025).
5 other companies' latest entry also says "Worsened".
- 2026-07-31WorsenedEarnings
「Total net assets at the end of the first quarter accounting period were ¥3,626 million, a decrease of ¥3,596 million from the end of the previous fiscal year.」
Net assets declined from ¥7,222 million at the end of the previous fiscal year to ¥3,626 million, while the equity ratio also fell from 19.6% to 10.7%. - FY2026AdvancedAnnual report
「Total net assets at the end of the fiscal year under review were ¥7,222 million, an increase of ¥2,929 million from the end of the previous fiscal year.」
Net assets increased by ¥2,929 million from ¥4,293 million at the end of the previous fiscal year to ¥7,222 million. Gains on the valuation of derivatives, the exercise of share options and net income for the period are cited as factors contributing to the increase. - FY2026-H1AdvancedAnnual report
「Total net assets at the end of the interim accounting period were ¥4,509 million, an increase of ¥215 million from the end of the previous fiscal year.」
Net assets, one of the management indicators targeted for improvement, increased by ¥215 million from ¥4,293 million at the end of the previous fiscal year to ¥4,509 million. - FY2025AdvancedAnnual report
「Total net assets at the end of the fiscal year were ¥4,293 million, an increase of ¥1,073 million from the end of the previous fiscal year.」
Net assets increased by ¥1,073 million from ¥3,219 million at the end of the previous fiscal year to ¥4,293 million. The indicator for medium-term improvement in financial condition recovered, but net assets attributable to common shares, after deducting preferred shares and other items, remained negative. - FY2025-H1WorsenedAnnual report
「Total net assets at the end of the interim accounting period were ¥2,943 million, a decrease of ¥276 million from the end of the previous fiscal year.」
Net assets, one of the management indicators targeted for growth, fell by ¥276 million from ¥3,219 million at the end of the previous fiscal year to ¥2,943 million. - FY2024-Q3AdvancedAnnual report
「Total net assets at the end of the third quarter accounting period were ¥2,119 million, an increase of ¥359 million from the end of the previous fiscal year.」
Net assets, one of the management indicators targeted for growth, increased by ¥359 million from ¥1,759 million at the end of the previous fiscal year to ¥2,119 million. - FY2024-Q2AdvancedAnnual report
「Total net assets at the end of the second quarter accounting period were ¥1,431 million, a decrease of ¥327 million from the end of the previous fiscal year.」
Net assets recovered from ¥449 million at the end of the first quarter to ¥1,431 million. However, they remained ¥327 million below the ¥1,759 million at the end of the previous fiscal year, meaning that the targeted improvement in financial condition had not been achieved. - FY2024-Q1WorsenedAnnual report
「Total net assets at the end of the first quarter accounting period were ¥449 million, a decrease of ¥1,309 million from the end of the previous fiscal year.」
Net assets, one of the management indicators targeted for growth, fell from ¥1,759 million at the end of the previous fiscal year to ¥449 million. - FY2023AdvancedAnnual report
「Total net assets at the end of the fiscal year were ¥1,759 million, an increase of ¥402 million from the end of the previous fiscal year.」
Net assets targeted for growth recovered from ¥1,357 million at the end of the previous fiscal year to ¥1,759 million. However, they remain below the ¥2,000 million financial covenant threshold. - FY2023-Q3WorsenedAnnual report
「Total net assets at the end of the third quarter accounting period were ¥654 million, a decrease of ¥703 million from the end of the previous fiscal year.」
Net assets, one of the management indicators targeted for growth, decreased by ¥703 million from the end of the previous fiscal year to ¥654 million. - FY2023-Q2WorsenedAnnual report
「Total net assets at the end of the second quarter accounting period were ¥479 million, a decrease of ¥878 million from the end of the previous fiscal year.」
Net assets, one of the management indicators targeted for growth, fell from ¥1,357 million at the end of the previous fiscal year to ¥479 million. - FY2023-Q1WorsenedAnnual report
「Total net assets at the end of the first quarter accounting period were ¥1,198 million, a decrease of ¥158 million from the end of the previous fiscal year. This was mainly due to a ¥1,415 million decrease in retained earnings resulting from the recognition of a quarterly net loss, despite increases of ¥300 million each in share capital and capital surplus following the issuance of shares upon the exercise of share options, as well as a ¥661 million increase in deferred hedge gains or losses related to derivative transactions.」
Net assets, one of the management indicators targeted for growth, fell from ¥1,357 million at the end of the previous fiscal year to ¥1,198 million. - FY2022WorsenedAnnual report
「Total net assets at the end of the fiscal year were ¥1,357 million, a decrease of ¥4,923 million from the end of the previous fiscal year.」
Net assets, one of the management indicators targeted for growth, fell from ¥6,281 million at the end of the previous fiscal year to ¥1,357 million, while the equity ratio also declined from 19.1% to 6.7%. - FY2022-Q3WorsenedAnnual report
「Total net assets at the end of the third quarter accounting period were ¥2,551 million, a decrease of ¥3,730 million from the end of the previous fiscal year.」
Net assets, one of the management indicators targeted for growth, fell from ¥3,035 million at the end of the previous quarter to ¥2,551 million, remaining below the ¥3,600 million financial covenant threshold. - FY2022-Q2WorsenedAnnual report
「Total net assets at the end of the second quarter accounting period were ¥3,035 million, a decrease of ¥3,246 million from the end of the previous fiscal year.」
Net assets, one of the management indicators targeted for growth, fell from ¥6,281 million at the end of the previous fiscal year to ¥3,035 million. This is also below the ¥3,600 million net asset threshold under the financial covenants. - FY2022-Q1WorsenedAnnual report
「Total net assets at the end of the first quarter accounting period were ¥4,221 million, a decrease of ¥2,060 million from the end of the previous fiscal year.」
Net assets, one of the management indicators targeted for growth, fell from ¥6,281 million at the end of the previous fiscal year to ¥4,221 million. Although this remains above the ¥3,600 million financial covenant threshold for net assets, it represents deterioration relative to the improvement target. - FY2021SoftenedAnnual report
「We will seek to reduce unit costs in order to build a stronger earnings base.」
Of the operating margin, unit costs, net assets and net debt-to-equity ratio identified since FY2017, the latest target indicators explicitly include a reduction in unit costs, while the other indicators are not mentioned. - FY2021-Q3WorsenedAnnual report
「Total net assets at the end of the third quarter accounting period were ¥94 million, a decrease of ¥6,659 million from the end of the previous fiscal year.」
Net assets, one of the management indicators targeted for growth, fell sharply from ¥6,754 million at the end of the previous fiscal year to ¥94 million. - FY2021-Q2WorsenedAnnual report
「Total net assets at the end of the second quarter of the current fiscal year were ¥777 million, a decrease of ¥5,976 million from the end of the previous fiscal year.」
Net assets, one of the management indicators targeted for increase, fell sharply from ¥6,754 million at the end of the previous fiscal year to ¥777 million. - FY2021-Q1WorsenedAnnual report
「Total net assets at the end of the first quarter of the current fiscal year were ¥3,264 million, a decrease of ¥3,489 million from the end of the previous fiscal year. This was due to a ¥3,773 million decrease in retained earnings resulting from the recognition of a quarterly net loss, partly offset by a ¥283 million increase in deferred hedge gains or losses related to derivative transactions.」
Net assets, one of the management indicators targeted for increase, fell sharply from ¥6,754 million at the end of the previous fiscal year to ¥3,264 million. - FY2020WorsenedAnnual report
「Total net assets at the end of the fiscal year were ¥6,754 million, a decrease of ¥1,783 million from the end of the previous fiscal year.」
Net assets, one of the management indicators targeted for increase, fell from ¥8,537 million to ¥6,754 million, while the equity ratio declined from 30.4% to 22.9%. - FY2020-Q3AdvancedAnnual report
「Total net assets at the end of the third quarter of the current fiscal year were ¥8,952 million, an increase of ¥414 million from the end of the previous fiscal year.」
Net assets, one of the financial indicators targeted for improvement under the medium-term management strategy, increased ¥414 million from the end of the previous fiscal year to ¥8,952 million. - FY2020-Q2AdvancedAnnual report
「Total net assets at the end of the second quarter of the current fiscal year were ¥8,886 million, an increase of ¥348 million from the end of the previous fiscal year.」
Net assets, one of the management indicators targeted for improvement, increased ¥348 million from the end of the previous fiscal year to ¥8,886 million. - FY2020-Q1WorsenedAnnual report
「Total net assets at the end of the first quarter of the current fiscal year were ¥8,225 million, a decrease of ¥311 million from the end of the previous fiscal year.」
Net assets, one of the management indicators targeted for increase, fell ¥311 million from the end of the previous fiscal year due to a quarterly net loss, dividends and a decrease in deferred hedge gains or losses. - FY2019-Q3AdvancedAnnual report
「Total net assets at the end of the third quarter of the current fiscal year were ¥8,171 million, an increase of ¥54 million from the end of the previous fiscal year.」
Among the financial indicators targeted for improvement, net assets increased ¥54 million from the end of the previous fiscal year to ¥8,171 million. - FY2019-Q2AdvancedAnnual report
「Total net assets at the end of the second quarter of the current fiscal year were ¥9,109 million, an increase of ¥993 million from the end of the previous fiscal year.」
Among the financial indicators targeted for improvement, net assets increased ¥993 million from the end of the previous fiscal year to ¥9,109 million. - FY2019-Q1AdvancedAnnual report
「Total net assets at the end of the first quarter of the current fiscal year were ¥8,349 million, an increase of ¥232 million from the end of the previous fiscal year.」
Among the financial indicators targeted for improvement under the medium-term management strategy, net assets increased ¥232 million from the end of the previous fiscal year to ¥8,349 million. - FY2018AdvancedAnnual report
「Total net assets at the end of the fiscal year were ¥8,116 million, an increase of ¥1,829 million from the end of the previous fiscal year.」
Net assets, a management indicator targeted for improvement, increased ¥1,829 million from the end of the previous fiscal year to ¥8,116 million. - FY2018-Q3AdvancedAnnual report
「Total net assets at the end of the third quarter of the current fiscal year were ¥8,413 million, an increase of ¥2,126 million from the end of the previous fiscal year.」
Among the indicators targeted for improvement under the medium-term management strategy, net assets increased ¥2,126 million from the end of the previous fiscal year to ¥8,413 million. - FY2018-Q2AdvancedAnnual report
「Total net assets at the end of the second quarter of the current fiscal year were ¥7,529 million, an increase of ¥1,242 million from the end of the previous fiscal year.」
Among the indicators targeted for improvement under the medium-term management strategy, net assets increased ¥1,242 million from the end of the previous fiscal year. - FY2018-Q1AdvancedAnnual report
「Total net assets at the end of the first quarter of the current fiscal year were ¥6,399 million, an increase of ¥112 million from the end of the previous fiscal year.」
Among the indicators targeted for improvement under the medium-term management strategy, net assets were reported to have increased ¥112 million from the end of the previous fiscal year. - FY2017First statedAnnual report
「In line with “Pursuing Our Distinctive Identity 2020,” the Company aims to improve its management metrics. To build a stronger earnings structure, it aims to improve its operating margin, which measures progress in the profitability of its core business, and reduce unit costs. To strengthen its financial position, it aims to increase net assets and reduce its net debt-to-equity ratio.」
The Company first explicitly identified 4 metrics—operating margin, unit costs, net assets and net debt-to-equity ratio—as targets for strengthening its management foundation, without specifying numerical targets.