Maintaining Financial Soundness through Interest-Bearing Debt and the Equity Ratio
First written in FY2016. 7 of 36 entries say "Advanced", first in FY2017-Q1. Latest entry: FY2026.
Osaka Gas moved to the "Worse" side of this theme in 2020, 1 year before the typical company in this theme (2021).
The whole theme swung hardest in 2025: 8 of 36 companies on the "Worse" side.
5 other companies' latest entry also says "Softened".
- FY2026SoftenedAnnual report
「As financial soundness targets, the Company aims for a consolidated equity ratio of at least 45% and a consolidated debt-to-equity ratio of no more than 0.8.」
Under the Medium-Term Management Plan 2026, the financial soundness targets have changed from an equity ratio of approximately 50% and a debt-to-equity ratio of approximately 0.7 to an equity ratio of at least 45% and a debt-to-equity ratio of no more than 0.8. Meanwhile, the equity ratio for the current fiscal year was 54.4%. - FY2026-H1Continued rise in equity ratio and performance above the benchmarkAnnual report
「Equity ratio (%) 51.1 52.3 52.8」
The equity ratio was 52.3%, above the 51.1% in the same period of the previous fiscal year but below the 52.8% at the end of the previous consolidated fiscal year. It remained above the financial soundness benchmark of approximately 50%. - FY2025-H1Equity ratio declines but remains above the benchmarkAnnual report
「Equity ratio (%) 52.1 51.1 52.9」
The equity ratio was 51.1%, down from 52.9% at the end of the previous consolidated fiscal year, but above the previous financial soundness benchmark of approximately 50%. - FY2024-Q3Equity ratio declines but remains above the benchmarkAnnual report
「Equity ratio (%) 43.8 51.5 49.3」
The equity ratio was 51.5%, above the 49.3% at the end of the previous consolidated fiscal year and up from 43.8% at the end of the previous third quarter, exceeding the previous benchmark of approximately 50%. - FY2024-Q2MitigatedAnnual report
「Equity ratio (%) 43.1 52.1 49.3」
The equity ratio was 52.1%, up from both the 43.1% at the end of the same quarter of the previous fiscal year and the 49.3% at the end of the previous consolidated fiscal year, exceeding the previous benchmark of approximately 50%. - FY2024-Q1MitigatedAnnual report
「Equity ratio (%) 45.2 51.7 49.3」
The equity ratio was 51.7%, up from both the 45.2% at the end of the same quarter of the previous fiscal year and the 49.3% at the end of the previous consolidated fiscal year, exceeding the previous benchmark of approximately 50%. - FY2023MitigatedAnnual report
「During the fiscal year, interest-bearing debt increased by ¥166.4 billion from the end of the previous fiscal year, while the consolidated D/E ratio was 0.71 (0.60 after taking subordinated bonds with special subordination clauses into account) and the consolidated equity ratio was 49.3% (52.5% after taking such bonds into account), maintaining financial soundness.」
The equity ratio rose to 49.3%, reaching 52.5% after adjustment for subordinated bonds with special subordination clauses. Before adjustment, it remained just below the benchmark of approximately 50%, but improved from the end of the previous fiscal year. - FY2023-Q3Continued shortfall against the equity ratio benchmarkAnnual report
「Equity ratio (%) 43.7 43.8 49.1」
The equity ratio was 43.8% at the end of the third quarter, below both the 49.1% at the end of the previous consolidated fiscal year and the previous benchmark of approximately 50%. It was up from 43.1% at the end of the previous quarter. - FY2023-Q2WorsenedAnnual report
「Equity ratio (%) 46.9 43.1 49.1」
The equity ratio was 43.1%, down from 49.1% at the end of the previous consolidated fiscal year, widening the shortfall against the previous financial soundness benchmark of approximately 50%. Interest-bearing debt also increased due to the issuance of commercial paper and other factors. - FY2023-Q1WorsenedAnnual report
「Equity ratio (%) 48.3 45.2 49.1」
The equity ratio was 45.2%, down from 48.3% at the end of the previous first quarter and 49.1% at the end of the previous consolidated fiscal year, and below the previous financial soundness benchmark of approximately 50%. - FY2022MitigatedAnnual report
「The consolidated D/E ratio was 0.65 (0.54 after taking subordinated bonds with special subordination clauses into account) and the consolidated equity ratio was 49.0% (52.4% after taking such bonds into account), maintaining financial soundness.」
The equity ratio rose from 46.8% at the end of the previous fiscal year to 49.0%, exceeding the benchmark of approximately 50% after adjustment for subordinated bonds with special subordination clauses. The D/E ratio was 0.65 (0.54 after adjustment). - FY2022-Q3WorsenedAnnual report
「Equity ratio (%) 45.9 43.4 46.8」
The equity ratio was 43.4%, down from 45.9% at the end of the previous third quarter and 46.8% at the end of the previous consolidated fiscal year. The shortfall against the previous financial soundness benchmark of approximately 50% widened. - FY2022-Q2WorsenedAnnual report
「Equity ratio (%) 45.6 46.8 46.8」
The equity ratio was 46.8%, down from 48.2% at the end of the previous quarter and below the previous financial soundness benchmark of approximately 50%. - FY2022-Q1Equity ratio rises, but shortfall against the benchmark continuesAnnual report
「Equity ratio (%) 45.2 48.2 46.8」
The equity ratio was 48.2%, up from 46.8% at the end of the previous consolidated fiscal year, but below the previous financial soundness benchmark of approximately 50%. - FY2021Within the benchmark after adjustment for subordinated bondsAnnual report
「During the fiscal year, interest-bearing debt increased by ¥31.3 billion from the end of the previous fiscal year, while the consolidated D/E ratio was 0.73 (0.60 after taking subordinated bonds with special subordination clauses into account) and the consolidated equity ratio was 46.8% (50.5% after taking such bonds into account), maintaining financial soundness.」
Before adjustment, the D/E ratio was 0.73 and the equity ratio was 46.8%, outside the previous benchmarks. After taking the equity characteristics of subordinated bonds with special subordination clauses into account, the D/E ratio was 0.60 and the equity ratio was 50.5%. - FY2021-Q3Continued shortfall against the benchmarkAnnual report
「Equity ratio (%) 46.7 45.9 46.6」
The equity ratio was 45.9% at the end of the third quarter, below both the 46.6% at the end of the previous consolidated fiscal year and the financial soundness benchmark of approximately 50%. It was up from 45.6% at the end of the previous quarter. - FY2021-Q2Continued shortfall against the benchmarkAnnual report
「Equity ratio (%) 49.5 45.6 46.6」
The equity ratio was 45.6% at the end of the second quarter, below both the 49.5% at the end of the previous second quarter and the financial soundness benchmark of approximately 50%. It was up from 45.2% at the end of the previous quarter. - FY2021-Q1WorsenedAnnual report
「Equity ratio (%) 49.7 45.2 46.6」
The equity ratio was 45.2% at the end of the first quarter, below both the 46.6% at the end of the previous consolidated fiscal year and the previous financial soundness benchmark of approximately 50%. - FY2020WorsenedAnnual report
「During the fiscal year, interest-bearing debt increased by ¥106.5 billion from the previous fiscal year, while the consolidated D/E ratio was 0.76 (0.67 after taking subordinated bonds with special subordination clauses into account (Note)) and the consolidated equity ratio was 46.6% (48.9% after taking such bonds into account), maintaining financial soundness.」
Before adjustment, the D/E ratio was 0.73, above the benchmark of approximately 0.7, and the equity ratio was 46.8%, below the benchmark of approximately 50%. After taking the equity characteristics of subordinated bonds with special subordination clauses into account, the D/E ratio was 0.67 and the equity ratio was 48.9%. - FY2020-Q3WorsenedAnnual report
「Equity ratio (%) 48.3 46.7 49.5」
The equity ratio was 46.7% at the end of the third quarter, below both the 48.3% at the end of the previous third quarter and the 49.5% at the end of the previous consolidated fiscal year. The shortfall against the financial soundness benchmark of approximately 50% widened. - FY2020-Q2Continued shortfall against the benchmarkAnnual report
「Equity ratio (%) 51.3 49.5 49.5」
The equity ratio was 49.5% at the end of the second quarter, remaining below the financial soundness benchmark of approximately 50%. - FY2020-Q1Continued shortfall against the benchmarkAnnual report
「Equity ratio (%) 53.4 49.7 49.5」
The equity ratio was 49.7% at the end of the first quarter, up from 49.5% at the end of the previous consolidated fiscal year, but below the previous benchmark of approximately 50% or higher. - FY2019Equity ratio fell below the benchmarkAnnual report
「The company aims to maintain, over the medium to long term, a consolidated D/E ratio (interest-bearing debt/equity) of approximately 0.7 and a consolidated equity ratio of approximately 50% as financial soundness indicators. During the fiscal year, interest-bearing debt increased by ¥143.6 billion from the previous fiscal year, while the consolidated D/E ratio was 0.64 and the consolidated equity ratio was 49.5%, maintaining financial soundness.」
While the consolidated D/E ratio was 0.64, within the benchmark, the equity ratio was 49.5%, below the stated target of approximately 50%. Interest-bearing debt increased by ¥143.6 billion year on year. - FY2019-Q3Equity ratio fell below the benchmarkAnnual report
「Equity ratio (%) 53.5 48.3 52.7」
The equity ratio was 48.3% at the end of the third quarter, below the previous financial soundness benchmark of at least 50%. - FY2019-Q2RestatedAnnual report
「Equity ratio (%) 52.6 51.3 52.7」
The equity ratio was 51.3% at the end of the second quarter, down from 52.7% at the end of the previous consolidated fiscal year, but maintaining the financial soundness benchmark of at least 50%. - FY2019-Q1AdvancedAnnual report
「Equity ratio (%) 53.1 53.4 52.7」
The equity ratio was 53.4% at the end of the first quarter, above the 52.7% at the end of the previous consolidated fiscal year, maintaining the benchmark of at least 50%. - FY2018AdvancedAnnual report
「During the fiscal year, interest-bearing debt decreased by ¥36.8 billion from the previous fiscal year, while equity increased as retained earnings grew. The consolidated D/E ratio was 0.50 and the consolidated equity ratio was 52.5%, maintaining financial soundness.」
The consolidated D/E ratio was 0.50 and the equity ratio was 52.5%, indicating results above the benchmarks of approximately 0.7 for the D/E ratio and approximately 50% for the equity ratio. - FY2018-Q3AdvancedAnnual report
「Equity ratio (%) 51.0 53.4 51.0」
The equity ratio was 53.4% at the end of the third quarter, above both the 51.0% at the end of the previous consolidated fiscal year and the benchmark of at least 50%. - FY2018-Q2AdvancedAnnual report
「Equity ratio (%) 51.5 52.4 51.0」
The equity ratio was 52.4% at the end of the second quarter, above both the 51.0% at the end of the previous consolidated fiscal year and the benchmark of at least 50%. - FY2017AdvancedAnnual report
「During the fiscal year, interest-bearing debt decreased by ¥26.4 billion from the previous fiscal year, while equity increased as retained earnings grew. The consolidated D/E ratio was 0.56 and the consolidated equity ratio was 51.0%, maintaining financial soundness.」
The consolidated D/E ratio was 0.56 and the equity ratio was 51.0%, representing results for the fiscal year against the financial soundness benchmarks of approximately 0.7 for the D/E ratio and approximately 50% for the equity ratio. - FY2017-Q3RestatedAnnual report
「Equity ratio (%) 50.5 51.0 49.5」
The equity ratio was 51.0% at the end of the third quarter, above the 49.5% at the end of the previous consolidated fiscal year, maintaining the benchmark of at least 50%. - FY2017-Q2RestatedAnnual report
「Equity ratio (%) 50.8 51.5 49.5」
The equity ratio was 51.5% at the end of the second quarter, above the 49.5% at the end of the previous consolidated fiscal year, maintaining the benchmark of at least 50%. - FY2017-Q1AdvancedAnnual report
「Equity ratio (%) 50.3 51.6 49.5」
The equity ratio was 51.6% at the end of the first quarter, up from 49.5% at the end of the previous consolidated fiscal year. - FY2016First statedAnnual report
「As indicators for maintaining financial soundness, the group uses a target of approximately 0.7 for the ratio of interest-bearing debt to equity and at least 50% for the equity ratio.」
Against the backdrop of the period covered by the medium-term management plan, the company has set specific benchmarks for the interest-bearing debt-to-equity ratio and implemented measures including CMS and debt reduction.