Improving the Equity Ratio and Reducing Net Interest-Bearing Debt
First written in FY2016. 21 of 37 entries say "Advanced", first in FY2017-Q1. Latest entry: 2026-07-31.
Maruken Lease moved to the "Worse" side of this theme in 2026, 1 year after the typical company in this theme (2025).
1 other company's latest entry also says "Worsened".
- 2026-07-31WorsenedEarnings
「As a result, the equity ratio declined by 1.0 percentage point to 43.4%.」
The equity ratio declined from 44.4% in the fiscal year ending March 2026 to 43.4%. - FY2026WorsenedAnnual report
「Net debt-to-equity ratio: approximately 0.3x, 0.42x; maintain an appropriate cash position while pursuing the target.」
Against the new medium-term management plan's target net debt-to-equity ratio of approximately 0.3x, the actual ratio for FY2025 was 0.42x. It also rose from 0.37x in the previous disclosure, widening the gap from the target. Meanwhile, the equity ratio increased slightly to 44.4% from 44.1% in the previous fiscal year. - FY2026-H1Equity ratio recoveredAnnual report
「Total net assets were ¥18.042 billion, an increase of ¥572 million from the previous fiscal year-end. This was mainly due to the recognition of ¥825 million in interim net income attributable to owners of the parent. The equity ratio increased by 1.1 percentage points to 45.4%.」
The equity ratio recovered from 44.3% at the previous fiscal year-end to 45.4%. No results for the current interim period were disclosed for the new plan's net debt-to-equity ratio target. - FY2025Decline in equity ratio and disclosure of first-year results for the net debt-to-equity targetAnnual report
「The equity ratio was 44.3%.」
The equity ratio declined from 48.7% in the previous fiscal year to 44.3%. Against the new plan's target of a net debt-to-equity ratio of approximately 0.3x, the company disclosed an actual ratio of 0.37x for FY2024. - FY2025-H1Slight decline in the equity ratioAnnual report
「Total net assets were ¥16.990 billion, an increase of ¥534 million from the previous fiscal year-end. This was mainly due to the recognition of ¥574 million in interim net income attributable to owners of the parent. The equity ratio decreased by 0.1 percentage points to 48.6%.」
The equity ratio declined from 48.7% in the previous fiscal year to 48.6%. Net assets increased. - FY2024ReframedAnnual report
「Medium-term management plan for the 52nd to 56th fiscal years: target, 56th fiscal year-end actual; equity ratio, 45.0%, 48.7%; net interest-bearing debt, ¥8.3 billion, ¥4.838 billion.」
The company ended the previous medium-term management plan with actual results exceeding both its 45% equity ratio target and its ¥8.3 billion net interest-bearing debt target. Under the new plan, the target has been reframed as maintaining a net debt-to-equity ratio of approximately 0.3x. - FY2024-Q3RestatedAnnual report
「Total net assets increased by ¥815 million from the previous fiscal year-end to ¥16.066 billion. This mainly reflected a decrease of ¥349 million from dividend payments and the recognition of ¥914 million in quarterly net income attributable to owners of the parent. As a result, the equity ratio increased by 1.6 percentage points to 47.9%.」
The equity ratio rose from 46.3% at the previous fiscal year-end to 47.9%, maintaining a level above the previous medium-term management plan target of 45.0%. However, it declined slightly from 48.1% in the previous quarter, so it is not treated as a new achievement milestone. - FY2024-Q2AdvancedAnnual report
「Total net assets increased by ¥475 million from the previous fiscal year-end to ¥15.726 billion. This mainly reflected a decrease of ¥190 million from dividend payments and the recognition of ¥442 million in quarterly net income attributable to owners of the parent. As a result, the equity ratio increased by 1.8 percentage points to 48.1%.」
The equity ratio rose from 46.3% at the previous fiscal year-end to 48.1%, maintaining and extending its level above the previous medium-term management plan target of 45%. - FY2024-Q1AdvancedAnnual report
「Total net assets increased by ¥169 million from the previous fiscal year-end to ¥15.420 billion. This mainly reflected a decrease of ¥190 million from dividend payments and the recognition of ¥271 million in quarterly net income attributable to owners of the parent. As a result, the equity ratio increased by 0.8 percentage points to 47.1%.」
The equity ratio rose from 46.3% at the previous fiscal year-end to 47.1%, maintaining and extending its level above the FY2023 target of 45.0%. - FY2023AdvancedAnnual report
「The equity ratio for the 55th fiscal year increased 1.9 percentage points from the previous fiscal year to 46.3%. Net interest-bearing debt was reduced further, decreasing by ¥418 million to ¥4.646 billion, mainly because operating cash flow remained positive at ¥1.249 billion.」
The equity ratio was 46.3%, above the 45% target, and net interest-bearing debt was ¥4.646 billion, below the ¥8.3 billion target, indicating numerical progress against the financial targets. - FY2023-Q3High equity ratio and slight increase in net interest-bearing debtAnnual report
「Net interest-bearing debt increased by ¥71 million from the previous fiscal year-end to ¥5.137 billion. Total net assets increased by ¥428 million to ¥15.122 billion, mainly reflecting the recognition of quarterly net income attributable to owners of the parent and an increase in the foreign currency translation adjustment, despite decreases resulting from the acquisition of treasury shares and dividend payments. The equity ratio increased by 1.7 percentage points to 46.1%.」
The equity ratio was 46.1%, maintaining a level above the FY2023 target of 45.0%. Meanwhile, net interest-bearing debt increased by ¥71 million from the previous fiscal year-end to ¥5.137 billion. - FY2023-Q2AdvancedAnnual report
「Total net assets increased by ¥97 million from the previous fiscal year-end to ¥14.792 billion, mainly reflecting the recognition of quarterly net income attributable to owners of the parent, despite a decrease resulting from the acquisition of treasury shares. The equity ratio increased by 2.8 percentage points to 47.2%.」
The equity ratio rose from 44.4% at the previous fiscal year-end to 47.2%, exceeding the FY2023 target of 45.0%. As this is a quarterly figure, it is not treated as completion of the full-year target. - FY2023-Q1AdvancedAnnual report
「Total net assets decreased by ¥64 million from the previous fiscal year-end to ¥14.630 billion due to the acquisition of treasury shares and other factors, but the equity ratio increased by 1.8 percentage points to 46.2% because total assets decreased by more than that amount.」
The equity ratio rose from 44.4% at the previous fiscal year-end to 46.2%, exceeding the FY2023 target of 45.0%. As this is a quarterly figure, it is not treated as completion of the full-year target. - FY2022AdvancedAnnual report
「Equity ratio 45.0%, ¥8.3 billion, 44.4%, ¥5.065 billion」
The equity ratio for FY2021 was 44.4%, maintaining a level close to the 45% target, while net interest-bearing debt decreased by ¥592 million from the previous fiscal year to ¥5.065 billion, substantially below the ¥8.3 billion target. - FY2022-Q3Slight decline in equity ratio; decrease in borrowingsAnnual report
「Total liabilities decreased by ¥111 million from the previous fiscal year-end to ¥17.490 billion, mainly reflecting a ¥1.840 billion decrease in borrowings and a ¥1.642 billion increase in other current liabilities. Total net assets decreased by ¥552 million to ¥14.439 billion, mainly reflecting decreases of ¥1.081 billion in opening retained earnings due to the application of accounting standards for revenue recognition and related standards and ¥266 million from the payment of dividends, partly offset by an increase of ¥751 million from the recognition of quarterly net income attributable to owners of the parent. The equity ratio decreased by 0.9 percentage points to 43.6%.」
Borrowings decreased by ¥1.840 billion, while net assets and the equity ratio declined due to the application of the accounting standard for revenue recognition and related factors. The equity ratio was 43.6%. - FY2022-Q2AdvancedAnnual report
「Total net assets decreased by ¥765 million from the previous fiscal year-end to ¥14.226 billion, mainly reflecting decreases of ¥1.081 billion in opening retained earnings due to the application of accounting standards for revenue recognition and related standards and ¥266 million from the payment of dividends, partly offset by an increase of ¥509 million from the recognition of quarterly net income attributable to owners of the parent. The equity ratio decreased by 0.7 percentage points to 43.8%.」
The equity ratio declined from the previous fiscal year-end of 44.5%, but recovered from 41.0% in the immediately preceding quarter and moved closer to the FY2023 target of 45%. This includes the impact of the decrease in retained earnings resulting from the application of the accounting standard for revenue recognition. - FY2022-Q1Declining equity ratioAnnual report
「Total net assets decreased by ¥1.042 billion from the previous fiscal year-end to ¥13.949 billion, mainly reflecting decreases of ¥1.081 billion in opening retained earnings due to the application of accounting standards for revenue recognition and related standards and ¥266 million from the payment of dividends, partly offset by an increase of ¥234 million from the recognition of quarterly net income attributable to owners of the parent. The equity ratio decreased by 3.5 percentage points to 41.0%.」
The equity ratio declined from 44.5% at the previous fiscal year-end to 41.0%. The disclosure cited, among other factors, a decrease in opening retained earnings resulting from the application of the accounting standard for revenue recognition, relative to the FY2023 target of 45%. - FY2021AdvancedAnnual report
「Under the medium-term management plan for the 52nd to 56th fiscal years, “Transformation for the Future and the Challenge of Creating,” the company is working to secure stable earnings and strengthen its financial position by improving the equity ratio and reducing net interest-bearing debt, and will continue this policy. The company also stated that it was able to strengthen its financial position during the 53rd fiscal year at a pace exceeding the plan.」
The equity ratio was 44.5%, approaching the 45.0% target, while net interest-bearing debt was ¥5.658 billion, below the ¥8.3 billion target. The company stated that it had strengthened its financial position at a pace exceeding the plan. - FY2021-Q3RestatedAnnual report
「Total net assets increased by ¥1.080 billion from the previous fiscal year-end to ¥14.775 billion, mainly reflecting increases from the recognition of ¥839 million in quarterly net income attributable to owners of the parent and ¥489 million in non-controlling interests, and a decrease from the payment of ¥233 million in dividends. The equity ratio increased by 1.7 percentage points to 43.0%.」
The equity ratio rose to 43.0% from the previous fiscal year-end, but declined from 43.3% in the previous quarter. This was treated as continued progress toward, rather than new progress on, the FY2023 target of 45%. - FY2021-Q2AdvancedAnnual report
「Total net assets increased by ¥700 million from the previous fiscal year-end to ¥14.394 billion, mainly reflecting increases from the recognition of ¥422 million in quarterly net income attributable to owners of the parent and ¥492 million in non-controlling interests, and a decrease from the payment of ¥233 million in dividends. The equity ratio increased by 2.0 percentage points to 43.3%.」
The equity ratio rose from 41.3% at the previous fiscal year-end to 43.3%, representing numerical progress toward the FY2023 target of 45%. - FY2021-Q1AdvancedAnnual report
「Total net assets increased by ¥37 million from the previous fiscal year-end to ¥13.731 billion, mainly reflecting an increase from the recognition of ¥300 million in quarterly net income attributable to owners of the parent and a decrease from the payment of ¥233 million in dividends. The equity ratio was 41.7%.」
The equity ratio rose from 41.3% at the previous fiscal year-end to 41.7%, representing numerical progress toward the FY2023 target of 45%. - FY2020AdvancedAnnual report
「Medium-term management plan for the 52nd to 56th fiscal years: target, equity ratio 45.0%, net interest-bearing debt ¥8.3 billion; actual at the end of the 52nd fiscal year, 41.3%, ¥6.745 billion.」
The new plan's financial targets were reiterated, and net interest-bearing debt of ¥6.745 billion at the end of the fiscal year was disclosed. This was down from the previous fiscal year-end actual of ¥7.099 billion, representing numerical progress. - FY2020-Q3RestatedAnnual report
「Financial targets (consolidated): equity ratio, 45% and 41.5%; net interest-bearing debt, ¥8.3 billion and ¥8.1 billion.」
The FY2023 financial targets of a 45% equity ratio and ¥8.3 billion in net interest-bearing debt were reiterated. The equity ratio was 41.3% at the end of the third quarter, up 0.7 percentage points from the previous fiscal year-end. - FY2020-Q2Higher equity ratio target and less stringent net interest-bearing debt targetAnnual report
「Financial targets (consolidated): equity ratio, 45% and 41.5%; net interest-bearing debt, ¥8.3 billion and ¥8.1 billion.」
The new plan set FY2023 targets of a 45% equity ratio and ¥8.3 billion in net interest-bearing debt. The equity ratio target was raised from the previous 40% target, while the net interest-bearing debt target was changed from ¥8.0 billion or less. The equity ratio was 41.3% at the end of the second quarter. - FY2020-Q1AdvancedAnnual report
「Total net assets decreased by ¥119 million from the previous fiscal year-end to ¥13.087 billion, mainly reflecting an increase from the recognition of ¥117 million in quarterly net income attributable to owners of the parent and a decrease from the payment of ¥199 million in dividends. The equity ratio was 40.0%.」
The equity ratio reached 40.0%, achieving the 40.0% equity ratio target in the medium-term management plan. However, no disclosure was made on net interest-bearing debt for the quarter, so the thread as a whole was classified as ADVANCED. - FY2019-Q3AdvancedAnnual report
「Total liabilities decreased by ¥766 million from the previous fiscal year-end to ¥20.710 billion, mainly reflecting decreases of ¥610 million in borrowings and ¥308 million in notes and accounts payable. Total net assets increased by ¥501 million to ¥12.9 billion, mainly reflecting an increase from the recognition of ¥811 million in quarterly net income attributable to owners of the parent and a decrease from the payment of ¥266 million in dividends. The equity ratio increased by 1.8 percentage points to 38.4%.」
The equity ratio rose from 36.6% at the previous fiscal year-end to 38.4%, while borrowings decreased by ¥610 million. This represents numerical progress toward the financial targets of a 40.0% equity ratio and net interest-bearing debt of ¥8.0 billion or less. - FY2019-Q2AdvancedAnnual report
「Total net assets increased by ¥287 million from the previous fiscal year-end to ¥12.687 billion, mainly reflecting an increase from the recognition of ¥494 million in quarterly net income attributable to owners of the parent and a decrease from the payment of ¥200 million in dividends. The equity ratio increased by 2.7 percentage points to 39.3%.」
The equity ratio rose from 36.6% at the previous fiscal year-end to 39.3%, representing numerical progress toward the 40.0% target. - FY2019-Q1AdvancedAnnual report
「Total net assets increased by ¥130 million from the previous fiscal year-end to ¥12.529 billion, mainly reflecting an increase from the recognition of ¥308 million in quarterly net income attributable to owners of the parent and a decrease from the payment of ¥200 million in dividends. The equity ratio increased by 2.1 percentage points to 38.7%.」
The equity ratio rose 2.1 percentage points from 36.6% at the previous fiscal year-end to 38.7%, representing numerical progress toward the 40.0% target in the medium-term management plan. - FY2018AdvancedAnnual report
「Total liabilities increased by ¥465 million from the previous fiscal year to ¥21.477 billion, despite a ¥1.074 billion increase in notes and accounts payable and electronically recorded obligations, mainly because borrowings decreased by ¥610 million as interest-bearing debt was reduced. Total net assets increased by ¥836 million to ¥12.399 billion, reflecting the recognition of ¥983 million in net income attributable to owners of the parent, partly offset by the payment of ¥200 million in dividends. The equity ratio increased by 1.1 percentage points to 36.6%.」
The equity ratio rose to 36.6%, while borrowings decreased by ¥610 million. Against the medium-term plan targets of a 40.0% equity ratio and net interest-bearing debt of ¥8.0 billion or less, net interest-bearing debt had declined to ¥7.2 billion. - FY2018-Q3RestatedAnnual report
「Total net assets increased by ¥625 million from the previous fiscal year-end to ¥12.188 billion, mainly reflecting an increase of ¥739 million from the recognition of quarterly net income attributable to owners of the parent and a decrease of ¥200 million from the payment of dividends. The equity ratio increased by 1.6 percentage points to 37.1%.」
The equity ratio rose from 35.5% at the previous fiscal year-end to 37.1%, but declined from 37.9% in the previous quarter. This was treated as continued progress toward, rather than new progress on, the targets of a 40.0% equity ratio and net interest-bearing debt of ¥8.0 billion or less. - FY2018-Q2AdvancedAnnual report
「Total net assets increased by ¥257 million from the previous fiscal year-end to ¥11.820 billion, mainly reflecting an increase from the recognition of ¥424 million in quarterly net income attributable to owners of the parent and a decrease from the payment of ¥200 million in dividends. The equity ratio increased by 2.4 percentage points to 37.9%.」
The equity ratio rose from 35.5% at the previous fiscal year-end to 37.9%, while borrowings decreased by ¥610 million. This represents numerical progress toward the financial targets of a 40.0% equity ratio and net interest-bearing debt of ¥8.0 billion or less. - FY2018-Q1AdvancedAnnual report
「Total net assets increased by ¥69 million from the previous fiscal year-end to ¥11.631 billion, mainly reflecting an increase from the recognition of ¥250 million in quarterly net income attributable to owners of the parent and a decrease from the payment of ¥200 million in dividends. The equity ratio increased by 1.7 percentage points to 37.2%.」
The equity ratio rose 1.7 percentage points from 35.5% at the previous fiscal year-end to 37.2%, representing numerical progress toward the FY2018 target of 40.0%. - FY2017AdvancedAnnual report
「Financial targets (consolidated): equity ratio, 35.5% to 40.0%; net interest-bearing debt, ¥8.1 billion to ¥8.0 billion or less. Strengthen the financial position by building equity and reducing interest-bearing debt.」
The equity ratio rose from 34.3% in the previous fiscal year to 35.5%, while borrowings decreased by ¥620 million. This represents numerical progress toward the FY2018 targets of a 40.0% equity ratio and net interest-bearing debt of ¥8.0 billion or less. - FY2017-Q3RestatedAnnual report
「Total liabilities decreased by ¥643 million from the end of the previous fiscal year to ¥20,054 million, mainly due to an ¥800 million decrease in borrowings. Total net assets increased by ¥505 million from the end of the previous fiscal year to ¥11.3 billion, reflecting an increase from the recognition of ¥722 million in quarterly net income attributable to owners of the parent and a decrease from the payment of ¥200 million in dividends, among other factors. The equity ratio increased by 1.7 percentage points to 36.0%.」
The equity ratio rose to 36.0% from the previous fiscal year-end, while borrowings decreased by ¥800 million over the same period. However, the equity ratio was down from 36.5% in the previous quarter, so this was not assessed as new progress toward the FY2018 target; the disclosure was framed as a reaffirmation of efforts toward the target. - FY2017-Q2AdvancedAnnual report
「Total liabilities decreased by ¥1,714 million from the end of the previous fiscal year to ¥18,984 million, mainly due to decreases of ¥734 million in notes and accounts payable and ¥750 million in borrowings. Total net assets increased by ¥96 million from the end of the previous fiscal year to ¥10,891 million, reflecting an increase from the recognition of ¥387 million in quarterly net income attributable to owners of the parent and a decrease from the payment of ¥200 million in dividends, among other factors. The equity ratio increased by 2.2 percentage points to 36.5%.」
The equity ratio rose from 34.3% at the end of the previous fiscal year to 36.5%, while borrowings decreased by ¥750 million. This demonstrates quantitative progress toward the fiscal 2018 financial targets of an equity ratio of 40.0% and net interest-bearing debt of no more than ¥8 billion. - FY2017-Q1AdvancedAnnual report
「Total net assets decreased by ¥23 million from the end of the previous fiscal year to ¥10,771 million, reflecting an increase from the recognition of ¥230 million in quarterly net income attributable to owners of the parent and a decrease from the payment of ¥200 million in dividends, among other factors. The equity ratio increased by 0.9 percentage points to 35.2%.」
The equity ratio rose from 34.3% at the end of the previous fiscal year to 35.2%, an increase of 0.9 percentage points, demonstrating quantitative progress toward the fiscal 2018 target of 40.0%. - FY2016First statedAnnual report
「Financial targets (consolidated): equity ratio 40.0%; net interest-bearing debt no more than ¥8 billion」
The fiscal 2018 targets represent an improvement from fiscal 2015 actual results of an equity ratio of 34.3% and net interest-bearing debt of ¥9.2 billion.