Worth reading
77Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
1000
Hundreds of millions of yenWording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.2%
基準 2,026Target2,031Hundreds of millions of yen
Operating profit+0.2%
基準 2,026Target2,031Hundreds of millions of yen
ROE+5.0pt
基準 2,026Target2,031%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Operating profit marginNot disclosed → 6% or higher (target for the fiscal year ending November 2031)
ROICNot disclosed → 8% (target for the fiscal year ending November 2031)
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planEighth Medium-Term Management Plan targets: net sales of ¥60 billion, operating profit of ¥3 billion, ROE of 6.5% and DOE based on 4.0% → Forecast for the fiscal year ending November 2026: net sales of ¥63 billion, operating profit of ¥3.5 billion, ROE of 7.5% and DOE of 4.6%（Net sales approximately +5.0%; operating profit approximately +16.7%）+3,276.7%Calculated from the two disclosed figures
Investment amount by sectorField M&A / Amount Approximately ¥10 billion–¥15 billion, Field Capital expenditures and other investments / Amount Approximately ¥3 billion–¥8 billion
Statements about the use of capital
Payout ratio / DOE policyThe Company aims to provide stable and consistent dividends, including progressive dividends. The payout ratio will be based on a standard of 50% or higher, while DOE will be based on 5.0%, with a target of 6.0% for the fiscal year ending November 2031. The applicable period is the Ninth Medium-Term Management Plan period, from the fiscal year ending November 2027 through the fiscal year ending November 2031.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe Company will consider conducting flexible share repurchases depending on factors such as the share price level.
Cost of capitalWACC＝6～8.5％The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Key initiatives
01Business-specific strategies
02Apparel-related business
03Product-related business
04Transportation-related business
05Growth Business
06M&A Strategy
07Increased Investment in Human Capital
08Functional strategy [Human Resources]
09Functional strategy [IT]
10Functional strategy [Sustainability: Rideeco® (リデコ)]
11Functional strategy [IR]
Plan assumptionsThe number of pickleball players in the United States is approximately 49 million, The number of pickleball players in Japan will increase fivefold in one year, M&A EV/EBITDA multiples will generally be 4–6x, with a maximum guideline of 8x, M&A transactions will meet the requirement ROIC > WACC (= 6–8.5%)
Segment targetSegment Apparel-related business / Net Sales ¥29.7 billion for the fiscal year ending November 2025; ¥52 billion for the fiscal year ending November 2031 / Operating profit margin 5.9% for the fiscal year ending November 2025; 6.0% for the fiscal year ending November 2031, Segment Product-related business / Net Sales ¥12 billion for the fiscal year ending November 2025; ¥15 billion for the fiscal year ending November 2031 / Operating profit margin 8.3% for the fiscal year ending November 2025; 8.4% for the fiscal year ending November 2031, Segment Transportation-related business / Net Sales ¥6.5 billion for the fiscal year ending November 2025; ¥10 billion for the fiscal year ending November 2031 / Operating profit margin 6.8% for the fiscal year ending November 2025; 7.4% for the fiscal year ending November 2031, Segment Growth Business / Net Sales ¥8.8 billion for the fiscal year ending November 2025; ¥23 billion for the fiscal year ending November 2031 / Operating profit margin 9.0% for the fiscal year ending November 2025; 12.0% for the fiscal year ending November 2031
Non-financial targetsIndicator Average annual income level of regular employees / Target 1.5 times fiscal 2025 / Timing ACTION 1000 period, Indicator Number of Rideeco® supporter companies / Target 200 companies / Timing ACTION 1000 target, Indicator Net sales related to environmentally friendly products / Target ¥5 billion / Timing ACTION 1000 target, Indicator Industries in which モリト is involved / Target All industries / Timing ACTION 1000 target, Indicator Sales regions / Target Japan and overseas / Timing ACTION 1000 target, Indicator Number of Rideeco® products / Target 30 items / Timing ACTION 1000 target, Indicator Domestic business scale in healthcare-related areas / Target 5 times the current level / Timing Not disclosed, Indicator Global market share in mid-range and higher-end small apparel accessories / Target No.1 / Timing ACTION 1000 period
Size of the Target MarketApproximately 49 million pickleball players in the United States. In Japan, the number of players has increased fivefold in one year. The market size on a value basis and the source are not disclosed.
Risks identified by the company
Changes in economic conditions and various other factors
Geopolitical risk
COVID-19 pandemic
Cybersecurity Risk
M&A transactions involving long-term risks, such as a payback period exceeding 10 years
M&A transactions expected to continue generating operating losses after amortization of goodwill
M&A transactions that are not aligned with the Company's strategy and focus areas
M&A transactions without the continuing commitment of key personnel
M&A transactions involving excessive post-merger integration burdens that could hinder other initiatives
Reason for revision or withdrawal
Under the Eighth Medium-Term Management Plan, the Company advanced efforts to strengthen its earnings base and implement structural reforms. To move into the next stage of growth based on these results, the Company has adopted as its basic policy achieving a balance between scale and profitability, centered on expanding the business through non-linear growth while maintaining and improving profitability.
| Item | Details |
|---|---|
| Plan name | Ninth Medium-Term Management Plan “ACTION 1000” |
| Plan period | Five years from the fiscal year ending November 2027 through the fiscal year ending November 2031 |
| Progress against the plan | Formulated |
| Sales Target | ¥63 billion (forecast for the fiscal year ending November 2026) → ¥100 billion (target for the fiscal year ending November 2031)（Approximately +58.7%） |
| Operating profit target | ¥3.5 billion (forecast for the fiscal year ending November 2026) → ¥6 billion (target for the fiscal year ending November 2031)（Approximately +71.4%） |
| Operating profit margin target | Not disclosed → 6% or higher (target for the fiscal year ending November 2031) |
| ROE target | 7.5% (forecast for the fiscal year ending November 2026) → 12% (target for the fiscal year ending November 2031)（60.0％） |
| ROIC target | Not disclosed → 8% (target for the fiscal year ending November 2031) |
| Payout ratio / DOE policy | The Company aims to provide stable and consistent dividends, including progressive dividends. The payout ratio will be based on a standard of 50% or higher, while DOE will be based on 5.0%, with a target of 6.0% for the fiscal year ending November 2031. The applicable period is the Ninth Medium-Term Management Plan period, from the fiscal year ending November 2027 through the fiscal year ending November 2031. |
| Treasury share acquisition policy | The Company will consider conducting flexible share repurchases depending on factors such as the share price level. |
| Cost of capital | WACC＝6～8.5％ |
| Investment amount by sector | Field M&A / Amount Approximately ¥10 billion–¥15 billion, Field Capital expenditures and other investments / Amount Approximately ¥3 billion–¥8 billion |
| Segment target | Segment Apparel-related business / Net Sales ¥29.7 billion for the fiscal year ending November 2025; ¥52 billion for the fiscal year ending November 2031 / Operating profit margin 5.9% for the fiscal year ending November 2025; 6.0% for the fiscal year ending November 2031, Segment Product-related business / Net Sales ¥12 billion for the fiscal year ending November 2025; ¥15 billion for the fiscal year ending November 2031 / Operating profit margin 8.3% for the fiscal year ending November 2025; 8.4% for the fiscal year ending November 2031, Segment Transportation-related business / Net Sales ¥6.5 billion for the fiscal year ending November 2025; ¥10 billion for the fiscal year ending November 2031 / Operating profit margin 6.8% for the fiscal year ending November 2025; 7.4% for the fiscal year ending November 2031, Segment Growth Business / Net Sales ¥8.8 billion for the fiscal year ending November 2025; ¥23 billion for the fiscal year ending November 2031 / Operating profit margin 9.0% for the fiscal year ending November 2025; 12.0% for the fiscal year ending November 2031 |
| Non-financial targets | Indicator Average annual income level of regular employees / Target 1.5 times fiscal 2025 / Timing ACTION 1000 period, Indicator Number of Rideeco® supporter companies / Target 200 companies / Timing ACTION 1000 target, Indicator Net sales related to environmentally friendly products / Target ¥5 billion / Timing ACTION 1000 target, Indicator Industries in which モリト is involved / Target All industries / Timing ACTION 1000 target, Indicator Sales regions / Target Japan and overseas / Timing ACTION 1000 target, Indicator Number of Rideeco® products / Target 30 items / Timing ACTION 1000 target, Indicator Domestic business scale in healthcare-related areas / Target 5 times the current level / Timing Not disclosed, Indicator Global market share in mid-range and higher-end small apparel accessories / Target No.1 / Timing ACTION 1000 period |
| Plan assumptions | The number of pickleball players in the United States is approximately 49 million, The number of pickleball players in Japan will increase fivefold in one year, M&A EV/EBITDA multiples will generally be 4–6x, with a maximum guideline of 8x, M&A transactions will meet the requirement ROIC > WACC (= 6–8.5%) |
| Key initiatives | Business-specific strategies, Apparel-related business, Product-related business, Transportation-related business, Growth Business, M&A Strategy, Increased Investment in Human Capital, Functional strategy [Human Resources], Functional strategy [IT], Functional strategy [Sustainability: Rideeco® (リデコ)], Functional strategy [IR] |
| Results under the previous plan | Eighth Medium-Term Management Plan targets: net sales of ¥60 billion, operating profit of ¥3 billion, ROE of 6.5% and DOE based on 4.0% → Forecast for the fiscal year ending November 2026: net sales of ¥63 billion, operating profit of ¥3.5 billion, ROE of 7.5% and DOE of 4.6%（Net sales approximately +5.0%; operating profit approximately +16.7%） |
| Reason for revision or withdrawal | Under the Eighth Medium-Term Management Plan, the Company advanced efforts to strengthen its earnings base and implement structural reforms. To move into the next stage of growth based on these results, the Company has adopted as its basic policy achieving a balance between scale and profitability, centered on expanding the business through non-linear growth while maintaining and improving profitability. |
| Size of the Target Market | Approximately 49 million pickleball players in the United States. In Japan, the number of players has increased fivefold in one year. The market size on a value basis and the source are not disclosed. |
| Risks identified | Changes in economic conditions and various other factors, Geopolitical risk, COVID-19 pandemic, Cybersecurity Risk, M&A transactions involving long-term risks, such as a payback period exceeding 10 years, M&A transactions expected to continue generating operating losses after amortization of goodwill, M&A transactions that are not aligned with the Company's strategy and focus areas, M&A transactions without the continuing commitment of key personnel, M&A transactions involving excessive post-merger integration burdens that could hinder other initiatives |
| Publication date | 14 July 2026 |
Items this document does not state (4)
Net income targetSelf-assessment of PBR and share priceTotal investment planDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.To move into the next stage of growth based on the results of the Eighth Medium-Term Management Plan. To achieve a balance between scale and profitability, centered on expanding the business through non-linear growth while maintaining and improving profitability.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.