各案件を、会社自身の開示資料に照らして4つの観点（約束は具体的か、実行の経過を追えるか、経済性を説明しているか、目標に対する結果を報告しているか）で確認しています。評価方法 →
経営計画・資本政策の見直し／2024-11-12
方針を継続
公表資料を発表・実施・結果の順に記録しています。この表示は選定した案件の調査状況であり、会社全体の評価ではありません。
出典資料1 ・ 出典資料2 ・ 出典資料3 ・ 出典資料4 ・ 出典資料5 ・ 出典資料6 ・ 出典資料7
ROE >10% and capital-policy reset
The November 2024 decision began replacing the earlier FY2026 targets; the February 2025 plan put ROE above 10% in the FY2027–29 growth stage, with roughly ¥300bn required equity and over ¥40bn operating income as a path. FY2025 ROE was −21.7% after a major loss. First-half 2026 operating income was ¥22.5bn; ¥48bn for FY2026 is a revised forecast, not a realized result or ROE achievement. The 2027–29 target is not yet due.
時系列と出典（5件・内容は原文）
- 2024-11-12Board resolved ROE and capital-policy reset THK said its old 17% FY2026 ROE target was difficult to foresee and resolved a revised basic policy of early ROE above 10%; it included roughly ¥300bn required equity, 8% DOE, flexible buybacks, prompt net-neutral cash and tolerance for 1–2x net debt/EBITDA in the medium to long term. 出典資料1
- 2025-02-122027–29 target path published THK placed the >10% ROE target in the FY2027–29 growth stage after FY2025–26 restructuring; its path uses over ¥40bn operating income, about ¥30bn net profit and roughly ¥300bn required equity. 出典資料1
- 2025-12-31（公表 2026-02-12）FY2025 result and progress review THK reported FY2025 ROE of −21.7%, a ¥69.9bn loss attributable to owners and ¥14.4bn continuing-operations operating income. Its February progress presentation continued to show the target path; the FY2026 8.2% ROE shown then was a forecast, later not repeated as an August ROE forecast. 出典資料1 ・ 出典資料2
- 2026-06-01Portfolio exit completed The automotive and transportation transfer was completed. It is one implementation step under the policy, separately documented as a divestiture, not a duplicate return outcome. 出典資料1
- 2026-06-30（公表 2026-08-05）First-half result and revised forecast First-half continuing-operations operating income was ¥22.5bn and parent-attributable profit ¥33.7bn; the latter includes a ¥16.4bn transfer-related gain. Equity attributable to owners was ¥276.0bn at June end. THK raised FY2026 continuing-operations operating-income forecast to ¥48bn; full-year ROE is not presented as an actual result here. 出典資料1 ・ 出典資料2
経営陣が表明したこと
On 12 November 2024 THK decided on a basic policy for revising its hard-to-achieve old FY2026 revenue/profit/EPS/17% ROE goals: early ROE above 10%. Its February 2025 path put this outcome in FY2027–29, after a FY2025–26 restructuring period, with roughly ¥300bn required equity, over ¥40bn operating income and approximately ¥30bn net profit as a route—not guaranteed results.
会社の開示資料による ・ 出典資料1 ・ 出典資料2
実際に行ったこと・時期
THK announced the new path in February 2025, completed a ¥40bn treasury-share purchase in March 2025, and completed the automotive/transportation transfer in June 2026. Its August 2026 presentation reports industrial-machinery restructuring measures and a revised FY2026 forecast. The buyback, dividend and transfer have their own action records; their amounts are not counted again as separate ROE outcomes.
会社の開示資料による ・ 出典資料1 ・ 出典資料2 ・ 出典資料3 ・ 出典資料4
経済性について開示したこと
THK's rationale combines operating-profit improvement, selection of businesses against ROIC and capital cost, and control of the equity denominator. The original policy proposes 8% DOE, flexible buybacks, a prompt move to net-neutral cash and tolerance for 1–2x net debt/EBITDA over the medium to long term. The plan quantifies operating income, net profit and equity, but does not give one reconciled normalized ROE and liquidity/debt bridge for every lever.
一部開示（不足あり） ・ 出典資料1 ・ 出典資料2
その後の経過
FY2025 ROE was −21.7%, alongside a ¥69.9bn parent-attributable loss; the target is for FY2027–29, so this is an interim baseline rather than a missed target. In H1 FY2026, continuing-operations operating income was ¥22.5bn and equity attributable to owners ¥276.0bn at June end. The August FY2026 ¥48bn continuing-operations operating-income figure is a forecast. H1 parent profit includes a ¥16.4bn transfer-related gain, so it cannot be annualized as recurring ROE progress. There is no verified FY2027–29 outcome yet.
一部開示（不足あり） ・ 出典資料1 ・ 出典資料2 ・ 出典資料3
残る論点
Investor question: How does management bridge FY2025's reported loss and the H1 FY2026 improvement to >10% sustainable ROE in FY2027–29—split between recurring operating income, one-off transfer effects and equity reduction? IR clarification: publish a dated bridge for normalized profit, average equity, capital deployment, net debt/EBITDA and cash-reserve needs, preserving the original target versus revised forecasts.
当調査の分析（会社の説明ではありません）
約束は具体的か4／5The November reset and February path identify >10% ROE in FY2027–29, roughly ¥300bn required equity and over ¥40bn operating income; 'promptly' net-neutral and medium-term leverage intentions lack precise dates/definitions.
実行の経過を追えるか4／5Contemporaneous plan, buyback and transfer notices plus 2026 progress presentations make several implementation steps traceable. Full balance-sheet transition and ultimate ROE result are not yet complete.
経済性を説明しているか3／5THK gives an operating-income/net-profit/equity route and ROIC-versus-capital-cost logic, but no fully reconciled liquidity, leverage, normalized-ROE and alternative-use bridge. The exact one-off versus recurring contribution remains a question.
目標に対する結果を報告しているか時期未到来The >10% ROE outcome is targeted for FY2027–29. FY2025's reported −21.7% and first-half FY2026 progress are interim evidence, not a premature failure or achievement judgment; the revised ¥48bn FY2026 operating-income figure is a forecast.
配当／2024-11-12
方針を継続
公表資料を発表・実施・結果の順に記録しています。この表示は選定した案件の調査状況であり、会社全体の評価ではありません。
出典資料1 ・ 出典資料2 ・ 出典資料3 ・ 出典資料4 ・ 出典資料5 ・ 出典資料6 ・ 出典資料7
8% DOE dividend policy and FY2025–26 decisions
FY2025's ¥123 interim and ¥123 year-end were approved; THK reported ¥246 per share and a 9.0% dividend-to-equity ratio for that year. The ¥96 FY2026 interim was resolved with an 11 September effective date; ¥99 year-end and ¥195 full year remain forecasts. The DOE denominator has not been independently reconciled.
時系列と出典（7件・内容は原文）
- 2024-11-128% DOE policy adopted Until ROE exceeds 10%, THK adopted 8% DOE based on average beginning/end equity capital. For the second half of FY2024, it specified a 4% half-year basis. 出典資料1
- 2025-03-15（公表 2025-03-17）FY2024 transitional dividend approved Shareholders approved ¥128.50 per share year-end; with the ¥18 interim preceding the new policy, FY2024 totaled ¥146.50 per share. The original policy specified a half-year 4% DOE basis. 出典資料1 ・ 出典資料2
- 2025-05-09FY2025 dividend forecast THK forecast ¥123 interim plus ¥123 year-end, or ¥246 per share for FY2025. This was a forecast, not an approval or payment. 出典資料1
- 2025-08-06FY2025 interim resolved THK reported ¥123 per share as the FY2025 interim actual; the ¥123 year-end remained a forecast at this date. 出典資料1
- 2026-02-12FY2025 result and DOE disclosure THK reported ¥246 per share and a 9.0% cash-dividend-to-parent-equity ratio for FY2025, while the year-end ¥123 still awaited shareholder approval. 出典資料1
- 2026-03-20（公表 2026-03-23）FY2025 year-end approved The shareholder meeting approved the ¥123 per-share year-end payment, confirming ¥246 per share for FY2025 including the interim dividend. 出典資料1
- 2026-08-05FY2026 interim resolved; year-end forecast revised The board resolved ¥96 per share interim, effective 11 September, versus its prior ¥92 forecast. It projected ¥99 year-end and ¥195 full year; neither forecast is a completed payment. 出典資料1
経営陣が表明したこと
On 12 November 2024 THK adopted an 8% dividend-on-equity policy until ROE exceeds 10%, using average prior/current year-end equity capital; it applied a 4% half-year basis to the FY2024 year-end dividend.
会社の開示資料による ・ 出典資料1 ・ 出典資料2
実際に行ったこと・時期
THK forecast ¥123 interim plus ¥123 year-end for FY2025 in May 2025, reported the interim as actual in August, and shareholders approved the ¥123 year-end dividend on 20 March 2026, confirming ¥246 per share for FY2025. On 5 August 2026 the board resolved a ¥96 interim dividend effective 11 September; ¥99 year-end is still a forecast.
会社の開示資料による ・ 出典資料1 ・ 出典資料2 ・ 出典資料3 ・ 出典資料4
経済性について開示したこと
THK said its financial simulation showed sufficient reserves for growth, set an approximate ¥300 billion required-equity level, and chose 8% DOE to return capital and improve efficiency. The policy provides a formula, but not a dividend-specific stress-case liquidity or alternative-use comparison.
一部開示（不足あり） ・ 出典資料1
その後の経過
FY2025's ¥246-per-share projection was confirmed by the year-end shareholder resolution. THK reported a 9.0% FY2025 cash-dividend-to-parent-equity ratio against the 8% policy, but a line-by-line denominator reconciliation is not shown in these sources. The FY2026 interim ¥96 was resolved; the revised ¥99 year-end and ¥195 annual total remain forecasts, not completed results.
一部開示（不足あり） ・ 出典資料1 ・ 出典資料2 ・ 出典資料3 ・ 出典資料4
残る論点
Investor question: What numerator and average-equity denominator produce the reported 9.0% FY2025 ratio, and how do the FY2026 ¥96 interim and ¥99 forecast fit the 8% policy after the business exit? IR clarification: publish a concise year-by-year bridge from policy formula and forecast to board approval, shareholder approval and effective payment date, with forecast changes explained.
当調査の分析（会社の説明ではありません）
約束は具体的か4／5The policy is dated, quantified at 8% DOE, defines an average beginning/end equity-capital formula and applies until ROE exceeds 10%; the FY2024 transition is specified at 4% for the half-year.
実行の経過を追えるか4／5Original forecast, interim results, shareholder approvals and later interim decision establish dates and amounts. The ¥99 FY2026 year-end amount remains a forecast, not an executed dividend.
経済性を説明しているか3／5THK quantifies an 8% DOE policy, an approximate ¥300 billion required-equity level, and a balance-sheet-efficiency rationale; it does not give a dividend-specific capital-needs stress bridge or trade-off against alternative uses.
目標に対する結果を報告しているか3／5The FY2025 ¥246 per-share forecast became an approved ¥246 annual dividend and THK reported a 9.0% dividend-to-equity ratio. The source does not reconcile the exact equity denominator to the policy formula; FY2026's ¥99 year-end remains a forecast.
事業・資産の売却／2026-02-02
譲渡完了
公表資料を発表・実施・結果の順に記録しています。この表示は選定した案件の調査状況であり、会社全体の評価ではありません。
出典資料1 ・ 出典資料2
Automotive & transportation business transfer
THK's 1 June 2026 notice confirms the share and receivables transfer completed. The 2027–29 group ROE target remains a separate, future outcome.
時系列と出典（2件・内容は原文）
- 2026-02-02Board decision THK decided to transfer the automotive and transportation subsidiaries and related receivables; price was not disclosed under transaction confidentiality. 出典資料1
- 2026-06-01Transfer completed THK confirmed the share and receivables transfer and removal of the subsidiaries from its consolidation scope. 出典資料1
経営陣が表明したこと
THK set a group-wide objective of ROE above 10%, with 2027–29 identified as the target period, and said it would select and concentrate businesses using capital-cost discipline.
会社の開示資料による ・ 出典資料1
実際に行ったこと・時期
On 2 February 2026 the board decided to transfer the automotive and transportation subsidiaries and associated receivables to an Advantage Partners-funded vehicle. THK's 1 June 2026 follow-up notice confirms the transfer completed that day.
会社の開示資料による ・ 出典資料1 ・ 出典資料2
経済性について開示したこと
THK cited expected capital cost and ROIC as the basis for exiting the business. The notice does not disclose the transfer price because of non-disclosure obligations. The >10% ROE objective is group-wide, not a quantified return target for this transaction.
一部開示（不足あり） ・ 出典資料1 ・ 出典資料2
その後の経過
The 1 June notice confirms closing and removal of the transferred subsidiaries from consolidation. THK's strategy page reports a ¥81.6 billion business liquidation loss related to the transfer and a ¥69.8 billion FY2025 loss. These do not establish whether the group-wide >10% ROE target for 2027–29 will be met; post-exit returns require later evidence.
一部開示（不足あり） ・ 出典資料1 ・ 出典資料2
残る論点
Investor question: What is the post-exit ROIC and ROE bridge, including remaining restructuring costs and the timing of benefits? IR clarification: link the completion notice and, where disclosure obligations permit, give a comparable before/after segment and capital-employed baseline.
当調査の分析（会社の説明ではありません）
約束は具体的か3／5The group ROE goal and portfolio discipline are dated, but the earlier policy did not set a divestiture-specific commitment or milestone.
実行の経過を追えるか4／5The board decision, planned date and completed share and receivables transfer can be traced through contemporaneous issuer notices; the transaction price remains undisclosed.
経済性を説明しているか2／5The ROIC-versus-capital-cost logic is explained, but the notice withholds price and gives no transaction-specific return bridge.
目標に対する結果を報告しているか時期未到来A related loss is reported, but the group ROE target period is 2027–29 and post-exit return progress has not yet been assessed.
自己株式取得／2024-11-12
取得完了
公表資料を発表・実施・結果の順に記録しています。この表示は選定した案件の調査状況であり、会社全体の評価ではありません。
出典資料1 ・ 出典資料2 ・ 出典資料3 ・ 出典資料4 ・ 出典資料5 ・ 出典資料6 ・ 出典資料7 ・ 出典資料8
¥40 billion treasury-share purchase
THK's dated notices document authorization, monthly progress, purchase completion and later cancellation. This tape was assembled retrospectively in September 2026; it was not a live 2024 signal.
時系列と出典（8件・内容は原文）
- 2024-11-12Board authorization Up to 20,000,000 shares and ¥40 billion, with a purchase authorization from 13 November 2024 to 12 November 2025. 出典資料1
- 2024-11-29No November purchases No shares were acquired 13–29 November; THK said purchases would follow its planned employee stock-plan share disposal after 16 December. 出典資料1
- 2024-12-31（公表 2025-01-06）December progress Cumulative 1,102,900 shares for ¥4,017,146,523. 出典資料1
- 2025-01-31（公表 2025-02-03）January progress Cumulative 5,423,300 shares for ¥19,974,929,010. 出典資料1
- 2025-02-28（公表 2025-03-03）February progress Cumulative 9,958,400 shares for ¥36,913,437,062. 出典資料1
- 2025-03-06（公表 2025-03-07）Purchase completed 10,757,100 shares purchased for ¥39,999,945,978 in total. 出典資料1
- 2025-08-06Cancellation resolved Board resolved to cancel all 10,757,100 shares acquired under the authorization, scheduled for 27 August. 出典資料1
- 2025-08-27（公表 2025-08-28）Cancellation completed THK confirmed cancellation of 10,757,100 treasury shares; shares issued afterward were 119,099,803. 出典資料1
経営陣が表明したこと
On 12 November 2024, THK authorized purchase of up to 20 million shares for up to ¥40 billion during 13 November 2024–12 November 2025, alongside its ROE and capital-policy goals.
会社の開示資料による ・ 出典資料1 ・ 出典資料2
実際に行ったこと・時期
The monthly notices document 1,102,900 shares by December 2024, 5,423,300 by January and 9,958,400 by February. THK confirmed on 7 March 2025 that it had purchased 10,757,100 shares for ¥39,999,945,978 through 6 March.
会社の開示資料による ・ 出典資料1 ・ 出典資料2 ・ 出典資料3 ・ 出典資料4
経済性について開示したこと
The stated rationale was to manage the equity denominator of ROE while maintaining shareholder returns and financial soundness. The report gives a buyback amount and group ROE/equity targets, but no stand-alone buyback return hurdle.
一部開示（不足あり） ・ 出典資料1
その後の経過
The purchase amount was ¥54,022 below the ¥40 billion ceiling. The board resolved on 6 August 2025 to cancel the acquired shares, and THK confirmed that all 10,757,100 were cancelled on 27 August. The effect on the later group ROE target still needs a quantified bridge.
一部開示（不足あり） ・ 出典資料1 ・ 出典資料2 ・ 出典資料3 ・ 出典資料4
残る論点
Investor question: How much of the ROE bridge comes from operating-profit improvement versus equity reduction, and what is the forward rule for buybacks after the 8% DOE period? IR clarification: reconcile this completed purchase and cancellation with the current share count and forward capital plan.
当調査の分析（会社の説明ではありません）
約束は具体的か4／5The original authorization specifies a ¥40 billion, 20 million-share ceiling and a one-year window; group-level ROE, equity and DOE targets are disclosed, but no buyback-specific return hurdle is given.
実行の経過を追えるか4／5Issuer notices trace monthly purchases, exact completion totals, and cancellation; execution is observable, though its economic contribution still needs a separate bridge.
経済性を説明しているか3／5The equity-denominator and shareholder-return case is quantified at policy level, but no buyback-specific value or hurdle case is given.
目標に対する結果を報告しているか3／5The purchase reached almost exactly ¥40 billion and the 10,757,100 shares were cancelled; the contribution to eventual ROE improvement is not isolated.