BCG Releases TSR Ranking of Major Japanese Companies for the Five Years Ending 2025
Key facts
- BCG Releases TSR Ranking of Major Japanese Companies for the Five Years Ending 2025
- BCG released the 'Japan Value Creators Ranking 2026,' showing Japanese firms' 5-year average TSR hit 16%, leading global regions. However, the report highlights the need for 'TSR Thinking' to boost fundamental profitability.
- Source: PR Times
- Date: June 12, 2026
Direct answer
BCG released the 'Japan Value Creators Ranking 2026,' showing Japanese firms' 5-year average TSR hit 16%, leading global regions. However, the report highlights the need for 'TSR Thinking' to boost fundamental profitability.
- Citation
- BCG Releases TSR Ranking of Major Japanese Companies for the Five Years Ending 2025 (June 12, 2026), PR Times
- Source
- PR Times
- Date
- June 12, 2026
BCG released the 'Japan Value Creators Ranking 2026,' showing Japanese firms' 5-year average TSR hit 16%, leading global regions. However, the report highlights the need for 'TSR Thinking' to boost fundamental profitability.
📋 Article Processing Timeline
- 📰 Published: June 12, 2026 at 01:00
- 🔍 Collected: June 11, 2026 at 16:21
- 🤖 AI Analyzed: June 12, 2026 at 07:34 (15h 12m after Collected)
Management consulting firm Boston Consulting Group (BCG) has released a report, 'Leveraging "TSR Thinking" for Value Creation: Japan Value Creators Ranking 2026,' analyzing value creation by Japanese companies over the past five years.
The 5-year average TSR for Japanese firms (TOPIX) from 2021 to 2025 reached +16%, surpassing the U.S. (+14%), Europe (+12%), and emerging markets (+7%), marking the highest level among regions surveyed. The primary driver was the increase in valuation multiples, which turned positive for Japan—the only region among those surveyed to do so over the past five years.
In sector-specific TSR, 'Insurance' ranked first for the second consecutive year. Among large-cap firms with market capitalizations over 1 trillion yen, Fujikura maintained the top spot. Companies that improved their rankings are actively advancing reforms that consider the cost of capital, such as streamlining non-core businesses and refreshing shareholder return policies.
However, the fundamental 'earning power' of Japanese firms still trails behind Western counterparts. The median ROE in 2025 was only 8.9% in Japan, compared to 13.5% in the U.S. and 13.6% in Europe. The report provides a specific approach to embedding 'TSR Thinking' into management, utilizing TSR not just as a result metric but as an 'lens for decision-making.'
The 5-year average TSR for Japanese firms (TOPIX) from 2021 to 2025 reached +16%, surpassing the U.S. (+14%), Europe (+12%), and emerging markets (+7%), marking the highest level among regions surveyed. The primary driver was the increase in valuation multiples, which turned positive for Japan—the only region among those surveyed to do so over the past five years.
In sector-specific TSR, 'Insurance' ranked first for the second consecutive year. Among large-cap firms with market capitalizations over 1 trillion yen, Fujikura maintained the top spot. Companies that improved their rankings are actively advancing reforms that consider the cost of capital, such as streamlining non-core businesses and refreshing shareholder return policies.
However, the fundamental 'earning power' of Japanese firms still trails behind Western counterparts. The median ROE in 2025 was only 8.9% in Japan, compared to 13.5% in the U.S. and 13.6% in Europe. The report provides a specific approach to embedding 'TSR Thinking' into management, utilizing TSR not just as a result metric but as an 'lens for decision-making.'
FAQ
日本企業の5年TSRは他地域と比較してどうでしたか？
2021〜2025年の5年間において、日本企業の年平均TSRは＋16％となり、米国（＋14％）、欧州（＋12％）、新興国（＋7％）を上回り、調査対象地域中首位となりました。
日本企業のTSR躍進の主因は何ですか？
TSRを利益成長、マルチプルの変化、フリーキャッシュフロー利回りに分解した際、マルチプルの変化が過去5年間で調査対象地域中唯一プラスに転じたことが主因です。
業種別TSRで首位となったのはどの業種ですか？
「保険」が＋31％で2年連続の首位となりました。
日本企業が抱える本質的な課題は何ですか？
ROEやマルチプルは改善傾向にあるものの、2025年のROE中央値は日本企業が8.9％にとどまり、米国（13.5％）や欧州（13.6％）を大きく下回っているため、事業収益力の向上が課題です。
「TSR思考」とは何ですか？
TSRを単なる結果指標ではなく、事業戦略・財務戦略・投資家戦略を一体で設計するための経営の「意思決定のレンズ」として活用する考え方です。