# ASAHI BROADCASTING GROUP HOLDINGS CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第99期(2025/04/01－2026/03/31) (S100YD4D)
> Page: https://vizora.meequs.com/en/company/asahi-broadcasting-group-holdings
> Retrieved: 2026-09-30T21:52:10.673Z

## Company

Asahi Broadcasting Group Holdings, founded in 1951, is a company in Broadcasting & Newspapers listed on TSE Prime. It has 1,724 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAHI BROADCASTING GROUP HOLDINGS CORPORATION |
| Ticker | 9405 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9405.T) |
| Listing | TSE Prime |
| Head office | 大阪市福島区福島一丁目1番30号 |
| Representative (per filing) | 代表取締役社長 西出将之 |
| Founded | Mar 1951 |
| Share capital | ¥5.3B |
| Employees (consolidated) | 1,724 |
| Average salary (parent only) | ¥14.7M |
| Fiscal year end | March |
| Website | corp.asahi.co.jp (https://corp.asahi.co.jp/) |
| Corporate number | 7120001060033 |
| EDINET | E04380 |
| Industries (Vizora) | Broadcasting & Newspapers, Homebuilders |

> Profile source: annual securities report (S100YD4D, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Broadcasting & Newspapers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.9 | 11 |
| Profitability | 31.8 | 11 |
| Cash conversion | 75 | 10 |
| Efficiency | 77.3 | 11 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 86% of Asahi Broadcasting Group Holdings's sales come from Broadcasting and content, with Lifestyle making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +4.4% from the prior year, operating profit +83.8%.

## Company structure

- Segment revenue mix: Broadcasting and content 85.6%、Lifestyle 14.4%
- Revenue → net income: ¥95998000000 → ¥4468000000
- Net income → operating cash flow: ¥4468000000 → ¥7779000000（difference ¥3311000000）
- Main uses of operating cash flow: CapEx ¥2706000000 / dividends ¥626000000 / buybacks —
- Change in cash: ¥3389000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥96B |  |
| Operating income | ¥4.76B | Margin 5.0% |
| Net income | ¥4.46B | Margin 4.6% |
| Free cash flow | ¥5.07B |  |
| Largest business | Broadcasting and content | of segment revenue 85.6% |
| Employees (consolidated) | 1,724 |  |
| EPS | ¥21 |  |
| Book value per share | ¥1110.92 |  |
| Equity ratio | 61.4% |  |
| Shares outstanding | 41,833,000 |  |
| Treasury shares | 43,300 |  |
| Shareholders | 40,543 |  |
| Average salary (parent only) | ¥14.7M | Filing company only |
| Cash ratio | 22.7% | Net cash ¥18.6B · Cash ÷ revenue 31.9% |
| Vs. industry median margin | -0.9 pp | Broadcasting & Newspapers |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥78344000000 | ¥95998000000 | +22.5% |
| Operating income | ¥2694000000 | ¥4763000000 | +76.8% |
| Operating margin | 3.4% | 5.0% | +1.5 pp |
| Employees | 1,456 people | 1,724 people | +18.4% |
| Cash and equivalents | ¥26739000000 | ¥30586000000 | +14.4% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 放送・コンテンツ事業 → 放送・コンテンツ事業 | 39.5% |
| 放送事業 → 事業再編・廃止 | 41.2% |
| ライフスタイル事業 → ライフスタイル事業 | 10.5% |
| ハウジング事業 → 事業再編・廃止 | 8.3% |
| ゴルフ事業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 放送・コンテンツ事業 | 46.1% |
| 新設・再編 → ライフスタイル事業 | 3.9% |

Segment revenue source references: 7 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 95,998 | 100.0% | S100YD4D |
| Cost of revenue | 63,485 | 66.1% | S100YD4D |
| Gross profit | 32,513 | 33.9% | S100YD4D |
| SG&A | 27,750 | 28.9% | S100YD4D |
| Operating income | 4,763 | 5.0% | S100YD4D |
| Ordinary income | 4,415 | 4.6% | S100YD4D |
| Pretax income | 7,167 | 7.5% | S100YD4D |
| Income tax | 2,699 | 2.8% | S100YD4D |
| Net income | 4,468 | 4.7% | S100YD4D |
| Net income attributable to owners | 4,456 | 4.6% | S100YD4D |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 29 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 33.9% → Operating margin 5.0% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.4%; Core profit growth: +83.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 18.91×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 91,923 | 95,998 | 4,075 | +4.4% |
| Gross profit | 30,164 | 32,513 | 2,349 | +7.8% |
| Operating income | 2,591 | 4,763 | 2,172 | +83.8% |
| Net income attributable to owners | 2,502 | 4,456 | 1,954 | +78.1% |
| Operating cash flow | 5,299 | 7,779 | 2,480 | +46.8% |
| Free cash flow | 402 | 5,073 | 4,671 | +1161.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 82,937 | 3,388 | 4.1% | 2,278 | 4,546 | 2,631 | S100LMEO |
| FY ending Mar 2021 | 78,344 | 2,694 | 3.4% | -930 | 5,952 | -537 | S100OE2X |
| FY ending Mar 2022 | 85,100 | 4,203 | 4.9% | 2,671 | 4,689 | 254 | S100R64B |
| FY ending Mar 2023 | 87,028 | 2,594 | 3.0% | 1,354 | 2,951 | -1,908 | S100TSU1 |
| FY ending Mar 2024 | 90,452 | 832 | 0.9% | -884 | 5,658 | 1,862 | S100VZPT |
| FY ending Mar 2025 | 91,923 | 2,591 | 2.8% | 2,502 | 5,299 | 402 | S100YD4D |
| FY ending Mar 2026 | 95,998 | 4,763 | 5.0% | 4,456 | 7,779 | 5,073 | S100YD4D |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.7M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,509 | 1,561 | 1,722 | 1,692 | 1,724 |
| Average salary (parent company) | ¥12.5M | ¥13.1M | ¥12.6M | ¥11.6M | ¥14.7M |
| Average age (parent company) | 49.2 years | 49.3 years | 49.0 years | 48.5 years | 48.7 years |
| Average tenure (parent company) | 22.4 years | 21.5 years | 20.9 years | 19.2 years | 20.8 years |

Year over year: Employees (consolidated) +1.9% · Revenue (consolidated) +4.4%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Broadcasting and content | 82,150 | 85.6% | 4,560 | 5.6% |
| Lifestyle | 13,848 | 14.4% | 245 | 1.8% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Broadcasting and content | 85.6% | 94.9% | 9.3 | 5.6% |
| Lifestyle | 14.4% | 5.1% | -9.3 | 1.8% |

Segment → industry: Broadcasting and content → Broadcasting & Newspapers / Lifestyle → Homebuilders

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,779 | 8.1% | S100YD4D |
| Capital expenditure | 2,706 | 2.8% | S100YD4D |
| Free cash flow | 5,073 | 5.3% | 算出 |
| Investing cash flow | -2,379 | -2.5% | S100YD4D |
| Financing cash flow | -2,010 | -2.1% | S100YD4D |
| Dividends paid | 626 | 0.7% | S100YD4D |
| Change in cash | 3,389 | 3.5% | S100YD4D |
| Cash and equivalents | 30,586 | 31.9% | S100YD4D |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 27,695 | 23,991 | 25,136 | 26,901 | 30,586 | S100TSU1, S100VZPT, S100YD4D |
| Total assets | 123,788 | 122,305 | 123,225 | 128,538 | 134,518 | S100R64B, S100TSU1, S100VZPT, S100YD4D |
| Net assets | 70,497 | 72,445 | 76,153 | 78,226 | 84,266 | S100TSU1, S100VZPT, S100YD4D |
| Share capital | 5,299 | 5,299 | 5,299 | 5,299 | 5,299 | S100R64B, S100TSU1, S100VZPT, S100YD4D |
| Inventories | 3,149 | 2,828 | 1,988 | 1,819 | 1,741 | S100R64B, S100TSU1, S100VZPT, S100YD4D |
| Property, plant and equipment | 41,550 | 41,181 | 41,759 | 43,403 | 40,896 | S100R64B, S100TSU1, S100VZPT, S100YD4D |
| Intangible assets excluding goodwill | 3,472 | 3,229 | 2,292 | 2,091 | 1,482 | S100R64B, S100TSU1, S100VZPT, S100YD4D |
| Goodwill | 986 | 955 | 532 | 618 | 385 | S100R64B, S100TSU1, S100VZPT, S100YD4D |
| Investment securities | 16,900 | 17,928 | 19,293 | 17,354 | 18,107 | S100R64B, S100TSU1, S100VZPT, S100YD4D |
| Current assets | 49,744 | 46,385 | 45,393 | 49,526 | 56,689 | S100R64B, S100TSU1, S100VZPT, S100YD4D |
| Current liabilities | 18,520 | 19,601 | 22,665 | 20,498 | 23,370 | S100R64B, S100TSU1, S100VZPT, S100YD4D |
| Short-term borrowings | 50 | 202 | 172 | 50 | 50 | S100R64B, S100TSU1, S100VZPT, S100YD4D |
| Long-term borrowings | 1,852 | 1,593 | 3,415 | 4,658 | 1,924 | S100R64B, S100TSU1, S100VZPT, S100YD4D |
| Bonds | 10,013 | 10,000 | 5,000 | 10,000 | 10,000 | S100R64B, S100TSU1, S100VZPT, S100YD4D |
| Interest-bearing debt | 11,915 | 11,795 | 8,587 | 14,708 | 11,974 | 算出 |
| Total liabilities | 53,290 | 49,859 | 47,072 | 50,312 | 50,251 | S100R64B, S100TSU1, S100VZPT, S100YD4D |
| Non-controlling interests | 3,513 | 3,177 | 3,121 | 1,662 | 1,662 | S100R64B, S100TSU1, S100VZPT, S100YD4D |
| Equity attributable to owners of parent | 66,157 | 66,386 | 65,028 | 67,033 | 71,178 | S100R64B, S100TSU1, S100VZPT, S100YD4D |
| Retained earnings | 54,923 | 55,150 | 53,764 | 55,765 | 59,870 | S100R64B, S100TSU1, S100VZPT, S100YD4D |
| Treasury stock | -50 | -62 | -36 | -57 | -24 | S100R64B, S100TSU1, S100VZPT, S100YD4D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YD4D |
| Inventories | 1% | S100YD4D |
| Property, plant and equipment | 30% | S100YD4D |
| Intangibles and goodwill | 1% | S100YD4D |
| Investment securities | 14% | S100YD4D |
| Other assets | 31% | S100YD4D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 9% | 算出 |
| Other liabilities | 28% | S100YD4D |
| Equity | 63% | S100YD4D |
| Other liabilities | 0% | S100YD4D |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 123,788 | 122,305 | 123,225 | 128,538 | 134,518 |
| Equity | 70,497 | 72,445 | 76,153 | 78,226 | 84,266 |
| Interest-bearing debt | 11,915 | 11,795 | 8,587 | 14,708 | 11,974 |
| Cash | 27,695 | 23,991 | 25,136 | 26,901 | 30,586 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 42.6% | S100YD4D |
| Fixed assets ÷ total assets | 30.4% | S100YD4D |
| Goodwill ÷ parent equity | 0.5% | S100YD4D |

Goodwill over 4 years: 986 → 385 JPY; total investing cash flow: -21,169 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 22.7% |
| Cash ÷ revenue | 31.9% |
| Net cash (cash − interest-bearing debt) | ¥18.6B |
| Net debt ÷ operating cash flow | -2.39× |
| Cash conversion (operating CF ÷ operating income) | 163.3% |
| Cash vs. profit gap | 3,323 JPY mn (of net income 74.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 14.0% |
| Shareholder payments — dividends / FCF | 12.3% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 30.6% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.1% | 0.69× | 2.2% | 1.87× | 4.0% | S100R64B |
| 2023 | 1.6% | 0.71× | 1.1% | 1.86× | 2.0% | S100TSU1 |
| 2024 | — | —× | -0.7% | —× | — | S100VZPT |
| 2025 | 2.7% | 0.73× | 2.0% | 1.91× | 3.8% | S100YD4D |
| 2026 | 4.6% | 0.73× | 3.4% | 1.90× | 6.4% | S100YD4D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社朝日新聞社 | Major shareholder | 14.9% | 2026-03-31 |
| 株式会社テレビ朝日ホールディングス | Major shareholder | 9.3% | 2026-03-31 |
| 公益財団法人香雪美術館 | Major shareholder | 7.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.3% | 2026-03-31 |
| 学校法人帝京大学 | Major shareholder | 3.8% | 2026-03-31 |
| 朝日新聞信用組合 | Major shareholder | 3.6% | 2026-03-31 |
| 大阪瓦斯株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社嶋村吉洋映画企画 | Major shareholder | 1.9% | 2026-03-31 |
| 近鉄バス株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社竹中工務店 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第99期(2025/04/01－2026/03/31) | S100YD4D | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD4D,, |
| 有価証券報告書－第98期(2024/04/01－2025/03/31) | S100VZPT | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZPT,, |
| 有価証券報告書－第97期(2023/04/01－2024/03/31) | S100TSU1 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSU1,, |
| 有価証券報告書－第96期(2022/04/01－2023/03/31) | S100R64B | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R64B,, |
| 有価証券報告書－第95期(令和3年4月1日－令和4年3月31日) | S100OE2X | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE2X,, |
| 有価証券報告書－第94期(令和2年4月1日－令和3年3月31日) | S100LMEO | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMEO,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).