# BSN MEDIA HOLDINGS,INC.: 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96期(2025/04/01－2026/03/31) (S100YHOV)
> Page: https://vizora.meequs.com/en/company/bsn-media-holdings
> Retrieved: 2026-09-30T21:57:02.368Z

## Company

BSN Media Holdings, founded in 1952, is a company in IT Services & System Integration listed on TSE Standard. It has 1,078 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BSN MEDIA HOLDINGS, INC. |
| Ticker | 9408 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9408.T) |
| Listing | TSE Standard |
| Head office | 新潟県新潟市中央区川岸町三丁目18番地 |
| Representative (per filing) | 代表取締役社長 佐藤 隆夫 |
| Founded | Oct 1952 |
| Share capital | ¥300M |
| Employees (consolidated) | 1,078 |
| Fiscal year end | March |
| Website | www.ohbsn.com (https://www.ohbsn.com/) |
| Corporate number | 5110001004521 |
| EDINET | E04399 |
| Industries (Vizora) | IT Services & System Integration, Broadcasting & Newspapers, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100YHOV, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.8 | 157 |
| Profitability | 33.4 | 196 |
| Cash conversion | 87.8 | 185 |
| Efficiency | 10.5 | 196 |

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 71% of BSN Media Holdings's sales come from System related business, with Broadcasting business and Building service and other business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +5.7% from the prior year, operating profit +1.0%.

## Company structure

- Segment revenue mix: System related business 71.0%、Broadcasting business 22.4%、Building service and other business 6.6%
- Revenue → net income: ¥25756581000 → ¥1514881000
- Net income → operating cash flow: ¥1514881000 → ¥2465894000（difference ¥951013000）
- Main uses of operating cash flow: CapEx ¥808544000 / dividends ¥89821000 / buybacks ¥103741000
- Change in cash: ¥512194000
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 | ¥25.8B |  |
| Operating income | ¥1.74B | Margin 6.8% |
| Net income | ¥1.38B | Margin 5.4% |
| Free cash flow | ¥1.66B |  |
| Largest business | System related business | of segment revenue 71.0% |
| Employees (consolidated) | 1,078 |  |
| EPS | ¥69.51 |  |
| Book value per share | ¥2626 |  |
| Equity ratio | 72.0% |  |
| Shares outstanding | 6,000,000 |  |
| Treasury shares | 28,800 |  |
| Shareholders | 624 |  |
| Cash ratio | 25.4% | Cash ÷ revenue 36.4% |
| Vs. industry median margin | -2.2 pp | IT Services & System Integration |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.2× dividends
- FY2026, one segment accounts for 73% of positive segment profit
- FY2026, cash is 25% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21308676000 | ¥25756581000 | +20.9% |
| Operating income | ¥1138764000 | ¥1738944000 | +52.7% |
| Operating margin | 5.3% | 6.8% | +1.4 pp |
| Employees | 790 people | 1,078 people | +36.5% |
| Cash and equivalents | ¥6641984000 | ¥9374540000 | +41.1% |

### 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 |
| --- | ---: |
| 放送事業 → 放送事業 | 15.6% |
| システム関連事業 → システム関連事業 | 40.8% |
| 情報処理サービス事業 → 事業再編・廃止 | 40.8% |
| 建物サービスその他事業 → 建物サービスその他事業 | 2.9% |
| 新設・再編 → 放送事業 | 6.9% |
| 新設・再編 → システム関連事業 | 30.2% |
| 新設・再編 → 建物サービスその他事業 | 3.7% |

Segment revenue source references: 7 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| System related business | 5 years | +4.5% | ¥18286685000 | 7.0% | 2 |
| Broadcasting business | 5 years | +0.6% | ¥5773573000 | 6.4% | 2 |
| Building service and other business | 5 years | +10.1% | ¥1696321000 | 6.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,757 | 100.0% | S100YHOV |
| Cost of revenue | 18,931 | 73.5% | S100YHOV |
| Gross profit | 6,825 | 26.5% | S100YHOV |
| SG&A | 5,086 | 19.7% | S100YHOV |
| Operating income | 1,739 | 6.8% | S100YHOV |
| Ordinary income | 1,935 | 7.5% | S100YHOV |
| Pretax income | 2,199 | 8.5% | S100YHOV |
| Income tax | 684 | 2.7% | S100YHOV |
| Net income | 1,515 | 5.9% | S100YHOV |
| Net income attributable to owners | 1,385 | 5.4% | S100YHOV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 20 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 26.5% → Operating margin 6.8% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.7%; Core profit growth: +1.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.18×
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 | 24,375 | 25,757 | 1,381 | +5.7% |
| Gross profit | 6,526 | 6,825 | 300 | +4.6% |
| Operating income | 1,721 | 1,739 | 17 | +1.0% |
| Net income attributable to owners | 1,046 | 1,385 | 339 | +32.4% |
| Operating cash flow | 1,854 | 2,466 | 612 | +33.0% |
| Free cash flow | 1,131 | 1,657 | 526 | +46.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,566 | 1,548 | 6.9% | 713 | 2,317 | 1,676 | S100LNVJ |
| FY ending Mar 2021 | 21,309 | 1,139 | 5.3% | 668 | 1,248 | 398 | S100OD9N |
| FY ending Mar 2022 | 21,051 | 1,342 | 6.4% | 818 | 2,566 | 2,056 | S100R0P4 |
| FY ending Mar 2023 | 23,120 | 1,671 | 7.2% | 958 | 1,731 | 460 | S100TO2B |
| FY ending Mar 2024 | 23,042 | 1,342 | 5.8% | 694 | 1,243 | 621 | S100W0FY |
| FY ending Mar 2025 | 24,375 | 1,721 | 7.1% | 1,046 | 1,854 | 1,131 | S100YHOV |
| FY ending Mar 2026 | 25,757 | 1,739 | 6.8% | 1,385 | 2,466 | 1,657 | S100YHOV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.9M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 764 | 1,203 | 1,191 | 1,097 | 1,078 |
| Average salary (parent company) | ¥7.8M | ¥7.8M | — | — | — |
| Average age (parent company) | 42.4 years | 43.1 years | — | — | — |
| Average tenure (parent company) | 18.3 years | 17.3 years | — | — | — |

Year over year: Employees (consolidated) -1.7% · Revenue (consolidated) +5.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Broadcasting business | 5,774 | 22.4% | 369 | 6.4% |
| System related business | 18,287 | 71.0% | 1,286 | 7.0% |
| Building service and other business | 1,696 | 6.6% | 111 | 6.6% |

### 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 business | 22.4% | 20.9% | -1.5 | 6.4% |
| System related business | 71.0% | 72.8% | 1.8 | 7.0% |
| Building service and other business | 6.6% | 6.3% | -0.3 | 6.6% |

Segment → industry: System related business → IT Services & System Integration / Broadcasting business → Broadcasting & Newspapers / Building service and other business → Real Estate Brokerage & Management

## 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 | 2,466 | 9.6% | S100YHOV |
| Capital expenditure | 809 | 3.1% | S100YHOV |
| Free cash flow | 1,657 | 6.4% | 算出 |
| Investing cash flow | -1,439 | -5.6% | S100YHOV |
| Financing cash flow | -515 | -2.0% | S100YHOV |
| Dividends paid | 90 | 0.3% | S100YHOV |
| Share buyback | 104 | 0.4% | S100YHOV |
| Change in cash | 512 | 2.0% | S100YHOV |
| Cash and equivalents | 9,375 | 36.4% | S100YHOV |

## 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 | 8,377 | 8,634 | 8,656 | 8,862 | 9,375 | S100TO2B, S100W0FY, S100YHOV |
| Total assets | 26,296 | 27,762 | 31,563 | 33,315 | 36,938 | S100R0P4, S100TO2B, S100W0FY, S100YHOV |
| Net assets | 20,274 | 21,646 | 24,273 | 25,490 | 28,010 | S100TO2B, S100W0FY, S100YHOV |
| Share capital | 300 | 300 | 300 | 300 | 300 | S100R0P4, S100TO2B, S100W0FY, S100YHOV |
| Property, plant and equipment | 6,651 | 7,043 | 7,106 | 7,363 | 7,724 | S100R0P4, S100TO2B, S100W0FY, S100YHOV |
| Intangible assets excluding goodwill | 390 | 328 | 304 | 245 | 281 | S100R0P4, S100TO2B, S100W0FY, S100YHOV |
| Investment securities | 3,202 | 3,296 | 5,639 | 6,304 | 8,410 | S100R0P4, S100TO2B, S100W0FY, S100YHOV |
| Current assets | 13,561 | 14,724 | 15,356 | 16,054 | 16,530 | S100R0P4, S100TO2B, S100W0FY, S100YHOV |
| Current liabilities | 4,927 | 4,910 | 4,838 | 5,151 | 5,505 | S100R0P4, S100TO2B, S100W0FY, S100YHOV |
| Short-term borrowings | 361 | 367 | 367 | 367 | 374 | S100R0P4, S100TO2B, S100W0FY, S100YHOV |
| Long-term borrowings | 3 | 145 | 128 | 111 | 155 | S100R0P4, S100TO2B, S100W0FY, S100YHOV |
| Total liabilities | 6,022 | 6,117 | 7,291 | 7,825 | 8,927 | S100R0P4, S100TO2B, S100W0FY, S100YHOV |
| Non-controlling interests | 2,476 | 2,803 | 3,046 | 1,298 | 1,425 | S100R0P4, S100TO2B, S100W0FY, S100YHOV |
| Equity attributable to owners of parent | 17,488 | 18,528 | 19,162 | 21,908 | 23,100 | S100R0P4, S100TO2B, S100W0FY, S100YHOV |
| Retained earnings | 17,183 | 18,223 | 18,857 | 19,831 | 21,126 | S100R0P4, S100TO2B, S100W0FY, S100YHOV |
| Treasury stock | -1 | -1 | -1 | -1 | -105 | S100R0P4, S100TO2B, S100W0FY, S100YHOV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YHOV |
| Property, plant and equipment | 21% | S100YHOV |
| Intangibles and goodwill | 1% | S100YHOV |
| Investment securities | 23% | S100YHOV |
| Other assets | 30% | S100YHOV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YHOV |
| Equity | 76% | S100YHOV |
| Other liabilities | 0% | S100YHOV |

### 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 | 26,296 | 27,762 | 31,563 | 33,315 | 36,938 |
| Equity | 20,274 | 21,646 | 24,273 | 25,490 | 28,010 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,377 | 8,634 | 8,656 | 8,862 | 9,375 |

## 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) | 30.0% | S100YHOV |
| Fixed assets ÷ total assets | 20.9% | S100YHOV |
| Goodwill ÷ parent equity | — | —, S100YHOV |

### 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) | 25.4% |
| Cash ÷ revenue | 36.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 141.8% |
| Cash vs. profit gap | 1,081 JPY mn (of net income 78.1%) |
| Shareholder returns / net income | 14.0% |
| Shareholder returns / FCF | 11.7% |
| Shareholder payments — dividends / net income | 6.5% |
| Shareholder payments — dividends / FCF | 5.4% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 58.4% |

## 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 | 3.9% | 0.80× | 3.1% | 1.50× | 4.7% | S100R0P4 |
| 2023 | 4.1% | 0.86× | 3.5% | 1.50× | 5.3% | S100TO2B |
| 2024 | 3.0% | 0.78× | 2.3% | 1.57× | 3.7% | S100W0FY |
| 2025 | 4.3% | 0.75× | 3.2% | 1.58× | 5.1% | S100YHOV |
| 2026 | 5.4% | 0.73× | 3.9% | 1.56× | 6.2% | S100YHOV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社新潟日報社 | Major shareholder | 15.0% | 2026-03-31 |
| 越後交通株式会社 | Major shareholder | 9.7% | 2026-03-31 |
| 株式会社ＴＢＳホールディングス | Major shareholder | 8.1% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.5% | 2026-03-31 |
| 株式会社第四北越銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 第四北越リース株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| UHPartners2投資事業有限責任組合 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社ＮＳＧホールディングス | Major shareholder | 3.3% | 2026-03-31 |
| サトウ食品株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| エスアイエル投資事業有限責任組合 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第96期(2025/04/01－2026/03/31) | S100YHOV | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHOV,, |
| 有価証券報告書－第95期(2024/04/01－2025/03/31) | S100W0FY | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0FY,, |
| 有価証券報告書－第94期(2023/04/01－2024/03/31) | S100TO2B | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO2B,, |
| 有価証券報告書－第93期(2022/04/01－2023/03/31) | S100R0P4 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0P4,, |
| 有価証券報告書－第92期(令和3年4月1日－令和4年3月31日) | S100OD9N | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD9N,, |
| 有価証券報告書－第91期(令和2年4月1日－令和3年3月31日) | S100LNVJ | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNVJ,, |

## 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).