# CAPCOM CO., LTD.: 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47期(2025/04/01－2026/03/31) (S100YCGO)
> Page: https://vizora.meequs.com/en/company/capcom
> Retrieved: 2026-09-30T21:03:24.874Z

## Company

Capcom, founded in 1979, is a company in Toys & Hobbies listed on TSE Prime. It has 3,976 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CAPCOM CO., LTD. |
| Ticker | 9697 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9697.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区内平野町三丁目1番3号 |
| Representative (per filing) | 代表取締役社長 辻本春弘 |
| Founded | May 1979 |
| Share capital | ¥33.2B |
| Employees (consolidated) | 3,976 |
| Average salary (parent only) | ¥9.9M |
| Fiscal year end | March |
| Website | www.capcom.co.jp (https://www.capcom.co.jp/) |
| Corporate number | 3120001077023 |
| EDINET | E02417 |
| Industries (Vizora) | Toys & Hobbies, Games, Amusement Centers & Karaoke, Pachinko |

> Profile source: annual securities report (S100YCGO, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Games (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90.3 | 36 |
| Profitability | 93.9 | 41 |
| Cash conversion | 21 | 31 |
| Efficiency | 35.4 | 41 |

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 74% of Capcom's sales come from Degital contents, with Arcade operations and Amusement equipments making up much of the rest.
- Out of every ¥100 of sales, about ¥38 is left as operating profit.
- Revenue changed +15.2% from the prior year, operating profit +14.5%.

## Company structure

- Segment revenue mix: Degital contents 73.9%、Arcade operations 13.1%、Amusement equipments 9.1%、Other 3.9%
- Revenue → net income: ¥195365000000 → ¥54619000000
- Net income → operating cash flow: ¥54619000000 → ¥31380000000（difference ¥-23239000000）
- Main uses of operating cash flow: CapEx ¥14298000000 / dividends ¥17887000000 / buybacks ¥1000000
- Change in cash: ¥-47593000000
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 | ¥195.4B |  |
| Operating income | ¥75.3B | Margin 38.5% |
| Net income | ¥54.6B | Margin 27.9% |
| Free cash flow | ¥17.1B |  |
| Largest business | Degital contents | of segment revenue 73.9% |
| Employees (consolidated) | 3,976 |  |
| EPS | ¥122.13 |  |
| Diluted EPS | ¥122.1 |  |
| Book value per share | ¥549.38 |  |
| Equity ratio | 78.8% |  |
| Shares outstanding | 533,011,000 |  |
| Treasury shares | 106,789,600 |  |
| Shareholders | 35,259 |  |
| Average salary (parent only) | ¥9.9M | Filing company only |
| Cash ratio | 30.3% | Cash ÷ revenue 52.6% |
| Vs. industry median margin | +33.1 pp | Games |
| ROE | 23.1% | Derived from disclosed figures |
| ROA | 16.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 81% of positive segment profit
- FY2026, parent-company salary changed +38% over five years
- FY2026, operating income keeps 38 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥95308000000 | ¥195365000000 | +105.0% |
| Operating income | ¥34596000000 | ¥75295000000 | +117.6% |
| Operating margin | 36.3% | 38.5% | +2.2 pp |
| Employees | 3,152 people | 3,976 people | +26.1% |
| Cash and equivalents | ¥64043000000 | ¥102833000000 | +60.6% |

### 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 |
| --- | ---: |
| デジタルコンテンツ → デジタルコンテンツ | 73.9% |
| デジタルコンテンツ → 事業再編・廃止 | 5.2% |
| アミューズメント施設 → アミューズメント施設 | 10.4% |
| アミューズメント機器 → アミューズメント機器 | 7.4% |
| その他 → その他 | 3.2% |
| 新設・再編 → アミューズメント施設 | 2.8% |
| 新設・再編 → アミューズメント機器 | 1.7% |
| 新設・再編 → その他 | 0.7% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Degital contents | 5 years | +13.9% | ¥144277000000 | 48.9% | 2 |
| Arcade operations | 5 years | +21.1% | ¥25656000000 | 12.5% | 2 |
| Amusement equipments | 5 years | +20.2% | ¥17780000000 | 56.4% | 2 |
| Other | 5 years | +20.2% | ¥7650000000 | 47.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 195,365 | 100.0% | S100YCGO |
| Cost of revenue | 85,147 | 43.6% | S100YCGO |
| Gross profit | 110,217 | 56.4% | S100YCGO |
| SG&A | 34,921 | 17.9% | S100YCGO |
| Operating income | 75,295 | 38.5% | S100YCGO |
| Ordinary income | 74,134 | 37.9% | S100YCGO |
| Pretax income | 73,934 | 37.8% | S100YCGO |
| Income tax | 19,314 | 9.9% | S100YCGO |
| Net income | 54,619 | 28.0% | S100YCGO |
| Net income attributable to owners | 54,587 | 27.9% | S100YCGO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 18 |
| Operating income | 38 |
| (Ref.) Net income | 28 |

### Margin funnel

Gross margin 56.4% → Operating margin 38.5% → Net margin 27.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.2%; Core profit growth: +14.5%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.95×
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 | 169,604 | 195,365 | 25,761 | +15.2% |
| Gross profit | 98,757 | 110,217 | 11,460 | +11.6% |
| Operating income | 65,777 | 75,295 | 9,518 | +14.5% |
| Net income attributable to owners | 48,453 | 54,587 | 6,134 | +12.7% |
| Operating cash flow | 67,618 | 31,380 | -36,238 | -53.6% |
| Free cash flow | 61,341 | 17,082 | -44,259 | -72.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 81,591 | 22,827 | 28.0% | 15,949 | 22,279 | 19,941 | S100LMPT |
| FY ending Mar 2021 | 95,308 | 34,596 | 36.3% | 24,923 | 14,625 | 11,503 | S100OF9W |
| FY ending Mar 2022 | 110,054 | 42,909 | 39.0% | 32,553 | 46,947 | 42,880 | S100R0IV |
| FY ending Mar 2023 | 125,930 | 50,812 | 40.3% | 36,737 | 21,789 | 14,374 | S100TP9X |
| FY ending Mar 2024 | 152,410 | 57,081 | 37.5% | 43,374 | 36,921 | 31,786 | S100W1FF |
| FY ending Mar 2025 | 169,604 | 65,777 | 38.8% | 48,453 | 67,618 | 61,341 | S100YCGO |
| FY ending Mar 2026 | 195,365 | 75,295 | 38.5% | 54,587 | 31,380 | 17,082 | S100YCGO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.1M |
| Operating income per employee (consolidated) | ¥18.9M |
| Net income per employee (consolidated) | ¥13.7M |

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) | 3,206 | 3,332 | 3,531 | 3,766 | 3,976 |
| Average salary (parent company) | ¥7.1M | ¥7.7M | ¥8.3M | ¥9.2M | ¥9.9M |
| Average age (parent company) | 37.3 years | 37.6 years | 37.8 years | 38.0 years | 38.1 years |
| Average tenure (parent company) | 10.7 years | 11.0 years | 11.1 years | 11.2 years | 11.2 years |

Year over year: Employees (consolidated) +5.6% · Revenue (consolidated) +15.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Degital contents | 144,277 | 73.9% | 70,618 | 48.9% |
| Arcade operations | 25,656 | 13.1% | 3,201 | 12.5% |
| Amusement equipments | 17,780 | 9.1% | 10,033 | 56.4% |
| Other | 7,650 | 3.9% | 3,645 | 47.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Degital contents | 73.9% | 80.7% | 6.9 | 48.9% |
| Arcade operations | 13.1% | 3.7% | -9.5 | 12.5% |
| Amusement equipments | 9.1% | 11.5% | 2.4 | 56.4% |
| Other | 3.9% | 4.2% | 0.3 | 47.6% |

Segment → industry: Other → Toys & Hobbies / Degital contents → Games / Arcade operations → Amusement Centers & Karaoke / Amusement equipments → Pachinko

## 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 | 31,380 | 16.1% | S100YCGO |
| Capital expenditure | 14,298 | 7.3% | S100YCGO |
| Free cash flow | 17,082 | 8.7% | 算出 |
| Investing cash flow | -55,862 | -28.6% | S100YCGO |
| Financing cash flow | -26,069 | -13.3% | S100YCGO |
| Dividends paid | 17,887 | 9.2% | S100YCGO |
| Share buyback | 1 | 0.0% | S100YCGO |
| Change in cash | -47,593 | -24.4% | S100YCGO |
| Cash and equivalents | 102,833 | 52.6% | S100YCGO |

## 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 | 95,635 | 89,470 | 109,091 | 150,426 | 102,833 | S100TP9X, S100W1FF, S100YCGO |
| Total assets | 187,365 | 217,365 | 243,476 | 312,982 | 339,307 | S100R0IV, S100TP9X, S100W1FF, S100YCGO |
| Net assets | 146,475 | 161,129 | 195,081 | 226,303 | 267,716 | S100TP9X, S100W1FF, S100YCGO |
| Share capital | 33,239 | 33,239 | 33,239 | 33,239 | 33,239 | S100R0IV, S100TP9X, S100W1FF, S100YCGO |
| Property, plant and equipment | 21,206 | 27,945 | 30,468 | 33,554 | 45,305 | S100R0IV, S100TP9X, S100W1FF, S100YCGO |
| Intangible assets excluding goodwill | 1,747 | 1,630 | 1,444 | 1,436 | 1,600 | S100R0IV, S100TP9X, S100W1FF, S100YCGO |
| Goodwill | — | — | 148 | 343 | 280 | S100W1FF, S100YCGO |
| Investment securities | 637 | 735 | 26 | 15 | 15,053 | S100R0IV, S100TP9X, S100YCGO |
| Current assets | 151,312 | 171,402 | 197,826 | 262,082 | 257,940 | S100R0IV, S100TP9X, S100W1FF, S100YCGO |
| Current liabilities | 30,742 | 46,043 | 33,213 | 69,478 | 56,257 | S100R0IV, S100TP9X, S100W1FF, S100YCGO |
| Trade payables | 2,325 | 3,357 | 2,603 | 3,117 | 4,082 | S100R0IV, S100TP9X, S100W1FF, S100YCGO |
| Short-term borrowings | — | 3,591 | 3,591 | 3,591 | — | S100TP9X, S100W1FF, S100YCGO |
| Long-term borrowings | 4,252 | 626 | 3,000 | 3,000 | — | S100R0IV, S100TP9X, S100W1FF, S100YCGO |
| Total liabilities | 40,890 | 56,236 | 48,394 | 86,678 | 71,591 | S100R0IV, S100TP9X, S100W1FF, S100YCGO |
| Non-controlling interests | — | — | — | — | 14 | S100YCGO |
| Equity attributable to owners of parent | 144,765 | 156,979 | 186,100 | 217,768 | 254,524 | S100R0IV, S100TP9X, S100W1FF, S100YCGO |
| Retained earnings | 117,661 | 143,519 | 172,615 | 204,233 | 240,919 | S100R0IV, S100TP9X, S100W1FF, S100YCGO |
| Treasury stock | -27,464 | -50,037 | -50,012 | -49,963 | -49,893 | S100R0IV, S100TP9X, S100W1FF, S100YCGO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YCGO |
| Property, plant and equipment | 13% | S100YCGO |
| Intangibles and goodwill | 1% | S100YCGO |
| Investment securities | 5% | S100YCGO |
| Other assets | 51% | S100YCGO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YCGO |
| Other liabilities | 20% | S100YCGO |
| Equity | 79% | S100YCGO |

### 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 | 187,365 | 217,365 | 243,476 | 312,982 | 339,307 |
| Equity | 146,475 | 161,129 | 195,081 | 226,303 | 267,716 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 95,635 | 89,470 | 109,091 | 150,426 | 102,833 |

## 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) | 23.2% | S100YCGO |
| Fixed assets ÷ total assets | 13.4% | S100YCGO |
| Goodwill ÷ parent equity | 0.1% | S100YCGO |

### 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) | 30.3% |
| Cash ÷ revenue | 52.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 41.7% |
| Cash vs. profit gap | -23,207 JPY mn (of net income -42.5%) |
| Shareholder returns / net income | 32.8% |
| Shareholder returns / FCF | 104.7% |
| Shareholder payments — dividends / net income | 32.8% |
| Shareholder payments — dividends / FCF | 104.7% |
| CapEx intensity (capex ÷ revenue) | 7.3% |
| Investing CF relative to operating CF | 178.0% |

## 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 | 29.6% | 0.59× | 17.4% | 1.29× | 22.5% | S100R0IV |
| 2023 | 29.2% | 0.62× | 18.2% | 1.34× | 24.3% | S100TP9X |
| 2024 | 28.5% | 0.66× | 18.8% | 1.34× | 25.3% | S100W1FF |
| 2025 | 28.6% | 0.61× | 17.4% | 1.38× | 24.0% | S100YCGO |
| 2026 | 27.9% | 0.60× | 16.7% | 1.38× | 23.1% | S100YCGO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 13.3% | 2026-03-31 |
| 株式会社クロスロード | Major shareholder | 10.3% | 2026-03-31 |
| ジェーピー モルガン チェース バンク 380752（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 8.3% | 2026-03-31 |
| ザ チェース マンハッタン バンク エヌエイ ロンドン スペシャル アカウント ナンバー ワン（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 7.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.8% | 2026-03-31 |
| 辻 本 美 之 | Major shareholder | 3.7% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.4% | 2026-03-31 |
| 辻 本 春 弘 | Major shareholder | 2.4% | 2026-03-31 |
| 辻 本 良 三 | Major shareholder | 2.3% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2025/04/01－2026/03/31) | S100YCGO | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCGO,, |
| 有価証券報告書－第46期(2024/04/01－2025/03/31) | S100W1FF | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1FF,, |
| 有価証券報告書－第45期(2023/04/01－2024/03/31) | S100TP9X | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP9X,, |
| 有価証券報告書－第44期(2022/04/01－2023/03/31) | S100R0IV | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0IV,, |
| 有価証券報告書－第43期(令和3年4月1日－令和4年3月31日) | S100OF9W | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF9W,, |
| 有価証券報告書－第42期(令和2年4月1日－令和3年3月31日) | S100LMPT | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMPT,, |

## 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).