# CHUBU-NIPPON BROADCASTING 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100期(2025/04/01－2026/03/31) (S100YJ8A)
> Page: https://vizora.meequs.com/en/company/chubu-nippon-broadcasting
> Retrieved: 2026-09-30T21:37:23.542Z

## Company

Chubu-Nippon Broadcasting, founded in 1950, is a company in Theme Parks & Leisure Facilities listed on Nagoya. It has 731 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHUBU-NIPPON BROADCASTING CO.,LTD. |
| Ticker | 9402 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9402.T) |
| Listing | Nagoya |
| Head office | 名古屋市中区新栄一丁目2番8号 |
| Representative (per filing) | 代表取締役社長 升家誠司 |
| Founded | Dec 1950 |
| Share capital | ¥1.32B |
| Employees (consolidated) | 731 |
| Average salary (parent only) | ¥13.3M |
| Fiscal year end | March |
| Website | hicbc.com (https://hicbc.com/) |
| Corporate number | 7180001038107 |
| EDINET | E04376 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Broadcasting & Newspapers, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YJ8A, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.1 | 11 |
| Profitability | 50 | 11 |
| Cash conversion | 85 | 10 |
| Efficiency | 13.6 | 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 92% of Chubu-Nippon Broadcasting's sales come from Media contents related, with Real estate related and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +4.9% from the prior year, operating profit +32.0%.

## Company structure

- Segment revenue mix: Media contents related 91.8%、Real estate related 5.5%、Other 2.8%
- Revenue → net income: ¥34942000000 → ¥1894000000
- Net income → operating cash flow: ¥1894000000 → ¥3598000000（difference ¥1704000000）
- Main uses of operating cash flow: CapEx ¥1311000000 / dividends ¥606000000 / buybacks ¥57000000
- Change in cash: ¥1331000000
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 | ¥34.9B |  |
| Operating income | ¥2.04B | Margin 5.8% |
| Net income | ¥1.84B | Margin 5.3% |
| Free cash flow | ¥2.29B |  |
| Largest business | Media contents related | of segment revenue 91.8% |
| Employees (consolidated) | 731 |  |
| EPS | ¥48.02 |  |
| Book value per share | ¥2593.88 |  |
| Equity ratio | 77.1% |  |
| Shares outstanding | 26,400,000 |  |
| Treasury shares | 71,700 |  |
| Shareholders | 3,418 |  |
| Average salary (parent only) | ¥13.3M | Filing company only |
| Cash ratio | 15.1% | Cash ÷ revenue 43.9% |
| Vs. industry median margin | 0 pp | Broadcasting & Newspapers |
| ROE | 3.2% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -55 points
- FY2026, employees -1% while operating income rose 32%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28157000000 | ¥34942000000 | +24.1% |
| Operating income | ¥433000000 | ¥2041000000 | +371.4% |
| Operating margin | 1.5% | 5.8% | +4.3 pp |
| Employees | 714 people | 731 people | +2.4% |
| Cash and equivalents | ¥16784000000 | ¥15343000000 | -8.6% |

### 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 |
| --- | ---: |
| メディアコンテンツ関連 → メディアコンテンツ関連 | 47.3% |
| 放送関連 → 事業再編・廃止 | 47.3% |
| 不動産関連 → 不動産関連 | 3.2% |
| その他 → その他 | 2.2% |
| 新設・再編 → メディアコンテンツ関連 | 44.5% |
| 新設・再編 → 不動産関連 | 2.2% |
| 新設・再編 → その他 | 0.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Media contents related | 5 years | +4.9% | ¥32062000000 | 2.4% | 2 |
| Real estate related | 5 years | +1.9% | ¥1905000000 | 60.2% | 2 |
| Other | 5 years | -3.6% | ¥975000000 | 13.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 34,942 | 100.0% | S100YJ8A |
| Cost of revenue | 19,407 | 55.5% | S100YJ8A |
| Gross profit | 15,535 | 44.5% | S100YJ8A |
| SG&A | 13,493 | 38.6% | S100YJ8A |
| Operating income | 2,041 | 5.8% | S100YJ8A |
| Ordinary income | 2,832 | 8.1% | S100YJ8A |
| Pretax income | 2,968 | 8.5% | S100YJ8A |
| Income tax | 1,074 | 3.1% | S100YJ8A |
| Net income | 1,894 | 5.4% | S100YJ8A |
| Net income attributable to owners | 1,836 | 5.3% | S100YJ8A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 39 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 44.5% → Operating margin 5.8% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.9%; Core profit growth: +32.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.48×
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 | 33,296 | 34,942 | 1,646 | +4.9% |
| Gross profit | 14,375 | 15,535 | 1,160 | +8.1% |
| Operating income | 1,546 | 2,041 | 495 | +32.0% |
| Net income attributable to owners | 1,331 | 1,836 | 505 | +37.9% |
| Operating cash flow | 2,945 | 3,598 | 653 | +22.2% |
| Free cash flow | 1,774 | 2,287 | 513 | +28.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 33,094 | 1,582 | 4.8% | 2,483 | 3,188 | 1,879 | S100LJQH |
| FY ending Mar 2021 | 28,157 | 433 | 1.5% | 619 | 2,347 | -446 | S100ODEM |
| FY ending Mar 2022 | 32,757 | 1,814 | 5.5% | 1,313 | 4,510 | -2,994 | S100R08B |
| FY ending Mar 2023 | 32,713 | 1,233 | 3.8% | 1,065 | 2,232 | -115 | S100TPRZ |
| FY ending Mar 2024 | 32,625 | 1,381 | 4.2% | 1,186 | 4,213 | 3,460 | S100W0IR |
| FY ending Mar 2025 | 33,296 | 1,546 | 4.6% | 1,331 | 2,945 | 1,774 | S100YJ8A |
| FY ending Mar 2026 | 34,942 | 2,041 | 5.8% | 1,836 | 3,598 | 2,287 | S100YJ8A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.8M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 733 | 695 | 695 | 735 | 731 |
| Average salary (parent company) | ¥11.3M | ¥11.7M | ¥11.8M | ¥12.7M | ¥13.3M |
| Average age (parent company) | 50.6 years | 50.8 years | 52.1 years | 53.4 years | 54.0 years |
| Average tenure (parent company) | 23.3 years | 23.7 years | 25.6 years | 26.9 years | 27.1 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +4.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Media contents related | 32,062 | 91.8% | 758 | 2.4% |
| Real estate related | 1,905 | 5.5% | 1,147 | 60.2% |
| Other | 975 | 2.8% | 135 | 13.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Media contents related | 91.8% | 37.2% | -54.6 | 2.4% |
| Real estate related | 5.5% | 56.2% | 50.8 | 60.2% |
| Other | 2.8% | 6.6% | 3.8 | 13.8% |

Segment → industry: Other → Theme Parks & Leisure Facilities / Media contents related → Broadcasting & Newspapers / Real estate related → Real Estate Development & Leasing

## 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 | 3,598 | 10.3% | S100YJ8A |
| Capital expenditure | 1,311 | 3.8% | S100YJ8A |
| Free cash flow | 2,287 | 6.5% | 算出 |
| Investing cash flow | -1,562 | -4.5% | S100YJ8A |
| Financing cash flow | -704 | -2.0% | S100YJ8A |
| Dividends paid | 606 | 1.7% | S100YJ8A |
| Share buyback | 57 | 0.2% | S100YJ8A |
| Change in cash | 1,331 | 3.8% | S100YJ8A |
| Cash and equivalents | 15,343 | 43.9% | S100YJ8A |

## 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 | 12,373 | 11,314 | 14,264 | 14,012 | 15,343 | S100TPRZ, S100W0IR, S100YJ8A |
| Total assets | 76,297 | 75,426 | 86,795 | 88,782 | 101,553 | S100R08B, S100TPRZ, S100W0IR, S100YJ8A |
| Net assets | 59,935 | 61,350 | 70,115 | 71,834 | 79,829 | S100TPRZ, S100W0IR, S100YJ8A |
| Share capital | 1,320 | 1,320 | 1,320 | 1,320 | 1,320 | S100R08B, S100TPRZ, S100W0IR, S100YJ8A |
| Trade receivables | 7,588 | 7,427 | 7,267 | 7,289 | 7,746 | S100R08B, S100TPRZ, S100W0IR, S100YJ8A |
| Inventories | 50 | 42 | 46 | 36 | 30 | S100R08B, S100TPRZ, S100W0IR, S100YJ8A |
| Property, plant and equipment | 34,944 | 34,272 | 33,408 | 32,922 | 33,218 | S100R08B, S100TPRZ, S100W0IR, S100YJ8A |
| Intangible assets excluding goodwill | 1,482 | 1,283 | 1,164 | 965 | 834 | S100R08B, S100TPRZ, S100W0IR, S100YJ8A |
| Goodwill | 864 | 786 | 698 | 609 | 521 | S100R08B, S100TPRZ, S100W0IR, S100YJ8A |
| Investment securities | 16,792 | 17,065 | 26,518 | 28,956 | 37,049 | S100R08B, S100TPRZ, S100W0IR, S100YJ8A |
| Current assets | 21,129 | 20,756 | 23,282 | 23,031 | 25,588 | S100R08B, S100TPRZ, S100W0IR, S100YJ8A |
| Current liabilities | 7,338 | 5,102 | 5,947 | 5,937 | 7,727 | S100R08B, S100TPRZ, S100W0IR, S100YJ8A |
| Trade payables | 230 | 252 | 265 | 271 | 247 | S100R08B, S100TPRZ, S100W0IR, S100YJ8A |
| Bonds | 50 | 30 | 10 | — | — | S100R08B, S100TPRZ, S100W0IR |
| Total liabilities | 16,361 | 14,075 | 16,680 | 16,948 | 21,723 | S100R08B, S100TPRZ, S100W0IR, S100YJ8A |
| Non-controlling interests | 1,411 | 1,414 | 1,470 | 1,509 | 1,553 | S100R08B, S100TPRZ, S100W0IR, S100YJ8A |
| Equity attributable to owners of parent | 54,654 | 55,191 | 55,982 | 56,917 | 58,089 | S100R08B, S100TPRZ, S100W0IR, S100YJ8A |
| Retained earnings | 52,681 | 53,218 | 54,009 | 54,945 | 56,174 | S100R08B, S100TPRZ, S100W0IR, S100YJ8A |
| Treasury stock | -1 | -1 | -1 | -1 | -58 | S100R08B, S100TPRZ, S100W0IR, S100YJ8A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YJ8A |
| Receivables | 8% | S100YJ8A |
| Inventories | 0% | S100YJ8A |
| Property, plant and equipment | 33% | S100YJ8A |
| Intangibles and goodwill | 1% | S100YJ8A |
| Investment securities | 36% | S100YJ8A |
| Other assets | 7% | S100YJ8A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YJ8A |
| Other liabilities | 21% | S100YJ8A |
| Equity | 79% | S100YJ8A |
| Other liabilities | 0% | S100YJ8A |

### 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 | 76,297 | 75,426 | 86,795 | 88,782 | 101,553 |
| Equity | 59,935 | 61,350 | 70,115 | 71,834 | 79,829 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,373 | 11,314 | 14,264 | 14,012 | 15,343 |

## 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) | 95.1% | S100YJ8A |
| Fixed assets ÷ total assets | 32.7% | S100YJ8A |
| Goodwill ÷ parent equity | 0.9% | S100YJ8A |

Goodwill over 4 years: 864 → 521 JPY; total investing cash flow: -16,124 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) | 15.1% |
| Cash ÷ revenue | 43.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 176.3% |
| Cash vs. profit gap | 1,762 JPY mn (of net income 96.0%) |
| Shareholder returns / net income | 36.1% |
| Shareholder returns / FCF | 29.0% |
| Shareholder payments — dividends / net income | 33.0% |
| Shareholder payments — dividends / FCF | 26.5% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 43.4% |

## 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 | 4.0% | 0.43× | 1.7% | 1.40× | 2.4% | S100R08B |
| 2023 | 3.3% | 0.43× | 1.4% | 1.38× | 1.9% | S100TPRZ |
| 2024 | 3.6% | 0.40× | 1.5% | 1.46× | 2.1% | S100W0IR |
| 2025 | 4.0% | 0.38× | 1.5% | 1.56× | 2.4% | S100YJ8A |
| 2026 | 5.3% | 0.37× | 1.9% | 1.66× | 3.2% | S100YJ8A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社中日新聞社 | Major shareholder | 9.9% | 2026-03-31 |
| 竹田本社株式会社 | Major shareholder | 6.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社ナゴヤドーム | Major shareholder | 4.0% | 2026-03-31 |
| 中部電力株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社名古屋銀行 | Major shareholder | 3.1% | 2026-03-31 |
| 名古屋鉄道株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 岐阜県 | Major shareholder | 2.5% | 2026-03-31 |
| 日本電気株式会社 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2025/04/01－2026/03/31) | S100YJ8A | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ8A,, |
| 有価証券報告書－第99期(2024/04/01－2025/03/31) | S100W0IR | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0IR,, |
| 有価証券報告書－第98期(2023/04/01－2024/03/31) | S100TPRZ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPRZ,, |
| 有価証券報告書－第97期(2022/04/01－2023/03/31) | S100R08B | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R08B,, |
| 有価証券報告書－第96期(令和3年4月1日－令和4年3月31日) | S100ODEM | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODEM,, |
| 有価証券報告書－第95期(令和2年4月1日－令和3年3月31日) | S100LJQH | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJQH,, |

## 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).