# FUJI 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85期(2025/04/01－2026/03/31) (S100YHYX)
> Page: https://vizora.meequs.com/en/company/fuji-media-holdings
> Retrieved: 2026-09-30T17:59:30.650Z

## Company

Fuji Media Holdings, founded in 1957, is a company in Broadcasting & Newspapers listed on TSE Prime. It has 7,373 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJI MEDIA HOLDINGS, INC. |
| Ticker | 4676 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4676.T) |
| Listing | TSE Prime |
| Head office | 東京都港区台場二丁目4番8号 |
| Representative (per filing) | 代表取締役社長 清水賢治 |
| Founded | Jun 1957 |
| Share capital | ¥146.2B |
| Employees (consolidated) | 7,373 |
| Average salary (parent only) | ¥15.8M |
| Fiscal year end | March |
| Website | fujimediahd.co.jp (https://fujimediahd.co.jp/) |
| Corporate number | 1010401032433 |
| EDINET | E04462 |
| Industries (Vizora) | Broadcasting & Newspapers, Real Estate Development & Leasing, Hotels & Inns |

> Profile source: annual securities report (S100YHYX, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.7 | 11 |
| Profitability | 4.5 | 11 |
| Efficiency | 22.7 | 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 63% of Fuji Media Holdings's sales come from Media and content, with Urban development hotels and resorts and Other making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed +0.2% from the prior year, operating profit -147.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥551.9B |  |
| Operating income | -¥8.77B | Margin -1.6% |
| Net income | ¥6.5B | Margin 1.2% |
| Free cash flow | -¥101.6B |  |
| Largest business | Media and content | of segment revenue 63.4% |
| Employees (consolidated) | 7,373 |  |
| EPS | ¥197.86 |  |
| Book value per share | ¥2229.54 |  |
| Equity ratio | 37.3% |  |
| Shares outstanding | 169,123,000 |  |
| Treasury shares | 23,736,100 |  |
| Shareholders | 38,379 |  |
| Average salary (parent only) | ¥15.8M | Filing company only |
| Cash ratio | 8.8% | Net cash -¥486.2B · Cash ÷ revenue 23.4% |
| Vs. industry median margin | -7.4 pp | Broadcasting & Newspapers |
| ROE | 1.2% | Derived from disclosed figures |
| ROA | 0.4% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 23.7× dividends
- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, parent-company salary changed +82% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥519941000000 | ¥551865000000 | +6.1% |
| Operating income | ¥16274000000 | ¥-8766000000 | -153.9% |
| Operating margin | 3.1% | -1.6% | -4.7 pp |
| Employees | 6,880 people | 7,373 people | +7.2% |
| Cash and equivalents | ¥118591000000 | ¥128936000000 | +8.7% |

### 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・コンテンツ事業 → メディア・コンテンツ事業 | 63.4% |
| メディア・コンテンツ事業 → 事業再編・廃止 | 21.0% |
| 都市開発・観光事業 → 都市開発・観光事業 | 14.6% |
| その他 → その他 | 1.0% |
| 新設・再編 → 都市開発・観光事業 | 20.4% |
| 新設・再編 → その他 | 0.6% |

Segment revenue source references: 6 (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 and content | 5 years | -4.4% | ¥349876000000 | -8.8% | 2 |
| Urban development hotels and resorts | 5 years | +20.6% | ¥192859000000 | 13.1% | 2 |
| Other | 5 years | +11.1% | ¥9129000000 | 15.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 551,865 | 100.0% | S100YHYX |
| Cost of revenue | 446,826 | 81.0% | S100YHYX |
| Gross profit | 105,039 | 19.0% | S100YHYX |
| SG&A | 113,805 | 20.6% | S100YHYX |
| Operating income | -8,766 | -1.6% | S100YHYX |
| Ordinary income | -2,807 | -0.5% | S100YHYX |
| Pretax income | 39,899 | 7.2% | S100YHYX |
| Income tax | 32,898 | 6.0% | S100YHYX |
| Net income | 7,001 | 1.3% | S100YHYX |
| Net income attributable to owners | 6,499 | 1.2% | S100YHYX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 21 |
| Operating income | -2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 19.0% → Operating margin -1.6% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 550,761 | 551,865 | 1,104 | +0.2% |
| Gross profit | 139,175 | 105,039 | -34,136 | -24.5% |
| Operating income | 18,293 | -8,766 | -27,059 | -147.9% |
| Net income attributable to owners | -20,134 | 6,499 | 26,633 | — |
| Operating cash flow | 58,449 | -341 | -58,790 | -100.6% |
| Free cash flow | -7,381 | -101,574 | -94,193 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 631,482 | 26,341 | 4.2% | 41,307 | 16,854 | -22,796 | S100LLMX |
| FY ending Mar 2021 | 519,941 | 16,274 | 3.1% | 10,112 | 45,844 | -1,221 | S100OCR2 |
| FY ending Mar 2022 | 525,087 | 33,338 | 6.3% | 24,879 | 53,859 | 13,513 | S100R1H1 |
| FY ending Mar 2023 | 535,641 | 31,401 | 5.9% | 46,855 | 61,779 | 9,809 | S100TQX0 |
| FY ending Mar 2024 | 566,443 | 33,519 | 5.9% | 37,082 | 47,801 | -61,516 | S100W5GP |
| FY ending Mar 2025 | 550,761 | 18,293 | 3.3% | -20,134 | 58,449 | -7,381 | S100YHYX |
| FY ending Mar 2026 | 551,865 | -8,766 | -1.6% | 6,499 | -341 | -101,574 | S100YHYX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥74.8M |
| Operating income per employee (consolidated) | -¥1.2M |
| Net income per employee (consolidated) | ¥881.5K |

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) | 6,492 | 6,327 | 6,787 | 7,302 | 7,373 |
| Average salary (parent company) | ¥8.7M | ¥15.8M | ¥16.2M | ¥16.6M | ¥15.8M |
| Average age (parent company) | 45.1 years | 49.1 years | 50.3 years | 49.6 years | 50.5 years |
| Average tenure (parent company) | 7.1 years | 17.9 years | 19.2 years | 19.1 years | 23.3 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +0.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Media and content | 349,876 | 63.4% | -30,835 | -8.8% |
| Urban development hotels and resorts | 192,859 | 34.9% | 25,185 | 13.1% |
| Other | 9,129 | 1.7% | 1,424 | 15.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Media and content | 63.4% | — | — | -8.8% |
| Urban development hotels and resorts | 34.9% | 94.6% | 59.7 | 13.1% |
| Other | 1.7% | 5.4% | 3.7 | 15.6% |

Loss-making segment (excluded from profit shares): Media and content -30,835 JPY mn

Segment → industry: Media and content → Broadcasting & Newspapers / Urban development hotels and resorts → Real Estate Development & Leasing / Urban development hotels and resorts → Hotels & Inns

## 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 | -341 | -0.1% | S100YHYX |
| Capital expenditure | 101,233 | 18.3% | S100YHYX |
| Free cash flow | -101,574 | -18.4% | 算出 |
| Investing cash flow | 117 | 0.0% | S100YHYX |
| Financing cash flow | 5,641 | 1.0% | S100YHYX |
| Dividends paid | 10,520 | 1.9% | S100YHYX |
| Share buyback | 249,162 | 45.1% | S100YHYX |
| Change in cash | 5,371 | 1.0% | S100YHYX |
| Cash and equivalents | 128,936 | 23.4% | S100YHYX |

## 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 | 102,598 | 130,155 | 98,982 | 123,112 | 128,936 | S100TQX0, S100W5GP, S100YHYX |
| Total assets | 1,335,991 | 1,382,646 | 1,448,833 | 1,440,296 | 1,464,728 | S100R1H1, S100TQX0, S100W5GP, S100YHYX |
| Net assets | 808,788 | 848,769 | 869,628 | 830,023 | 561,467 | S100TQX0, S100W5GP, S100YHYX |
| Share capital | 146,200 | 146,200 | 146,200 | 146,200 | 146,200 | S100R1H1, S100TQX0, S100W5GP, S100YHYX |
| Inventories | 65,807 | 72,436 | 73,553 | 82,864 | 89,649 | S100R1H1, S100TQX0, S100W5GP, S100YHYX |
| Property, plant and equipment | 467,154 | 488,334 | 554,451 | 550,469 | 615,910 | S100R1H1, S100TQX0, S100W5GP, S100YHYX |
| Intangible assets excluding goodwill | 19,885 | 17,800 | 26,165 | 23,708 | 24,164 | S100R1H1, S100TQX0, S100W5GP, S100YHYX |
| Goodwill | 603 | 499 | 395 | 1,600 | 1,277 | S100R1H1, S100TQX0, S100W5GP, S100YHYX |
| Investment securities | 411,723 | 418,155 | 414,647 | 414,896 | 372,302 | S100R1H1, S100TQX0, S100W5GP, S100YHYX |
| Current assets | 393,020 | 414,797 | 404,938 | 398,592 | 390,667 | S100R1H1, S100TQX0, S100W5GP, S100YHYX |
| Current liabilities | 139,322 | 174,898 | 152,437 | 186,939 | 423,652 | S100R1H1, S100TQX0, S100W5GP, S100YHYX |
| Trade payables | 32,855 | 39,040 | 39,292 | 42,349 | — | S100R1H1, S100TQX0, S100W5GP |
| Short-term borrowings | 30,608 | 42,702 | 27,677 | 69,204 | 277,577 | S100R1H1, S100TQX0, S100W5GP, S100YHYX |
| Long-term borrowings | 227,796 | 220,424 | 273,676 | 261,690 | 315,557 | S100R1H1, S100TQX0, S100W5GP, S100YHYX |
| Bonds | 10,000 | — | 20,000 | 20,000 | 22,000 | S100R1H1, S100W5GP, S100YHYX |
| Interest-bearing debt | 268,404 | — | 321,353 | 350,894 | 615,134 | 算出 |
| Total liabilities | 527,202 | 533,877 | 579,204 | 610,273 | 903,260 | S100R1H1, S100TQX0, S100W5GP, S100YHYX |
| Non-controlling interests | 10,719 | 11,089 | 11,708 | 11,857 | 14,748 | S100R1H1, S100TQX0, S100W5GP, S100YHYX |
| Equity attributable to owners of parent | 669,133 | 707,469 | 722,765 | 677,075 | 424,265 | S100R1H1, S100TQX0, S100W5GP, S100YHYX |
| Retained earnings | 363,223 | 401,585 | 426,880 | 396,115 | 324,189 | S100R1H1, S100TQX0, S100W5GP, S100YHYX |
| Treasury stock | -14,088 | -14,113 | -24,113 | -39,055 | -79,946 | S100R1H1, S100TQX0, S100W5GP, S100YHYX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YHYX |
| Inventories | 6% | S100YHYX |
| Property, plant and equipment | 42% | S100YHYX |
| Intangibles and goodwill | 2% | S100YHYX |
| Investment securities | 25% | S100YHYX |
| Other assets | 16% | S100YHYX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 42% | 算出 |
| Other liabilities | 20% | S100YHYX |
| Equity | 38% | S100YHYX |
| Other liabilities | 0% | S100YHYX |

### 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 | 1,335,991 | 1,382,646 | 1,448,833 | 1,440,296 | 1,464,728 |
| Equity | 808,788 | 848,769 | 869,628 | 830,023 | 561,467 |
| Interest-bearing debt | 268,404 | — | 321,353 | 350,894 | 615,134 |
| Cash | 102,598 | 130,155 | 98,982 | 123,112 | 128,936 |

## 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) | 111.6% | S100YHYX |
| Fixed assets ÷ total assets | 42.0% | S100YHYX |
| Goodwill ÷ parent equity | 0.3% | S100YHYX |

Goodwill over 4 years: 603 → 1,277 JPY; total investing cash flow: -223,470 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) | 8.8% |
| Cash ÷ revenue | 23.4% |
| Net cash (cash − interest-bearing debt) | -¥486.2B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -6,840 JPY mn (of net income -105.2%) |
| Shareholder returns / net income | 3995.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 161.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 18.3% |
| Investing CF relative to operating CF | — |

## 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 | 4.7% | 0.39× | 1.9% | 2.00× | 3.7% | S100R1H1 |
| 2023 | 8.7% | 0.39× | 3.4% | 1.97× | 6.8% | S100TQX0 |
| 2024 | 6.5% | 0.40× | 2.6% | 1.98× | 5.2% | S100W5GP |
| 2025 | — | —× | -1.4% | —× | — | S100YHYX |
| 2026 | 1.2% | 0.38× | 0.4% | 2.64× | 1.2% | S100YHYX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東宝㈱ | Major shareholder | 12.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 10.3% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 6.2% | 2026-03-31 |
| ㈱文化放送 | Major shareholder | 5.4% | 2026-03-31 |
| ㈱ＮＴＴドコモ | Major shareholder | 5.3% | 2026-03-31 |
| 関西テレビ放送㈱ | Major shareholder | 4.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱(退職給付信託口・㈱電通口) | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社ヤクルト本社 | Major shareholder | 2.7% | 2026-03-31 |
| 野村 絢(常任代理人 三田証券㈱） | Major shareholder | 2.4% | 2026-03-31 |
| 東海テレビ放送株式会社 | Major shareholder | 2.0% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥551.9B, almost unchanged from ¥550.8B (+0.2%).
- Gross profit dropped -24.5% to ¥105B, and operating income went from ¥18.3B to a loss of -¥8.77B.
- Net income attributable to owners returned to a profit of ¥6.5B, after -¥20.1B the year before.
- Operating cash flow fell from ¥58.4B to -¥341M, and free cash flow was -¥101.6B.

### Drivers

- A scandal at Fuji Television hit terrestrial TV ad sales hard, mostly in the first half. Advertisers kept returning in the second half, and sales began to recover.
- Pony Canyon wrote down anime production costs as it restructured its anime business.
- Urban development and tourism grew on property and condominium sales, a full year of Kobe Suma Sea World, and busy hotels driven by foreign visitors.
- The return to net profit came from gains on selling investment securities and the absence of last year's large impairment losses.

### Risks

- Another serious human rights or compliance issue could cost the trust of advertisers and viewers and hurt results badly.
- Most broadcasting revenue is commercial slot sales, so a weaker economy, lower ratings, or viewers moving to online video could reduce the value of its channels.
- The company is considering outside capital for its urban development and tourism business around Sankei Building; depending on the final form, its effect on group results could change a lot.

Cited: Annual securities report (FY ending Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2025/04/01－2026/03/31) | S100YHYX | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHYX,, |
| 有価証券報告書－第84期(2024/04/01－2025/03/31) | S100W5GP | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5GP,, |
| 有価証券報告書－第83期(2023/04/01－2024/03/31) | S100TQX0 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQX0,, |
| 有価証券報告書－第82期(2022/04/01－2023/03/31) | S100R1H1 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1H1,, |
| 有価証券報告書－第81期(令和3年4月1日－令和4年3月31日) | S100OCR2 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCR2,, |
| 有価証券報告書－第80期(令和2年4月1日－令和3年3月31日) | S100LLMX | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLMX,, |

## 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).