# KADOKAWA 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12期(2025/04/01－2026/03/31) (S100YGF5)
> Page: https://vizora.meequs.com/en/company/kadokawa
> Retrieved: 2026-09-30T20:26:30.210Z

## Company

Kadokawa, founded in 2014, is a company in Games listed on TSE Prime. It has 7,332 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KADOKAWA CORPORATION |
| Ticker | 9468 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9468.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区富士見二丁目13番3号 |
| Representative (per filing) | 取締役 代表執行役社長 CEO 夏野 剛 |
| Founded | May 2014 |
| Share capital | ¥65.6B |
| Employees (consolidated) | 7,332 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | kadokawa.co.jp (https://kadokawa.co.jp/) |
| Corporate number | 2010001163289 |
| EDINET | E30731 |
| Industries (Vizora) | Games, Film & Anime, Streaming, Publishing & Bookstores, Education |

> Profile source: annual securities report (S100YGF5, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Publishing & Bookstores (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.4 | 17 |
| Profitability | 34.2 | 19 |
| Cash conversion | 15.6 | 16 |
| Efficiency | 34.2 | 19 |

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 54% of Kadokawa's sales come from Publication, IP Creation, with Animation, Film and Game making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +1.8% from the prior year, operating profit -51.3%.

## Company structure

- Segment revenue mix: Publication, IP Creation 54.3%、Animation, Film 16.7%、Game 10.5%、Web Services 7.1%、Education,EdTech Business 6.1%
- Revenue → net income: ¥282908000000 → ¥4060000000
- Net income → operating cash flow: ¥4060000000 → ¥3424000000（difference ¥-636000000）
- Main uses of operating cash flow: CapEx ¥9508000000 / dividends ¥4428000000 / buybacks ¥2936000000
- Change in cash: ¥-38944000000
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 | ¥282.9B |  |
| Operating income | ¥8.1B | Margin 2.9% |
| Net income | ¥1.28B | Margin 0.5% |
| Free cash flow | -¥6.08B |  |
| Largest business | Publication, IP Creation | of segment revenue 54.3% |
| Employees (consolidated) | 7,332 |  |
| EPS | ¥-63.86 |  |
| Diluted EPS | ¥7.86 |  |
| Book value per share | ¥1012.11 |  |
| Equity ratio | 62.0% |  |
| Shares outstanding | 148,990,000 |  |
| Treasury shares | 252,400 |  |
| Shareholders | 31,869 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 23.0% | Cash ÷ revenue 32.1% |
| Vs. industry median margin | -2.6 pp | Publishing & Bookstores |
| ROE | 0.6% | Derived from disclosed figures |
| ROA | 0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, segment profit share differs by 35 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥209947000000 | ¥282908000000 | +34.8% |
| Operating income | ¥13625000000 | ¥8102000000 | -40.5% |
| Operating margin | 6.5% | 2.9% | -3.6 pp |
| Employees | 4,910 people | 7,332 people | +49.3% |
| Cash and equivalents | ¥55887000000 | ¥90774000000 | +62.4% |

### 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 |
| --- | ---: |
| 出版 → 事業再編・廃止 | 61.1% |
| 映像 → 事業再編・廃止 | 14.7% |
| ゲーム → ゲーム | 7.9% |
| Webサービス → Webサービス | 7.1% |
| Webサービス → 事業再編・廃止 | 3.3% |
| その他 → その他 | 5.3% |
| その他 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 出版・IP創出 | 54.3% |
| 新設・再編 → アニメ・実写映像 | 16.7% |
| 新設・再編 → ゲーム | 2.6% |
| 新設・再編 → 教育・EdTech | 6.1% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Publication, IP Creation | 3 years | +3.7% | ¥153646000000 | 2.6% | 2 |
| Animation, Film | 3 years | +3.6% | ¥47218000000 | -1.0% | 2 |
| Game | 5 years | +12.4% | ¥29636000000 | 25.4% | 2 |
| Web Services | 5 years | -1.6% | ¥20196000000 | 10.5% | 2 |
| Education,EdTech Business | 3 years | +11.2% | ¥17162000000 | 16.6% | 2 |
| Other | 5 years | +4.0% | ¥15048000000 | -26.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 282,908 | 100.0% | S100YGF5 |
| Cost of revenue | 186,155 | 65.8% | S100YGF5 |
| Gross profit | 96,753 | 34.2% | S100YGF5 |
| SG&A | 88,651 | 31.3% | S100YGF5 |
| Operating income | 8,102 | 2.9% | S100YGF5 |
| Ordinary income | 11,701 | 4.1% | S100YGF5 |
| Pretax income | 9,916 | 3.5% | S100YGF5 |
| Income tax | 5,855 | 2.1% | S100YGF5 |
| Net income | 4,060 | 1.4% | S100YGF5 |
| Net income attributable to owners | 1,278 | 0.5% | S100YGF5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 31 |
| Operating income | 3 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 34.2% → Operating margin 2.9% → Net margin 0.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.8%; Core profit growth: -51.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -28.58×
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 | 277,915 | 282,908 | 4,993 | +1.8% |
| Gross profit | 99,075 | 96,753 | -2,322 | -2.3% |
| Operating income | 16,651 | 8,102 | -8,549 | -51.3% |
| Net income attributable to owners | 7,392 | 1,278 | -6,114 | -82.7% |
| Operating cash flow | 13,841 | 3,424 | -10,417 | -75.3% |
| Free cash flow | -292 | -6,084 | -5,792 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 204,653 | 8,087 | 4.0% | 8,098 | 16,516 | 1,136 | S100LMSX |
| FY ending Mar 2021 | 209,947 | 13,625 | 6.5% | 9,584 | 15,586 | -4,703 | S100OFTR |
| FY ending Mar 2022 | 221,208 | 18,519 | 8.4% | 14,078 | 21,708 | 16,454 | S100R1SG |
| FY ending Mar 2023 | 255,429 | 25,931 | 10.2% | 12,679 | 17,516 | 10,448 | S100U4MI |
| FY ending Mar 2024 | 258,109 | 18,454 | 7.1% | 11,384 | 8,298 | -654 | S100W3PV |
| FY ending Mar 2025 | 277,915 | 16,651 | 6.0% | 7,392 | 13,841 | -292 | S100YGF5 |
| FY ending Mar 2026 | 282,908 | 8,102 | 2.9% | 1,278 | 3,424 | -6,084 | S100YGF5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.6M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥174.3K |

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) | 5,349 | 5,856 | 6,269 | 6,967 | 7,332 |
| Average salary (parent company) | ¥8.2M | ¥8.6M | ¥8.9M | ¥8.8M | ¥8.7M |
| Average age (parent company) | 42.1 years | 41.9 years | 41.6 years | 41.3 years | 41.6 years |
| Average tenure (parent company) | 2.3 years | 3.1 years | 3.7 years | 4.2 years | 4.8 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Publication, IP Creation | 153,646 | 54.3% | 4,054 | 2.6% |
| Animation, Film | 47,218 | 16.7% | -465 | -1.0% |
| Game | 29,636 | 10.5% | 7,541 | 25.4% |
| Web Services | 20,196 | 7.1% | 2,117 | 10.5% |
| Education,EdTech Business | 17,162 | 6.1% | 2,844 | 16.6% |
| Other | 15,048 | 5.3% | -3,966 | -26.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Publication, IP Creation | 54.3% | 24.5% | -29.8 | 2.6% |
| Animation, Film | 16.7% | — | — | -1.0% |
| Game | 10.5% | 45.5% | 35.1 | 25.4% |
| Web Services | 7.1% | 12.8% | 5.6 | 10.5% |
| Education,EdTech Business | 6.1% | 17.2% | 11.1 | 16.6% |
| Other | 5.3% | — | — | -26.4% |

Loss-making segment (excluded from profit shares): Animation, Film -465 JPY mn

Loss-making segment (excluded from profit shares): Other -3,966 JPY mn

Segment → industry: Game → Games / Animation, Film → Film & Anime / Web Services → Streaming / Publication, IP Creation → Publishing & Bookstores / Education,EdTech Business → Education

## 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 | 3,424 | 1.2% | S100YGF5 |
| Capital expenditure | 9,508 | 3.4% | S100YGF5 |
| Free cash flow | -6,084 | -2.2% | 算出 |
| Investing cash flow | -21,042 | -7.4% | S100YGF5 |
| Financing cash flow | -22,425 | -7.9% | S100YGF5 |
| Dividends paid | 4,428 | 1.6% | S100YGF5 |
| Share buyback | 2,936 | 1.0% | S100YGF5 |
| Change in cash | -38,944 | -13.8% | S100YGF5 |
| Cash and equivalents | 90,774 | 32.1% | S100YGF5 |

## 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 | 97,579 | 131,389 | 79,841 | 129,674 | 90,774 | S100U4MI, S100W3PV, S100YGF5 |
| Total assets | 325,319 | 382,898 | 340,310 | 410,029 | 394,864 | S100R1SG, S100U4MI, S100W3PV, S100YGF5 |
| Net assets | 175,740 | 223,171 | 212,566 | 277,408 | 276,747 | S100U4MI, S100W3PV, S100YGF5 |
| Share capital | 40,624 | 40,624 | 40,624 | 65,613 | 65,613 | S100R1SG, S100U4MI, S100W3PV, S100YGF5 |
| Inventories | 23,921 | 25,587 | 30,537 | 34,757 | 41,939 | S100R1SG, S100U4MI, S100W3PV, S100YGF5 |
| Property, plant and equipment | 71,538 | 68,574 | 64,732 | 66,922 | 67,748 | S100R1SG, S100U4MI, S100W3PV, S100YGF5 |
| Intangible assets excluding goodwill | 7,280 | 8,899 | 13,671 | 20,504 | 23,421 | S100R1SG, S100U4MI, S100W3PV, S100YGF5 |
| Goodwill | 429 | 684 | 1,734 | 5,333 | 5,930 | S100R1SG, S100U4MI, S100W3PV, S100YGF5 |
| Investment securities | 33,957 | 32,538 | 29,224 | 38,397 | 30,615 | S100R1SG, S100U4MI, S100W3PV, S100YGF5 |
| Current assets | 205,613 | 263,968 | 221,448 | 272,447 | 258,445 | S100R1SG, S100U4MI, S100W3PV, S100YGF5 |
| Current liabilities | 77,885 | 128,918 | 97,378 | 117,033 | 111,641 | S100R1SG, S100U4MI, S100W3PV, S100YGF5 |
| Trade payables | 26,635 | 29,219 | 34,084 | 35,411 | 37,586 | S100R1SG, S100U4MI, S100W3PV, S100YGF5 |
| Short-term borrowings | 283 | — | — | 451 | 115 | S100R1SG, S100YGF5 |
| Long-term borrowings | 65,000 | 25,219 | 25,171 | 10,946 | 658 | S100R1SG, S100U4MI, S100W3PV, S100YGF5 |
| Total liabilities | 149,578 | 159,727 | 127,744 | 132,621 | 118,116 | S100R1SG, S100U4MI, S100W3PV, S100YGF5 |
| Non-controlling interests | 3,840 | 20,622 | 21,973 | 25,192 | 28,707 | S100R1SG, S100U4MI, S100W3PV, S100YGF5 |
| Equity attributable to owners of parent | 159,036 | 189,783 | 177,964 | 231,130 | 229,271 | S100R1SG, S100U4MI, S100W3PV, S100YGF5 |
| Retained earnings | 67,015 | 75,455 | 82,586 | 85,913 | 82,763 | S100R1SG, S100U4MI, S100W3PV, S100YGF5 |
| Treasury stock | -1,928 | -2,587 | -21,276 | -5,619 | -4,838 | S100R1SG, S100U4MI, S100W3PV, S100YGF5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YGF5 |
| Inventories | 11% | S100YGF5 |
| Property, plant and equipment | 17% | S100YGF5 |
| Intangibles and goodwill | 7% | S100YGF5 |
| Investment securities | 8% | S100YGF5 |
| Other assets | 34% | S100YGF5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YGF5 |
| Other liabilities | 20% | S100YGF5 |
| Equity | 70% | S100YGF5 |
| Other liabilities | 0% | S100YGF5 |

### 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 | 325,319 | 382,898 | 340,310 | 410,029 | 394,864 |
| Equity | 175,740 | 223,171 | 212,566 | 277,408 | 276,747 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 97,579 | 131,389 | 79,841 | 129,674 | 90,774 |

## 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) | 23.9% | S100YGF5 |
| Fixed assets ÷ total assets | 17.2% | S100YGF5 |
| Goodwill ÷ parent equity | 2.6% | S100YGF5 |

Goodwill over 4 years: 429 → 5,930 JPY; total investing cash flow: -50,187 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) | 23.0% |
| Cash ÷ revenue | 32.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 42.3% |
| Cash vs. profit gap | 2,146 JPY mn (of net income 167.9%) |
| Shareholder returns / net income | 576.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 346.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 614.5% |

## 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 | 6.4% | 0.68× | 4.3% | 2.05× | 8.9% | S100R1SG |
| 2023 | 5.0% | 0.72× | 3.6% | 2.03× | 7.3% | S100U4MI |
| 2024 | 4.4% | 0.71× | 3.1% | 1.97× | 6.2% | S100W3PV |
| 2025 | 2.7% | 0.74× | 2.0% | 1.83× | 3.6% | S100YGF5 |
| 2026 | 0.5% | 0.70× | 0.3% | 1.75× | 0.6% | S100YGF5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ソニーグループ㈱ | Major shareholder | 11.0% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人ゴールドマン・サックス証券㈱） | Major shareholder | 11.0% | 2026-03-31 |
| KOREA SECURITIES DEPOSITORY-SAMSUNG （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 8.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 8.3% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 6.4% | 2026-03-31 |
| 川上量生 | Major shareholder | 3.1% | 2026-03-31 |
| NTT㈱ | Major shareholder | 2.7% | 2026-03-31 |
| CGML PB CLIENT ACCOUNT/COLLATERAL （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.6% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.5% | 2026-03-31 |
| BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE SEGREGATION ACC FOR THIRD PARTY （常任代理人香港上海銀行東京支店) | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/04/01－2026/03/31) | S100YGF5 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGF5,, |
| 有価証券報告書－第11期(2024/04/01－2025/03/31) | S100W3PV | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3PV,, |
| 有価証券報告書－第10期(2023/04/01－2024/03/31) | S100U4MI | 2024-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4MI,, |
| 有価証券報告書－第9期(2022/04/01－2023/03/31) | S100R1SG | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1SG,, |
| 有価証券報告書－第8期(令和3年4月1日－令和4年3月31日) | S100OFTR | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFTR,, |
| 有価証券報告書－第7期(令和2年4月1日－令和3年3月31日) | S100LMSX | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMSX,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ソニー | Capital alliance | 第三者割当増資による資本業務提携（IPのメディアミックス、アニメ・ゲーム・電子書籍のグローバル流通など） | S100YGF5 |

## 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).