# Nippon BS Broadcasting Corporation: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2024/09/01－2025/08/31) (S100X54M)
> Page: https://vizora.meequs.com/en/company/nippon-bs-broadcasting
> Retrieved: 2026-09-30T19:49:42.288Z

## Company

Nippon BS Broadcasting, founded in 1999, is a company in Broadcasting & Newspapers listed on TSE Standard. It has 128 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon BS Broadcasting Corporation |
| Ticker | 9414 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9414.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田駿河台二丁目5番地 |
| Representative (per filing) | 代表取締役社長 社長執行役員 近藤 和行 |
| Founded | Aug 1999 |
| Share capital | ¥4.19B |
| Employees (consolidated) | 128 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | August |
| Website | www.bs11.jp (https://www.bs11.jp/) |
| Corporate number | 5010001101469 |
| EDINET | E30454 |
| Industries (Vizora) | Broadcasting & Newspapers |

> Profile source: annual securities report (S100X54M, filed 2025-11-18). As of filing

## Five-axis industry profile

Primary industry: Broadcasting & Newspapers (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.6 | 11 |
| Profitability | 95.5 | 11 |
| Cash conversion | 35 | 10 |
| Efficiency | 40.9 | 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)

- Nippon BS Broadcasting brought in ¥11.8B in revenue.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed -3.5% from the prior year, operating profit -7.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11812703000 → ¥1345307000
- Net income → operating cash flow: ¥1345307000 → ¥1828966000（difference ¥483659000）
- Main uses of operating cash flow: CapEx ¥30436000 / dividends ¥534310000 / buybacks —
- Change in cash: ¥-3163690000
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 | ¥11.8B |  |
| Operating income | ¥1.93B | Margin 16.4% |
| Net income | ¥1.35B | Margin 11.4% |
| Free cash flow | ¥1.8B |  |
| Employees (consolidated) | 128 |  |
| EPS | ¥79.35 |  |
| Diluted EPS | ¥79.2 |  |
| Book value per share | ¥1365.74 |  |
| Equity ratio | 90.7% |  |
| Shares outstanding | 17,816,932 |  |
| Treasury shares | 200 |  |
| Shareholders | 18,695 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 11.1% | Cash ÷ revenue 25.3% |
| Vs. industry median margin | +10.5 pp | Broadcasting & Newspapers |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11394190000 | ¥11812703000 | +3.7% |
| Operating income | ¥2189709000 | ¥1932011000 | -11.8% |
| Operating margin | 19.2% | 16.4% | -2.9 pp |
| Employees | 119 people | 128 people | +7.6% |
| Cash and equivalents | ¥11399320000 | ¥2988777000 | -73.8% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,813 | 100.0% | S100X54M |
| Cost of revenue | 6,184 | 52.4% | S100X54M |
| Gross profit | 5,629 | 47.6% | S100X54M |
| SG&A | 3,697 | 31.3% | S100X54M |
| Operating income | 1,932 | 16.4% | S100X54M |
| Ordinary income | 1,985 | 16.8% | S100X54M |
| Pretax income | 1,985 | 16.8% | S100X54M |
| Income tax | 640 | 5.4% | S100X54M |
| Net income | 1,345 | 11.4% | S100X54M |
| Net income attributable to owners | 1,345 | 11.4% | S100X54M |

## Per ¥100 of revenue（FY ending Aug 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 31 |
| Operating income | 17 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 47.6% → Operating margin 16.4% → Net margin 11.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.5%; Core profit growth: -7.3%
Operating leverage (core profit growth ÷ revenue growth): 2.08×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,242 | 11,813 | -429 | -3.5% |
| Gross profit | 5,772 | 5,629 | -144 | -2.5% |
| Operating income | 2,084 | 1,932 | -152 | -7.3% |
| Net income attributable to owners | 1,456 | 1,345 | -110 | -7.6% |
| Operating cash flow | 2,469 | 1,829 | -640 | -25.9% |
| Free cash flow | 2,427 | 1,799 | -628 | -25.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 12,601 | 1,694 | 13.4% | 1,159 | 1,250 | 1,059 | S100K4CO |
| FY ending Aug 2020 | 11,394 | 2,190 | 19.2% | 1,490 | 2,252 | 1,454 | S100MWIQ |
| FY ending Aug 2021 | 12,004 | 2,670 | 22.2% | 1,866 | 2,200 | 1,836 | S100PNF1 |
| FY ending Aug 2022 | 12,250 | 2,394 | 19.5% | 1,600 | 1,843 | 1,803 | S100SB8Q |
| FY ending Aug 2023 | 12,417 | 1,983 | 16.0% | 1,386 | 1,336 | -86 | S100UREF |
| FY ending Aug 2024 | 12,242 | 2,084 | 17.0% | 1,456 | 2,469 | 2,427 | S100X54M |
| FY ending Aug 2025 | 11,813 | 1,932 | 16.4% | 1,345 | 1,829 | 1,799 | S100X54M |

## People and productivity（FY ending Aug 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥92.3M |
| Operating income per employee (consolidated) | ¥15.1M |
| Net income per employee (consolidated) | ¥10.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 121 | 122 | 133 | 132 | 128 |
| Average salary (parent company) | ¥7.3M | ¥7.3M | ¥7M | ¥7.1M | ¥7.8M |
| Average age (parent company) | 44.5 years | 44.3 years | 44.8 years | 45.1 years | 46.6 years |
| Average tenure (parent company) | 8.6 years | 9.2 years | 9.4 years | 10.1 years | 10.7 years |

Year over year: Employees (consolidated) -3.0% · Revenue (consolidated) -3.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,829 | 15.5% | S100X54M |
| Capital expenditure | 30 | 0.3% | S100X54M |
| Free cash flow | 1,799 | 15.2% | 算出 |
| Investing cash flow | -4,537 | -38.4% | S100X54M |
| Financing cash flow | -456 | -3.9% | S100X54M |
| Dividends paid | 534 | 4.5% | S100X54M |
| Change in cash | -3,164 | -26.8% | S100X54M |
| Cash and equivalents | 2,989 | 25.3% | S100X54M |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 13,021 | 14,457 | 13,600 | 6,152 | 2,989 | S100SB8Q, S100UREF, S100X54M |
| Total assets | 22,973 | 24,241 | 24,757 | 25,894 | 26,898 | S100PNF1, S100SB8Q, S100UREF, S100X54M |
| Net assets | 20,316 | 21,569 | 22,606 | 23,599 | 24,426 | S100SB8Q, S100UREF, S100X54M |
| Share capital | 4,184 | 4,184 | 4,187 | 4,191 | 4,191 | S100PNF1, S100SB8Q, S100UREF, S100X54M |
| Trade receivables | 2,066 | 2,074 | 2,325 | 2,230 | 2,190 | S100PNF1, S100SB8Q, S100UREF, S100X54M |
| Inventories | 364 | 430 | 526 | 529 | 616 | S100PNF1, S100SB8Q, S100UREF, S100X54M |
| Property, plant and equipment | 7,011 | 6,706 | 7,631 | 7,089 | 6,674 | S100PNF1, S100SB8Q, S100UREF, S100X54M |
| Intangible assets excluding goodwill | 84 | 84 | 75 | 51 | 35 | S100PNF1, S100SB8Q, S100UREF, S100X54M |
| Investment securities | 105 | 105 | 105 | 1,415 | 2,615 | S100PNF1, S100SB8Q, S100UREF, S100X54M |
| Current assets | 15,520 | 17,084 | 16,670 | 17,042 | 17,223 | S100PNF1, S100SB8Q, S100UREF, S100X54M |
| Current liabilities | 2,549 | 2,549 | 2,019 | 2,167 | 2,343 | S100PNF1, S100SB8Q, S100UREF, S100X54M |
| Short-term borrowings | 500 | 500 | 100 | — | 80 | S100PNF1, S100SB8Q, S100UREF, S100X54M |
| Total liabilities | 2,657 | 2,672 | 2,150 | 2,296 | 2,472 | S100PNF1, S100SB8Q, S100UREF, S100X54M |
| Equity attributable to owners of parent | 20,301 | 21,545 | 22,581 | 23,581 | 24,392 | S100PNF1, S100SB8Q, S100UREF, S100X54M |
| Retained earnings | 12,600 | 13,843 | 14,874 | 15,866 | 16,677 | S100PNF1, S100SB8Q, S100UREF, S100X54M |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100PNF1, S100SB8Q, S100UREF, S100X54M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100X54M |
| Receivables | 8% | S100X54M |
| Inventories | 2% | S100X54M |
| Property, plant and equipment | 25% | S100X54M |
| Intangibles and goodwill | 0% | S100X54M |
| Investment securities | 10% | S100X54M |
| Other assets | 44% | S100X54M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 9% | S100X54M |
| Equity | 91% | S100X54M |
| Other liabilities | 0% | S100X54M |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 22,973 | 24,241 | 24,757 | 25,894 | 26,898 |
| Equity | 20,316 | 21,569 | 22,606 | 23,599 | 24,426 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,021 | 14,457 | 13,600 | 6,152 | 2,989 |

## 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) | 56.5% | S100X54M |
| Fixed assets ÷ total assets | 24.8% | S100X54M |
| Goodwill ÷ parent equity | — | —, S100X54M |

### 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) | 11.1% |
| Cash ÷ revenue | 25.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 94.7% |
| Cash vs. profit gap | 484 JPY mn (of net income 36.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.7% |
| Shareholder payments — dividends / FCF | 29.7% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 248.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 15.5% | 0.52× | 8.1% | 1.13× | 9.2% | S100PNF1 |
| 2022 | 13.1% | 0.52× | 6.8% | 1.13× | 7.6% | S100SB8Q |
| 2023 | 11.2% | 0.51× | 5.7% | 1.11× | 6.3% | S100UREF |
| 2024 | 11.9% | 0.48× | 5.7% | 1.10× | 6.3% | S100X54M |
| 2025 | 11.4% | 0.45× | 5.1% | 1.10× | 5.6% | S100X54M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ビックカメラ | Major shareholder | 61.4% | 2025-08-31 |
| 株式会社テレビ東京ホールディングス | Major shareholder | 1.2% | 2025-08-31 |
| INTERACTIVE BROKERS LLC (常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 0.8% | 2025-08-31 |
| 川上 英之 | Major shareholder | 0.7% | 2025-08-31 |
| 株式会社毎日映画社 | Major shareholder | 0.6% | 2025-08-31 |
| THE BANK OF NEW YORK MELLON 140044 (常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.6% | 2025-08-31 |
| 株式会社アームフィールド | Major shareholder | 0.6% | 2025-08-31 |
| 株式会社毎日新聞社 | Major shareholder | 0.5% | 2025-08-31 |
| 丸田 稔 | Major shareholder | 0.5% | 2025-08-31 |
| 富士フイルムホールディングス株式会社 | Major shareholder | 0.4% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2024/09/01－2025/08/31) | S100X54M | 2025-11-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X54M,, |
| 有価証券報告書－第26期(2023/09/01－2024/08/31) | S100UREF | 2024-11-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UREF,, |
| 有価証券報告書－第25期(2022/09/01－2023/08/31) | S100SB8Q | 2023-11-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SB8Q,, |
| 有価証券報告書－第24期(令和3年9月1日－令和4年8月31日) | S100PNF1 | 2022-11-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PNF1,, |
| 有価証券報告書－第23期(令和2年9月1日－令和3年8月31日) | S100MWIQ | 2021-11-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MWIQ,, |
| 有価証券報告書－第22期(令和1年9月1日－令和2年8月31日) | S100K4CO | 2020-11-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K4CO,, |

## 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).