# Nippon Television 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93期(2025/04/01－2026/03/31) (S100Y9BG)
> Page: https://vizora.meequs.com/en/company/nippon-television-holdings
> Retrieved: 2026-09-30T21:51:07.558Z

## Company

Nippon Television Holdings, founded in 1952, is a company in Streaming listed on TSE Prime. It has 5,933 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Television Holdings, Inc. |
| Ticker | 9404 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9404.T) |
| Listing | TSE Prime |
| Head office | 東京都港区東新橋一丁目6番1号 |
| Representative (per filing) | 代表取締役会長執行役員 杉山 美邦 |
| Founded | Jul 1952 |
| Share capital | ¥18.6B |
| Employees (consolidated) | 5,933 |
| Average salary (parent only) | ¥14M |
| Fiscal year end | March |
| Corporate number | 1010401051458 |
| EDINET | E04410 |
| Industries (Vizora) | Streaming, Broadcasting & Newspapers, Sporting Goods & Fitness, Real Estate Development & Leasing |

> Profile source: annual securities report (S100Y9BG, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 11 |
| Profitability | 77.3 | 11 |
| Cash conversion | 25 | 10 |
| Efficiency | 31.8 | 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 93% of Nippon Television Holdings's sales come from Content Media Business, with Wellness Business and Real Estate Related Business making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +4.9% from the prior year, operating profit +26.2%.

## Company structure

- Segment revenue mix: Content Media Business 93.4%、Wellness Business 5.6%、Real Estate Related Business 0.9%
- Revenue → net income: ¥484418000000 → ¥61751000000
- Net income → operating cash flow: ¥61751000000 → ¥60781000000（difference ¥-970000000）
- Main uses of operating cash flow: CapEx ¥10114000000 / dividends ¥10301000000 / buybacks ¥10002000000
- Change in cash: ¥12494000000
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 | ¥484.4B |  |
| Operating income | ¥69.3B | Margin 14.3% |
| Net income | ¥56.8B | Margin 11.7% |
| Free cash flow | ¥50.7B |  |
| Largest business | Content Media Business | of segment revenue 93.4% |
| Employees (consolidated) | 5,933 |  |
| EPS | ¥27.04 |  |
| Diluted EPS | ¥225.98 |  |
| Book value per share | ¥1190.02 |  |
| Equity ratio | 77.6% |  |
| Shares outstanding | 261,220,180 |  |
| Treasury shares | 6,267,400 |  |
| Shareholders | 22,196 |  |
| Average salary (parent only) | ¥14M | Filing company only |
| Cash ratio | 10.1% | Cash ÷ revenue 26.7% |
| Vs. industry median margin | +4.5 pp | Streaming |
| ROE | 6.9% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 94% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥391335000000 | ¥484418000000 | +23.8% |
| Operating income | ¥34526000000 | ¥69332000000 | +100.8% |
| Operating margin | 8.8% | 14.3% | +5.5 pp |
| Employees | 4,764 people | 5,933 people | +24.5% |
| Cash and equivalents | ¥83893000000 | ¥129551000000 | +54.4% |

### 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 |
| --- | ---: |
| メディア・コンテンツ事業 → 事業再編・廃止 | 93.0% |
| 生活・健康関連事業 → 事業再編・廃止 | 5.3% |
| 不動産関連事業 → 不動産関連事業 | 0.8% |
| その他 → 事業再編・廃止 | 0.8% |
| 新設・再編 → コンテンツ・メディア事業 | 93.4% |
| 新設・再編 → ウェルネス事業 | 5.6% |
| 新設・再編 → 不動産関連事業 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Content Media Business | — | — | ¥452656000000 | 14.8% | 2 |
| Wellness Business | — | — | ¥27202000000 | -0.3% | 2 |
| Real Estate Related Business | 5 years | +6.9% | ¥4560000000 | 90.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 484,418 | 100.0% | S100Y9BG |
| Cost of revenue | 303,527 | 62.7% | S100Y9BG |
| Gross profit | 180,891 | 37.3% | S100Y9BG |
| SG&A | 111,558 | 23.0% | S100Y9BG |
| Operating income | 69,332 | 14.3% | S100Y9BG |
| Ordinary income | 82,081 | 16.9% | S100Y9BG |
| Pretax income | 87,002 | 18.0% | S100Y9BG |
| Income tax | 25,251 | 5.2% | S100Y9BG |
| Net income | 61,751 | 12.7% | S100Y9BG |
| Net income attributable to owners | 56,767 | 11.7% | S100Y9BG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 23 |
| Operating income | 14 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 37.3% → Operating margin 14.3% → Net margin 11.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.9%; Core profit growth: +26.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.39×
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 | 461,915 | 484,418 | 22,503 | +4.9% |
| Gross profit | 162,970 | 180,891 | 17,921 | +11.0% |
| Operating income | 54,917 | 69,332 | 14,415 | +26.2% |
| Net income attributable to owners | 46,000 | 56,767 | 10,767 | +23.4% |
| Operating cash flow | 47,898 | 60,781 | 12,883 | +26.9% |
| Free cash flow | 36,954 | 50,667 | 13,713 | +37.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 426,599 | 43,111 | 10.1% | 30,555 | 56,385 | 29,878 | S100LTQ5 |
| FY ending Mar 2021 | 391,335 | 34,526 | 8.8% | 24,042 | 41,097 | 25,238 | S100OG71 |
| FY ending Mar 2022 | 406,395 | 58,682 | 14.4% | 47,431 | 58,503 | 43,651 | S100R5V4 |
| FY ending Mar 2023 | 413,979 | 46,593 | 11.3% | 34,081 | 45,461 | 35,337 | S100TN0Y |
| FY ending Mar 2024 | 423,523 | 41,877 | 9.9% | 34,660 | 44,669 | 35,404 | S100VZ6F |
| FY ending Mar 2025 | 461,915 | 54,917 | 11.9% | 46,000 | 47,898 | 36,954 | S100Y9BG |
| FY ending Mar 2026 | 484,418 | 69,332 | 14.3% | 56,767 | 60,781 | 50,667 | S100Y9BG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥81.6M |
| Operating income per employee (consolidated) | ¥11.7M |
| Net income per employee (consolidated) | ¥9.6M |

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) | 5,096 | 5,101 | 5,486 | 5,771 | 5,933 |
| Average salary (parent company) | ¥13.8M | ¥13.6M | ¥13M | ¥13.9M | ¥14M |
| Average age (parent company) | 48.0 years | 48.2 years | 48.1 years | 48.7 years | 48.6 years |
| Average tenure (parent company) | 20.3 years | 16.3 years | 16.1 years | 17.4 years | 17.0 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +4.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Content Media Business | 452,656 | 93.4% | 67,114 | 14.8% |
| Wellness Business | 27,202 | 5.6% | -72 | -0.3% |
| Real Estate Related Business | 4,560 | 0.9% | 4,136 | 90.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Content Media Business | 93.4% | 94.2% | 0.8 | 14.8% |
| Wellness Business | 5.6% | — | — | -0.3% |
| Real Estate Related Business | 0.9% | 5.8% | 4.9 | 90.7% |

Loss-making segment (excluded from profit shares): Wellness Business -72 JPY mn

Segment → industry: Content Media Business → Streaming / Content Media Business → Broadcasting & Newspapers / Wellness Business → Sporting Goods & Fitness / Real Estate Related Business → 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 | 60,781 | 12.5% | S100Y9BG |
| Capital expenditure | 10,114 | 2.1% | S100Y9BG |
| Free cash flow | 50,667 | 10.5% | 算出 |
| Investing cash flow | -27,527 | -5.7% | S100Y9BG |
| Financing cash flow | -20,774 | -4.3% | S100Y9BG |
| Dividends paid | 10,301 | 2.1% | S100Y9BG |
| Share buyback | 10,002 | 2.1% | S100Y9BG |
| Change in cash | 12,494 | 2.6% | S100Y9BG |
| Cash and equivalents | 129,551 | 26.7% | S100Y9BG |

## 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 | 62,412 | 74,915 | 112,471 | 118,239 | 129,551 | S100TN0Y, S100VZ6F, S100Y9BG |
| Total assets | 1,061,571 | 1,035,501 | 1,183,299 | 1,232,117 | 1,282,562 | S100R5V4, S100TN0Y, S100VZ6F, S100Y9BG |
| Net assets | 850,825 | 843,585 | 947,295 | 990,992 | 1,031,083 | S100TN0Y, S100VZ6F, S100Y9BG |
| Share capital | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | S100R5V4, S100TN0Y, S100VZ6F, S100Y9BG |
| Inventories | 3,362 | 2,667 | 4,406 | 5,162 | 5,691 | S100R5V4, S100TN0Y, S100VZ6F, S100Y9BG |
| Property, plant and equipment | 259,717 | 256,968 | 256,384 | 253,529 | 254,382 | S100R5V4, S100TN0Y, S100VZ6F, S100Y9BG |
| Intangible assets excluding goodwill | 29,326 | 26,702 | 32,075 | 29,043 | 28,079 | S100R5V4, S100TN0Y, S100VZ6F, S100Y9BG |
| Goodwill | 12,888 | 11,894 | 10,761 | 9,863 | 9,029 | S100R5V4, S100TN0Y, S100VZ6F, S100Y9BG |
| Investment securities | 464,172 | 479,593 | 540,949 | 567,732 | 591,447 | S100R5V4, S100TN0Y, S100VZ6F, S100Y9BG |
| Current assets | 275,812 | 237,285 | 316,198 | 351,813 | 379,502 | S100R5V4, S100TN0Y, S100VZ6F, S100Y9BG |
| Current liabilities | 107,816 | 105,514 | 118,282 | 118,599 | 129,221 | S100R5V4, S100TN0Y, S100VZ6F, S100Y9BG |
| Trade payables | 10,473 | 13,013 | 14,978 | — | — | S100R5V4, S100TN0Y |
| Short-term borrowings | 2,580 | 3,084 | 3,037 | 2,399 | 3,754 | S100R5V4, S100TN0Y, S100VZ6F, S100Y9BG |
| Long-term borrowings | — | — | 2,591 | 1,424 | — | S100VZ6F, S100Y9BG |
| Total liabilities | 210,745 | 191,916 | 236,003 | 241,125 | 251,479 | S100R5V4, S100TN0Y, S100VZ6F, S100Y9BG |
| Non-controlling interests | 6,083 | 6,825 | 28,702 | 31,309 | 36,133 | S100R5V4, S100TN0Y, S100VZ6F, S100Y9BG |
| Equity attributable to owners of parent | 726,866 | 751,946 | 771,136 | 801,350 | 834,120 | S100R5V4, S100TN0Y, S100VZ6F, S100Y9BG |
| Retained earnings | 681,577 | 706,394 | 731,225 | 766,525 | 805,571 | S100R5V4, S100TN0Y, S100VZ6F, S100Y9BG |
| Treasury stock | -9,098 | -9,099 | -14,740 | -19,041 | -25,316 | S100R5V4, S100TN0Y, S100VZ6F, S100Y9BG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100Y9BG |
| Inventories | 0% | S100Y9BG |
| Property, plant and equipment | 20% | S100Y9BG |
| Intangibles and goodwill | 3% | S100Y9BG |
| Investment securities | 46% | S100Y9BG |
| Other assets | 21% | S100Y9BG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100Y9BG |
| Equity | 80% | S100Y9BG |

### 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 | 1,061,571 | 1,035,501 | 1,183,299 | 1,232,117 | 1,282,562 |
| Equity | 850,825 | 843,585 | 947,295 | 990,992 | 1,031,083 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 62,412 | 74,915 | 112,471 | 118,239 | 129,551 |

## 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) | 52.5% | S100Y9BG |
| Fixed assets ÷ total assets | 19.8% | S100Y9BG |
| Goodwill ÷ parent equity | 1.1% | S100Y9BG |

Goodwill over 4 years: 12,888 → 9,029 JPY; total investing cash flow: -140,667 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) | 10.1% |
| Cash ÷ revenue | 26.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.7% |
| Cash vs. profit gap | 4,014 JPY mn (of net income 7.1%) |
| Shareholder returns / net income | 35.8% |
| Shareholder returns / FCF | 40.1% |
| Shareholder payments — dividends / net income | 18.1% |
| Shareholder payments — dividends / FCF | 20.3% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 45.3% |

## 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 | 11.7% | 0.38× | 4.5% | 1.46× | 6.5% | S100R5V4 |
| 2023 | 8.2% | 0.39× | 3.3% | 1.42× | 4.6% | S100TN0Y |
| 2024 | 8.2% | 0.38× | 3.1% | 1.46× | 4.6% | S100VZ6F |
| 2025 | 10.0% | 0.38× | 3.8% | 1.54× | 5.9% | S100Y9BG |
| 2026 | 11.7% | 0.39× | 4.5% | 1.54× | 6.9% | S100Y9BG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社読売新聞グループ本社 | Major shareholder | 14.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 9.0% | 2026-03-31 |
| STATE STREET BANK AND TRUSTCOMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 8.5% | 2026-03-31 |
| 読売テレビ放送株式会社 | Major shareholder | 6.7% | 2026-03-31 |
| 株式会社読売新聞東京本社 | Major shareholder | 6.3% | 2026-03-31 |
| 学校法人帝京大学 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社ＮＴＴドコモ | Major shareholder | 3.0% | 2026-03-31 |
| 中京テレビ放送株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社よみうりランド | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社リクルートホールディングス | 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 ¥484.4B, up +4.9% from ¥461.9B.
- Profit grew much faster: operating income rose +26.2% to ¥69.3B, and net income attributable to owners rose +23.4% to ¥56.8B.
- Operating cash flow climbed +26.9% to ¥60.8B, and free cash flow reached ¥50.7B, up +37.1%.

### Drivers

- Spot TV ad sales grew as advertisers spent more and Nippon TV won a large share among Tokyo's key stations
- Video ads on TVer, the broadcasters' joint streaming service, sold well and lifted digital ad revenue
- More commissioned drama production and strong live events, such as the My Neighbor Totoro stage show, raised content and event income

### Risks

- A sharp drop in terrestrial TV ratings, driven by a shrinking population and more ways to watch, could cut TV ad revenue sharply
- Rising prices for sports broadcast rights like the Olympics and for streaming licenses are squeezing profitability
- The wellness business is slow to win back members and slipped to an operating loss this year

Cited: Annual Securities Report (93rd term) (Management's analysis of financial position, results and cash flows); Annual Securities Report (93rd term) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/04/01－2026/03/31) | S100Y9BG | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9BG,, |
| 有価証券報告書－第92期(2024/04/01－2025/03/31) | S100VZ6F | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ6F,, |
| 有価証券報告書－第91期(2023/04/01－2024/03/31) | S100TN0Y | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN0Y,, |
| 有価証券報告書－第90期(2022/04/01－2023/03/31) | S100R5V4 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5V4,, |
| 有価証券報告書－第89期(令和3年4月1日－令和4年3月31日) | S100OG71 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG71,, |
| 有価証券報告書－第88期(令和2年4月1日－令和3年3月31日) | S100LTQ5 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTQ5,, |

## 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).