# Shochiku Co;Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第160期(2025/03/01－2026/02/28) (S100Y66K)
> Page: https://vizora.meequs.com/en/company/shochiku-co
> Retrieved: 2026-09-30T20:27:04.837Z

## Company

Shochiku Co;, founded in 1920, is a company in Film & Anime listed on TSE Prime. It has 1,462 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shochiku Co., Ltd. |
| Ticker | 9601 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9601.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区築地四丁目1番1号 |
| Representative (per filing) | 代表取締役社長 髙橋 敏弘 |
| Founded | Feb 1920 |
| Share capital | ¥33B |
| Employees (consolidated) | 1,462 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | February |
| Website | www.shochiku.co.jp (https://www.shochiku.co.jp/) |
| Corporate number | 6010001034809 |
| EDINET | E04582 |
| Industries (Vizora) | Film & Anime, Events & Ticketing, Real Estate Development & Leasing |

> Profile source: annual securities report (S100Y66K, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Film & Anime (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.1 | 9 |
| Profitability | 38.9 | 9 |
| Cash conversion | 81.3 | 8 |
| Efficiency | 16.7 | 9 |

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 Shochiku Co;'s sales come from Motion pictures business, with Theatre business and Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +17.0% from the prior year, operating profit +271.0%.

## Company structure

- Segment revenue mix: Motion pictures business 53.9%、Theatre business 27.8%、Real estate business 14.9%、Other 3.5%
- Revenue → net income: ¥98249000000 → ¥5246000000
- Net income → operating cash flow: ¥5246000000 → ¥13358000000（difference ¥8112000000）
- Main uses of operating cash flow: CapEx ¥2111000000 / dividends ¥415000000 / buybacks ¥14000000
- Change in cash: ¥3781000000
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 | ¥98.2B |  |
| Operating income | ¥6.17B | Margin 6.3% |
| Net income | ¥5.24B | Margin 5.3% |
| Free cash flow | ¥11.2B |  |
| Largest business | Motion pictures business | of segment revenue 53.9% |
| Employees (consolidated) | 1,462 |  |
| EPS | ¥232.18 |  |
| Book value per share | ¥7971.87 |  |
| Equity ratio | 47.2% |  |
| Shares outstanding | 13,937,857 |  |
| Treasury shares | 115,500 |  |
| Shareholders | 16,228 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 8.1% | Cash ÷ revenue 19.0% |
| Vs. industry median margin | -3.4 pp | Film & Anime |
| ROE | 6.6% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, segment profit share differs by 39 points

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥52434000000 | ¥98249000000 | +87.4% |
| Operating income | ¥-5483000000 | ¥6173000000 | — |
| Operating margin | -10.5% | 6.3% | +16.7 pp |
| Employees | 1,427 people | 1,462 people | +2.5% |
| Cash and equivalents | ¥18017000000 | ¥18694000000 | +3.8% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 映像関連事業 → 事業再編・廃止 | 60.7% |
| 演劇事業 → 事業再編・廃止 | 14.0% |
| 不動産事業 → 事業再編・廃止 | 22.8% |
| その他 → その他 | 2.6% |
| 新設・再編 → 映像関連事業 | 53.9% |
| 新設・再編 → 演劇事業 | 27.8% |
| 新設・再編 → 不動産事業 | 14.9% |
| 新設・再編 → その他 | 0.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Motion pictures business | 2 years | +7.5% | ¥52949000000 | 4.8% | 2 |
| Theatre business | 2 years | +5.8% | ¥27275000000 | 6.3% | 2 |
| Real estate business | 2 years | +6.7% | ¥14618000000 | 35.2% | 2 |
| Other | 5 years | +20.2% | ¥3405000000 | 4.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 98,249 | 100.0% | S100Y66K |
| Cost of revenue | 56,628 | 57.6% | S100Y66K |
| Gross profit | 41,621 | 42.4% | S100Y66K |
| SG&A | 35,447 | 36.1% | S100Y66K |
| Operating income | 6,173 | 6.3% | S100Y66K |
| Ordinary income | 6,345 | 6.5% | S100Y66K |
| Pretax income | 6,643 | 6.8% | S100Y66K |
| Income tax | 1,397 | 1.4% | S100Y66K |
| Net income | 5,246 | 5.3% | S100Y66K |
| Net income attributable to owners | 5,236 | 5.3% | S100Y66K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 36 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 42.4% → Operating margin 6.3% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.0%; Core profit growth: +271.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 15.94×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 83,974 | 98,249 | 14,275 | +17.0% |
| Gross profit | 35,848 | 41,621 | 5,773 | +16.1% |
| Operating income | 1,664 | 6,173 | 4,509 | +271.0% |
| Net income attributable to owners | -664 | 5,236 | 5,900 | — |
| Operating cash flow | -586 | 13,358 | 13,944 | — |
| Free cash flow | -4,594 | 11,247 | 15,841 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 97,479 | 4,604 | 4.7% | 2,420 | 11,965 | 5,363 | S100LENO |
| FY ending Feb 2021 | 52,434 | -5,483 | -10.5% | -11,407 | -8,144 | -10,452 | S100O499 |
| FY ending Feb 2022 | 71,835 | -4,005 | -5.6% | -1,762 | 4,806 | 2,411 | S100QTDK |
| FY ending Feb 2023 | 78,212 | -776 | -1.0% | 5,484 | 6,061 | 5,003 | S100TIMV |
| FY ending Feb 2024 | 85,428 | 3,584 | 4.2% | 3,016 | 8,134 | -7,573 | S100VU5K |
| FY ending Feb 2025 | 83,974 | 1,664 | 2.0% | -664 | -586 | -4,594 | S100Y66K |
| FY ending Feb 2026 | 98,249 | 6,173 | 6.3% | 5,236 | 13,358 | 11,247 | S100Y66K |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67.2M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥3.6M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,464 | 1,433 | 1,421 | 1,439 | 1,462 |
| Average salary (parent company) | ¥7.7M | ¥8M | ¥8.2M | ¥8.5M | ¥8.3M |
| Average age (parent company) | 42.6 years | 42.9 years | 42.8 years | 42.6 years | 42.3 years |
| Average tenure (parent company) | 16.4 years | 16.5 years | 16.2 years | 15.6 years | 14.6 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +17.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Motion pictures business | 52,949 | 53.9% | 2,519 | 4.8% |
| Theatre business | 27,275 | 27.8% | 1,723 | 6.3% |
| Real estate business | 14,618 | 14.9% | 5,152 | 35.2% |
| Other | 3,405 | 3.5% | 162 | 4.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Motion pictures business | 53.9% | 26.4% | -27.5 | 4.8% |
| Theatre business | 27.8% | 18.0% | -9.7 | 6.3% |
| Real estate business | 14.9% | 53.9% | 39.0 | 35.2% |
| Other | 3.5% | 1.7% | -1.8 | 4.8% |

Segment → industry: Motion pictures business → Film & Anime / Theatre business → Events & Ticketing / Real estate business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 13,358 | 13.6% | S100Y66K |
| Capital expenditure | 2,111 | 2.1% | S100Y66K |
| Free cash flow | 11,247 | 11.4% | 算出 |
| Investing cash flow | -4,139 | -4.2% | S100Y66K |
| Financing cash flow | -5,436 | -5.5% | S100Y66K |
| Dividends paid | 415 | 0.4% | S100Y66K |
| Share buyback | 14 | 0.0% | S100Y66K |
| Change in cash | 3,781 | 3.8% | S100Y66K |
| Cash and equivalents | 18,694 | 19.0% | S100Y66K |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 16,531 | 16,013 | 20,692 | 14,912 | 18,694 | S100TIMV, S100VU5K, S100Y66K |
| Total assets | 188,781 | 178,803 | 211,140 | 208,900 | 229,381 | S100QTDK, S100TIMV, S100VU5K, S100Y66K |
| Net assets | 80,833 | 86,482 | 94,466 | 93,152 | 108,314 | S100TIMV, S100VU5K, S100Y66K |
| Share capital | 33,018 | 33,018 | 33,018 | 33,018 | 33,018 | S100QTDK, S100TIMV, S100VU5K, S100Y66K |
| Trade receivables | 8,713 | — | — | — | — | S100QTDK |
| Property, plant and equipment | 101,304 | 93,036 | 108,001 | 107,937 | 106,801 | S100QTDK, S100TIMV, S100VU5K, S100Y66K |
| Intangible assets excluding goodwill | 2,005 | 1,914 | 1,954 | 1,951 | 1,873 | S100QTDK, S100TIMV, S100VU5K, S100Y66K |
| Investment securities | 31,560 | 33,467 | 40,852 | 41,992 | 57,798 | S100QTDK, S100TIMV, S100VU5K, S100Y66K |
| Current assets | 34,396 | 31,772 | 42,142 | 38,949 | 45,111 | S100QTDK, S100TIMV, S100VU5K, S100Y66K |
| Current liabilities | 39,563 | 37,561 | 43,516 | 40,011 | 33,413 | S100QTDK, S100TIMV, S100VU5K, S100Y66K |
| Trade payables | 7,963 | 6,116 | 8,501 | 6,945 | 8,600 | S100QTDK, S100TIMV, S100VU5K, S100Y66K |
| Short-term borrowings | 4,871 | 4,871 | 4,871 | 7,099 | 3,700 | S100QTDK, S100TIMV, S100VU5K, S100Y66K |
| Long-term borrowings | 48,791 | 33,887 | 45,335 | 47,152 | 53,459 | S100QTDK, S100TIMV, S100VU5K, S100Y66K |
| Total liabilities | 107,947 | 92,320 | 116,674 | 115,747 | 121,067 | S100QTDK, S100TIMV, S100VU5K, S100Y66K |
| Non-controlling interests | 798 | 91 | 98 | 96 | 106 | S100QTDK, S100TIMV, S100VU5K, S100Y66K |
| Equity attributable to owners of parent | 70,145 | 75,288 | 77,938 | 76,879 | 81,735 | S100QTDK, S100TIMV, S100VU5K, S100Y66K |
| Retained earnings | 8,476 | 13,576 | 16,178 | 15,100 | 19,921 | S100QTDK, S100TIMV, S100VU5K, S100Y66K |
| Treasury stock | -1,485 | -1,464 | -1,447 | -1,430 | -1,415 | S100QTDK, S100TIMV, S100VU5K, S100Y66K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100Y66K |
| Property, plant and equipment | 47% | S100Y66K |
| Intangibles and goodwill | 1% | S100Y66K |
| Investment securities | 25% | S100Y66K |
| Other assets | 19% | S100Y66K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Y66K |
| Other liabilities | 49% | S100Y66K |
| Equity | 47% | S100Y66K |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 188,781 | 178,803 | 211,140 | 208,900 | 229,381 |
| Equity | 80,833 | 86,482 | 94,466 | 93,152 | 108,314 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,531 | 16,013 | 20,692 | 14,912 | 18,694 |

## 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) | 108.7% | S100Y66K |
| Fixed assets ÷ total assets | 46.6% | S100Y66K |
| Goodwill ÷ parent equity | — | —, S100Y66K |

### 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) | 8.1% |
| Cash ÷ revenue | 19.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 216.4% |
| Cash vs. profit gap | 8,122 JPY mn (of net income 155.1%) |
| Shareholder returns / net income | 8.2% |
| Shareholder returns / FCF | 3.8% |
| Shareholder payments — dividends / net income | 7.9% |
| Shareholder payments — dividends / FCF | 3.7% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 31.0% |

## 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 | — | —× | -0.9% | —× | — | S100QTDK |
| 2023 | 7.0% | 0.43× | 3.0% | 2.53× | 7.5% | S100TIMV |
| 2024 | 3.5% | 0.44× | 1.5% | 2.54× | 3.9% | S100VU5K |
| 2025 | — | —× | -0.3% | —× | — | S100Y66K |
| 2026 | 5.3% | 0.45× | 2.4% | 2.76× | 6.6% | S100Y66K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 その他信託口 | Major shareholder | 5.4% | 2026-02-28 |
| セコム株式会社 | Major shareholder | 4.1% | 2026-02-28 |
| 株式会社歌舞伎座 | Major shareholder | 3.5% | 2026-02-28 |
| 株式会社みずほ銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.3% | 2026-02-28 |
| 株式会社三菱UFJ銀行 | Major shareholder | 3.1% | 2026-02-28 |
| 清水建設株式会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.7% | 2026-02-28 |
| 松竹映画劇場株式会社 | Major shareholder | 2.4% | 2026-02-28 |
| 株式会社ＴＢＳテレビ | Major shareholder | 2.2% | 2026-02-28 |
| 株式会社TBSホールディングス | Major shareholder | 2.2% | 2026-02-28 |
| 株式会社大林組 | Major shareholder | 2.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第160期(2025/03/01－2026/02/28) | S100Y66K | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y66K,, |
| 有価証券報告書－第159期(2024/03/01－2025/02/28) | S100VU5K | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VU5K,, |
| 有価証券報告書－第158期(2023/03/01－2024/02/29) | S100TIMV | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIMV,, |
| 有価証券報告書－第157期(2022/03/01－2023/02/28) | S100QTDK | 2023-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTDK,, |
| 有価証券報告書－第156期(令和3年3月1日－令和4年2月28日) | S100O499 | 2022-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O499,, |
| 有価証券報告書－第155期(令和2年3月1日－令和3年2月28日) | S100LENO | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LENO,, |

## 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).