# SKY Perfect JSAT 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19期(2025/04/01－2026/03/31) (S100YBNS)
> Page: https://vizora.meequs.com/en/company/sky-perfect-jsat
> Retrieved: 2026-09-30T21:02:39.790Z

## Company

SKY Perfect JSAT, founded in 2006, is a company in Aerospace listed on TSE Prime. It has 769 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SKY Perfect JSAT Corporation (旧英訳名 SKY Perfect JSAT Holdings Inc.) |
| Ticker | 9412 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9412.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂一丁目8番1号 |
| Representative (per filing) | 代表取締役執行役員社長 米倉 英一 |
| Founded | Oct 2006 |
| Share capital | ¥10.2B |
| Employees (consolidated) | 769 |
| Average salary (parent only) | ¥12.1M |
| Fiscal year end | March |
| Website | www.skyperfectjsat.space (https://www.skyperfectjsat.space/) |
| Corporate number | 5010401077210 |
| EDINET | E04497 |
| Industries (Vizora) | Aerospace, Broadcasting & Newspapers |

> Profile source: annual securities report (S100YBNS, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Aerospace (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.5 | 11 |
| Profitability | 95.5 | 11 |
| Cash conversion | 50 | 5 |
| Efficiency | 42.3 | 13 |

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 52% of SKY Perfect JSAT's sales come from Space Business, with Media Business making up much of the rest.
- Out of every ¥100 of sales, about ¥28 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit +28.3%.

## Company structure

- Segment revenue mix: Space Business 51.8%、Media Business 48.2%
- Revenue → net income: ¥127584000000 → ¥23655000000
- Net income → operating cash flow: ¥23655000000 → ¥53667000000（difference ¥30012000000）
- Main uses of operating cash flow: CapEx ¥50110000000 / dividends ¥9911000000 / buybacks —
- Change in cash: ¥-55428000000
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 | ¥127.6B |  |
| Operating income | ¥35.3B | Margin 27.6% |
| Net income | ¥23.3B | Margin 18.3% |
| Free cash flow | ¥3.56B |  |
| Largest business | Space Business | of segment revenue 51.8% |
| Employees (consolidated) | 769 |  |
| EPS | ¥0.78 |  |
| Book value per share | ¥562.26 |  |
| Equity ratio | 74.4% |  |
| Shares outstanding | 297,681,264 |  |
| Treasury shares | 14,241,400 |  |
| Shareholders | 39,345 |  |
| Average salary (parent only) | ¥12.1M | Filing company only |
| Cash ratio | 14.1% | Cash ÷ revenue 45.2% |
| Vs. industry median margin | +49.6 pp | Aerospace |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, one segment accounts for 67% of positive segment profit
- FY2026, employees -6% while operating income rose 28%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥139572000000 | ¥127584000000 | -8.6% |
| Operating income | ¥19151000000 | ¥35273000000 | +84.2% |
| Operating margin | 13.7% | 27.6% | +13.9 pp |
| Employees | 846 people | 769 people | -9.1% |
| Cash and equivalents | ¥73193000000 | ¥57647000000 | -21.2% |

### 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 |
| --- | ---: |
| 宇宙事業 → 宇宙事業 | 36.7% |
| メディア事業 → メディア事業 | 48.2% |
| メディア事業 → 事業再編・廃止 | 15.1% |
| 新設・再編 → 宇宙事業 | 15.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 127,584 | 100.0% | S100YBNS |
| SG&A | 27,608 | 21.6% | S100YBNS |
| Operating income | 35,273 | 27.6% | S100YBNS |
| Ordinary income | 35,420 | 27.8% | S100YBNS |
| Pretax income | 34,908 | 27.4% | S100YBNS |
| Income tax | 11,253 | 8.8% | S100YBNS |
| Net income | 23,655 | 18.5% | S100YBNS |
| Net income attributable to owners | 23,311 | 18.3% | S100YBNS |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 72 |
| Operating income | 28 |
| (Ref.) Net income | 18 |

### Margin funnel

Operating margin 27.6% → Net margin 18.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.1%; Core profit growth: +28.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.07×
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 | 123,721 | 127,584 | 3,863 | +3.1% |
| Operating income | 27,488 | 35,273 | 7,785 | +28.3% |
| Net income attributable to owners | 19,106 | 23,311 | 4,205 | +22.0% |
| Operating cash flow | 42,375 | 53,667 | 11,292 | +26.6% |
| Free cash flow | 18,422 | 3,557 | -14,865 | -80.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 139,541 | 15,263 | 10.9% | 12,027 | 28,879 | 9,128 | S100LPG3 |
| FY ending Mar 2021 | 139,572 | 19,151 | 13.7% | 13,345 | 57,948 | 45,712 | S100OENK |
| FY ending Mar 2022 | 119,632 | 18,862 | 15.8% | 14,579 | 36,507 | 28,132 | S100R11K |
| FY ending Mar 2023 | 121,139 | 22,324 | 18.4% | 15,810 | 57,630 | 40,215 | S100TOHH |
| FY ending Mar 2024 | 121,872 | 26,545 | 21.8% | 17,739 | 42,404 | 27,029 | S100VY95 |
| FY ending Mar 2025 | 123,721 | 27,488 | 22.2% | 19,106 | 42,375 | 18,422 | S100YBNS |
| FY ending Mar 2026 | 127,584 | 35,273 | 27.6% | 23,311 | 53,667 | 3,557 | S100YBNS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥165.9M |
| Operating income per employee (consolidated) | ¥45.9M |
| Net income per employee (consolidated) | ¥30.3M |

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) | 841 | 848 | 848 | 819 | 769 |
| Average salary (parent company) | ¥12.7M | ¥11.8M | ¥12M | ¥12.7M | ¥12.1M |
| Average age (parent company) | 50.0 years | 47.0 years | 47.0 years | 47.0 years | 45.0 years |
| Average tenure (parent company) | 4.0 years | 4.0 years | 4.0 years | 5.0 years | 4.0 years |

Year over year: Employees (consolidated) -6.1% · Revenue (consolidated) +3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Space Business | 66,039 | 51.8% | 24,144 | 36.6% |
| Media Business | 61,544 | 48.2% | 11,908 | 19.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Space Business | 51.8% | 67.0% | 15.2 | 36.6% |
| Media Business | 48.2% | 33.0% | -15.2 | 19.3% |

Segment → industry: Space Business → Aerospace / Media Business → Broadcasting & Newspapers

## 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 | 53,667 | 42.1% | S100YBNS |
| Capital expenditure | 50,110 | 39.3% | S100YBNS |
| Free cash flow | 3,557 | 2.8% | 算出 |
| Investing cash flow | -76,458 | -59.9% | S100YBNS |
| Financing cash flow | -32,281 | -25.3% | S100YBNS |
| Dividends paid | 9,911 | 7.8% | S100YBNS |
| Change in cash | -55,428 | -43.4% | S100YBNS |
| Cash and equivalents | 57,647 | 45.2% | S100YBNS |

## 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 | 85,914 | 107,908 | 114,321 | 114,516 | 57,647 | S100TOHH, S100VY95, S100YBNS |
| Total assets | 378,166 | 399,055 | 405,411 | 403,414 | 407,759 | S100R11K, S100TOHH, S100VY95, S100YBNS |
| Net assets | 243,077 | 256,815 | 271,982 | 284,174 | 307,035 | S100TOHH, S100VY95, S100YBNS |
| Share capital | 10,081 | 10,081 | 10,129 | 10,172 | 10,172 | S100R11K, S100TOHH, S100VY95, S100YBNS |
| Property, plant and equipment | 119,154 | 115,393 | 111,293 | 115,184 | 151,212 | S100R11K, S100TOHH, S100VY95, S100YBNS |
| Intangible assets excluding goodwill | 5,139 | 4,345 | 4,603 | 5,396 | 5,634 | S100R11K, S100TOHH, S100VY95, S100YBNS |
| Goodwill | 67 | — | — | — | — | S100R11K |
| Investment securities | 21,129 | 24,856 | 38,944 | 37,769 | 53,752 | S100R11K, S100TOHH, S100VY95, S100YBNS |
| Current assets | 206,321 | 228,855 | 231,269 | 228,554 | 186,605 | S100R11K, S100TOHH, S100VY95, S100YBNS |
| Current liabilities | 51,701 | 64,076 | 60,198 | 69,838 | 60,419 | S100R11K, S100TOHH, S100VY95, S100YBNS |
| Long-term borrowings | 61,644 | 52,975 | 45,016 | 32,130 | 23,714 | S100R11K, S100TOHH, S100VY95, S100YBNS |
| Bonds | 10,000 | 10,000 | 10,000 | — | — | S100R11K, S100TOHH, S100VY95 |
| Total liabilities | 135,089 | 142,239 | 133,428 | 119,239 | 100,723 | S100R11K, S100TOHH, S100VY95, S100YBNS |
| Non-controlling interests | 1,088 | 1,395 | 1,760 | 2,465 | 3,481 | S100R11K, S100TOHH, S100VY95, S100YBNS |
| Equity attributable to owners of parent | 242,724 | 253,401 | 260,178 | 273,177 | 286,686 | S100R11K, S100TOHH, S100VY95, S100YBNS |
| Retained earnings | 103,749 | 114,333 | 126,015 | 138,888 | 152,281 | S100R11K, S100TOHH, S100VY95, S100YBNS |
| Treasury stock | -3,000 | -2,924 | -7,924 | -7,924 | -7,877 | S100R11K, S100TOHH, S100VY95, S100YBNS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YBNS |
| Property, plant and equipment | 37% | S100YBNS |
| Intangibles and goodwill | 2% | S100YBNS |
| Investment securities | 13% | S100YBNS |
| Other assets | 34% | S100YBNS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100YBNS |
| Equity | 75% | S100YBNS |
| Other liabilities | 0% | S100YBNS |

### 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 | 378,166 | 399,055 | 405,411 | 403,414 | 407,759 |
| Equity | 243,077 | 256,815 | 271,982 | 284,174 | 307,035 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 85,914 | 107,908 | 114,321 | 114,516 | 57,647 |

## 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) | 118.5% | S100YBNS |
| Fixed assets ÷ total assets | 37.1% | S100YBNS |
| Goodwill ÷ parent equity | — | —, S100YBNS |

### 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) | 14.1% |
| Cash ÷ revenue | 45.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 152.1% |
| Cash vs. profit gap | 30,356 JPY mn (of net income 130.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 42.5% |
| Shareholder payments — dividends / FCF | 278.6% |
| CapEx intensity (capex ÷ revenue) | 39.3% |
| Investing CF relative to operating CF | 142.5% |

## 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 | 12.2% | 0.32× | 3.9% | 1.56× | 6.0% | S100R11K |
| 2023 | 13.1% | 0.31× | 4.1% | 1.57× | 6.4% | S100TOHH |
| 2024 | 14.6% | 0.30× | 4.4% | 1.57× | 6.9% | S100VY95 |
| 2025 | 15.4% | 0.31× | 4.7% | 1.52× | 7.2% | S100YBNS |
| 2026 | 18.3% | 0.31× | 5.7% | 1.45× | 8.3% | S100YBNS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠・フジ・パートナーズ㈱ | Major shareholder | 27.0% | 2026-03-31 |
| NTTドコモビジネス㈱ | Major shareholder | 9.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 8.0% | 2026-03-31 |
| 日本テレビ放送網㈱ | Major shareholder | 7.4% | 2026-03-31 |
| ㈱TBSホールディングス | Major shareholder | 6.5% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 4.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505019(常任代理人 ㈱みずほ銀行) | Major shareholder | 1.1% | 2026-03-31 |
| 山口貴弘 | Major shareholder | 1.0% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 0.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223(常任代理人 ㈱みずほ銀行) | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/04/01－2026/03/31) | S100YBNS | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBNS,, |
| 有価証券報告書－第18期(2024/04/01－2025/03/31) | S100VY95 | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY95,, |
| 有価証券報告書－第17期(2023/04/01－2024/03/31) | S100TOHH | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOHH,, |
| 有価証券報告書－第16期(2022/04/01－2023/03/31) | S100R11K | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R11K,, |
| 有価証券報告書－第15期(令和3年4月1日－令和4年3月31日) | S100OENK | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OENK,, |
| 有価証券報告書－第14期(令和2年4月1日－令和3年3月31日) | S100LPG3 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPG3,, |

## 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).