# SM ENTERTAINMENT JAPAN Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第55期(2025/01/01－2025/12/31) (S100XTT0)
> Page: https://vizora.meequs.com/en/company/sm-entertainment-japan
> Retrieved: 2026-09-30T19:15:33.970Z

## Company

SM Entertainment Japan, founded in 1971, is a company in Music & Live Entertainment listed on TSE Growth. It has 104 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SM ENTERTAINMENT JAPAN Co.,Ltd. (旧英訳名 Stream Media Corporation) |
| Ticker | 4772 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4772.T) |
| Listing | TSE Growth |
| Head office | 東京都港区六本木三丁目2番1号 |
| Representative (per filing) | 代表取締役社長 金 東佑 |
| Founded | Dec 1971 |
| Share capital | ¥50M |
| Employees (consolidated) | 104 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | December |
| Corporate number | 6010401036776 |
| EDINET | E05088 |
| Industries (Vizora) | Music & Live Entertainment, Talent Agencies |

> Profile source: annual securities report (S100XTT0, filed 2026-03-25). As of filing

## Key points (generated from figures)

- About 77% of SM Entertainment Japan's sales come from Entertainment project, with Rights and media project making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +4.9% from the prior year, operating profit -52.2%.

## Company structure

- Segment revenue mix: Entertainment project 76.7%、Rights and media project 23.3%
- Revenue → net income: ¥10195588000 → ¥377798000
- Net income → operating cash flow: ¥377798000 → ¥1422653000（difference ¥1044855000）
- Main uses of operating cash flow: CapEx ¥7833000 / dividends ¥115542000 / buybacks —
- Change in cash: ¥1251684000
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 | ¥10.2B |  |
| Operating income | ¥173.9M | Margin 1.7% |
| Net income | ¥375.8M | Margin 3.7% |
| Free cash flow | ¥1.41B |  |
| Largest business | Entertainment project | of segment revenue 76.7% |
| Employees (consolidated) | 104 |  |
| EPS | ¥3.22 |  |
| Book value per share | ¥56.72 |  |
| Equity ratio | 49.8% |  |
| Shares outstanding | 115,904,831 |  |
| Treasury shares | 9,900 |  |
| Shareholders | 7,214 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 25.5% | Cash ÷ revenue 36.3% |
| Vs. industry median margin | -4.6 pp | Music & Live Entertainment |
| ROE | 5.8% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.8× net income
- FY2025, one segment accounts for 80% of positive segment profit
- FY2025, cash is 25% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4270009000 | ¥10195588000 | +138.8% |
| Operating income | ¥-1200212000 | ¥173865000 | — |
| Operating margin | -28.1% | 1.7% | +29.8 pp |
| Employees | 100 people | 104 people | +4.0% |
| Cash and equivalents | ¥3485149000 | ¥3704305000 | +6.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| エンターテインメント事業 → エンターテインメント事業 | 24.3% |
| ライツ＆メディア事業 → ライツ＆メディア事業 | 23.3% |
| ライツ＆メディア事業 → 事業再編・廃止 | 52.3% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → エンターテインメント事業 | 52.4% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,196 | 100.0% | S100XTT0 |
| Cost of revenue | 8,176 | 80.2% | S100XTT0 |
| Gross profit | 2,020 | 19.8% | S100XTT0 |
| SG&A | 1,846 | 18.1% | S100XTT0 |
| Operating income | 174 | 1.7% | S100XTT0 |
| Ordinary income | 194 | 1.9% | S100XTT0 |
| Pretax income | 449 | 4.4% | S100XTT0 |
| Income tax | 71 | 0.7% | S100XTT0 |
| Net income | 378 | 3.7% | S100XTT0 |
| Net income attributable to owners | 376 | 3.7% | S100XTT0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 18 |
| Operating income | 2 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 19.8% → Operating margin 1.7% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.9%; Core profit growth: -52.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -10.58×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,716 | 10,196 | 480 | +4.9% |
| Gross profit | 2,062 | 2,020 | -42 | -2.0% |
| Operating income | 364 | 174 | -190 | -52.2% |
| Net income attributable to owners | 788 | 376 | -412 | -52.3% |
| Operating cash flow | -562 | 1,423 | 1,985 | — |
| Free cash flow | -595 | 1,415 | 2,009 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 4,270 | -1,200 | -28.1% | -1,241 | -1,228 | -1,243 | S100NOTG |
| FY ending Dec 2021 | 5,632 | -648 | -11.5% | -286 | 156 | -8 | S100QH6K |
| FY ending Dec 2022 | 7,079 | -381 | -5.4% | -303 | -113 | -218 | S100TGFY |
| FY ending Dec 2023 | 8,911 | 182 | 2.0% | 262 | -1,045 | -1,055 | S100VFVJ |
| FY ending Dec 2024 | 9,716 | 364 | 3.7% | 788 | -562 | -595 | S100XTT0 |
| FY ending Dec 2025 | 10,196 | 174 | 1.7% | 376 | 1,423 | 1,415 | S100XTT0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥98M |
| Operating income per employee (consolidated) | ¥1.7M |
| 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 95 | 89 | 92 | 91 | 104 |
| Average salary (parent company) | ¥5.1M | ¥5.2M | ¥5.8M | ¥5.6M | ¥6.1M |
| Average age (parent company) | 40.0 years | 39.0 years | 38.4 years | 38.2 years | 38.5 years |
| Average tenure (parent company) | 7.2 years | 6.6 years | 5.7 years | 5.2 years | 5.5 years |

Year over year: Employees (consolidated) +14.3% · Revenue (consolidated) +4.9%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Entertainment project | 7,817 | 76.7% | 545 | 7.0% |
| Rights and media project | 2,379 | 23.3% | 140 | 5.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Entertainment project | 76.7% | 79.6% | 2.9 | 7.0% |
| Rights and media project | 23.3% | 20.4% | -2.9 | 5.9% |

Segment → industry: Rights and media project → Music & Live Entertainment / Entertainment project → Music & Live Entertainment / Entertainment project → Talent Agencies

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,423 | 14.0% | S100XTT0 |
| Capital expenditure | 8 | 0.1% | S100XTT0 |
| Free cash flow | 1,415 | 13.9% | 算出 |
| Investing cash flow | -54 | -0.5% | S100XTT0 |
| Financing cash flow | -117 | -1.1% | S100XTT0 |
| Dividends paid | 116 | 1.1% | S100XTT0 |
| Change in cash | 1,252 | 12.3% | S100XTT0 |
| Cash and equivalents | 3,704 | 36.3% | S100XTT0 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,761 | 3,416 | 2,414 | 2,453 | 3,704 | S100TGFY, S100VFVJ, S100XTT0 |
| Total assets | 12,216 | 10,068 | 12,675 | 14,406 | 14,533 | S100QH6K, S100TGFY, S100VFVJ, S100XTT0 |
| Net assets | 9,056 | 6,693 | 7,211 | 7,783 | 7,922 | S100TGFY, S100VFVJ, S100XTT0 |
| Share capital | 6,042 | 6,042 | 6,042 | 50 | 50 | S100QH6K, S100TGFY, S100VFVJ, S100XTT0 |
| Property, plant and equipment | 22 | 21 | 23 | 20 | 19 | S100QH6K, S100TGFY, S100VFVJ, S100XTT0 |
| Intangible assets excluding goodwill | 217 | 22 | 15 | 8 | 5 | S100QH6K, S100TGFY, S100VFVJ, S100XTT0 |
| Investment securities | 4,818 | 1,854 | 2,115 | 1,386 | 1,573 | S100QH6K, S100TGFY, S100VFVJ, S100XTT0 |
| Current assets | 7,109 | 8,124 | 10,426 | 12,779 | 12,670 | S100QH6K, S100TGFY, S100VFVJ, S100XTT0 |
| Current liabilities | 1,597 | 2,839 | 4,821 | 6,190 | 6,103 | S100QH6K, S100TGFY, S100VFVJ, S100XTT0 |
| Total liabilities | 3,159 | 3,375 | 5,464 | 6,622 | 6,611 | S100QH6K, S100TGFY, S100VFVJ, S100XTT0 |
| Non-controlling interests | 1,213 | 329 | 394 | 405 | 452 | S100QH6K, S100TGFY, S100VFVJ, S100XTT0 |
| Equity attributable to owners of parent | 5,579 | 5,286 | 5,548 | 6,336 | 6,596 | S100QH6K, S100TGFY, S100VFVJ, S100XTT0 |
| Retained earnings | -3,869 | -4,162 | -3,900 | 330 | 590 | S100QH6K, S100TGFY, S100VFVJ, S100XTT0 |
| Treasury stock | -33 | -33 | -33 | -33 | -33 | S100QH6K, S100TGFY, S100VFVJ, S100XTT0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100XTT0 |
| Property, plant and equipment | 0% | S100XTT0 |
| Intangibles and goodwill | 0% | S100XTT0 |
| Investment securities | 11% | S100XTT0 |
| Other assets | 64% | S100XTT0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100XTT0 |
| Equity | 55% | S100XTT0 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,216 | 10,068 | 12,675 | 14,406 | 14,533 |
| Equity | 9,056 | 6,693 | 7,211 | 7,783 | 7,922 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,761 | 3,416 | 2,414 | 2,453 | 3,704 |

## 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) | 0.2% | S100XTT0 |
| Fixed assets ÷ total assets | 0.1% | S100XTT0 |
| Goodwill ÷ parent equity | — | —, S100XTT0 |

### 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) | 25.5% |
| Cash ÷ revenue | 36.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 818.3% |
| Cash vs. profit gap | 1,047 JPY mn (of net income 278.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.7% |
| Shareholder payments — dividends / FCF | 8.2% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 3.8% |

## 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 | — | —× | -2.3% | —× | — | S100QH6K |
| 2022 | — | —× | -2.7% | —× | — | S100TGFY |
| 2023 | 2.9% | 0.78× | 2.3% | 2.10× | 4.8% | S100VFVJ |
| 2024 | 8.1% | 0.72× | 5.8% | 2.28× | 13.3% | S100XTT0 |
| 2025 | 3.7% | 0.70× | 2.6% | 2.24× | 5.8% | S100XTT0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社SMEJ Holdings | Major shareholder | 66.1% | 2025-12-31 |
| 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 | 7.5% | 2025-12-31 |
| KSD-MIRAE ASSET SECURITIES(CLIENT) （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 7.2% | 2025-12-31 |
| MACQUARIE BANK LIMITED DBU AC （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 4.1% | 2025-12-31 |
| 株式会社サンライズ | Major shareholder | 0.9% | 2025-12-31 |
| JPモルガン証券株式会社 | Major shareholder | 0.3% | 2025-12-31 |
| 宇田川昇平 | Major shareholder | 0.3% | 2025-12-31 |
| 櫻井考明 | Major shareholder | 0.2% | 2025-12-31 |
| 栃木裕美子 | Major shareholder | 0.2% | 2025-12-31 |
| ケイテイ コーポレーション （常任代理人 株式会社ケイティ・ジャパン） | Major shareholder | 0.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第55期(2025/01/01－2025/12/31) | S100XTT0 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTT0,, |
| 有価証券報告書－第54期(2024/01/01－2024/12/31) | S100VFVJ | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFVJ,, |
| 訂正有価証券報告書－第53期(2023/01/01－2023/12/31) | S100TGFY | 2024-05-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TGFY,, |
| 有価証券報告書－第52期(2022/01/01－2022/12/31) | S100QH6K | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH6K,, |
| 有価証券報告書－第51期(令和3年1月1日－令和3年12月31日) | S100NOTG | 2022-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NOTG,, |
| 訂正有価証券報告書－第50期(令和2年1月1日－令和2年12月31日) | S100LY96 | 2021-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LY96,, |

## 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).