# SPACE SHOWER SKIYAKI 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32期(2025/04/01－2026/03/31) (S100YHJ3)
> Page: https://vizora.meequs.com/en/company/space-shower-skiyaki-holdings
> Retrieved: 2026-09-30T20:39:08.263Z

## Company

Space Shower Skiyaki Holdings, founded in 1994, is a company in Streaming listed on TSE Standard. It has 351 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SPACE SHOWER SKIYAKI HOLDINGS INC. |
| Ticker | 4838 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4838.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区道玄坂二丁目25番12号 |
| Representative (per filing) | 代表取締役社長 林 吉人 |
| Founded | Oct 1994 |
| Share capital | ¥100M |
| Employees (consolidated) | 351 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | sssk-hd.com (https://sssk-hd.com/) |
| Corporate number | 1010401015149 |
| EDINET | E04478 |
| Industries (Vizora) | Streaming, Music & Live Entertainment, Broadcasting & Newspapers |

> Profile source: annual securities report (S100YHJ3, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Music & Live Entertainment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 3 |
| Profitability | 83.3 | 3 |
| Cash conversion | 83.3 | 3 |
| Efficiency | 16.7 | 3 |

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 51% of Space Shower Skiyaki Holdings's sales come from Solution business, with Contents business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +10.8% from the prior year, operating profit +123.0%.

## Company structure

- Segment revenue mix: Solution business 50.6%、Contents business 49.4%
- Revenue → net income: ¥22858256000 → ¥1256210000
- Net income → operating cash flow: ¥1256210000 → ¥3513151000（difference ¥2256941000）
- Main uses of operating cash flow: CapEx ¥452600000 / dividends ¥215033000 / buybacks ¥200907000
- Change in cash: ¥583537000
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 | ¥22.9B |  |
| Operating income | ¥1.96B | Margin 8.6% |
| Net income | ¥1.2B | Margin 5.2% |
| Free cash flow | ¥3.06B |  |
| Largest business | Solution business | of segment revenue 50.6% |
| Employees (consolidated) | 351 |  |
| EPS | ¥19.35 |  |
| Book value per share | ¥291.56 |  |
| Equity ratio | 48.0% |  |
| Shares outstanding | 17,029,205 |  |
| Treasury shares | 740,800 |  |
| Shareholders | 6,790 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 38.4% | Cash ÷ revenue 30.9% |
| Vs. industry median margin | -1.3 pp | Streaming |
| ROE | 14.2% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income
- FY2026, employees -1% while operating income rose 123%
- FY2026, one segment accounts for 66% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11763964000 | ¥22858256000 | +94.3% |
| Operating income | ¥-453176000 | ¥1957002000 | — |
| Operating margin | -3.9% | 8.6% | +12.4 pp |
| Employees | 242 people | 351 people | +45.0% |
| Cash and equivalents | ¥2825288000 | ¥7072994000 | +150.3% |

### 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 → 事業再編・廃止 | 90.3% |
| 映像制作 → 事業再編・廃止 | 9.7% |
| 新設・再編 → コンテンツ | 49.4% |
| 新設・再編 → ソリューション | 50.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,858 | 100.0% | S100YHJ3 |
| Cost of revenue | 16,043 | 70.2% | S100YHJ3 |
| Gross profit | 6,816 | 29.8% | S100YHJ3 |
| SG&A | 4,859 | 21.3% | S100YHJ3 |
| Operating income | 1,957 | 8.6% | S100YHJ3 |
| Ordinary income | 2,004 | 8.8% | S100YHJ3 |
| Pretax income | 2,018 | 8.8% | S100YHJ3 |
| Income tax | 762 | 3.3% | S100YHJ3 |
| Net income | 1,256 | 5.5% | S100YHJ3 |
| Net income attributable to owners | 1,198 | 5.2% | S100YHJ3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 21 |
| Operating income | 9 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 29.8% → Operating margin 8.6% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.8%; Core profit growth: +123.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.43×
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 | 20,637 | 22,858 | 2,221 | +10.8% |
| Gross profit | 5,469 | 6,816 | 1,347 | +24.6% |
| Operating income | 877 | 1,957 | 1,080 | +123.0% |
| Net income attributable to owners | 288 | 1,198 | 910 | +316.6% |
| Operating cash flow | 1,310 | 3,513 | 2,204 | +168.3% |
| Free cash flow | 544 | 3,061 | 2,516 | +462.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,740 | 105 | 0.7% | 78 | 390 | -194 | S100LUUZ |
| FY ending Mar 2021 | 11,764 | -453 | -3.9% | -211 | 347 | 139 | S100OLJA |
| FY ending Mar 2022 | 13,864 | -0 | -0.0% | 574 | 846 | 466 | S100RCMZ |
| FY ending Mar 2023 | 15,381 | 153 | 1.0% | 348 | 892 | 558 | S100TZ3V |
| FY ending Mar 2024 | 16,143 | 618 | 3.8% | 280 | 1,156 | 781 | S100W6QW |
| FY ending Mar 2025 | 20,637 | 877 | 4.3% | 288 | 1,310 | 544 | S100YHJ3 |
| FY ending Mar 2026 | 22,858 | 1,957 | 8.6% | 1,198 | 3,513 | 3,061 | S100YHJ3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.1M |
| Operating income per employee (consolidated) | ¥5.6M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 250 | 241 | 238 | 356 | 351 |
| Average salary (parent company) | ¥6.2M | ¥6.3M | ¥6.5M | ¥6.6M | ¥6.8M |
| Average age (parent company) | 42.0 years | 42.4 years | 42.8 years | 40.3 years | 39.2 years |
| Average tenure (parent company) | 12.4 years | 12.4 years | 12.7 years | 9.4 years | 9.4 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +10.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Contents business | 11,300 | 49.4% | 1,298 | 11.5% |
| Solution business | 11,559 | 50.6% | 660 | 5.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Contents business | 49.4% | 66.3% | 16.9 | 11.5% |
| Solution business | 50.6% | 33.7% | -16.9 | 5.7% |

Segment → industry: Solution business → Streaming / Solution business → Music & Live Entertainment / Contents business → Music & Live Entertainment / Contents 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 | 3,513 | 15.4% | S100YHJ3 |
| Capital expenditure | 453 | 2.0% | S100YHJ3 |
| Free cash flow | 3,061 | 13.4% | 算出 |
| Investing cash flow | -2,427 | -10.6% | S100YHJ3 |
| Financing cash flow | -502 | -2.2% | S100YHJ3 |
| Dividends paid | 215 | 0.9% | S100YHJ3 |
| Share buyback | 201 | 0.9% | S100YHJ3 |
| Change in cash | 584 | 2.6% | S100YHJ3 |
| Cash and equivalents | 7,073 | 30.9% | S100YHJ3 |

## 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 | 1,997 | 2,667 | 3,123 | 6,489 | 7,073 | S100TZ3V, S100W6QW, S100YHJ3 |
| Total assets | 7,265 | 7,805 | 8,165 | 15,960 | 18,417 | S100RCMZ, S100TZ3V, S100W6QW, S100YHJ3 |
| Net assets | 3,361 | 3,692 | 3,942 | 8,082 | 8,939 | S100TZ3V, S100W6QW, S100YHJ3 |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100RCMZ, S100TZ3V, S100W6QW, S100YHJ3 |
| Trade receivables | 2,303 | 2,258 | 1,670 | 3,114 | 3,355 | S100RCMZ, S100TZ3V, S100W6QW, S100YHJ3 |
| Property, plant and equipment | 956 | 887 | 788 | 1,207 | 1,179 | S100RCMZ, S100TZ3V, S100W6QW, S100YHJ3 |
| Intangible assets excluding goodwill | 390 | 443 | 533 | 3,674 | 3,461 | S100RCMZ, S100TZ3V, S100W6QW, S100YHJ3 |
| Goodwill | — | — | — | 1,218 | 1,124 | S100YHJ3 |
| Investment securities | 263 | 228 | 266 | 44 | 44 | S100RCMZ, S100TZ3V, S100W6QW, S100YHJ3 |
| Current assets | 4,594 | 5,347 | 5,420 | 10,306 | 11,144 | S100RCMZ, S100TZ3V, S100W6QW, S100YHJ3 |
| Current liabilities | 3,079 | 3,314 | 3,453 | 7,078 | 8,631 | S100RCMZ, S100TZ3V, S100W6QW, S100YHJ3 |
| Total liabilities | 3,904 | 4,113 | 4,223 | 7,878 | 9,478 | S100RCMZ, S100TZ3V, S100W6QW, S100YHJ3 |
| Non-controlling interests | 5 | — | 11 | 63 | 103 | S100RCMZ, S100W6QW, S100YHJ3 |
| Equity attributable to owners of parent | 3,348 | 3,634 | 3,848 | 8,019 | 8,836 | S100RCMZ, S100TZ3V, S100W6QW, S100YHJ3 |
| Retained earnings | 1,691 | 1,956 | 2,153 | 2,302 | 3,285 | S100RCMZ, S100TZ3V, S100W6QW, S100YHJ3 |
| Treasury stock | -1,241 | -183 | -169 | -202 | -375 | S100RCMZ, S100TZ3V, S100W6QW, S100YHJ3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100YHJ3 |
| Receivables | 18% | S100YHJ3 |
| Property, plant and equipment | 6% | S100YHJ3 |
| Intangibles and goodwill | 25% | S100YHJ3 |
| Investment securities | 0% | S100YHJ3 |
| Other assets | 12% | S100YHJ3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100YHJ3 |
| Equity | 49% | S100YHJ3 |
| Other liabilities | 0% | S100YHJ3 |

### 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 | 7,265 | 7,805 | 8,165 | 15,960 | 18,417 |
| Equity | 3,361 | 3,692 | 3,942 | 8,082 | 8,939 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,997 | 2,667 | 3,123 | 6,489 | 7,073 |

## 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) | 5.2% | S100YHJ3 |
| Fixed assets ÷ total assets | 6.4% | S100YHJ3 |
| Goodwill ÷ parent equity | 12.7% | S100YHJ3 |

### 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) | 38.4% |
| Cash ÷ revenue | 30.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 179.5% |
| Cash vs. profit gap | 2,315 JPY mn (of net income 193.3%) |
| Shareholder returns / net income | 34.7% |
| Shareholder returns / FCF | 13.6% |
| Shareholder payments — dividends / net income | 18.0% |
| Shareholder payments — dividends / FCF | 7.0% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 69.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.1% | 1.91× | 7.9% | 2.17× | 17.1% | S100RCMZ |
| 2023 | 2.3% | 2.04× | 4.6% | 2.16× | 10.0% | S100TZ3V |
| 2024 | 1.7% | 2.02× | 3.5% | 2.13× | 7.5% | S100W6QW |
| 2025 | 1.4% | 1.71× | 2.4% | 2.03× | 4.8% | S100YHJ3 |
| 2026 | 5.2% | 1.33× | 7.0% | 2.04× | 14.2% | S100YHJ3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| カルチュア・コンビニエンス・クラブ㈱ | Major shareholder | 17.1% | 2026-03-31 |
| ㈱フジ・メディア・ホールディングス | Major shareholder | 10.1% | 2026-03-31 |
| 伊藤忠商事㈱ | Major shareholder | 10.1% | 2026-03-31 |
| ＫＤＤＩ㈱ | Major shareholder | 9.2% | 2026-03-31 |
| ㈱Ａｒａｒｉｋ | Major shareholder | 3.9% | 2026-03-31 |
| 宮瀬卓也 | Major shareholder | 2.4% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ ブローカーズ証券㈱） | Major shareholder | 1.4% | 2026-03-31 |
| 本多智洋 | Major shareholder | 1.4% | 2026-03-31 |
| 大和証券㈱ | Major shareholder | 1.3% | 2026-03-31 |
| 木原直哉 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/04/01－2026/03/31) | S100YHJ3 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHJ3,, |
| 有価証券報告書－第31期(2024/04/01－2025/03/31) | S100W6QW | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6QW,, |
| 訂正有価証券報告書－第30期(2023/04/01－2024/03/31) | S100TZ3V | 2024-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TZ3V,, |
| 訂正有価証券報告書－第29期(2022/04/01－2023/03/31) | S100RCMZ | 2023-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RCMZ,, |
| 有価証券報告書－第28期(令和3年4月1日－令和4年3月31日) | S100OLJA | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLJA,, |
| 有価証券報告書－第27期(令和2年4月1日－令和3年3月31日) | S100LUUZ | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUUZ,, |

## 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).