# SQUARE ENIX HOLDINGS CO.,LTD.: 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46期(2025/04/01－2026/03/31) (S100YHJ4)
> Page: https://vizora.meequs.com/en/company/square-enix-holdings
> Retrieved: 2026-09-30T21:18:33.846Z

## Company

Square Enix Holdings, founded in 1975, is a company in Toys & Hobbies listed on TSE Prime. It has 4,290 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SQUARE ENIX HOLDINGS CO.,LTD. |
| Ticker | 9684 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9684.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区新宿六丁目27番30号 |
| Representative (per filing) | 代表取締役社長 桐生 隆司 |
| Founded | Sep 1975 |
| Share capital | ¥24B |
| Employees (consolidated) | 4,290 |
| Average salary (parent only) | ¥13.2M |
| Fiscal year end | March |
| Website | www.pronexus.co.jp (https://www.pronexus.co.jp/) |
| Corporate number | 5011001027704 |
| EDINET | E04859 |
| Industries (Vizora) | Toys & Hobbies, Games, Publishing & Bookstores, Amusement Centers & Karaoke |

> Profile source: annual securities report (S100YHJ4, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Games (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.1 | 36 |
| Profitability | 81.7 | 41 |
| Cash conversion | 53.2 | 31 |
| Efficiency | 45.1 | 41 |

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 58% of Square Enix Holdings's sales come from Digital Entertainment Segment, with Amusement Segment and Publication Segment making up much of the rest.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed -8.3% from the prior year, operating profit +34.9%.

## Company structure

- Segment revenue mix: Digital Entertainment Segment 58.1%、Amusement Segment 24.0%、Publication Segment 10.0%、Merchandising Segment 7.9%
- Revenue → net income: ¥297661000000 → ¥29646000000
- Net income → operating cash flow: ¥29646000000 → ¥51584000000（difference ¥21938000000）
- Main uses of operating cash flow: CapEx ¥7395000000 / dividends ¥18629000000 / buybacks ¥5000000
- Change in cash: ¥32185000000
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 | ¥297.7B |  |
| Operating income | ¥54.7B | Margin 18.4% |
| Net income | ¥29.6B | Margin 9.9% |
| Free cash flow | ¥44.2B |  |
| Largest business | Digital Entertainment Segment | of segment revenue 58.1% |
| Employees (consolidated) | 4,290 |  |
| EPS | ¥167.33 |  |
| Diluted EPS | ¥167.2 |  |
| Book value per share | ¥549.22 |  |
| Equity ratio | 79.6% |  |
| Shares outstanding | 367,594,000 |  |
| Treasury shares | 6,975,900 |  |
| Shareholders | 35,574 |  |
| Average salary (parent only) | ¥13.2M | Filing company only |
| Cash ratio | 63.0% | Cash ÷ revenue 92.7% |
| Vs. industry median margin | +13 pp | Games |
| ROE | 8.5% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 63% of total assets
- FY2026, employees -7% while operating income rose 35%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥332532000000 | ¥297661000000 | -10.5% |
| Operating income | ¥47226000000 | ¥54736000000 | +15.9% |
| Operating margin | 14.2% | 18.4% | +4.2 pp |
| Employees | 5,550 people | 4,290 people | -22.7% |
| Cash and equivalents | ¥144061000000 | ¥275796000000 | +91.4% |

### 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 |
| --- | ---: |
| デジタルエンタテインメント事業 → デジタルエンタテインメント事業 | 58.1% |
| デジタルエンタテインメント事業 → 事業再編・廃止 | 21.3% |
| アミューズメント事業 → アミューズメント事業 | 10.0% |
| 出版事業 → 出版事業 | 8.1% |
| ライツ・プロパティ等事業 → ライツ・プロパティ等事業 | 2.6% |
| 新設・再編 → アミューズメント事業 | 14.1% |
| 新設・再編 → 出版事業 | 1.9% |
| 新設・再編 → ライツ・プロパティ等事業 | 5.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital Entertainment Segment | 5 years | -8.1% | ¥172883000000 | 25.1% | 2 |
| Amusement Segment | 5 years | +16.6% | ¥71539000000 | 12.4% | 2 |
| Publication Segment | 5 years | +2.0% | ¥29665000000 | 33.2% | 2 |
| Merchandising Segment | 5 years | +22.2% | ¥23572000000 | 47.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 297,661 | 100.0% | S100YHJ4 |
| Cost of revenue | 138,712 | 46.6% | S100YHJ4 |
| Gross profit | 158,949 | 53.4% | S100YHJ4 |
| SG&A | 104,213 | 35.0% | S100YHJ4 |
| Operating income | 54,736 | 18.4% | S100YHJ4 |
| Ordinary income | 64,469 | 21.7% | S100YHJ4 |
| Pretax income | 50,356 | 16.9% | S100YHJ4 |
| Income tax | 20,709 | 7.0% | S100YHJ4 |
| Net income | 29,646 | 10.0% | S100YHJ4 |
| Net income attributable to owners | 29,616 | 9.9% | S100YHJ4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 35 |
| Operating income | 18 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 53.4% → Operating margin 18.4% → Net margin 9.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -8.3%; Core profit growth: +34.9%
Operating leverage (core profit growth ÷ revenue growth): -4.22×
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 | 324,506 | 297,661 | -26,845 | -8.3% |
| Gross profit | 162,665 | 158,949 | -3,716 | -2.3% |
| Operating income | 40,580 | 54,736 | 14,156 | +34.9% |
| Net income attributable to owners | 24,414 | 29,616 | 5,202 | +21.3% |
| Operating cash flow | 42,781 | 51,584 | 8,803 | +20.6% |
| Free cash flow | 30,708 | 44,189 | 13,481 | +43.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 260,527 | 32,759 | 12.6% | 21,346 | 18,005 | 10,591 | S100LRPI |
| FY ending Mar 2021 | 332,532 | 47,226 | 14.2% | 26,942 | 35,000 | 28,602 | S100ODZP |
| FY ending Mar 2022 | 365,275 | 59,261 | 16.2% | 51,013 | 27,570 | 19,612 | S100R2YA |
| FY ending Mar 2023 | 343,267 | 44,331 | 12.9% | 49,264 | 12,226 | 3,677 | S100TQJ9 |
| FY ending Mar 2024 | 356,344 | 32,558 | 9.1% | 14,912 | 52,238 | 41,791 | S100W67T |
| FY ending Mar 2025 | 324,506 | 40,580 | 12.5% | 24,414 | 42,781 | 30,708 | S100YHJ4 |
| FY ending Mar 2026 | 297,661 | 54,736 | 18.4% | 29,616 | 51,584 | 44,189 | S100YHJ4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69.4M |
| Operating income per employee (consolidated) | ¥12.8M |
| Net income per employee (consolidated) | ¥6.9M |

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) | 5,637 | 4,712 | 4,770 | 4,604 | 4,290 |
| Average salary (parent company) | ¥14.3M | ¥12.6M | ¥13.1M | ¥14.4M | ¥13.2M |
| Average age (parent company) | 47.1 years | 46.5 years | 47.1 years | 48.6 years | 48.0 years |
| Average tenure (parent company) | 4.8 years | 5.1 years | 5.8 years | 5.9 years | 5.9 years |

Year over year: Employees (consolidated) -6.8% · Revenue (consolidated) -8.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital Entertainment Segment | 172,883 | 58.1% | 43,363 | 25.1% |
| Amusement Segment | 71,539 | 24.0% | 8,877 | 12.4% |
| Publication Segment | 29,665 | 10.0% | 9,849 | 33.2% |
| Merchandising Segment | 23,572 | 7.9% | 11,237 | 47.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digital Entertainment Segment | 58.1% | 59.1% | 1.1 | 25.1% |
| Amusement Segment | 24.0% | 12.1% | -11.9 | 12.4% |
| Publication Segment | 10.0% | 13.4% | 3.5 | 33.2% |
| Merchandising Segment | 7.9% | 15.3% | 7.4 | 47.7% |

Segment → industry: Merchandising Segment → Toys & Hobbies / Digital Entertainment Segment → Games / Publication Segment → Publishing & Bookstores / Amusement Segment → Amusement Centers & Karaoke

## 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 | 51,584 | 17.3% | S100YHJ4 |
| Capital expenditure | 7,395 | 2.5% | S100YHJ4 |
| Free cash flow | 44,189 | 14.8% | 算出 |
| Investing cash flow | -6,209 | -2.1% | S100YHJ4 |
| Financing cash flow | -18,430 | -6.2% | S100YHJ4 |
| Dividends paid | 18,629 | 6.3% | S100YHJ4 |
| Share buyback | 5 | 0.0% | S100YHJ4 |
| Change in cash | 32,185 | 10.8% | S100YHJ4 |
| Cash and equivalents | 275,796 | 92.7% | S100YHJ4 |

## 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 | 160,622 | 190,903 | 223,181 | 243,610 | 275,796 | S100TQJ9, S100W67T, S100YHJ4 |
| Total assets | 380,902 | 399,634 | 410,876 | 416,160 | 438,018 | S100R2YA, S100TQJ9, S100W67T, S100YHJ4 |
| Net assets | 284,429 | 317,266 | 317,129 | 336,368 | 349,224 | S100TQJ9, S100W67T, S100YHJ4 |
| Share capital | 24,039 | 24,039 | 24,039 | 24,039 | 24,039 | S100R2YA, S100TQJ9, S100W67T, S100YHJ4 |
| Trade receivables | 44,968 | 39,908 | 44,683 | 33,175 | 30,482 | S100R2YA, S100TQJ9, S100W67T, S100YHJ4 |
| Property, plant and equipment | 19,814 | 17,743 | 23,075 | 27,829 | 27,409 | S100R2YA, S100TQJ9, S100W67T, S100YHJ4 |
| Intangible assets excluding goodwill | 7,375 | 5,856 | 5,881 | 4,895 | 4,256 | S100R2YA, S100TQJ9, S100W67T, S100YHJ4 |
| Investment securities | 2,727 | 4,629 | 4,731 | 5,553 | 5,251 | S100R2YA, S100TQJ9, S100W67T, S100YHJ4 |
| Current assets | 322,455 | 342,258 | 339,219 | 344,515 | 368,393 | S100R2YA, S100TQJ9, S100W67T, S100YHJ4 |
| Current liabilities | 83,800 | 71,704 | 81,559 | 67,360 | 74,730 | S100R2YA, S100TQJ9, S100W67T, S100YHJ4 |
| Trade payables | 27,598 | 23,558 | 24,384 | 17,439 | 17,192 | S100R2YA, S100TQJ9, S100W67T, S100YHJ4 |
| Total liabilities | 96,472 | 82,368 | 93,747 | 79,792 | 88,793 | S100R2YA, S100TQJ9, S100W67T, S100YHJ4 |
| Non-controlling interests | 191 | 222 | 255 | 304 | 346 | S100R2YA, S100TQJ9, S100W67T, S100YHJ4 |
| Equity attributable to owners of parent | 290,272 | 324,745 | 325,272 | 343,700 | 355,553 | S100R2YA, S100TQJ9, S100W67T, S100YHJ4 |
| Retained earnings | 221,316 | 255,151 | 254,741 | 272,434 | 283,430 | S100R2YA, S100TQJ9, S100W67T, S100YHJ4 |
| Treasury stock | -8,964 | -8,587 | -7,876 | -7,452 | -7,130 | S100R2YA, S100TQJ9, S100W67T, S100YHJ4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 63% | S100YHJ4 |
| Receivables | 7% | S100YHJ4 |
| Property, plant and equipment | 6% | S100YHJ4 |
| Intangibles and goodwill | 1% | S100YHJ4 |
| Investment securities | 1% | S100YHJ4 |
| Other assets | 22% | S100YHJ4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YHJ4 |
| Other liabilities | 16% | S100YHJ4 |
| Equity | 80% | S100YHJ4 |
| Other liabilities | 0% | S100YHJ4 |

### 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 | 380,902 | 399,634 | 410,876 | 416,160 | 438,018 |
| Equity | 284,429 | 317,266 | 317,129 | 336,368 | 349,224 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 160,622 | 190,903 | 223,181 | 243,610 | 275,796 |

## 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) | 9.2% | S100YHJ4 |
| Fixed assets ÷ total assets | 6.3% | S100YHJ4 |
| Goodwill ÷ parent equity | — | —, S100YHJ4 |

### 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) | 63.0% |
| Cash ÷ revenue | 92.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 94.2% |
| Cash vs. profit gap | 21,968 JPY mn (of net income 74.2%) |
| Shareholder returns / net income | 62.9% |
| Shareholder returns / FCF | 42.2% |
| Shareholder payments — dividends / net income | 62.9% |
| Shareholder payments — dividends / FCF | 42.2% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 12.0% |

## 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 | 14.0% | 0.96× | 13.4% | 1.31× | 17.6% | S100R2YA |
| 2023 | 14.4% | 0.88× | 12.6% | 1.27× | 16.0% | S100TQJ9 |
| 2024 | 4.2% | 0.88× | 3.7% | 1.25× | 4.6% | S100W67T |
| 2025 | 7.5% | 0.78× | 5.9% | 1.24× | 7.3% | S100YHJ4 |
| 2026 | 9.9% | 0.70× | 6.9% | 1.22× | 8.5% | S100YHJ4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 福嶋 康博 | Major shareholder | 19.7% | 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 | 11.1% | 2026-03-31 |
| JP MORGAN CHASE BANK 380752（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 9.8% | 2026-03-31 |
| 株式会社福嶋企画 | Major shareholder | 5.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505018（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.9% | 2026-03-31 |
| GOLDMAN, SACHS & CO. REG（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.2% | 2026-03-31 |
| 3D WH OPPORTUNITY MASTER OFC - 3D WH OPPORTUNITY HOLDINGS（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.0% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N. A. LONDON SPECIAL ACCOUNT NO.1（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.4% | 2026-03-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN（CASHPB）（常任代理人 野村證券株式会社） | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/04/01－2026/03/31) | S100YHJ4 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHJ4,, |
| 有価証券報告書－第45期(2024/04/01－2025/03/31) | S100W67T | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W67T,, |
| 有価証券報告書－第44期(2023/04/01－2024/03/31) | S100TQJ9 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQJ9,, |
| 有価証券報告書－第43期(2022/04/01－2023/03/31) | S100R2YA | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2YA,, |
| 有価証券報告書－第42期(令和3年4月1日－令和4年3月31日) | S100ODZP | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODZP,, |
| 有価証券報告書－第41期(令和2年4月1日－令和3年3月31日) | S100LRPI | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRPI,, |

## 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).