# TOHOKUSHINSHA FILM 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64期(2025/04/01－2026/03/31) (S100YKO9)
> Page: https://vizora.meequs.com/en/company/tohokushinsha-film
> Retrieved: 2026-09-30T22:03:43.113Z

## Company

Tohokushinsha Film, founded in 1961, is a company in Film & Anime listed on TSE Standard. It has 1,163 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOHOKUSHINSHA FILM CORPORATION |
| Ticker | 2329 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2329.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂四丁目8番10号 |
| Representative (per filing) | 代表取締役社長 小坂 恵一 |
| Founded | Apr 1961 |
| Share capital | ¥2.49B |
| Employees (consolidated) | 1,163 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Corporate number | 3010401015790 |
| EDINET | E05307 |
| Industries (Vizora) | Film & Anime, Broadcasting & Newspapers, Advertising |

> Profile source: annual securities report (S100YKO9, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.4 | 57 |
| Profitability | 52.9 | 86 |
| Cash conversion | 20.7 | 75 |
| Efficiency | 6.4 | 86 |

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 66% of Tohokushinsha Film's sales come from Advertising production, with Content production and Broadcasting business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +4.4% from the prior year, operating profit +9.9%.

## Company structure

- Segment revenue mix: Advertising production 66.4%、Content production 18.8%、Broadcasting business 7.6%、Other 4.1%、Intellectual property business 3.2%
- Revenue → net income: ¥47691000000 → ¥7104000000
- Net income → operating cash flow: ¥7104000000 → ¥1150000000（difference ¥-5954000000）
- Main uses of operating cash flow: CapEx ¥169000000 / dividends ¥3782000000 / buybacks —
- Change in cash: ¥-9066000000
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 | ¥47.7B |  |
| Operating income | ¥2.95B | Margin 6.2% |
| Net income | ¥6.96B | Margin 14.6% |
| Free cash flow | ¥981M |  |
| Largest business | Advertising production | of segment revenue 66.4% |
| Employees (consolidated) | 1,163 |  |
| EPS | ¥53.47 |  |
| Book value per share | ¥580.52 |  |
| Equity ratio | 85.0% |  |
| Shares outstanding | 140,206,002 |  |
| Treasury shares | 2,611,000 |  |
| Shareholders | 6,034 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 50.2% | Cash ÷ revenue 106.4% |
| Vs. industry median margin | +0.5 pp | Advertising |
| ROE | 8.5% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 67% of positive segment profit
- FY2026, cash is 50% of total assets
- FY2026, employees -9% while operating income rose 10%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥52874000000 | ¥47691000000 | -9.8% |
| Operating income | ¥2399000000 | ¥2947000000 | +22.8% |
| Operating margin | 4.5% | 6.2% | +1.6 pp |
| Employees | 1,571 people | 1,163 people | -26.0% |
| Cash and equivalents | ¥30866000000 | ¥50742000000 | +64.4% |

### 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 |
| --- | ---: |
| 広告プロダクション → 広告プロダクション | 41.5% |
| コンテンツプロダクション → コンテンツプロダクション | 14.4% |
| メディア → メディア | 7.6% |
| メディア → 事業再編・廃止 | 18.1% |
| プロパティ → プロパティ | 3.2% |
| プロパティ → 事業再編・廃止 | 4.3% |
| 物販 → 事業再編・廃止 | 10.9% |
| 新設・再編 → 広告プロダクション | 24.9% |
| 新設・再編 → コンテンツプロダクション | 4.3% |
| 新設・再編 → その他 | 4.1% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Advertising production | 5 years | +7.6% | ¥31644000000 | 12.8% | 2 |
| Content production | 5 years | +3.2% | ¥8944000000 | 13.0% | 2 |
| Broadcasting business | 5 years | -23.3% | ¥3620000000 | 19.0% | 2 |
| Other | 2 years | -25.0% | ¥1953000000 | 1.3% | 2 |
| Intellectual property business | 5 years | -17.4% | ¥1527000000 | 7.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 47,691 | 100.0% | S100YKO9 |
| Cost of revenue | 34,811 | 73.0% | S100YKO9 |
| Gross profit | 12,880 | 27.0% | S100YKO9 |
| SG&A | 9,932 | 20.8% | S100YKO9 |
| Operating income | 2,947 | 6.2% | S100YKO9 |
| Ordinary income | 4,672 | 9.8% | S100YKO9 |
| Pretax income | 9,954 | 20.9% | S100YKO9 |
| Income tax | 2,849 | 6.0% | S100YKO9 |
| Net income | 7,104 | 14.9% | S100YKO9 |
| Net income attributable to owners | 6,965 | 14.6% | S100YKO9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 21 |
| Operating income | 6 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 27.0% → Operating margin 6.2% → Net margin 14.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.4%; Core profit growth: +9.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.25×
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 | 45,686 | 47,691 | 2,005 | +4.4% |
| Gross profit | 12,467 | 12,880 | 413 | +3.3% |
| Operating income | 2,682 | 2,947 | 265 | +9.9% |
| Net income attributable to owners | 8,363 | 6,965 | -1,398 | -16.7% |
| Operating cash flow | 44 | 1,150 | 1,106 | +2513.6% |
| Free cash flow | -259 | 981 | 1,240 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 59,886 | 2,978 | 5.0% | 1,767 | 3,689 | 2,574 | S100LV7W |
| FY ending Mar 2021 | 52,874 | 2,399 | 4.5% | 818 | 4,424 | 3,602 | S100OL7Y |
| FY ending Mar 2022 | 52,758 | 4,135 | 7.8% | 3,068 | 5,137 | 4,441 | S100R9S7 |
| FY ending Mar 2023 | 55,922 | 4,201 | 7.5% | 3,133 | 4,655 | 3,377 | S100TX4U |
| FY ending Mar 2024 | 52,819 | 2,678 | 5.1% | 4,021 | 6,087 | 5,533 | S100W6AY |
| FY ending Mar 2025 | 45,686 | 2,682 | 5.9% | 8,363 | 44 | -259 | S100YKO9 |
| FY ending Mar 2026 | 47,691 | 2,947 | 6.2% | 6,965 | 1,150 | 981 | S100YKO9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥6M |

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) | 1,599 | 1,582 | 1,474 | 1,283 | 1,163 |
| Average salary (parent company) | ¥6M | ¥6M | ¥6M | ¥6M | ¥6M |
| Average age (parent company) | 41.3 years | 41.1 years | 41.2 years | 39.2 years | 39.5 years |
| Average tenure (parent company) | 13.3 years | 13.4 years | 13.7 years | 12.0 years | 12.5 years |

Year over year: Employees (consolidated) -9.4% · Revenue (consolidated) +4.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Advertising production | 31,644 | 66.4% | 4,063 | 12.8% |
| Content production | 8,944 | 18.8% | 1,163 | 13.0% |
| Broadcasting business | 3,620 | 7.6% | 688 | 19.0% |
| Intellectual property business | 1,527 | 3.2% | 115 | 7.5% |
| Other | 1,953 | 4.1% | 25 | 1.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Advertising production | 66.4% | 67.1% | 0.8 | 12.8% |
| Content production | 18.8% | 19.2% | 0.5 | 13.0% |
| Broadcasting business | 7.6% | 11.4% | 3.8 | 19.0% |
| Intellectual property business | 3.2% | 1.9% | -1.3 | 7.5% |
| Other | 4.1% | 0.4% | -3.7 | 1.3% |

Segment → industry: Intellectual property business → Film & Anime / Content production → Film & Anime / Broadcasting business → Broadcasting & Newspapers / Advertising production → Advertising

## 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 | 1,150 | 2.4% | S100YKO9 |
| Capital expenditure | 169 | 0.4% | S100YKO9 |
| Free cash flow | 981 | 2.1% | 算出 |
| Investing cash flow | -6,778 | -14.2% | S100YKO9 |
| Financing cash flow | -4,002 | -8.4% | S100YKO9 |
| Dividends paid | 3,782 | 7.9% | S100YKO9 |
| Change in cash | -9,066 | -19.0% | S100YKO9 |
| Cash and equivalents | 50,742 | 106.4% | S100YKO9 |

## 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 | 33,037 | 35,288 | 43,343 | 59,809 | 50,742 | S100TX4U, S100W6AY, S100YKO9 |
| Total assets | 96,249 | 97,148 | 97,871 | 103,457 | 101,026 | S100R9S7, S100TX4U, S100W6AY, S100YKO9 |
| Net assets | 74,365 | 77,946 | 82,419 | 85,768 | 86,886 | S100TX4U, S100W6AY, S100YKO9 |
| Share capital | 2,487 | 2,487 | 2,487 | 2,487 | 2,487 | S100R9S7, S100TX4U, S100W6AY, S100YKO9 |
| Inventories | 466 | 506 | 186 | 279 | 306 | S100R9S7, S100TX4U, S100W6AY, S100YKO9 |
| Property, plant and equipment | 19,351 | 20,107 | 17,555 | 11,190 | 10,109 | S100R9S7, S100TX4U, S100W6AY, S100YKO9 |
| Intangible assets excluding goodwill | 3,338 | 2,944 | 2,387 | 2,021 | 1,706 | S100R9S7, S100TX4U, S100W6AY, S100YKO9 |
| Goodwill | 1,690 | 1,521 | 1,309 | 1,140 | 971 | S100R9S7, S100TX4U, S100W6AY, S100YKO9 |
| Investment securities | 11,254 | 14,295 | 14,577 | 8,854 | 20,068 | S100R9S7, S100TX4U, S100W6AY, S100YKO9 |
| Current assets | 58,850 | 58,554 | 62,124 | 78,986 | 66,528 | S100R9S7, S100TX4U, S100W6AY, S100YKO9 |
| Current liabilities | 16,441 | 14,087 | 12,367 | 15,484 | 12,111 | S100R9S7, S100TX4U, S100W6AY, S100YKO9 |
| Short-term borrowings | 700 | 700 | — | — | — | S100R9S7, S100TX4U |
| Long-term borrowings | 669 | 440 | — | — | — | S100R9S7, S100TX4U |
| Total liabilities | 21,883 | 19,201 | 15,451 | 17,689 | 14,139 | S100R9S7, S100TX4U, S100W6AY, S100YKO9 |
| Non-controlling interests | 652 | 709 | 847 | 901 | 1,014 | S100R9S7, S100TX4U, S100W6AY, S100YKO9 |
| Equity attributable to owners of parent | 70,554 | 72,834 | 75,984 | 80,075 | 83,316 | S100R9S7, S100TX4U, S100W6AY, S100YKO9 |
| Retained earnings | 66,207 | 68,487 | 71,637 | 73,886 | 77,069 | S100R9S7, S100TX4U, S100W6AY, S100YKO9 |
| Treasury stock | -1,728 | -1,728 | -1,728 | -821 | -790 | S100R9S7, S100TX4U, S100W6AY, S100YKO9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100YKO9 |
| Inventories | 0% | S100YKO9 |
| Property, plant and equipment | 10% | S100YKO9 |
| Intangibles and goodwill | 3% | S100YKO9 |
| Investment securities | 20% | S100YKO9 |
| Other assets | 17% | S100YKO9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100YKO9 |
| Equity | 86% | S100YKO9 |
| Other liabilities | 0% | S100YKO9 |

### 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 | 96,249 | 97,148 | 97,871 | 103,457 | 101,026 |
| Equity | 74,365 | 77,946 | 82,419 | 85,768 | 86,886 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 33,037 | 35,288 | 43,343 | 59,809 | 50,742 |

## 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) | 21.2% | S100YKO9 |
| Fixed assets ÷ total assets | 10.0% | S100YKO9 |
| Goodwill ÷ parent equity | 1.2% | S100YKO9 |

Goodwill over 4 years: 1,690 → 971 JPY; total investing cash flow: 17,158 JPY. This does not imply causation.

### 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) | 50.2% |
| Cash ÷ revenue | 106.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 39.0% |
| Cash vs. profit gap | -5,815 JPY mn (of net income -83.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 54.3% |
| Shareholder payments — dividends / FCF | 385.5% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 589.4% |

## 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 | 5.8% | 0.55× | 3.2% | 1.36× | 4.3% | S100R9S7 |
| 2023 | 5.6% | 0.58× | 3.2% | 1.35× | 4.4% | S100TX4U |
| 2024 | 7.6% | 0.54× | 4.1% | 1.31× | 5.4% | S100W6AY |
| 2025 | 18.3% | 0.45× | 8.3% | 1.29× | 10.7% | S100YKO9 |
| 2026 | 14.6% | 0.47× | 6.8% | 1.25× | 8.5% | S100YKO9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 植村 久子 | Major shareholder | 21.2% | 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 | 18.7% | 2026-03-31 |
| 植村 綾 | Major shareholder | 16.0% | 2026-03-31 |
| 株式会社from B | Major shareholder | 8.0% | 2026-03-31 |
| 株式会社NAMC | Major shareholder | 8.0% | 2026-03-31 |
| きらぼしキャピタル東京Sparkle投資事業有限責任組合 | Major shareholder | 7.5% | 2026-03-31 |
| 東北新社従業員持株会 | Major shareholder | 2.8% | 2026-03-31 |
| J.P. MORGAN SE - LUXEMBOURG BRANCH 381639 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE IEDP AIF CLIENTS NON TREATY ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.9% | 2026-03-31 |
| 清原 達郎 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/04/01－2026/03/31) | S100YKO9 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKO9,, |
| 有価証券報告書－第63期(2024/04/01－2025/03/31) | S100W6AY | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6AY,, |
| 有価証券報告書－第62期(2023/04/01－2024/03/31) | S100TX4U | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX4U,, |
| 有価証券報告書－第61期(2022/04/01－2023/03/31) | S100R9S7 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9S7,, |
| 有価証券報告書－第60期(令和3年4月1日－令和4年3月31日) | S100OL7Y | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL7Y,, |
| 有価証券報告書－第59期(令和2年4月1日－令和3年3月31日) | S100LV7W | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV7W,, |

## 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).