# TSUBURAYA FIELDS 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38期(2025/04/01－2026/03/31) (S100YBQC)
> Page: https://vizora.meequs.com/en/company/tsuburaya-fields-holdings
> Retrieved: 2026-10-01T00:06:57.473Z

## Company

Tsuburaya Fields Holdings, founded in 1988, is a company in Film & Anime listed on TSE Prime. It has 1,774 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSUBURAYA FIELDS HOLDINGS INC. |
| Ticker | 2767 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2767.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区南平台町16番17号 |
| Representative (per filing) | 代表取締役社長グループCEO 山本 英俊 |
| Founded | Jun 1988 |
| Share capital | ¥7.95B |
| Employees (consolidated) | 1,774 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.tsuburaya-fields.co.jp (https://www.tsuburaya-fields.co.jp/) |
| Corporate number | 2011001042870 |
| EDINET | E03407 |
| Industries (Vizora) | Film & Anime, Pachinko |

> Profile source: annual securities report (S100YBQC, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Pachinko (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95 | 10 |
| Profitability | 45 | 10 |
| Cash conversion | 31.3 | 8 |
| Efficiency | 95 | 10 |

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 91% of Tsuburaya Fields Holdings's sales come from Amusement equipment business, with Content and digital business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +23.9% from the prior year, operating profit +14.1%.

## Company structure

- Segment revenue mix: Amusement equipment business 91.2%、Content and digital business 7.7%、Other 1.0%
- Revenue → net income: ¥174142000000 → ¥13185000000
- Net income → operating cash flow: ¥13185000000 → ¥7477000000（difference ¥-5708000000）
- Main uses of operating cash flow: CapEx ¥2131000000 / dividends ¥3108000000 / buybacks ¥0
- Change in cash: ¥-18000000
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 | ¥174.1B |  |
| Operating income | ¥17.5B | Margin 10.0% |
| Net income | ¥13.1B | Margin 7.5% |
| Free cash flow | ¥5.35B |  |
| Largest business | Amusement equipment business | of segment revenue 91.2% |
| Employees (consolidated) | 1,774 |  |
| EPS | ¥94.2 |  |
| Diluted EPS | ¥93.94 |  |
| Book value per share | ¥618.24 |  |
| Equity ratio | 58.9% |  |
| Shares outstanding | 65,429,150 |  |
| Treasury shares | 3,176,700 |  |
| Shareholders | 18,773 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 29.8% | Cash ÷ revenue 17.7% |
| Vs. industry median margin | -0.7 pp | Pachinko |
| ROE | 23.2% | Derived from disclosed figures |
| ROA | 12.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥38796000000 | ¥174142000000 | +348.9% |
| Operating income | ¥-2241000000 | ¥17455000000 | — |
| Operating margin | -5.8% | 10.0% | +15.8 pp |
| Employees | 1,266 people | 1,774 people | +40.1% |
| Cash and equivalents | ¥24510000000 | ¥30835000000 | +25.8% |

### 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 |
| --- | ---: |
| 新設・再編 → コンテンツ＆デジタル事業 | 7.7% |
| 新設・再編 → アミューズメント機器事業 | 91.2% |
| 新設・再編 → その他 | 1.0% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Amusement equipment business | 2 years | +12.6% | ¥158899000000 | 12.5% | 2 |
| Content and digital business | — | — | ¥13468000000 | 6.9% | 2 |
| Other | 4 years | -6.6% | ¥1773000000 | 2.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 174,142 | 100.0% | S100YBQC |
| Cost of revenue | 135,760 | 78.0% | S100YBQC |
| Gross profit | 38,381 | 22.0% | S100YBQC |
| SG&A | 20,926 | 12.0% | S100YBQC |
| Operating income | 17,455 | 10.0% | S100YBQC |
| Ordinary income | 17,751 | 10.2% | S100YBQC |
| Pretax income | 17,303 | 9.9% | S100YBQC |
| Income tax | 4,118 | 2.4% | S100YBQC |
| Net income | 13,185 | 7.6% | S100YBQC |
| Net income attributable to owners | 13,050 | 7.5% | S100YBQC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 12 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 22.0% → Operating margin 10.0% → Net margin 7.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.9%; Core profit growth: +14.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.59×
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 | 140,581 | 174,142 | 33,561 | +23.9% |
| Gross profit | 35,263 | 38,381 | 3,118 | +8.8% |
| Operating income | 15,295 | 17,455 | 2,160 | +14.1% |
| Net income attributable to owners | 11,158 | 13,050 | 1,892 | +17.0% |
| Operating cash flow | 7,779 | 7,477 | -302 | -3.9% |
| Free cash flow | 6,389 | 5,346 | -1,043 | -16.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 66,587 | 713 | 1.1% | 490 | -2,427 | -4,703 | S100LJ1Y |
| FY ending Mar 2021 | 38,796 | -2,241 | -5.8% | -3,452 | 3,692 | 3,106 | S100OBY8 |
| FY ending Mar 2022 | 94,900 | 3,444 | 3.6% | 2,471 | 7,980 | 6,794 | S100R03J |
| FY ending Mar 2023 | 117,125 | 10,950 | 9.3% | 8,221 | 12,561 | 11,218 | S100TNGN |
| FY ending Mar 2024 | 141,923 | 11,827 | 8.3% | 11,695 | 5,563 | 3,801 | S100VYA9 |
| FY ending Mar 2025 | 140,581 | 15,295 | 10.9% | 11,158 | 7,779 | 6,389 | S100YBQC |
| FY ending Mar 2026 | 174,142 | 17,455 | 10.0% | 13,050 | 7,477 | 5,346 | S100YBQC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥98.2M |
| Operating income per employee (consolidated) | ¥9.8M |
| Net income per employee (consolidated) | ¥7.4M |

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) | 1,193 | 1,259 | 1,423 | 1,664 | 1,774 |
| Average salary (parent company) | ¥6.7M | ¥6.9M | ¥7.3M | ¥7.3M | ¥7.8M |
| Average age (parent company) | 40.3 years | 43.4 years | 43.8 years | 43.6 years | 43.4 years |
| Average tenure (parent company) | 13.4 years | 12.3 years | 12.3 years | 12.5 years | 12.7 years |

Year over year: Employees (consolidated) +6.6% · Revenue (consolidated) +23.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Content and digital business | 13,468 | 7.7% | 934 | 6.9% |
| Amusement equipment business | 158,899 | 91.2% | 19,881 | 12.5% |
| Other | 1,773 | 1.0% | 39 | 2.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Content and digital business | 7.7% | 4.5% | -3.3 | 6.9% |
| Amusement equipment business | 91.2% | 95.3% | 4.1 | 12.5% |
| Other | 1.0% | 0.2% | -0.8 | 2.2% |

Segment → industry: Content and digital business → Film & Anime / Amusement equipment business → Pachinko

## 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 | 7,477 | 4.3% | S100YBQC |
| Capital expenditure | 2,131 | 1.2% | S100YBQC |
| Free cash flow | 5,346 | 3.1% | 算出 |
| Investing cash flow | -2,315 | -1.3% | S100YBQC |
| Financing cash flow | -5,195 | -3.0% | S100YBQC |
| Dividends paid | 3,108 | 1.8% | S100YBQC |
| Share buyback | 0 | 0.0% | S100YBQC |
| Change in cash | -18 | -0.0% | S100YBQC |
| Cash and equivalents | 30,835 | 17.7% | S100YBQC |

## 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 | 32,304 | 36,497 | 34,814 | 30,854 | 30,835 | S100TNGN, S100VYA9, S100YBQC |
| Total assets | 70,001 | 80,893 | 98,392 | 98,953 | 103,360 | S100R03J, S100TNGN, S100VYA9, S100YBQC |
| Net assets | 31,551 | 41,817 | 55,993 | 56,247 | 66,187 | S100TNGN, S100VYA9, S100YBQC |
| Share capital | 7,948 | 7,948 | 7,948 | 7,948 | 7,948 | S100R03J, S100TNGN, S100VYA9, S100YBQC |
| Property, plant and equipment | 4,538 | 5,295 | 9,141 | 10,230 | 10,866 | S100R03J, S100TNGN, S100VYA9, S100YBQC |
| Intangible assets excluding goodwill | 2,482 | 2,888 | 2,402 | 2,116 | 1,813 | S100R03J, S100TNGN, S100VYA9, S100YBQC |
| Goodwill | 1,623 | 1,677 | 1,395 | 1,115 | 834 | S100R03J, S100TNGN, S100VYA9, S100YBQC |
| Investment securities | 1,429 | 7,959 | 13,542 | 7,831 | 7,387 | S100R03J, S100TNGN, S100VYA9, S100YBQC |
| Current assets | 56,698 | 58,868 | 64,848 | 69,841 | 74,083 | S100R03J, S100TNGN, S100VYA9, S100YBQC |
| Current liabilities | 27,864 | 30,489 | 30,622 | 26,770 | 24,815 | S100R03J, S100TNGN, S100VYA9, S100YBQC |
| Trade payables | 13,128 | 12,402 | 10,961 | 13,715 | 6,346 | S100R03J, S100TNGN, S100VYA9, S100YBQC |
| Short-term borrowings | 1,202 | 6,549 | 6,000 | 900 | 1,059 | S100R03J, S100TNGN, S100VYA9, S100YBQC |
| Long-term borrowings | 6,530 | 3,994 | 5,503 | 8,033 | 4,653 | S100R03J, S100TNGN, S100VYA9, S100YBQC |
| Total liabilities | 38,449 | 39,075 | 42,398 | 42,706 | 37,173 | S100R03J, S100TNGN, S100VYA9, S100YBQC |
| Non-controlling interests | 1,150 | 2,651 | 8,059 | 4,897 | 5,026 | S100R03J, S100TNGN, S100VYA9, S100YBQC |
| Equity attributable to owners of parent | 30,349 | 37,912 | 47,653 | 51,342 | 61,345 | S100R03J, S100TNGN, S100VYA9, S100YBQC |
| Retained earnings | 16,771 | 24,217 | 33,946 | 37,520 | 47,460 | S100R03J, S100TNGN, S100VYA9, S100YBQC |
| Treasury stock | -1,946 | -1,644 | -1,631 | -3,415 | -3,377 | S100R03J, S100TNGN, S100VYA9, S100YBQC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YBQC |
| Property, plant and equipment | 10% | S100YBQC |
| Intangibles and goodwill | 3% | S100YBQC |
| Investment securities | 7% | S100YBQC |
| Other assets | 50% | S100YBQC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YBQC |
| Other liabilities | 30% | S100YBQC |
| Equity | 64% | S100YBQC |

### 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 | 70,001 | 80,893 | 98,392 | 98,953 | 103,360 |
| Equity | 31,551 | 41,817 | 55,993 | 56,247 | 66,187 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 32,304 | 36,497 | 34,814 | 30,854 | 30,835 |

## 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) | 6.2% | S100YBQC |
| Fixed assets ÷ total assets | 10.5% | S100YBQC |
| Goodwill ÷ parent equity | 1.4% | S100YBQC |

Goodwill over 4 years: 1,623 → 834 JPY; total investing cash flow: -14,544 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) | 29.8% |
| Cash ÷ revenue | 17.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 42.8% |
| Cash vs. profit gap | -5,573 JPY mn (of net income -42.7%) |
| Shareholder returns / net income | 23.8% |
| Shareholder returns / FCF | 58.1% |
| Shareholder payments — dividends / net income | 23.8% |
| Shareholder payments — dividends / FCF | 58.1% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 31.0% |

## 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 | 2.6% | 1.36× | 3.5% | 2.31× | 8.1% | S100R03J |
| 2023 | 7.0% | 1.55× | 10.9% | 2.21× | 24.1% | S100TNGN |
| 2024 | 8.2% | 1.58× | 13.0% | 2.10× | 27.3% | S100VYA9 |
| 2025 | 7.9% | 1.42× | 11.3% | 1.99× | 22.5% | S100YBQC |
| 2026 | 7.5% | 1.72× | 12.9% | 1.80× | 23.2% | S100YBQC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山本 英俊 | Major shareholder | 24.5% | 2026-03-31 |
| 山本 剛史 | Major shareholder | 11.6% | 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 | 7.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.2% | 2026-03-31 |
| 有限会社ミント | Major shareholder | 5.1% | 2026-03-31 |
| 栢森 秀行 | Major shareholder | 3.1% | 2026-03-31 |
| ＢＢＨ ＢＯＳＴＯＮ ＣＵＳＴＯＤＩＡＮ ＦＯＲ ＪＡＰＡＮ ＶＡＬＵＥ ＥＱＵＩＴＹ ＣＯＮＣＥＮＴＲＡＴＥＤ ＦＵＮＤ Ａ ＳＥＲＩＥＳ ＯＦ ６２０１３５(常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ １４００４４(常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.6% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ (常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2025/04/01－2026/03/31) | S100YBQC | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBQC,, |
| 有価証券報告書－第37期(2024/04/01－2025/03/31) | S100VYA9 | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYA9,, |
| 有価証券報告書－第36期(2023/04/01－2024/03/31) | S100TNGN | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNGN,, |
| 有価証券報告書－第35期(2022/04/01－2023/03/31) | S100R03J | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R03J,, |
| 有価証券報告書－第34期(令和3年4月1日－令和4年3月31日) | S100OBY8 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBY8,, |
| 有価証券報告書－第33期(令和2年4月1日－令和3年3月31日) | S100LJ1Y | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ1Y,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 株式会社ビスティ | Supply/OEM | ビスティ（SANKYO 傘下）の遊技機をフィールズが独占販売 | S100YBQC |

## 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).