# TV Asahi Holdings 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86期(2025/04/01－2026/03/31) (S100YCD2)
> Page: https://vizora.meequs.com/en/company/tv-asahi-holdings
> Retrieved: 2026-09-30T19:15:10.201Z

## Company

TV Asahi Holdings, founded in 1957, is a company in Streaming listed on TSE Prime. It has 5,622 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TV Asahi Holdings Corporation |
| Ticker | 9409 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9409.T) |
| Listing | TSE Prime |
| Head office | 東京都港区六本木六丁目9番1号 |
| Representative (per filing) | 代表取締役会長 早河洋 |
| Founded | Nov 1957 |
| Share capital | ¥36.7B |
| Employees (consolidated) | 5,622 |
| Fiscal year end | March |
| Website | www.tv-asahihd.co.jp (https://www.tv-asahihd.co.jp/) |
| Corporate number | 1010401015636 |
| EDINET | E04414 |
| Industries (Vizora) | Streaming, Broadcasting & Newspapers, Catalog & TV Shopping |

> Profile source: annual securities report (S100YCD2, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Broadcasting & Newspapers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.2 | 11 |
| Profitability | 68.2 | 11 |
| Cash conversion | 45 | 10 |
| Efficiency | 59.1 | 11 |

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 82% of TV Asahi Holdings's sales come from TV broadcasting, with Internet and Shopping making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit +32.9%.

## Company structure

- Segment revenue mix: TV broadcasting 82.5%、Internet 11.4%、Shopping 6.2%
- Revenue → net income: ¥339487000000 → ¥29871000000
- Net income → operating cash flow: ¥29871000000 → ¥24946000000（difference ¥-4925000000）
- Main uses of operating cash flow: CapEx ¥13709000000 / dividends ¥7369000000 / buybacks ¥3000000000
- Change in cash: ¥4467000000
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 | ¥339.5B |  |
| Operating income | ¥26.2B | Margin 7.7% |
| Net income | ¥29.7B | Margin 8.7% |
| Free cash flow | ¥11.2B |  |
| Largest business | TV broadcasting | of segment revenue 82.5% |
| Employees (consolidated) | 5,622 |  |
| EPS | ¥66.28 |  |
| Book value per share | ¥2768.25 |  |
| Equity ratio | 80.1% |  |
| Shares outstanding | 108,529,000 |  |
| Treasury shares | 3,895,000 |  |
| Shareholders | 16,445 |  |
| Cash ratio | 7.6% | Cash ÷ revenue 13.0% |
| Vs. industry median margin | +1.9 pp | Broadcasting & Newspapers |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 75% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥264557000000 | ¥339487000000 | +28.3% |
| Operating income | ¥14413000000 | ¥26181000000 | +81.6% |
| Operating margin | 5.4% | 7.7% | +2.3 pp |
| Employees | 5,332 people | 5,622 people | +5.4% |
| Cash and equivalents | ¥44062000000 | ¥44230000000 | +0.4% |

### 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 |
| --- | ---: |
| テレビ放送事業 → テレビ放送事業 | 82.5% |
| テレビ放送事業 → 事業再編・廃止 | 14.7% |
| 音楽出版事業 → 事業再編・廃止 | 2.9% |
| 新設・再編 → インターネット事業 | 11.4% |
| 新設・再編 → ショッピング事業 | 6.2% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| TV broadcasting | 5 years | +3.2% | ¥245469000000 | 7.6% | 2 |
| Internet | 4 years | +12.7% | ¥33800000000 | 15.7% | 2 |
| Shopping | 4 years | -1.4% | ¥18372000000 | 5.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 339,487 | 100.0% | S100YCD2 |
| Cost of revenue | 236,019 | 69.5% | S100YCD2 |
| Gross profit | 103,468 | 30.5% | S100YCD2 |
| SG&A | 77,286 | 22.8% | S100YCD2 |
| Operating income | 26,181 | 7.7% | S100YCD2 |
| Ordinary income | 36,572 | 10.8% | S100YCD2 |
| Pretax income | 41,084 | 12.1% | S100YCD2 |
| Income tax | 11,212 | 3.3% | S100YCD2 |
| Net income | 29,871 | 8.8% | S100YCD2 |
| Net income attributable to owners | 29,654 | 8.7% | S100YCD2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 23 |
| Operating income | 8 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 30.5% → Operating margin 7.7% → Net margin 8.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.8%; Core profit growth: +32.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.90×
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 | 324,056 | 339,487 | 15,431 | +4.8% |
| Gross profit | 90,659 | 103,468 | 12,809 | +14.1% |
| Operating income | 19,704 | 26,181 | 6,477 | +32.9% |
| Net income attributable to owners | 25,816 | 29,654 | 3,838 | +14.9% |
| Operating cash flow | 26,520 | 24,946 | -1,574 | -5.9% |
| Free cash flow | -6,664 | 11,237 | 17,901 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 293,638 | 12,565 | 4.3% | 26,398 | 24,513 | 7,861 | S100LJR0 |
| FY ending Mar 2021 | 264,557 | 14,413 | 5.4% | 12,600 | 20,596 | 7,479 | S100O9H0 |
| FY ending Mar 2022 | 298,276 | 21,431 | 7.2% | 20,999 | 30,126 | 22,758 | S100QZ52 |
| FY ending Mar 2023 | 304,566 | 14,503 | 4.8% | 16,603 | 15,300 | -346 | S100TNB3 |
| FY ending Mar 2024 | 307,898 | 12,337 | 4.0% | 17,138 | 19,106 | 2,982 | S100WB00 |
| FY ending Mar 2025 | 324,056 | 19,704 | 6.1% | 25,816 | 26,520 | -6,664 | S100YCD2 |
| FY ending Mar 2026 | 339,487 | 26,181 | 7.7% | 29,654 | 24,946 | 11,237 | S100YCD2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.4M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥5.3M |

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) | 5,336 | 5,379 | 5,452 | 5,526 | 5,622 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) +4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| TV broadcasting | 245,469 | 82.5% | 18,758 | 7.6% |
| Internet | 33,800 | 11.4% | 5,310 | 15.7% |
| Shopping | 18,372 | 6.2% | 1,082 | 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 |
| --- | ---: | ---: | ---: | ---: |
| TV broadcasting | 82.5% | 74.6% | -7.9 | 7.6% |
| Internet | 11.4% | 21.1% | 9.8 | 15.7% |
| Shopping | 6.2% | 4.3% | -1.9 | 5.9% |

Segment → industry: Internet → Streaming / TV broadcasting → Broadcasting & Newspapers / Shopping → Catalog & TV Shopping

## 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 | 24,946 | 7.3% | S100YCD2 |
| Capital expenditure | 13,709 | 4.0% | S100YCD2 |
| Free cash flow | 11,237 | 3.3% | 算出 |
| Investing cash flow | -9,282 | -2.7% | S100YCD2 |
| Financing cash flow | -11,189 | -3.3% | S100YCD2 |
| Dividends paid | 7,369 | 2.2% | S100YCD2 |
| Share buyback | 3,000 | 0.9% | S100YCD2 |
| Change in cash | 4,467 | 1.3% | S100YCD2 |
| Cash and equivalents | 44,230 | 13.0% | S100YCD2 |

## 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 | 77,317 | 61,114 | 52,753 | 39,763 | 44,230 | S100TNB3, S100WB00, S100YCD2 |
| Total assets | 498,808 | 495,123 | 520,432 | 559,558 | 581,109 | S100QZ52, S100TNB3, S100WB00, S100YCD2 |
| Net assets | 393,215 | 394,763 | 423,577 | 447,842 | 467,686 | S100TNB3, S100WB00, S100YCD2 |
| Share capital | 36,677 | 36,687 | 36,699 | 36,710 | 36,721 | S100QZ52, S100TNB3, S100WB00, S100YCD2 |
| Trade receivables | 79,105 | 81,796 | 84,029 | 90,632 | 92,367 | S100QZ52, S100TNB3, S100WB00, S100YCD2 |
| Inventories | 9,471 | 11,146 | 10,227 | 10,047 | 10,790 | S100QZ52, S100TNB3, S100WB00, S100YCD2 |
| Property, plant and equipment | 105,378 | 111,708 | 119,641 | 147,143 | 154,390 | S100QZ52, S100TNB3, S100WB00, S100YCD2 |
| Intangible assets excluding goodwill | 8,748 | 4,892 | 4,863 | 4,391 | 3,992 | S100QZ52, S100TNB3, S100WB00, S100YCD2 |
| Goodwill | 3,449 | 279 | — | — | — | S100QZ52, S100TNB3 |
| Investment securities | 184,566 | 176,092 | 202,158 | 209,180 | 213,256 | S100QZ52, S100TNB3, S100WB00, S100YCD2 |
| Current assets | 178,525 | 181,797 | 175,300 | 176,941 | 185,174 | S100QZ52, S100TNB3, S100WB00, S100YCD2 |
| Current liabilities | 69,505 | 68,982 | 68,208 | 82,858 | 86,542 | S100QZ52, S100TNB3, S100WB00, S100YCD2 |
| Trade payables | 7,254 | 11,749 | 8,537 | 10,082 | 10,493 | S100QZ52, S100TNB3, S100WB00, S100YCD2 |
| Total liabilities | 105,593 | 100,359 | 96,855 | 111,715 | 113,422 | S100QZ52, S100TNB3, S100WB00, S100YCD2 |
| Non-controlling interests | 1,298 | 1,535 | 1,825 | 2,194 | 2,412 | S100QZ52, S100TNB3, S100WB00, S100YCD2 |
| Equity attributable to owners of parent | 354,978 | 366,302 | 378,175 | 397,669 | 417,080 | S100QZ52, S100TNB3, S100WB00, S100YCD2 |
| Retained earnings | 261,466 | 272,756 | 284,581 | 304,032 | 326,300 | S100QZ52, S100TNB3, S100WB00, S100YCD2 |
| Treasury stock | -13,637 | -13,624 | -13,598 | -13,579 | -16,458 | S100QZ52, S100TNB3, S100WB00, S100YCD2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YCD2 |
| Receivables | 16% | S100YCD2 |
| Inventories | 2% | S100YCD2 |
| Property, plant and equipment | 26% | S100YCD2 |
| Intangibles and goodwill | 1% | S100YCD2 |
| Investment securities | 37% | S100YCD2 |
| Other assets | 11% | S100YCD2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YCD2 |
| Other liabilities | 18% | S100YCD2 |
| Equity | 80% | S100YCD2 |
| Other liabilities | 0% | S100YCD2 |

### 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 | 498,808 | 495,123 | 520,432 | 559,558 | 581,109 |
| Equity | 393,215 | 394,763 | 423,577 | 447,842 | 467,686 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 77,317 | 61,114 | 52,753 | 39,763 | 44,230 |

## 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) | 45.5% | S100YCD2 |
| Fixed assets ÷ total assets | 26.6% | S100YCD2 |
| Goodwill ÷ parent equity | — | —, S100YCD2 |

### 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) | 7.6% |
| Cash ÷ revenue | 13.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.3% |
| Cash vs. profit gap | -4,708 JPY mn (of net income -15.9%) |
| Shareholder returns / net income | 35.0% |
| Shareholder returns / FCF | 92.3% |
| Shareholder payments — dividends / net income | 24.8% |
| Shareholder payments — dividends / FCF | 65.6% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 37.2% |

## 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 | 7.0% | 0.60× | 4.2% | 1.41× | 5.9% | S100QZ52 |
| 2023 | 5.5% | 0.61× | 3.3% | 1.38× | 4.6% | S100TNB3 |
| 2024 | 5.6% | 0.61× | 3.4% | 1.36× | 4.6% | S100WB00 |
| 2025 | 8.0% | 0.60× | 4.8% | 1.39× | 6.7% | S100YCD2 |
| 2026 | 8.7% | 0.60× | 5.2% | 1.40× | 7.3% | S100YCD2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社朝日新聞社 | Major shareholder | 20.2% | 2026-03-31 |
| 東映株式会社 | Major shareholder | 17.7% | 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 | 5.9% | 2026-03-31 |
| 公益財団法人香雪美術館 | Major shareholder | 4.8% | 2026-03-31 |
| KBCグループホールディングス株式会社 | Major shareholder | 3.2% | 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 | 2.8% | 2026-03-31 |
| 公益財団法人朝日新聞文化財団 | Major shareholder | 2.2% | 2026-03-31 |
| 野村 絢 (常任代理人 三田証券株式会社) | Major shareholder | 1.9% | 2026-03-31 |
| SG/UCITS V/INV (常任代理人 香港上海銀行東京支店) | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.6% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥339.5B, up +4.8% from the prior year.
- Costs grew more slowly than sales, so operating income climbed +32.9% to ¥26.2B.
- Net income attributable to owners reached ¥29.7B (+14.9%), higher than operating income.
- Operating cash flow, however, slipped -5.9% to ¥24.9B.

### Drivers

- Spot ad sales grew strongly: top ratings helped it capture strong demand in the first half, and it held prices firm in the second half
- Time ad sales also rose, helped by higher rates on regular shows and big sports events such as the Winter Olympics
- The internet business grew in both sales and profit as ABEMA premium members and TVer viewing increased
- Higher equity-method income and gains on selling investment securities lifted net income above operating income
- Operating cash flow fell mainly because the company paid more income tax

### Risks

- Economic effects from the Middle East situation, US trade policy and swings in financial markets
- The shopping business saw lower sales and profit as consumers became more cautious
- Estimates for deferred tax assets and retirement benefits could change if economic conditions shift

Cited: Annual securities report (86th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第86期(2025/04/01－2026/03/31) | S100YCD2 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCD2,, |
| 訂正有価証券報告書－第85期(2024/04/01－2025/03/31) | S100WB00 | 2025-07-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WB00,, |
| 有価証券報告書－第84期(2023/04/01－2024/03/31) | S100TNB3 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNB3,, |
| 有価証券報告書－第83期(2022/04/01－2023/03/31) | S100QZ52 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ52,, |
| 有価証券報告書－第82期(令和3年4月1日－令和4年3月31日) | S100O9H0 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9H0,, |
| 有価証券報告書－第81期(令和2年4月1日－令和3年3月31日) | S100LJR0 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJR0,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 株式会社朝日新聞社 | Capital alliance | 株式の相互保有を基礎とする朝日グループの事業提携 | S100YCD2 |

## 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).