# TV TOKYO 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16期(2025/04/01－2026/03/31) (S100YCRR)
> Page: https://vizora.meequs.com/en/company/tv-tokyo-holdings
> Retrieved: 2026-10-01T03:25:54.877Z

## Company

TV TOKYO Holdings, founded in 2010, is a company in Film & Anime listed on TSE Prime. It has 1,672 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TV TOKYO Holdings Corporation |
| Ticker | 9413 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9413.T) |
| Listing | TSE Prime |
| Head office | 東京都港区六本木三丁目2番1号 |
| Representative (per filing) | 代表取締役社長 吉次弘志 |
| Founded | Mar 2010 |
| Share capital | ¥10B |
| Employees (consolidated) | 1,672 |
| Average salary (parent only) | ¥14.2M |
| Fiscal year end | March |
| Corporate number | 1010401090159 |
| EDINET | E24545 |
| Industries (Vizora) | Film & Anime, Streaming, Broadcasting & Newspapers, Catalog & TV Shopping |

> Profile source: annual securities report (S100YCRR, filed 2026-06-17). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.8 | 11 |
| Profitability | 59.1 | 11 |
| Cash conversion | 65 | 10 |
| Efficiency | 95.5 | 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 61% of TV TOKYO Holdings's sales come from Terrestrial broadcasting and bs broadcastin, with Anime and distribution business and Shopping and other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +5.8% from the prior year, operating profit +46.4%.

## Company structure

- Segment revenue mix: Terrestrial broadcasting and bs broadcastin 61.1%、Anime and distribution business 30.6%、Shopping and other 8.3%
- Revenue → net income: ¥164915000000 → ¥7710000000
- Net income → operating cash flow: ¥7710000000 → ¥16130000000（difference ¥8420000000）
- Main uses of operating cash flow: CapEx ¥4260000000 / dividends ¥2400000000 / buybacks ¥522000000
- Change in cash: ¥7476000000
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 | ¥164.9B |  |
| Operating income | ¥11.4B | Margin 6.9% |
| Net income | ¥7.7B | Margin 4.7% |
| Free cash flow | ¥11.9B |  |
| Largest business | Terrestrial broadcasting and bs broadcastin | of segment revenue 61.1% |
| Employees (consolidated) | 1,672 |  |
| EPS | ¥186.77 |  |
| Book value per share | ¥3212.06 |  |
| Equity ratio | 68.9% |  |
| Shares outstanding | 27,579,000 |  |
| Treasury shares | 953,500 |  |
| Shareholders | 10,377 |  |
| Average salary (parent only) | ¥14.2M | Filing company only |
| Cash ratio | 29.0% | Cash ÷ revenue 27.4% |
| Vs. industry median margin | +1.1 pp | Broadcasting & Newspapers |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, segment profit share differs by 22 points
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥139084000000 | ¥164915000000 | +18.6% |
| Operating income | ¥5228000000 | ¥11402000000 | +118.1% |
| Operating margin | 3.8% | 6.9% | +3.2 pp |
| Employees | 1,618 people | 1,672 people | +3.3% |
| Cash and equivalents | ¥30693000000 | ¥45156000000 | +47.1% |

### 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 |
| --- | ---: |
| 地上波放送事業 → 事業再編・廃止 | 67.9% |
| 放送周辺事業 → 事業再編・廃止 | 20.0% |
| BS放送事業 → 事業再編・廃止 | 9.4% |
| コミュニケーション事業 → 事業再編・廃止 | 2.7% |
| 新設・再編 → 地上波・ＢＳ放送事業 | 61.1% |
| 新設・再編 → アニメ・配信事業 | 30.6% |
| 新設・再編 → ショッピング・その他事業 | 8.3% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Terrestrial broadcasting and bs broadcastin | 3 years | +1.0% | ¥100721000000 | 5.5% | 2 |
| Anime and distribution business | 3 years | +5.9% | ¥50546000000 | 13.0% | 2 |
| Shopping and other | 3 years | +8.3% | ¥13647000000 | 3.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 164,915 | 100.0% | S100YCRR |
| Cost of revenue | 110,007 | 66.7% | S100YCRR |
| Gross profit | 54,908 | 33.3% | S100YCRR |
| SG&A | 43,505 | 26.4% | S100YCRR |
| Operating income | 11,402 | 6.9% | S100YCRR |
| Ordinary income | 11,937 | 7.2% | S100YCRR |
| Pretax income | 11,443 | 6.9% | S100YCRR |
| Income tax | 3,732 | 2.3% | S100YCRR |
| Net income | 7,710 | 4.7% | S100YCRR |
| Net income attributable to owners | 7,700 | 4.7% | S100YCRR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 26 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 33.3% → Operating margin 6.9% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.8%; Core profit growth: +46.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.96×
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 | 155,837 | 164,915 | 9,078 | +5.8% |
| Gross profit | 48,256 | 54,908 | 6,652 | +13.8% |
| Operating income | 7,789 | 11,402 | 3,613 | +46.4% |
| Net income attributable to owners | 6,034 | 7,700 | 1,666 | +27.6% |
| Operating cash flow | 7,569 | 16,130 | 8,561 | +113.1% |
| Free cash flow | 4,276 | 11,870 | 7,594 | +177.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 145,173 | 5,128 | 3.5% | 2,590 | 8,801 | 4,313 | S100M0AR |
| FY ending Mar 2021 | 139,084 | 5,228 | 3.8% | 2,575 | 5,858 | 4,816 | S100O9OB |
| FY ending Mar 2022 | 148,070 | 8,584 | 5.8% | 6,024 | 13,499 | 11,590 | S100QYHE |
| FY ending Mar 2023 | 150,963 | 9,229 | 6.1% | 6,724 | 11,135 | 7,514 | S100TOIE |
| FY ending Mar 2024 | 148,587 | 8,836 | 5.9% | 6,736 | 6,471 | 1,559 | S100VZ2E |
| FY ending Mar 2025 | 155,837 | 7,789 | 5.0% | 6,034 | 7,569 | 4,276 | S100YCRR |
| FY ending Mar 2026 | 164,915 | 11,402 | 6.9% | 7,700 | 16,130 | 11,870 | S100YCRR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥98.6M |
| Operating income per employee (consolidated) | ¥6.8M |
| Net income per employee (consolidated) | ¥4.6M |

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) | 1,634 | 1,691 | 1,646 | 1,651 | 1,672 |
| Average salary (parent company) | ¥14.2M | ¥15.2M | ¥14.5M | ¥13.6M | ¥14.2M |
| Average age (parent company) | 48.1 years | 49.0 years | 47.1 years | 47.0 years | 46.3 years |
| Average tenure (parent company) | 22.1 years | 23.4 years | 19.7 years | 19.0 years | 18.9 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +5.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Terrestrial broadcasting and bs broadcastin | 100,721 | 61.1% | 5,550 | 5.5% |
| Anime and distribution business | 50,546 | 30.6% | 6,587 | 13.0% |
| Shopping and other | 13,647 | 8.3% | 453 | 3.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Terrestrial broadcasting and bs broadcastin | 61.1% | 44.1% | -17.0 | 5.5% |
| Anime and distribution business | 30.6% | 52.3% | 21.7 | 13.0% |
| Shopping and other | 8.3% | 3.6% | -4.7 | 3.3% |

Segment → industry: Anime and distribution business → Film & Anime / Anime and distribution business → Streaming / Terrestrial broadcasting and bs broadcastin → Broadcasting & Newspapers / Shopping and other → 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 | 16,130 | 9.8% | S100YCRR |
| Capital expenditure | 4,260 | 2.6% | S100YCRR |
| Free cash flow | 11,870 | 7.2% | 算出 |
| Investing cash flow | -5,253 | -3.2% | S100YCRR |
| Financing cash flow | -3,399 | -2.1% | S100YCRR |
| Dividends paid | 2,400 | 1.5% | S100YCRR |
| Share buyback | 522 | 0.3% | S100YCRR |
| Change in cash | 7,476 | 4.5% | S100YCRR |
| Cash and equivalents | 45,156 | 27.4% | S100YCRR |

## 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 | 38,078 | 37,787 | 36,153 | 37,680 | 45,156 | S100TOIE, S100VZ2E, S100YCRR |
| Total assets | 134,076 | 139,933 | 147,094 | 147,843 | 155,783 | S100QYHE, S100TOIE, S100VZ2E, S100YCRR |
| Net assets | 89,836 | 93,351 | 99,268 | 101,900 | 107,554 | S100TOIE, S100VZ2E, S100YCRR |
| Share capital | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | S100QYHE, S100TOIE, S100VZ2E, S100YCRR |
| Trade receivables | 31,356 | 29,199 | 32,727 | 34,728 | 34,297 | S100QYHE, S100TOIE, S100VZ2E, S100YCRR |
| Property, plant and equipment | 26,879 | 25,272 | 24,307 | 22,961 | 21,118 | S100QYHE, S100TOIE, S100VZ2E, S100YCRR |
| Intangible assets excluding goodwill | 1,798 | 3,666 | 5,651 | 6,476 | 6,690 | S100QYHE, S100TOIE, S100VZ2E, S100YCRR |
| Goodwill | — | 400 | — | — | — | S100TOIE |
| Investment securities | 17,577 | 17,806 | 21,080 | 20,661 | 22,719 | S100QYHE, S100TOIE, S100VZ2E, S100YCRR |
| Current assets | 80,224 | 85,704 | 88,758 | 90,436 | 98,315 | S100QYHE, S100TOIE, S100VZ2E, S100YCRR |
| Current liabilities | 39,836 | 41,841 | 43,606 | 42,362 | 44,973 | S100QYHE, S100TOIE, S100VZ2E, S100YCRR |
| Trade payables | 4,855 | 5,910 | 5,536 | 5,016 | 5,641 | S100QYHE, S100TOIE, S100VZ2E, S100YCRR |
| Short-term borrowings | 5,100 | 5,100 | 5,100 | 5,100 | 5,100 | S100QYHE, S100TOIE, S100VZ2E, S100YCRR |
| Long-term borrowings | — | 655 | 451 | 381 | 323 | S100TOIE, S100VZ2E, S100YCRR |
| Total liabilities | 44,240 | 46,582 | 47,825 | 45,943 | 48,228 | S100QYHE, S100TOIE, S100VZ2E, S100YCRR |
| Non-controlling interests | 221 | 191 | 193 | 196 | 142 | S100QYHE, S100TOIE, S100VZ2E, S100YCRR |
| Equity attributable to owners of parent | 86,115 | 90,209 | 94,086 | 96,628 | 101,576 | S100QYHE, S100TOIE, S100VZ2E, S100YCRR |
| Retained earnings | 57,530 | 62,593 | 67,149 | 71,022 | 76,322 | S100QYHE, S100TOIE, S100VZ2E, S100YCRR |
| Treasury stock | -58 | -598 | -1,330 | -2,736 | -2,989 | S100QYHE, S100TOIE, S100VZ2E, S100YCRR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YCRR |
| Receivables | 22% | S100YCRR |
| Property, plant and equipment | 13% | S100YCRR |
| Intangibles and goodwill | 4% | S100YCRR |
| Investment securities | 15% | S100YCRR |
| Other assets | 17% | S100YCRR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YCRR |
| Other liabilities | 27% | S100YCRR |
| Equity | 69% | S100YCRR |
| Other liabilities | 0% | S100YCRR |

### 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 | 134,076 | 139,933 | 147,094 | 147,843 | 155,783 |
| Equity | 89,836 | 93,351 | 99,268 | 101,900 | 107,554 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 38,078 | 37,787 | 36,153 | 37,680 | 45,156 |

## 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) | 12.8% | S100YCRR |
| Fixed assets ÷ total assets | 13.6% | S100YCRR |
| Goodwill ÷ parent equity | — | —, S100YCRR |

### 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) | 29.0% |
| Cash ÷ revenue | 27.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 141.5% |
| Cash vs. profit gap | 8,430 JPY mn (of net income 109.5%) |
| Shareholder returns / net income | 37.9% |
| Shareholder returns / FCF | 24.6% |
| Shareholder payments — dividends / net income | 31.2% |
| Shareholder payments — dividends / FCF | 20.2% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 32.6% |

## 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% | 1.10× | 4.5% | 1.56× | 7.0% | S100QYHE |
| 2023 | 4.5% | 1.10× | 4.9% | 1.55× | 7.6% | S100TOIE |
| 2024 | 4.5% | 1.04× | 4.7% | 1.56× | 7.3% | S100VZ2E |
| 2025 | 3.9% | 1.06× | 4.1% | 1.55× | 6.3% | S100YCRR |
| 2026 | 4.7% | 1.09× | 5.1% | 1.53× | 7.8% | S100YCRR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱日本経済新聞社 | Major shareholder | 33.1% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 6.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 6.1% | 2026-03-31 |
| 三井物産㈱ | Major shareholder | 3.8% | 2026-03-31 |
| 日本生命保険(相) | Major shareholder | 2.5% | 2026-03-31 |
| ㈱みずほ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| ㈱東京計画 | Major shareholder | 2.5% | 2026-03-31 |
| ㈱ＳＭＢＣ信託銀行（㈱三井住友銀行退職給付信託口） | Major shareholder | 2.2% | 2026-03-31 |
| 嶋村 吉洋 | Major shareholder | 2.0% | 2026-03-31 |
| ㈱ＭＢＳメディアホールディングス | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/04/01－2026/03/31) | S100YCRR | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCRR,, |
| 有価証券報告書－第15期(2024/04/01－2025/03/31) | S100VZ2E | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ2E,, |
| 有価証券報告書－第14期(2023/04/01－2024/03/31) | S100TOIE | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOIE,, |
| 有価証券報告書－第13期(2022/04/01－2023/03/31) | S100QYHE | 2023-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYHE,, |
| 有価証券報告書－第12期(令和3年4月1日－令和4年3月31日) | S100O9OB | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9OB,, |
| 訂正有価証券報告書－第11期(令和2年4月1日－令和3年3月31日) | S100M0AR | 2021-07-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M0AR,, |

## 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).