# U-NEXT HOLDINGS: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2024/09/01－2025/08/31) (S100X6EF)
> Page: https://vizora.meequs.com/en/company/u-next-holdings
> Retrieved: 2026-09-30T21:51:47.792Z

## Company

U-Next Holdings, founded in 2009, is a company in Broadband & ISPs listed on TSE Prime. It has 5,737 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | U-NEXT HOLDINGS Co.,Ltd. |
| Ticker | 9418 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9418.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区上大崎三丁目1番1号 |
| Representative (per filing) | 代表取締役社長CEO 宇野 康秀 |
| Founded | Feb 2009 |
| Share capital | ¥99M |
| Employees (consolidated) | 5,737 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | August |
| Website | unext-hd.co.jp (https://unext-hd.co.jp/) |
| Corporate number | 3011001067132 |
| EDINET | E31052 |
| Industries (Vizora) | Broadband & ISPs, Electric Power & Gas, Streaming |

> Profile source: annual securities report (S100X6EF, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.7 | 42 |
| Profitability | 60.2 | 44 |
| Cash conversion | 15.5 | 42 |
| Efficiency | 89.8 | 44 |

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 40% of U-Next Holdings's sales come from Communication and energy service, with Content distribution service and Store and facility solution service making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +19.5% from the prior year, operating profit +8.5%.

## Company structure

- Segment revenue mix: Communication and energy service 40.2%、Content distribution service 32.8%、Store and facility solution service 24.4%、Financial, realty and global service 2.6%
- Revenue → net income: ¥390408000000 → ¥19366000000
- Net income → operating cash flow: ¥19366000000 → ¥20671000000（difference ¥1305000000）
- Main uses of operating cash flow: CapEx ¥16280000000 / dividends ¥2284000000 / buybacks ¥0
- Change in cash: ¥3995000000
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 | ¥390.4B |  |
| Operating income | ¥31.6B | Margin 8.1% |
| Net income | ¥18.4B | Margin 4.7% |
| Free cash flow | ¥4.39B |  |
| Largest business | Communication and energy service | of segment revenue 40.2% |
| Employees (consolidated) | 5,737 |  |
| EPS | ¥25.73 |  |
| Book value per share | ¥276.6 |  |
| Equity ratio | 37.6% |  |
| Shares outstanding | 180,375,333 |  |
| Treasury shares | 400 |  |
| Shareholders | 63,244 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 21.9% | Cash ÷ revenue 14.6% |
| Vs. industry median margin | -2.6 pp | Broadband & ISPs |
| ROE | 20.5% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥193192000000 | ¥390408000000 | +102.1% |
| Operating income | ¥10883000000 | ¥31571000000 | +190.1% |
| Operating margin | 5.6% | 8.1% | +2.5 pp |
| Employees | 4,845 people | 5,737 people | +18.4% |
| Cash and equivalents | ¥16776000000 | ¥56882000000 | +239.1% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| コンテンツ配信事業 → コンテンツ配信事業 | 23.1% |
| 店舗サービス事業 → 事業再編・廃止 | 28.2% |
| 通信事業 → 事業再編・廃止 | 21.5% |
| 業務用システム事業 → 事業再編・廃止 | 10.2% |
| エネルギー事業 → 事業再編・廃止 | 14.9% |
| メディア事業 → 事業再編・廃止 | 2.1% |
| 新設・再編 → コンテンツ配信事業 | 9.7% |
| 新設・再編 → 店舗・施設ソリューション事業 | 24.4% |
| 新設・再編 → 通信・エネルギー事業 | 40.2% |
| 新設・再編 → 金融・不動産・グローバル事業 | 2.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Communication and energy service | — | — | ¥156825000000 | 8.4% | 2 |
| Content distribution service | 5 years | +22.9% | ¥127990000000 | 7.5% | 2 |
| Store and facility solution service | — | — | ¥95287000000 | 17.2% | 2 |
| Financial, realty and global service | — | — | ¥10249000000 | 14.5% | 2 |

## Income statement（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 390,408 | 100.0% | S100X6EF |
| Cost of revenue | 261,583 | 67.0% | S100X6EF |
| Gross profit | 128,825 | 33.0% | S100X6EF |
| SG&A | 97,253 | 24.9% | S100X6EF |
| Operating income | 31,571 | 8.1% | S100X6EF |
| Ordinary income | 30,900 | 7.9% | S100X6EF |
| Pretax income | 30,101 | 7.7% | S100X6EF |
| Income tax | 10,734 | 2.7% | S100X6EF |
| Net income | 19,366 | 5.0% | S100X6EF |
| Net income attributable to owners | 18,395 | 4.7% | S100X6EF |

## Per ¥100 of revenue（FY ending Aug 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 25 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 33.0% → Operating margin 8.1% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.5%; Core profit growth: +8.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.43×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 326,754 | 390,408 | 63,654 | +19.5% |
| Gross profit | 117,155 | 128,825 | 11,670 | +10.0% |
| Operating income | 29,110 | 31,571 | 2,461 | +8.5% |
| Net income attributable to owners | 15,357 | 18,395 | 3,038 | +19.8% |
| Operating cash flow | 15,866 | 20,671 | 4,805 | +30.3% |
| Free cash flow | 6,433 | 4,391 | -2,042 | -31.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 175,769 | 8,239 | 4.7% | 6,069 | 19,599 | 14,026 | S100KCOP |
| FY ending Aug 2020 | 193,192 | 10,883 | 5.6% | 4,909 | 7,997 | 840 | S100MYO7 |
| FY ending Aug 2021 | 208,351 | 15,608 | 7.5% | 8,044 | 15,719 | 8,746 | S100PPPX |
| FY ending Aug 2022 | 237,927 | 17,321 | 7.3% | 8,687 | 17,664 | 11,204 | S100SDMN |
| FY ending Aug 2023 | 276,344 | 21,565 | 7.8% | 10,959 | 10,678 | 2,811 | S100UV9Z |
| FY ending Aug 2024 | 326,754 | 29,110 | 8.9% | 15,357 | 15,866 | 6,433 | S100X6EF |
| FY ending Aug 2025 | 390,408 | 31,571 | 8.1% | 18,395 | 20,671 | 4,391 | S100X6EF |

## People and productivity（FY ending Aug 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥68.1M |
| Operating income per employee (consolidated) | ¥5.5M |
| Net income per employee (consolidated) | ¥3.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,692 | 4,846 | 4,905 | 5,344 | 5,737 |
| Average salary (parent company) | ¥6M | ¥6M | ¥5.5M | ¥6.2M | ¥6.5M |
| Average age (parent company) | 37.6 years | 36.8 years | 36.4 years | 36.5 years | 37.8 years |
| Average tenure (parent company) | 8.0 years | 8.0 years | 8.1 years | 8.4 years | 9.1 years |

Year over year: Employees (consolidated) +7.4% · Revenue (consolidated) +19.5%

## Segments（FY ending Aug 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Content distribution service | 127,990 | 32.8% | 9,648 | 7.5% |
| Store and facility solution service | 95,287 | 24.4% | 16,361 | 17.2% |
| Communication and energy service | 156,825 | 40.2% | 13,186 | 8.4% |
| Financial, realty and global service | 10,249 | 2.6% | 1,484 | 14.5% |

### 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 distribution service | 32.8% | 23.7% | -9.1 | 7.5% |
| Store and facility solution service | 24.4% | 40.2% | 15.8 | 17.2% |
| Communication and energy service | 40.2% | 32.4% | -7.8 | 8.4% |
| Financial, realty and global service | 2.6% | 3.6% | 1.0 | 14.5% |

Segment → industry: Communication and energy service → Broadband & ISPs / Communication and energy service → Electric Power & Gas / Store and facility solution service → Streaming / Content distribution service → Streaming

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 20,671 | 5.3% | S100X6EF |
| Capital expenditure | 16,280 | 4.2% | S100X6EF |
| Free cash flow | 4,391 | 1.1% | 算出 |
| Investing cash flow | -20,178 | -5.2% | S100X6EF |
| Financing cash flow | 3,501 | 0.9% | S100X6EF |
| Dividends paid | 2,284 | 0.6% | S100X6EF |
| Share buyback | 0 | 0.0% | S100X6EF |
| Change in cash | 3,995 | 1.0% | S100X6EF |
| Cash and equivalents | 56,882 | 14.6% | S100X6EF |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 21,578 | 26,381 | 52,132 | 52,738 | 56,882 | S100SDMN, S100UV9Z, S100X6EF |
| Total assets | 141,316 | 153,007 | 200,524 | 228,962 | 259,782 | S100PPPX, S100SDMN, S100UV9Z, S100X6EF |
| Net assets | 33,334 | 40,281 | 77,707 | 92,033 | 108,708 | S100SDMN, S100UV9Z, S100X6EF |
| Share capital | 96 | 96 | 97 | 99 | 99 | S100PPPX, S100SDMN, S100UV9Z, S100X6EF |
| Trade receivables | 21,516 | 25,987 | 31,989 | 41,246 | 48,927 | S100PPPX, S100SDMN, S100UV9Z, S100X6EF |
| Inventories | 6,874 | 7,808 | 9,708 | 11,302 | 12,196 | S100PPPX, S100SDMN, S100UV9Z, S100X6EF |
| Property, plant and equipment | 19,197 | 19,143 | 18,419 | 21,056 | 24,387 | S100PPPX, S100SDMN, S100UV9Z, S100X6EF |
| Intangible assets excluding goodwill | 52,425 | 49,787 | 48,675 | 47,194 | 53,182 | S100PPPX, S100SDMN, S100UV9Z, S100X6EF |
| Goodwill | 47,322 | 44,324 | 42,591 | 39,490 | 40,022 | S100PPPX, S100SDMN, S100UV9Z, S100X6EF |
| Investment securities | 933 | 1,159 | 1,307 | 1,128 | 1,508 | S100PPPX, S100SDMN, S100UV9Z, S100X6EF |
| Current assets | 60,692 | 75,351 | 121,225 | 150,218 | 172,358 | S100PPPX, S100SDMN, S100UV9Z, S100X6EF |
| Current liabilities | 40,842 | 51,757 | 55,527 | 71,529 | 79,805 | S100PPPX, S100SDMN, S100UV9Z, S100X6EF |
| Trade payables | 18,176 | 21,979 | 24,457 | 30,989 | 36,559 | S100PPPX, S100SDMN, S100UV9Z, S100X6EF |
| Long-term borrowings | 59,430 | 53,970 | 50,970 | 49,822 | 55,663 | S100PPPX, S100SDMN, S100UV9Z, S100X6EF |
| Bonds | — | — | 10,000 | 10,000 | 10,000 | S100UV9Z, S100X6EF |
| Total liabilities | 107,981 | 112,725 | 122,817 | 136,928 | 151,074 | S100PPPX, S100SDMN, S100UV9Z, S100X6EF |
| Non-controlling interests | 3 | 2 | 9,255 | 10,166 | 11,137 | S100PPPX, S100SDMN, S100UV9Z, S100X6EF |
| Equity attributable to owners of parent | 33,065 | 39,952 | 68,020 | 81,729 | 97,420 | S100PPPX, S100SDMN, S100UV9Z, S100X6EF |
| Retained earnings | 21,877 | 28,763 | 38,138 | 51,843 | 67,534 | S100PPPX, S100SDMN, S100UV9Z, S100X6EF |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100PPPX, S100SDMN, S100UV9Z, S100X6EF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100X6EF |
| Receivables | 19% | S100X6EF |
| Inventories | 5% | S100X6EF |
| Property, plant and equipment | 9% | S100X6EF |
| Intangibles and goodwill | 36% | S100X6EF |
| Investment securities | 0% | S100X6EF |
| Other assets | 9% | S100X6EF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100X6EF |
| Other liabilities | 44% | S100X6EF |
| Equity | 42% | S100X6EF |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 141,316 | 153,007 | 200,524 | 228,962 | 259,782 |
| Equity | 33,334 | 40,281 | 77,707 | 92,033 | 108,708 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 21,578 | 26,381 | 52,132 | 52,738 | 56,882 |

## 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% | S100X6EF |
| Fixed assets ÷ total assets | 9.4% | S100X6EF |
| Goodwill ÷ parent equity | 41.1% | S100X6EF |

Goodwill over 4 years: 47,322 → 40,022 JPY; total investing cash flow: -51,858 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) | 21.9% |
| Cash ÷ revenue | 14.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 65.5% |
| Cash vs. profit gap | 2,276 JPY mn (of net income 12.4%) |
| Shareholder returns / net income | 12.4% |
| Shareholder returns / FCF | 52.0% |
| Shareholder payments — dividends / net income | 12.4% |
| Shareholder payments — dividends / FCF | 52.0% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 97.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.9% | 1.47× | 5.7% | 4.27× | 24.3% | S100PPPX |
| 2022 | 3.7% | 1.62× | 5.9% | 4.03× | 23.8% | S100SDMN |
| 2023 | 4.0% | 1.56× | 6.2% | 3.27× | 20.3% | S100UV9Z |
| 2024 | 4.7% | 1.52× | 7.2% | 2.87× | 20.5% | S100X6EF |
| 2025 | 4.7% | 1.60× | 7.5% | 2.73× | 20.5% | S100X6EF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱UNO-HOLDINGS | Major shareholder | 50.1% | 2025-08-31 |
| 宇野 康秀 | Major shareholder | 7.0% | 2025-08-31 |
| 日本マスタートラスト信託銀行㈱ （信託口） | Major shareholder | 3.7% | 2025-08-31 |
| 光通信㈱ | Major shareholder | 3.2% | 2025-08-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2025-08-31 |
| ㈱エスアイエル | Major shareholder | 2.2% | 2025-08-31 |
| ㈱TBSホールディングス | Major shareholder | 1.6% | 2025-08-31 |
| ㈱テレビ東京ホールディングス | Major shareholder | 1.4% | 2025-08-31 |
| 上田八木短資㈱ | Major shareholder | 1.2% | 2025-08-31 |
| 高橋 慧 | Major shareholder | 0.8% | 2025-08-31 |

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

- Revenue for the FY ending Aug 2025 was ¥390.4B, up +19.5% from ¥326.8B.
- Operating income grew +8.5% to ¥31.6B and net income attributable to owners grew +19.8% to ¥18.4B. Gross profit rose only +10.0%, so profit grew more slowly than sales.
- Operating cash flow climbed +30.3% to ¥20.7B, yet free cash flow dropped from ¥6.43B to ¥4.39B.

### Drivers

- In communication and energy, business services, line resale and the company's own fiber service kept growing
- U-NEXT added more sports such as European football and golf, music live shows, and exclusive titles from Max; the content segment grew both sales and profit
- Store and facility solutions was roughly flat on sales, and its operating income slipped

### Risks

- Competition for streaming content, including from well-funded overseas players, could cost U-NEXT subscribers
- Restaurants and shops, its core business customers, may close under rising food, energy and labor costs or staff shortages
- Higher power procurement costs could erode its price edge in electricity and lead to fewer sign-ups or more cancellations

Cited: Annual Securities Report, 18th fiscal 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); Annual Securities Report, 18th fiscal term (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2024/09/01－2025/08/31) | S100X6EF | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6EF,, |
| 有価証券報告書－第17期(2023/09/01－2024/08/31) | S100UV9Z | 2024-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UV9Z,, |
| 有価証券報告書－第16期(2022/09/01－2023/08/31) | S100SDMN | 2023-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDMN,, |
| 有価証券報告書－第15期(令和3年9月1日－令和4年8月31日) | S100PPPX | 2022-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPPX,, |
| 有価証券報告書－第14期(令和2年9月1日－令和3年8月31日) | S100MYO7 | 2021-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MYO7,, |
| 訂正有価証券報告書－第13期(令和1年9月1日－令和2年8月31日) | S100KCOP | 2020-12-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KCOP,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| プレミアリーグ（イングランド1部） | Alliance | U-NEXTによるプレミアリーグの国内独占配信（2024-25〜2030-31） | S100X6EF |

## 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).