# WOWOW 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42期(2025/04/01－2026/03/31) (S100YDWH)
> Page: https://vizora.meequs.com/en/company/wowow
> Retrieved: 2026-09-30T20:24:46.862Z

## Company

Wowow, founded in 1984, is a company in Business Process Outsourcing listed on TSE Prime. It has 801 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WOWOW INC. |
| Ticker | 4839 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4839.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂五丁目2番20号 |
| Representative (per filing) | 代表取締役 社長執行役員 山本 均 |
| Founded | Dec 1984 |
| Share capital | ¥5B |
| Employees (consolidated) | 801 |
| Average salary (parent only) | ¥10.8M |
| Fiscal year end | March |
| Website | corporate.wowow.co.jp (https://corporate.wowow.co.jp/) |
| Corporate number | 7010401022214 |
| EDINET | E04427 |
| Industries (Vizora) | Business Process Outsourcing, Streaming, Broadcasting & Newspapers |

> Profile source: annual securities report (S100YDWH, filed 2026-06-18). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.5 | 11 |
| Profitability | 13.6 | 11 |
| Cash conversion | 95 | 10 |
| Efficiency | 86.4 | 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 91% of Wowow's sales come from MediaAndContent, with Telemarketing making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +0.5% from the prior year, operating profit -27.6%.

## Company structure

- Segment revenue mix: MediaAndContent 90.9%、Telemarketing 9.1%
- Revenue → net income: ¥77124000000 → ¥1296000000
- Net income → operating cash flow: ¥1296000000 → ¥5338000000（difference ¥4042000000）
- Main uses of operating cash flow: CapEx ¥3797000000 / dividends ¥847000000 / buybacks —
- Change in cash: ¥722000000
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 | ¥77.1B |  |
| Operating income | ¥1.48B | Margin 1.9% |
| Net income | ¥1.3B | Margin 1.7% |
| Free cash flow | ¥1.54B |  |
| Largest business | MediaAndContent | of segment revenue 90.9% |
| Employees (consolidated) | 801 |  |
| EPS | ¥29.38 |  |
| Book value per share | ¥2138.3 |  |
| Equity ratio | 73.6% |  |
| Shares outstanding | 28,844,400 |  |
| Treasury shares | 506,800 |  |
| Shareholders | 30,660 |  |
| Average salary (parent only) | ¥10.8M | Filing company only |
| Cash ratio | 28.0% | Cash ÷ revenue 34.3% |
| Vs. industry median margin | -7.9 pp | Streaming |
| ROE | 2.0% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.1× net income
- FY2026, one segment accounts for 94% of positive segment profit
- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥79165000000 | ¥77124000000 | -2.6% |
| Operating income | ¥6789000000 | ¥1475000000 | -78.3% |
| Operating margin | 8.6% | 1.9% | -6.7 pp |
| Employees | 588 people | 801 people | +36.2% |
| Cash and equivalents | ¥22151000000 | ¥26446000000 | +19.4% |

### 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 |
| --- | ---: |
| 放送 → 事業再編・廃止 | 48.6% |
| メディア・コンテンツ → 事業再編・廃止 | 48.6% |
| テレマーケティング → 事業再編・廃止 | 2.7% |
| 新設・再編 → メディア・コンテンツ | 90.9% |
| 新設・再編 → テレマーケティング | 9.1% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 77,124 | 100.0% | S100YDWH |
| Cost of revenue | 54,377 | 70.5% | S100YDWH |
| Gross profit | 22,747 | 29.5% | S100YDWH |
| SG&A | 21,272 | 27.6% | S100YDWH |
| Operating income | 1,475 | 1.9% | S100YDWH |
| Ordinary income | 2,276 | 3.0% | S100YDWH |
| Pretax income | 1,956 | 2.5% | S100YDWH |
| Income tax | 659 | 0.9% | S100YDWH |
| Net income | 1,296 | 1.7% | S100YDWH |
| Net income attributable to owners | 1,296 | 1.7% | S100YDWH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 28 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 29.5% → Operating margin 1.9% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.5%; Core profit growth: -27.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -57.63×
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 | 76,757 | 77,124 | 367 | +0.5% |
| Gross profit | 24,690 | 22,747 | -1,943 | -7.9% |
| Operating income | 2,036 | 1,475 | -561 | -27.6% |
| Net income attributable to owners | 637 | 1,296 | 659 | +103.5% |
| Operating cash flow | 4,344 | 5,338 | 994 | +22.9% |
| Free cash flow | 1,314 | 1,541 | 227 | +17.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 82,450 | 8,489 | 10.3% | 5,072 | 9,982 | 6,459 | S100MXD0 |
| FY ending Mar 2021 | 79,165 | 6,789 | 8.6% | 2,942 | 5,961 | -1,405 | S100Q8DR |
| FY ending Mar 2022 | 79,657 | 5,268 | 6.6% | 4,239 | 6,422 | 3,522 | S100R0OU |
| FY ending Mar 2023 | 77,101 | 3,225 | 4.2% | 2,398 | 3,219 | 940 | S100TPFY |
| FY ending Mar 2024 | 74,869 | 1,450 | 1.9% | 1,092 | 4,293 | 1,412 | S100W0YP |
| FY ending Mar 2025 | 76,757 | 2,036 | 2.7% | 637 | 4,344 | 1,314 | S100YDWH |
| FY ending Mar 2026 | 77,124 | 1,475 | 1.9% | 1,296 | 5,338 | 1,541 | S100YDWH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥96.3M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 619 | 652 | 730 | 791 | 801 |
| Average salary (parent company) | ¥10.5M | ¥10.8M | ¥10.5M | ¥10.6M | ¥10.8M |
| Average age (parent company) | 40.9 years | 40.9 years | 40.6 years | 40.8 years | 41.2 years |
| Average tenure (parent company) | 14.9 years | 14.4 years | 13.9 years | 13.7 years | 13.6 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +0.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| MediaAndContent | 70,104 | 90.9% | 1,382 | 2.0% |
| Telemarketing | 7,020 | 9.1% | 91 | 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 |
| --- | ---: | ---: | ---: | ---: |
| MediaAndContent | 90.9% | 93.8% | 2.9 | 2.0% |
| Telemarketing | 9.1% | 6.2% | -2.9 | 1.3% |

Segment → industry: Telemarketing → Business Process Outsourcing / MediaAndContent → Streaming / MediaAndContent → Broadcasting & Newspapers

## 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 | 5,338 | 6.9% | S100YDWH |
| Capital expenditure | 3,797 | 4.9% | S100YDWH |
| Free cash flow | 1,541 | 2.0% | 算出 |
| Investing cash flow | -3,721 | -4.8% | S100YDWH |
| Financing cash flow | -928 | -1.2% | S100YDWH |
| Dividends paid | 847 | 1.1% | S100YDWH |
| Change in cash | 722 | 0.9% | S100YDWH |
| Cash and equivalents | 26,446 | 34.3% | S100YDWH |

## 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 | 27,333 | 25,757 | 25,922 | 25,723 | 26,446 | S100TPFY, S100W0YP, S100YDWH |
| Total assets | 99,652 | 97,046 | 89,146 | 100,499 | 94,547 | S100R0OU, S100TPFY, S100W0YP, S100YDWH |
| Net assets | 66,956 | 66,828 | 68,225 | 68,034 | 69,544 | S100TPFY, S100W0YP, S100YDWH |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100R0OU, S100TPFY, S100W0YP, S100YDWH |
| Property, plant and equipment | 12,221 | 11,176 | 9,947 | 8,824 | 9,545 | S100R0OU, S100TPFY, S100W0YP, S100YDWH |
| Intangible assets excluding goodwill | 8,105 | 8,115 | 9,231 | 7,918 | 8,621 | S100R0OU, S100TPFY, S100W0YP, S100YDWH |
| Goodwill | — | — | 312 | 289 | 256 | S100W0YP, S100YDWH |
| Investment securities | 9,088 | 2,262 | 3,570 | 3,076 | 3,685 | S100R0OU, S100TPFY, S100W0YP, S100YDWH |
| Current assets | 66,942 | 64,980 | 55,534 | 69,510 | 61,408 | S100R0OU, S100TPFY, S100W0YP, S100YDWH |
| Current liabilities | 30,566 | 28,282 | 18,669 | 30,372 | 22,743 | S100R0OU, S100TPFY, S100W0YP, S100YDWH |
| Total liabilities | 32,696 | 30,218 | 20,920 | 32,465 | 25,003 | S100R0OU, S100TPFY, S100W0YP, S100YDWH |
| Equity attributable to owners of parent | 66,467 | 66,440 | 66,219 | 66,100 | 66,624 | S100R0OU, S100TPFY, S100W0YP, S100YDWH |
| Retained earnings | 58,538 | 59,217 | 58,904 | 58,697 | 59,146 | S100R0OU, S100TPFY, S100W0YP, S100YDWH |
| Treasury stock | -312 | -1,008 | -897 | -789 | -688 | S100R0OU, S100TPFY, S100W0YP, S100YDWH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YDWH |
| Property, plant and equipment | 10% | S100YDWH |
| Intangibles and goodwill | 9% | S100YDWH |
| Investment securities | 4% | S100YDWH |
| Other assets | 49% | S100YDWH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100YDWH |
| Equity | 74% | S100YDWH |

### 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 | 99,652 | 97,046 | 89,146 | 100,499 | 94,547 |
| Equity | 66,956 | 66,828 | 68,225 | 68,034 | 69,544 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 27,333 | 25,757 | 25,922 | 25,723 | 26,446 |

## 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) | 12.4% | S100YDWH |
| Fixed assets ÷ total assets | 10.1% | S100YDWH |
| Goodwill ÷ parent equity | 0.4% | S100YDWH |

### 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) | 28.0% |
| Cash ÷ revenue | 34.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 361.9% |
| Cash vs. profit gap | 4,042 JPY mn (of net income 311.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 65.4% |
| Shareholder payments — dividends / FCF | 55.0% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 69.7% |

## 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 | 5.3% | 0.80× | 4.3% | 1.50× | 6.4% | S100R0OU |
| 2023 | 3.1% | 0.78× | 2.4% | 1.48× | 3.6% | S100TPFY |
| 2024 | 1.5% | 0.80× | 1.2% | 1.40× | 1.6% | S100W0YP |
| 2025 | 0.8% | 0.81× | 0.7% | 1.43× | 1.0% | S100YDWH |
| 2026 | 1.7% | 0.79× | 1.3% | 1.47× | 2.0% | S100YDWH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱フジ・メディア・ホールディングス | Major shareholder | 20.9% | 2026-03-31 |
| ㈱ＴＢＳホールディングス | Major shareholder | 16.0% | 2026-03-31 |
| 日本テレビ放送網㈱ | Major shareholder | 9.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 4.6% | 2026-03-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 3.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（退職給付信託口・株式会社電通口） | Major shareholder | 3.2% | 2026-03-31 |
| ㈱朝日新聞社 | Major shareholder | 1.9% | 2026-03-31 |
| ㈱日本経済新聞社 | Major shareholder | 1.2% | 2026-03-31 |
| ㈱テレビ東京 | Major shareholder | 1.2% | 2026-03-31 |
| ㈱テレビ朝日ホールディングス | Major shareholder | 1.2% | 2026-03-31 |
| ㈱読売新聞東京本社 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第42期(2025/04/01－2026/03/31) | S100YDWH | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDWH,, |
| 有価証券報告書－第41期(2024/04/01－2025/03/31) | S100W0YP | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0YP,, |
| 有価証券報告書－第40期(2023/04/01－2024/03/31) | S100TPFY | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPFY,, |
| 有価証券報告書－第39期(2022/04/01－2023/03/31) | S100R0OU | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0OU,, |
| 訂正有価証券報告書－第38期(2021/04/01－2022/03/31) | S100Q8DR | 2023-02-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q8DR,, |
| 訂正有価証券報告書－第37期(令和2年4月1日－令和3年3月31日) | S100MXD0 | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXD0,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 株式会社ＮＴＴドコモ | Capital alliance | 映像配信事業「Ｌｅｍｉｎｏ」に関する資本業務提携 | S100YDWH |

## 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).