TSUBURAYA FIELDS HOLDINGS INC.
2767・Prime Market・Wholesale Trade
Business
Tsuburaya Fields Holdings is an entertainment company operating under a holding company structure, guided by its corporate philosophy of "the best leisure time for everyone." The group comprises 33 subsidiaries and 9 affiliated companies. In its core "Amusement Equipment Business," centered on Fields Corporation, the group plans, develops, and sells pachinko and pachislot gaming machines, accounting for approximately 91% of group sales. In the "Content & Digital Business," Tsuburaya Productions Co., Ltd. licenses IP such as "Ultraman" globally, while Digital Frontier Inc. handles Japan's largest-scale CG and VFX video production. The company transitioned to a holding company structure in October 2022, and in March 2024 expanded its business scope by making Sophia Co., Ltd. and Ace Denken Co., Ltd., among others, subsidiaries.
Business Model
In the amusement equipment business, the company proposes planning and development of pachislot/pachinko machines utilizing powerful IPs such as Evangelion, Ultraman, and Gundam SEED to partner manufacturers, and earns revenue through a distributor model that sells the commercialized machines to parlors nationwide. In the Content & Digital business, the company earns licensing fees, merchandising (MD) revenue, and video/event revenue from its own proprietary IPs both domestically and overseas. The IP synergy between the two businesses is a source of competitive advantage.
Company Strengths
In FY2026 (ending March 2026), unit sales in the amusement equipment business reached approximately 274 thousand units (up 33.6% year on year), with a market share of approximately 18.2% (based on the company's own research). Multiple models featuring leading IPs such as Evangelion, Tokyo Ghoul, and Gundam SEED performed well, and pachinko machine sales rose 54.0% year on year to 142,479 units.
Tsuburaya Productions Co., Ltd. owns the "Ultraman" series, which began broadcasting in 1966, and enjoys such high recognition and a fan base in the Chinese market that it is estimated to generate a market transaction value of ¥150.0 billion to ¥250.0 billion. Domestic market transaction value is also estimated at approximately ¥15.0 billion, continuously generating licensing, merchandising, and visual event revenue both domestically and internationally.
Net assets at the end of FY2026 (ending March 2026) stood at ¥66,187 million, up ¥9,939 million from the end of the previous fiscal year, while liabilities decreased by ¥5,532 million year on year to ¥37,173 million. The company has been accumulating retained earnings while continuing to repay long-term borrowings, and holds ¥30,835 million in cash on hand. It is also improving capital efficiency through centralized fund management via a CMS (cash management system).
ENVALITH's Perspective
Performance Trend
Revenue rose from ¥94,900 million in FY2022 to ¥117,125 million in FY2023, ¥141,923 million in FY2024, then dipped slightly to ¥140,581 million in FY2025, before reaching a record ¥174,142 million in FY2026. Operating profit also expanded more than fivefold over the five-year period, from ¥3,444 million in FY2022 to ¥17,455 million in FY2026, with the operating margin holding at 10.0%. The acceleration of growth in FY2026 was mainly driven by strong sales of amusement equipment models featuring popular IP, with unit sales up 33.6%. On the other hand, the content business saw operating profit decline sharply by 67.0% due to a steep drop in Chinese licensing revenue (down 51.6%), with changes in the Chinese market environment as an external factor increasing earnings uncertainty. Operating cash flow remained roughly in line with the prior period at ¥7,477 million, while an increase in inventories (¥12,495 million) remains a challenge for capital efficiency.
Growth Strategy
Advancing the three-year medium-term management plan through domestic revitalization of the Ultraman IP and expansion of amusement equipment market share
Under the medium-term management plan beginning in FY2027 (ending March 2027), the Amusement Equipment business has set targets of net sales of ¥187,000 million and operating profit of ¥20.0 billion. The company is promoting expansion of its young fan base through utilization of diverse IP and acceleration of its development structure through introduction of the latest technology. It has already achieved a market share of approximately 18.2% in FY2026 (ending March 2026).
In the domestic character merchandise market, the transaction value for "Ultraman" currently remains at around ¥15.0 billion (estimated), highlighting a gap versus the Chinese market (estimated at ¥150.0–250.0 billion). While learning from Chinese licensees, the company aims to build a new business model unique to Japan, and will accelerate diversified exposure by leveraging commemorative projects for the "60th Anniversary of the Ultraman Series Broadcast."
In the Chinese market, which saw its first year-on-year decline in revenue in the past decade, the company is strengthening collaboration with local partners and expanding licensing and merchandising in new categories. As of April 2026, seven new licensing contracts have already been secured, with the aim of maintaining and expanding revenue.
The company aims to platformize the supply chain and Asia-wide deployment capabilities it has built through the development of its own IP, establishing itself as an "IP Growth Platformer" capable of supporting the cultivation and expansion of third-party IP as well. This mid- to long-term strategy is set out in the three-year medium-term management plan beginning in FY2027 (ending March 2027).
Last updated: July 19, 2026