IG Port, Inc.
3791・Standard Market・Information & Communication
Business
IG Port Inc. is an animation content company group with subsidiaries including Production I.G, Inc., WIT STUDIO, Inc., and MAG Garden Corporation, among others. Its de facto origin traces back to Production I.G, founded in 1987; the company listed on JASDAQ in 2005 and transitioned to a holding company structure in 2007. Building on animation production for theatrical release, TV, and streaming (Animation Production), the group operates four businesses: comic publishing (Publishing), secondary use revenue (Licensing), and character merchandise sales (Merchandise Sales). Major customers include leading domestic and overseas companies such as Netflix Studios, LLC (¥2,040 million in sales for FY2025 (ended May 2025), 14.0% of total) and TOHO CO., LTD. (¥1,501 million, 10.3%). The group owns and utilizes popular IPs such as "Haikyu!!," "SPY×FAMILY," "Kaiju No. 8," and "Attack on Titan."
Business Model
The company has built a vertically integrated revenue cycle model: creating comic source material through Publishing, adapting it into anime through Animation Production, collecting secondary-use revenue (royalties, profit distributions, license fees) through Licensing, and wholesaling/directly selling character merchandise through Merchandise Sales. Licensing is highly profitable, with sales of ¥3,956 million and operating profit of ¥1,934 million (operating margin of 48.9%). Animation Production has built up an order backlog of ¥21,116 million (up 10.4% year on year), with large orders from global platforms such as Netflix underpinning the revenue base.
Company Strengths
In FY2025 (ended May 2025), the Licensing business achieved net sales of ¥3,956 million, operating income of ¥1,934 million, and an operating margin of 48.9%. Multiple series IP such as "Haikyu!!," "SPY×FAMILY," "Kaiju No. 8," and "Attack on Titan" continue to generate secondary use revenue, with sales to the United States expanding significantly from ¥1,667 million in the previous fiscal year to ¥4,999 million. A structure in which the Licensing business underpins overall group earnings has been established.
At the end of FY2025 (ended May 2025), the Animation Production business's order backlog stood at ¥21,116 million (up 10.4% year on year). TV/Streaming/Video Animation Production accounted for the majority at ¥18,553 million (up 13.3% year on year). Netflix Studios, LLC became the top customer (net sales of ¥2,040 million), with large-scale projects for global streaming platforms such as "THE ONE PIECE" and "Star Wars Visions" accumulating, providing high visibility into medium-term sales.
The company possesses an integrated value chain from the creation of comic original works by MAG Garden Co., Ltd., to animation production by Production I.G, Inc. and WIT STUDIO Co., Ltd., recovery of secondary use revenue through the Licensing business, and the development of character merchandise through the Merchandise Sales business. In FY2025 (ended May 2025), Merchandise Sales was elevated to an independent segment, recording net sales of ¥870 million and operating income of ¥377 million. The company also began overseas expansion with the opening of a direct sales store in Shanghai, China.
ENVALITH's Perspective
Performance Trend
Revenue increased 18% cumulatively over five fiscal periods, from ¥11,872 million in FY2022 (ending May 2022) to ¥14,064 million in FY2026 (ending May 2026), but FY2026 saw a revenue decline of 3.7% year on year. Operating profit fell 46.3% from ¥1,426 million in FY2025 (ending May 2025) to ¥766 million in FY2026, while net income attributable to owners of parent decreased 19.1% from ¥828 million to ¥669 million. The main causes were a rebound decline in Licensing due to the absence of a major hit title from the prior year (revenue down 43.5%) and expanded losses in Animation Production (from ¥1,102 million to ¥1,342 million). As an external factor, rising prices and higher labor costs pushed up production costs. Operating cash flow improved from ¥-1,859 million in the prior period to ¥+1,083 million, and cash balances increased to ¥6,124 million. The company forecasts a further decline in profit for FY2027 (ending May 2027), with operating profit projected at ¥579 million.
Growth Strategy
A four-stage virtuous cycle strategy: proprietary IP creation → multimedia development → series expansion → direct overseas sales
The company plans to produce and deliver titles such as "Haikyu!! The Movie: VS Small Giant," "Kaiju No. 8 Final Arc," "THE ONE PIECE," "YAIBA Season 2," and "LONA" in the next fiscal period, aiming to recover licensing revenue. These are expected to serve as a revenue source offsetting the prior period's decline caused by the rebound from large-scale titles.
The print monthly magazine "Comic Garden" will cease publication with the March 2026 issue, transitioning to the web magazines MAGCOMI and MAGKAN. The company aims to strengthen its original work lineup and enhance its value as a comic platform. An increase in works showing signs of becoming hits, along with works scheduled for animation adaptation, is expected to drive a positive cycle with the Licensing business.
A strategy to offset the decline in Store Opening Licensing Fees by strengthening wholesale of proprietary merchandise and expanding domestic and overseas sales channels, thereby gradually growing revenue. Wholesale to the Shanghai I.G & WIT Anime Studio Store (Jointly Operated Store) fell short of expectations due to changes in the external environment, but the company continues to promote diversification of sales channels both domestically and overseas.
The company executed a third-party allotment sale of treasury shares to Sanrio (proceeds of ¥1,626 million) and entered into a capital and business alliance. This opens up possibilities for content collaboration and global expansion with Sanrio IP, and also contributed to strengthening the financial base (equity ratio of 65.9%).
The company aims to deepen transactions with global platforms such as Netflix and LUCASFILM, expanding the media-mix approach cultivated in the Japanese market to overseas markets. Sales to the United States in FY2026 (ending May 2026) were ¥2,219 million (down from ¥4,999 million in the prior period), and a key challenge is smoothing out the structure's dependence on the delivery timing of major titles.
Last updated: July 17, 2026