ENVALITH
株式会社TBSホールディングス logo

TBS HOLDINGS, INC.

9401・Prime Market・Information & Communication

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株式会社TBSホールディングス logo
TBS HOLDINGS, INC.9401

Business

TBS Holdings, Inc. is a certified broadcast holding company that traces its origins to a private broadcaster established in 1951. It comprises 62 consolidated subsidiaries and 47 affiliated companies, and is organized into three segments: the Media & Content Business (approximately 73% of net sales), centered on TBS Television, TBS Radio, and BS-TBS; the Lifestyle Business (approximately 23%), which encompasses general merchandise retail, cosmetics, and educational services; and Real Estate & Other Business (approximately 4%), responsible for real estate leasing and facility management in the Akasaka area. Its major customers are advertising agencies (Dentsu accounts for 24.0% of net sales and Hakuhodo for 13.1%), and the company positions the creation and development of content IP as the wellspring of its corporate value.

Business Model

The company has a multi-layered revenue structure combining terrestrial, BS, and radio broadcasting advertising revenue as its base, together with streaming advertising revenue centered on TVer, secondary-use revenue from content IP such as films and anime, retail and education revenue from the Lifestyle Business, and real estate leasing revenue from the Akasaka area. Proceeds from the sale of cross-shareholdings are being allocated to investments in growth areas, driving expansion into the Digital, Global, and Experience (EDGE) domains.

Company Strengths

Streaming advertising revenue reached ¥14,312 million in the fiscal year under review (up 18.8% year on year), continuing high growth over multiple years. TBS content maintains a high viewership share on TVer, an industry-common platform, functioning as a revenue source that complements the maturing terrestrial advertising market.

Driven by the major box-office success of the feature film "TOKYO MER: Mission in Emergency Room ~Nankai Mission~" and the release of the original animated film "Tabekko Doubutsu THE MOVIE," sales of the Content IP, Film & Anime Business (TBS Television Business Division) rose 13.1% year on year to ¥18,792 million. Secondary-use revenue from films and anime also performed well, establishing a track record for monetizing broadcast IP through multiple stages.

The Real Estate & Other Business segment recorded net sales of ¥16,888 million and operating profit of ¥7,271 million (operating margin of 43.1%), contributing to the stability of the group's overall earnings. Investment related to the Akasaka Entertainment City project (¥4,735 million in the fiscal year under review) is underway, with future improvement in real estate value also anticipated.

ENVALITH's Perspective

In FY2026 (ending March 2026), the operating margin improved to 5.8% (up from 4.8% in the prior year), but the absolute level remains low relative to net sales of ¥424,850 million. The operating margin of the Media & Content Business remained limited at 4.7% (¥14,612 million ÷ ¥312,873 million), with the heavy fixed cost structure of the broadcasting business constraining profitability. The Lifestyle Business saw an increase in revenue (¥95,724 million, up 2.3% year on year) but a decline in profit (¥2,866 million, down 18.2% year on year), with profitability deteriorating; the rise in personnel expenses and store opening costs continuing to pressure profit warrants ongoing attention.

Of the ¥52,228 million in profit attributable to owners of parent for FY2026 (ending March 2026), ¥48,882 million in gains on sales of investment securities was recorded as extraordinary income, resulting in a large gap versus ordinary income of ¥37,373 million. While the rise in the stock market did contribute externally to expanding unrealized gains, the sale of cross-shareholdings is an ongoing policy, and the FY2027 (ending March 2027) forecast for net income of ¥48,500 million (down 7.1% year on year) can be interpreted as a conservative outlook that factors in a smaller scale of sale gains. Investors should place emphasis on the underlying earnings level on an operating profit basis (forecast of ¥26,000 million).

The annual dividend for FY2026 (ending March 2026) was significantly increased to ¥84 (payout ratio of 25.3%) from ¥68 in the prior year. For FY2027 (ending March 2027), a dividend of ¥100 (forecast payout ratio of 32.4%) is planned, and the Medium-Term Management Plan 2026 Update clearly stated a policy of raising the payout ratio target from the previous 30% to around 40%. In addition, on May 14, 2026, a resolution was passed for a share buyback of up to 6,500,000 shares / ¥36.0 billion, along with a decision to retire 4,500,000 shares. This shift in capital policy, mindful of the total payout ratio, is commendable, but the balance with growth investment will be the focus going forward.

Growth Strategy

Advancing content IP multi-layer expansion and capital efficiency improvement in tandem, based on the Medium-Term Management Plan 2026 update

Streaming advertising revenue centered on TVer continued its high growth trajectory, reaching ¥14,312 million in FY2026 (ending March 2026), up 18.8% year on year. The consolidation of WACUL Inc. also strengthened expansion into the digital marketing domain. Paid streaming revenue declined due to differences in the number of overseas-distributed titles, making expansion of the global streaming lineup a key challenge.

THE SEVEN US, INC. was newly established to build a foundation for expansion into the US market. Expansion into Asia also continued through TOKYO BROADCASTING SYSTEM KOREA, INC. and others. The company aims to expand overseas secondary-use revenue centered on major hit content such as the feature film "TOKYO MER".

Revenue growth continued at Yaruki Switch Group driven by an increase in the number of classrooms and students, business expansion at the Styling Life Group through the consolidation of Because Inc., and Sanrio Yaruki Edutailing Co., Ltd. began being accounted for under the equity method. However, due to factors such as increased personnel expenses, the Lifestyle Business posted higher revenue but lower profit in FY2026 (ending March 2026), with operating profit of ¥2,866 million, down 18.2% year on year, making profitability improvement an urgent priority.

The company is advancing the planned sale of cross-shareholdings in line with the Corporate Governance Code. It recorded a gain on sale of ¥48,882 million in FY2026 (ending March 2026), and as a subsequent event, sold an additional 8 stocks worth ¥11,078 million in April 2026. The company has clarified its commitment to improving capital efficiency by raising its target payout ratio to around 40%, and resolving to conduct share buybacks of up to ¥36.0 billion and retire 4,500,000 treasury shares.

Demolition work costs and other expenses related to the Akasaka redevelopment (fixed asset removal costs of ¥2,051 million recorded in FY2026, ending March 2026) were implemented as upfront investment. The company aims to enhance future real estate value and create new revenue opportunities. Construction in progress increased from ¥7,758 million in the previous year to ¥12,948 million, indicating that investment is gaining momentum.

Last updated: July 19, 2026