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TBS HOLDINGS INC.
(9401)
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Rating:70Outperform
Price Target:
¥6,571.00
▲(7.70% Upside)
Action:Reiterated
Date:05/16/26
The score is driven primarily by solid profitability trends and a conservatively financed balance sheet, partially offset by weak and inconsistent cash conversion (recent negative free cash flow). Technicals are supportive with positive momentum, while valuation is only moderately attractive given a modest dividend yield.
Positive Factors
Steady revenue growth
Consistent top-line expansion over several years indicates durable audience reach and content monetization. A growing revenue base supports advertising sales and licensing, enabling sustained reinvestment in programming and distribution that underpins medium-term competitive positioning.
Negative Factors
Weak cash generation
Operating cash flow lagging accounting profits signals poor cash conversion quality. Persistent weak OCF limits the firm's ability to fund content spend, capex or shareholder returns from operations, forcing reliance on financing or balance-sheet adjustments that can constrain strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady revenue growth
Consistent top-line expansion over several years indicates durable audience reach and content monetization. A growing revenue base supports advertising sales and licensing, enabling sustained reinvestment in programming and distribution that underpins medium-term competitive positioning.
Read all positive factors
TBS HOLDINGS INC. (9401) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥948.87B
Dividend Yield1.39%
Average Volume (3M)202.50K
Price to Earnings (P/E)18.2
Beta (1Y)0.80
Revenue Growth4.46%
EPS Growth21.24%
CountryJP
Employees8,518
SectorCommunication Services
Sector Strength97
IndustryBroadcasting
Share Statistics
EPS (TTM)330.88
Shares Outstanding161,091,060
10 Day Avg. Volume208,880
30 Day Avg. Volume202,496
Financial Highlights & Ratios
PEG Ratio0.79
Price to Book (P/B)0.78
Price to Sales (P/S)2.07
P/FCF Ratio-302.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)336.84
Revenue Forecast (FY)¥436.13B
TBS HOLDINGS INC. Business Overview & Revenue Model
Company Description
TBS Holdings, Inc., a company primarily operating in Japan, is involved in diverse fields including broadcasting, video and cultural production, and real estate. Its broadcasting activities cover television and radio, along with related services. ...
How the Company Makes Money
TBS HOLDINGS generates revenue primarily through its broadcasting and content-related operations. Key revenue streams typically include (1) advertising sales tied to TV broadcasting—selling airtime to advertisers and sponsors based on program slot...
TBS HOLDINGS INC. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
84
Very Positive
Cash Flow
45
Neutral
| Breakdown | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 424.85B | 406.70B | 394.31B | 368.13B | 358.27B |
| Gross Profit | 141.30B | 128.74B | 120.42B | 116.42B | 114.82B |
| EBITDA | 100.16B | 87.60B | 32.11B | 36.03B | 35.95B |
| Net Income | 52.23B | 43.91B | 38.13B | 35.18B | 32.01B |
Balance Sheet | |||||
| Total Assets | 1.63T | 1.30T | 1.57T | 1.07T | 1.20T |
| Cash, Cash Equivalents and Short-Term Investments | 124.23B | 74.63B | 43.74B | 97.65B | 98.78B |
| Total Debt | 74.11B | 14.24B | 4.02B | 20.31B | 26.19B |
| Total Liabilities | 492.83B | 346.89B | 417.55B | 271.68B | 318.63B |
| Stockholders Equity | 1.13T | 935.71B | 1.14T | 780.67B | 868.46B |
Cash Flow | |||||
| Free Cash Flow | -2.92B | -282.00M | 18.33B | 4.52B | -28.74B |
| Operating Cash Flow | 10.13B | 23.28B | 26.54B | 30.63B | -2.85B |
| Investing Cash Flow | 30.10B | 13.64B | -29.56B | -7.35B | -8.15B |
| Financing Cash Flow | 9.09B | -6.11B | -51.01B | -24.49B | -8.16B |
TBS HOLDINGS INC. Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥94.18B | 13.66 | ― | 1.71% | 2.13% | -9.91% | |
72 Outperform | ¥318.28B | 10.65 | 6.46% | 2.17% | 4.76% | 15.92% | |
70 Outperform | ¥948.87B | 18.24 | 4.88% | 1.38% | 4.46% | 21.24% | |
69 Neutral | ¥736.24B | 11.17 | 5.71% | 1.52% | 2.95% | 30.61% | |
63 Neutral | ¥595.62B | 25.56 | 7.95% | 1.90% | 3.12% | 21.97% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
46 Neutral | ¥578.79B | 121.22 | 0.88% | 3.00% | 0.20% | 91.85% |
* Communication Services Sector Average
JP:9401
TBS HOLDINGS INC.
5,867.00
764.51
14.98%
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TBS HOLDINGS INC. Corporate Events
TBS Holdings Names Chair of Corporate Value Appraisal Committee
Jul 17, 2026
TBS HOLDINGS, INC. has appointed outside director Yosuke Yagi as chairperson of its Special Committee for Appraising Corporate Value. The committee, composed entirely of outside directors and outside audit and supervisory board members, serves as ...
TBS Holdings Completes Restricted Share-Based Treasury Share Disposal
Jul 17, 2026
TBS HOLDINGS has completed payment procedures for the disposal of 52,979 treasury shares as restricted share-based remuneration, following a Board resolution in late June 2026. The common shares, priced at ¥5,991 each for a total of about ...
TBS HOLDINGS Advances Share Buyback, Repurchasing 2.74 Million Shares in June
Jul 1, 2026
TBS HOLDINGS, INC. has reported progress on its ongoing share buyback program authorized by its board in mid-May 2026, under which it is permitted to repurchase up to 6.5 million common shares or as much as ¥36 billion. Between June 1 and Jun...
TBS Holdings to Grant Restricted Treasury Shares to Management
Jun 26, 2026
TBS HOLDINGS, INC. has approved the disposal of 52,979 treasury shares as restricted share-based remuneration to 38 directors, executive officers, and subsidiary executives, at a price of ¥5,991 per share for a total of about ¥317 millio...
TBS to Take 6.45% Stake in U-NEXT in Strategic Content Alliance
Jun 26, 2026
TBS HOLDINGS, INC. has agreed a capital and business alliance with U-NEXT HOLDINGS Co., Ltd., aiming to combine its drama and content production strengths with one of Japan’s largest streaming platforms to create globally competitive origina...
TBS Holdings Advances Capital Efficiency Drive With ¥16.8 Billion Share Buyback
Jun 17, 2026
TBS HOLDINGS, INC. has executed a share buyback via the Tokyo Stock Exchange’s off-auction ToSTNeT-3 system, repurchasing 2,739,600 common shares for a total of ¥16.82 billion on June 17, 2026. The move is part of the company’s st...
TBS Holdings Sets Terms for First Tranche of ¥36 Billion Share Buyback
Jun 16, 2026
TBS HOLDINGS, INC. has approved a specific method to repurchase up to 3,500,000 of its common shares, representing 2.18% of its outstanding float, via the Tokyo Stock Exchange’s off-auction ToSTNeT-3 system at the June 16 closing price of &#...
TBS Holdings Reports No Purchases Yet Under New ¥36 Billion Share Buyback Program
Jun 1, 2026
TBS HOLDINGS, INC. has reported the initial status of a board-approved share buyback program authorized on May 14, 2026, allowing the repurchase of up to 6.5 million common shares, or about 4.05% of its outstanding stock, for as much as 36 billion...
TBS Holdings Tightens Takeover Defense by Reshaping Special Committee
May 14, 2026
TBS Holdings has amended its policy on responding to takeover proposals by revising the composition of its Special Committee for Appraising Corporate Value. The committee will now be composed solely of outside directors and outside audit and super...
TBS Holdings Renews Takeover Defense Plan as It Updates Medium-Term Strategy
May 14, 2026
TBS HOLDINGS will renew for one year its policy on responding to takeover proposals for its shares, after deciding not to seek its abolition at the upcoming 99th Ordinary General Meeting of Shareholders. The company argues that maintaining this ta...
TBS Holdings Weighs Cutting Share Investment Units to Broaden Investor Base
May 14, 2026
TBS Holdings has announced its stance on potentially reducing the minimum investment unit for its shares, viewing such a move as an effective way to broaden its investor base and improve share liquidity. The company will continue to assess whether...
TBS Holdings Overhauls Executive Lineup to Bolster Governance and Group Strategy
May 14, 2026
TBS HOLDINGS has announced a broad reshuffle of its leadership, including the appointment of Tokyo Broadcasting System Television senior managing director Takanobu Goda as managing director of the holding company, effective June 26, 2026. The boar...
TBS Holdings Rejects Activist Push for Higher Payouts to Protect Growth Investments
May 14, 2026
TBS Holdings has outlined the agenda for its June 26, 2026, annual shareholders’ meeting, including company proposals on surplus appropriation and the election of 12 directors, while disclosing activist shareholder proposals on higher shareh...
TBS Holdings Launches ¥36 Billion Share Buyback and Cancels 4.5 Million Shares
May 14, 2026
TBS HOLDINGS will repurchase up to 6.5 million of its common shares, or about 4.05% of its outstanding stock excluding treasury shares, for a maximum of 36 billion yen between May 15, 2026 and February 26, 2027, via market purchases on the Tokyo S...
TBS Holdings Hikes Year-End Dividend as Medium-Term Plan Outpaces Targets
May 14, 2026
TBS Holdings, Inc. has approved a year-end dividend of ¥49 per share for the fiscal year ended March 31, 2026, up from ¥41 a year earlier and above its previous forecast of ¥38. The payout, to be funded from retained earnings and su...
TBS Holdings Hits Profit Target Early, Lifts Forecasts and Shareholder Returns
May 14, 2026
TBS Holdings Inc. reported record consolidated net sales of ¥424.85 billion and a sharp rise in operating profit to ¥24.75 billion for the fiscal year ended March 31, 2026, driven by strong broadcasting performance, higher streaming ad r...
TBS Holdings Lifts Profit and Dividends on Strong FY2026, Signals Further Payout Hike
May 14, 2026
TBS Holdings reported solid results for the fiscal year ended March 31, 2026, with net sales rising 4.5% to ¥424.85 billion and operating profit up 27.1%, driving an 18.9% increase in profit attributable to owners of the parent and stronger r...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.