TV Asahi Holdings (9409) AI Stock Analysis

• Market Cap: ¥342.65B
• Dividend Yield: 1.79%
• Average Volume (3M): 242.62K
• Price to Earnings (P/E): 10.0
• Beta (1Y): 0.80
• Revenue Growth: 6.63%
• EPS Growth: 80.44%
• Country: JP
• Employees: 5,452
• Sector: Communication Services
• Sector Strength: 97
• Industry: Broadcasting
• EPS (TTM): N/A
• Shares Outstanding: 108,529,000
• 10 Day Avg. Volume: 296,640
• 30 Day Avg. Volume: 242,620
• PEG Ratio: 0.20
• Price to Book (P/B): 0.58
• Price to Sales (P/S): 0.79
• P/FCF Ratio: -49.69
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: ¥3,820.00 ▲(11.70% Upside)
• Action: Reiterated Date: 11/01/25
• Date: Action: Reiterated 11/01/25

TV Asahi Holdings' overall stock score is driven primarily by its strong financial performance, characterized by revenue growth and a solid balance sheet. However, the negative free cash flow and lack of strong technical momentum are concerns. The valuation is reasonable, offering moderate income potential through dividends.

Positive Factors

Strong Balance Sheet / Low Leverage

An almost nil debt position (D/E 0.0067) gives TV Asahi durable financial flexibility. Low leverage reduces refinancing and solvency risk, supports steady funding for programming and digital investment through cycles, and preserves capacity to absorb advertising downturns.

Sustained Revenue Growth & Improving Margins

Consistent top-line growth and rising gross and net margins indicate improving operating fundamentals and stronger pricing or cost control. That trend supports reinvestment in content, enhances cash generation potential over time, and underpins healthier profitability resilience.

Diversified Media Value Chain & Content Monetization

Ownership of production, distribution and secondary monetization creates multiple revenue levers beyond linear advertising. Durable IP and licensing channels can smooth cyclicality, enable cross-platform monetization, and strengthen competitive positioning versus pure broadcasters.

Negative Factors

Negative Free Cash Flow

Persistent negative free cash flow after capex constrains self-funded growth and shareholder returns. Over months this can force trade-offs—cutting investment, raising external financing, or reducing dividends—weakening long-term strategic optionality if unaddressed.

Concentration on Advertising Revenue

Heavy reliance on advertising exposes the business to structural shifts as ad budgets migrate to digital platforms and programmatic channels. Without accelerating durable digital monetization, core revenue could face secular pressure over the medium term.

Modest Return on Equity / Operating Efficiency

A low ROE and only moderate operating margins suggest capital is not being converted into high returns relative to peers. This limits internal funding for growth and makes sustained shareholder value creation dependent on meaningful efficiency or high-return initiatives.

TV Asahi Holdings Business Overview & Revenue Model

Company Description

TV Asahi Holdings Corporation, together with its subsidiaries, engages in television (TV) broadcasting business in Japan and internationally. The company operates through TV Broadcasting Business, Internet Business, Shopping Business, and Other Businesses. It engages in the time sales, spot sales, program sales, BS/CS, and other sales activities; special programs and sports broadcast activities; and other businesses include internet-related businesses, TV shopping programs, and special events. The company also invests in motion pictures; and sells and leases equipment and DVDs. TV Asahi Holdings Corporation was founded in 1957 and is headquartered in Tokyo, Japan.

How the Company Makes Money

TV Asahi generates revenue through multiple streams, primarily from advertising, subscription fees, and content sales. The advertising segment constitutes a substantial portion of its income, as the company sells commercial airtime during its broadcast programs to various advertisers. Additionally, TV Asahi earns revenue from subscriptions through its pay-TV services and streaming platforms. The company also monetizes its content by licensing television shows, films, and other media to domestic and international networks. Significant partnerships with advertisers, production studios, and distribution companies further enhance its revenue potential, while the company's ability to produce popular programming helps to maintain strong viewer engagement and advertising demand.

TV Asahi Holdings Financial Statement Overview

Summary

TV Asahi Holdings demonstrates strong revenue growth and profitability improvements, supported by a solid balance sheet with low leverage. However, the negative free cash flow indicates a need for better cash management strategies.

Income Statement

TV Asahi Holdings has demonstrated consistent revenue growth over the years, with a notable increase in gross profit margin from 24.91% in 2024 to 26.78% in 2025. The net profit margin also improved to 7.97% in 2025, indicating enhanced profitability. However, the EBIT and EBITDA margins, while improving, remain moderate, suggesting room for operational efficiency improvements.

Balance Sheet

The company maintains a strong balance sheet with a very low debt-to-equity ratio of 0.0067, reflecting minimal leverage and financial risk. The return on equity has improved to 5.79% in 2025, indicating better utilization of shareholder funds. The equity ratio remains robust, showcasing a stable financial position.

Cash Flow

While operating cash flow has increased, the free cash flow is negative, indicating potential challenges in generating cash after capital expenditures. The operating cash flow to net income ratio is healthy, but the negative free cash flow to net income ratio highlights the need for better cash management.

Breakdown	TTM	Mar 2026	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	326.95B	324.06B	307.90B	304.57B	298.28B	264.56B
Gross Profit	90.93B	86.77B	76.71B	79.57B	86.98B	71.29B
EBITDA	35.97B	45.70B	22.45B	25.26B	32.34B	25.44B
Net Income	27.28B	25.82B	17.14B	16.60B	21.00B	12.60B
Balance Sheet
Total Assets	553.39B	559.56B	520.43B	495.12B	498.81B	473.74B
Cash, Cash Equivalents and Short-Term Investments	57.93B	63.75B	71.02B	76.48B	80.06B	55.50B
Total Debt	20.85B	2.98B	1.60B	1.44B	2.49B	2.83B
Total Liabilities	101.83B	111.71B	96.86B	100.36B	105.59B	97.64B
Stockholders Equity	449.28B	445.65B	421.75B	393.23B	391.92B	374.96B
Cash Flow
Free Cash Flow	0.00	-5.18B	2.98B	-2.35B	22.76B	-29.12B
Operating Cash Flow	0.00	26.52B	19.11B	15.30B	30.13B	20.60B
Investing Cash Flow	0.00	-32.50B	-21.71B	-25.01B	7.63B	-7.96B
Financing Cash Flow	0.00	-7.12B	-5.82B	-6.60B	-4.56B	-8.25B

TV Asahi Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3420.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9409, the sentiment is Positive. The current price of 3420 is below the 20-day moving average (MA) of 3460.75, below the 50-day MA of 3438.90, and above the 200-day MA of 3101.88, indicating a neutral trend. The MACD of -48.76 indicates Positive momentum. The RSI at 46.43 is Neutral, neither overbought nor oversold. The STOCH value of 35.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9409.

TV Asahi Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9405	74 Outperform	¥34.96B	6.96	―	1.67%	7.33%	―
9401	70 Outperform	¥955.96B	16.72	5.45%	1.30%	4.55%	-7.49%
9404	69 Neutral	¥858.44B	13.50	5.67%	1.03%	7.90%	54.01%
9413	69 Neutral	¥121.97B	12.34	―	1.71%	7.01%	72.94%
9409	64 Neutral	¥342.65B	10.03	7.18%	1.79%	6.63%	80.44%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
4676	45 Neutral	¥796.43B	-37.67	-1.72%	1.40%	-6.29%	-141.32%

TV Asahi Holdings Corporate Events

TV Asahi Holdings Delivers Strong Nine-Month Earnings and Lifts Dividend Outlook

TV Asahi Holdings reported strong results for the nine months ended December 31, 2025, with net sales up 6.9% year on year to ¥254.4 billion and operating profit surging 76.8% to ¥23.2 billion. Ordinary profit rose 58.7% to ¥31.2 billion, while profit attributable to owners of parent climbed 42.2% to ¥27.4 billion, lifting basic earnings per share to ¥271.74.

The company’s financial position remained solid, with total assets increasing to ¥576.5 billion and an equity ratio of 80.6%, while net assets rose to ¥467.2 billion. TV Asahi raised its annual dividend forecast for the year ending March 31, 2026 to ¥70 per share, including a ¥10 special dividend at year-end, and maintained its full-year earnings forecast, signaling confidence in profitability and continued shareholder returns despite a moderating pace of comprehensive income growth.

The most recent analyst rating on (JP:9409) stock is a Hold with a Yen3909.00 price target. To see the full list of analyst forecasts on TV Asahi Holdings stock, see the JP:9409 Stock Forecast page.

TV Asahi Lifts Year-End Dividend Forecast on Strong Performance and Asset Sales

TV Asahi Holdings has revised its dividend outlook for the fiscal year ending March 31, 2026, raising the year-end dividend forecast from ¥30 to ¥40 per share by adding a ¥10 special dividend, bringing the total annual dividend forecast to ¥70 per share and implying a payout ratio of 25.2 percent. The move reflects steady progress in its management plan, solid operating performance and ongoing sales of strategic shareholdings, signaling a stronger commitment to shareholder returns compared with the previous fiscal year’s ¥60 total dividend.

By emphasizing stable ordinary dividends and opportunistic commemorative or special payouts, TV Asahi is positioning itself as a shareholder-friendly broadcaster while leveraging improving earnings and balance-sheet measures to enhance capital efficiency. For investors, the higher dividend underscores confidence in the company’s current growth trajectory and financial strategy, potentially improving the stock’s appeal in Japan’s competitive media sector.

The most recent analyst rating on (JP:9409) stock is a Hold with a Yen3909.00 price target. To see the full list of analyst forecasts on TV Asahi Holdings stock, see the JP:9409 Stock Forecast page.

TV Asahi Posts Record 3Q Earnings and Raises Dividend Forecast

TV Asahi Holdings reported record-high consolidated sales and profits for the cumulative third quarter of the fiscal year ending March 31, 2026, driven by strong performance in its TV broadcasting and internet businesses. Higher viewer ratings lifted time and spot advertising revenue in broadcasting, while digital ad income from the free catch-up service TVer and content sales to TELASA and other platforms also increased.

In contrast, the shopping business saw lower sales and profits due to weaker TV shopping demand, and other businesses posted higher sales but lower profit as a decline in large-scale music events was offset by increased motion picture investment and music royalty revenue, alongside higher production costs. The company left its full-year consolidated earnings forecast unchanged but modestly adjusted its time and spot ad revenue outlook and raised its annual dividend forecast to 70 yen per share, including a 10 yen special dividend, signaling confidence in its profitability and shareholder returns.

The most recent analyst rating on (JP:9409) stock is a Hold with a Yen3909.00 price target. To see the full list of analyst forecasts on TV Asahi Holdings stock, see the JP:9409 Stock Forecast page.

TV Asahi Unveils 2026–2029 Management Plan Aimed at Breakthrough Growth

TV Asahi Holdings has unveiled its new medium-term strategy, the “START UP TV Asahi Management Plan 2026–2029,” set to begin in April 2026 after the conclusion of its current 2023–2025 plan. The company says the new framework is designed to move beyond incremental improvements, targeting breakthrough growth and a stronger corporate value proposition as it adapts its operations for the next phase of competition in the broadcasting and content industry.

Building on achievements under the outgoing “BREAKOUT STATION!” plan, the initiative signals management’s intention to accelerate transformation rather than rely on existing measures. While detailed targets were not disclosed in the announcement, the plan is positioned as a strategic pivot that could influence TV Asahi’s investment priorities, digital strategy, and overall market positioning, with further specifics to be provided through materials released on its website.

The most recent analyst rating on (JP:9409) stock is a Hold with a Yen3909.00 price target. To see the full list of analyst forecasts on TV Asahi Holdings stock, see the JP:9409 Stock Forecast page.

TV Asahi Lifts Shareholder Returns With New 40% Dividend Payout Target

TV Asahi Holdings has approved a change to its shareholder return policy in line with its START UP TV Asahi Management Plan 2026–2029, aiming to boost capital efficiency and enhance shareholder returns. The company will now target a consolidated dividend payout ratio of roughly 40%, reflecting a more returns-oriented approach to capital allocation.

Under the revised policy, TV Asahi will maintain continuous and stable dividends while giving greater weight to business performance, investment plans, and cash-flow trends. It has also introduced an annual minimum dividend of ¥60 per share, except in periods of large performance declines, with the new framework applying from the fiscal year ending March 31, 2027, providing investors with clearer visibility on future payouts.

The most recent analyst rating on (JP:9409) stock is a Hold with a Yen3909.00 price target. To see the full list of analyst forecasts on TV Asahi Holdings stock, see the JP:9409 Stock Forecast page.