SKY Perfect JSAT Holdings (9412) AI Stock Analysis

• Market Cap: ¥828.26B
• Dividend Yield: 1.67%
• Average Volume (3M): 1.11M
• Price to Earnings (P/E): 36.4
• Beta (1Y): 0.86
• Revenue Growth: 0.97%
• EPS Growth: 12.23%
• Country: JP
• Employees: 848
• Sector: Communication Services
• Sector Strength: 97
• Industry: Broadcasting
• EPS (TTM): 20.68
• Shares Outstanding: 297,681,270
• 10 Day Avg. Volume: 1,262,510
• 30 Day Avg. Volume: 1,105,306
• PEG Ratio: 1.87
• Price to Book (P/B): 1.18
• Price to Sales (P/S): 2.69
• P/FCF Ratio: 15.98
• 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: ¥3,184.58
• Price Target Upside: 10.92% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 81.91
• Revenue Forecast (FY): ¥127.87B

• Rating: 68 Neutral
• Price Target: ¥3,129.00 ▲(8.99% Upside)
• Action: Downgraded Date: 02/06/26
• Date: Action: Downgraded 02/06/26

The score is driven primarily by strong profitability and a strengthening balance sheet, partially offset by sharply weaker free cash flow conversion. Technicals are supportive but look overextended, and valuation (high P/E with modest yield) further tempers the overall rating.

Positive Factors

High and improving margins

Sustained high gross and operating margins indicate structural profitability and operational efficiency across media and satellite segments. Durable margins support reinvestment capacity and cushion earnings against cyclical revenue swings, strengthening long-term earnings quality and cash generation potential.

Stronger, conservative balance sheet

Material deleveraging and steady equity growth create a conservative capital structure that lowers refinancing risk and raises financial flexibility. This durability supports capital-intensive needs (satellite lifecycle, upgrades) and provides optionality for strategic investments or buffer in downturns.

Recurring, contract-based revenue mix

A dual revenue base of household subscriptions and contracted satellite services yields predictable, recurring cash flows and customer stickiness. This structural mix reduces volatility, aids long-term planning, and underpins steady revenue visibility for operating and investment decisions.

Negative Factors

Severely weakened free cash flow

A sharp collapse in free cash flow versus strong operating cash indicates heavier capex or working-capital strain, materially reducing financial flexibility. Persistently thin FCF constrains dividend capacity, debt reduction, and the ability to fund satellite refresh cycles from internal cash.

Lumpy, potentially unsustainable revenue spike

A sudden, large TTM revenue increase after years of low growth suggests timing or one-off contract effects rather than steady expansion. If growth reverts toward prior trends, margin and cash metrics could weaken, making future earnings less predictable for planning and capital allocation.

Moderate returns on capital

ROE in the mid-single digits points to a capital-intensive, lower-return profile typical of satellite infrastructure and pay-TV. Moderate returns limit internal funding for growth and make shareholder value generation more dependent on disciplined capital allocation or structural revenue improvement.

SKY Perfect JSAT Holdings Business Overview & Revenue Model

Company Description

SKY Perfect JSAT Holdings Inc. provides satellite-based multichannel pay TV and satellite communications services primarily in Asia. The company operates through Media Business and Space Business segments. The Media Business segment offers platform services, such as customer management activities to broadcasting businesses; and delivers broadcasting services through communication satellites and fiber optic networks. The Space Business segment provides communication satellite circuits to the broadcasting businesses; and satellite communication services, including data and mobile communication services to government, public entities, and corporations. The company also plans and produces content; sells satellite connections; operates as telecommunications carrier and systems integrator for satellite communications and broadcasting services; and offers mobile satellite communication services. In addition, it provides earth observation satellite images, network and systems integration services; and offers technical support services. The company was formerly known as SKY Perfect JSAT Corporation and changed its name to SKY Perfect JSAT Holdings Inc. in June 2008. SKY Perfect JSAT Holdings Inc. was founded in 1985 and is headquartered in Tokyo, Japan.

How the Company Makes Money

SKY Perfect JSAT generates revenue through multiple streams, primarily from its satellite broadcasting services, which include direct-to-home (DTH) television services, subscription fees, and advertising revenue from its broadcast channels. The company also earns significant income from its satellite communication services, providing data transmission and broadband services to businesses and government clients. Additionally, revenue is generated through leasing satellite capacity to other telecommunications companies and organizations. Strategic partnerships with content providers and technology firms enhance its service offerings and drive customer acquisition, contributing to the overall revenue growth.

SKY Perfect JSAT Holdings Financial Statement Overview

Summary

Income statement and balance sheet are strong (solid margins, improved leverage), but the cash flow profile is the key offset: TTM free cash flow fell sharply and is only ~6% of net income, reducing near-term financial flexibility despite healthy operating cash flow.

Income Statement

TTM (Trailing-Twelve-Months) results show solid profitability and improving efficiency: gross margin ~48%, EBIT margin ~27%, and net margin ~18%, all up versus recent annual periods. Revenue growth is strong in TTM (~131%), though prior annual growth was low-single-digit (and down in 2022), suggesting the latest jump may be lumpy rather than a steady trend. Overall, margins and earnings quality look strong, with the main watch item being the durability of the recent revenue acceleration.

Balance Sheet

Leverage has improved meaningfully over time, with debt-to-equity declining from ~0.39 (2021) to ~0.20 (2025 annual) and ~0.11 in TTM (Trailing-Twelve-Months), indicating a more conservative capital structure. Equity has grown steadily, supporting balance-sheet resilience. Returns on equity are moderate (~6–7.5%), reflecting solid profitability but not an exceptionally high-return profile.

Cash Flow

Operating cash flow is healthy in TTM (Trailing-Twelve-Months) (~¥49.0B) and has been consistently positive, but free cash flow has weakened sharply: TTM free cash flow is only ~¥2.8B (down ~81% vs the prior period provided) and equals just ~6% of TTM net income, indicating heavier investment and/or working-capital pressure. The swing from strong free cash flow in prior years to a very thin TTM level is the key risk and reduces financial flexibility despite solid operating cash generation.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	125.19B	123.72B	121.87B	121.14B	119.63B	139.57B
Gross Profit	60.20B	57.33B	55.18B	52.08B	51.33B	52.52B
EBITDA	49.42B	47.76B	48.39B	45.85B	44.37B	45.36B
Net Income	22.33B	19.11B	17.74B	15.81B	14.58B	13.35B
Balance Sheet
Total Assets	396.77B	403.41B	405.41B	399.06B	378.17B	385.57B
Cash, Cash Equivalents and Short-Term Investments	86.53B	114.52B	114.32B	107.91B	85.91B	73.19B
Total Debt	33.56B	55.15B	65.81B	73.55B	85.35B	90.96B
Total Liabilities	100.64B	119.24B	133.43B	142.24B	135.09B	150.25B
Stockholders Equity	293.48B	281.71B	270.22B	255.42B	241.99B	234.25B
Cash Flow
Free Cash Flow	2.77B	20.80B	27.03B	40.22B	28.13B	45.71B
Operating Cash Flow	48.98B	42.38B	42.40B	57.63B	36.51B	57.95B
Investing Cash Flow	-65.25B	-25.78B	-15.38B	-16.87B	-7.74B	-11.36B
Financing Cash Flow	-32.61B	-16.74B	-21.10B	-19.42B	-16.41B	-16.88B

SKY Perfect JSAT Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2871.00
• 50DMA: Positive
• 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:9412, the sentiment is Positive. The current price of 2871 is above the 20-day moving average (MA) of 2766.20, above the 50-day MA of 2378.20, and above the 200-day MA of 1705.13, indicating a bullish trend. The MACD of 147.01 indicates Positive momentum. The RSI at 69.71 is Neutral, neither overbought nor oversold. The STOCH value of 70.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9412.

SKY Perfect JSAT Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9401	70 Outperform	¥945.77B	16.72	5.45%	1.30%	4.55%	-7.49%
9404	69 Neutral	¥840.26B	13.50	5.67%	1.03%	7.90%	54.01%
9412	68 Neutral	¥828.26B	36.43	7.53%	1.67%	0.97%	12.23%
9414	68 Neutral	¥17.26B	14.22	―	3.04%	-3.50%	-7.58%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
4839	57 Neutral	¥35.16B	12.19	―	2.17%	1.78%	1067.85%
4676	45 Neutral	¥798.44B	-37.76	-1.72%	1.40%	-6.29%	-141.32%