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Japan's second-largest advertising and marketing communications group, behind Dentsu.
Japan's second-largest advertising and marketing communications group, behind Dentsu.
Buys media time and space on television, print and digital platforms for clients and is paid by commission or fee, plus fees for creative production. Hakuhodo DY Holdings was formed in 2003 from Hakuhodo, Daiko Advertising and Yomiko Advertising, the DY in its name.
In one line: Japan's #2 ad holding company, akin to Omnicom/Publicis behind WPP.
Moat: narrow (brand, scale, customer qualification). Long-standing client relationships and creative/media scale as Japan's #2 ad group.
Headquarters: Tokyo, Japan · Founded: 2003 · Employees: 28,921
Size Hakuhodo Dy (2433.T) is a Japan Communication Services company (Advertising/Marketing Services) with a market value of $3.05B, the 363rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,410 on 6 Nov 2026.
Performance Over six months the shares gained 34.4%, against -5.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 6.0% over the last twelve months (peer median +8.4%); the operating margin is 5.2% (peer median 2.8%).
Valuation It trades at 20.9× forward earnings against a peer median of 21.3× (8th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points above its cost of capital (7.2% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥867B | ¥861B | ¥953B | ¥947B | ¥991B |
| Revenue growth | — | -10% | +1% | -4% | — |
| Gross profit | ¥401B | ¥396B | ¥387B | ¥382B | ¥391B |
| EBITDA | ¥69.9B | ¥69.2B | ¥63.9B | ¥60.2B | ¥80.0B |
| Net income | ¥16.8B | ¥16.8B | ¥10.8B | ¥24.9B | ¥31.0B |
| Free cash flow | n/a | ¥65.0B | ¥78.6B | ¥3.15B | ¥31.0B |
| Capital expenditure | n/a | ¥11.4B | ¥16.6B | ¥17.0B | ¥17.9B |
| Total debt | ¥124B | ¥131B | ¥127B | ¥155B | ¥128B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hakuhodo Dy 2433.T | $3.05B | +34% | -6% | 5% | 20.9× | -2.8% |
| Dentsu 4324.T | $6.37B | +30% | +4% | 10% | 12.8× | -12.0% |
| WPP WPP.L | $5.93B | +58% | -6% | 9% | 7.8× | -8.1% |
| Omnicom OMC | $23.6B | +13% | +54% | 15% | 7.9× | -6.9% |
| Publicis Groupe PUB.PA | $29.0B | +33% | +5% | 15% | 13.0× | 1.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2433.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.3% | +3.7% | 7th highest of 21 |
| 6-month return | +34.4% | -5.2% | 3rd highest of 21 |
| Distance from 52-week high | -6.8% | -37.8% | 4th highest of 21 |
| Revenue growth (TTM) | -6.0% | +8.4% | 3rd lowest of 21 |
| Operating margin | 5.2% | 2.8% | 10th highest of 21 |
| Forward P/E | 20.9× | 21.3× | 8th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -2.8% | 16.9% | 6th least demanding of 17 |
| Growth delivered (Del g) | +3.8% | +9.0% | 5th lowest of 17 |
| Hurdle (Req g minus delivered) | -6.6 pp | -4.1 pp | 8th least demanding of 17 |
| ROIC minus cost of capital | +1.1 pp | -2.3 pp | 7th highest of 21 |
| EV / EBITDA | 6.6× | 6.8× | 4th cheapest of 8 |
| Net debt / EBITDA | -0.5× | 0.7× | 4th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hakuhodo Dy 2433.T | Japan | $3.05B | +34% | -6% | 5% | 20.9× | -2.8% | +3.8% |
| Easy Click Worldwide Network Technology 301171.SZ | China | $3.20B | +3% | +29% | 2% | 99.2× | 57.4% | +9.1% |
| Pattern PTRN | United States | $3.24B | +15% | +44% | 1% | 24.0× | 37.8% | +36.2% |
| Stroeer SE & Co. KGaA SAX.DE | Germany | $2.41B | -1% | +3% | 11% | 13.3× | 4.5% | +7.5% |
| Havas HAVAS.AS | Netherlands | $1.99B | +10% | +1% | 9% | 8.2× | -8.4% | +1.8% |
| Guangdong Guangzhou Daily Media 002181.SZ | China | $1.96B | -32% | 0% | -6% | n/a | n/a | n/a |
| Guangdong Advertising 002400.SZ | China | $1.72B | -27% | +11% | 0% | n/a | n/a | n/a |
| WPP WPP.L | United Kingdom | $5.93B | +58% | -6% | 9% | 7.8× | -8.1% | +2.5% |
| Marketingforce Management 2556.HK | Hong Kong | $1.53B | +10% | +128% | 6% | 24.2× | 16.6% | +38.8% |
| Compagnie du Cambodge CBDG.PA | France | $6.33B | -11% | +45% | -11% | n/a | 55.9% | +269.1% |
| Dentsu 4324.T | Japan | $6.37B | +30% | +4% | 10% | 12.8× | -12.0% | +8.8% |
| JCDecaux DEC.PA | France | $6.40B | +42% | +1% | 12% | 18.6× | 6.6% | +11.8% |
| Hunan TV & Broadcast Intermediary 000917.SZ | China | $1.43B | -23% | -2% | 3% | n/a | 17.1% | -6.1% |
| Sharplink SBET | United States | $1.36B | -16% | +1,497% | -19% | 80.5× | n/a | n/a |
| New Guomai Digital Culture 600640.SS | China | $1.35B | -8% | -11% | -2% | n/a | 57.0% | -16.4% |
| BlueFocus Intelligent Communications 300058.SZ | China | $6.98B | -24% | +6% | 0% | 123.3× | 58.3% | +11.1% |
| InMyShow Digital Technology (Group) 600556.SS | China | $1.33B | -17% | +25% | -2% | 492.0× | n/a | n/a |
| Three's Company Future Technology 605168.SS | China | $1.32B | -12% | +11% | 6% | 35.4× | 33.3% | +5.5% |
| CheilWorldwide 030000.KS | South Korea | $1.26B | -2% | -4% | 7% | 10.8× | -17.6% | +10.6% |
| ANYCOLOR 5032.T | Japan | $1.23B | +16% | +10% | 35% | 12.2× | -8.9% | +48.8% |
| Sunwave Communications 002115.SZ | China | $1.21B | -35% | +102% | 1% | n/a | 26.1% | +6.5% |