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Japan's largest advertising agency, offering ad creative, media buying and marketing services globally.
Japan's largest advertising agency, offering ad creative, media buying and marketing services globally.
Buys advertising space for clients and earns fees or commissions, with Japanese television still a large part of the buying where its ties to broadcasters matter. The domestic business is the more profitable half. The overseas side, built on the 2013 Aegis purchase, has been restructured, and the group became Dentsu Group in 2020.
In one line: Japan's WPP/Omnicom.
Moat: narrow (scale, brand, installed base). Dominant domestic ad-agency scale plus global network from the Aegis acquisition.
Headquarters: Tokyo, Japan · Founded: 1901 · Employees: 67,454
Size Dentsu (4324.T) is a Japan Communication Services company (Advertising/Marketing Services) with a market value of $6.37B, the 197th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,867 on 6 Nov 2026.
Performance Over six months the shares gained 29.5%, against +2.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th highest of 15 in its peer set.
Growth Revenue grew 3.9% over the last twelve months (peer median +5.3%); the operating margin is 10.4% (peer median 7.2%).
Valuation It trades at 12.8× forward earnings against a peer median of 18.6× (4th cheapest of 12).
Price implies For today's price to make sense, revenue must grow about -12% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.5 points above its cost of capital (5.3% WACC).
Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.47T | ¥1.44T | ¥1.41T | ¥1.30T | ¥1.25T |
| Revenue growth | — | +2% | +8% | +5% | — |
| Gross profit | ¥1.22T | ¥1.13T | ¥1.13T | ¥1.07T | ¥1.05T |
| EBITDA | ¥226B | ¥223B | ¥218B | ¥207B | ¥244B |
| Net income | -¥208B | -¥328B | -¥192B | -¥10.7B | ¥59.8B |
| Free cash flow | ¥149B | ¥91.1B | ¥34.3B | ¥46.4B | ¥62.4B |
| Capital expenditure | ¥26.8B | ¥26.9B | ¥25.7B | ¥28.9B | ¥18.5B |
| Total debt | ¥450B | ¥659B | ¥755B | ¥713B | ¥757B |
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 |
|---|---|---|---|---|---|---|
| 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% |
| Hakuhodo Dy 2433.T | $3.05B | +34% | -6% | 5% | 20.9× | -2.8% |
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 | 4324.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.1% | +9.2% | 6th highest of 15 |
| 6-month return | +29.5% | +2.7% | 4th highest of 15 |
| Distance from 52-week high | -5.9% | -16.2% | 4th highest of 15 |
| Revenue growth (TTM) | +3.9% | +5.3% | 7th lowest of 15 |
| Operating margin | 10.4% | 7.2% | 6th highest of 15 |
| Forward P/E | 12.8× | 18.6× | 4th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | -12.0% | 5.5% | least demanding of 13 |
| Growth delivered (Del g) | +8.8% | +10.1% | 6th lowest of 13 |
| Hurdle (Req g minus delivered) | -20.9 pp | -5.9 pp | 3rd least demanding of 13 |
| ROIC minus cost of capital | +11.5 pp | -0.3 pp | 2nd highest of 15 |
| EV / EBITDA | 5.1× | 6.7× | 2nd cheapest of 9 |
| Net debt / EBITDA | 0.4× | 0.9× | 5th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dentsu 4324.T | Japan | $6.37B | +30% | +4% | 10% | 12.8× | -12.0% | +8.8% |
| Compagnie du Cambodge CBDG.PA | France | $6.33B | -11% | +45% | -11% | n/a | 55.9% | +269.1% |
| JCDecaux DEC.PA | France | $6.40B | +42% | +1% | 12% | 18.6× | 6.6% | +11.8% |
| WPP WPP.L | United Kingdom | $5.93B | +58% | -6% | 9% | 7.8× | -8.1% | +2.5% |
| BlueFocus Intelligent Communications 300058.SZ | China | $6.98B | -24% | +6% | 0% | 123.3× | 58.3% | +11.1% |
| Pattern PTRN | United States | $3.24B | +15% | +44% | 1% | 24.0× | 37.8% | +36.2% |
| Easy Click Worldwide Network Technology 301171.SZ | China | $3.20B | +3% | +29% | 2% | 99.2× | 57.4% | +9.1% |
| Hakuhodo Dy 2433.T | Japan | $3.05B | +34% | -6% | 5% | 20.9× | -2.8% | +3.8% |
| REA REA.AX | Australia | $15.9B | +2% | +4% | 48% | 31.3× | 19.3% | +14.5% |
| Kuaishou-w 1024.HK | Hong Kong | $16.0B | -39% | +11% | 11% | 14.9× | -4.4% | +18.6% |
| 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 |
| Omnicom OMC | United States | $23.6B | +13% | +54% | 15% | 7.9× | -6.9% | +5.6% |
| Guangdong Advertising 002400.SZ | China | $1.72B | -27% | +11% | 0% | n/a | n/a | n/a |