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Japanese operator of large indoor entertainment complexes offering bowling, karaoke, arcade games and darts.
Japanese operator of large indoor entertainment complexes offering bowling, karaoke, arcade games and darts.
Charges by the hour or by the play, plus a flat-rate pass for its sports activities (Spo-Cha), so revenue depends on how many people come and how long they stay. Each site is large and costly to open, so profit depends on traffic. It has built a US business since 2010, giving it a second market.
In one line: A Japanese Dave & Buster's.
Moat: narrow (scale, brand). Large-format entertainment complexes and brand recognition are costly for smaller rivals to replicate.
Headquarters: Osaka, Japan · Founded: 1980 · Employees: 2,364
Size ROUND ONE (4680.T) is a Japan Communication Services company (Movies/Entertainment) with a market value of $2.22B, the 454th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,210 on 6 Nov 2026.
Performance Over six months the shares gained 41.5%, against +3.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 20.7% over the last twelve months (peer median +0.9%); the operating margin is 15.0% (peer median 7.0%).
Valuation It trades at 16.3× forward earnings against a peer median of 28.7× (4th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.8 points above its cost of capital (6.4% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥197B | ¥190B | ¥177B | ¥159B | ¥142B |
| Revenue growth | — | +7% | +11% | +12% | — |
| Gross profit | ¥41.7B | ¥39.1B | ¥34.7B | ¥30.6B | ¥21.4B |
| EBITDA | ¥73.6B | ¥72.8B | ¥71.8B | ¥65.6B | ¥36.7B |
| Net income | ¥16.6B | ¥16.6B | ¥15.4B | ¥14.7B | ¥9.74B |
| Free cash flow | n/a | ¥30.0B | ¥42.6B | ¥47.4B | ¥24.0B |
| Capital expenditure | n/a | ¥30.9B | ¥21.6B | ¥15.5B | ¥11.8B |
| Total debt | ¥203B | ¥188B | ¥157B | ¥141B | ¥87.4B |
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 |
|---|---|---|---|---|---|---|
| ROUND ONE 4680.T | $2.22B | +42% | +21% | 15% | 16.3× | 4.3% |
| Bandai Namco 7832.T | $26.1B | +76% | +9% | 15% | 25.5× | -0.4% |
| Daiichikosho 7458.T | $1.13B | +6% | +4% | 11% | 13.0× | -6.0% |
| GENDA 9166.T | $754M | +20% | +47% | 3% | 16.4× | n/a |
| Lucky Strike Entertainment LUCK | $518M | -54% | +4% | 13% | n/a | n/a |
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 | 4680.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.3% | +10.3% | 2nd lowest of 21 |
| 6-month return | +41.5% | +3.4% | 5th highest of 21 |
| Distance from 52-week high | -14.4% | -18.9% | 9th highest of 21 |
| Revenue growth (TTM) | +20.7% | +0.9% | 4th highest of 21 |
| Operating margin | 15.0% | 7.0% | 6th highest of 21 |
| Forward P/E | 16.3× | 28.7× | 4th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 4.3% | 5.6% | 6th least demanding of 14 |
| Growth delivered (Del g) | +25.5% | +18.0% | 3rd highest of 14 |
| Hurdle (Req g minus delivered) | -21.2 pp | -7.6 pp | 4th least demanding of 14 |
| ROIC minus cost of capital | +2.8 pp | -4.2 pp | 5th highest of 21 |
| EV / EBITDA | 6.6× | 8.9× | 3rd cheapest of 10 |
| Net debt / EBITDA | 1.9× | 2.8× | 5th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ROUND ONE 4680.T | Japan | $2.22B | +42% | +21% | 15% | 16.3× | 4.3% | +25.5% |
| Songcheng Performance Development 300144.SZ | China | $2.17B | -29% | -15% | 37% | 20.8× | 5.6% | +20.1% |
| Prime Focus PFOCUS.NS | India | $2.36B | -7% | +29% | 16% | n/a | 26.0% | +12.6% |
| Beijing Jetsen Technology 300182.SZ | China | $2.36B | +6% | -23% | 9% | 37.1× | n/a | n/a |
| MSG Rangers MSGR | United States | $2.37B | +1,624% | +2% | -9% | n/a | n/a | n/a |
| Shanghai Film 601595.SS | China | $2.40B | +47% | -18% | -2% | 264.9× | 57.0% | +24.4% |
| Shenzhen Overseas Chinese Town 000069.SZ | China | $2.00B | -25% | -22% | -32% | n/a | 1.1% | -17.4% |
| China Star Entertainment 0326.HK | Hong Kong | $2.54B | -10% | -69% | -157% | n/a | n/a | n/a |
| United Parks & Resorts PRKS | United States | $1.81B | +2% | -4% | 21% | 11.4× | 0.2% | +30.9% |
| Toei 9605.T | Japan | $2.77B | +5% | +3% | 20% | 23.5× | -3.3% | +11.5% |
| EVT EVT.AX | Australia | $1.78B | +39% | +7% | 9% | 35.0× | 21.0% | +18.0% |
| Zhejiang Huace Film & TV 300133.SZ | China | $2.79B | +15% | +44% | 8% | 50.4× | n/a | n/a |
| AMC Entertainment AMC | United States | $2.80B | +109% | +6% | 5% | n/a | n/a | n/a |
| Damai Entertainment 1060.HK | Hong Kong | $1.74B | -25% | +22% | 6% | 13.9× | -9.1% | +22.0% |
| Ruyi Film Entertainment 002739.SZ | China | $2.94B | -9% | -8% | 3% | 34.1× | 6.7% | +15.4% |
| PVR Inox PVRINOX.NS | India | $1.63B | +47% | +14% | 16% | 28.7× | 15.7% | +88.3% |
| Hengdian Entertainment 603103.SS | China | $1.62B | -18% | -27% | -10% | n/a | 36.1% | +18.3% |
| Itv ITV.L | United Kingdom | $3.23B | -16% | +2% | 13% | 8.3× | -2.8% | +4.8% |
| Atlanta Braves BATRA | United States | $3.23B | +1% | +6% | -9% | n/a | n/a | n/a |
| Tabcorp TAH.AX | Australia | $1.45B | +28% | 0% | 9% | 28.6× | 5.5% | +0.1% |
| Cultural Investment 600715.SS | China | $1.43B | +15% | -27% | -44% | n/a | n/a | n/a |