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Operates TBS, a major Japanese commercial television and radio broadcasting network.
Operates TBS, a major Japanese commercial television and radio broadcasting network.
Sells airtime to advertisers, either as sponsorship of a programme or as spot slots between programmes, and that carries most of its income. Programmes are also resold to streaming services and overseas buyers. It owns and rents out property around its Tokyo headquarters in the Akasaka district.
In one line: Japan's CBS.
Moat: narrow (regulatory licence, brand). Scarce broadcast license and established network brand in a mature TV market.
Headquarters: Tokyo, Japan · Founded: 1951 · Employees: 8,518
Size Tbs (9401.T) is a Japan Communication Services company (Broadcasting) with a market value of $5.81B, the 210th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥5,946 on 6 Nov 2026.
Performance Over six months the shares gained 7.7%, against -3.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 13 in its peer set.
Growth Revenue grew 5.1% over the last twelve months (peer median +1.7%); the operating margin is 4.9% (peer median 12.0%).
Valuation It trades at 18.1× forward earnings against a peer median of 12.9× (most expensive of 12).
Capital Return on invested capital runs 4.7 points below its cost of capital (5.6% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥430B | ¥425B | ¥407B | ¥394B | ¥368B |
| Revenue growth | — | +4% | +3% | +7% | — |
| Gross profit | ¥139B | ¥137B | ¥125B | ¥117B | ¥114B |
| EBITDA | ¥39.2B | ¥42.8B | ¥37.0B | ¥31.8B | ¥35.8B |
| Net income | ¥49.0B | ¥52.2B | ¥43.9B | ¥38.1B | ¥35.2B |
| Free cash flow | n/a | -¥2.92B | -¥282M | ¥18.3B | ¥4.52B |
| Capital expenditure | n/a | ¥16.6B | ¥26.6B | ¥11.3B | ¥28.2B |
| Total debt | ¥79.6B | ¥74.2B | ¥14.2B | ¥4.02B | ¥20.3B |
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 |
|---|---|---|---|---|---|---|
| Tbs 9401.T | $5.81B | +8% | +5% | 5% | 18.1× | n/a |
| Fuji Media 4676.T | $3.62B | +2% | +9% | 3% | 12.1× | n/a |
| Nippon Television 9404.T | $4.57B | -3% | +3% | 13% | 12.9× | -7.5% |
| TV Asahi 9409.T | $2.15B | +3% | +4% | 7% | 14.5× | -0.9% |
| TV Tokyo 9413.T | $582M | -15% | +2% | 6% | 12.7× | -18.7% |
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 | 9401.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.4% | +6.3% | 3rd lowest of 13 |
| 6-month return | +7.7% | -3.1% | 3rd highest of 13 |
| Distance from 52-week high | -10.4% | -18.0% | 3rd highest of 13 |
| Revenue growth (TTM) | +5.1% | +1.7% | 5th highest of 13 |
| Operating margin | 4.9% | 12.0% | 3rd lowest of 13 |
| Forward P/E | 18.1× | 12.9× | most expensive of 12 |
| ROIC minus cost of capital | -4.7 pp | -0.5 pp | 2nd lowest of 13 |
| EV / EBITDA | 23.5× | 8.1× | 2nd most expensive of 12 |
| Net debt / EBITDA | -0.1× | -0.6× | 6th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tbs 9401.T | Japan | $5.81B | +8% | +5% | 5% | 18.1× | n/a | n/a |
| Nexstar Media NXST | United States | $5.85B | -6% | +11% | 18% | 6.2× | 5.5% | +1.9% |
| Nippon Television 9404.T | Japan | $4.57B | -3% | +3% | 13% | 12.9× | -7.5% | +4.4% |
| Fuji Media 4676.T | Japan | $3.62B | +2% | +9% | 3% | 12.1× | n/a | n/a |
| SKY Perfect JSAT 9412.T | Japan | $3.13B | -50% | +8% | 30% | 17.2× | 6.2% | -1.8% |
| SiriusXM SIRI | United States | $10.9B | +20% | +1% | 22% | 10.4× | -0.4% | +1.3% |
| Sun TV Network SUNTV.NS | India | $2.48B | +4% | -5% | 38% | 14.2× | 9.5% | +6.4% |
| TV Asahi 9409.T | Japan | $2.15B | +3% | +4% | 7% | 14.5× | -0.9% | +5.1% |
| MFE-MediaForEurope MFEA.MI | Italy | $1.83B | -26% | +90% | 3% | 5.0× | 0.6% | +8.9% |
| Metropole Television MMT.PA | France | $1.60B | -4% | -2% | 11% | 12.5× | -0.9% | -0.3% |
| Hebei Broadcasting Wireless Media 301551.SZ | China | $1.58B | -4% | -1% | 35% | n/a | 20.7% | -0.8% |
| Television Francaise 1 TFI.PA | France | $1.53B | -6% | -3% | 8% | 14.7× | -7.5% | +2.0% |
| Atresmedia Corporacion de Medios de Comunicacion A3M.MC | Spain | $1.52B | +16% | +1% | 8% | 14.1× | 6.9% | +2.3% |