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Major Japanese TV broadcaster (Nippon TV/NTV network), part of the Yomiuri Shimbun media group.
Major Japanese TV broadcaster (Nippon TV/NTV network), part of the Yomiuri Shimbun media group.
Earns mostly from advertisers buying airtime on its network, so revenue follows Japan's advertising market and audience ratings. Streaming (Hulu Japan, owned since 2014), events and film and anime rights add other lines, including a large stake in Studio Ghibli. The Yomiuri newspaper group is its anchor shareholder.
In one line: A Japanese NBC affiliate group.
Moat: narrow (brand, regulatory licence, distribution). Licensed nationwide broadcast spectrum and a top-rated network brand built over decades.
Headquarters: Tokyo, Japan · Founded: 1952 · Employees: 5,933
Size Nippon Television (9404.T) is a Japan Communication Services company (Broadcasting) with a market value of $4.57B, the 260th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,900 on 6 Nov 2026.
Performance Over six months the shares fell 2.6%, against -3.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th highest of 14 in its peer set.
Growth Revenue grew 3.0% over the last twelve months (peer median +2.7%); the operating margin is 13.0% (peer median 10.9%).
Valuation It trades at 12.9× forward earnings against a peer median of 13.5× (6th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points below its cost of capital (5.0% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥484B | ¥484B | ¥462B | ¥424B | ¥414B |
| Revenue growth | — | +5% | +9% | +2% | — |
| Gross profit | ¥176B | ¥181B | ¥163B | ¥142B | ¥142B |
| EBITDA | ¥74.7B | ¥81.7B | ¥69.2B | ¥56.9B | ¥61.7B |
| Net income | ¥64.6B | ¥56.8B | ¥46.0B | ¥34.7B | ¥34.1B |
| Free cash flow | n/a | ¥54.0B | ¥39.5B | ¥37.5B | ¥37.3B |
| Capital expenditure | n/a | ¥10.1B | ¥10.9B | ¥9.27B | ¥10.1B |
| Total debt | ¥28.4B | ¥9.91B | ¥10.9B | ¥14.9B | ¥14.5B |
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 |
|---|---|---|---|---|---|---|
| Nippon Television 9404.T | $4.57B | -3% | +3% | 13% | 12.9× | -7.5% |
| Fuji Media 4676.T | $3.62B | +2% | +9% | 3% | 12.1× | n/a |
| TV Asahi 9409.T | $2.15B | +3% | +4% | 7% | 14.5× | -0.9% |
| Tbs 9401.T | $5.81B | +8% | +5% | 5% | 18.1× | 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 | 9404.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.5% | +5.5% | 7th lowest of 14 |
| 6-month return | -2.6% | -3.6% | 7th highest of 14 |
| Distance from 52-week high | -28.8% | -13.3% | 5th lowest of 14 |
| Revenue growth (TTM) | +3.0% | +2.7% | 7th highest of 14 |
| Operating margin | 13.0% | 10.9% | 7th highest of 14 |
| Forward P/E | 12.9× | 13.5× | 6th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | -7.5% | 0.6% | 3rd least demanding of 12 |
| Growth delivered (Del g) | +4.4% | +2.0% | 5th highest of 12 |
| Hurdle (Req g minus delivered) | -11.8 pp | -0.6 pp | 2nd least demanding of 12 |
| ROIC minus cost of capital | -0.4 pp | -0.6 pp | 7th highest of 14 |
| EV / EBITDA | 7.6× | 8.3× | 5th cheapest of 13 |
| Net debt / EBITDA | -2.6× | 0.1× | 2nd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| 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% |
| SKY Perfect JSAT 9412.T | Japan | $3.13B | -50% | +8% | 30% | 17.2× | 6.2% | -1.8% |
| 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% |
| SiriusXM SIRI | United States | $10.9B | +20% | +1% | 22% | 10.4× | -0.4% | +1.3% |
| 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% |
| Rai Way RWAY.MI | Italy | $1.27B | -28% | +3% | 44% | 12.9× | -10.3% | +4.8% |