Loading…
Operates Japan's SKY PerfecTV! satellite pay-TV platform and owns/operates a fleet of communications satellites.
Operates Japan's SKY PerfecTV! satellite pay-TV platform and owns/operates a fleet of communications satellites.
Pay-TV earns monthly subscription fees, while the satellite arm leases transponder capacity to broadcasters, telecoms and government users on multi-year contracts. It was formed in 2008 by merging a pay-TV operator with a satellite operator, and is building space-related services alongside.
In one line: A combined Japanese DirecTV plus Intelsat.
Moat: narrow (regulatory licence, installed base, scale). Owns Japan's only major satellite fleet and pay-TV platform, high barriers to satellite entry.
Headquarters: Tokyo, Japan · Founded: 2007 · Employees: 769
Size SKY Perfect JSAT (9412.T) is a Japan Communication Services company (Broadcasting) with a market value of $3.13B, the 352nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,739 on 6 Nov 2026.
Performance Over six months the shares fell 49.6%, against -2.6% for the median peer and +1.8% for the Japan market (cap-weighted) — lowest of 18 in its peer set.
Growth Revenue grew 8.1% over the last twelve months (peer median +2.7%); the operating margin is 29.7% (peer median 8.4%).
Valuation It trades at 17.2× forward earnings against a peer median of 12.9× (3rd most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +8 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.9 points above its cost of capital (8.3% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥134B | ¥128B | ¥124B | ¥122B | ¥121B |
| Revenue growth | — | +3% | +2% | +1% | — |
| Gross profit | ¥66.7B | ¥62.9B | ¥57.3B | ¥55.2B | ¥52.1B |
| EBITDA | ¥55.1B | ¥50.7B | ¥45.8B | ¥46.8B | ¥43.6B |
| Net income | ¥27.6B | ¥23.3B | ¥19.1B | ¥17.7B | ¥15.8B |
| Free cash flow | ¥6.38B | ¥6.67B | ¥20.8B | ¥28.9B | ¥41.7B |
| Capital expenditure | ¥51.8B | ¥50.1B | ¥24.0B | ¥15.4B | ¥17.4B |
| Total debt | ¥43.2B | ¥32.4B | ¥55.2B | ¥65.8B | ¥73.5B |
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 |
|---|---|---|---|---|---|---|
| SKY Perfect JSAT 9412.T | $3.13B | -50% | +8% | 30% | 17.2× | 6.2% |
| Eutelsat Communications ETL.PA | $2.40B | -40% | -1% | -6% | n/a | n/a |
| Telesat TSAT.TO | $644M | -18% | -24% | -8% | n/a | n/a |
| ViaSat VSAT | $8.81B | -9% | +1% | 2% | n/a | 42.8% |
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 | 9412.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.8% | +5.5% | 2nd lowest of 18 |
| 6-month return | -49.6% | -2.6% | lowest of 18 |
| Distance from 52-week high | -63.2% | -23.5% | lowest of 18 |
| Revenue growth (TTM) | +8.1% | +2.7% | 6th highest of 18 |
| Operating margin | 29.7% | 8.4% | 4th highest of 18 |
| Forward P/E | 17.2× | 12.9× | 3rd most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 6.2% | 3.1% | 7th most demanding of 15 |
| Growth delivered (Del g) | -1.8% | +2.1% | 2nd lowest of 15 |
| Hurdle (Req g minus delivered) | +8.0 pp | +1.3 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | +1.9 pp | -0.7 pp | 5th highest of 17 |
| EV / EBITDA | 8.1× | 8.5× | 8th cheapest of 16 |
| Net debt / EBITDA | -0.9× | 0.9× | 4th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SKY Perfect JSAT 9412.T | Japan | $3.13B | -50% | +8% | 30% | 17.2× | 6.2% | -1.8% |
| Fuji Media 4676.T | Japan | $3.62B | +2% | +9% | 3% | 12.1× | n/a | n/a |
| 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% |
| Nippon Television 9404.T | Japan | $4.57B | -3% | +3% | 13% | 12.9× | -7.5% | +4.4% |
| MFE-MediaForEurope MFEA.MI | Italy | $1.83B | -26% | +90% | 3% | 5.0× | 0.6% | +8.9% |
| 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% |
| 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% |
| Sinclair SBGI | United States | $989M | -4% | -6% | 6% | 230.3× | 10.9% | -11.8% |
| Newsmax NMAX | United States | $948M | +16% | +11% | -7% | n/a | n/a | n/a |
| SiriusXM SIRI | United States | $10.9B | +20% | +1% | 22% | 10.4× | -0.4% | +1.3% |
| Nine Entertainment NEC.AX | Australia | $895M | -15% | -18% | 9% | 8.2× | 7.4% | -1.3% |
| Entravision Communications EVC | United States | $830M | +26% | +71% | 8% | n/a | 13.5% | +5.4% |