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Japanese movie studio and distributor, famous for the Godzilla franchise, also operating theater chains.
Japanese movie studio and distributor, famous for the Godzilla franchise, also operating theater chains.
Distributes films, including animation, to cinemas for a share of ticket sales, and runs its own cinema chain, so a hit lifts both lines. Rental property in central Tokyo supplies steadier income when releases disappoint. It distributes Studio Ghibli films in Japan.
In one line: Japan's Warner Bros., with a theater chain attached.
Moat: narrow (brand, IP / patents, distribution). Owns iconic film IP (Godzilla) and a dominant domestic theater/distribution network.
Headquarters: Tokyo, Japan · Founded: 1932 · Employees: 4,088
Size Toho (9602.T) is a Japan Communication Services company (Movies/Entertainment) with a market value of $9.44B, the 146th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,772 on 6 Nov 2026.
Performance Over six months the shares gained 21.7%, against +10.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 3.8% over the last twelve months (peer median +5.5%); the operating margin is 16.3% (peer median 9.5%).
Valuation It trades at 28.4× forward earnings against a peer median of 30.0× (9th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.4 points above its cost of capital (5.0% WACC).
Next results Next results expected around 13 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥354B | ¥361B | ¥313B | ¥283B | ¥244B |
| Revenue growth | — | +15% | +11% | +16% | — |
| Gross profit | ¥158B | ¥153B | ¥139B | ¥126B | ¥105B |
| EBITDA | ¥72.5B | ¥82.8B | ¥79.7B | ¥70.0B | ¥56.2B |
| Net income | ¥38.3B | ¥51.8B | ¥43.4B | ¥45.3B | ¥33.4B |
| Free cash flow | ¥13.0B | ¥49.9B | ¥19.1B | ¥21.7B | ¥28.5B |
| Capital expenditure | ¥23.7B | ¥15.4B | ¥32.5B | ¥21.7B | ¥16.9B |
| Total debt | ¥1.47B | ¥2.18B | ¥1.92B | ¥3.38B | ¥466M |
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 |
|---|---|---|---|---|---|---|
| Toho 9602.T | $9.44B | +22% | +4% | 16% | 28.4× | 7.9% |
| Toei 9605.T | $2.77B | +5% | +3% | 20% | 23.5× | -3.3% |
| Shochiku 9601.T | $1.03B | +14% | +4% | 5% | 44.1× | 13.5% |
| Warner Bros. Discovery WBD | n/a | +13% | n/a | n/a | 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 | 9602.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.2% | +9.2% | 7th highest of 20 |
| 6-month return | +21.7% | +10.9% | 5th highest of 20 |
| Distance from 52-week high | -5.0% | -16.7% | 4th highest of 20 |
| Revenue growth (TTM) | +3.8% | +5.5% | 9th lowest of 20 |
| Operating margin | 16.3% | 9.5% | 5th highest of 21 |
| Forward P/E | 28.4× | 30.0× | 9th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 7.9% | 5.8% | 7th most demanding of 17 |
| Growth delivered (Del g) | +13.4% | +18.1% | 7th lowest of 17 |
| Hurdle (Req g minus delivered) | -5.5 pp | -18.9 pp | 5th most demanding of 17 |
| ROIC minus cost of capital | +3.4 pp | +1.1 pp | 8th highest of 21 |
| EV / EBITDA | 19.7× | 10.5× | 2nd most expensive of 13 |
| Net debt / EBITDA | -1.1× | 3.2× | 3rd least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Toho 9602.T | Japan | $9.44B | +22% | +4% | 16% | 28.4× | 7.9% | +13.4% |
| Liberty Live Holdings, Inc. Registered Series -A- LLYVA | United States | $9.64B | +9% | n/a | -13% | n/a | n/a | n/a |
| DraftKings DKNG | United States | $9.19B | -27% | +15% | -3% | 55.1× | 9.7% | +58.0% |
| Lottery TLC.AX | Australia | $8.47B | +4% | -5% | 16% | 33.3× | 9.9% | +3.8% |
| MSG Knickerbockers MSGK | United States | $7.51B | n/a | +11% | 3% | n/a | 61.1% | +22.6% |
| Churchill Downs CHDN | United States | $6.71B | +11% | +4% | 26% | 13.6× | 2.3% | +22.7% |
| CTS Eventim AG & Co. KGaA EVD.DE | Germany | $6.68B | +11% | +14% | 15% | 18.4× | 6.8% | +64.3% |
| Genting Singapore G13.SI | Singapore | $5.76B | -10% | +2% | 15% | 19.1× | -5.0% | +18.2% |
| Beijing Enlight Media 300251.SZ | China | $5.49B | -16% | -71% | -57% | 179.5× | n/a | n/a |
| Benefit Systems BFT.WA | Poland | $5.18B | +54% | +40% | 19% | 23.7× | 13.4% | +34.3% |
| Cinemark CNK | United States | $4.51B | +44% | +13% | 15% | 14.8× | 2.4% | +35.3% |
| China Film 600977.SS | China | $4.48B | +16% | 0% | -9% | 141.5× | -7.1% | +10.4% |
| Lionsgate Studios LION | United States | $4.24B | +16% | -8% | 6% | 52.8× | 18.6% | -8.0% |
| Toei Animation 4816.T | Japan | $4.17B | +23% | -2% | 31% | 27.9× | 0.5% | +12.7% |
| Manchester United MANU | United States | $3.90B | +15% | +5% | -2% | 142.1× | 18.3% | +6.5% |
| Banijay BNJ.AS | Netherlands | $3.83B | -13% | +7% | 14% | 8.0× | -4.5% | +18.1% |
| Madison Square Garden Entertainment MSGE | United States | $3.65B | +18% | +16% | 17% | 32.1× | 5.0% | +66.9% |
| Atlanta Braves BATRA | United States | $3.23B | +1% | +6% | -9% | n/a | n/a | n/a |
| Itv ITV.L | United Kingdom | $3.23B | -16% | +2% | 13% | 8.3× | -2.8% | +4.8% |
| Ruyi Film Entertainment 002739.SZ | China | $2.94B | -9% | -8% | 3% | 34.1× | 6.7% | +15.4% |
| AMC Entertainment AMC | United States | $2.80B | +109% | +6% | 5% | n/a | n/a | n/a |