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Japanese film and TV production and distribution studio, also operating movie theaters.
Japanese film and TV production and distribution studio, also operating movie theaters.
Earns from film distribution and theatre box office, from licensing characters from its long-running franchises to toy and merchandise makers, and from producing TV drama. Toei Animation, maker of the Dragon Ball and One Piece anime, is a separately listed subsidiary.
In one line: A Japanese Lionsgate combined with a regional theater chain.
Moat: narrow (brand, IP / patents). Long-running franchise IP (tokusatsu/anime) and theater chain give some content and distribution control.
Headquarters: Tokyo, Japan · Founded: 1938 · Employees: 1,965
Size Toei (9605.T) is a Japan Communication Services company (Movies/Entertainment) with a market value of $2.77B, the 386th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥6,100 on 6 Nov 2026.
Performance Over six months the shares gained 4.8%, against +10.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 3.4% over the last twelve months (peer median +1.6%); the operating margin is 19.9% (peer median 8.5%).
Valuation It trades at 23.5× forward earnings against a peer median of 33.1× (6th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.7 points above its cost of capital (5.0% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥186B | ¥185B | ¥180B | ¥171B | ¥174B |
| Revenue growth | — | +3% | +5% | -2% | — |
| Gross profit | ¥82.3B | ¥80.5B | ¥75.3B | ¥66.9B | ¥69.9B |
| EBITDA | ¥41.4B | ¥40.5B | ¥39.5B | ¥33.0B | ¥39.8B |
| Net income | ¥23.3B | ¥23.3B | ¥15.7B | ¥14.0B | ¥15.0B |
| Free cash flow | n/a | ¥15.8B | ¥25.4B | ¥17.7B | ¥22.8B |
| Capital expenditure | n/a | ¥11.9B | ¥9.02B | ¥5.09B | ¥5.53B |
| Total debt | ¥22.3B | ¥25.0B | ¥19.0B | ¥15.5B | ¥17.0B |
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 |
|---|---|---|---|---|---|---|
| Toei 9605.T | $2.77B | +5% | +3% | 20% | 23.5× | -3.3% |
| Toho 9602.T | $9.44B | +22% | +4% | 16% | 28.4× | 7.9% |
| Shochiku 9601.T | $1.03B | +14% | +4% | 5% | 44.1× | 13.5% |
| Kadokawa 9468.T | $3.02B | -2% | +3% | 2% | 101.9× | 25.1% |
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 | 9605.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.9% | +10.5% | 9th lowest of 21 |
| 6-month return | +4.8% | +10.4% | 10th lowest of 21 |
| Distance from 52-week high | -7.0% | -15.7% | 5th highest of 21 |
| Revenue growth (TTM) | +3.4% | +1.6% | 10th highest of 21 |
| Operating margin | 19.9% | 8.5% | 4th highest of 21 |
| Forward P/E | 23.5× | 33.1× | 6th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -3.3% | 5.3% | 2nd least demanding of 15 |
| Growth delivered (Del g) | +11.5% | +16.7% | 5th lowest of 15 |
| Hurdle (Req g minus delivered) | -14.7 pp | -8.1 pp | 5th least demanding of 15 |
| ROIC minus cost of capital | +1.7 pp | -1.2 pp | 9th highest of 21 |
| EV / EBITDA | 10.4× | 11.5× | 6th cheapest of 11 |
| Net debt / EBITDA | -2.4× | 3.9× | least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Toei 9605.T | Japan | $2.77B | +5% | +3% | 20% | 23.5× | -3.3% | +11.5% |
| 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 |
| Ruyi Film Entertainment 002739.SZ | China | $2.94B | -9% | -8% | 3% | 34.1× | 6.7% | +15.4% |
| China Star Entertainment 0326.HK | Hong Kong | $2.54B | -10% | -69% | -157% | n/a | n/a | n/a |
| Shanghai Film 601595.SS | China | $2.40B | +47% | -18% | -2% | 264.9× | 57.0% | +24.4% |
| Itv ITV.L | United Kingdom | $3.23B | -16% | +2% | 13% | 8.3× | -2.8% | +4.8% |
| MSG Rangers MSGR | United States | $2.37B | +1,624% | +2% | -9% | n/a | n/a | n/a |
| Atlanta Braves BATRA | United States | $3.23B | +1% | +6% | -9% | n/a | n/a | n/a |
| Beijing Jetsen Technology 300182.SZ | China | $2.36B | +6% | -23% | 9% | 37.1× | n/a | n/a |
| Prime Focus PFOCUS.NS | India | $2.36B | -7% | +29% | 16% | n/a | 26.0% | +12.6% |
| 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% |
| Madison Square Garden Entertainment MSGE | United States | $3.65B | +18% | +16% | 17% | 32.1× | 5.0% | +66.9% |
| Shenzhen Overseas Chinese Town 000069.SZ | China | $2.00B | -25% | -22% | -32% | n/a | 1.1% | -17.4% |
| Banijay BNJ.AS | Netherlands | $3.83B | -13% | +7% | 14% | 8.0× | -4.5% | +18.1% |
| Manchester United MANU | United States | $3.90B | +15% | +5% | -2% | 142.1× | 18.3% | +6.5% |
| Toei Animation 4816.T | Japan | $4.17B | +23% | -2% | 31% | 27.9× | 0.5% | +12.7% |
| United Parks & Resorts PRKS | United States | $1.81B | +2% | -4% | 21% | 11.4× | 0.2% | +30.9% |
| Lionsgate Studios LION | United States | $4.24B | +16% | -8% | 6% | 52.8× | 18.6% | -8.0% |
| EVT EVT.AX | Australia | $1.78B | +39% | +7% | 9% | 35.0× | 21.0% | +18.0% |