SKY Perfect JSAT Corporation SKPJY

Communication ServicesTelecommunications ServicesJapan

Last close 24.20 USD on Nov 2, 2026, −33.7% year to date

Quant rating

Quant rating C Rank 66 of 152 in Communication Services

Growth B 41 of 152
Valuation D 130 of 152
Quality B 29 of 152
Revisions B 26 of 152
Momentum D 124 of 152

Wall Street consensus Buy (2.22)Average target 24.04 USD −0.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.4B
Enterprise value: 3.1B
52-week range: 23.76 – 54.67
3-year range: 23.76 – 54.67
Dividend yield: 2.20%
Beta (5 years): –
Shares outstanding: 298M
Next earnings: Nov 4, 2026

About the company

SKY Perfect JSAT Corporation is a Japan-based company engaged in space and media businesses. The Company has two segments. Space Business segment provides satellite communications services, including data and mobile communications. The Segment also provides satellite capacity to pay multichannel broadcasters. The Segment also analyzes images, location information and provides solutions for social issues and industrial advancement. Media Business segment provides pay multichannel broadcasting services via communications satellites, as well as customer management, advertising, signal digitalization and encryption services for broadcasters. The Segment also provides terrestrial, broadcasting satellite (BS) and communications satellite (CS) retransmission services via satellites and optical fiber networks and video transmission, distribution and other media solutions for corporate customers. The Company also engages in investment, financing and management consulting.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	804	825	805	912	983	–
Revenue growth	−2.6%	2.4%	−11.7%	−7.2%	−22.0%	−8.6%
EPS (basic, normalized)	0.52	0.47	0.39	0.40	0.38	–
EPS growth	9.8%	20.5%	−2.5%	5.6%	–	–
Gross margin	49.3%	46.3%	45.3%	43.0%	42.9%	45.4%
Net margin	18.3%	15.4%	14.6%	13.1%	12.2%	14.7%
ROE	8.0%	6.9%	6.7%	6.4%	6.1%	6.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	393
Current ratio	3.15x
Long-term debt (mil)	131
Net debt (mil)	−211
Total equity (mil)	1,884
Net debt / equity	−0.11x
Net debt / EBITDA	−0.66x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	804	−2.6%	3.9x	318	+2.8%	9.9x	0.52	+9.8%	47.0x
2027	875	+8.9%	3.6x	356	+12.1%	8.8x	0.64	+24.1%	37.8x
2028	904	+3.2%	3.5x	395	+10.9%	8.0x	0.65	+1.7%	37.2x
2029	987	+9.2%	3.2x	474	+20.0%	6.6x	0.72	+10.6%	33.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	875	0.0%	+0.2%	+1.0%	0.64	0.0%	+3.4%	+6.0%
2028	904	0.0%	−0.2%	+1.0%	0.65	0.0%	+2.1%	+1.2%
2029	987	0.0%	−0.4%	−2.4%	0.72	0.0%	−0.8%	−5.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	30,850	30,490	30,526	30,844	31,861	29,825	31,046	32,461	34,252	33,394
Sales mean (mil)	31,030	30,600	30,530	30,678	31,693	30,900	30,444	32,866	34,251	32,900
Surprise	−0.6%	−0.4%	0.0%	+0.5%	+0.5%	−3.5%	+2.0%	−1.2%	0.0%	+1.5%
EPS reported	15.40	17.75	16.54	16.55	16.59	19.41	22.12	20.68	20.04	29.02
EPS mean	–	–	–	–	–	–	17.72	20.11	18.35	23.71
Surprise	–	–	–	–	–	–	+24.8%	+2.8%	+9.2%	+22.4%

Peer comparison Telecommunications Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SKPJY SKY Perfect JSAT Corporation	3.4B	−0.66x	18.3%	1.65x	37.8x	37.2x	8.8x	8.0x
TEGPY Telecom Egypt Co SAE	3.7B	1.41x	20.9%	2.82x	38.5x	30.6x	4.5x	4.2x
GTMEY Globe Telecom, Inc.	3.5B	5.47x	12.3%	1.24x	12.2x	10.6x	6.8x	6.6x
TRKNY Turk Telekomunikasyon AS	3.3B	1.16x	9.5%	0.62x	6.9x	6.9x	2.1x	1.7x
FRTAY freenet AG	3.0B	1.32x	11.0%	1.94x	5.5x	4.9x	6.7x	6.3x
KYIV Kyivstar Group Ltd	3.0B	0.08x	10.7%	2.17x	9.2x	8.0x	4.2x	3.9x
Mean		1.46x	13.8%	1.74x	18.4x	16.4x	5.5x	5.1x
Median		1.24x	11.6%	1.79x	10.7x	9.3x	5.6x	5.2x

Technical analysis

1M−9.0%
3M−12.2%
1Y−33.7%
3Y−33.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, SKY Perfect JSAT Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	804	825	805	912	983	1,261
Cost of revenue	408	443	441	520	561	786
Gross profit	396	382	365	392	422	474
Selling, general & administrative expenses	173	198	189	224	267	301
Research & development	0.7	0.7	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	3.2	–	5.7	2.3	2.1	3.9
Other operating expenses	0	0	0	0	0	0
Operating income	219	183	170	166	153	169
Net interest income (expense)	−2.6	−1.5	1.5	3.3	6.4	7.6
Gain (loss) on sale of assets	–	1.9	–	–	1.8	–
Other non-operating income (expense)	3.6	2.7	2.4	5.1	5.5	2.9
Net income before taxes	220	186	174	174	167	180
Provision for taxes	70.9	56.3	53.6	52.9	45.2	58.3
Minority interest	−2.2	−2.6	−2.7	−2.2	−1.6	−0.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	147	127	117	119	120	121
Extraordinary items	–	–	–	–	–	–
Net income	147	127	117	119	120	121
EBIT, normalized	222	183	175	168	155	173
EBITDA, normalized	320	305	309	328	344	392
Basic EPS, normalized	0.52	0.47	0.39	0.40	0.38	–

Balance sheet in millions of USD, fiscal years

Balance sheet, SKY Perfect JSAT Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	490	764	756	813	706	661
Receivables	566	662	694	843	933	1,076
Total inventory	9.2	13.7	12.6	13.6	11.3	12.4
Prepaid expenses	44.8	46.4	31.6	–	–	–
Other current assets	65.8	37.9	35.1	54.1	45.7	54.2
Total current assets	1,176	1,524	1,528	1,723	1,696	1,804
Property, plant & equipment	953	768	736	869	979	1,210
Goodwill	–	–	–	–	0.6	8.5
Intangibles	35.5	36.0	30.4	32.7	41.7	46.7
Long-term investments	339	252	257	187	174	167
Note receivable	–	26.0	62.4	97.5	118	140
Other long-term assets	66.5	84.1	65.2	95.3	99.1	107
Total assets	2,569	2,690	2,679	3,005	3,108	3,483
Liabilities
Accounts payable	0.4	0.5	1.1	1.9	1.1	4.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	3.8	4.3	4.6	4.7	5.1	7.2
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	54.5	154	71.3	79.6	113	69.8
Other current liabilities	322	307	321	396	306	415
Total current liabilities	381	466	398	483	425	497
Long-term debt	149	214	364	474	589	752
Minority interest	21.9	16.4	11.6	10.5	8.9	9.6
Other liabilities	105	115	120	114	96.5	108
Total liabilities	657	812	893	1,082	1,119	1,367
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	64.1	67.8	66.9	75.9	82.9	90.6
Additional paid-in capital	832	881	872	993	1,084	1,193
Retained earnings (accumulated deficit)	959	928	833	861	853	854
Treasury stock	−49.6	−52.8	−52.4	−22.0	−24.7	–
Other equity	106	55.6	66.4	15.2	−6.0	−20.8
Total equity	1,913	1,879	1,786	1,923	1,989	2,116
Total liabilities & shareholders' equity	2,569	2,690	2,679	3,005	3,108	3,483

Cash flow statement in millions of USD, fiscal years

Cash flow statement, SKY Perfect JSAT Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	220	186	174	174	167	180
Depreciation, depletion & amortization	97.4	122	134	160	189	219
Deferred taxes	–	–	–	–	–	–
Non-cash items	6.0	3.7	5.4	1.2	−5.4	−3.6
Changes in working capital	5.7	−29.3	−32.4	98.8	−50.6	129
Cash from operations	329	283	280	434	300	523
Investing activities
Capital expenditures	−316	−160	−102	−131	−68.8	−111
Other investing cash flows	−166	−12.2	−0.1	4.1	5.2	7.9
Cash from investing	−482	−172	−102	−127	−63.6	−103
Financing activities
Financing cash flow items	3.8	3.2	−0.6	−0.4	−2.3	−0.3
Cash dividends paid	−62.4	−41.5	−40.2	−39.3	−43.8	−48.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−145	−73.3	−98.7	−106	−88.8	−104
Cash from financing	−203	−112	−139	−146	−135	−152
Foreign exchange effects	−2.2	2.3	3.3	4.9	2.9	−1.1
Net change in cash	−358	1.3	42.4	166	105	267
Free cash flow	13.3	123	179	303	231	413

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.