TV Asahi Holdings Corp THDDY

Communication ServicesMedia & PublishingJapan

Last close 20.52 USD on Nov 2, 2026, −2.9% year to date

Quant rating

Quant rating A Rank 22 of 152 in Communication Services

Growth B 50 of 152
Valuation A 13 of 152
Quality B 36 of 152
Revisions C 101 of 152
Momentum B 25 of 152

Wall Street consensus Hold (3.00)Average target 20.10 USD −2.1%

Historical valuation

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

Key data

Market cap: 2.3B
Enterprise value: 1.9B
52-week range: 17.90 – 25.19
3-year range: 10.70 – 25.19
Dividend yield: 2.14%
Beta (5 years): 0.17
Shares outstanding: 109M
Next earnings: Nov 12, 2026

About the company

TV Asahi Holdings Corp is a Japan-based company mainly engaged in operations associated with program production. The Company operates through four business segments. The Television Broadcasting Business segment is engaged in operations related to the production and broadcasting of television (TV) programs. The Internet Business segment is involved in the production and rights licensing of video distribution with advertising and video distribution content via the Internet. The Shopping Business segment is involved in TV shopping programs and mail-order sales through electronic commerce (EC) sites. The Other Business segment includes music publishing, event business, equipment sales and leasing, and film investment.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	2,139	2,161	2,035	2,294	2,452	–
Revenue growth	−1.0%	6.2%	−11.3%	−6.4%	2.6%	−2.2%
EPS (basic, normalized)	1.86	1.72	1.08	1.20	1.59	–
EPS growth	7.9%	59.0%	−10.1%	−24.3%	–	–
Gross margin	30.5%	26.8%	24.9%	26.1%	29.2%	27.5%
Net margin	8.7%	8.0%	5.6%	5.5%	7.0%	7.0%
ROE	6.5%	6.0%	4.2%	4.2%	5.5%	5.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	419
Current ratio	2.33x
Long-term debt (mil)	0
Net debt (mil)	−394
Total equity (mil)	2,932
Net debt / equity	−0.13x
Net debt / EBITDA	−1.85x

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	2,139	−1.0%	0.9x	213	+15.9%	9.1x	1.86	+7.9%	11.0x
2027	2,148	+0.4%	0.9x	182	−14.4%	10.6x	1.46	−21.6%	14.1x
2028	2,190	+2.0%	0.9x	185	+1.7%	10.4x	1.57	+7.7%	13.1x
2029	2,237	+2.1%	0.9x	203	+9.9%	9.5x	1.64	+4.5%	12.5x

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	2,148	−0.4%	−1.9%	−0.7%	1.46	−0.9%	−8.1%	−14.1%
2028	2,190	−0.5%	−2.2%	−0.3%	1.57	−0.7%	−5.3%	−8.6%
2029	2,237	−0.5%	−2.5%	+0.7%	1.64	−0.8%	−1.8%	+0.1%

Earnings surprises

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)	80,268	77,586	76,249	84,210	86,011	80,478	85,085	88,829	85,095	81,386
Sales mean (mil)	77,600	71,450	75,538	81,743	79,819	80,868	78,939	86,266	83,929	78,216
Surprise	+3.4%	+8.6%	+0.9%	+3.0%	+7.8%	−0.5%	+7.8%	+3.0%	+1.4%	+4.1%
EPS reported	23.49	51.40	24.36	113.77	64.50	66.07	79.17	126.67	22.44	52.32
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

Peer comparison Media & Publishing

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
THDDY TV Asahi Holdings Corp	2.3B	−1.85x	8.7%	0.72x	14.1x	13.1x	10.6x	10.4x
WLY John Wiley & Sons, Inc.	2.6B	2.69x	13.2%	3.25x	10.7x	9.6x	8.0x	7.6x
WLYB John Wiley & Sons, Inc.	2.6B	–	13.2%	3.25x	–	–	–	–
MH McGraw Hill, Inc.	2.4B	3.24x	1.7%	3.10x	6.5x	6.2x	6.3x	5.9x
DAO Youdao, Inc.	2.4B	–	1.8%	−8.61x	70.6x	45.4x	38.6x	28.3x
SOTDY Stroeer SE & Co KgaA	2.4B	2.35x	6.1%	5.56x	3.2x	2.8x	5.7x	5.3x
Mean		1.61x	7.5%	1.21x	21.0x	15.4x	13.8x	11.5x
Median		2.52x	7.4%	3.18x	10.7x	9.6x	8.0x	7.6x

Technical analysis

1M+6.8%
3M+4.3%
1Y+5.1%
3Y+89.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, TV Asahi Holdings Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	2,139	2,161	2,035	2,294	2,452	2,390
Cost of revenue	1,487	1,582	1,528	1,694	1,737	1,746
Gross profit	652	579	507	599	715	644
Selling, general & administrative expenses	487	447	425	490	539	514
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	16.4	5.2	5.1	22.5	6.4	13.7
Other operating expenses	0	0	0	0	0	0
Operating income	149	126	76.4	86.8	170	116
Net interest income (expense)	106	109	81.2	87.4	76.3	50.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	4.8	6.7	3.6	3.7	4.4	3.1
Net income before taxes	259	242	161	178	250	170
Provision for taxes	70.6	66.9	46.0	51.0	76.7	55.5
Minority interest	−1.4	−2.5	−1.9	−1.8	−1.1	−0.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	187	172	113	125	173	114
Extraordinary items	–	–	–	–	–	–
Net income	187	172	113	125	173	114
EBIT, normalized	165	131	81.5	109	176	130
EBITDA, normalized	223	195	148	190	266	230
Basic EPS, normalized	1.86	1.72	1.08	1.20	1.59	–

Balance sheet in millions of USD, fiscal years

Balance sheet, TV Asahi Holdings Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	430	425	469	576	658	501
Receivables	581	604	555	615	650	675
Total inventory	68.0	67.0	67.6	83.9	77.8	110
Prepaid expenses	–	–	–	–	–	–
Other current assets	87.3	84.0	66.7	93.7	81.9	82.7
Total current assets	1,167	1,180	1,159	1,369	1,467	1,369
Property, plant & equipment	973	981	791	841	866	972
Goodwill	–	–	–	–	–	–
Intangibles	25.2	29.3	32.1	36.8	71.9	82.4
Long-term investments	1,344	1,395	1,336	1,326	1,517	1,661
Note receivable	–	–	–	–	–	–
Other long-term assets	153	146	122	155	177	196
Total assets	3,661	3,732	3,440	3,729	4,100	4,279
Liabilities
Accounts payable	66.1	67.2	56.4	88.5	59.6	55.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	256	234	217	235	249	246
Short-term debt	0	0	0	0	4.1	2.7
Current portion of long-term debt	6.2	4.9	3.9	5.1	6.9	7.5
Other current liabilities	217	247	173	191	251	234
Total current liabilities	545	553	451	519	571	545
Long-term debt	17.5	15.0	6.6	5.7	9.4	15.4
Minority interest	15.2	14.6	12.1	11.6	10.7	10.3
Other liabilities	152	177	183	231	287	321
Total liabilities	730	760	652	767	879	892
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	231	245	243	276	301	331
Additional paid-in capital	444	470	466	531	579	636
Retained earnings (accumulated deficit)	2,056	2,028	1,881	2,054	2,149	2,206
Treasury stock	−104	−90.6	−89.9	−103	−112	−125
Other equity	304	320	288	203	304	338
Total equity	2,932	2,972	2,787	2,961	3,221	3,387
Total liabilities & shareholders' equity	3,661	3,732	3,440	3,729	4,100	4,279

Cash flow statement in millions of USD, fiscal years

Cash flow statement, TV Asahi Holdings Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	259	242	161	178	250	170
Depreciation, depletion & amortization	58.1	63.2	66.8	81.0	89.6	99.6
Deferred taxes	–	–	–	–	–	–
Non-cash items	−91.7	−106	−76.1	−65.1	−72.2	−41.0
Changes in working capital	−68.1	−22.4	−25.6	−78.5	−20.2	−42.6
Cash from operations	157	177	126	115	248	186
Investing activities
Capital expenditures	−86.4	−221	−107	−118	−60.6	−118
Other investing cash flows	27.9	4.5	−36.9	−70.5	123	46.6
Cash from investing	−58.5	−217	−143	−188	62.7	−71.9
Financing activities
Financing cash flow items	−5.2	−5.2	−3.5	−9.9	−2.7	−7.5
Cash dividends paid	−46.4	−42.3	−34.9	−39.8	−34.8	−38.8
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−18.9	0	0	0	0	−28.2
Cash from financing	−70.5	−47.5	−38.5	−49.7	−37.5	−74.5
Foreign exchange effects	0	0.8	0.4	0.8	0.5	−0.3
Net change in cash	28.1	−86.6	−55.3	−122	273	39.3
Free cash flow	70.8	−44.4	19.7	−2.6	187	67.6

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.