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Toho Co
(9602)
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Rating:65Neutral
Price Target:
¥1,758.00
▲(12.91% Upside)
Action:Reiterated
Date:10/20/26
The score is primarily supported by strong financial strength—especially the conservatively levered balance sheet—despite weaker TTM revenue, margins, and free cash flow. Technicals are mixed with price above key moving averages but negative MACD and sub-50 RSI. Valuation is a headwind given the elevated P/E and only moderate dividend yield.
Positive Factors
Very low leverage and rising equity
An extremely conservative balance sheet reduces solvency risk and gives Toho financial flexibility to fund films, theaters, and IP initiatives through industry cycles. Steadily rising equity and consistently positive returns on equity also support resilience and the company’s ability to reinvest without relying heavily on debt.
Negative Factors
Latest TTM revenue and operating profit decline
Recent normalization in revenue and operating profitability signals that earnings power is not progressing consistently into the latest period. If weaker performance persists, it could reduce funds available for content investment and make results more dependent on the timing and success of individual releases.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage and rising equity
An extremely conservative balance sheet reduces solvency risk and gives Toho financial flexibility to fund films, theaters, and IP initiatives through industry cycles. Steadily rising equity and consistently positive returns on equity also support resilience and the company’s ability to reinvest without relying heavily on debt.
Read all positive factors
Toho Co (9602) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.42T
Dividend Yield1.45%
Average Volume (3M)3.53M
Price to Earnings (P/E)36.9
Beta (1Y)-0.15
Revenue Growth3.80%
EPS Growth-23.03%
CountryJP
Employees4,088
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)45.76
Shares Outstanding850,000,000
10 Day Avg. Volume5,778,190
30 Day Avg. Volume3,533,193
Financial Highlights & Ratios
PEG Ratio1.27
Price to Book (P/B)2.57
Price to Sales (P/S)3.67
P/FCF Ratio26.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)62.14
Revenue Forecast (FY)¥366.28B
Toho Co Business Overview & Revenue Model
Company Description
Toho Co., Ltd. engages in the motion picture, theatrical production, and real estate businesses in Japan. It is involved in producing, buying/selling, and renting movies; producing and selling television programs, movie pamphlets, and video softwa...
How the Company Makes Money
Toho makes money through multiple, complementary revenue streams tied to the creation, distribution, exhibition, and monetization of entertainment IP. (1) Film production and distribution: Toho earns revenue by financing and producing films and by...
Toho Co Financial Statement Overview
Summary
Income Statement
70
Positive
Balance Sheet
92
Very Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Feb 2025 | Feb 2024 | Feb 2023 | Feb 2022 | Feb 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 354.15B | 360.66B | 313.17B | 283.35B | 244.29B | 228.37B |
| Gross Profit | 158.00B | 159.59B | 138.71B | 126.25B | 104.67B | 91.32B |
| EBITDA | 48.13B | 90.94B | 81.18B | 77.80B | 61.84B | 54.32B |
| Net Income | 37.62B | 51.77B | 43.36B | 45.28B | 33.43B | 29.57B |
Balance Sheet | ||||||
| Total Assets | 716.64B | 702.93B | 668.28B | 628.00B | 538.81B | 506.84B |
| Cash, Cash Equivalents and Short-Term Investments | 83.83B | 112.41B | 96.94B | 123.93B | 154.24B | 133.05B |
| Total Debt | 1.47B | 1.62B | 1.92B | 3.38B | 466.00M | 104.00M |
| Total Liabilities | 175.00B | 169.94B | 173.47B | 143.24B | 115.11B | 97.65B |
| Stockholders Equity | 523.78B | 515.37B | 478.39B | 458.89B | 409.31B | 395.72B |
Cash Flow | ||||||
| Free Cash Flow | 13.04B | 49.90B | 19.09B | 21.66B | 28.48B | 26.52B |
| Operating Cash Flow | 36.72B | 65.33B | 51.62B | 43.35B | 45.40B | 53.46B |
| Investing Cash Flow | -10.92B | -24.90B | -18.46B | -62.71B | -9.18B | -36.03B |
| Financing Cash Flow | -46.38B | -31.33B | -39.30B | -11.63B | -19.13B | -12.48B |
Toho Co Technical Analysis
Positive
1557.00
Price Trends
1586.76
Positive
1472.59
Positive
1489.45
Positive
Market Momentum
35.13
Negative
55.91
Neutral
68.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9602, the sentiment is Positive. The current price of 1557 is below the 20-day moving average (MA) of 1610.30, below the 50-day MA of 1586.76, and above the 200-day MA of 1489.45, indicating a bullish trend. The MACD of 35.13 indicates Negative momentum. The RSI at 55.91 is Neutral, neither overbought nor oversold. The STOCH value of 68.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9602.
Toho Co Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | ¥632.96B | 23.94 | ― | 1.45% | -1.08% | 9.95% | |
76 Outperform | ¥426.06B | 15.98 | ― | 0.60% | 3.44% | 48.68% | |
66 Neutral | ¥56.04B | 16.22 | 6.34% | 4.07% | 7.12% | 4609.35% | |
66 Neutral | ¥21.52B | 28.54 | ― | 0.79% | 8.53% | -8.74% | |
65 Neutral | ¥1.42T | 36.94 | 7.30% | 1.45% | 3.80% | -23.03% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
56 Neutral | ¥159.72B | 86.31 | ― | 0.34% | 3.75% | -55.24% |
* Communication Services Sector Average
JP:9602
Toho Co
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Toho Co Corporate Events
Toho Raises Full-Year Profit Forecast on Sale of Investment Securities
Oct 15, 2026
Toho Co. has revised its full-year consolidated earnings forecast for the fiscal year ending February 2027, keeping operating revenue, operating profit, and ordinary profit unchanged while raising profit attributable to owners of parent from 41 bi...
Toho Unveils Comprehensive Mid-Year Financial Results Presentation
Oct 15, 2026
Toho Co., Ltd. has released a comprehensive financial results presentation covering the semi-annual period from March 1 to August 31, 2026, for its 2Q FY2/27. The document is structured to give investors a unified view of performance and operation...
Toho’s First-Half Profits Slide as Full-Year Outlook Is Cut
Oct 15, 2026
Toho reported consolidated operating revenue of ¥185.2 billion for the six months ended August 31, 2026, a 3.4% year-on-year decline, with operating profit down 24.8% to ¥30.9 billion and profit attributable to owners of parent falling 4...
Toho Books ¥11.1 Billion Extraordinary Gain From Sale of Investment Securities
Sep 15, 2026
Toho Co., Ltd. has completed the sale of a portion of its listed investment securities, generating an extraordinary gain of 11.1 billion yen. The transaction forms part of the company’s previously announced policy to reduce strategic shareho...
Toho Confirms Interim Dividend Post-Stock Split, Maintains Annual Payout Forecast
Sep 15, 2026
Toho Co., Ltd. has resolved to pay an interim dividend of ¥11 per share, with August 31, 2026 as the record date and November 20, 2026 as the effective payment date. The total payout from retained earnings will be ¥9,151 million, alignin...
Toho to Book ¥10 Billion Extraordinary Gain as It Accelerates Strategic Shareholdings Cut
Sep 15, 2026
Toho Co., Ltd., a major Japanese film and entertainment group listed on the Tokyo and Fukuoka exchanges, is continuing to reshape its balance sheet through active management of its strategic shareholdings. The company has set quantitative targets ...
Toho kicks off real estate portfolio overhaul with sale of seven low-strategic properties
Aug 17, 2026
Toho Co., Ltd. has initiated the first major step in its real estate portfolio overhaul by deciding to sell seven regional and suburban properties judged to have low strategic value and limited future earnings contribution. The assets, mainly comm...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.