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Services-allied to motion picture production company · E9 · FY ends Sep · Revenue ¥220M · -84.49% margin · -¥441M FCF
The business is unprofitable at the operating level (-84.49% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 71.5%, still solid. Margins contracted 72.9pp, which offsets some of the top-line progress.
ROIC dropped from -9.17% to -38.24%, capital efficiency is deteriorating. Negative free cash flow of -¥441M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
¥220M
▲ +71.5% YoY
Net Income (TTM)
-¥221M
▼ -1299.2% YoY
Op. Margin
-84.49%
▼ -72.9pp YoY
ROIC
-38.24%
▼ -29.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-¥441M
▼ -946.5% YoY
Op. Cash Flow (TTM)
-¥441M
▼ -954.5% YoY
Net Debt
-¥109M
Net Cash Position
Cash & Equiv.
¥149M
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