Sanrio is the global character-IP house behind Hello Kitty, Kuromi, Cinnamoroll, My Melody and 450+ characters, operating a hybrid merchandise + licensing + theme-park model across 130 countries. The last four years delivered a structural transformation: revenue CAGR of +38.5% (FY2022→FY2026, ¥52.8bn → ¥194.1bn) and a 30.7× operating-profit expansion as the business mix shifted from capital-heavy goods toward near-100%-contribution-margin licensing (royalty now 49.7% of revenue).
Investment verdict: BUY (accumulate on weakness). FY2027E guidance (+18.4% sales, +15.0% OP) marks the first deliberate growth normalization after three consecutive record-profit years — not a deterioration. The margin ceiling (40.1% → 38.9%) reflects one-off game-launch and global-investment SG&A, while the royalty-led model keeps profit quality exceptional (OP/Ordinary ≈ 98%, net cash ¥96.7bn, ROE 41%). Key near-term headwinds: US tariffs (North America revenue flat +0.4% in FY2026) and China base normalization (Asia profit +140% in FY2026). Growth engines rotate to Japan domestic licensing and Europe fast-fashion apparel.
Company: Sanrio Company, Ltd. (株式会社サンリオ), TSE Prime, founded 1960, HQ Shinagawa Tokyo. Fiscal year ends March 31. Reporting segments: Japan / Europe / North America / South America / Asia. Governance: Tsuji founding family controls ~16.6%; CEO Tomokuni Tsuji (since 2020).
Strength: Strong. Japan is 66% of group operating profit (FY2026: ¥53.8bn, +47.1% YoY) with segment margin up from 5.5% (FY2022) to 47.4%.
Risk: Japan inbound tourism normalized since Nov 2025 (partially offset by domestic customers); merchandise is more capital-intensive than licensing.
Strength: Medium-Strong. Asia became Sanrio's #2 profit pool (¥16.3bn, +140.4% YoY; segment margin 28.9% → 42.7%), overtaking North America.
Risk: management itself flags China's 83% growth is unsustainable from a high base (FY2027 Q1: Asia sales +19.8% but OP −4.9% on SG&A costs); direct-store capital intensity rises.
Strength: Medium. Overseas licensing is the high-margin growth pool, but FY2026 shows the ceiling: North America revenue flat (+0.4%) on tariffs; Europe up +85% on fast-fashion apparel yet down −47% in profit on a one-off fiscal-period adjustment.
Risk: Western regions remain Hello-Kitty-dependent (60.6% → 37.3% group-wide, but still high in US/EU); tariff policy swings can re-disrupt licensee planning.
A textbook V-shaped recovery followed by a four-year earnings super-cycle: revenue CAGR +38.5%, operating profit 30.7×, and an operating-margin "break" from 4.8% to 40.1% driven by the rising royalty mix.
| Consolidated (¥M) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | FY2027E |
|---|---|---|---|---|---|---|
| Net Sales | 52,763 | 72,624 | 99,981 | 144,904 | 194,088 | 229,800 |
| YoY | +28.6% | +37.6% | +37.7% | +44.9% | +33.9% | +18.4% |
| Gross Profit | 33,870 | 49,960 | 72,115 | 109,899 | 150,062 | 178,600 |
| Gross Margin | 64.2% | 68.8% | 72.1% | 75.8% | 77.3% | 77.7% |
| SG&A | 31,332 | 36,713 | 45,162 | 58,093 | 72,203 | 89,100 |
| Operating Profit | 2,537 | 13,247 | 26,952 | 51,806 | 77,859 | 89,500 |
| OP Margin | 4.8% | 18.2% | 27.0% | 35.7% | 40.1% | 38.9% |
| Ordinary Profit | 3,318 | 13,724 | 28,265 | 53,453 | 79,335 | 90,200 |
| Net Profit (attrib.) | 3,423 | 8,158 | 17,584 | 41,731 | 54,608 | 63,800 |
| EPS (¥, split-adj.) | 2.83 | 6.75 | 14.62 | 35.32 | 45.33 | 52.62 |
| DPS (¥) | 16.00 | 35.00 | 66.00 | 53.00 | 69.00 | 16.00* |
*FY2027E DPS ¥16 is on the post-1:5-split basis (mid + final ¥8 each ≈ real +¥2.2/share increase). EPS/DPS split-adjusted per FY2026 report basis (2024/4 1:3 split, 2026/4 1:5 split). FY2027E gross/SG&A derived from guidance (COGS = sales − gross).
Three core businesses analyzed across seven dimensions: business essence, moat, profit drivers, demand structure, capex/mid-term plan, competition & risk, and governance/capital return.
FY2026: Sales ¥113,567m (+32.1%) / OP ¥53,843m (+47.1%) / margin 47.4%. Breakdown: merchandise & other ¥82.4bn (+24.6%), domestic royalty ¥31.1bn (+56.9%).
| Dimension | Finding |
|---|---|
| Business essence | Merchandise: own-designed character goods, outsourced manufacturing, sold via Sanrio Shops (direct), department stores, wholesale, EC, greeting cards. Licensing: BtoBtoC — characters used on licensees' packaging/advertising/space; three models: 証紙 (stamp, 50–60% of domestic), 報告 (reported royalty, ~20–25%), 期間/契約 (contract, ~20%, overseas-led). Theme parks: Puroland (indoor, Tama) + Harmonyland (outdoor, Oita) via Sanrio Entertainment — ¥17.7bn FY2026 (+17.0%), strategically an IP fan-touchpoint rather than a profit center. |
| Moat / market position | 450+ characters; Hello Kitty 50th anniversary (FY2024–25) plus Kuromi 20th, My Melody 50th, Pompompurin 30th anniversary campaigns. 2026 Grand Prix: 70.6M votes (Pompompurin #1, Cinnamoroll #2, Pochacco #3, Kuromi #4, Hello Kitty #5). Sanrio+ membership ~3.26M (Mar 2026). |
| Profit drivers | Royalty mix is the lever — domestic royalty +56.9% at near-zero COGS; merchandise contributes volume (flagship stores) and efficiency (auto-replenishment, extra POS, staffing). Group royalty ratio rose 37.4% → 49.7% (FY2022→26). |
| Demand structure | Oshi-katsu fandom economy (adult female + collectors); gacha, plush, stickers, cafes, pop-ups. Inbound tourism softened since Nov 2025 but domestic customers offset. Anniversary events drive demand cycles. Relatively low cyclicality (gift + collection culture). |
| Capex / mid-term plan | High-traffic store openings: Tokyo Character Street (2025/11), Harajuku (2025/12), Shinsaibashi grand opening (2026/7). Mid-term plan: ~¥30bn organic investment + ¥50bn+ M&A/minority stakes over 3 years; ROE ≥30% target; Harmonyland resort-ization ~¥10bn (new hotel, "Sky Land" roof). Sanrio Games launched 2026/4; first title "Sanrio Party Land" (Switch, 2026/10/29, developed with Bandai Namco). |
| Competition & risk | Competes with Pokémon, Chiikawa, Love Live, Disney in domestic character goods. Character-popularity shift is the core risk. Product recall announced 2026/3/27 (quality governance note). |
| Governance / capital | Tsuji family ~16.6% (Shintaro Tsuji 3.12%, Tsuyako 2.12%, Kiyokawa Shoji 8.13%, Konan Shoji 3.23%); Bandai Namco HD 4.58% (capital tie-up); BlackRock 6.01%. CEO Tomokuni Tsuji (since 2020). |
FY2026: Sales ¥38,071m (+62.6%) / OP ¥16,254m (+140.4%) / margin 42.7%. Merchandise & other ¥12.4bn (+132.6%), royalty ¥25.6bn (+42.0%). China = ¥31.4bn (+83.2%), ~83% of the segment.
| Dimension | Finding |
|---|---|
| Business essence | Hybrid licensing + own-retail. China: toys, apparel & accessories, corporate sales, FMCG; direct stores (self + franchise co-managed) create IP touchpoints that seed later licensing — the "merchandise→licensing flywheel". AliFish (Alibaba) master-licensee handles 26 characters' mainland merchandising (300+ brand partners); 2026/7 added Mr. Men Little Miss China exclusive agency. Korea/Taiwan/HK/Macau/SEA: licensing-led. |
| Moat / market position | Kuromi overtook Hello Kitty as China's #1 character (FY2026); Cinnamoroll (大耳狗), My Melody (美乐蒂) also top-10. China 2026 618 "Popular IP Ranking" #1; 2025 Double-11 IP value #2. Region-exclusive plush (12+ types) and city-limited goods differentiate. |
| Profit drivers | Merchandise +132.6% (31 new China stores, existing-store strength, region-exclusive + pop-ups) is the largest driver; licensing +42.0% (toys/hobby, apparel/accessories, corporate). FY2027 Q1: sales +19.8%, royalty +23.1%, but OP −4.9% — direct-store SG&A pressure surfacing. |
| Demand structure | China Gen-Z "MeloKuro phenomenon" (My Melody × Kuromi); 潮玩 (designer-toys) market tailwind — plush and blind-box licensed goods are best-sellers. Consumer touchpoint shifting from "buying licensed goods" to "experiencing at direct stores"; Bilibili collabs (时光代理人) reach younger users. |
| Capex / mid-term plan | China stores: ~59 end-FY2026 → 71 by Jun 2026 (19 provinces, 27 cities) → target ~100; FY2027E ~20 new stores (Tier 1–2). Store-upsizing/flagshipping (Ningbo 2-floor, Nanjing Xinjiekou #4 Aug 2026). Unified all-channel membership system 2026–27 (China COO Wei Fang). |
| Competition & risk | Pop Mart (LABUBU), Miniso, Kuukuo, Jiumu in 潮玩/谷子 stores; industry shifting from store-count to store-quality competition. Company itself flags China's 83% growth unsustainable (base effect). AliFish dependence mitigated by direct licensee contracts. Cross-strait/regulation risk. |
| Governance / capital | China ops via Sanrio Shanghai (COO Wei Fang); all overseas subsidiaries report on Jan–Dec fiscal year → recognition-timing risk (FY2027 Q1 China slowdown largely this). Governance: 2026 improper-compensation case triggered special investigation; group CXO structure and separation of oversight/execution being introduced. |
North America FY2026: Sales ¥27,596m (+0.4%) / OP ¥9,765m (+10.0%) / margin 35.4%. Royalty ¥24.9bn (+0.0%), merchandise ¥2.6bn (+4.1%).
Europe FY2026: Sales ¥11,551m (+85.4%) / OP ¥846m (−47.1%) / margin 7.3%. Royalty ¥11.3bn (+86.5%).
| Dimension | Finding |
|---|---|
| Business essence | North America: Sanrio, Inc. licenses toys (plush/figures), apparel (mass-retail), H&B, digital (game distribution), sports events (MLB/NHL/NBA/MLS/NWSL/F1 Academy); Mattel int'l license (2019); adidas/PUMA/H&M/Primark collabs. Europe: licensing-led, global fast-fashion (H&M/Zara/Primark) apparel dominant, toys secondary. Overseas licensing mostly 期間(契約)+報告 models; royalties flow to HQ (consolidation eliminations). |
| Moat / market position | License Global Top 150: Sanrio #10 (2019 retail sales $4.4bn) vs Disney #1 ($54.7bn), Pokémon #11 ($4.2bn), Toei #14 ($3.9bn). NA long-term target: share 4% → 10%. Kuromi as next key character in NA (Halloween focus). Europe: UK/Spain/Nordic apparel + Europe/Oceania toys strong; UK #1 Kuromi, Italy #1 Cinnamoroll (2026 Grand Prix). |
| Profit drivers | North America flat = tariffs: royalty +0.0% — 2025/7+ tariff-policy macro uncertainty delayed/stalled licensees' production/shipment. OP still +10.0% (cost discipline). Europe profit dip = fiscal-period adjustment: ¥1.4bn inter-company consolidation adjustment (subsidiaries on Jan–Dec fiscal year); Q3 cumulative Europe OP was +163.4% before the Q4 adjustment. Licensing OP margin ~88%+ (reported by Chinese media) — high operating leverage. |
| Demand structure | NA 2023–25 growth from mass-retail apparel/toys; FY2026 digital category (multi-character games across platforms) grew and lifted awareness; sports events (F1 Academy) expand fan touchpoints. Europe fast-fashion low-price apparel demand strong; sports collabs + cafes planned. Western Hello-Kitty dependence remains high (CFO statement) — multi-character marketing is the medium-term fix. |
| Capex / mid-term plan | NA: continued marketing investment, cafes/pop-ups/concept stores, digital distribution; Warner Bros. Hello Kitty live-action/animation film Jul 2028; IDW "Hello Kitty Manga Universe" (Jul 2026). Europe: sports collabs (MLB/NBA/NHL/F1), cafes; accelerate multi-character licensee adoption. Games: Sanrio Games first title limited FY2027 revenue contribution (company-stated). |
| Competition & risk | Tariff = largest risk (NA revenue +0.4% FY2026; management sees stabilization but policy swings can re-disrupt). FX: FY2026 actual USD 150/EUR 169; FY2027E assumes USD 155 (+3.3%), EUR 185 (+9.5%), CNY 22.5 — yen-weakening tailwind, reversal would be headwind. Competes for licensees with Disney/Pokémon/Chiikawa/LABUBU. Customer/category concentration: Europe apparel, NA big toy/apparel licensees; retail strategy shifts (mass closures) hit revenue directly. |
| Governance / capital | Improper-compensation case (cause of results delay): former 常務取締役, also US subsidiary CEO, received ~US$1.68m economic benefit from Sanrio, Inc. outside HQ-approved compensation (2023–2026). Results delayed 2026/5/13 → 6/23. Special investigation found sub-approval-process gaps + failure to report to HQ; CEO apologized; separation of oversight/execution + group CXO structure introduced; partial director compensation return (incl. CEO). Immaterial to FY2026 results. FY2027: performance-linked equity compensation adopted 2026/8. |
Five geographic reporting segments. Japan dominates profit (66%); Asia overtook North America as #2 in FY2026; Europe's margin is depressed by a one-off adjustment.
| Segment | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | FY26 YoY |
|---|---|---|---|---|---|---|
| Japan | 40,183 | 52,305 | 68,951 | 85,989 | 113,567 | +32.1% |
| Europe | 1,693 | 1,823 | 2,423 | 6,230 | 11,551 | +85.4% |
| North America | 3,574 | 6,473 | 12,439 | 27,487 | 27,596 | +0.4% |
| South America | 360 | 504 | 1,025 | 1,789 | 3,300 | +84.5% |
| Asia | 6,952 | 11,517 | 15,140 | 23,407 | 38,071 | +62.6% |
| Total | 52,763 | 72,624 | 99,981 | 144,904 | 194,088 | +33.9% |
| Royalty revenue | 19,715 | 27,580 | 39,813 | 70,738 | 96,424 | +36.3% |
| Royalty % of sales | 37.4% | 38.0% | 39.8% | 48.8% | 49.7% | +0.9pt |
| Segment | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | FY26 Margin |
|---|---|---|---|---|---|---|
| Japan | 2,206 | 10,527 | 19,737 | 36,602 | 53,843 | 47.4% |
| Europe | △113 | △179 | 268 | 1,600 | 846 | 7.3% |
| North America | △442 | 726 | 2,838 | 8,875 | 9,765 | 35.4% |
| South America | 34 | 25 | 227 | 547 | 878 | 26.6% |
| Asia | 2,106 | 4,069 | 6,016 | 6,761 | 16,254 | 42.7% |
| Subtotal | 3,790 | 15,169 | 29,089 | 54,388 | 81,588 | 42.0% |
| Adjustments | △1,253 | △1,922 | △2,136 | △2,581 | △3,728 | — |
| Consolidated OP | 2,537 | 13,247 | 26,952 | 51,806 | 77,859 | 40.1% |
| Classification | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Merchandise sales & licensing | 61,466 | 86,456 | 128,631 | 175,299 |
| Theme park | 10,237 | 12,746 | 15,138 | 17,712 |
| Other | 920 | 778 | 1,135 | 1,076 |
Six anomalies identified and explained via ima RAG (search_knowledge) on the FY2022–FY2026 有価証券報告書. Ordered by severity.
Item: Sales/OP guidance — FY2027E ¥229,800m (+18.4%) / ¥89,500m (+15.0%) vs FY2026 (+33.9%/+50.3%). Implied OP margin dips for the first time (40.1% → 38.9%). Severity: Medium.
Cause (ima ⚠️ — guidance not in KB annual reports): The 5 annual reports do not contain FY2027E guidance (published in 決算短信 2026/6/23). Triangulated from the FY2026 report's mid-term plan narrative: management's frame shifted from "uncertain growth" to "stable, sustainable growth" — a deliberate normalization off a large base, embedding flat North America.
「当社グループは３カ年の中期経営計画『不確実な成長から、安定・永続成長へ』…に基づき、主要施策の…『グローバルで EvergreenなIP化』『グローバル成長基盤の構築』『IPポートフォリオ拡充とマネタイズの多層化』を推し進めてまいりました。」
Item: Segment revenue NA — FY2026 ¥27,596m (+0.4%) after FY2025 +121.0% / FY2024 +92.2%. OP still +10.0%. Severity: High (near-term).
Cause (ima ✅): Management directly attributes the freeze to tariff-policy macro uncertainty since Jul 2025. Because the model is licensing-based (royalty), OP still rose with flat revenue.
「…北米：売上高275億円（前期比0.4％増）、営業利益97億円（同10.0％増）…ライセンス事業は、2025年７月以降、関税政策を中心としたマクロ環境の変化により、不透明な状況が続いております…」
Item: Segment OP Europe — FY2026 ¥846m (−47.1%) vs ¥1,600m FY2025; margin 25.7% → 7.3%. Severity: Medium (accounting, not operating).
Cause (ima ✅): A one-off ¥1.4bn inter-company adjustment caused by fiscal-period mismatches among consolidated subsidiaries (overseas subs on Jan–Dec fiscal year). Revenue growth was broad-based (apparel/toys/beauty).
「…欧州：売上高115億円（前期比85.4％増）、営業利益８億円（同47.1％減）…営業損益は、連結子会社の決算期相違による連結会社間の調整額14億円を計上したことにより、減益となりました。」
Item: OP margin 4.8% → 18.2% → 27.0% → 35.7% → 40.1%; royalty ratio 37.4% → 49.7%; gross margin 64.2% → 77.3%. Severity: Watch (sustainability).
Cause (ima ✅): All-segment revenue growth plus COGS ratio reduction — the mix shift to near-zero-COGS royalty income. NA/Europe are now 90–98% royalty. FY2027E margin dips for the first time (38.9%), marking the ceiling.
「当連結会計年度における営業利益は、778億円（前期比50.3%増）となりました。主な増加要因としましては、全てのセグメントにおける売上高の増加によるものと、原価率の低減等によるものであります。」
Item: Segment OP Asia — FY2026 ¥16,254m (+140.4%); margin 28.9% → 42.7%; revenue +62.6%. Severity: Positive (growth quality).
Cause (ima ✅): China licensing (toys/hobby, apparel/accessories, corporate sales) with multi-character success (Kuromi, My Sweet Piano), plus new own-retail stores in Shanghai/Beijing and region-exclusive products.
「…アジア：売上高380億円（前期比62.6％増）、営業利益162億円（同140.4％増）…物販事業は、上海や北京などの大都市を中心に新店舗をオープンするとともに、地域限定商品の展開が話題を集め、売上高が大幅に増加いたしました。」
Item: DPS ¥66 (FY2024) → ¥53 (FY2025) → ¥69 (FY2026) → ¥16 (FY2027E); EPS split-adjusted throughout. Severity: Data-hygiene.
Cause (ima ✅): All apparent cuts are reporting-basis artifacts of two stock splits (2024/4 1:3, 2026/4 1:5). Actual dividends rose every year; FY2026 +¥16/share YoY on a consistent basis; policy = consolidated payout ≥30%.
「当社は2024年4月1日付で普通株式1株につき3株の割合で、2026年4月1日付で普通株式1株につき5株の割合で株式分割を行っており…」
At ¥1,282.5 (Aug 14, 2026), Sanrio trades at 27.0× TTM EPS and 22.4× forward EPS — a premium consistent with its growth and margin profile but below its 3-year average multiple.
| Peer | PER (TTM) | Notes |
|---|---|---|
| Sanrio (8136) | 27.0× | FY2026 ROE 41%, OP margin 40.1% |
| Bandai Namco HD (7832) | ~24× | IP toys/games; lower margin, larger scale |
| Nintendo (7974) | ~20× | Platform + character IP |
| Tomy (7867) | ~16× | Toys; lower growth |
Peer multiples are approximate market levels as of Aug 2026; primary valuation method: PER on FY2027E EPS ¥52.62 (company guidance 52.62). Analyst consensus target ¥1,551 (12 analysts, Buy; range ¥1,200–¥1,860).
| Metric | Value | Comment |
|---|---|---|
| Total assets | ¥234,684m | +15.9% YoY |
| Equity ratio | 66.4% | Strongly capitalized |
| Net cash / cash equiv. | ¥96,675m | Net cash position; interest-bearing debt incl. CBs |
| ROE | 41.6% | Avg. shareholder equity basis |
| Operating CF | ¥52,554m | FCF-positive; capex ¥20.9bn investing outflow |
| Total dividends FY2026 | ¥16,819m | Payout ratio 30.4% (consolidated) |
| Timing | Catalyst | Expected impact |
|---|---|---|
| 2026/8/10 ✓ | FY2027 Q1 results (delivered) — record Q1 sales ¥52.0bn (+20.7%), OP ¥22.4bn (+11.1%), 25.1% of full-year OP target; guidance maintained | De-risks FY2027E; Q1 OP margin 43.1% vs 46.9% a year ago (SG&A growth) |
| 2026/9/29 | Interim dividend ¥8 (post-1:5 split); ex-dividend | Confirms payout commitment at ¥16 annualized |
| 2026/10/29 | Sanrio Games title #1 "Sanrio Party Land" (Nintendo Switch, Bandai Namco developed) | Digital/entertainment revenue seed; brand awareness; limited FY2027 contribution (company-stated) |
| 2026 H2 | China ~20 new stores (Tier 1–2 cities) toward ~100-store target | Asia merchandise flywheel continuation |
| 2026/7 | IDW "Hello Kitty Manga Universe" launch | Content-driven licensing pipeline |
| 2027/3 | Mid-term plan final year — organic ¥30bn + M&A ¥50bn+ deployment updates | ROE ≥30%, payout ≥30% commitments under scrutiny |
| 2027 H1 | Shinsaibashi / LUCUA1100 store ramp; Harmonyland resort-ization progress (¥10bn project) | Japan merchandise + theme-park upside |
| 2028/7 | Warner Bros. Hello Kitty live-action/animation film | Global awareness catalyst (beyond 12-month window) |
| Risk | Severity | Description & sensitivity |
|---|---|---|
| US tariffs (North America) | High | Direct cause of NA revenue flatline (+0.4% FY2026). Licensees delayed/stopped production & shipments since Jul 2025. Management sees stabilization, but policy re-swings can re-disrupt licensee planning — NA royalty is ~¥25bn (13% of sales). |
| China concentration / base effect | High | China = ~¥31.4bn (16% of sales, 83% of Asia segment). Company itself flags 83% growth unsustainable; FY2027 Q1 Asia OP −4.9% on SG&A + royalty recognition timing. Cross-strait, regulation, consumption-slowdown exposure. |
| Character-popularity dependence | Medium | Licensing revenue depends on hit characters (Hello Kitty, Kuromi, My Melody, Pompompurin) and fad cycles; character licensing has low entry barriers — SNS-driven newcomers can erode popularity fast. Western regions remain Hello-Kitty-dependent (37.3% group, higher in US/EU). |
| Europe fiscal-period adjustment (accounting) | Medium | Overseas subs report Jan–Dec; inter-company adjustments can distort segment profit (FY2026: −¥1.4bn) — recurring recognition-timing risk. |
| FX sensitivity | Medium | FY2027E assumes USD 155 (+3.3%), EUR 185 (+9.5%), CNY 22.5 — yen-weakening tailwind. Yen-strengthening reversal would compress yen-denominated overseas royalty revenue. |
| Governance overhang | Medium | 2026 improper-compensation case (former 常務取締役, US$1.68m) delayed results by 6 weeks; remediation underway (separation of oversight/execution, group CXO). Immaterial financially but a credibility overhang; watch remediation credibility. |
Profit quality is exceptional by structural design: a licensing-led model with near-zero COGS on ~50% of revenue, minimal capex, net cash, and cash conversion near 100%.
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Gross margin | 64.2% | 68.8% | 72.1% | 75.8% | 77.3% |
| OP / Ordinary profit | 76.5% | 96.5% | 95.4% | 96.9% | 98.1% |
| Operating CF (¥M) | 5,064 | 11,525 | 22,173 | 40,816 | 52,554 |
| ROE | 8.5% | 16.4% | 29.2% | 48.6% | 41.6% |
| Payout ratio (consol.) | — | — | — | 30.0% | 30.4% |
| Net cash / cash equiv. (¥M) | 23,882 | 32,139 | 67,935 | 102,293 | 96,675 |
| Royalty % of sales | 37.4% | 38.0% | 39.8% | 48.8% | 49.7% |
Sanrio has transformed from a capital-heavy gift merchandiser into a global IP licensing platform with a 40% operating margin, 41% ROE, and net cash. FY2027E is a deliberate normalization (+18.4% sales / +15.0% OP), not deterioration — the margin dip is management-guided investment spend. The two real near-term risks (US tariffs, China base effect) are known and priced; the royalty model keeps profit quality exceptional. Time horizon: 12–24 months. Conviction: Medium-High.
Target: ¥1,421 (base, ×27 FY27E EPS) — analyst consensus ¥1,551; +10.8% to +20.9% upside.
Sources: Sanrio 有価証券報告書 FY2022–FY2026 (EDINET via ima RAG); 決算短信 FY2026 & FY2027 Q1; 決算説明会資料; 中期経営計画; 統合報告書2025; ANN (License Global ranking, Character Grand Prix); みんかぶ/FISCO; biggo; 36氪/雷報/网易; longbridge; Merca20; simplywall.st/J-LiC; Market data as of Aug 14, 2026 (TradingView/stockanalysis/GuruFocus). This report is for information only and does not constitute investment advice.