TBS Holdings - Public Comps and Valuation Multiples

TBS Holdings Overview

About TBS Holdings

TBS Holdings Inc is a Japanese media and broadcasting holding company that operates television businesses through its subsidiaries. The company operates through three reportable segments: Media & Content Business, Lifestyle Business, and Real Estate & Other Business. The Media & Content Business includes television and radio broadcasting, event planning, video software production, and distribution. The Lifestyle Business handles general merchandise retail, beauty and wellness services, private tutoring, and early childhood education. The Real Estate & Other Business segment involves land and building rentals. It generates the majority of its revenue from the Media & content business segment.

Founded

1951

HQ

Employees

16.6K+

Website

tbsholdings.co.jp

Sectors

TV Broadcasting
Content Production

Financials

LTM Revenue $2.7B

LTM EBITDA $266M

EV

$5.2B

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TBS Holdings Financials

As of November 2025, TBS Holdings reported last 12-month revenue of $2.7B and EBITDA of $266M.

In the same period, TBS Holdings generated $868M in LTM gross profit and $309M in net income.

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TBS Holdings P&L

In the most recent fiscal year, TBS Holdings reported revenue of $2.6B and EBITDA of $562M.

TBS Holdings expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$2.7B	XXX	$2.6B	XXX	XXX	XXX
Gross Profit	$868M	XXX	$826M	XXX	XXX	XXX
Gross Margin	32%	XXX	32%	XXX	XXX	XXX
EBITDA	$266M	XXX	$562M	XXX	XXX	XXX
EBITDA Margin	10%	XXX	22%	XXX	XXX	XXX
EBIT	$152M	XXX	$125M	XXX	XXX	XXX
EBIT Margin	6%	XXX	5%	XXX	XXX	XXX
Net Profit	$309M	XXX	$282M	XXX	XXX	XXX
Net Margin	11%	XXX	11%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for TBS Holdings including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.7B. EBITDA for the last twelve months was $266M. In the most recent fiscal year, TBS Holdings achieved $2.6B in revenue and $562M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$2.7B	Analyst estimates available to subscribers	$2.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$868M	Analyst estimates available to subscribers	$826M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	32.1% gross margin	Analyst estimates available to subscribers	31.7% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$266M	Analyst estimates available to subscribers	$562M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	9.8% EBITDA margin	Analyst estimates available to subscribers	21.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$152M	Analyst estimates available to subscribers	$125M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	5.6% EBIT margin	Analyst estimates available to subscribers	4.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$309M	Analyst estimates available to subscribers	$282M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	11.4% net profit margin	Analyst estimates available to subscribers	10.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for TBS Holdings

This financial data table provides comprehensive performance metrics for TBS Holdings, a company based in Japan. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

TBS Holdings generated $2.7B in revenue over the last twelve months.
The company achieved $266M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $868M.
Net income over the last twelve months reached $309M.

Fiscal Year Performance

In the most recent fiscal year, TBS Holdings reported $2.6B in total revenue.
Fiscal year EBITDA was $562M.
The company maintained a gross profit margin of 31.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was 21.5%.
Net profit margin reached 10.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for TBS Holdings. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

TBS Holdings Stock Performance

TBS Holdings has current market cap of JPY 885B (or $5.7B), and EV of JPY 815B (or $5.2B).

Market Cap Evolution

TBS Holdings Stock Data

As of December 5, 2025, TBS Holdings's stock price is JPY 5644 (or $36).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$5.2B	$5.7B	XXX	XXX	XXX	XXX	$1.96

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TBS Holdings Valuation Multiples

TBS Holdings's trades at 2.0x EV/Revenue multiple, and 9.7x EV/EBITDA.

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TBS Holdings Financial Valuation Multiples

As of December 5, 2025, TBS Holdings has market cap of $5.7B and EV of $5.2B.

Equity research analysts estimate TBS Holdings's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

TBS Holdings has a P/E ratio of 18.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$5.7B	XXX	$5.7B	XXX	XXX	XXX
EV (current)	$5.2B	XXX	$5.2B	XXX	XXX	XXX
EV/Revenue	1.9x	XXX	2.0x	XXX	XXX	XXX
EV/EBITDA	19.7x	XXX	9.7x	XXX	XXX	XXX
EV/EBIT	34.4x	XXX	44.3x	XXX	XXX	XXX
EV/Gross Profit	6.0x	XXX	n/a	XXX	XXX	XXX
P/E	18.4x	XXX	20.8x	XXX	XXX	XXX
EV/FCF	14.7x	XXX	615.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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TBS Holdings Margins & Growth Rates

TBS Holdings's last 12 month revenue growth is 3%

TBS Holdings's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $42K for the same period.

TBS Holdings's rule of 40 is 24% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

TBS Holdings's rule of X is 18% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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TBS Holdings Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	3%	XXX	4%	XXX	XXX	XXX
EBITDA Margin	10%	XXX	21%	XXX	XXX	XXX
EBITDA Growth	11%	XXX	-26%	XXX	XXX	XXX
Rule of 40	24%	XXX	24%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	18%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$42K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	27%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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