Bandai Namco
7832.TMEDIUMScore: 41.3Anime IP / Game Ecosystem · Weight: 12%· Data as of 2026-05-13
Investment Thesis
Largest anime IP portfolio in Japan (Gundam, Dragon Ball, One Piece games) with deep VTuber integration. FY2026 results confirmed: Revenue ¥1.35T (+8.6%), OP ¥189.52B (+5.2%), NI ¥140.65B. Natural partner for VTuber IP monetization: signed multi-year ¥3B deal with Cover Corp (Hololive) for playable characters in two major titles; ANYCOLOR (Nijisanji) Taiko no Tatsujin collaboration active. Operating own VTuber group MEWLIVE (Gen 0 + male unit Refilm, SZNO drama 2026) — vertical integration. IP monetization flywheel: games (35%), toys/hobby (29%), anime IP (22%), amusement (14%).
Risk
FY2027 H1 guidance weak: OP ¥84B (-20.4% YoY), NI ¥60B (-24%) — game release timing concentrated in H2. Full year FY2027 OP ~¥185B (-2.4% vs FY2026). IP licensing cyclical with anime popularity. MEWLIVE at early/small scale vs Cover/ANYCOLOR. FCF data unavailable — monitoring gap.
Monitoring Trigger
If FY2027 H2 OP below ¥85B (H2 recovery fails), reduce conviction. If Cover Corp Hololive game integration reports material revenue (FY2027 Q2+), upgrade conviction. Monitor: FY2027 Q1 Aug 2026.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Digital | ¥450B | 35% | Mobile and console games |
| Toys & Hobby | ¥380B | 29% | Gunpla, figures, collectibles |
| IP Creation | ¥280B | 22% | Anime production, IP licensing |
| Amusement | ¥180B | 14% | Arcades, location-based entertainment |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | ANYCOLOR (Nijisanji) | VTuber game collaboration — Taiko no Tatsujin FOCUS DON!! album | Official collaboration cover album with Nijisanji livers released 2025-2026. |
| confirmed | Cover Corp (Hololive) | Multi-year ¥3B game integration — Hololive talents as playable characters | Hololive talents as playable/voiced characters in two major Bandai Namco titles. Largest VTuber-to-gaming crossover deal. |
| confirmed | MEWLIVE (own VTuber group) | Internal VTuber talent platform — IP monetization | Bandai Namco Music Live owns MEWLIVE since Sep 2023. Gen 0 + male unit Refilm (Feb 2025) + SZNO drama (Mar 2026). Vertical integration of VTuber IP. |
| confirmed | Toei Animation | Anime IP co-production (Dragon Ball, One Piece games) | Dragon Ball, One Piece game rights — core IP foundation. |