Sony Group

6758.THIGH

Motion Capture Hardware / Anime IP · Weight: 15%· Data as of 2026-05-13

¥3,127+0.45%

6-month daily

Investment Thesis

UPGRADED: Sony is now a pure entertainment/tech/sensor company after SFG spin-off (May 2026). FY2026: Revenue ¥12,479.6B (+3.7%), OP ¥1,447.5B (+13.4%) — OP margin improved 9.7%→11.6%. FY2027 guidance: Revenue ¥12,300B, OP ¥1,600B, NI ¥1,160B — forward PE ~12.9x attractive. ¥500B buyback (May 2026-May 2027) + 184.5M share cancellation May 29. mocopi/XYN democratizes VTuber production; TSMC AI sensor collaboration in I&SS (probable). Vertically integrated: hardware (mocopi) + content (Aniplex, Crunchyroll) + distribution (PlayStation). Sony is now 10% strategic shareholder in Kadokawa (¥50B, Jan 2025) — IP ecosystem synergies expanding.

Risk

Reported NI FY2026: -¥326.9B (one-time SFG spin-off accounting). Not operational but confuses metrics. mocopi is still a tiny segment vs ¥12.5T revenue. Software-based motion capture could commoditize hardware. FY2027 OP ¥1,600B guidance missed would be significant downgrade trigger. I&SS (sensors) faces smartphone camera maturation headwinds; AI sensor bet is long-cycle.

Monitoring Trigger

FY2027 Q1 (Jul/Aug 2026): confirm OP trajectory toward ¥1,600B guidance. Watch ¥500B buyback pace — if suspended, reassess. If mocopi unit sales or XYN adoption by major anime studio confirmed, thesis strengthens. If AI-based software mocap achieves >30% of professional production, reduce hardware thesis.

Key Dates

2026-05-27rebalancePortfolio rebalance check — confirm ¥500B buyback pace

2026-05-29catalyst184,494,319 treasury shares cancelled — accretive EPS event

2026-06-30rebalancePortfolio rebalance

2026-07earningsFY2027 Q1 results — confirm OP trajectory toward ¥1,600B full year guidance

Update History

2026-05-13evolveUPGRADED

View report →

UPGRADED: FY2026 OP ¥1,447.5B (+13.4%), OP margin 9.7%->11.6%. ¥500B buyback. SFG spin-off complete. Forward PE ~12.9x vs old 18.4x. TSMC AI sensor collaboration added. Conviction MEDIUM->HIGH.

conviction:MEDIUMHIGHpe:15.9xN/A (SFG loss)forward_pe:18.4x~12.9xop_margin:9.7%11.6%market_cap:¥14.4T~¥15Tsupply_chain:3 links3 links (+TSMC AI sensor probable)

Key Metrics

N/A (one-time SFG loss)

~12.9x

Fwd PE

~2.0x (est. post-SFG)

P/B

~11-15% (restated ex-SFG)

ROE

11.6%

Op Margin

19%

D/E

0.7%

Div Yield

N/A

FCF

~¥15T

Mkt Cap

Business Segments

Segment	Revenue	Share	Description
Game & Network Services	¥4.3T	34%	PlayStation, game publishing
Music	¥1.8T	14%	Sony Music, Aniplex anime
Pictures	¥1.6T	13%	Sony Pictures, Crunchyroll
I&SS	¥1.6T	13%	Image sensors, mocopi hardware
ET&S / Financial	¥3.3T	26%	Electronics, financial services

Supply Chain Evidence

Evidence	Customer	Product	Detail
confirmed	Cover Corp (Hololive)	mocopi motion capture sensors (6-sensor kit)	Multiple Hololive talents (Pekora, Marine, Lamy, Koyori, Kanata, Nene) showcased mocopi on livestreams. $399.99 US / ¥49,500 JP.[source](2025-12)
probable	TSMC	AI image sensor collaboration (Sony I&SS stacked CMOS)	Sony I&SS and TSMC collaborating on stacked CMOS sensors for AI applications. Sony provides sensor IP, TSMC provides leading-edge process. Source: EBC May 2026 earnings analysis.[source](2026-05)
probable	Anime studios / Global consumers	XYN Motion Studio + mocopi consumer kit	XYN Motion Studio growing via Unity ecosystem co-creation (updated May 1, 2026). mocopi used in Solo Leveling anime production (inferred). Unity community feedback loop driving product evolution.[source](2026-05)
confirmed	Kadokawa (9468.T)	Strategic equity investment — 10% stake (¥50B, Jan 2025)	Sony became Kadokawa's largest shareholder with 12M+ new shares for ¥50B (Jan 7, 2025). Full acquisition abandoned (too costly at ¥675B). Strategic partnership: Sony adapts Kadokawa IPs into live-action films/TV shows and expands game publishing. Aligns Sony's content ecosystem with Kadokawa's anime/manga/FromSoftware IP.[source](2025-01)

Sources & References

↗Yahoo Financehttps://finance.yahoo.com/quote/6758.T/↗Sony XYN Portalhttps://xyn.sony.net/en/products/xyn_motion_studio

Peer Comparison

Company	PE	Fwd PE	ROE	Op Margin	FCF
ANYCOLOR (Nijisanji)	10.24	12.8	74.2%	40.2%	N/A
Cover Corp (Hololive)	15.8	13.3	33.7%	19.1%	+¥4B
Sony Group	N/A (one-time SFG loss)	~12.9x	~11-15% (restated ex-SFG)	11.6%	N/A
CyberAgent	16.32	N/A (Sep FY; Q2 FY2026 results released May 13)	N/A (needs update; ops strong: Q2 OP ¥29.0B +39.3%)	11.8% (Q2 FY2026: OP ¥29.0B / Rev ¥246.2B)	N/A
Bandai Namco	~16.5x	~16.9x	13.8%	14.0%	N/A
Kadokawa	~73x TTM (NI distorted by FY2026 one-time impairment/restructuring)	~38x FY2027 (analyst consensus; company guidance implies ~83x on ¥5.8B NI)	~0.3% (FY2026 NI ¥1.28B vs equity ~¥400B; structurally low)	2.9% (FY2026: OP ¥8.1B / Rev ¥282.9B; normalized FY2027 guidance: 3.4%)	N/A
GREE Holdings (REALITY)	~45x (EPS TTM ¥8.5 at ¥382)	N/A	N/A (thin profitability; OP quarterly ~¥1B)	~7.7% (Q3 FY2026 standalone: OP ¥1B / Rev ¥13B)	N/A
Colopl	279x TTM (loss-making trailing period; Q1 FY2027 annualized ~72x on ¥170M×4)	N/A	~0% (returning from -0.4%; ¥170M Q1 profit on estimated equity ¥14B = ~4.9% annualized if sustained)	~-1.8% (Q1 FY2027 operating loss ¥86M / revenue ¥4,772M; but ordinary profit positive ¥484M)	N/A (likely negative)