Bandai Namco
7832.TMEDIUMAnime 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
Update History
FY2026 results: Revenue ¥1.35T (+8.6%), OP ¥189.52B (+5.2%), NI ¥140.65B. PE 22.2x->16.5x. OP margin 14.0% added. Cover/Hololive ¥3B deal + MEWLIVE VTuber group added to supply chain. FY2027 H1 weak guidance noted.
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.[source](2025-12) |
| 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.[source](2026-05) |
| 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.[source](2026-03) |
| confirmed | Toei Animation | Anime IP co-production (Dragon Ball, One Piece games) | Dragon Ball, One Piece game rights — core IP foundation.(2026-01) |
Sources & References
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) |