Cover Corporation FY2027 Q1 analysis dashboard
Cover Corporation (5253.T) — Q1 FY2027/3
Quarterly Earnings Dashboard — April–June 2026
Revenue
¥8,825M
-8.3% YoY
Below Pace
Operating Profit
¥651M
-33.0% YoY
Below Pace
Operating Margin
7.38%
vs 10.1% Q1 PY
Compressed
Key Signal
44.8%
Contribution Margin +1.7pt
Licensing Mix ↑
Net Profit Margin Floor: 4.70% — FAIL (12–14% structural floor)
Misses the un-distorted baseline by 730–930 bps. Q1 FY2026 delivered ~7.2% net margin on the same seasonal trough. The widening gap is not fully explained by seasonality — fixed cost absorption on a declining revenue base is the primary driver.
Income Statement — Q1 Results & H1 Implied Remainder
| Line Item | Q1 FY27 Actual | Q1 FY26 Actual | YoY | H1 Guidance | Q2 Remainder Needed | Q1 Progress |
|---|---|---|---|---|---|---|
| Revenue (Net Sales) | ¥8,825M | ¥9,629M | -8.3% | ¥22,270M | ¥13,445M needed | 39.6% |
| Cost of Sales (COGS) | ¥4,332M | ¥4,722M | -8.3% | Tracking inline with revenue decline | — | |
| Gross Profit | ¥4,493M | ¥4,907M | -8.4% | Gross Margin: 50.91% (vs 50.96% PY — stable) | — | |
| SG&A Expenses | ¥3,841M | ¥3,935M | -2.4% | SG&A Ratio: 43.52% (vs 40.88% PY — widening) | — | |
| Operating Profit | ¥651M | ¥972M | -33.0% | ¥1,930M | ¥1,279M needed | 33.7% |
| Ordinary Profit (経常利益) | ¥598M | ¥932M | -35.8% | ¥1,930M | ¥1,332M needed | 31.0% |
| Net Profit | ¥415M | ¥693M | -40.1% | ¥1,350M | ¥935M needed | 30.7% |
Cost Structure Audit — SG&A & COGS Leverage
SG&A Breakdown
Total SG&A
¥3,841M
SG&A / Revenue Ratio
43.52%
Prior Year Q1 Ratio
40.88%
Personnel Expenses
¥1,349M
Personnel YoY
+¥90M (+7.1%)
Non-Payroll SG&A
¥2,492M (-¥184M YoY)
Headcount & Efficiency
Employees (FTE)
740
QoQ Change
-3 (from 743)
YoY Change
+2 (from 738)
Revenue / Employee (Q)
¥11.93M
Prior Year Rev / Emp
¥13.04M
Loaded Cost / Emp (Q)
¥1.82M
⚠ Negative Operating Leverage
Revenue Growth
-8.3%
SG&A Growth
-2.4%
Leverage Gap
-5.9 pts
Interpretation
Costs cut slower than revenue fell
✓ Gross Margin Stable
Q1 FY27 Gross Margin
50.91%
Q1 FY26 Gross Margin
50.96%
Delta
-0.05 pts
Interpretation
Product-level economics intact
Segment Performance — YoY Revenue Health
Merchandising
¥4,546M
Graduated talent lapse · TCG timing · EC stockout during SCM transition
Streaming / Content
¥2,092M
Short-form softening post talent changes · mekPark partial offset
Licensing / Collaborations
¥1,279M
Asia & NA expansion · JR Central "Oshi Tabi" · Kyoto TSUTAYA pop-up
Concerts / Events
¥908M
holoX First MISSION · Shishiro Hai offline · Past live royalties
Balance Sheet & Capital Returns
Liquidity & Strength
Cash & Deposits
¥11,879M
Change from FY End
-¥4,129M
Total Equity
¥17,379M
Equity Ratio
61.9% (vs 57.2% FYE)
Interest-Bearing Debt
¥0
Capital Deployment
Treasury Buyback
¥2,999M
Shares Acquired
1,879,700
Software in Progress
¥1,446M
vs FYE Software
+¥478M (from ¥968M)
HoloEarth Impairment
None (terminated)
Full-Year Guidance & H2 Dependency
| Metric | Q1 Actual | FY Guidance | Q1 Progress | Q2–Q4 Remainder | Avg per Quarter Needed |
|---|---|---|---|---|---|
| Revenue | ¥8,825M | ¥51,350M | 17.2% | ¥42,525M | ¥14,175M |
| Operating Profit | ¥651M | ¥7,000M | 9.3% | ¥6,349M | ¥2,116M |
| Net Profit | ¥415M | ¥4,907M | 8.5% | ¥4,485M | ¥1,495M |
IFIS Analyst Consensus vs Management
Consensus FY Ordinary Profit
¥8,755M
Management FY Guidance
¥7,000M
Consensus Premium
+25.1%
Consensus Rating
★★★★☆ 強気 (Bullish)
Q1 vs Consensus Estimate
IFIS Q1 Ordinary Profit Est.
¥691M
Q1 Actual
¥598M
vs Consensus
Miss (-13.5%)
Guidance Status
Unchanged
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