Sony Group Corporation 6758
TokyoConsumer electronicsFinancials to Sep 30, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| ¥B | Mar 31 | Sep 30 |
|---|---|---|
| Cash | 2,208.9 | 2,009.3 |
| Securities | 0.0 | 0.0 |
| Debt | 1,042.0 | 1,447.9 |
| Net cash | 1,166.9 | 561.5 |
| Equity | 8,119.0 | 8,550.4 |
- Debt / EBITDA
- 0.49×
- Debt / equity
- 0.17×
- Leases (9/30/26)
- ¥639.0B
- Diluted shares
- 5,878M
- Book value / share
- ¥1,454.71
- Price / book
- 2.9×
- Net cash / share
- ¥95.52
- Market cap
- ¥24.74T
- Enterprise value
- ¥24.18T
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 10.3% | +5.7 pts | |
| Operating margin | 18.1% | +4.3 pts | |
| FCF margin | 9.3% | +4.8 pts | |
| Capex / revenue | 4.1% | +0.9 pts | |
| PlayStation monthly active accounts | 127.0M | +7% | |
| Full-game software units | 88.2M | +10% | |
| Digital full-game download share | 78.0% | +6.0 pts | |
| Network-services revenue | ¥218.3B | +20% | |
| Digital software and add-on revenue | ¥643.9B | +13% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About 6758
Sony sells PlayStation hardware and online services, music rights, film and television content, creator electronics and image sensors. Gaming supplied the largest share of continuing sales in the year ended March 2026.
- Two Sided Network
PlayStation gives developers access to 125 million monthly active accounts.
- Content Rights Currency
Recording and composition rights earn repeat royalties from streaming, performance and licensing.
- Content Rights Currency
Film and TV distribution rights support licensing across release windows and recurring library demand.
- Capex Knowhow Scale
Sony combines stacked sensor design, specialized fabrication and qualified production.
- Oct 5, 2026
Sony reported JPY26.0 billion spent repurchasing 6.89 million shares in September, bringing purchases under its May authorization to JPY263.36 billion; cash returns compete with catalog and factory investment.
- Sep 18, 2026
Sony and Universal filed another Suno copyright suit, extending the dispute over AI training and royalty protection without establishing a final infringement judgment.
- Sep 10, 2026
Tulip launched an imaging-patent licensing program with Sony, Canon, Huawei and OPPO. It offers access to more than 125,000 patents and another route to royalties, without disclosing Sony revenue or license rates.
- Aug 11, 2026
Sony and TSMC signed a binding next-generation sensor venture agreement. Sony plans JPY465 billion of cash and asset contributions in phases, with production planned for 2029.
- Jul 31, 2026
Sony raised its July operating-profit forecast to JPY1.72 trillion with currency and expected tariff refunds contributing; earthquake effects remained outside the forecast.
Ownership
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On this page
Financial record
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM | Trend | Change 2017–26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (¥) | |||||||||||||
| Revenue | 1,180.31 | 1,322.17 | 1,338.70 | 1,308.75 | 1,439.39 | 1,585.84 | 1,768.10 | 1,823.00 | 1,981.04 | 2,075.37 | 2,214.69 | +6.5%/yr | |
| Cash flow | 125.36 | 194.05 | 194.45 | 213.86 | 182.38 | 197.18 | 50.70 | 178.68 | 324.50 | 327.00 | 362.28 | +11.2%/yr | |
| Earnings | 11.38 | 75.95 | 141.55 | 92.25 | 164.69 | 141.01 | 161.96 | 137.06 | 175.71 | 171.44 | 213.04 | +35.2%/yr | |
| Free cash flow | 73.59 | 153.35 | 146.15 | 144.18 | 105.94 | 126.68 | -48.16 | 80.60 | 222.28 | 250.88 | 274.66 | +14.6%/yr | |
| Capex | 51.77 | 40.70 | 48.30 | 69.68 | 76.45 | 70.50 | 98.86 | 98.08 | 102.22 | 76.11 | 87.62 | +4.4%/yr | |
| Dividends | 3.93 | 4.41 | 5.88 | 7.85 | 9.80 | 11.88 | 13.95 | 15.97 | 18.97 | 22.46 | 25.28 | +21.4%/yr | |
| Book value | 387.67 | 459.20 | 578.75 | 653.64 | 1,068.56 | 1,141.96 | 1,063.10 | 1,228.36 | 1,346.45 | 1,350.20 | 1,454.71 | +14.9%/yr | |
| Diluted shares (M) | 6,442 | 6,462 | 6,473 | 6,311 | 6,252 | 6,256 | 6,207 | 6,177 | 6,075 | 6,013 | 5,878 | -0.8%/yr | |
| Totals (¥B) | |||||||||||||
| Revenue | 7,603.3 | 8,544.0 | 8,665.7 | 8,259.9 | 8,998.7 | 9,921.5 | 10,974.4 | 11,260.0 | 12,034.9 | 12,479.6 | 13,017.3 | +5.7%/yr | |
| Operating income | 288.7 | 734.9 | 894.2 | 845.5 | 955.3 | 1,202.3 | 1,302.4 | 1,035.3 | 1,276.6 | 1,447.5 | 1,777.4 | +19.6%/yr | |
| Net income | 73.3 | 490.8 | 916.3 | 582.2 | 1,029.6 | 882.2 | 1,005.3 | 846.6 | 1,067.4 | 1,030.9 | 1,252.2 | +34.1%/yr | |
| Free cash flow | 474.0 | 991.0 | 946.1 | 910.0 | 662.3 | 792.5 | -298.9 | 497.9 | 1,350.4 | 1,508.6 | 1,614.3 | +13.7%/yr | |
| Buybacks | 0.1 | 0.2 | 100.2 | 200.2 | 0.4 | 88.6 | 99.2 | 203.0 | 285.5 | 522.1 | 566.1 | +155.1%/yr | |
| Dividends | 25.3 | 28.5 | 38.1 | 49.6 | 61.3 | 74.3 | 86.6 | 98.6 | 115.3 | 135.0 | 148.6 | +20.5%/yr | |
| Net cash | -208.2 | 291.1 | 179.5 | 76.5 | -271.8 | -836.6 | -1,857.4 | -1,609.6 | -617.8 | 1,166.9 | 561.5 | +¥1,375.1B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 37.5 | 39.3 | 40.6 | 42.5 | 43.7 | 41.1 | 34.6 | 28.2 | 29.3 | 30.8 | 33.0 | -6.7 pts | |
| Operating margin | 3.8 | 8.6 | 10.3 | 10.2 | 10.6 | 12.1 | 11.9 | 9.2 | 10.6 | 11.6 | 13.7 | +7.8 pts | |
| Net margin | 1.0 | 5.7 | 10.6 | 7.0 | 11.4 | 8.9 | 9.2 | 7.5 | 8.9 | 8.3 | 9.6 | +7.3 pts | |
| FCF margin | 6.2 | 11.6 | 10.9 | 11.0 | 7.4 | 8.0 | -2.7 | 4.4 | 11.2 | 12.1 | 12.4 | +5.9 pts | |
| ROIC | 8.0 | 20.5 | 18.7 | 15.6 | 10.3 | 11.3 | 11.5 | 8.4 | 10.8 | 15.6 | 16.6 | +7.6 pts | |
| Return on equity | 2.9 | 16.5 | 24.5 | 14.1 | 15.4 | 12.3 | 15.2 | 11.2 | 13.0 | 12.7 | 14.6 | +9.8 pts | |
| R&D % of revenue | 5.9 | 5.4 | 5.6 | 6.0 | 6.1 | 6.2 | 6.7 | 6.6 | 6.1 | 6.1 | 5.7 | +0.2 pts | |
| Stock pay % of revenue | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | – | +0.3 pts | |
| Capex % of revenue | 4.4 | 3.1 | 3.6 | 5.3 | 5.3 | 4.4 | 5.6 | 5.4 | 5.2 | 3.7 | 4.0 | -0.7 pts | |
Change uses 2017 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2017 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- stable
- Pricing power
- moderate
- Game & Network Services36.6%1 claim
- Music16.8%1 claim
- Pictures11.9%1 claim
- Entertainment, Technology & Services17.5%No moat
- Imaging & Sensing Solutions16.5%1 claim
- All Other and Corporate0.7%No moat
Moat claims
- Applies to
- Game & Network Services
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
PlayStation gives developers access to 125 million monthly active accounts. A broad game catalog, digital libraries and multiplayer communities help retain players, which in turn supports developer releases. Cross-platform releases and players using several systems limit this effect.
PlayStation reached 125 million active accounts in June, but quarterly playtime fell 4% and full-game software units were 66.1 million; audience scale persists without clear engagement expansion.
- PlayStation monthly active accounts127,000,000+7%
- Full-game software units88,200,000+10%
- Digital full-game download share78.0%+6.0 pts
- Network-services revenue¥218.3B+20%
- Digital software and add-on revenue¥643.9B+13%
- Total PlayStation playtime growth-4%
- PlayStation 5 hardware units2,600,000-35%
- Gaming time shifts to PC/mobile ecosystems
- Regulatory scrutiny of platform fees/store policies
- Ending discs for new games in 2028 removes resale options and can weaken retail support or consumer trust.
- Rivals acquire/lock up must-have content
- Cloud gaming reduces console-centric lock-in
- FilingSony Form 20-F for the year ended March 31, 2026Jun 18, 2026
- SourceSony Q1 FY2026 supplemental information, revised KPI comparisonsJul 31, 2026
- ResultsSony Q1 FY2026 earnings speech: engagement, currency, catalog demand and guidanceJul 31, 2026
- SourceSony ends discs for new PlayStation games from January 2028Jul 1, 2026
- Applies to
- Music
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Oct 6, 2026
Recording and composition rights earn repeat royalties from streaming, performance and licensing. Sony owned or administered 7.57 million publishing songs at March 2026. Recognition and Peanuts broaden monetization, but catalog purchases require capital and some rights are administered or jointly owned. Recognition also brings approximately JPY310 billion of long-term debt.
Recorded-music and publishing streaming revenue rose 10% and 8% in dollars, and the publishing catalog reached a corrected 7.57 million songs at March 2026; more rights and uses extend the recurring income base.
- Recorded-music streaming revenue¥242.2B+16%
- Music-publishing streaming revenue¥74.4B+14%
- Publishing catalog songs7,570,000+14%
- Recorded-music streaming revenue in dollars growth+10%
- Publishing streaming revenue in dollars growth+8%
- Concentration of streaming distributors pressures licensing economics
- AI-generated music and copyright disputes dilute scarcity
- Regulatory changes to royalty rates and copyright enforcement
- Piracy and unauthorized distribution
- Catalog acquisition prices and shared ownership can limit the return Sony retains.
- FilingSony Form 20-F for the year ended March 31, 2026Jun 18, 2026
- SourceSony Q1 FY2026 supplemental information, revised KPI comparisonsJul 31, 2026
- ResultsSony Q1 FY2026 earnings speech: engagement, currency, catalog demand and guidanceJul 31, 2026
- SourceSony completes additional Peanuts interest acquisitionMar 3, 2026
- Applies to
- Pictures
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Film and TV distribution rights support licensing across release windows and recurring library demand. Crunchyroll adds a paid anime audience of more than 21 million at March 2026. Production costs, rights sharing and volatile series deliveries constrain returns even when a library is large.
Crunchyroll exceeded 21 million paid subscribers at March 2026, but Q1 Pictures sales fell 13% in dollars and motion-picture catalog contribution weakened; the larger audience has not removed slate risk.
- Crunchyroll paid subscribers≥21,000,000
- Television-production revenue¥76.7B-26%
- Media-networks revenue¥142.9B+6%
- Motion-picture revenue¥290.0B+175%
- Streaming platforms vertically integrate and bid up IP/talent costs
- Shorter/changed release windows reduce library economics
- Content piracy and unauthorized redistribution
- Labor disruptions and production cost inflation
- FilingSony Form 20-F for the year ended March 31, 2026Jun 18, 2026
- SourceSony Q1 FY2026 supplemental information, revised KPI comparisonsJul 31, 2026
- ResultsSony Q1 FY2026 earnings speech: engagement, currency, catalog demand and guidanceJul 31, 2026
- Applies to
- Imaging & Sensing Solutions
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 6, 2026
Sony combines stacked sensor design, specialized fabrication and qualified production. June-quarter wafer input was 153,000 a month on a 300mm-equivalent basis. The TSMC venture adds advanced-process expertise, while OEM bargaining power and new-process costs limit how much of the technology advantage becomes cash profit.
Quarterly image-sensor sales reached JPY468.7 billion and wafer input was 153,000 a month. Sony expects more uncertain mobile demand in Q3 and Q4; the TSMC venture supports future technology but does not prove a current share gain.
- Image-sensor revenue¥531.7B-7%
- Image-sensor production capacity160,000+2%
- Image-sensor wafer input147,000-5%
- Sensor additions to long-lived assets¥246.7B+8%
- Samsung and Chinese suppliers can narrow technology or cost gaps.
- Premium smartphone demand and customer concentration can reduce factory loading.
- Earthquakes and supply shortages can interrupt qualified production.
- The TSMC venture requires staged investment and government support before planned 2029 production.
- Sony expects more uncertain mobile demand in Q3 and Q4 and lower consumer end-product demand for other sensor applications.
- FilingSony Form 20-F for the year ended March 31, 2026Jun 18, 2026
- SourceSony Q1 FY2026 supplemental information, revised KPI comparisonsJul 31, 2026
- SourceSony and TSMC definitive agreement for next-generation image sensorsAug 11, 2026
- SourceSony image-sensor technology and CY2024 share presentationJun 13, 2025
Profile change log
- Nov 11, 2026 · analyst revision
Reconciled current-quarter operating evidence and guidance; added the latest demand and capital-allocation counterevidence without changing moat strength ratings.
- Oct 6, 2026 · business change
Sony completed the transfer of its battery business to Murata, exiting the activity after a JPY42,298 million held-for-sale valuation charge in the prior fiscal year.
- Oct 6, 2026 · business change
Sony sold part of its M3 interest for JPY51,968 million and recognized a JPY37,167 million gain, returning portfolio capital without increasing entertainment demand.
- Oct 6, 2026 · analyst revision
Recognition’s July purchase brought approximately JPY310 billion of long-term debt as well as music catalogs. Sensor-demand caution, recurring preparation costs and pending store-pricing cases broaden the bear case; no moat status or strength is changed.
- Oct 6, 2026 · business change
Tulip launched an imaging-patent licensing program with Sony, Canon, Huawei and OPPO. It offers access to more than 125,000 patents and another route to royalties, without disclosing Sony revenue or license rates.
- Oct 6, 2026 · business change
Tamron disclosed Sony’s non-binding proposal to make the lens maker a wholly owned subsidiary. A special committee is reviewing options; terms and completion remain undecided.
- Oct 6, 2026 · business change
Sony announced that discs for new PlayStation games will end from January 2028, shifting new releases to digital distribution while creating risks for resale choice and retail relationships.
- Oct 6, 2026 · business change
Sony lost significant influence over Sony Financial Group after its shareholder meeting and reclassified the retained stake as an equity investment measured through other comprehensive income, ending its contribution to equity-method earnings.
- Oct 6, 2026 · analyst revision
Shared-market leader lists now cite sources that name the companies, rather than Sony’s annual report. Narrow TV, camera and recorded-music totals are identified as subsets; different image-sensor share definitions are kept separate.
- Oct 6, 2026 · analyst revision
Shareholder earnings now use the filed continuing-operation figures for March 2024 through March 2026 annual periods and June 2024 through March 2026 quarters, matching continuing sales and operating profit. The large financial-services spin-off loss remains disclosed separately.
- Oct 6, 2026 · business change
Sony Honda Mobility discontinued development and launch of its two AFEELA models after Honda changed its EV plans, ending that route to a new automotive business and leading to investment losses.
- Oct 6, 2026 · business change
Sony reported JPY26.0 billion spent repurchasing 6.89 million shares in September, bringing purchases under its May authorization to JPY263.36 billion; cash returns compete with catalog and factory investment.
- Oct 6, 2026 · business change
Sony and Recognition confirmed that the music-rights catalog purchase had closed after approvals, adding stakes in more than 45,000 songs through Sony’s GIC investment partnership.
- Oct 6, 2026 · analyst revision
All Other is corrected from medical and ancillary products to the filed disc-manufacturing and recording-media activities. Its verified-no-moat status is unchanged.
- Oct 6, 2026 · business change
Sony and Universal filed another Suno copyright suit, extending the dispute over AI training and royalty protection without establishing a final infringement judgment.
- Oct 6, 2026 · business change
Sony and TSMC signed a binding next-generation sensor venture agreement. Sony plans JPY465 billion of cash and asset contributions in phases, with production planned for 2029.
- Oct 6, 2026 · business change
Sony raised its July operating-profit forecast to JPY1.72 trillion with currency and expected tariff refunds contributing; earthquake effects remained outside the forecast.
- Oct 6, 2026 · business change
The Kumamoto earthquake halted a sensor production site, adding an unquantified risk to shipments and profit; Sony later planned a phased restart.
- Oct 6, 2026 · business change
Sony signed the TCL home-entertainment venture agreement with TCL holding 51% and Sony 49%, changing the future capital and control of its TV and home-audio business.
- Oct 6, 2026 · business change
Sony completed the additional Peanuts stake purchase and gained 80% ownership, adding control of a long-lived character licensing business.
- Oct 6, 2026 · business change
Sony distributed most of Sony Financial Group to shareholders and removed financial services from consolidation, leaving a minority equity-method investment and a large accounting loss from recycling prior reserves.
- Oct 6, 2026 · business change
Hiroki Totoki became Sony Group CEO, bringing the former group CFO and operations leader into the chief executive role.
- Oct 6, 2026 · analyst revision
Operating histories now test all four moat claims. Music is widening while gaming, Pictures and sensor know-how remain stable; the debate and management profile explain the conditions needed for durable cash returns.
- Oct 6, 2026 · analyst revision
Full-year external sales replace quarterly segment weights. Corporate losses remain in group profit; segment profit shares that excluded them are removed. The reported 53% sensor share replaces an unsupported 52%-54% range, and the supplier market is classified as an oligopoly.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global console gaming platforms
Dedicated game consoles and the associated software, digital stores, add-on content and online subscriptions sold worldwide. Includes Nintendo Switch, PlayStation and Xbox ecosystems; excludes PC and mobile games except as competing uses of player time and spending.
- Sony / PlayStation
- Microsoft / Xbox
- Nintendo / Switch
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| 6758 | 62 | 33.0% | 13.7% | |
| Industry median | 3 | 86 | 45.7% | 19.8% |
| Sector median | 85 | 74 | 55.3% | 17.0% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- New hardware and major exclusive games refresh the installed audience; backward compatibility can preserve spending on an older library.
- More third-party releases give console owners more reasons to stay and developers a larger audience; subscriptions and add-on content extend spending between full-game launches.
- Higher software and service prices can lift revenue even with slower player growth, if consumers continue buying.
- Currency has a strong effect on international earnings, but exposure differs by platform. Sony’s dollar sensitivity can benefit from cheaper components while yen appreciation against the euro reduces overseas profit; Nintendo’s mix is different.
- Rates have a low direct effect on game use and a medium indirect effect through consumer budgets and studio funding. Nintendo has no loans at its latest year-end; Sony carries borrowing costs and funds content and next-generation development.
- Console replacement is discretionary: inflation, high hardware prices and weaker household income can delay adoption, while PC and mobile compete for time and budgets.
- Memory and processor cost inflation, tariffs and supply shortages can compress hardware profit or force price increases that slow adoption.
- Large releases concentrate spending. A delayed or weak exclusive game can hurt hardware sales and developer support; rival blockbuster releases can capture the same holiday budget.
- Privacy, child-safety, digital-store competition and IP rules can change monetization. The UK store-pricing case awaits judgment; Sony’s move to digital-only new games can increase scrutiny of consumer choice and resale.
- Software development spending is committed ahead of uncertain demand; hardware inventories and supplier commitments can absorb cash before a launch.
- Reported account growth can coexist with weaker playing time. Higher subscription pricing needs sustained usage and content availability to retain payers.
Bulls & bears
Can Sony turn its gaming audience, music rights and sensor technology into durable cash profit without repeated content losses or excessive acquisition and factory spending?
Arguments
What to watch
- 1PlayStation active accounts, playtime and network-services revenue
- 2Dollar streaming revenue and music catalog acquisition spending
- 3Image-sensor sales, wafer input and additions to long-lived assets
- 4Pictures licensing revenue, Crunchyroll subscribers and content spending
- 5Continuing operating cash flow, capex and shareholder earnings
Next check: Next reported quarter and subsequent issuer announcements: Network services, content sales, gaming engagement and semiconductor demand. The next release date is not inferred from the prior reporting calendar.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 62/100 by <a href="https://www.findmymoat.com/stocks/XTKS:6758">Find My Moat</a> (as of September 2026)Curation & Accuracy
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