Margins of Konami’s Digital Entertainment segment, home of Yu-Gi-Oh!, for the years to March 2024–2026

What this is

Margins of Konami’s Digital Entertainment segment, home of Yu-Gi-Oh!, for the years to March 2024–2026: 31.9%, 32.4% and 36.7% on Konami’s segment basis.

How it’s built

Segment profit over segment revenue from Konami’s filed results: ¥79.4bn ÷ ¥249.1bn, ¥98.9bn ÷ ¥305.2bn, ¥136.0bn ÷ ¥371.0bn.
Operating margin as filed was 29%, 30% and 35%; spreading head-office costs by revenue gives 35.3% for the latest year.
Revenue grew 1.49 times over two years; in the down year to March 2023 the segment margin was 24.8%.
Yu-Gi-Oh! cards in Japan, from Media Create retail data converted to net sales, were 7–14% of segment revenue.

What we assumed

Head-office costs are spread in proportion to revenue.Konami does not allocate them; this makes it comparable with companies that carry all their own costs.
Japanese Yu-Gi-Oh! sales net out at 55–70% of list price.A conversion the research applies across card brands; Konami never discloses Yu-Gi-Oh! card revenue.

Sanity check

The three bases differ by what they include, not by error. Konami reports under international rules, where operating profit includes impairments, so the segment basis is closer to Japanese-rule operating profit.

Where it comes from

Our calculation from other figures in the trainer’s notes:

Show the working

After corporate allocation year to March 2026: 35.3%
Revenue year to March 2024 to year to March 2026 times: 1.49
Down year year to March 2023 segment: 24.8%
To year to March 2018 segment pp, year to March 2017: -0.9
Year to March 2018 segment, year to March 2017: 32 to 31.1%

794/2,491 = 31.9%
989/3,052 = 32.4%
1,360/3,710 = 36.7% (matches)
operating basis as printed
3,710/2,491 = 1.49x
Rev 1: FY3/17 32.0% → FY3/18 31.1% = −0.9pp …
the 年度2017 card down-year)
Yu-Gi-Oh! Japan net-equivalent ¥27.6–35.1bn (Media Create FY2023,) / 371.0

The IP

The companies

The business lines

Around it