Overview
Information & Communication

COVER Corporation

COVER Corporation operates 'hololive production,' one of the world's largest VTuber (Virtual YouTuber) talent agencies, managing 89 VTubers across Japanese, Indonesian, and English-speaking markets as of March 2025. The company develops anime-look avatars using motion-capture technology, enabling talents to deliver live-streamed content, virtual concerts, and interactive entertainment to a global fanbase, with combined YouTube subscriber counts exceeding 97 million. Beyond streaming, COVER has built a multi-layered character IP business encompassing merchandising, licensing, media mix, and metaverse initiatives, with IP commerce revenues now accounting for approximately 60.6% of total sales.

Market Cap
¥98.8B
US$630M
EV
¥86.8B
US$554M
Stock¥1,549▼-2.58%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
10.7
x
LTM EV/EBIT
12.9
x
LTM PER
36.1
x
LTM PBR
5.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-38.6%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Feb 16, 26New music label 'hololive RECORDS' establishment announcement
2Aug 13, 26Q1 FY2027/03 earnings announced
MC → EV Bridge
98.8BUS$630MMarket Cap0.00BUS$0.00M+ Debt11.9BUS$75.8M− Cash0.08BUS$0.49M− Inv. Sec.86.8BUS$554MEV
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Performance & Balance
Revenue 5Y (¥B)
20.5US$130M'23/330.2US$192M'24/343.4US$277M'25/349.3US$315M'26/3
EBITDA 5Y (¥B)
3.53US$22.5M'23/36.01US$38.3M'24/38.96US$57.1M'25/38.57US$54.7M'26/3
Net Income 5Y (¥B)
2.51US$16.0M'23/34.14US$26.4M'24/35.56US$35.5M'25/33.02US$19.2M'26/3
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
7.79US$49.7M'23/38.67US$55.3M'24/311.5US$73.3M'25/316.1US$103M'26/3
Shareholders
Top 10 hold 53.0%
1
Motoaki TANIGO
31.74%
2
Valley Co., Ltd.
5.03%
3
Kazuyuki FUKUDA
4.37%
4
BROWN BROTHERS HARRIMAN (LUXEMBOURG) SCA CUSTODIAN FOR ARCUS FUND SICAV - ARCUS JAPAN FUND (Standing Proxy: Mitsubishi UFJ Bank, Ltd.)
2.48%
5
Custody Bank of Japan, Ltd. (Trust Account)
1.94%
6
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
1.65%
7
GOLDMAN SACHS INTERNATIONAL (Standing Proxy: Goldman Sachs Japan Co., Ltd.)
1.58%
8
Ueda Yagi Tanshi Co., Ltd.
1.52%
9
Hitoshi SUDA
1.37%
10
The Master Trust Bank of Japan, Ltd. (Trust Account)
1.32%
Management
10 officers
Motoaki TANIGO
Representative Director, President
Apr 1997 Joined Imagineer Co., Ltd. Jun 2003 Joined I-STYLE Inc. Jun 2005 Joined InterSpire Inc. (now United Inc.) Apr 2008 Established Sanzero Minutes Inc., Representative Director Jun 2016 Established the Company, Representative Director, assumed office as President and CEO (current) Apr 2023 Established COVER USA, Inc., Representative Director (current)
1973-12-10
Kazuyuki FUKUDA
Director, CTO
Apr 2005 Joined Sony Corporation Apr 2008 Assumed office as CTO, Agile Media Network Inc. Apr 2013 Established Garoo Inc., Representative Director Oct 2016 Joined the Company Nov 2016 Assumed office as Director, Executive Officer and CTO (current) Apr 2023 Director, COVER USA, Inc.
1982-06-15
Shuhei UEDA
Director
Apr 1996 Joined Imagineer Co., Ltd. Sep 2000 Joined Communication Online Inc. (now AERIA Inc.) May 2001 Established Game Pot Inc., assumed office as Representative Director Jun 2007 Assumed office as Co-Representative Director, Japan Online Game Association (current) May 2014 Assumed office as Representative Director, Japanese subsidiary of Africa TV Apr 2016 Established H2 Interactive Inc., assumed office as Representative Director (current) May 2021 Established NASSO Inc., assumed office as Representative Director (current) Sep 2022 Assumed office as Outside Director, monoAI technology Inc. (current) Jun 2023 Assumed office as Outside Director, the Company Apr 2025 Assumed office as Full-time Director, the Company (current) Apr 2026 Director, COVER USA, Inc. (current)
1971-04-18
Yosuke KANEKO
Director, CFO
Apr 2013 Joined SMBC Nikko Securities Inc. Feb 2021 Head of Business Planning Office, the Company Mar 2023 Head of Business Planning Office and CFO, the Company (current) Jun 2025 Assumed office as Director, the Company (current) Apr 2026 Director, COVER USA, Inc. (current)
1987-12-28
Hitoshi SUDA
Outside Director
Apr 1996 Joined Imagineer Co., Ltd. Oct 1997 Joined J SkyB Inc. (now SKY Perfect JSAT Corporation) Jul 1999 Assumed office as Director, Communication Online Inc. (now AERIA Inc.) Aug 1999 Joined Digital Club Inc. (now Broadmedia Corporation) Oct 2002 Assumed office as Director, AERIA Inc. Dec 2002 Established Sudax Ltd., assumed office as Director (current) Feb 2013 Assumed office as Audit & Supervisory Board Member, bengo4.com, Inc. (current) Feb 2013 Assumed office as Director, Tsukurink Inc. (current) Feb 2015 Assumed office as Audit & Supervisory Board Member, OpenLogi Inc. (current) Nov 2015 Assumed office as Part-time Audit & Supervisory Board Member, Goodpatch Inc. Nov 2016 Assumed office as Outside Director, the Company (current) May 2017 Assumed office as Outside Director (Audit and Supervisory Committee Member), Studio Atao Inc. Dec 2017 Assumed office as Director, andfactory Inc. Sep 2019 Assumed office as Audit & Supervisory Board Member, Fukurou Lab Inc. (current) Mar 2021 Assumed office as Outside Director, Techouse Inc. (current) Apr 2023 Director, COVER USA, Inc.
1973-07-21
Yoichi WADA
Outside Director
Apr 1984 Joined Nomura Securities Co., Ltd. Apr 2000 Joined Square Co., Ltd. Dec 2001 Assumed office as Representative Director and President, Square Co., Ltd. Apr 2003 Joined Square Enix Co., Ltd. (now Square Enix Holdings Co., Ltd.), assumed office as Representative Director and President Aug 2016 Assumed office as Director, Wonderplanet Inc. (current) Mar 2018 Assumed office as Director, MYNET Inc. (current) Sep 2021 Assumed office as Director, Open Up Group Inc. (current) Jun 2022 Assumed office as Outside Director, the Company (current) Oct 2024 Assumed office as Outside Director, Classcom Inc. (current)
1959-05-28
Osamu SUZUKI
Outside Director
Apr 2001 Joined Intelligence Co., Ltd., Organization Development Division, Corporate Strategy Office Oct 2004 Head of Corporate Strategy Office, CyberAgent, Inc. Oct 2011 Director of Global Talent Development, GREE, Inc. May 2013 Founding CEO, TOMORROW COMPANY INC. (current) Jul 2014 Assumed office as Director, SHIFT Inc. Jul 2019 CHRO, Mirative Inc. Mar 2021 Assumed office as Outside Director, Kyodo PR Co., Ltd. Oct 2021 Assumed office as Director, DIMENSION Inc. (current) Feb 2023 Outside Director, Elevation Space Inc. (current) Jun 2025 Assumed office as Outside Director, the Company (current) Nov 2025 Assumed office as Outside Director, ATOMica Inc. (current) Feb 2026 Assumed office as Outside Director, Pacific Meta Inc. (current)
1977-10-18
Isao MIYAJIMA
Outside Director, Full-time Audit and Supervisory Committee Member
Jan 1985 Joined Yokohama Oil Co., Ltd. Apr 1999 Joined ISA Co., Ltd. Dec 2001 Assumed office as Executive Officer, Recom Co., Ltd. Jan 2006 Assumed office as Director and General Manager of Administration Division, Domino's Pizza Japan Co., Ltd. Jun 2012 Assumed office as Director, General Manager of Administration Division and CFO, Sinbad International Co., Ltd. Apr 2016 Assumed office as Executive Officer, Transas Co., Ltd. Apr 2018 Assumed office as Executive Officer, Third Wave Exchange Inc. Jun 2019 Assumed office as Audit & Supervisory Board Member, Graph Inc. Jun 2020 Assumed office as Audit & Supervisory Board Member, the Company Jun 2024 Assumed office as Director and Audit and Supervisory Committee Member, the Company (current)
1961-10-30
Chikako OGURA
Outside Director, Audit and Supervisory Committee Member
Aug 1994 Joined TAC Co., Ltd. Oct 1995 Joined Tohmatsu & Co. (now Deloitte Touche Tohmatsu LLC) Jan 2007 Opened Ogura Chikako CPA Office, assumed office as Representative (current) Jun 2019 Assumed office as Audit & Supervisory Board Member, Graph Inc. (current) Aug 2019 Assumed office as Executive Officer, Beauty Garage Inc. Feb 2021 Assumed office as Audit & Supervisory Board Member, the Company Jan 2024 Assumed office as Director, Fumoa Inc. Jun 2024 Assumed office as Director and Audit and Supervisory Committee Member, the Company (current) Dec 2024 Assumed office as Director, Tsuji Hongo IT Consulting Co., Ltd. (current)
1969-09-17
Kenichiro ARAI
Outside Director, Audit and Supervisory Committee Member
Nov 2008 Completed training at the Supreme Court Legal Training and Research Institute Jan 2009 Joined Frontier Management Inc. Jan 2010 Joined the office of Diet member Masaaki Kakinuma Mar 2011 Joined Torikai Sogo Law Office Jun 2014 Co-founded Law Office Flag (now TH Sogo Law Office) (current) Jun 2014 Assumed office as Representative Director, H.T. Properties Co., Ltd. (current) Sep 2014 Established Law Firm Flag (now TH Law Corporation), assumed office as Founding Representative Partner (current) Feb 2021 Assumed office as Audit & Supervisory Board Member, the Company Jun 2021 Joined Medical Corporation Asklepios as Member Apr 2023 Assumed office as Director, Tsuji Hongo Smart Asset Co., Ltd. Jun 2024 Assumed office as Director and Audit and Supervisory Committee Member, the Company (current) Jun 2025 Auditor, Hirakata Rehabilitation Center Social Welfare Corporation (current)
1981-05-15
Large Shareholding Reports
T. Rowe Price Japan, Inc.
2026-05-22
5.61%→4.61%
Arcus Investment Limited
2026-05-15
5.05%
T. Rowe Price Japan, Inc.
2026-03-23
5.87%→5.61%
T. Rowe Price Japan, Inc.
2026-01-09
5.87%→5.87%
T. Rowe Price Japan, Inc.
2025-12-22
5.87%→5.87%
T. Rowe Price Japan, Inc.
2025-12-05
5.87%
12 West Capital Management LP
2025-11-18
5.10%→3.42%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-12
Q1 Earnings Flash
FY ending Mar 2027
EDINETAmended
2026-07-03
Amended Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-24
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-05-22
Large Shareholding Report
EDINET
2026-05-15
Large Shareholding Report
EDINET
2026-03-23
Large Shareholding Report
TDnet
2026-02-12
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-01-09
Large Shareholding Report
EDINET
2025-12-22
Large Shareholding Report
EDINET
2025-12-05
Large Shareholding Report
EDINET
2025-11-18
Large Shareholding Report
EDINET
2025-11-11
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-12
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-25
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-12
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-12
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-08
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-07-01
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-08
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-09
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-09
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-30
Annual Securities Report
Period: Apr 2022 – Mar 2023
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