I mean, while I don't think it's a reason to worry at all(they've been on this business longer than on videogames), it's a weird people bring up Bayonetta 2 as a counter-argument. I mean, the only thing SEGA had to do with it was "oh, yeah, you can totally use our IP. We ain't funding shit tho!", same situation as Shenmue 3. Hell, even with the Shenmue 3 hype there's no sign of them greenlighting the Shenmue HD collection that are supposedly 99% done.
Shit, even for Yakuza 5 localization. It exists purely because of Sony.
Couple it with less and less console release and more and more a shift to mobile (with many games that won't ever go to the west) , it's a worrying trend. They also continously sit on a huge pile of great IPs without doing anything with them.
If it wasn't for their PC side and Atlus, i'd say they were in a pretty terrible shape.