East Japan Railway Company (JP:9020)
:9020
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East Japan Railway Company
(9020)
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Rating:60Neutral
Price Target:
¥3,885.00
▲(4.41% Upside)
Action:ReiteratedDate:05/02/26
The score is primarily driven by improving operating performance and profitability, but capped by high leverage and inconsistent/negative free cash flow. Technical indicators add near-term caution with negative MACD and weak momentum, while valuation is supportive with a moderate P/E and ~2% yield.
Positive Factors
Revenue & Margin Recovery
Consistent revenue growth and meaningful margin expansion from 2023–2026 indicate structural recovery and improved operating leverage. Higher margins increase durable earnings capacity and provide more internal funding for service upkeep and strategic projects over the next several quarters.
Negative Factors
Elevated leverage
High debt-to-equity (~1.7–1.8) is typical for asset-heavy railroads but constrains financial flexibility. Increases interest costs and limits ability to absorb shocks or fund large projects without new financing, making capital structure a multi-quarter vulnerability.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Margin Recovery
Consistent revenue growth and meaningful margin expansion from 2023–2026 indicate structural recovery and improved operating leverage. Higher margins increase durable earnings capacity and provide more internal funding for service upkeep and strategic projects over the next several quarters.
Read all positive factors
East Japan Railway Company (9020) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥4.19T
Dividend Yield1.69%
Average Volume (3M)2.14M
Price to Earnings (P/E)36.0
Beta (1Y)0.19
Revenue Growth6.83%
EPS Growth10.68%
CountryJP
Employees68,769
SectorIndustrials
Sector Strength72
IndustryRailroads
Share Statistics
EPS (TTM)203.02
Shares Outstanding1,134,412,200
10 Day Avg. Volume1,934,080
30 Day Avg. Volume2,139,663
Financial Highlights & Ratios
PEG Ratio1.55
Price to Book (P/B)1.34
Price to Sales (P/S)1.33
P/FCF Ratio-33.29
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥4,200.00Price Target Upside12.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)246.4
Revenue Forecast (FY)¥3.26T
East Japan Railway Company Business Overview & Revenue Model
Company Description
East Japan Railway Company operates as a passenger railway company in Japan and internationally. The company operates through Transportation, Retail & Services, Real Estate & Hotels, and Others segments. It offers passenger railway, freight, bus t...
How the Company Makes Money
JR East generates revenue primarily from providing transportation services and from non-transport businesses built around its rail network. (1) Transportation: The core earnings driver is passenger fare revenue from commuter lines in the Tokyo met...
East Japan Railway Company Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
60
Neutral
Cash Flow
45
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.92T | 3.08T | 2.89T | 2.73T | 2.41T | 1.98T |
| Gross Profit | 1.04T | 1.13T | 1.03T | 964.48B | 717.71B | 382.90B |
| EBITDA | 777.02B | 857.19B | 795.65B | 748.45B | 541.14B | 249.97B |
| Net Income | 229.68B | 247.85B | 224.28B | 196.45B | 99.23B | -94.95B |
Balance Sheet | ||||||
| Total Assets | 10.10T | 10.82T | 10.26T | 9.85T | 9.41T | 9.16T |
| Cash, Cash Equivalents and Short-Term Investments | 184.76B | 262.25B | 233.67B | 281.00B | 215.19B | 171.29B |
| Total Debt | 4.94T | 5.16T | 4.97T | 4.88T | 4.79T | 4.72T |
| Total Liabilities | 7.18T | 7.76T | 7.39T | 7.12T | 6.91T | 6.74T |
| Stockholders Equity | 2.90T | 3.05T | 2.86T | 2.72T | 2.47T | 2.39T |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -122.99B | -38.68B | -26.81B | 26.17B | -392.55B |
| Operating Cash Flow | 0.00 | 765.07B | 732.25B | 688.10B | 581.75B | 190.51B |
| Investing Cash Flow | 0.00 | -877.61B | -783.42B | -690.62B | -565.51B | -526.36B |
| Financing Cash Flow | 0.00 | 138.72B | 3.66B | 66.10B | 26.83B | 304.64B |
East Japan Railway Company Technical Analysis
Negative
3721.00
Price Trends
3689.81
Negative
3832.60
Negative
3645.65
Negative
Market Momentum
-47.54
Positive
37.49
Neutral
22.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9020, the sentiment is Negative. The current price of 3721 is above the 20-day moving average (MA) of 3588.37, above the 50-day MA of 3689.81, and above the 200-day MA of 3645.65, indicating a bearish trend. The MACD of -47.54 indicates Positive momentum. The RSI at 37.49 is Neutral, neither overbought nor oversold. The STOCH value of 22.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9020.
East Japan Railway Company Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ¥569.95B | 8.33 | 13.92% | 1.50% | 5.33% | -53.05% | |
72 Outperform | ¥3.45T | 10.36 | 11.29% | 0.74% | 9.52% | 22.53% | |
65 Neutral | ¥570.73B | 12.46 | 8.51% | 2.96% | -2.47% | -52.33% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | ¥1.30T | 52.49 | 11.29% | 3.00% | 8.07% | 15.81% | |
60 Neutral | ¥4.19T | 35.96 | 7.85% | 1.69% | 6.83% | 10.68% | |
57 Neutral | ¥560.28B | 17.49 | 9.94% | 2.49% | 3.80% | 11.82% |
* Industrials Sector Average
JP:9020
East Japan Railway Company
3,700.00
505.33
15.82%
JP:9022
Central Japan Railway Company
3,611.00
399.36
12.43%
JP:9009
Keisei Electric Railway Co
1,122.50
-346.69
-23.60%
JP:9007
Odakyu Electric Railway Co
1,595.00
40.93
2.63%
JP:9001
Tobu Railway Co
2,857.50
243.94
9.33%
JP:9021
West Japan Railway Company
2,857.00
-145.61
-4.85%
East Japan Railway Company Corporate Events
JR East Raises 2032 Growth Targets and Accelerates Shift to Lifestyle and Mobility Expansion
Apr 30, 2026
East Japan Railway Company has updated the financial targets in its group management vision “To the Next Stage” 2034, refining goals for its core mobility and lifestyle solutions segments. For fiscal 2032, the company now aims for abou...
JR East Plans Dividend Increase and Signals Stronger Focus on Shareholder Returns
Apr 30, 2026
East Japan Railway Company has announced a planned increase in year-end dividends from retained earnings, proposing a dividend of ¥39 per share with a record date of March 31, 2026, up from the latest forecast of ¥35 and the previous yea...
JR East Maps Out FY2026 Results and 2034 Growth Strategy
Apr 30, 2026
East Japan Railway Company has released explanatory materials covering its financial results for the fiscal year ended March 2026 and outlining management strategies for the year ending March 2027. The documents sit within a broader medium- to lon...
JR East Lifts Profit, Cash Flow and Dividends on Solid FY2026 Performance
Apr 30, 2026
East Japan Railway Company reported solid growth for the year ended March 31, 2026, with operating revenues rising 6.8% to ¥3.08 trillion and profit attributable to owners of the parent up 10.5% to ¥247.8 billion, supported by improved p...
JR East and ITOCHU to merge real estate arms into integrated developer
Apr 15, 2026
East Japan Railway Company and ITOCHU Corporation will merge their real estate subsidiaries, JR East Real Estate and ITOCHU Property Development, through an absorption-type merger that makes ITOCHU Property Development the surviving entity. By int...
JR East Overhauls Group Governance and Compliance Framework After Incidents
Mar 18, 2026
JR East has launched a comprehensive governance overhaul after a series of incidents damaged stakeholder trust, acting on recommendations from an internal expert committee formed in July 2025. The company has updated its basic internal control pol...
JR East to Make Chuo Line Community Design a Wholly Owned Unit via Share Exchange
Feb 17, 2026
East Japan Railway Company will turn its consolidated subsidiary JR Chuo Line Community Design into a wholly owned subsidiary via a simplified share exchange effective March 17, 2026. The move is part of a broader restructuring under its “To...
JR East Expands Real Estate Split to Include Leasing in Rotational Asset Strategy
Feb 10, 2026
East Japan Railway Company has revised the terms of a previously announced simplified absorption-type company split under which JR East Real Estate Co., Ltd. will take over certain real estate operations. The change, approved by a director under b...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.