East Japan Railway Company (JP:9020)
:9020
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East Japan Railway Company
(9020)
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Rating:60Neutral
Price Target:
¥3,444.00
▼(-7.44% Downside)
Action:Reiterated
Date: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
Diversified revenue base
JR East combines high-frequency commuter and Shinkansen services with station retail, real estate and hotels. This multi-channel model monetizes captive foot traffic and station locations, providing durable non-fare cash flows that reduce dependence on passenger fares alone and support steady revenue.
Negative Factors
High leverage
Leverage at roughly 1.7–1.8x debt-to-equity limits financial flexibility. Elevated debt makes the company more sensitive to interest costs and refinancing risk, constraining capacity for discretionary investment or buffering revenue shocks over the medium term without additional capital or deleveraging.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified revenue base
JR East combines high-frequency commuter and Shinkansen services with station retail, real estate and hotels. This multi-channel model monetizes captive foot traffic and station locations, providing durable non-fare cash flows that reduce dependence on passenger fares alone and support steady revenue.
Read all positive factors
East Japan Railway Company (9020) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥3.86T
Dividend Yield1.69%
Average Volume (3M)2.14M
Price to Earnings (P/E)15.3
Beta (1Y)0.16
Revenue Growth6.83%
EPS Growth10.66%
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)238.82
Revenue Forecast (FY)¥3.30T
East Japan Railway Company Business Overview & Revenue Model
Company Description
East Japan Railway Company is a leading international passenger rail operator, with its primary operations centered in Japan. The company's multifaceted business activities are categorized into segments such as Transportation, Retail & Services, R...
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 | 776.17B | 860.29B | 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
Neutral
3721.00
Price Trends
3521.00
Negative
3628.99
Negative
3703.76
Negative
Market Momentum
-46.41
Negative
46.45
Neutral
39.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9020, the sentiment is Neutral. The current price of 3721 is above the 20-day moving average (MA) of 3408.90, above the 50-day MA of 3521.00, and above the 200-day MA of 3703.76, indicating a neutral trend. The MACD of -46.41 indicates Negative momentum. The RSI at 46.45 is Neutral, neither overbought nor oversold. The STOCH value of 39.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | ¥3.11T | 5.59 | 11.29% | 0.74% | 9.52% | 22.53% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | ¥549.13B | 10.88 | 13.92% | 1.50% | 4.11% | -30.52% | |
62 Neutral | ¥1.18T | 9.24 | 11.29% | 3.00% | 8.07% | 15.55% | |
60 Neutral | ¥3.86T | 15.28 | 7.85% | 1.69% | 6.83% | 10.66% | |
58 Neutral | ¥578.78B | 15.09 | 8.51% | 2.96% | -0.94% | -26.46% | |
57 Neutral | ¥561.16B | 9.97 | 9.94% | 2.49% | 3.80% | 11.82% |
* Industrials Sector Average
JP:9020
East Japan Railway Company
3,415.00
410.68
13.67%
JP:9022
Central Japan Railway Company
3,256.00
153.53
4.95%
JP:9009
Keisei Electric Railway Co
1,081.50
-256.50
-19.17%
JP:9007
Odakyu Electric Railway Co
1,617.50
-35.10
-2.12%
JP:9001
Tobu Railway Co
2,862.00
462.74
19.29%
JP:9021
West Japan Railway Company
2,593.50
-516.10
-16.60%
East Japan Railway Company Corporate Events
JR East Overhauls Board Structure While Keeping Top Leadership Intact
May 15, 2026
East Japan Railway Company announced a series of leadership and board changes, driven primarily by the expiration of certain directors’ terms of office. Executive Vice President and Representative Director Atsuko Itoh will retire from her cu...
JR East Announces Leadership and Board Reshuffle as Terms Expire
May 15, 2026
East Japan Railway Company announced a series of leadership and board changes as part of a scheduled management transition tied to the expiration of directors’ terms. President and CEO Yoichi Kise and Chairman Yuji Fukasawa will be reappoint...
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...
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.