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West Japan Railway Company
(9021)
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Rating:62Neutral
Price Target:
¥2,719.00
▼(-15.82% Downside)
Action:Reiterated
Date:05/02/26
The score is driven by improved financial performance (profitability and operating cash flow recovery) and supportive valuation (moderate P/E and solid dividend yield). These positives are tempered by weak technicals (below major moving averages with negative momentum) and balance-sheet/FCF constraints typical of a capital-intensive, leveraged railroad.
Positive Factors
Revenue growth recovery
Sustained revenue recovery over multiple years indicates restored demand for rail and related services, expanding the company's scale. This durable top-line growth improves operating leverage potential, supports ongoing investments in service quality and station-area development, and underpins medium-term earnings resilience.
Negative Factors
Elevated leverage and asset intensity
A capital-intensive network and material leverage constrain financial flexibility and raise vulnerability to demand shocks. Even with improvement from earlier years, high debt relative to equity means interest and principal commitments absorb earnings, limiting ability to pursue opportunistic investments or weather prolonged ridership weakness.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth recovery
Sustained revenue recovery over multiple years indicates restored demand for rail and related services, expanding the company's scale. This durable top-line growth improves operating leverage potential, supports ongoing investments in service quality and station-area development, and underpins medium-term earnings resilience.
Read all positive factors
West Japan Railway Company (9021) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.27T
Dividend Yield3%
Average Volume (3M)1.49M
Price to Earnings (P/E)10.3
Beta (1Y)0.39
Revenue Growth8.07%
EPS Growth15.55%
CountryJP
Employees44,366
SectorIndustrials
Sector Strength72
IndustryRailroads
Share Statistics
EPS (TTM)265.13
Shares Outstanding455,561,300
10 Day Avg. Volume1,561,430
30 Day Avg. Volume1,490,756
Financial Highlights & Ratios
PEG Ratio0.72
Price to Book (P/B)1.19
Price to Sales (P/S)0.78
P/FCF Ratio18.29
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥3,100.00Price Target Upside-4.02% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)229.06
Revenue Forecast (FY)¥1.85T
West Japan Railway Company Business Overview & Revenue Model
Company Description
Based in Osaka, Japan, West Japan Railway Company, founded in 1987, primarily delivers passenger rail transportation services across the country. The company's operations span several key divisions: Transportation Operations, Retail Business, Real...
How the Company Makes Money
JR West makes money primarily by charging fares for passenger transportation services. A major revenue stream is rail operations, including (1) Shinkansen services (notably the Sanyo Shinkansen) and (2) conventional railway services (urban commute...
West Japan Railway Company Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
61
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.73T | 1.85T | 1.71T | 1.64T | 1.40T | 1.03T |
| Gross Profit | 428.31B | 462.32B | 404.90B | 384.14B | 257.30B | 30.21B |
| EBITDA | 363.14B | 378.52B | 353.35B | 328.61B | 253.34B | 77.94B |
| Net Income | 124.53B | 127.50B | 113.96B | 98.76B | 88.53B | -113.20B |
Balance Sheet | ||||||
| Total Assets | 3.69T | 3.99T | 3.75T | 3.78T | 3.74T | 3.70T |
| Cash, Cash Equivalents and Short-Term Investments | 94.19B | 235.21B | 125.62B | 233.47B | 290.17B | 319.92B |
| Total Debt | 1.53T | 1.54T | 1.57T | 1.60T | 1.70T | 1.77T |
| Total Liabilities | 2.41T | 2.65T | 2.47T | 2.55T | 2.59T | 2.63T |
| Stockholders Equity | 1.16T | 1.21T | 1.16T | 1.11T | 1.03T | 968.94B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 78.50B | -1.81B | 68.96B | 27.95B | -326.95B |
| Operating Cash Flow | 0.00 | 361.63B | 281.43B | 318.31B | 273.96B | -86.47B |
| Investing Cash Flow | 0.00 | -253.69B | -263.11B | -243.65B | -214.90B | -188.71B |
| Financing Cash Flow | 0.00 | 75.00M | -126.17B | -131.62B | -88.77B | 384.69B |
West Japan Railway Company Technical Analysis
Positive
3230.00
Price Trends
2697.56
Positive
2953.54
Negative
3029.96
Negative
Market Momentum
14.53
Negative
63.81
Neutral
70.44
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9021, the sentiment is Positive. The current price of 3230 is above the 20-day moving average (MA) of 2631.72, above the 50-day MA of 2697.56, and above the 200-day MA of 3029.96, indicating a neutral trend. The MACD of 14.53 indicates Negative momentum. The RSI at 63.81 is Neutral, neither overbought nor oversold. The STOCH value of 70.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9021.
West 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 | ¥3.36T | 6.22 | 11.29% | 0.74% | 9.52% | 22.41% | |
67 Neutral | ¥544.64B | 12.15 | 9.26% | 2.68% | 10.12% | 5.84% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | ¥1.27T | 10.29 | 11.29% | 3.00% | 8.07% | 15.55% | |
60 Neutral | ¥3.91T | 15.91 | 7.85% | 1.69% | 6.83% | 10.66% | |
58 Neutral | ¥600.25B | 15.56 | 8.51% | 2.96% | -0.94% | -26.46% | |
57 Neutral | ¥569.00B | 10.30 | 9.94% | 2.49% | 3.80% | 11.76% |
* Industrials Sector Average
JP:9021
West Japan Railway Company
2,869.50
-295.36
-9.33%
JP:9022
Central Japan Railway Company
3,559.00
314.60
9.70%
JP:9020
East Japan Railway Company
3,502.00
393.17
12.65%
JP:9142
Kyushu Railway Company
3,600.00
-1.70
-0.05%
JP:9007
Odakyu Electric Railway Co
1,697.00
71.10
4.37%
JP:9001
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2,940.50
512.93
21.13%
West Japan Railway Company Corporate Events
West Japan Railway Overhauls Executive Lineup to Drive Long-Term Strategy and Safety Plans
May 15, 2026
West Japan Railway Company announced a slate of executive appointments, including changes in representative directors, to be finalized at its June 18, 2026, ordinary general meeting of shareholders and the subsequent board meeting. The reshuffle i...
West Japan Railway Expands Articles to Deepen Financial Services Scope
May 15, 2026
West Japan Railway Company plans to partially amend its Articles of Incorporation to broaden and clarify its business scope, particularly around financial services. The board has approved changes to Article 2 to add new provisions that will suppor...
JR West and Resona Group Forge Alliance to Link Transport, Lifestyle and Finance in Kansai
May 1, 2026
West Japan Railway Company, Resona Holdings and Kansai Mirai Bank have agreed a capital and business alliance to integrate transportation, lifestyle and financial services across western Japan, especially the Kansai area. JR West will invest in Ka...
JR West sets five-year growth roadmap under Mid-Term Management Plan 2030
Apr 30, 2026
West Japan Railway Company has unveiled its Mid-Term Management Plan 2030, setting a five-year roadmap to drive the next phase of growth through co-creation with partners and a stronger people-centered focus. Building on its prior plan and recent ...
JR-West Lifts Annual Dividend as Payout Policy Supports Higher Returns
Apr 30, 2026
West Japan Railway Company has resolved to distribute capital surplus in the form of dividends, with a record date of March 31, 2026, and plans to seek shareholder approval at its June 2026 ordinary general meeting. The year-end dividend is set at...
JR West Hits Record Earnings on Expo Boost but Warns of Post-Expo Slowdown
Apr 30, 2026
West Japan Railway Company reported its fifth consecutive year of revenue and profit growth, driven by strong performance in its mobility and retail segments, as well as robust real estate, hotel, and shopping center operations linked to new urban...
JR West lifts profit and dividend for FY2026 but guides weaker earnings
Apr 30, 2026
West Japan Railway Company reported consolidated operating revenues of ¥1.85 trillion for the year ended March 31, 2026, up 8.1% year on year, with operating income rising 9.9% to ¥198.1 billion and net income attributable to owners of t...
JR West Clarifies Media Reports on Potential Alliance With Resona
Apr 28, 2026
West Japan Railway Company stated that recent media reports, including by NHK, about it considering a capital alliance with Resona Holdings, Inc., did not stem from any official company announcement. The company clarified that while it is consider...
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.