West Japan Railway Company (JP:9021)
:9021
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West Japan Railway Company
(9021)
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Rating:62Neutral
Price Target:
¥3,028.00
▼(-6.25% 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 & profit recovery
Revenue more than doubled from 920B in 2021 to 1,845.8B in 2026, and operating/net margins improved to ~10.7%/~6.9%. This sustained top-line recovery and restored profitability increase structural resilience, enable reinvestment in services and stations, and support long-term cash generation.
Negative Factors
Asset-heavy balance sheet & leverage
The balance sheet remains asset-heavy with substantial debt (debt ≈1.28x equity in 2026). High fixed assets and elevated leverage constrain financial flexibility, raise interest and refinancing exposure, and limit the company's ability to absorb prolonged demand weakness or pursue large discretionary investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & profit recovery
Revenue more than doubled from 920B in 2021 to 1,845.8B in 2026, and operating/net margins improved to ~10.7%/~6.9%. This sustained top-line recovery and restored profitability increase structural resilience, enable reinvestment in services and stations, and support long-term cash generation.
Read all positive factors
West Japan Railway Company (9021) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.25T
Dividend Yield3%
Average Volume (3M)1.49M
Price to Earnings (P/E)11.3
Beta (1Y)0.43
Revenue Growth8.07%
EPS Growth15.81%
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
¥3,900.00Price Target Upside20.74% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)234.38
Revenue Forecast (FY)¥1.85T
West Japan Railway Company Business Overview & Revenue Model
Company Description
West Japan Railway Company provides passenger railway transport services in Japan. The company operates through Transportation Operations, Retail Business, Real Estate Business, and Other Businesses segments. It operates a route length of 4,903.1 ...
How the Company Makes Money
JR West primarily makes money by operating rail services and monetizing the passenger traffic and real estate value created around its rail network. Its key revenue streams include: (1) Transportation revenue: Fare revenue from passenger rail oper...
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 | 356.83B | 375.93B | 349.51B | 343.07B | 245.33B | 42.97B |
| 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
Negative
3230.00
Price Trends
3058.53
Negative
3109.12
Negative
3136.33
Negative
Market Momentum
-104.66
Positive
28.99
Positive
9.67
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9021, the sentiment is Negative. The current price of 3230 is above the 20-day moving average (MA) of 2893.62, above the 50-day MA of 3058.53, and above the 200-day MA of 3136.33, indicating a bearish trend. The MACD of -104.66 indicates Positive momentum. The RSI at 28.99 is Positive, neither overbought nor oversold. The STOCH value of 9.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | ¥3.40T | 10.36 | 11.29% | 0.74% | 9.52% | 22.53% | |
67 Neutral | ¥560.40B | 12.74 | 9.26% | 2.68% | 10.12% | 5.85% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | ¥1.25T | 11.26 | 11.29% | 3.00% | 8.07% | 15.81% | |
60 Neutral | ¥4.17T | 35.96 | 7.85% | 1.69% | 6.83% | 10.68% | |
58 Neutral | ¥600.43B | 15.20 | 8.51% | 2.96% | -0.94% | -26.46% | |
57 Neutral | ¥553.91B | 17.49 | 9.94% | 2.49% | 3.80% | 11.82% |
* Industrials Sector Average
JP:9021
West Japan Railway Company
2,756.50
-269.45
-8.90%
JP:9022
Central Japan Railway Company
3,609.00
615.70
20.57%
JP:9020
East Japan Railway Company
3,788.00
757.18
24.98%
JP:9142
Kyushu Railway Company
3,682.00
-70.22
-1.87%
JP:9007
Odakyu Electric Railway Co
1,719.00
198.90
13.08%
JP:9001
Tobu Railway Co
2,883.50
382.22
15.28%
West Japan Railway Company Corporate Events
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.