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Tokyo Metro Co Ltd
(9023)
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Rating:69Neutral
Price Target:
¥1,572.00
▼(-3.32% Downside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by improving financial performance (recovery in profitability and strong operating cash flow), tempered by leverage and uneven free cash flow. Valuation is supportive (mid-teens P/E with a moderate dividend), while technical indicators are mixed and suggest stabilization rather than strong upside momentum.
Positive Factors
Consistent Operating Cash Flow
Sustained strong operating cash flow provides durable internal funding for operations, maintenance and reinvestment in infrastructure. Over the next 2–6 months this reduces reliance on external financing for routine capex, supports service reliability and underpins dividend and station-commercial projects.
Negative Factors
High Leverage
Material leverage increases sensitivity to interest-rate moves and refinancing cycles, constraining capital flexibility. For a capital-intensive transit operator, high debt limits ability to fund large projects or absorb shocks without issuing more debt or cutting discretionary spending.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Operating Cash Flow
Sustained strong operating cash flow provides durable internal funding for operations, maintenance and reinvestment in infrastructure. Over the next 2–6 months this reduces reliance on external financing for routine capex, supports service reliability and underpins dividend and station-commercial projects.
Read all positive factors
Tokyo Metro Co Ltd (9023) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥846.81B
Dividend YieldN/A
Average Volume (3M)2.41M
Price to Earnings (P/E)15.8
Beta (1Y)0.13
Revenue Growth3.25%
EPS Growth-7.67%
CountryJP
Employees11,441
SectorGeneral
Sector StrengthN/A
IndustryRailroads
Share Statistics
EPS (TTM)101.62
Shares Outstanding581,000,000
10 Day Avg. Volume2,866,860
30 Day Avg. Volume2,413,900
Financial Highlights & Ratios
PEG Ratio1.62
Price to Book (P/B)1.28
Price to Sales (P/S)2.22
P/FCF Ratio22.38
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)88.99
Revenue Forecast (FY)¥436.12B
Tokyo Metro Co Ltd Business Overview & Revenue Model
Company Description
Tokyo Metro Co., Ltd. engages in the operation and management of railways in Japan. It provides railway passenger transportation services. The company also manages shops at stations and other commercial facilities; develops and rents office buildi...
How the Company Makes Money
Tokyo Metro primarily makes money by operating its subway network and monetizing the high passenger volumes and station-area foot traffic it attracts. Key revenue streams include: (1) Passenger transportation revenue: fares paid by riders for subw...
Tokyo Metro Co Ltd Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
67
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 422.41B | 407.83B | 389.27B | 345.37B | 306.90B |
| Gross Profit | 144.88B | 134.18B | 119.98B | 70.75B | 29.11B |
| EBITDA | 171.61B | 158.30B | 151.63B | 100.56B | 75.29B |
| Net Income | 59.02B | 53.75B | 46.26B | 27.77B | -13.40B |
Balance Sheet | |||||
| Total Assets | 2.05T | 2.04T | 2.03T | 2.01T | 1.82T |
| Cash, Cash Equivalents and Short-Term Investments | 68.28B | 259.66B | 281.27B | 281.10B | 111.66B |
| Total Debt | 1.07T | 1.09T | 1.12T | 1.14T | 972.21B |
| Total Liabilities | 1.31T | 1.32T | 1.36T | 1.38T | 1.20T |
| Stockholders Equity | 734.75B | 716.53B | 668.39B | 633.34B | 618.36B |
Cash Flow | |||||
| Free Cash Flow | 42.00B | 7.56B | 30.93B | 6.46B | -20.74B |
| Operating Cash Flow | 133.76B | 123.54B | 135.07B | 88.18B | 83.30B |
| Investing Cash Flow | -87.40B | -89.50B | -100.23B | -77.55B | -99.50B |
| Financing Cash Flow | -51.85B | -50.94B | -33.15B | 158.81B | 57.05B |
Tokyo Metro Co Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ¥649.66B | 12.16 | 8.88% | 1.69% | 4.15% | -26.13% | |
69 Neutral | ¥846.81B | 15.81 | ― | ― | 3.25% | -7.67% | |
69 Neutral | ¥607.04B | 10.93 | 9.47% | 2.26% | 3.80% | 11.76% | |
58 Neutral | ¥469.33B | 11.09 | 9.84% | 2.62% | 9.72% | 3.53% | |
58 Neutral | ¥631.74B | 16.31 | 7.55% | 3.17% | -0.94% | -26.46% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
44 Neutral | ¥917.76B | 21.53 | ― | 1.05% | -41.04% | -82.38% |
* General Sector Average
JP:9023
Tokyo Metro Co Ltd
1,469.00
-209.62
-12.49%
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Tokyo Metro Co Ltd Corporate Events
Tokyo Metro Updates Reporting Structure in FY2027/3 Q1 Results
Jul 31, 2026
Tokyo Metro Co. Ltd. released presentation materials for its FY2027/3 first quarter financial results dated July 31, 2026, outlining performance based on segment classifications updated from April 2026. Figures for FY2026/3 have been reclassified ...
Tokyo Metro Sees Profit Slump Despite Higher Revenue, Raises Dividend Outlook
Jul 31, 2026
Tokyo Metro reported consolidated operating revenue of ¥109.0 billion for the three months ended June 30, 2026, up 2.8% year on year, but operating and ordinary profit declined 3.9% and 4.9% respectively, with profit attributable to owners of...
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.