Electric Power Development Co (9513) AI Stock Analysis

• Market Cap: ¥733.47B
• Dividend Yield: 3.22%
• Average Volume (3M): 894.44K
• Price to Earnings (P/E): 6.7
• Beta (1Y): 0.56
• Revenue Growth: -1.56%
• EPS Growth: 9.17%
• Country: JP
• Employees: 7,083
• Sector: Utilities
• Sector Strength: 65
• Industry: Renewable Utilities
• EPS (TTM): 118.70
• Shares Outstanding: 183,051,100
• 10 Day Avg. Volume: 729,060
• 30 Day Avg. Volume: 894,443
• PEG Ratio: 0.27
• Price to Book (P/B): 0.35
• Price to Sales (P/S): 0.35
• P/FCF Ratio: 3.66
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ¥3,025.52
• Price Target Upside: -26.22% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 2
• EPS Forecast (FY): 545.82
• Revenue Forecast (FY): ¥1.23T

• Rating: 82 Outperform
• Price Target: ¥4,518.00 ▲(10.17% Upside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is driven primarily by strong financial performance (improving margins, solid cash flow, and manageable leverage) and very attractive valuation (low P/E with a solid dividend). Technicals are supportive due to a clear uptrend, but overbought momentum readings add some near-term risk, slightly tempering the overall score.

Positive Factors

Diversified generation mix

A broad portfolio across thermal, hydro, wind and biomass provides durable operational resilience and strategic optionality. It reduces single-technology exposure, supports stable wholesale supply across seasons, and positions the company to capture shifting policy support and merchant renewables demand over the medium term.

Strong cash generation

Robust operating cash flow and substantial free cash flow enable sustained funding for maintenance capex, renewables investment, dividend payments and debt servicing. Reliable cash conversion supports financial flexibility and strategic capital allocation over multi-quarter horizons.

Improving margins and revenue

Rising top-line and expanding gross and net margins indicate improving operational efficiency and pricing or fuel management. Sustained margin expansion enhances earnings stability, increases free cash generation potential, and supports reinvestment and shareholder returns over coming quarters.

Negative Factors

Fuel and commodity exposure

Significant thermal generation leaves earnings exposed to fuel and commodity price volatility. Over multi-quarter periods this can compress margins when prices rise, limit predictability of cash flows, and require active hedging or tariff pass-through that may be constrained by contracts or regulation.

Modest return on equity

ROE near 7% reflects a capital-intensive asset base and regulated/contracted returns. Modest ROE can constrain long-term shareholder value creation relative to higher-return peers and limits retained-earnings reinvestment efficiency, pressuring growth unless margins or asset utilization improve.

Recent revenue growth metric negative

A negative revenue growth reading signals potential near-term demand, contract mix or timing headwinds. If sustained, declining top-line growth could reduce operating leverage benefits, constrain margin improvement and limit free cash flow expansion over the next several quarters.

Electric Power Development Co Business Overview & Revenue Model

Company Description

Electric Power Development Co., Ltd. engages in the wholesale supply of hydroelectric and thermal power in Japan. It also produces wood fuel, carbonized sewage sludge fuel, and other biomass fuels, as well as generates and transmits electricity. In addition, the company invests in, imports, transports, and sells coal; sells fly ash; procures forest offcut; produces and sells fertilizers using ash; manufactures, sells, and markets activated coke; operates welfare facilities, wood pellet manufacturing facilities, and nuclear power plants; operates and maintains telecommunication facilities and waste-fueled power generation plants; and constructs and maintains electronic and communication facilities. Further, it engages in the ocean transportation of coal for thermal power plants; research, planning, analysis of environmental conservation; surveying of and compensation for construction sites; the provision of investment management, and research and development of projects; facility maintenance and business process outsourcing services; development of computer software; and ocean transportation of ash and fly ash. Additionally, the company provides civil engineering, and construction management and services; and engineering services for atmospheric and water pollutant removal equipment. It has 60 hydroelectric power plants with a total capacity of 8,560 MW; 12 thermal power generation facilities with a total capacity of 9,117 MW; 23 wind power facilities with a total capacity of 540 MW; 1 geo-thermal facilities with a total capacity of 23 MW; and 2,404.8 kilometers of power transmission lines, and 9 substations and converter stations, as well as operates 33 power generation facilities with a total capacity of 6,544 MW located in Thailand, the United States, China, and internationally. The company was incorporated in 1952 and is headquartered in Tokyo, Japan.

How the Company Makes Money

J-POWER primarily makes money by generating electricity and selling it, mainly as a wholesale supplier to electric utilities, retailers, and other large customers in Japan. Its core revenue stream is electricity sales from its portfolio of power plants (thermal, hydro, wind, biomass), where revenue depends on plant output, market and contract prices, and operating availability. In addition to electricity sales, the company earns income from energy-related services and infrastructure activities associated with its operations (including transmission-related business). Factors that can significantly affect earnings include fuel and commodity price movements (especially for thermal generation), power market pricing and demand conditions, regulatory and policy frameworks for power and renewables in Japan, and performance/uptime of major generating units. Specific material partnerships are null.

Electric Power Development Co Financial Statement Overview

Summary

Strong fundamentals supported by improving profitability and steady growth. Revenue rose from 1,254B yen (2024) to 1,316B yen (2025) with better gross and net margins, while cash generation is solid (operating cash flow 250B yen; free cash flow 126B yen). Balance sheet leverage is moderate (debt-to-equity 1.41) with a stable equity ratio (36.4%).

Income Statement

Electric Power Development Co has shown consistent revenue growth, with a significant increase from 1,254 billion yen in 2024 to 1,316 billion yen in 2025. Gross profit margin improved from 8.4% to 10.5%, and net profit margin rose from 6.2% to 7.0%. The EBIT and EBITDA margins are strong at 10.5% and 22.0% respectively, reflecting solid operational efficiency.

Balance Sheet

The company maintains a moderate debt-to-equity ratio of 1.41, indicating balanced leverage. Return on equity improved to 6.9%, and the equity ratio is stable at 36.4%, showcasing a solid capital structure with a good balance between debt and equity.

Cash Flow

Operating cash flow remains robust at 250 billion yen, with a strong free cash flow of 126 billion yen, reflecting effective cash management. The free cash flow to net income ratio is healthy, indicating efficient conversion of earnings into cash.

Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	1.31T	1.32T	1.26T	1.84T	1.08T	909.14B
Gross Profit	138.11B	189.34B	159.64B	236.35B	136.62B	143.04B
EBITDA	254.87B	255.00B	216.02B	291.51B	183.98B	174.22B
Net Income	119.09B	92.47B	77.78B	113.69B	69.69B	22.30B
Balance Sheet
Total Assets	3.62T	3.67T	3.48T	3.36T	3.07T	2.84T
Cash, Cash Equivalents and Short-Term Investments	352.72B	416.46B	431.96B	342.02B	223.07B	189.84B
Total Debt	1.83T	1.88T	1.87T	1.89T	1.79T	1.67T
Total Liabilities	2.15T	2.21T	2.14T	2.17T	2.10T	1.99T
Stockholders Equity	1.35T	1.34T	1.22T	1.08T	916.03B	809.14B
Cash Flow
Free Cash Flow	0.00	126.42B	138.18B	10.97B	-6.90B	8.66B
Operating Cash Flow	0.00	250.34B	254.02B	155.83B	128.38B	167.96B
Investing Cash Flow	0.00	-122.83B	-161.95B	-150.84B	-178.85B	-143.27B
Financing Cash Flow	0.00	-133.70B	-65.86B	96.02B	84.07B	7.03B

Electric Power Development Co Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4101.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9513, the sentiment is Positive. The current price of 4101 is above the 20-day moving average (MA) of 3762.05, above the 50-day MA of 3527.60, and above the 200-day MA of 2959.93, indicating a bullish trend. The MACD of 133.08 indicates Negative momentum. The RSI at 75.70 is Negative, neither overbought nor oversold. The STOCH value of 83.29 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9513.

Electric Power Development Co Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9513	82 Outperform	¥733.47B	6.68	7.17%	3.22%	-1.56%	9.17%
9503	75 Outperform	¥2.76T	6.37	14.42%	2.44%	2.08%	19.52%
9506	74 Outperform	¥571.52B	5.14	16.40%	3.47%	-8.73%	-6.98%
9509	71 Outperform	¥217.12B	13.52	13.70%	2.36%	-1.60%	-10.41%
9504	69 Neutral	¥360.23B	16.42	12.27%	3.23%	-1.02%	79.80%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
9501	52 Neutral	¥1.05T	5.29	-22.13%	―	-2.28%	-794.92%

Electric Power Development Co Corporate Events

J-POWER Nears Completion of ¥20 Billion Share Buyback Program

Electric Power Development Co., Ltd. (J-POWER) is a Japanese electric power utility that generates and supplies electricity, with its shares listed on the TSE Prime market. The company targets stable operations and financial policies aimed at enhancing shareholder returns in competitive energy markets.

J-POWER reported the progress of its ongoing share buyback program, purchasing 425,100 common shares for about ¥1.49 billion in February 2026. Under a May 2025 board authorization allowing up to 9 million shares or ¥20 billion through March 31, 2026, the company has cumulatively repurchased 6,369,000 shares for approximately ¥18.68 billion, signaling an active capital return policy and potentially higher shareholder value through reduced share float.

The most recent analyst rating on (JP:9513) stock is a Buy with a Yen4227.00 price target. To see the full list of analyst forecasts on Electric Power Development Co stock, see the JP:9513 Stock Forecast page.

J-POWER Reports Continued Progress on ¥20 Billion Share Buyback Program

Electric Power Development Co., Ltd. (J-POWER) reported progress on its ongoing share buyback program, disclosing that it repurchased 475,200 common shares in January 2026 for a total of 1.57 billion yen. The buyback is being conducted under a Board resolution authorizing the purchase of up to 9 million shares or 20 billion yen between September 2025 and March 2026, and as of January 31, 2026, the company has cumulatively acquired about 5.94 million shares for 17.19 billion yen, signaling continued efforts to return capital to shareholders and potentially improve capital efficiency and per-share metrics.

The most recent analyst rating on (JP:9513) stock is a Buy with a Yen3908.00 price target. To see the full list of analyst forecasts on Electric Power Development Co stock, see the JP:9513 Stock Forecast page.

Electric Power Development Announces CEO Resignation and Leadership Transition

Electric Power Development Co., Ltd. announced that President and CEO Hitoshi Kanno will resign from his roles as representative director, president, and chief executive officer for health reasons, with his resignation effective March 31, 2026. The board has appointed current director and executive managing officer Hideaki Kato, a long-time company insider with extensive experience in corporate planning and administration, as the new representative director, president, and CEO effective April 1, 2026, while Kanno will remain with the company as a special counselor, signaling an orderly leadership transition designed to maintain continuity in management and strategic direction.

The most recent analyst rating on (JP:9513) stock is a Buy with a Yen3877.00 price target. To see the full list of analyst forecasts on Electric Power Development Co stock, see the JP:9513 Stock Forecast page.

J-POWER Profits Rise Despite Revenue Drop as Utility Maintains Dividend and Cautious Outlook

Electric Power Development Co. (J-POWER) reported consolidated results for the nine months to 31 December 2025 showing operating revenue down 9.8% year-on-year to ¥864.6 billion, but profit attributable to owners of the parent rose 5.4% to ¥84.0 billion as ordinary profit increased and earnings per share climbed to ¥464.66. The company’s financial position strengthened modestly, with total assets edging up to ¥3.68 trillion, net assets rising to ¥1.50 trillion and the equity ratio improving to 37.5%, while it maintained its dividend stance with an interim ¥50 per share payout and a full-year dividend forecast of ¥100 unchanged. For the full year ending March 31, 2026, J-POWER projects lower revenue and profits versus the prior year, reflecting a cautious earnings outlook, and it continues to adjust its group structure, adding four companies (including J-POWER Charger Capital, LLC) and removing three from the scope of consolidation, a sign of ongoing portfolio and capital management, including the impact of its share buyback program on per-share metrics.

The most recent analyst rating on (JP:9513) stock is a Buy with a Yen3877.00 price target. To see the full list of analyst forecasts on Electric Power Development Co stock, see the JP:9513 Stock Forecast page.

J-POWER Reports Continued Progress on ¥20 Billion Share Buyback Program

Electric Power Development Co., Ltd. (J-POWER) reported progress on its ongoing share buyback program, disclosing that it repurchased 458,100 common shares in December 2025 for a total of ¥1,402,438,000. The buyback is being conducted under a Board resolution dated May 9, 2025, which authorizes the purchase of up to 9 million shares or ¥20 billion between September 1, 2025 and March 31, 2026. As of December 31, 2025, J-POWER has cumulatively acquired 5,468,700 shares for approximately ¥15.62 billion, indicating substantial execution of the program and signaling continued emphasis on shareholder returns and capital efficiency through treasury share acquisition.

The most recent analyst rating on (JP:9513) stock is a Buy with a Yen3408.00 price target. To see the full list of analyst forecasts on Electric Power Development Co stock, see the JP:9513 Stock Forecast page.