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TOKYO GAS Co
(9531)
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Rating:63Neutral
Price Target:
¥6,323.00
▲(0.80% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by solid but uneven financial performance, including a strong 2026 earnings rebound and improving operating cash flow, offset by year-to-year volatility and meaningful leverage. Technicals are the largest near-term drag given the price is below major moving averages and momentum indicators are bearish. Valuation is supportive with a reasonable P/E and moderate dividend yield.
Positive Factors
Integrated energy business & market position
Tokyo Gas's integrated model—city gas supply, LNG handling, power generation, retail electricity and energy services—creates durable cash flows and cross-sell opportunities in the Tokyo metro. Vertical integration reduces logistics/procurement friction and supports long-term customer retention.
Negative Factors
Revenue and earnings volatility
Material year-to-year swings in revenue and margins complicate forecasting, capital allocation and dividend predictability. For a regulated/commodity-linked utility, inconsistent earnings weaken ability to plan multi-year investments and can pressure perceived earnings durability.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated energy business & market position
Tokyo Gas's integrated model—city gas supply, LNG handling, power generation, retail electricity and energy services—creates durable cash flows and cross-sell opportunities in the Tokyo metro. Vertical integration reduces logistics/procurement friction and supports long-term customer retention.
Read all positive factors
TOKYO GAS Co (9531) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥2.07T
Dividend Yield1.77%
Average Volume (3M)953.27K
Price to Earnings (P/E)13.1
Beta (1Y)0.51
Revenue Growth6.07%
EPS Growth11.20%
CountryJP
Employees16,001
SectorUtilities
Sector Strength65
IndustryRegulated Gas
Share Statistics
EPS (TTM)475.91
Shares Outstanding334,959,260
10 Day Avg. Volume822,840
30 Day Avg. Volume953,273
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)1.50
Price to Sales (P/S)0.91
P/FCF Ratio8.83
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)377.5
Revenue Forecast (FY)¥3.04T
TOKYO GAS Co Business Overview & Revenue Model
Company Description
Tokyo Gas Co.,Ltd. engages in the production, supply, and sale of city gas and LNG in Japan. It operates through Energy Solutions, Network, Overseas, and Urban development segments. The company is involved in the production, supply, and sale of el...
How the Company Makes Money
Tokyo Gas primarily makes money by selling energy and energy-related services to end customers. Its core revenue stream is city gas sales: it procures natural gas (including via LNG), manages the associated logistics and supply infrastructure, and...
TOKYO GAS Co Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
66
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.86T | 2.83T | 2.64T | 2.66T | 3.29T | 2.15T |
| Gross Profit | 503.06B | 507.26B | 380.49B | 445.67B | 656.25B | 366.77B |
| EBITDA | 491.41B | 578.57B | 405.65B | 479.57B | 632.59B | 352.64B |
| Net Income | 160.70B | 226.86B | 74.19B | 165.48B | 280.92B | 95.70B |
Balance Sheet | ||||||
| Total Assets | 3.87T | 3.89T | 3.86T | 3.90T | 3.58T | 3.19T |
| Cash, Cash Equivalents and Short-Term Investments | 251.96B | 187.10B | 244.49B | 363.94B | 453.51B | 179.78B |
| Total Debt | 1.25T | 1.21T | 1.34T | 1.44T | 1.26T | 1.22T |
| Total Liabilities | 2.09T | 2.10T | 2.05T | 2.14T | 1.99T | 1.91T |
| Stockholders Equity | 1.73T | 1.72T | 1.73T | 1.69T | 1.56T | 1.25T |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 290.93B | 177.20B | 135.61B | 336.38B | -21.97B |
| Operating Cash Flow | 0.00 | 451.84B | 363.12B | 316.32B | 487.03B | 145.23B |
| Investing Cash Flow | 0.00 | -206.93B | -263.53B | -362.01B | -203.52B | -224.66B |
| Financing Cash Flow | 0.00 | -296.34B | -255.98B | -58.34B | -22.40B | 90.49B |
TOKYO GAS Co Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ¥93.44B | 8.91 | 8.20% | 3.89% | -2.47% | 15.81% | |
72 Outperform | ¥303.47B | 20.79 | 22.86% | 3.28% | 5.57% | 18.57% | |
66 Neutral | ¥87.42B | 9.71 | 6.54% | 3.61% | -3.23% | 12.39% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
63 Neutral | ¥2.07T | 13.07 | 13.96% | 1.75% | 6.07% | 11.20% | |
63 Neutral | ¥2.11T | 15.24 | 8.93% | 2.17% | 1.99% | 95.71% | |
59 Neutral | ¥425.41B | 17.53 | 6.82% | 1.86% | -5.50% | -8.68% |
* Utilities Sector Average
JP:9531
TOKYO GAS Co
5,966.00
524.76
9.64%
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-0.08%
JP:9532
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1,393.47
34.69%
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94.92
8.31%
TOKYO GAS Co Corporate Events
Tokyo Gas Advances Share Buyback, Repurchasing Nearly 2 Million Shares in July
Aug 4, 2026
Tokyo Gas Co., Ltd. reported progress on its ongoing share buyback program, disclosing that it repurchased 1,996,700 common shares for approximately 12.2 billion yen via market purchases on the Tokyo Stock Exchange between July 1 and July 31, 2026...
Tokyo Gas Posts Higher Sales but Sharply Lower Profit, Lifts Dividend Outlook
Jul 30, 2026
Tokyo Gas Co., Ltd. reported consolidated net sales of ¥673.4 billion for the quarter ended June 30, 2026, up 4% year on year, but operating profit fell 11.4% to ¥55.4 billion and ordinary profit dropped 13.3%. Profit attributable to own...
Tokyo Gas Reports Progress on ¥50 Billion Share Buyback Program
Jul 2, 2026
Tokyo Gas has reported progress on its ongoing share buyback program, acquiring 1,512,900 shares of its common stock on the Tokyo Stock Exchange between June 1 and June 30, 2026, for a total of ¥9.44 billion. This move is part of a broader Bo...
Tokyo Gas Weighs Reducing Investment Unit to Boost Share Liquidity
Jun 29, 2026
Tokyo Gas said it views a reduction in its investment unit as an effective means to attract a broader range of investors, particularly individuals, and to enhance the liquidity of its shares. The company signaled that any move to lower the trading...
Tokyo Gas Reports Progress on ¥50 Billion Share Buyback Program
Jun 2, 2026
Tokyo Gas has reported progress on its ongoing share buyback program, acquiring 1,433,800 shares of its common stock on the open market through the Tokyo Stock Exchange between May 7 and May 31, 2026, for a total of ¥9.44 billion. This repurc...
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.