TOKYO GAS Co Ltd (JP:9531)
:9531
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TOKYO GAS Co
(9531)
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Rating:72Outperform
Price Target:
¥8,555.00
▲(37.14% Upside)
Action:ReiteratedDate:02/11/26
The score is driven primarily by mixed fundamentals (profitability pressure, rising leverage, and uneven free cash flow), partially offset by strong but overextended technical momentum and a reasonable P/E with a modest dividend yield.
Positive Factors
Regulated core gas franchise
TOKYO GAS’s core city-gas business serves a large, dense Tokyo metropolitan customer base under regulated frameworks. That creates stable, sticky demand and predictable tariff mechanisms with fuel-cost pass-through potential, supporting durable revenue and cash generation over time.
Negative Factors
Rising leverage
Increasing debt-to-equity raises financial risk by elevating interest and refinancing exposure. For a capital-intensive utility, higher leverage can limit flexibility for capex, acquisitions, or shareholder returns, and makes the company more sensitive to rate or commodity shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated core gas franchise
TOKYO GAS’s core city-gas business serves a large, dense Tokyo metropolitan customer base under regulated frameworks. That creates stable, sticky demand and predictable tariff mechanisms with fuel-cost pass-through potential, supporting durable revenue and cash generation over time.
Read all positive factors
TOKYO GAS Co (9531) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥2.62T
Dividend Yield1.53%
Average Volume (3M)953.27K
Price to Earnings (P/E)14.4
Beta (1Y)0.55
Revenue Growth5.72%
EPS Growth148.08%
CountryJP
Employees15,504
SectorUtilities
Sector Strength65
IndustryRegulated Gas
Share Statistics
EPS (TTM)N/A
Shares Outstanding371,090,850
10 Day Avg. Volume822,840
30 Day Avg. Volume953,273
Financial Highlights & Ratios
PEG Ratio-0.46
Price to Book (P/B)1.07
Price to Sales (P/S)0.70
P/FCF Ratio10.38
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)N/A
Revenue Forecast (FY)N/A
TOKYO GAS Co Business Overview & Revenue Model
Company Description
Tokyo Gas Co., Ltd. engages in the production, supply, and sale of city and liquid gas, and LNG in Japan. The company operates through five segments: Gas, Electric Power, Overseas, Energy Related, and Real Estate. It offers engineering solutions; ...
How the Company Makes Money
TOKYO GAS generates revenue primarily through the sale of natural gas to residential, commercial, and industrial customers. The company operates on a regulated pricing model, where gas prices are determined by government regulations, ensuring a st...
TOKYO GAS Co Financial Statement Overview
Summary
Income Statement
70
Positive
Balance Sheet
75
Positive
Cash Flow
65
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.70T | 2.64T | 2.66T | 3.29T | 2.15T | 1.77T |
| Gross Profit | 447.14B | 380.49B | 445.67B | 656.25B | 366.77B | 443.69B |
| EBITDA | 441.61B | 401.32B | 431.03B | 631.45B | 329.08B | 258.36B |
| Net Income | 153.98B | 74.19B | 165.48B | 280.92B | 95.70B | 49.51B |
Balance Sheet | ||||||
| Total Assets | 3.65T | 3.86T | 3.90T | 3.58T | 3.19T | 2.74T |
| Cash, Cash Equivalents and Short-Term Investments | 156.18B | 244.49B | 363.94B | 453.51B | 179.78B | 159.09B |
| Total Debt | 1.24T | 1.34T | 1.44T | 1.26T | 1.22T | 1.07T |
| Total Liabilities | 1.99T | 2.05T | 2.14T | 1.99T | 1.91T | 1.56T |
| Stockholders Equity | 1.59T | 1.73T | 1.69T | 1.56T | 1.25T | 1.15T |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 177.20B | 135.61B | 336.38B | -21.97B | 81.88B |
| Operating Cash Flow | 0.00 | 363.12B | 316.32B | 487.03B | 145.23B | 255.57B |
| Investing Cash Flow | 0.00 | -263.53B | -362.01B | -203.52B | -224.66B | -295.91B |
| Financing Cash Flow | 0.00 | -255.98B | -58.34B | -22.40B | 90.49B | 52.01B |
TOKYO GAS Co Technical Analysis
Neutral
6238.00
Price Trends
7280.32
Negative
6687.04
Positive
5935.16
Positive
Market Momentum
-4.40
Positive
37.95
Neutral
4.76
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9531, the sentiment is Neutral. The current price of 6238 is below the 20-day moving average (MA) of 7577.40, below the 50-day MA of 7280.32, and above the 200-day MA of 5935.16, indicating a neutral trend. The MACD of -4.40 indicates Positive momentum. The RSI at 37.95 is Neutral, neither overbought nor oversold. The STOCH value of 4.76 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:9531.
TOKYO GAS Co Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ¥93.71B | 8.94 | 9.07% | 3.61% | 9.39% | 77.24% | |
75 Outperform | ¥107.15B | 8.99 | 7.99% | 3.89% | 1.08% | 37.11% | |
73 Outperform | ¥459.75B | 28.19 | 6.03% | 1.81% | 7.08% | 43.50% | |
72 Outperform | ¥2.62T | 14.41 | 11.05% | 1.53% | 5.72% | 148.08% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
64 Neutral | ¥331.96B | 19.17 | 20.44% | 3.28% | 4.45% | 53.88% | |
63 Neutral | ¥2.50T | 11.58 | 10.44% | 1.98% | 1.99% | 95.71% |
* Utilities Sector Average
JP:9531
TOKYO GAS Co
7,260.00
2,492.68
52.29%
JP:8174
NIPPON GAS Co
3,038.00
839.43
38.18%
JP:9532
Osaka Gas Co
6,305.00
2,961.33
88.57%
JP:9533
TOHO GAS Co
4,791.00
788.12
19.69%
JP:9536
SAIBU GAS HOLDINGS CO. LTD.
2,531.00
861.45
51.60%
JP:9543
SHIZUOKA GAS CO. LTD.
1,487.00
382.39
34.62%
TOKYO GAS Co Corporate Events
Tokyo Gas Reports Ongoing Progress in Large-Scale Share Buyback Program
Feb 3, 2026
Tokyo Gas has reported progress on its ongoing share buyback program, acquiring 3,212,800 shares of its common stock for a total of approximately ¥20.9 billion via market purchases on the Tokyo Stock Exchange between January 1 and January 31,...
Tokyo Gas Profit Quadruples as Earnings Outlook and Dividend Payouts Are Raised
Jan 30, 2026
Tokyo Gas reported strong consolidated results for the nine months ended 31 December 2025, with net sales up 10.6% year on year to ¥2.04 trillion and operating profit surging 87.5% to ¥138.3 billion. Ordinary profit more than doubled and...
Tokyo Gas Reports Progress on Multi-Billion Yen Share Buyback Program
Jan 5, 2026
Tokyo Gas Co., Ltd. reported progress on its ongoing share buyback program, disclosing that it purchased 3,020,900 of its own common shares on the Tokyo Stock Exchange between December 1 and December 31, 2025, for a total of ¥18.69 billion. U...
Tokyo Gas Completes Treasury Share Disposal for Employee Incentive Plan
Dec 10, 2025
Tokyo Gas Co., Ltd. announced the completion of payment procedures for the disposal of treasury shares as part of a restricted stock incentive for its Employee Shareholding Association. The number of shares and total disposal amount were revised d...
Tokyo Gas Advances Share Buyback Program
Dec 2, 2025
Tokyo Gas Co., Ltd. has announced the progress of its share buyback program, acquiring 2,519,500 shares for approximately 15.39 billion yen between November 10 and November 30, 2025. This move is part of a larger plan to acquire up to 20 million s...
Tokyo Gas Transfers U.S. Subsidiary to Optimize Asset Portfolio
Nov 16, 2025
Tokyo Gas Co., Ltd. announced the transfer of its membership interests in TGNR TVL LLC, a subsidiary involved in natural gas development in the U.S., to Grayrock Energy IV, LLC for USD 255 million. This move is part of Tokyo Gas’s strategy t...
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.