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TOHO GAS Co
(9533)
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Rating:59Neutral
Price Target:
¥1,197.00
▼(-1.24% Downside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by a solid balance sheet and generally sound (but uneven) cash-flow and profitability profile. This is offset by weak technical conditions (below key moving averages with negative MACD), while valuation metrics are acceptable but not especially attractive given the modest dividend yield.
Positive Factors
Solid balance sheet; moderate leverage
Moderate leverage and an expanding equity base give TOHO GAS durable financial flexibility. A well-capitalized balance sheet supports regulated infrastructure spending cycles, cushions commodity or tariff timing shocks, and preserves capacity to fund capex or absorb rate-setting delays over the next several quarters.
Negative Factors
Revenue volatility and recent declines
Significant swings in revenue reflect exposure to commodity price pass-through, demand variability and regulatory/tariff timing. Revenue declines in recent years complicate investment planning and pressure margin recovery, raising execution risk for multi-quarter financial stability.
Read all positive and negative factors
Positive Factors
Negative Factors
Solid balance sheet; moderate leverage
Moderate leverage and an expanding equity base give TOHO GAS durable financial flexibility. A well-capitalized balance sheet supports regulated infrastructure spending cycles, cushions commodity or tariff timing shocks, and preserves capacity to fund capex or absorb rate-setting delays over the next several quarters.
Read all positive factors
TOHO GAS Co (9533) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥425.41B
Dividend Yield1.94%
Average Volume (3M)201.02K
Price to Earnings (P/E)17.5
Beta (1Y)0.34
Revenue Growth-5.50%
EPS Growth-8.68%
CountryJP
Employees6,131
SectorUtilities
Sector Strength65
IndustryRegulated Gas
Share Statistics
EPS (TTM)66.25
Shares Outstanding366,267,150
10 Day Avg. Volume184,110
30 Day Avg. Volume201,023
Financial Highlights & Ratios
PEG Ratio0.45
Price to Book (P/B)0.99
Price to Sales (P/S)0.73
P/FCF Ratio19.19
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)57.2
Revenue Forecast (FY)¥673.53B
TOHO GAS Co Business Overview & Revenue Model
Company Description
TOHO GAS Co., Ltd. (9533) is a Japanese city gas utility that supplies natural gas to customers primarily in the Chubu region, including the Nagoya metropolitan area. The company’s core operations center on the procurement of gas, manufacturing/re...
How the Company Makes Money
TOHO GAS primarily makes money by selling city gas (natural gas) to end customers through its regulated utility operations. Revenue is mainly generated from (1) retail gas sales to residential customers (volume- and tariff-based billing), (2) gas ...
TOHO GAS Co Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
74
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 634.46B | 651.09B | 656.01B | 632.99B | 706.07B | 515.31B |
| Gross Profit | 167.23B | 179.29B | 172.84B | 171.54B | 180.19B | 153.70B |
| EBITDA | 66.48B | 82.90B | 77.06B | 79.46B | 84.63B | 58.56B |
| Net Income | 24.26B | 31.45B | 25.45B | 27.30B | 33.72B | 15.46B |
Balance Sheet | ||||||
| Total Assets | 833.02B | 809.46B | 758.76B | 734.52B | 693.52B | 655.59B |
| Cash, Cash Equivalents and Short-Term Investments | 27.52B | 43.01B | 46.75B | 29.77B | 34.01B | 32.30B |
| Total Debt | 166.99B | 166.95B | 161.46B | 140.81B | 146.77B | 140.52B |
| Total Liabilities | 337.45B | 331.94B | 310.37B | 277.67B | 291.01B | 272.84B |
| Stockholders Equity | 495.07B | 477.52B | 448.39B | 456.85B | 402.50B | 382.75B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 24.64B | 38.85B | 9.84B | 16.68B | -3.60B |
| Operating Cash Flow | 0.00 | 65.61B | 83.10B | 47.38B | 56.41B | 35.44B |
| Investing Cash Flow | 0.00 | -41.78B | -45.16B | -42.08B | -52.44B | -54.88B |
| Financing Cash Flow | 0.00 | -26.75B | -18.77B | -14.24B | -2.94B | 635.00M |
TOHO 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% | |
73 Outperform | ¥68.37B | 7.00 | ― | 2.88% | 1.28% | -11.88% | |
72 Outperform | ¥303.47B | 20.79 | 22.86% | 3.28% | 5.57% | 18.57% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
63 Neutral | ¥2.11T | 15.24 | 8.93% | 2.17% | 1.99% | 95.71% | |
63 Neutral | ¥2.07T | 13.07 | 13.96% | 1.75% | 6.07% | 11.20% | |
59 Neutral | ¥425.41B | 17.53 | 6.82% | 1.86% | -5.50% | -8.68% |
* Utilities Sector Average
JP:9533
TOHO GAS Co
1,123.00
3.19
0.29%
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TOHO GAS Co Corporate Events
Toho Gas Advances Large-Scale Share Buy-Back Amid Capital Management Drive
Aug 5, 2026
Toho Gas Co., Ltd. has continued executing its share buy-back program, repurchasing 2,379,100 common shares on the Tokyo Stock Exchange between July 1 and July 31, 2026, for a total consideration of ¥2.89 billion, under an authorization pursu...
Toho Gas Q1 Profit Slides Sharply Despite Stronger Balance Sheet
Jul 27, 2026
Toho Gas reported a sharp downturn in first-quarter fiscal 2026 profitability, with net sales down 10.3% year on year and operating income plunging 61.5%, while net income attributable to owners fell 43.3% and earnings per share declined despite h...
Toho Gas to Allocate Treasury Shares for New Employee Restricted Stock Plan
Jul 24, 2026
Toho Gas has approved the disposal of up to 65,580 shares of its treasury stock as restricted shares for members of the Toho Gas Group Employees Shareholding Association, targeting up to 402 manager-class employees. The shares will be allotted via...
Toho Gas to Grant Restricted Treasury Shares to Align Management with Shareholders
Jul 24, 2026
Toho Gas will dispose of 84,890 shares of its treasury stock on August 24, 2026, at ¥1,213.5 per share, for a total value of about ¥103 million, to provide restricted stock compensation to six directors and thirteen executive officers. T...
Toho Gas Advances Share Buy-back Program After Stock Split
Jul 3, 2026
Toho Gas has been actively executing a share buy-back program authorized under its Articles of Incorporation, repurchasing common stock on the Tokyo Stock Exchange as part of a broader capital management strategy. The company conducted a 4-for-1 s...
Toho Gas Accelerates Share Buyback Under Expanded Capital Return Program
Jun 3, 2026
Toho Gas Co., Ltd. reported that it repurchased 1,872,500 shares of its common stock on the Tokyo Stock Exchange between May 1 and May 31, 2026, at a total cost of approximately ¥2.34 billion. The buyback is being executed under the company&#...
Toho Gas Raises Year-End Dividend and Signals Ongoing Shareholder Returns
May 15, 2026
Toho Gas has proposed a year-end dividend of 45 yen per share for the fiscal year ended March 31, 2026, up from 40 yen a year earlier, bringing the total annual dividend to 90 yen. The payout, funded from retained earnings and totaling 4,094 milli...
Toho Gas Lifts Dividend and Signals Progressive Payout Policy Amid Stock Split
May 15, 2026
Toho Gas has proposed a year-end dividend of 45 yen per share for the fiscal year ended March 31, 2026, up from 40 yen in the previous year, bringing total annual dividends to 90 yen on a pre-split basis. The planned payout of 4,094 million yen, f...
Toho Gas Reports Progress on Share Buy-back Following Stock Split
May 11, 2026
Toho Gas Co., Ltd. has disclosed the status of its ongoing share buy-back program, conducted under the authority of its Articles of Incorporation in line with the Companies Act. The company repurchased 2,504,600 shares of common stock on the Tokyo...
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.