SHIZUOKA GAS CO. LTD. (9543) AI Stock Analysis

• Market Cap: ¥93.74B
• Dividend Yield: 3.89%
• Average Volume (3M): 132.08K
• Price to Earnings (P/E): 9.4
• Beta (1Y): 0.28
• Revenue Growth: 1.08%
• EPS Growth: 37.11%
• Country: JP
• Employees: 1,464
• Sector: Utilities
• Sector Strength: 65
• Industry: Regulated Gas
• EPS (TTM): 33.12
• Shares Outstanding: 76,192,955
• 10 Day Avg. Volume: 168,920
• 30 Day Avg. Volume: 132,083
• PEG Ratio: -0.24
• Price to Book (P/B): 0.68
• Price to Sales (P/S): 0.40
• P/FCF Ratio: 22.23
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: ¥1,365.00 ▲(13.75% Upside)

The overall stock score for SHIZUOKA GAS CO. LTD. is driven primarily by its stable financial structure and attractive valuation. However, the stock faces challenges with declining revenue and profitability, as well as short-term bearish technical indicators. The absence of earnings call data and corporate events limits further insights.

Positive Factors

Low leverage and strong equity base

Sustained low leverage and a high equity ratio provide financial resilience for a regulated utility, lowering refinancing risk and supporting capital spending for network maintenance. This structural strength preserves credit flexibility and stability through cyclical demand shifts over months.

Positive operating cash generation

Consistent positive operating cash flow indicates the core gas distribution business converts revenue to cash, supporting ongoing capex, regulatory obligations and dividend capacity. This cash-generation ability underpins medium-term financial sustainability even if profits fluctuate.

Cost efficiency improved gross margin

Measured improvement in gross margin points to effective cost controls and operational efficiencies in distribution and procurement. For a utility with stable volumes, sustained cost discipline can protect margins against commodity or operational pressures over the next several months.

Negative Factors

Declining revenue trend

A structural decline in revenue reduces scale benefits and constrains investment capacity in the regulated network. If the trend persists, it can pressure per-customer economics and limit the firm's ability to invest in growth or offset rising fixed costs over the medium term.

Sharp deterioration in free cash flow

A large drop in free cash flow materially reduces discretionary resources for maintenance, modernization, or shareholder returns. Even with positive operating cash, the FCF decline signals higher capex or working capital strain that could limit financial flexibility in the coming quarters.

Weakened profitability and ROE

Falling ROE and margins reflect diminished ability to convert capital and sales into returns. For a utility reliant on steady returns, lower profitability pressures reinvestment capacity and may constrain future dividend sustainability or capital projects if not reversed over the medium term.

SHIZUOKA GAS CO. LTD. Business Overview & Revenue Model

Company Description

Shizuoka Gas Co., Ltd. produces, supplies, and sells city gas in Japan. It also sells gas appliances; and undertakes contracts for gas related construction works. The company was incorporated in 1910 and is headquartered in Shizuoka, Japan.

How the Company Makes Money

SHIZUOKA GAS generates revenue primarily through the sale of natural gas to its customer base, which includes households, businesses, and industrial clients. The company's revenue model is built on both fixed and variable pricing structures for natural gas, allowing it to capture income from consistent consumption and market fluctuations. Additionally, SHIZUOKA GAS offers energy-related services, such as energy efficiency consulting and technology solutions, which contribute to its revenue. Significant partnerships with local governments and businesses for energy supply contracts further enhance its earnings. The company also invests in innovative technologies and renewable energy initiatives, which can provide additional revenue streams as the energy market evolves.

SHIZUOKA GAS CO. LTD. Financial Statement Overview

Summary

SHIZUOKA GAS CO. LTD. has a stable financial structure with low leverage and a strong equity base. However, the company faces challenges with declining revenue, net profit margins, and free cash flow growth. While cost management is a strength, improving revenue growth and profitability is crucial for better financial health.

Income Statement

SHIZUOKA GAS CO. LTD. has shown a mixed performance in its income statement. The company experienced a decline in revenue from 214,004 million JPY in 2023 to 202,237 million JPY in 2024, resulting in a negative revenue growth rate of -5.49%. However, the gross profit margin improved slightly from 22.22% in 2023 to 19.64% in 2024, indicating some cost efficiency. The net profit margin also decreased from 6.59% to 4.34%, reflecting a decline in profitability. Overall, while cost management appears to be a strength, the company faces challenges in maintaining revenue growth and profitability.

Balance Sheet

The balance sheet of SHIZUOKA GAS CO. LTD. highlights financial stability with a strong equity base. The debt-to-equity ratio improved from 0.17 in 2023 to 0.14 in 2024, indicating reduced leverage. The return on equity (ROE) decreased from 13.13% to 7.43%, suggesting a decline in profitability relative to equity. The equity ratio improved from 69.45% to 69.41%, demonstrating a stable capital structure. While the company maintains low leverage and a stable equity base, the reduced ROE points to challenges in generating returns on equity.

Cash Flow

SHIZUOKA GAS CO. LTD.'s cash flow statement reveals mixed cash flow performance. The free cash flow decreased significantly from 23,717 million JPY in 2023 to 3,612 million JPY in 2024, indicating a negative free cash flow growth rate. The operating cash flow to net income ratio decreased from 2.68 to 1.25, showing reduced efficiency in converting net income to cash. Despite these challenges, the company maintains positive operating cash flow, which is a positive indicator of operational cash generation abilities.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	200.47B	202.24B	214.00B	207.32B	132.99B	121.32B
Gross Profit	40.04B	39.73B	47.57B	37.67B	32.66B	34.20B
EBITDA	19.60B	20.03B	29.59B	18.32B	15.04B	15.93B
Net Income	6.99B	8.78B	14.11B	5.97B	4.12B	3.71B
Balance Sheet
Total Assets	171.18B	170.20B	154.71B	159.50B	124.00B	118.18B
Cash, Cash Equivalents and Short-Term Investments	26.59B	36.25B	35.62B	27.78B	13.66B	31.73B
Total Debt	18.34B	16.62B	18.31B	32.17B	6.62B	6.08B
Total Liabilities	39.98B	44.68B	40.29B	59.89B	31.85B	30.51B
Stockholders Equity	123.87B	118.17B	107.44B	92.93B	86.40B	82.18B
Cash Flow
Free Cash Flow	0.00	3.61B	23.72B	-8.30B	-16.12B	11.17B
Operating Cash Flow	0.00	10.98B	37.76B	4.12B	-6.91B	20.30B
Investing Cash Flow	0.00	-8.68B	-14.12B	-14.07B	-9.80B	-8.43B
Financing Cash Flow	0.00	-1.85B	-15.91B	23.55B	-1.41B	-4.49B

SHIZUOKA GAS CO. LTD. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1200.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9543, the sentiment is Positive. The current price of 1200 is below the 20-day moving average (MA) of 1216.55, above the 50-day MA of 1194.05, and above the 200-day MA of 1125.47, indicating a bullish trend. The MACD of 13.32 indicates Negative momentum. The RSI at 67.84 is Neutral, neither overbought nor oversold. The STOCH value of 90.18 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9543.

SHIZUOKA GAS CO. LTD. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9536	76 Outperform	¥88.42B	8.78	9.07%	3.61%	9.39%	77.24%
9534	74 Outperform	¥76.96B	6.08	―	2.88%	2.77%	10.64%
9533	73 Outperform	¥518.19B	18.20	6.03%	1.81%	7.08%	43.50%
9543	70 Outperform	¥93.74B	9.38	8.29%	3.89%	1.08%	37.11%
9537	69 Neutral	¥18.46B	6.19	―	2.18%	6.66%	―
9539	68 Neutral	¥38.43B	11.76	―	1.81%	0.93%	1212.45%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%

SHIZUOKA GAS CO. LTD. Corporate Events

Shizuoka Gas Completes Treasury Stock Disposal for Employee Incentives

Shizuoka Gas Co., Ltd. has completed the payment procedures for the disposal of treasury stock as restricted stock incentives for its Employees Shareholding Association, initially resolved in August 2025. The number of shares and total disposal amount were adjusted due to partial forfeiture, impacting the final figures of the stock incentive plan.

The most recent analyst rating on (JP:9543) stock is a Buy with a Yen1239.00 price target. To see the full list of analyst forecasts on SHIZUOKA GAS CO. LTD. stock, see the JP:9543 Stock Forecast page.

Shizuoka Gas Co., Ltd. Reports Strong Profit Growth Despite Slight Decline in Sales

Shizuoka Gas Co., Ltd. reported its consolidated financial results for the nine months ending September 30, 2025, showing a slight decline in net sales by 1.1% compared to the previous year. However, the company experienced significant growth in operating profit and ordinary profit, with increases of 23.8% and 8.0% respectively. The profit attributable to owners of the parent rose by 14.8%, indicating a positive trend in profitability. The financial position of the company improved with total assets and net assets increasing, and the equity ratio rising to 70.0%. The company also revised its business forecast for the full term of 2025, expecting a slight decrease in net sales but a substantial increase in operating profit. The dividend forecast for FY 2025 was maintained, reflecting a stable outlook for shareholder returns.

The most recent analyst rating on (JP:9543) stock is a Buy with a Yen1239.00 price target. To see the full list of analyst forecasts on SHIZUOKA GAS CO. LTD. stock, see the JP:9543 Stock Forecast page.