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Regional lifestyle services company in Shizuoka bundling LP gas, cable TV, internet and home-related services.
Regional lifestyle services company in Shizuoka bundling LP gas, cable TV, internet and home-related services.
In one line: A regional utility/cable bundle provider, akin to a smaller Comcast plus propane distribut.
Moat: narrow (installed base, distribution). Regional bundled-service installed base combining energy and telecom subscriptions.
Headquarters: Shizuoka, Japan · Founded: 1955 · Employees: 5,033
Size Tokai (3167.T) is a Japan Utilities company (Gas Distributors) with a market value of $1.02B, the 729th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,244 on 6 Nov 2026.
Performance Over six months the shares gained 9.0%, against -15.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 0.5% over the last twelve months (peer median -1.4%); the operating margin is 7.8% (peer median 6.0%).
Valuation It trades at 14.4× forward earnings against a peer median of 11.6× (5th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.8 points above its cost of capital (5.0% WACC).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥247B | ¥245B | ¥243B | ¥232B | ¥230B |
| Revenue growth | — | +1% | +5% | +1% | — |
| Gross profit | ¥97.4B | ¥96.6B | ¥93.7B | ¥90.0B | ¥86.1B |
| EBITDA | ¥37.1B | ¥36.4B | ¥34.7B | ¥32.2B | ¥31.1B |
| Net income | ¥11.3B | ¥10.8B | ¥9.22B | ¥8.48B | ¥6.46B |
| Free cash flow | ¥10.3B | ¥9.45B | ¥11.4B | ¥13.1B | ¥6.97B |
| Capital expenditure | ¥16.4B | ¥17.8B | ¥14.4B | ¥17.0B | ¥14.3B |
| Total debt | ¥48.6B | ¥66.8B | ¥66.4B | ¥67.0B | ¥66.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tokai 3167.T | $1.02B | +9% | +1% | 8% | 14.4× | -5.6% |
| NIPPON GAS 8174.T | $1.69B | +1% | +8% | 9% | 17.7× | -2.9% |
| TOHO GAS 9533.T | $2.83B | +3% | -2% | 1% | 21.3× | 24.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3167.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.5% | -4.2% | 9th lowest of 21 |
| 6-month return | +9.0% | -15.2% | 2nd highest of 21 |
| Distance from 52-week high | -12.2% | -28.6% | 3rd highest of 21 |
| Revenue growth (TTM) | +0.5% | -1.4% | 9th highest of 21 |
| Operating margin | 7.8% | 6.0% | 8th highest of 21 |
| Forward P/E | 14.4× | 11.6× | 5th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | -5.6% | -1.5% | 7th least demanding of 17 |
| Growth delivered (Del g) | +4.5% | +8.7% | 5th lowest of 17 |
| Hurdle (Req g minus delivered) | -10.0 pp | -5.0 pp | 8th least demanding of 17 |
| ROIC minus cost of capital | +3.8 pp | -0.5 pp | 4th highest of 21 |
| EV / EBITDA | 5.6× | 9.8× | 3rd cheapest of 10 |
| Net debt / EBITDA | 1.2× | 2.9× | 4th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tokai 3167.T | Japan | $1.02B | +9% | +1% | 8% | 14.4× | -5.6% | +4.5% |
| Guizhou Gas (Group) 600903.SS | China | $1.02B | -9% | -6% | 4% | n/a | 8.0% | +9.4% |
| Chongqing Gas 600917.SS | China | $1.07B | -12% | -4% | 0% | n/a | 15.0% | +8.6% |
| Chengdu Gas 603053.SS | China | $1.09B | -16% | -1% | 6% | n/a | -10.0% | +5.1% |
| Delong Composite Energy 000593.SZ | China | $896M | -34% | -24% | 6% | n/a | 31.8% | +3.7% |
| Zhongyu Energy 3633.HK | Hong Kong | $896M | -7% | -7% | 6% | n/a | n/a | n/a |
| Shaanxi Provincial Natural Gas 002267.SZ | China | $1.17B | -11% | +2% | 8% | 12.5× | -5.1% | +1.0% |
| Towngas Smart Energy 1083.HK | Hong Kong | $1.46B | -15% | +3% | 6% | 7.5× | 6.3% | +10.3% |
| Ascopiave ASC.MI | Italy | $699M | -8% | +34% | 26% | 15.6× | 4.4% | +8.3% |
| Henan Lantian Gas 605368.SS | China | $687M | -18% | -9% | 8% | 10.8× | 0.0% | +2.7% |
| SK Gas 018670.KS | South Korea | $1.55B | -19% | +27% | 4% | 7.1× | -17.3% | +11.7% |
| Xinjiang Xintai Natural Gas 603393.SS | China | $1.55B | -22% | +4% | 22% | 11.1× | -8.4% | +12.3% |
| Shanghai Dazhong Public Utilities (Group) 1635.HK | Hong Kong | $1.59B | -41% | +6% | 1% | n/a | n/a | n/a |
| Shenzhen Guangju Energy 000096.SZ | China | $634M | -18% | +4% | 4% | n/a | n/a | n/a |
| Shizuoka Gas 9543.T | Japan | $631M | -5% | 0% | 6% | 11.6× | -9.0% | +10.6% |
| Saibu Gas 9536.T | Japan | $630M | +23% | -6% | 5% | n/a | n/a | n/a |
| NIPPON GAS 8174.T | Japan | $1.69B | +1% | +8% | 9% | 17.7× | -2.9% | +7.8% |
| Anhui Province Natural Gas Development 603689.SS | China | $601M | -10% | -9% | 9% | 8.5× | 0.6% | +1.4% |
| K&O Energy 1663.T | Japan | $585M | -28% | -1% | 12% | 19.6× | -8.6% | +9.3% |
| Top Resource Energy 300332.SZ | China | $556M | -20% | -3% | 0% | 22.4× | 12.9% | +8.8% |
| Xinjiang East Universe (Group) Gas 603706.SS | China | $521M | -15% | -14% | 20% | n/a | -11.7% | +10.6% |