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Japan's largest LP gas distributor and a pioneer in hydrogen supply infrastructure, including hydrogen refueling stations.
Japan's largest LP gas distributor and a pioneer in hydrogen supply infrastructure, including hydrogen refueling stations.
Households and shops are billed for repeat deliveries of LP gas (bottled propane), which gives it a steady base. Industrial gases and hydrogen are sold to factories and, increasingly, to hydrogen fueling stations; the hydrogen build-out depends on government support.
In one line: A Japanese propane distributor pivoting into hydrogen infrastructure, like a mix of AmeriG.
Moat: narrow (scale, distribution). Largest LP-gas distribution network in Japan and first-mover position in hydrogen refueling infrastructure.
Headquarters: Osaka, Japan · Founded: 1930 · Employees: 12,113
Size IWATANI (8088.T) is a Japan Industrials company (Wholesale Distributors) with a market value of $2.73B, the 392nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,844 on 6 Nov 2026.
Performance Over six months the shares fell 4.0%, against +0.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 4.9% over the last twelve months (peer median +7.9%); the operating margin is 4.8% (peer median 5.1%).
Valuation It trades at 7.6× forward earnings against a peer median of 14.9× (4th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.9 points below its cost of capital (6.4% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥936B | ¥909B | ¥883B | ¥848B | ¥906B |
| Revenue growth | — | +3% | +4% | -6% | — |
| Gross profit | ¥246B | ¥211B | ¥212B | ¥209B | ¥194B |
| EBITDA | ¥79.8B | ¥72.2B | ¥77.4B | ¥80.0B | ¥67.6B |
| Net income | ¥74.7B | ¥47.7B | ¥40.5B | ¥43.5B | ¥32.0B |
| Free cash flow | n/a | ¥20.8B | ¥8.99B | ¥20.4B | ¥23.0B |
| Capital expenditure | n/a | ¥45.8B | ¥54.6B | ¥40.9B | ¥30.9B |
| Total debt | ¥216B | ¥247B | ¥231B | ¥254B | ¥139B |
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 |
|---|---|---|---|---|---|---|
| IWATANI 8088.T | $2.73B | -4% | +5% | 5% | 7.6× | 4.3% |
| Eneos 5020.T | $19.8B | -11% | +2% | 7% | 6.7× | -10.6% |
| Air Water 4088.T | $3.93B | +23% | +7% | 4% | 14.3× | 7.1% |
| Air Liquide AI.PA | $134B | +15% | -1% | 21% | 29.0× | 18.1% |
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 | 8088.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.8% | -5.0% | 8th lowest of 21 |
| 6-month return | -4.0% | +0.7% | 9th lowest of 21 |
| Distance from 52-week high | -19.6% | -21.1% | 9th highest of 21 |
| Revenue growth (TTM) | +4.9% | +7.9% | 6th lowest of 21 |
| Operating margin | 4.8% | 5.1% | 10th lowest of 21 |
| Forward P/E | 7.6× | 14.9× | 4th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 4.3% | 5.6% | 8th least demanding of 19 |
| Growth delivered (Del g) | +10.1% | +8.4% | 8th highest of 19 |
| Hurdle (Req g minus delivered) | -5.8 pp | -2.4 pp | 8th least demanding of 19 |
| ROIC minus cost of capital | -1.9 pp | +0.8 pp | 5th lowest of 21 |
| EV / EBITDA | 7.9× | 9.0× | 4th cheapest of 12 |
| Net debt / EBITDA | 2.3× | 1.0× | 5th most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| IWATANI 8088.T | Japan | $2.73B | -4% | +5% | 5% | 7.6× | 4.3% | +10.1% |
| Marco Polo 001386.SZ | China | $2.80B | -15% | -12% | 21% | n/a | -7.2% | -5.5% |
| Jiangsu Azure 002245.SZ | China | $2.82B | -21% | +27% | 12% | 14.6× | 11.8% | +13.8% |
| Xinhua Winshare Publishing & Media 0811.HK | Hong Kong | $2.60B | -15% | +1% | 7% | 6.6× | -10.6% | +4.7% |
| Inchcape INCH.L | United Kingdom | $2.87B | -21% | +7% | 6% | 7.5× | -6.0% | +5.9% |
| Workman 7564.T | Japan | $2.57B | -31% | +21% | 19% | 17.1× | 4.6% | +8.7% |
| Bufab BUFAB.ST | Sweden | $2.55B | +16% | +8% | 13% | 29.2× | 18.7% | +11.2% |
| Nagase & 8012.T | Japan | $2.96B | -9% | +8% | 5% | 10.9× | 3.5% | +3.2% |
| Russel Metals RUS.TO | Canada | $2.98B | +36% | +18% | 5% | 14.4× | 8.7% | +11.5% |
| Boise Cascade BCC | United States | $2.44B | -1% | +1% | 3% | 24.1× | 7.7% | +3.2% |
| DNOW DNOW | United States | $2.40B | +2% | +70% | -3% | 23.6× | 9.8% | +11.7% |
| OEM International OEM-B.ST | Sweden | $2.34B | +11% | +11% | 15% | 29.9× | 14.6% | +10.1% |
| Macnica 3132.T | Japan | $3.23B | +8% | +35% | 4% | 11.8× | n/a | n/a |
| Hanwa 8078.T | Japan | $2.29B | +7% | +6% | 2% | 7.8× | -4.2% | +8.8% |
| DXP Enterprises DXPE | United States | $2.18B | -10% | +11% | 9% | 20.7× | 6.6% | +14.9% |
| Shanghai Xinhua Media 600825.SS | China | $2.03B | +118% | +1% | -1% | n/a | 44.5% | +2.3% |
| Farsoon Technologies 688433.SS | China | $3.76B | -24% | +52% | 5% | 234.8× | n/a | n/a |
| Currys CURY.L | United Kingdom | $1.97B | +16% | +6% | 2% | 10.4× | 4.3% | -2.2% |
| BIC Cameras 3048.T | Japan | $1.94B | +10% | +7% | 4% | 15.2× | -8.2% | +4.5% |
| Wuchan Zhongda 600704.SS | China | $3.86B | 0% | +3% | 1% | 7.2× | -2.5% | +8.1% |
| Dalrymple Bay Infrastructure DBI.AX | Australia | $1.92B | +6% | +11% | 29% | 26.2× | 7.8% | +104.8% |