Loading…
Nationwide distributor of LP (propane) gas to households and businesses across Japan, branded Nichigas.
Nationwide distributor of LP (propane) gas to households and businesses across Japan, branded Nichigas.
Delivers propane in cylinders or bulk tanks to customers not connected to city gas, billing by usage, so the cost of imported propane is passed through with a lag and weather affects volume. It also sells appliances and, in recent years, electricity to the same households.
In one line: Japan's AmeriGas for propane distribution.
Moat: narrow (scale, distribution, installed base). Nationwide LPG distribution network scale versus fragmented regional propane dealers.
Headquarters: Tokyo, Japan · Founded: 1955 · Employees: 1,764
Size NIPPON GAS (8174.T) is a Japan Utilities company (Gas Distributors) with a market value of $1.69B, the 531st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,055 on 6 Nov 2026.
Performance Over six months the shares gained 0.7%, against -10.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 7.8% over the last twelve months (peer median 0.0%); the operating margin is 9.5% (peer median 6.0%).
Valuation It trades at 17.7× forward earnings against a peer median of 12.4× (5th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.4 points above its cost of capital (5.0% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥218B | ¥208B | ¥200B | ¥194B | ¥208B |
| Revenue growth | — | +4% | +3% | -7% | — |
| Gross profit | ¥75.6B | ¥66.3B | ¥63.3B | ¥62.5B | ¥58.3B |
| EBITDA | ¥31.0B | ¥31.7B | ¥29.9B | ¥28.6B | ¥26.6B |
| Net income | ¥14.3B | ¥14.8B | ¥11.5B | ¥10.8B | ¥10.6B |
| Free cash flow | ¥15.6B | ¥22.1B | ¥22.1B | ¥17.4B | ¥15.1B |
| Capital expenditure | ¥8.41B | ¥7.79B | ¥8.35B | ¥9.65B | ¥7.67B |
| Total debt | ¥50.8B | ¥50.0B | ¥46.9B | ¥47.2B | ¥40.6B |
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 |
|---|---|---|---|---|---|---|
| NIPPON GAS 8174.T | $1.69B | +1% | +8% | 9% | 17.7× | -2.9% |
| Tokyo Gas 9531.T | $13.1B | -7% | +4% | 7% | 16.3× | -1.8% |
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 | 8174.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | -2.8% | 3rd highest of 21 |
| 6-month return | +0.7% | -10.4% | 5th highest of 21 |
| Distance from 52-week high | -3.5% | -28.2% | highest of 21 |
| Revenue growth (TTM) | +7.8% | 0.0% | 4th highest of 21 |
| Operating margin | 9.5% | 6.0% | 6th highest of 21 |
| Forward P/E | 17.7× | 12.4× | 5th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | -2.9% | -1.5% | 8th least demanding of 16 |
| Growth delivered (Del g) | +7.8% | +8.7% | 6th lowest of 16 |
| Hurdle (Req g minus delivered) | -10.7 pp | -6.1 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | +9.4 pp | -0.8 pp | 2nd highest of 21 |
| EV / EBITDA | 9.7× | 10.9× | 4th cheapest of 9 |
| Net debt / EBITDA | 1.1× | 4.5× | least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NIPPON GAS 8174.T | Japan | $1.69B | +1% | +8% | 9% | 17.7× | -2.9% | +7.8% |
| Shanghai Dazhong Public Utilities (Group) 600635.SS | China | $1.59B | -23% | +3% | 4% | n/a | 10.6% | +4.5% |
| Xinjiang Xintai Natural Gas 603393.SS | China | $1.55B | -22% | +4% | 22% | 11.1× | -8.4% | +12.3% |
| SK Gas 018670.KS | South Korea | $1.55B | -19% | +27% | 4% | 7.1× | -17.3% | +11.7% |
| Towngas Smart Energy 1083.HK | Hong Kong | $1.46B | -15% | +3% | 6% | 7.5× | 6.3% | +10.3% |
| Centuri CTRI | United States | $2.06B | -41% | +25% | 3% | 27.4× | n/a | n/a |
| Northwest Natural NWN | United States | $2.18B | +3% | +4% | 36% | 16.6× | n/a | n/a |
| Foran Energy 002911.SZ | China | $2.27B | -5% | -10% | 4% | 12.3× | -6.9% | +34.8% |
| Kogas 036460.KS | South Korea | $2.31B | -7% | -10% | 7% | 2.9× | -1.5% | +11.4% |
| Keppel Infrastructure Trust A7RU.SI | Singapore | $2.34B | -8% | +4% | 10% | 23.5× | 8.7% | +8.7% |
| Shaanxi Provincial Natural Gas 002267.SZ | China | $1.17B | -11% | +2% | 8% | 12.5× | -5.1% | +1.0% |
| Chengdu Gas 603053.SS | China | $1.09B | -16% | -1% | 6% | n/a | -10.0% | +5.1% |
| Chongqing Gas 600917.SS | China | $1.07B | -12% | -4% | 0% | n/a | 15.0% | +8.6% |
| Guizhou Gas (Group) 600903.SS | China | $1.02B | -9% | -6% | 4% | n/a | 8.0% | +9.4% |
| Shenzhen Gas 601139.SS | China | $2.79B | -7% | -1% | 7% | 10.7× | -9.2% | +14.7% |
| Tokai 3167.T | Japan | $1.02B | +9% | +1% | 8% | 14.4× | -5.6% | +4.5% |
| TOHO GAS 9533.T | Japan | $2.83B | +3% | -2% | 1% | 21.3× | 24.6% | +8.4% |
| 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 |
| China Suntien Green Energy 0956.HK | Hong Kong | $3.37B | -15% | -8% | 13% | 6.6× | n/a | n/a |
| Chesapeake Utilities CPK | United States | $3.38B | +11% | +15% | 27% | 20.4× | n/a | n/a |