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Railway conglomerate (Keisei) operating the train line to Narita Airport plus real estate, retail and hotels.
Railway conglomerate (Keisei) operating the train line to Narita Airport plus real estate, retail and hotels.
Commuter and airport rail fares form the core, but a large stake in Oriental Land, which runs Tokyo Disney Resort, feeds its profits through equity-method accounting, which counts Keisei's share of that company's earnings. Real estate and retail along its lines add rent. Narita airport traffic is a swing factor.
In one line: A Japanese diversified rail conglomerate with an airport-access franchise.
Moat: narrow (regulatory licence, installed base). Regulated rail monopoly including Narita Airport access, plus a valuable minority stake in Oriental Land.
Headquarters: Chiba, Japan · Founded: 1909 · Employees: 13,231
Size Keisei Electric Railway (9009.T) is a Japan Industrials company (Railroads) with a market value of $4.51B, the 262nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,402 on 6 Nov 2026.
Performance Over six months the shares gained 26.1%, against +1.4% for the median peer and +1.8% for the Japan market (cap-weighted) — highest of 15 in its peer set.
Growth Revenue grew 4.2% over the last twelve months (peer median +5.3%); the operating margin is 10.7% (peer median 13.2%).
Valuation It trades at 15.5× forward earnings against a peer median of 14.9× (7th most expensive of 15).
Capital Return on invested capital runs 2.5 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥336B | ¥332B | ¥319B | ¥297B | ¥252B |
| Revenue growth | — | +4% | +8% | +18% | — |
| Gross profit | ¥90.7B | ¥80.8B | ¥81.4B | ¥67.6B | ¥47.4B |
| EBITDA | ¥70.7B | ¥68.1B | ¥68.6B | ¥58.6B | ¥41.8B |
| Net income | ¥50.7B | ¥48.0B | ¥70.0B | ¥87.7B | ¥26.9B |
| Free cash flow | n/a | -¥42.6B | -¥22.0B | ¥5.51B | ¥14.4B |
| Capital expenditure | n/a | ¥84.0B | ¥63.2B | ¥54.5B | ¥32.8B |
| Total debt | ¥441B | ¥397B | ¥363B | ¥401B | ¥399B |
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 |
|---|---|---|---|---|---|---|
| Keisei Electric Railway 9009.T | $4.51B | +26% | +4% | 11% | 15.5× | n/a |
| East Japan Railway 9020.T | $27.4B | +13% | +9% | 14% | 15.8× | n/a |
| Tobu Railway 9001.T | $3.58B | +3% | +5% | 11% | 10.0× | n/a |
| Keikyu 9006.T | $2.73B | +2% | +4% | 11% | 13.4× | n/a |
| Tokyo Metro 9023.T | $5.31B | -8% | +3% | 21% | 16.5× | 4.8% |
| Tokyu 9005.T | $6.14B | -3% | +5% | 9% | 10.0× | n/a |
| Seibu 9024.T | $6.11B | +2% | -41% | 10% | 29.6× | n/a |
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 | 9009.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.5% | +4.9% | 4th highest of 15 |
| 6-month return | +26.1% | +1.4% | highest of 15 |
| Distance from 52-week high | -6.2% | -10.7% | 3rd highest of 15 |
| Revenue growth (TTM) | +4.2% | +5.3% | 6th lowest of 15 |
| Operating margin | 10.7% | 13.2% | 5th lowest of 15 |
| Forward P/E | 15.5× | 14.9× | 7th most expensive of 15 |
| ROIC minus cost of capital | -2.5 pp | -0.8 pp | 4th lowest of 15 |
| EV / EBITDA | 15.9× | 11.4× | 3rd most expensive of 13 |
| Net debt / EBITDA | 5.6× | 4.6× | 5th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Keisei Electric Railway 9009.T | Japan | $4.51B | +26% | +4% | 11% | 15.5× | n/a | n/a |
| Aurizon AZJ.AX | Australia | $4.49B | -5% | +6% | 21% | 14.8× | 4.4% | +6.7% |
| Odakyu Electric Railway 9007.T | Japan | $3.80B | +11% | +3% | 13% | 15.1× | n/a | n/a |
| Tobu Railway 9001.T | Japan | $3.58B | +3% | +5% | 11% | 10.0× | n/a | n/a |
| Container Corporation of India CONCOR.NS | India | $3.55B | -16% | +1% | 14% | 25.4× | 33.8% | +7.2% |
| Kyushu Railway 9142.T | Japan | $3.53B | 0% | +5% | 14% | 11.3× | n/a | n/a |
| GATX GATX | United States | $6.38B | -2% | +30% | 30% | 17.0× | n/a | n/a |
| Guangshen Railway 601333.SS | China | $3.16B | +1% | +5% | 6% | 16.3× | -14.9% | +11.9% |
| Keio 9008.T | Japan | $2.80B | +3% | +10% | 10% | 10.5× | n/a | n/a |
| Keikyu 9006.T | Japan | $2.73B | +2% | +4% | 11% | 13.4× | n/a | n/a |
| West Japan Railway 9021.T | Japan | $9.19B | +12% | +6% | 10% | 13.8× | 2.4% | +14.9% |
| Keihan 9045.T | Japan | $2.15B | +3% | +10% | 15% | 11.5× | n/a | n/a |
| Jungfraubahn JFN.SW | Switzerland | $1.81B | +1% | -4% | 21% | 22.2× | 4.4% | +22.3% |
| Getlink GET.PA | France | $12.3B | +9% | +9% | 40% | 35.3× | 10.1% | +14.3% |
| Daqin Railway 601006.SS | China | $14.5B | -7% | +3% | 6% | 16.3× | n/a | n/a |