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Operates Tokyo's commuter rail network and Tohoku/Joetsu Shinkansen high-speed lines, plus station retail and real estate.
Operates Tokyo's commuter rail network and Tohoku/Joetsu Shinkansen high-speed lines, plus station retail and real estate.
Fares from Tokyo-area commuters and long-distance Shinkansen riders carry the group, with fares set within limits approved by the transport ministry. Station shops, offices above stations and Suica card payments add non-fare income. It was split from the state-owned Japanese National Railways at privatisation in 1987, and the government no longer holds shares.
In one line: Japan's version of the MTA, but a profitable, diversified corporation.
Moat: wide (regulatory licence, installed base, network effects). Owns Tokyo's dense commuter rail infrastructure; Suica e-money is embedded across the region.
Headquarters: Tokyo, Japan · Founded: 1987 · Employees: 70,623
Size East Japan Railway (9020.T) is a Japan Industrials company (Railroads) with a market value of $27.4B, the 60th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,829 on 6 Nov 2026.
Performance Over six months the shares gained 13.0%, against +9.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd highest of 9 in its peer set.
Growth Revenue grew 8.5% over the last twelve months (peer median +6.2%); the operating margin is 13.9% (peer median 36.6%).
Valuation It trades at 15.8× forward earnings against a peer median of 20.7× (2nd cheapest of 9).
Capital Return on invested capital runs 1.3 points below its cost of capital (5.0% WACC).
Credit East Japan Railway has 17 bonds outstanding ($10.3B), rated A+ by the agencies and trading like AA at a weighted spread of 82 bp.
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥3.21T | ¥3.08T | ¥2.89T | ¥2.73T | ¥2.41T |
| Revenue growth | — | +7% | +6% | +13% | — |
| Gross profit | ¥1.20T | ¥1.03T | ¥947B | ¥882B | ¥636B |
| EBITDA | ¥895B | ¥858B | ¥796B | ¥749B | ¥541B |
| Net income | ¥253B | ¥248B | ¥224B | ¥196B | ¥99.2B |
| Free cash flow | n/a | -¥123B | -¥38.7B | -¥26.8B | ¥26.2B |
| Capital expenditure | n/a | ¥888B | ¥771B | ¥715B | ¥556B |
| Total debt | ¥5.36T | ¥5.17T | ¥4.97T | ¥4.88T | ¥4.79T |
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 |
|---|---|---|---|---|---|---|
| East Japan Railway 9020.T | $27.4B | +13% | +9% | 14% | 15.8× | n/a |
| Central Japan Railway 9022.T | $25.1B | +11% | +5% | 40% | 8.0× | -6.8% |
| Tokyu 9005.T | $6.14B | -3% | +5% | 9% | 10.0× | n/a |
| Odakyu Electric Railway 9007.T | $3.80B | +11% | +3% | 13% | 15.1× | 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 | 9020.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.2% | +7.0% | highest of 9 |
| 6-month return | +13.0% | +9.7% | 2nd highest of 9 |
| Distance from 52-week high | -8.1% | -6.9% | 5th highest of 9 |
| Revenue growth (TTM) | +8.5% | +6.2% | 2nd highest of 9 |
| Operating margin | 13.9% | 36.6% | 3rd lowest of 9 |
| Forward P/E | 15.8× | 20.7× | 2nd cheapest of 9 |
| ROIC minus cost of capital | -1.3 pp | +0.9 pp | 3rd lowest of 9 |
| EV / EBITDA | 10.5× | 15.3× | 2nd cheapest of 7 |
| Net debt / EBITDA | 5.7× | 2.9× | most indebted of 7 |
| Bond spread | 82 bp | 74 bp | 2nd widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| East Japan Railway 9020.T | Japan | $27.4B | +13% | +9% | 14% | 15.8× | n/a | n/a |
| Beijing-Shanghai High-Speed Railway 601816.SS | China | $39.3B | +9% | +3% | 44% | 18.7× | -2.8% | +11.3% |
| Daqin Railway 601006.SS | China | $14.5B | -7% | +3% | 6% | 16.3× | n/a | n/a |
| Getlink GET.PA | France | $12.3B | +9% | +9% | 40% | 35.3× | 10.1% | +14.3% |
| Norfolk Southern NSC | United States | $71.9B | +3% | +6% | 33% | 22.6× | 16.6% | +4.5% |
| Canadian National Railway CNR.TO | Canada | $75.0B | +16% | +7% | 38% | 20.0× | 9.4% | +4.6% |
| Canadian Pacific Kansas City CP.TO | Canada | $80.6B | +12% | +7% | 37% | 23.0× | 17.4% | +14.4% |
| West Japan Railway 9021.T | Japan | $9.19B | +12% | +6% | 10% | 13.8× | 2.4% | +14.9% |
| CSX CSX | United States | $90.5B | +10% | +6% | 36% | 21.5× | 13.6% | +5.9% |
East Japan Railway has 17 bonds outstanding with $10.3B face value. The agencies rate it A+; its bonds trade like AA. Weighted yield 4.65%, a spread of 82 bp over government bonds.