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Operates Japan's high-speed Tokaido Shinkansen linking Tokyo, Nagoya and Osaka, plus conventional rail and real estate.
Operates Japan's high-speed Tokaido Shinkansen linking Tokyo, Nagoya and Osaka, plus conventional rail and real estate.
Almost all earnings come from the Tokaido Shinkansen between Tokyo and Osaka, one corridor carrying business and leisure traffic, with the rest from conventional lines, retail and property. It is building the Chuo maglev largely self-funded, an enormous project whose opening has slipped past 2027 amid a dispute over water and land in Shizuoka.
In one line: Japan's Amtrak Acela, but profitable and dominant.
Moat: wide (regulatory licence, installed base, scale). Sole operator of Japan's busiest, most profitable rail corridor; track rights are near-impossible to replicate.
Headquarters: Nagoya, Japan · Founded: 1987 · Employees: 29,569
Size Central Japan Railway (9022.T) is a Japan Industrials company (Other Transportation) with a market value of $25.1B, the 69th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,172 on 6 Nov 2026.
Performance Over six months the shares gained 11.4%, against +3.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 5.0% over the last twelve months (peer median +7.6%); the operating margin is 40.4% (peer median 26.0%).
Valuation It trades at 8.0× forward earnings against a peer median of 17.1× (cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -26 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.04T | ¥2.01T | ¥1.83T | ¥1.71T | ¥1.40T |
| Revenue growth | — | +10% | +7% | +22% | — |
| Gross profit | ¥1.05T | ¥1.03T | ¥888B | ¥784B | ¥538B |
| EBITDA | ¥1.03T | ¥1.04T | ¥911B | ¥824B | ¥594B |
| Net income | ¥543B | ¥553B | ¥458B | ¥384B | ¥219B |
| Free cash flow | n/a | ¥255B | ¥172B | ¥282B | ¥59.5B |
| Capital expenditure | n/a | ¥524B | ¥465B | ¥404B | ¥454B |
| Total debt | ¥4.28T | ¥4.81T | ¥4.81T | ¥4.88T | ¥4.98T |
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 |
|---|---|---|---|---|---|---|
| Central Japan Railway 9022.T | $25.1B | +11% | +5% | 40% | 8.0× | -6.8% |
| East Japan Railway 9020.T | $27.4B | +13% | +9% | 14% | 15.8× | n/a |
| West Japan Railway 9021.T | $9.19B | +12% | +6% | 10% | 13.8× | 2.4% |
| Ana 9202.T | $9.77B | +24% | +17% | 8% | 13.1× | -10.0% |
| Japan Airlines 9201.T | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% |
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 | 9022.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.4% | +9.6% | 4th highest of 21 |
| 6-month return | +11.4% | +3.4% | 6th highest of 21 |
| Distance from 52-week high | -13.3% | -11.4% | 10th lowest of 21 |
| Revenue growth (TTM) | +5.0% | +7.6% | 8th lowest of 21 |
| Operating margin | 40.4% | 26.0% | 5th highest of 21 |
| Forward P/E | 8.0× | 17.1× | cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -6.8% | 6.5% | 2nd least demanding of 17 |
| Growth delivered (Del g) | +19.5% | +19.2% | 9th highest of 17 |
| Hurdle (Req g minus delivered) | -26.3 pp | -14.7 pp | 3rd least demanding of 17 |
| ROIC minus cost of capital | +1.5 pp | -0.2 pp | 8th highest of 21 |
| EV / EBITDA | 7.1× | 13.6× | cheapest of 13 |
| Net debt / EBITDA | 3.2× | 3.3× | 6th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Central Japan Railway 9022.T | Japan | $25.1B | +11% | +5% | 40% | 8.0× | -6.8% | +19.5% |
| Mtr 0066.HK | Hong Kong | $27.2B | +1% | -6% | 15% | 10.8× | n/a | n/a |
| Transurban TCL.AX | Australia | $31.6B | +1% | 0% | 30% | 84.3× | 27.8% | +5.9% |
| Shanghai International Port (Group) 600018.SS | China | $19.7B | +14% | +9% | 23% | 8.6× | -3.6% | +9.0% |
| Grupo Aeroportuario del Pacifico SAB de CV Sponsored ADR PAC | United States | $14.5B | +1% | +20% | 44% | 17.1× | 8.2% | +31.3% |
| Adani Ports & Special Economic Zone ADANIPORTS.NS | India | $47.2B | +12% | +23% | 44% | 29.4× | 34.5% | +25.3% |
| Aena SME AENA.MC | Spain | $47.6B | +21% | +11% | 46% | 18.1× | 7.0% | +23.6% |
| Aeroports de Paris ADP.PA | France | $13.0B | +9% | +5% | 18% | 18.1× | 11.5% | +25.7% |
| GMR Airports GMRAIRPORT.NS | India | $11.1B | -2% | +29% | 27% | 296.2× | n/a | n/a |
| China Merchants Expressway Network & Technology 001965.SZ | China | $10.6B | +10% | +26% | 15% | 14.6× | 6.7% | +13.7% |
| Jiangsu Expressway 600377.SS | China | $9.75B | +13% | +3% | 25% | 14.5× | n/a | n/a |
| Shanghai International Airport 600009.SS | China | $9.22B | -9% | +7% | 19% | 23.7× | -2.6% | +25.4% |
| China Merchants Port 001872.SZ | China | $9.20B | +14% | +8% | 32% | 12.9× | 2.1% | +6.2% |
| StandardAero SARO | United States | $9.14B | +10% | +13% | 10% | 16.4× | 10.9% | +13.5% |
| Qingdao Port International 601298.SS | China | $8.98B | +10% | +4% | 31% | 12.0× | -12.0% | +7.2% |
| Shandong Hi-speed 600350.SS | China | $8.06B | +4% | -4% | 20% | 18.0× | 4.7% | +13.0% |
| Grupo Aeroportuario del Sureste SAB de CV Sponsored ADR ASR | United States | $7.95B | -15% | +26% | 41% | 12.2× | -2.3% | +27.0% |
| Flughafen Zurich FHZN.SW | Switzerland | $7.94B | -3% | +4% | 35% | 20.3× | 0.3% | +16.9% |
| Fraport FRA.DE | Germany | $7.09B | +1% | +3% | 19% | 21.2× | 6.3% | +21.5% |
| Hankyu Hanshin 9042.T | Japan | $7.03B | +3% | +6% | 10% | 13.2× | n/a | n/a |
| Kobenhavns Lufthavne A/S KBHL.CO | Denmark | $6.60B | -6% | +9% | 34% | n/a | 6.7% | +28.5% |