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Operates Tokyo's subway network, one of the world's busiest urban rail systems.
Operates Tokyo's subway network, one of the world's busiest urban rail systems.
Earns mostly from passenger fares on its subway lines, with fare levels set within limits approved by the transport ministry, and from retail, advertising and property income at stations. The national government and the Tokyo Metropolitan Government were the owners before its 2024 listing and remain its largest shareholders.
In one line: A subway operator akin to NYC's MTA, but a public company.
Moat: wide (regulatory licence, installed base, network effects). Government-linked monopoly-like subway network infrastructure is essentially irreplicable.
Headquarters: Tokyo, Japan · Founded: 2004 · Employees: 11,441
Size Tokyo Metro (9023.T) is a Japan Industrials company (Other Transportation) with a market value of $5.31B, the 231st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,442 on 6 Nov 2026.
Performance Over six months the shares fell 8.0%, against -0.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 3.2% over the last twelve months (peer median +5.4%); the operating margin is 20.7% (peer median 20.4%).
Valuation It trades at 16.5× forward earnings against a peer median of 14.5× (9th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points below its cost of capital (5.0% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥429B | ¥422B | ¥408B | ¥389B | ¥345B |
| Revenue growth | — | +4% | +5% | +13% | — |
| Gross profit | ¥147B | ¥139B | ¥134B | ¥120B | ¥70.8B |
| EBITDA | ¥164B | ¥164B | ¥159B | ¥150B | ¥98.2B |
| Net income | ¥53.3B | ¥59.0B | ¥53.7B | ¥46.3B | ¥27.8B |
| Free cash flow | n/a | ¥42.0B | ¥7.56B | ¥30.9B | ¥6.46B |
| Capital expenditure | n/a | ¥91.8B | ¥116B | ¥104B | ¥81.7B |
| Total debt | ¥1.10T | ¥1.07T | ¥1.09T | ¥1.12T | ¥1.14T |
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 |
|---|---|---|---|---|---|---|
| Tokyo Metro 9023.T | $5.31B | -8% | +3% | 21% | 16.5× | 4.8% |
| East Japan Railway 9020.T | $27.4B | +13% | +9% | 14% | 15.8× | n/a |
| Tokyu 9005.T | $6.14B | -3% | +5% | 9% | 10.0× | n/a |
| Tobu Railway 9001.T | $3.58B | +3% | +5% | 11% | 10.0× | n/a |
| Odakyu Electric Railway 9007.T | $3.80B | +11% | +3% | 13% | 15.1× | n/a |
| Keio 9008.T | $2.80B | +3% | +10% | 10% | 10.5× | n/a |
| Keisei Electric Railway 9009.T | $4.51B | +26% | +4% | 11% | 15.5× | 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 | 9023.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.9% | +2.5% | 9th lowest of 21 |
| 6-month return | -8.0% | -0.9% | 6th lowest of 21 |
| Distance from 52-week high | -16.9% | -19.0% | 7th highest of 21 |
| Revenue growth (TTM) | +3.2% | +5.4% | 9th lowest of 21 |
| Operating margin | 20.7% | 20.4% | 11th highest of 21 |
| Forward P/E | 16.5× | 14.5× | 9th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 4.8% | -2.3% | 4th most demanding of 16 |
| Growth delivered (Del g) | +7.4% | +18.0% | 4th lowest of 16 |
| Hurdle (Req g minus delivered) | -2.6 pp | -16.6 pp | most demanding of 16 |
| ROIC minus cost of capital | -1.1 pp | +0.5 pp | 8th lowest of 21 |
| EV / EBITDA | 10.2× | 10.4× | 5th cheapest of 11 |
| Net debt / EBITDA | 5.0× | 3.0× | 5th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tokyo Metro 9023.T | Japan | $5.31B | -8% | +3% | 21% | 16.5× | 4.8% | +7.4% |
| Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR OMAB | United States | $5.21B | +2% | +21% | 53% | 13.2× | -5.1% | +27.2% |
| Zhejiang Expressway 0576.HK | Hong Kong | $4.86B | -13% | +18% | 33% | 5.9× | n/a | n/a |
| Hainan Airport Infrastructure 600515.SS | China | $4.56B | -26% | +25% | -5% | 133.0× | n/a | n/a |
| Liaoning Port 601880.SS | China | $4.54B | -10% | -3% | 21% | n/a | -10.7% | -1.3% |
| Lyft LYFT | United States | $6.47B | +19% | +11% | -2% | 21.9× | -6.1% | +21.7% |
| Taiwan High Speed Rail 2633.TW | Taiwan | $4.36B | -3% | +4% | 39% | 19.2× | 0.8% | +6.9% |
| SATS S58.SI | Singapore | $4.34B | +15% | +9% | 9% | 17.6× | -0.2% | +45.6% |
| Anhui Expressway 600012.SS | China | $4.29B | +13% | -14% | 42% | 14.5× | -5.4% | +18.0% |
| Kobenhavns Lufthavne A/S KBHL.CO | Denmark | $6.60B | -6% | +9% | 34% | n/a | 6.7% | +28.5% |
| Tangshan Port 601000.SS | China | $4.27B | +3% | +10% | 39% | 13.9× | -11.0% | -6.2% |
| Kintetsu 9041.T | Japan | $4.23B | +5% | +2% | 5% | 13.5× | n/a | n/a |
| Hankyu Hanshin 9042.T | Japan | $7.03B | +3% | +6% | 10% | 13.2× | n/a | n/a |
| Corporacion America Airports CAAP | United States | $4.00B | -3% | +16% | 23% | 9.6× | -6.3% | +26.4% |
| Fraport FRA.DE | Germany | $7.09B | +1% | +3% | 19% | 21.2× | 6.3% | +21.5% |
| Wilh. Wilhelmsen WWI.OL | Norway | $3.87B | +23% | -4% | 10% | 8.4× | 6.2% | +11.0% |
| Atlas Arteria ALX.AX | Australia | $3.78B | -21% | +2% | -20% | 20.6× | -3.5% | +8.9% |
| Flughafen Zurich FHZN.SW | Switzerland | $7.94B | -3% | +4% | 35% | 20.3× | 0.3% | +16.9% |
| Grupo Aeroportuario del Sureste SAB de CV Sponsored ADR ASR | United States | $7.95B | -15% | +26% | 41% | 12.2× | -2.3% | +27.0% |
| Guangzhou Port 601228.SS | China | $3.54B | -3% | -18% | 11% | n/a | n/a | n/a |
| Shandong Hi-speed 600350.SS | China | $8.06B | +4% | -4% | 20% | 18.0× | 4.7% | +13.0% |