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Railway conglomerate operating trains between Osaka and Kyoto, plus real estate, retail and leisure businesses.
Railway conglomerate operating trains between Osaka and Kyoto, plus real estate, retail and leisure businesses.
Fares on its regulated rail lines carry the group, supported by real estate development and rental around its stations, hotels and retail, so inbound tourism to Kyoto matters. Fares need government approval, so growth comes mainly from passenger numbers and property income.
In one line: A Japanese diversified rail conglomerate connecting two major cities.
Moat: narrow (regulatory licence, installed base). Regulated rail monopoly on a key Osaka-Kyoto tourist/commuter corridor plus station-area real estate.
Headquarters: Osaka, Japan · Founded: 1949 · Employees: 6,233
Size Keihan (9045.T) is a Japan Industrials company (Railroads) with a market value of $2.15B, the 461st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,357 on 6 Nov 2026.
Performance Over six months the shares gained 3.5%, against +0.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 14 in its peer set.
Growth Revenue grew 9.6% over the last twelve months (peer median +4.2%); the operating margin is 14.7% (peer median 11.1%).
Valuation It trades at 11.5× forward earnings against a peer median of 14.1× (5th cheapest of 13).
Capital Return on invested capital runs 0.5 points below its cost of capital (5.0% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥335B | ¥332B | ¥314B | ¥302B | ¥260B |
| Revenue growth | — | +6% | +4% | +16% | — |
| Gross profit | ¥104B | ¥92.5B | ¥82.5B | ¥71.3B | ¥56.1B |
| EBITDA | ¥74.1B | ¥73.5B | ¥64.8B | ¥54.1B | ¥40.7B |
| Net income | ¥33.6B | ¥33.6B | ¥28.3B | ¥24.9B | ¥17.6B |
| Free cash flow | n/a | -¥12.4B | -¥17.5B | ¥7.93B | -¥2.93B |
| Capital expenditure | n/a | ¥52.8B | ¥61.5B | ¥32.9B | ¥19.9B |
| Total debt | ¥430B | ¥394B | ¥383B | ¥349B | ¥353B |
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 |
|---|---|---|---|---|---|---|
| Keihan 9045.T | $2.15B | +3% | +10% | 15% | 11.5× | n/a |
| Hankyu Hanshin 9042.T | $7.03B | +3% | +6% | 10% | 13.2× | n/a |
| NANKAI 9044.T | $2.03B | 0% | +7% | 15% | 13.1× | n/a |
| Kintetsu 9041.T | $4.23B | +5% | +2% | 5% | 13.5× | n/a |
| West Japan Railway 9021.T | $9.19B | +12% | +6% | 10% | 13.8× | 2.4% |
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 | 9045.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.9% | +3.4% | 4th highest of 14 |
| 6-month return | +3.5% | +0.4% | 3rd highest of 14 |
| Distance from 52-week high | -6.7% | -12.9% | 4th highest of 14 |
| Revenue growth (TTM) | +9.6% | +4.2% | 2nd highest of 14 |
| Operating margin | 14.7% | 11.1% | 4th highest of 14 |
| Forward P/E | 11.5× | 14.1× | 5th cheapest of 13 |
| ROIC minus cost of capital | -0.5 pp | -1.6 pp | 5th highest of 13 |
| EV / EBITDA | 10.2× | 13.5× | 4th cheapest of 11 |
| Net debt / EBITDA | 5.5× | 5.4× | 6th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Keikyu 9006.T | Japan | $2.73B | +2% | +4% | 11% | 13.4× | n/a | n/a |
| Keio 9008.T | Japan | $2.80B | +3% | +10% | 10% | 10.5× | n/a | n/a |
| Guangshen Railway 0525.HK | Hong Kong | $3.12B | -9% | +5% | 6% | 9.6× | n/a | n/a |
| Kyushu Railway 9142.T | Japan | $3.53B | 0% | +5% | 14% | 11.3× | n/a | n/a |
| Container Corporation of India CONCOR.NS | India | $3.55B | -16% | +1% | 14% | 25.4× | 33.8% | +7.2% |
| Tobu Railway 9001.T | Japan | $3.58B | +3% | +5% | 11% | 10.0× | n/a | n/a |
| Odakyu Electric Railway 9007.T | Japan | $3.80B | +11% | +3% | 13% | 15.1× | n/a | n/a |
| China Railway Tielong Container Logistics 600125.SS | China | $1.06B | -12% | -2% | 7% | 11.5× | -21.0% | -5.4% |
| Aurizon AZJ.AX | Australia | $4.49B | -5% | +6% | 21% | 14.8× | 4.4% | +6.7% |
| Keisei Electric Railway 9009.T | Japan | $4.51B | +26% | +4% | 11% | 15.5× | n/a | n/a |
| China High-Speed Railway Technology 000008.SZ | China | $919M | -14% | -11% | -19% | n/a | 8.7% | +2.1% |
| GATX GATX | United States | $6.38B | -2% | +30% | 30% | 17.0× | n/a | n/a |