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Japanese holding company selling mobile phones, insurance, utilities and business services door-to-door and via stores; not a power utility despite the sector tag.
Japanese holding company selling mobile phones, insurance, utilities and business services door-to-door and via stores; not a power utility despite the sector tag.
Earns recurring commissions and service charges for as long as each customer it signed up keeps the phone, insurance or electricity contract, which makes revenue steadier than one-off sales. It also runs a large investment portfolio, so gains and losses on those holdings add to profit swings.
In one line: A Japanese SoftBank-style sales-and-investment conglomerate.
Moat: narrow (distribution, scale). Large door-to-door and retail sales network across many product lines, but it distributes rather than owns the underlying utilities.
Headquarters: Tokyo, Japan · Founded: 1988 · Employees: 4,012
Size Hikari Tsushin (9435.T) is a Japan Utilities company (Electric Utilities) with a market value of $10.0B, the 138th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥36,210 on 6 Nov 2026.
Performance Over six months the shares fell 4.7%, against -6.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 7.4% over the last twelve months (peer median +6.7%); the operating margin is 15.3% (peer median 13.6%).
Valuation It trades at 12.5× forward earnings against a peer median of 16.5× (8th cheapest of 19).
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 +6%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.9 points below its cost of capital (5.0% WACC).
Credit Hikari Tsushin has 1 bond outstanding ($500M), rated BBB by the agencies and trading like BB at a weighted spread of 208 bp.
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥760B | ¥735B | ¥687B | ¥602B | ¥644B |
| Revenue growth | — | +7% | +14% | -7% | — |
| Gross profit | ¥370B | ¥364B | ¥343B | ¥315B | ¥297B |
| EBITDA | ¥133B | ¥130B | ¥119B | ¥110B | ¥84.9B |
| Net income | ¥160B | ¥151B | ¥118B | ¥122B | ¥91.3B |
| Free cash flow | ¥7.07B | ¥37.7B | ¥63.3B | ¥112B | ¥36.5B |
| Capital expenditure | ¥17.5B | ¥19.4B | ¥21.6B | ¥18.3B | ¥18.3B |
| Total debt | ¥1.11T | ¥1.09T | ¥934B | ¥822B | ¥722B |
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 |
|---|---|---|---|---|---|---|
| Hikari Tsushin 9435.T | $10.0B | -5% | +7% | 15% | 12.5× | 6.7% |
| Softbank 9434.T | $71.3B | +6% | +8% | 14% | 18.5× | 3.4% |
| Yamada 9831.T | $3.90B | +41% | +7% | 1% | 12.8× | 20.7% |
| BIC Cameras 3048.T | $1.94B | +10% | +7% | 4% | 15.2× | -8.2% |
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 | 9435.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.5% | +3.1% | 10th lowest of 21 |
| 6-month return | -4.7% | -6.2% | 10th highest of 21 |
| Distance from 52-week high | -21.2% | -15.9% | 9th lowest of 21 |
| Revenue growth (TTM) | +7.4% | +6.7% | 10th highest of 21 |
| Operating margin | 15.3% | 13.6% | 10th highest of 21 |
| Forward P/E | 12.5× | 16.5× | 8th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 6.7% | 2.2% | 3rd most demanding of 9 |
| Growth delivered (Del g) | +5.6% | +8.2% | 4th lowest of 9 |
| Hurdle (Req g minus delivered) | +1.1 pp | -5.8 pp | most demanding of 9 |
| ROIC minus cost of capital | -0.9 pp | -0.6 pp | 10th lowest of 20 |
| EV / EBITDA | 17.2× | 11.3× | 4th most expensive of 16 |
| Net debt / EBITDA | 5.1× | 5.2× | 9th least indebted of 17 |
| Bond spread | 208 bp | 84 bp | widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hikari Tsushin 9435.T | Japan | $10.0B | -5% | +7% | 15% | 12.5× | 6.7% | +5.6% |
| JSW Energy JSWENERGY.NS | India | $10.1B | -9% | +26% | 36% | 39.7× | n/a | n/a |
| Edison EDNR.MI | Italy | $9.87B | -12% | +6% | 3% | n/a | n/a | n/a |
| Jiangsu Eastern Shenghong 000301.SZ | China | $10.3B | -22% | +4% | 7% | 12.4× | -2.1% | +28.4% |
| OGE Energy OGE | United States | $10.5B | +7% | +2% | 26% | 21.6× | 8.1% | +9.0% |
| AES AES | United States | $10.6B | +4% | +12% | 20% | 6.8× | n/a | n/a |
| Redeia Corporacion RED.MC | Spain | $9.47B | +8% | +15% | 43% | 16.7× | n/a | n/a |
| Guangxi Guiguan Electric Power 600236.SS | China | $10.7B | -10% | +26% | 48% | 20.7× | -2.8% | +3.0% |
| Brookfield Renewable Partners LP BEP-UN.TO | Canada | $9.41B | -7% | +7% | 11% | n/a | n/a | n/a |
| Datang International Power Generation 0991.HK | Hong Kong | $10.7B | -20% | +3% | 15% | 5.5× | 4.0% | +4.1% |
| Zhejiang Zheneng Electric Power 600023.SS | China | $10.8B | -5% | -7% | -1% | 17.4× | 7.0% | +9.0% |
| PGE Polska Grupa Energetyczna PGE.WA | Poland | $9.02B | +47% | -2% | 12% | 5.5× | n/a | n/a |
| Chubu Electric Power 9502.T | Japan | $11.2B | -13% | +3% | 0% | 10.3× | n/a | n/a |
| Huadian Power International 1071.HK | Hong Kong | $8.73B | 0% | +13% | 8% | 9.6× | n/a | n/a |
| NHPC NHPC.NS | India | $8.72B | +1% | +12% | 30% | 19.4× | n/a | n/a |
| IDACORP IDA | United States | $8.63B | +2% | +4% | 23% | 21.7× | n/a | n/a |
| A2A A2A.MI | Italy | $8.55B | +4% | +14% | 8% | 11.9× | 2.8% | +15.6% |
| Tata Power TATAPOWER.NS | India | $11.9B | -20% | -4% | 13% | 25.0× | n/a | n/a |
| Bkw BKW.SW | Switzerland | $8.12B | -17% | -5% | 11% | 14.1× | 1.6% | +7.4% |
| Pinnacle West Capital PNW | United States | $12.6B | +5% | +8% | 23% | 19.1× | n/a | n/a |
| Companhia Paranaense de Energia Sponsored ADR ELPC | United States | $7.92B | -15% | +27% | 19% | 16.3× | -5.5% | +5.3% |
Hikari Tsushin has 1 bond outstanding with $500M face value. The agencies rate it BBB; its bonds trade like BB. Weighted yield 6.89%, a spread of 208 bp over government bonds.