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Regional electric utility serving Osaka/Kansai, Japan's largest operator of nuclear power plants.
Regional electric utility serving Osaka/Kansai, Japan's largest operator of nuclear power plants.
Earns from selling electricity in a market opened to competition since 2016, plus regulated fees for carrying power over its grid. Nuclear reactors cost less to fuel than gas or coal plants, which is why restarts matter to earnings. Since the 2011 Fukushima accident it has brought reactors back one at a time under new safety rules.
In one line: A Japanese Duke Energy with heavy nuclear exposure.
Moat: narrow (regulatory licence, installed base). Regulated regional grid, but earnings hinge on politically sensitive nuclear restart approvals.
Headquarters: Osaka, Japan · Founded: 1951 · Employees: 32,482
Size Kansai Electric Power (9503.T) is a Japan Utilities company (Electric Utilities) with a market value of $17.3B, the 89th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,554 on 6 Nov 2026.
Performance Over six months the shares gained 2.0%, against +3.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 1.8% over the last twelve months (peer median +3.1%); the operating margin is 5.8% (peer median 19.5%).
Valuation It trades at 8.2× forward earnings against a peer median of 18.4× (3rd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +5 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 2.7 points below its cost of capital (5.0% WACC).
Credit Kansai Electric Power has 1 bond outstanding ($500M), rated A3 by the agencies and trading like A- at a weighted spread of 69 bp.
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥4.28T | ¥4.06T | ¥4.34T | ¥4.06T | ¥3.95T |
| Revenue growth | — | -6% | +7% | +3% | — |
| Gross profit | ¥509B | ¥761B | ¥768B | ¥1.00T | ¥214B |
| EBITDA | n/a | ¥788B | ¥813B | ¥1.09T | ¥279B |
| Net income | ¥330B | ¥380B | ¥420B | ¥442B | ¥17.7B |
| Free cash flow | n/a | ¥91.9B | ¥80.4B | ¥699B | -¥348B |
| Capital expenditure | n/a | ¥560B | ¥495B | ¥456B | ¥476B |
| Total debt | ¥4.36T | ¥4.31T | ¥4.49T | ¥4.59T | ¥5.02T |
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 |
|---|---|---|---|---|---|---|
| Kansai Electric Power 9503.T | $17.3B | +2% | +2% | 6% | 8.2× | 11.0% |
| Tokyo Elec Power Co Hldgs 9501.T | $4.17B | -31% | -2% | 1% | 3.7× | n/a |
| Chubu Electric Power 9502.T | $11.2B | -13% | +3% | 0% | 10.3× | n/a |
| Kyushu Electric Power Company,Incorporated 9508.T | n/a | +13% | n/a | n/a | n/a | 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 | 9503.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.8% | +5.8% | 4th lowest of 21 |
| 6-month return | +2.0% | +3.9% | 10th lowest of 21 |
| Distance from 52-week high | -16.3% | -9.2% | 8th lowest of 21 |
| Revenue growth (TTM) | +1.8% | +3.1% | 8th lowest of 21 |
| Operating margin | 5.8% | 19.5% | 4th lowest of 21 |
| Forward P/E | 8.2× | 18.4× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 11.0% | 1.7% | 5th most demanding of 12 |
| Growth delivered (Del g) | +5.6% | +3.6% | 6th highest of 12 |
| Hurdle (Req g minus delivered) | +5.4 pp | -1.9 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | -2.7 pp | -1.8 pp | 8th lowest of 21 |
| Bond spread | 69 bp | 82 bp | 3rd tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kansai Electric Power 9503.T | Japan | $17.3B | +2% | +2% | 6% | 8.2× | 11.0% | +5.6% |
| Power Assets 0006.HK | Hong Kong | $17.8B | +3% | -12% | 50% | 21.0× | 35.8% | -9.5% |
| Huaneng Power International 600011.SS | China | $16.4B | +9% | -5% | 9% | 13.5× | -2.1% | +6.2% |
| NRG Energy NRG | United States | $18.6B | -36% | +13% | 5% | 9.0× | 15.4% | +27.9% |
| Alliant Energy LNT | United States | $18.8B | +1% | +5% | 23% | 20.8× | n/a | n/a |
| Adani Energy Solutions ADANIENSOL.NS | India | $18.9B | +5% | +33% | 25% | 37.4× | n/a | n/a |
| SDIC Power 600886.SS | China | $19.0B | +16% | -3% | 32% | 17.5× | -1.6% | +6.5% |
| Emera EMA.TO | Canada | $15.7B | 0% | +11% | 19% | 20.2× | n/a | n/a |
| Evergy EVRG | United States | $20.2B | +8% | +4% | 26% | 19.4× | n/a | n/a |
| Uniper UN0.DE | Germany | $20.6B | 0% | -14% | -8% | 33.3× | 1.7% | +3.6% |
| Kepco 015760.KS | South Korea | $14.4B | -30% | +2% | 13% | 4.5× | -1.9% | +10.7% |
| GD Power Development 600795.SS | China | $14.4B | +13% | -1% | 9% | 19.2× | -0.4% | +3.4% |
| Cki 1038.HK | Hong Kong | $21.6B | +9% | -9% | -3% | 7.1× | -0.9% | -9.3% |
| CMS Energy CMS | United States | $21.7B | -5% | +8% | 20% | 17.1× | n/a | n/a |
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 17.8× | n/a | n/a |
| China Res Power 0836.HK | Hong Kong | $13.5B | +6% | +2% | 18% | 9.0× | n/a | n/a |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |
| Sichuan Chuantou Energy 600674.SS | China | $13.0B | +16% | -1% | 29% | 17.2× | 32.3% | +10.0% |
| Keppel BN4.SI | Singapore | $13.0B | -13% | +11% | 11% | 18.9× | 14.8% | -1.9% |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| Pinnacle West Capital PNW | United States | $12.6B | +5% | +8% | 23% | 19.1× | n/a | n/a |
Kansai Electric Power has 1 bond outstanding with $500M face value. The agencies rate it A3; its bonds trade like A-. Weighted yield 5.28%, a spread of 69 bp over government bonds.