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Regional electric utility supplying power to Japan's Tohoku (northeastern) region.
Regional electric utility supplying power to Japan's Tohoku (northeastern) region.
Earns from selling electricity to households and businesses, now open to competition, and from regulated fees for use of its power lines, which were legally split into a separate subsidiary in 2020. Fuel-cost adjustment rules pass imported fuel price swings to customers with a lag. Its Onagawa nuclear plant restarted in 2024.
In one line: A Japanese regional electric utility, akin to a regional US IOU.
Moat: wide (regulatory licence, installed base, scale). Regulated regional monopoly transmission/distribution network with legacy generation assets.
Headquarters: Sendai, Japan · Founded: 1951 · Employees: 18,403
Size Tohoku Electric Power (9506.T) is a Japan Utilities company (Electric Utilities) with a market value of $3.89B, the 293rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,228 on 6 Nov 2026.
Performance Over six months the shares gained 12.9%, against -8.3% for the median peer and +1.8% for the Japan market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 17.1% over the last twelve months (peer median +0.6%); the operating margin is 2.7% (peer median 10.5%).
Valuation It trades at 4.9× forward earnings against a peer median of 12.6× (2nd cheapest of 20).
Capital Return on invested capital runs 3.7 points below its cost of capital (5.0% WACC).
Credit Tohoku Electric Power has 1 bond outstanding ($500M), rated A- by the agencies and trading like AA- at a weighted spread of 90 bp.
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.93T | ¥2.37T | ¥2.64T | ¥2.82T | ¥3.01T |
| Revenue growth | — | -10% | -6% | -6% | — |
| Gross profit | ¥79.6B | ¥348B | ¥427B | ¥474B | -¥37.4B |
| EBITDA | ¥315B | ¥390B | ¥489B | ¥525B | ¥24.0B |
| Net income | ¥27.1B | ¥85.0B | ¥183B | ¥226B | -¥128B |
| Free cash flow | n/a | -¥25.2B | ¥16.3B | ¥92.9B | -¥402B |
| Capital expenditure | n/a | ¥395B | ¥394B | ¥357B | ¥308B |
| Total debt | ¥3.61T | ¥3.49T | ¥3.35T | ¥3.29T | ¥3.38T |
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 |
|---|---|---|---|---|---|---|
| Tohoku Electric Power 9506.T | $3.89B | +13% | +17% | 3% | 4.9× | n/a |
| Hokkaido Electric Power Company,Incorporated 9509.T | $1.38B | +5% | -1% | 4% | 7.3× | n/a |
| Chugoku Electric Power 9504.T | $2.41B | +18% | 0% | 0% | 9.3× | n/a |
| Tokyo Elec Power Co Hldgs 9501.T | $4.17B | -31% | -2% | 1% | 3.7× | 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 | 9506.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.8% | -0.7% | 8th lowest of 21 |
| 6-month return | +12.9% | -8.3% | highest of 21 |
| Distance from 52-week high | -16.5% | -22.0% | 7th highest of 21 |
| Revenue growth (TTM) | +17.1% | +0.6% | 2nd highest of 21 |
| Operating margin | 2.7% | 10.5% | 3rd lowest of 20 |
| Forward P/E | 4.9× | 12.6× | 2nd cheapest of 20 |
| ROIC minus cost of capital | -3.7 pp | -1.4 pp | 3rd lowest of 20 |
| EV / EBITDA | 11.7× | 10.1× | 5th most expensive of 14 |
| Net debt / EBITDA | 9.7× | 4.5× | 2nd most indebted of 14 |
| Bond spread | 90 bp | 192 bp | tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tohoku Electric Power 9506.T | Japan | $3.89B | +13% | +17% | 3% | 4.9× | n/a | n/a |
| Drax DRX.L | United Kingdom | $3.88B | 0% | -8% | 9% | 10.4× | -0.2% | +4.8% |
| Pampa Energia SA Sponsored ADR PAM | United States | $3.78B | -19% | +29% | 21% | 7.4× | n/a | n/a |
| TAURON Polska Energia TPE.WA | Poland | $4.02B | -6% | 0% | n/a | 6.1× | 17.0% | +10.4% |
| TransAlta TA.TO | Canada | $4.15B | +5% | -12% | 8% | 49.9× | 21.9% | +4.1% |
| Tokyo Elec Power Co Hldgs 9501.T | Japan | $4.17B | -31% | -2% | 1% | 3.7× | n/a | n/a |
| Guangdong Electric Power Development 000539.SZ | China | $3.64B | -21% | +8% | -1% | n/a | 9.8% | +8.9% |
| AGL Energy AGL.AX | Australia | $4.21B | -3% | -6% | 11% | 10.5× | n/a | n/a |
| Northland Power NPI.TO | Canada | $4.22B | -4% | +15% | 34% | 14.3× | -1.7% | +3.4% |
| Guangzhou Development 600098.SS | China | $3.56B | -3% | +4% | 4% | 14.9× | -1.0% | +9.9% |
| Iren IRE.MI | Italy | $3.54B | -9% | -8% | 9% | 10.6× | 5.5% | +12.0% |
| Algonquin Power & Utilities AQN.TO | Canada | $4.29B | -9% | +6% | 20% | 14.2× | n/a | n/a |
| China Power International Development 2380.HK | Hong Kong | $4.29B | -20% | -5% | 20% | 13.6× | n/a | n/a |
| Jiangsu Guoxin 002608.SZ | China | $4.30B | -1% | +7% | 5% | 12.6× | -0.7% | +10.5% |
| NLC India NLCINDIA.NS | India | $3.50B | -28% | +17% | 18% | 9.9× | n/a | n/a |
| Electric Power Development 9513.T | Japan | $4.39B | +2% | +4% | 10% | 8.2× | 4.5% | +5.4% |
| Shenzhen Energy 000027.SZ | China | $4.49B | -8% | +4% | 13% | 11.2× | n/a | n/a |
| Avista AVA | United States | $3.37B | -1% | -1% | 19% | 15.0× | n/a | n/a |
| Wintime Energy 600157.SS | China | $4.55B | -21% | -9% | 7% | 104.2× | 0.8% | +1.4% |
| Otter Tail OTTR | United States | $3.29B | -11% | +1% | 23% | 14.6× | n/a | n/a |
| GCL Energy Technology 002015.SZ | China | $3.27B | -24% | -3% | 15% | 21.5× | n/a | n/a |
Tohoku Electric Power has 1 bond outstanding with $500M face value. The agencies rate it A-; its bonds trade like AA-. Weighted yield 5.53%, a spread of 90 bp over government bonds.