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Former state-owned Japanese wholesale power generator running hydro, coal and renewable plants, with international power projects.
Former state-owned Japanese wholesale power generator running hydro, coal and renewable plants, with international power projects.
Sells electricity largely to Japan's regional utilities under long-term wholesale arrangements, so it has no retail customers to win or lose. Hydro and coal plants built when it was a state company are the base. Its Ohma nuclear plant in Aomori, still under construction, is a long-dated project, and overseas power plants add income abroad.
In one line: A Japanese wholesale power generator/IPP, akin to AES Corp.
Moat: narrow (regulatory licence, installed base, scale). Legacy nationwide hydro/coal generation assets and interconnection infrastructure built as a former state utility.
Headquarters: Tokyo, Japan · Founded: 1952 · Employees: 7,202
Size Electric Power Development (9513.T) is a Japan Utilities company (Electric Utilities) with a market value of $4.39B, the 267th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,922 on 6 Nov 2026.
Performance Over six months the shares gained 1.7%, against -7.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 4.4% over the last twelve months (peer median -1.0%); the operating margin is 9.9% (peer median 12.9%).
Valuation It trades at 8.2× forward earnings against a peer median of 12.6× (5th cheapest of 20).
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 +5%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.2 points below its cost of capital (5.0% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.30T | ¥1.18T | ¥1.32T | ¥1.26T | ¥1.84T |
| Revenue growth | — | -10% | +5% | -32% | — |
| Gross profit | ¥129B | ¥161B | ¥189B | ¥160B | ¥236B |
| EBITDA | ¥246B | ¥218B | ¥255B | ¥216B | ¥292B |
| Net income | ¥50.6B | ¥58.5B | ¥92.5B | ¥77.8B | ¥114B |
| Free cash flow | n/a | ¥46.9B | ¥126B | ¥138B | ¥11.0B |
| Capital expenditure | n/a | ¥177B | ¥124B | ¥116B | ¥145B |
| Total debt | ¥1.97T | ¥1.89T | ¥1.88T | ¥1.87T | ¥1.89T |
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 |
|---|---|---|---|---|---|---|
| Electric Power Development 9513.T | $4.39B | +2% | +4% | 10% | 8.2× | 4.5% |
| Tohoku Electric Power 9506.T | $3.89B | +13% | +17% | 3% | 4.9× | n/a |
| Chugoku Electric Power 9504.T | $2.41B | +18% | 0% | 0% | 9.3× | n/a |
| Kansai Electric Power 9503.T | $17.3B | +2% | +2% | 6% | 8.2× | 11.0% |
| Kyushu Electric Power Company,Incorporated 9508.T | n/a | +13% | n/a | n/a | n/a | n/a |
| Shikoku Electric Power 9507.T | $2.33B | +24% | -3% | 6% | 9.8× | n/a |
| Hokuriku Electric Power 9505.T | $1.34B | +16% | -5% | 7% | 7.6× | 8.4% |
| Hokkaido Electric Power Company,Incorporated 9509.T | $1.38B | +5% | -1% | 4% | 7.3× | 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 | 9513.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.6% | -0.2% | 9th lowest of 21 |
| 6-month return | +1.7% | -7.3% | 5th highest of 21 |
| Distance from 52-week high | -13.1% | -26.8% | 4th highest of 21 |
| Revenue growth (TTM) | +4.4% | -1.0% | 9th highest of 21 |
| Operating margin | 9.9% | 12.9% | 7th lowest of 20 |
| Forward P/E | 8.2× | 12.6× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 4.5% | -0.2% | 4th most demanding of 10 |
| Growth delivered (Del g) | +5.4% | +4.8% | 5th highest of 10 |
| Hurdle (Req g minus delivered) | -0.9 pp | -5.0 pp | 5th most demanding of 10 |
| ROIC minus cost of capital | -2.2 pp | -0.9 pp | 7th lowest of 20 |
| EV / EBITDA | 9.5× | 12.1× | 6th cheapest of 13 |
| Net debt / EBITDA | 6.1× | 5.8× | 7th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Electric Power Development 9513.T | Japan | $4.39B | +2% | +4% | 10% | 8.2× | 4.5% | +5.4% |
| Jiangsu Guoxin 002608.SZ | China | $4.30B | -1% | +7% | 5% | 12.6× | -0.7% | +10.5% |
| China Power International Development 2380.HK | Hong Kong | $4.29B | -20% | -5% | 20% | 13.6× | n/a | n/a |
| Shenzhen Energy 000027.SZ | China | $4.49B | -8% | +4% | 13% | 11.2× | n/a | n/a |
| Algonquin Power & Utilities AQN.TO | Canada | $4.29B | -9% | +6% | 20% | 14.2× | n/a | n/a |
| Wintime Energy 600157.SS | China | $4.55B | -21% | -9% | 7% | 104.2× | 0.8% | +1.4% |
| Northland Power NPI.TO | Canada | $4.22B | -4% | +15% | 34% | 14.3× | -1.7% | +3.4% |
| AGL Energy AGL.AX | Australia | $4.21B | -3% | -6% | 11% | 10.5× | n/a | n/a |
| Tokyo Elec Power Co Hldgs 9501.T | Japan | $4.17B | -31% | -2% | 1% | 3.7× | n/a | n/a |
| TransAlta TA.TO | Canada | $4.15B | +5% | -12% | 8% | 49.9× | 21.9% | +4.1% |
| Shaanxi Energy Investment 001286.SZ | China | $4.68B | -16% | +4% | 24% | 12.9× | -9.2% | +18.6% |
| TAURON Polska Energia TPE.WA | Poland | $4.02B | -6% | 0% | n/a | 6.1× | 17.0% | +10.4% |
| Brookfield Renewable BEPC | United States | $4.79B | -13% | +6% | 19% | 249.6× | n/a | n/a |
| 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% |
| Shanghai Electric Power 600021.SS | China | $4.98B | -31% | -6% | 13% | 8.9× | n/a | n/a |
| Huadian Energy 600726.SS | China | $5.01B | -33% | -7% | 10% | n/a | n/a | n/a |
| Beijing Jingneng Power 600578.SS | China | $5.06B | +3% | -6% | 11% | 11.0× | -2.8% | +12.2% |
| NorthWestern Energy NWE | United States | $5.09B | +14% | +11% | 19% | 20.6× | n/a | n/a |
| Pampa Energia SA Sponsored ADR PAM | United States | $3.78B | -19% | +29% | 21% | 7.4× | n/a | n/a |
| Acea ACE.MI | Italy | $5.14B | -7% | -21% | 26% | 14.3× | 5.8% | -3.3% |