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Japan's largest gas utility, distributing city gas in the Tokyo region and trading LNG globally.
Japan's largest gas utility, distributing city gas in the Tokyo region and trading LNG globally.
Sells gas to households and businesses in the Tokyo area at tariffs that pass fuel costs through with a delay, so profit depends on that lag, and also sells electricity. It buys LNG (liquefied natural gas) under long-term contracts and resells part to others, which is where trading profit comes from.
In one line: A Japanese regional gas utility, akin to a Con Edison for gas.
Moat: narrow (regulatory licence, installed base). Regulated regional gas pipeline network, but a liberalized retail energy market limits pricing power.
Headquarters: Tokyo, Japan · Founded: 1885 · Employees: 16,001
Size Tokyo Gas (9531.T) is a Japan Utilities company (Gas Distributors) with a market value of $13.1B, the 109th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥6,214 on 6 Nov 2026.
Performance Over six months the shares fell 6.8%, against +1.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 3.6% over the last twelve months (peer median +4.6%); the operating margin is 7.2% (peer median 23.2%).
Valuation It trades at 16.3× forward earnings against a peer median of 15.6× (11th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.2 points above 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 | ¥2.86T | ¥2.83T | ¥2.64T | ¥2.66T | ¥3.29T |
| Revenue growth | — | +8% | -1% | -19% | — |
| Gross profit | ¥714B | ¥507B | ¥380B | ¥446B | ¥656B |
| EBITDA | n/a | ¥464B | ¥401B | ¥431B | ¥631B |
| Net income | ¥196B | ¥227B | ¥74.2B | ¥165B | ¥281B |
| Free cash flow | n/a | ¥291B | ¥177B | ¥136B | ¥336B |
| Capital expenditure | n/a | ¥303B | ¥315B | ¥220B | ¥190B |
| Total debt | ¥1.24T | ¥1.28T | ¥1.34T | ¥1.44T | ¥1.26T |
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 |
|---|---|---|---|---|---|---|
| Tokyo Gas 9531.T | $13.1B | -7% | +4% | 7% | 16.3× | -1.8% |
| Osaka Gas 9532.T | $13.3B | -2% | +1% | 7% | 14.6× | 4.0% |
| TOHO GAS 9533.T | $2.83B | +3% | -2% | 1% | 21.3× | 24.6% |
| 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 |
| Saibu Gas 9536.T | $630M | +23% | -6% | 5% | n/a | n/a |
| Shizuoka Gas 9543.T | $631M | -5% | 0% | 6% | 11.6× | -9.0% |
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 | 9531.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.9% | +5.1% | 7th lowest of 21 |
| 6-month return | -6.8% | +1.4% | 5th lowest of 21 |
| Distance from 52-week high | -21.4% | -9.6% | 3rd lowest of 21 |
| Revenue growth (TTM) | +3.6% | +4.6% | 10th lowest of 21 |
| Operating margin | 7.2% | 23.2% | 5th lowest of 20 |
| Forward P/E | 16.3× | 15.6× | 11th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -1.8% | 3.2% | 6th least demanding of 13 |
| Growth delivered (Del g) | +9.9% | +7.6% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | -11.7 pp | -6.6 pp | 6th least demanding of 13 |
| ROIC minus cost of capital | +0.2 pp | -0.6 pp | 9th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tokyo Gas 9531.T | Japan | $13.1B | -7% | +4% | 7% | 16.3× | -1.8% | +9.9% |
| Osaka Gas 9532.T | Japan | $13.3B | -2% | +1% | 7% | 14.6× | 4.0% | +8.3% |
| AltaGas ALA.TO | Canada | $11.8B | +4% | +18% | 9% | 22.5× | n/a | n/a |
| Italgas IG.MI | Italy | $10.4B | -12% | +9% | 49% | 12.3× | 2.4% | +11.3% |
| APA APA.AX | Australia | $10.4B | +7% | -6% | 38% | 49.3× | 12.5% | +3.1% |
| Canadian Utilities CU.TO | Canada | $10.1B | +9% | +1% | 16% | 18.9× | 20.1% | +2.7% |
| ENN Natural Gas 600803.SS | China | $9.83B | +5% | -1% | n/a | 11.8× | -6.1% | +8.4% |
| HK & China Gas 0003.HK | Hong Kong | $17.6B | +3% | +2% | 14% | 21.6× | 8.7% | +5.8% |
| Centrica CNA.L | United Kingdom | $9.23B | -25% | 0% | 23% | 13.1× | n/a | n/a |
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |
| NiSource NI | United States | $21.2B | -6% | +10% | 27% | 20.3× | n/a | n/a |
| DCC Energy DCC.L | United Kingdom | $7.41B | +13% | -14% | 3% | 12.7× | 7.1% | +2.9% |
| Snam SRG.MI | Italy | $23.3B | -2% | +9% | 46% | 14.5× | 9.3% | +6.9% |
| Enn Energy 2688.HK | Hong Kong | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% | +8.6% |
| Southwest Gas SWX | United States | $6.62B | +2% | -57% | 29% | 18.9× | n/a | n/a |
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |
| Cheniere Energy Partners, L.P CQP | United States | $27.8B | -8% | +13% | 33% | 12.0× | -13.4% | +12.7% |
| Atmos Energy ATO | United States | $29.3B | -4% | +6% | 37% | 19.3× | n/a | n/a |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| Naturgy Energy NTGY.MC | Spain | $31.8B | +8% | +5% | 18% | 13.1× | -7.4% | +4.9% |
| Spire SR | United States | $5.25B | +4% | +4% | 20% | 17.9× | n/a | n/a |