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Regional gas utility serving Osaka/Kansai, with LNG trading and US shale gas investments.
Regional gas utility serving Osaka/Kansai, with LNG trading and US shale gas investments.
Sells gas to households and businesses in the Kansai region at tariffs that pass fuel costs through with a delay, so profit depends on that lag. It also sells electricity and has built an overseas energy-investment business, including US shale gas and LNG export capacity at Freeport.
In one line: A Japanese regional gas utility with a US energy investment arm.
Moat: narrow (regulatory licence, installed base). Regulated regional gas pipeline network, but a liberalized retail energy market limits pricing power.
Headquarters: Osaka, Japan · Founded: 1897 · Employees: 21,835
Size Osaka Gas (9532.T) is a Japan Utilities company (Gas Distributors) with a market value of $13.3B, the 106th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥5,572 on 6 Nov 2026.
Performance Over six months the shares fell 1.9%, against +1.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 0.9% over the last twelve months (peer median +4.6%); the operating margin is 6.9% (peer median 23.2%).
Valuation It trades at 14.6× forward earnings against a peer median of 16.4× (10th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.9 points below its cost of capital (5.0% WACC).
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.10T | ¥2.03T | ¥2.07T | ¥2.08T | ¥2.28T |
| Revenue growth | — | -2% | -1% | -8% | — |
| Gross profit | ¥516B | ¥438B | ¥406B | ¥410B | ¥282B |
| EBITDA | n/a | ¥317B | ¥295B | ¥305B | ¥188B |
| Net income | ¥124B | ¥153B | ¥134B | ¥133B | ¥57.1B |
| Free cash flow | n/a | ¥102B | ¥72.8B | ¥138B | -¥139B |
| Capital expenditure | n/a | ¥260B | ¥230B | ¥194B | ¥201B |
| Total debt | ¥729B | ¥890B | ¥972B | ¥913B | ¥903B |
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 |
|---|---|---|---|---|---|---|
| Osaka Gas 9532.T | $13.3B | -2% | +1% | 7% | 14.6× | 4.0% |
| Tokyo Gas 9531.T | $13.1B | -7% | +4% | 7% | 16.3× | -1.8% |
| TOHO GAS 9533.T | $2.83B | +3% | -2% | 1% | 21.3× | 24.6% |
| Kansai Electric Power 9503.T | $17.3B | +2% | +2% | 6% | 8.2× | 11.0% |
| 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 | 9532.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.6% | +5.1% | 3rd lowest of 21 |
| 6-month return | -1.9% | +1.4% | 10th lowest of 21 |
| Distance from 52-week high | -17.6% | -9.6% | 6th lowest of 21 |
| Revenue growth (TTM) | +0.9% | +4.6% | 6th lowest of 21 |
| Operating margin | 6.9% | 23.2% | 3rd lowest of 20 |
| Forward P/E | 14.6× | 16.4× | 10th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 4.0% | 0.3% | 6th most demanding of 13 |
| Growth delivered (Del g) | +8.3% | +7.7% | 7th highest of 13 |
| Hurdle (Req g minus delivered) | -4.3 pp | -10.3 pp | 6th most demanding of 13 |
| ROIC minus cost of capital | -0.9 pp | +0.0 pp | 7th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Osaka Gas 9532.T | Japan | $13.3B | -2% | +1% | 7% | 14.6× | 4.0% | +8.3% |
| Tokyo Gas 9531.T | Japan | $13.1B | -7% | +4% | 7% | 16.3× | -1.8% | +9.9% |
| 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% |
| HK & China Gas 0003.HK | Hong Kong | $17.6B | +3% | +2% | 14% | 21.6× | 8.7% | +5.8% |
| ENN Natural Gas 600803.SS | China | $9.83B | +5% | -1% | n/a | 11.8× | -6.1% | +8.4% |
| Centrica CNA.L | United Kingdom | $9.23B | -25% | 0% | 23% | 13.1× | n/a | n/a |
| NiSource NI | United States | $21.2B | -6% | +10% | 27% | 20.3× | n/a | n/a |
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |
| Snam SRG.MI | Italy | $23.3B | -2% | +9% | 46% | 14.5× | 9.3% | +6.9% |
| DCC Energy DCC.L | United Kingdom | $7.41B | +13% | -14% | 3% | 12.7× | 7.1% | +2.9% |
| 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 |
| Naturgy Energy NTGY.MC | Spain | $31.8B | +8% | +5% | 18% | 13.1× | -7.4% | +4.9% |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| Spire SR | United States | $5.25B | +4% | +4% | 20% | 17.9× | n/a | n/a |