Loading…
Regional city gas utility distributing natural gas to households and businesses in the Nagoya/Chubu region.
Regional city gas utility distributing natural gas to households and businesses in the Nagoya/Chubu region.
Gas rates move with imported LNG costs through a fuel-cost adjustment, with a time lag, so profit depends on how well it handles that lag. It has also moved into selling electricity, giving it a second energy product.
In one line: A regional US gas utility, akin to a smaller National Fuel Gas.
Moat: wide (regulatory licence, installed base). Regulated regional gas distribution monopoly with an entrenched pipeline network.
Headquarters: Nagoya, Japan · Founded: 1922 · Employees: 6,131
Size TOHO GAS (9533.T) is a Japan Utilities company (Gas Distributors) with a market value of $2.83B, the 379th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,218 on 6 Nov 2026.
Performance Over six months the shares gained 2.6%, against -7.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue fell 2.5% over the last twelve months (peer median +4.0%); the operating margin is 1.2% (peer median 9.8%).
Valuation It trades at 21.3× forward earnings against a peer median of 12.3× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +16 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 4.2 points below its cost of capital (5.0% WACC).
Next results Next results expected around 22 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥653B | ¥651B | ¥656B | ¥633B | ¥706B |
| Revenue growth | — | -1% | +4% | -10% | — |
| Gross profit | ¥185B | ¥148B | ¥141B | ¥141B | ¥151B |
| EBITDA | n/a | ¥71.3B | ¥70.0B | ¥72.1B | ¥80.8B |
| Net income | ¥18.0B | ¥31.4B | ¥25.5B | ¥27.3B | ¥33.7B |
| Free cash flow | n/a | ¥24.6B | ¥38.9B | ¥9.84B | ¥16.7B |
| Capital expenditure | n/a | ¥41.0B | ¥44.2B | ¥37.5B | ¥39.7B |
| Total debt | ¥192B | ¥173B | ¥161B | ¥141B | ¥147B |
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 |
|---|---|---|---|---|---|---|
| TOHO GAS 9533.T | $2.83B | +3% | -2% | 1% | 21.3× | 24.6% |
| 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% |
| 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% |
| Hokkaido Gas 9534.T | $468M | +3% | +1% | 8% | n/a | -6.6% |
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 | 9533.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.0% | -0.5% | 7th lowest of 21 |
| 6-month return | +2.6% | -7.6% | 4th highest of 21 |
| Distance from 52-week high | -14.6% | -20.2% | 6th highest of 21 |
| Revenue growth (TTM) | -2.5% | +4.0% | 6th lowest of 21 |
| Operating margin | 1.2% | 9.8% | lowest of 21 |
| Forward P/E | 21.3× | 12.3× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 24.6% | -1.5% | most demanding of 14 |
| Growth delivered (Del g) | +8.4% | +11.7% | 5th lowest of 14 |
| Hurdle (Req g minus delivered) | +16.2 pp | -10.7 pp | most demanding of 14 |
| ROIC minus cost of capital | -4.2 pp | -0.8 pp | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TOHO GAS 9533.T | Japan | $2.83B | +3% | -2% | 1% | 21.3× | 24.6% | +8.4% |
| Shenzhen Gas 601139.SS | China | $2.79B | -7% | -1% | 7% | 10.7× | -9.2% | +14.7% |
| China Suntien Green Energy 0956.HK | Hong Kong | $3.37B | -15% | -8% | 13% | 6.6× | n/a | n/a |
| Chesapeake Utilities CPK | United States | $3.38B | +11% | +15% | 27% | 20.4× | n/a | n/a |
| Keppel Infrastructure Trust A7RU.SI | Singapore | $2.34B | -8% | +4% | 10% | 23.5× | 8.7% | +8.7% |
| Kogas 036460.KS | South Korea | $2.31B | -7% | -10% | 7% | 2.9× | -1.5% | +11.4% |
| China Gas 0384.HK | Hong Kong | $3.52B | -31% | -7% | 8% | 9.9× | 3.8% | +1.0% |
| Foran Energy 002911.SZ | China | $2.27B | -5% | -10% | 4% | 12.3× | -6.9% | +34.8% |
| Northwest Natural NWN | United States | $2.18B | +3% | +4% | 36% | 16.6× | n/a | n/a |
| Transportadora de Gas del Sur SA Sponsored ADR Class B RegS TGS | United States | $3.80B | -27% | +11% | 44% | 8.2× | -14.6% | +11.8% |
| Centuri CTRI | United States | $2.06B | -41% | +25% | 3% | 27.4× | n/a | n/a |
| MDU Resources MDU | United States | $3.92B | -17% | -30% | 17% | 18.9× | n/a | n/a |
| Excelerate Energy EE | United States | $4.17B | +9% | +49% | 22% | 18.6× | 18.1% | +23.3% |
| NIPPON GAS 8174.T | Japan | $1.69B | +1% | +8% | 9% | 17.7× | -2.9% | +7.8% |
| China Resources Gas 1193.HK | Hong Kong | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% | +11.8% |
| Brookfield Infrastructure BIPC.TO | Canada | $4.91B | +5% | +6% | 60% | 22.0× | n/a | n/a |
| Beijing Enterprises 0392.HK | Hong Kong | $4.93B | -3% | +5% | 4% | 6.3× | 7.7% | +6.7% |
| Shanghai Dazhong Public Utilities (Group) 600635.SS | China | $1.59B | -23% | +3% | 4% | n/a | 10.6% | +4.5% |
| ONE Gas OGS | United States | $5.09B | -5% | -2% | 21% | 16.6× | n/a | n/a |
| Xinjiang Xintai Natural Gas 603393.SS | China | $1.55B | -22% | +4% | 22% | 11.1× | -8.4% | +12.3% |
| SK Gas 018670.KS | South Korea | $1.55B | -19% | +27% | 4% | 7.1× | -17.3% | +11.7% |