East Japan Railway Company

9020 東日本旅客鉄道株式会社

Land Transportation · TSE · TSE: Disclosed

PRICE: ¥3,280 · MKT CAP: ¥3.7T · P/E: 14.9x · P/B: 1.22x · DIV YIELD: 1.8%

PRICE — 5Y

Characteristics & Business Summary

The market is on downtrend, the level is pretty good. There is one major concern is that price is moving up from a known place from which price has reacted multiple times so cannot underestimate this upward movement. Maybe move SL to break even if price...

Income Statement Highlights (¥ Billion, except EPS/DPS in ¥)

Fiscal Period	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Net Sales	1,765	1,979	2,406	2,730	2,888	—	3,295
Operating Profit	-520	-154	141	345	377	414	429
Ordinary Profit	-580	-180	111	297	322	352	—
Net Profit	-578	-95	99	196	224	248	255
EPS	¥-1,531	¥-251	¥263	¥520	¥198	¥219	—
DPS	¥100	¥100	¥100	¥140	¥60	¥35	—

Balance Sheet & Valuation Highlights

Total Assets ¥10,821B

Net Assets (Equity) ¥3,060B

Equity Ratio 28.2%

ROE (Return on Equity) 8.5%

Cash & Equivalents ¥262B

Interest-Bearing Debt ¥4,770B

Capital Expenditure (CapEx) —

Depreciation & Amort. ¥429B

Major Shareholders

1. Japan Master Trust Bank 14.5%
2. Custody Bank of Japan, Ltd. (Trust Account) 4.2%
3. JR東日本グループ社員持株会 4.0%
4. Mizuho Bank 3.4%
5. Nippon Life Insurance 2.1%
6. STATE STREET BANK WEST CLIENT - TREATY 1.9%
7. State Street Bank and Trust Company 1.6%
8. Sumitomo Mitsui Banking Corporation 1.5%
9. JP MORGAN CHASE BANK 1.4%
10. Mitsubishi UFJ Trust and Banking Corporation 1.3%

Activist Activity

Mizuho Bank, Ltd. 5.15%

2026-05-12 · change

BlackRock Japan Co., Ltd. 7.22%

2025-11-18 · change

Mitsubishi UFJ Financial Group Inc. 7.21%

2024-07-29 · change

BlackRock Japan Co., Ltd. 6.15%

2023-12-05 · change

Historical Per-Share Data & Valuation Ratios

Per Share Metric	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Revenues per share	¥4,673	¥5,241	¥6,371	¥7,221	¥2,546	—	—
FCF/Share	¥-503	¥505	¥1,541	¥1,820	¥646	¥675	—
EPS	¥-1,531	¥-251	¥263	¥520	¥198	¥219	—
DPS	¥100	¥100	¥100	¥140	¥60	¥35	—
Capital Spending per share	¥0	¥0	¥0	¥0	¥0	¥0	—
Book Value per share	¥6,548	¥6,193	¥6,408	¥6,826	¥2,415	¥2,560	—
Common Shares Outstanding	378M	378M	378M	378M	1,134M	—	—

Financial Aggregates & Margins

Financial Aggregate	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Revenues (Net Sales)	¥1,765B	¥1,979B	¥2,406B	¥2,730B	¥2,888B	—	¥3,295B
Operating Margin (%)	-29.5%	-7.8%	5.8%	12.6%	13.0%	—	13.0%
Net Profit (owners)	¥-578B	¥-95B	¥99B	¥196B	¥224B	¥248B	¥255B
Net Profit Margin (%)	-32.7%	-4.8%	4.1%	7.2%	7.8%	—	7.7%
Working Capital	¥-5,461B	¥-5,766B	¥-5,801B	¥-5,840B	¥-6,052B	¥-6,341B	—
Total Debt (Interest-bearing)	¥3,522B	¥3,944B	¥4,245B	¥4,412B	¥4,441B	¥4,770B	—
Net Worth (Common Equity)	¥2,473B	¥2,338B	¥2,420B	¥2,581B	¥2,740B	¥2,904B	—
Return on Total Assets (ROA)	-6.5%	-1.0%	1.1%	2.0%	2.2%	2.3%	—
Return on Common Equity (ROE)	-23.4%	-4.1%	4.1%	7.6%	8.2%	8.5%	—

Business Summary & Analysis

Capital Strategy Targets

No active capital policy disclosure records found.