West Japan Railway Company

西日本旅客鉄道株式会社

Land Transportation

West Japan Railway Company, together with its subsidiaries, engages in the railway operation business in Japan. It operates through five segments: Mobility, Distribution, Real Estate, Travel and Regional Solutions, and Others. The company offers rail passenger transportation services; sells various goods through stores inside the train stations, including convenience stores, restaurants, and souvenir shops; and develops and operates shopping centers and hotels, as well as leases and sells condominiums and other properties. It is also involved in travel arrangement services, such as train reservations, issuance of hotel vouchers, and sale of package tours, as well as tourism promotion; credit cards and electronic money; construction and electrical construction; advertising; department store business; and spatial information consulting. The company was incorporated in 1987 and is based in Kita, Japan.

← Companies

Price

¥2,628

Market Cap

¥1.2T

Ent. Value

¥2.5T

Net Debt

−¥1.3T

Shares Out.

469.9M

P / E

9.5×

EV / EBIT

12.7×

P / Book

0.99×

P / NCAV

N/M

Div. Yield

1.71%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	—	¥1,707.9B	¥1,635.0B	¥1,395.5B	¥1,031.1B
SG&A	¥264.2B	¥238.0B	¥215.7B	¥184.7B	¥162.3B
Operating Income	¥198.1B	¥180.2B	¥179.7B	¥84.0B	¥-119.1B
Non-Operating Income	¥9.5B	¥10.3B	¥10.0B	¥13.2B	¥23.6B
Dividend Income	—	¥1.3B	¥879M	¥997M	¥3.2B
Interest Income	—	¥65M	¥57M	¥41M	¥101M
Non-Operating Expenses	—	¥24.8B	¥22.3B	¥23.5B	¥25.6B
Interest Expense	—	¥19.5B	¥20.1B	¥20.8B	¥21.4B
Ordinary Income	¥183.7B	¥165.7B	¥167.4B	¥73.6B	¥-121.0B
Pre-tax Income	¥178.9B	¥164.5B	¥145.2B	¥72.9B	¥-105.6B
Income Taxes	¥45.9B	¥45.9B	¥40.8B	¥-21.0B	¥5.2B
Current Tax	—	¥17.1B	¥17.1B	¥14.4B	¥11.4B
Deferred Tax	—	¥28.8B	¥23.7B	¥-35.4B	¥-6.2B
Net Income (owners)	¥127.5B	¥114.0B	¥98.8B	¥88.5B	¥-113.2B
Minority Interest	—	¥4.6B	¥5.6B	¥5.3B	¥2.4B
Comprehensive Income	—	¥141.2B	¥110.1B	¥96.0B	¥-112.2B
EBITDA	¥375.9B	¥349.5B	¥343.1B	¥243.6B	¥43.0B
Goodwill Amort. (J-GAAP)	—	—	—	—	¥1.2B
EPS	¥277.73	¥240.08	¥202.63	¥363.26	¥-516.06
Shares Outstanding	—	469.9M	243.4M	243.4M	243.6M
Shares Issued (total)	—	471.0M	244.0M	244.0M	244.0M
Treasury Shares	—	1.1M	0.6M	0.6M	0.4M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥3,986.7B	¥3,752.4B	¥3,777.9B	¥3,735.5B	¥3,702.4B
Current Assets	¥803.8B	¥617.3B	¥701.0B	¥716.5B	¥718.0B
Cash & Deposits	¥181.1B	¥125.6B	¥233.5B	¥290.1B	¥319.8B
Non-Current Assets	¥3,183.0B	¥3,135.1B	¥3,076.8B	¥3,018.3B	¥2,983.2B
PP&E	¥2,778.6B	¥2,713.2B	¥2,633.4B	¥2,581.2B	¥2,609.8B
Intangible Assets	—	¥50.6B	¥46.5B	¥49.3B	¥31.3B
Investment Securities	¥157.2B	¥138.8B	¥127.9B	¥102.0B	¥97.5B
Deferred Tax Assets	—	¥170.9B	¥207.2B	¥232.9B	¥198.0B
Total Liabilities	¥2,649.5B	¥2,472.2B	¥2,553.0B	¥2,591.2B	¥2,628.2B
Current Liabilities	¥777.3B	¥698.6B	¥710.2B	¥658.5B	¥575.9B
Accounts Payable	—	¥66.0B	¥59.9B	¥66.0B	¥57.1B
ST Debt	¥56.4B	¥99.4B	¥96.4B	¥57.0B	¥85.8B
Taxes Payable	—	¥15.1B	¥13.4B	¥13.6B	¥9.5B
Non-Current Liabilities	¥1,872.2B	¥1,773.6B	¥1,842.8B	¥1,932.7B	¥2,052.3B
Total LT Borrowings	¥1,404.2B	¥1,288.4B	¥1,319.8B	¥1,417.5B	¥1,528.4B
Pension Obligations	—	¥170.6B	¥211.6B	¥223.3B	¥238.1B
Deferred Tax Liab.	—	¥2.4B	¥1.8B	¥1.5B	¥1.1B
Total Equity	¥1,337.2B	¥1,280.2B	¥1,225.0B	¥1,144.3B	¥1,074.2B
Capital Stock	—	¥226.1B	¥226.1B	¥226.1B	¥226.1B
Capital Surplus	—	¥184.0B	¥183.9B	¥183.9B	¥183.8B
Retained Earnings	¥754.7B	¥720.8B	¥692.5B	¥626.1B	¥561.9B
Treasury Stock	—	¥-1.3B	¥-1.3B	¥-1.4B	¥-482M
AOCI	—	¥27.0B	¥4.6B	¥-295M	¥-2.4B
Equity (owners)	¥1,163.6B	¥1,129.7B	¥1,101.3B	¥1,034.8B	¥971.3B
Minority Interests	—	¥123.5B	¥119.1B	¥109.8B	¥105.3B

Total Interest-Bearing Debt ⓘ	¥1,460.6B	¥1,387.8B	¥1,416.3B	¥1,474.5B	¥1,614.2B
Net Cash ⓘ	¥-1,279.5B	¥-1,262.2B	¥-1,182.8B	¥-1,184.4B	¥-1,294.4B
NCAV ⓘ	¥-1,845.8B	¥-1,854.9B	¥-1,852.0B	¥-1,874.7B	¥-1,910.2B
NCAV/Share	—	¥-3,947	¥-7,608	¥-7,702	¥-7,842
BV/Share	—	¥2,404	¥4,524	¥4,251	¥3,988

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥361.6B	¥281.4B	¥318.3B	¥274.0B	¥-86.5B
Interest Paid	—	¥-19.3B	¥-19.9B	¥-20.6B	¥-21.2B
Interest Received	—	¥1.3B	¥934M	¥1.0B	¥3.3B
D&A	¥177.8B	¥169.4B	¥163.3B	¥159.7B	¥160.9B
Goodwill Amort.	—	—	—	—	¥1.2B
Investing CF	¥-253.7B	¥-263.1B	¥-243.7B	¥-214.9B	¥-188.7B
Purchase Investments	—	¥-10.2B	¥-22.3B	¥-2.4B	¥-1.8B
Proceeds from Invest.	—	¥120M	¥1.4B	¥700M	¥1.6B
Financing CF	¥75M	¥-126.2B	¥-131.6B	¥-88.8B	¥384.7B
Dividends Paid	—	¥-38.0B	¥-32.3B	¥-24.4B	¥-23.2B
Share Buybacks	—	¥-50.0B	¥-1M	¥-963M	¥0M
LT Debt Repaid	—	¥-83.5B	¥-39.5B	¥-71.6B	¥-37.0B
Free Cash Flow	¥361.6B	¥281.4B	¥318.3B	¥274.0B	¥-86.5B
Net Change in Cash	—	¥-107.8B	¥-57.0B	¥-29.7B	¥109.5B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	9.7%	10.1%	9.2%	8.8%	-10.5%
ROA	3.3%	3.0%	2.6%	2.4%	-3.1%
EPS	¥277.73	¥240.08	¥202.63	¥363.26	¥-516.06
DPS	¥45.00	¥84.50	¥142.00	¥125.00	¥100.00
BPS	¥2,653.81	¥2,458.45	¥2,268.88	¥4,245.13	¥3,973.15
FCF/Share	—	¥599	¥1,308	¥1,126	¥-355
NCAV/Share	—	¥-3,947	¥-7,608	¥-7,702	¥-7,842
Payout Ratio	16.2%	35.2%	70.1%	34.4%	—

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 3

Date	Activist	Stake	Event	Flag	Demands
2025-09-19	Sumitomo Mitsui Trust Bank,Limited	5.89%	change	Passive	—
2024-07-29	Mitsubishi UFJ Financial Group Inc.	5.88%	change	Passive	—
2024-01-05	BlackRock Japan Co., Ltd.	7.04%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-04-30 15:30	Div Increase	¥23.9B ¥52.5/sh +11%	JR West West Japan Railway Co.) announced a final dividend increase of ¥52.50 per share for the fiscal year ending March…
Summary JR West West Japan Railway Co.) announced a final dividend increase of ¥52.50 per share for the fiscal year ending March 31, 2026, up ¥7.00 from the February forecast of ¥45.50, representing a 10.5% increase YoY from ¥47.50 in the prior year. Combined with the interim dividend of ¥45.00, the total annual dividend reaches ¥97.50 per share, totaling ¥23.9 billion, aligned with the Company medium-term plan targeting a dividend payout ratio of 35% or higher. Deadline: 2026-06-19 YoY: +11% Source (JP) 期末配当につきましては、当期の業績を踏まえて、２月に公表した１株当たり配当予想 45 円 50 銭を 7 円 00 銭増額し、52 円 50 銭とさせていただく予定です。これにより年間配当は、実施済みの中間配当１株あたり 45 円 00 銭とあわせ、97 円 50 銭となる予定です。剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行株式会社(信託口)	71,456,800	15.18%
2	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行(信託口)	21,977,700	4.67%
3	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人株式会社みずほ銀行決済営業部)	10,564,513	2.24%
4	State Street Bank and Trust Company STATE STREET BANK WEST CLIENT – TREATY 505234 (常任代理人株式会社みずほ銀行決済営業部)	9,951,480	2.11%
5	株式会社三井住友銀行	8,960,000	1.90%
6	株式会社三菱UFJ銀行	8,820,000	1.87%
7	日本生命保険相互会社	8,000,000	1.70%
8	JPMorgan Chase Bank, N.A. JP MORGAN CHASE BANK 385781 (常任代理人株式会社みずほ銀行決済営業部)	6,528,130	1.39%
9	JR西日本社員持株会	6,170,800	1.31%
10	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505301 (常任代理人株式会社みずほ銀行決済営業部)	4,454,597	0.95%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

19.9%

+0.5% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

6.7%

+2.4% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

6.8%

-0.8% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
日本マスタートラスト信託銀行		16.11%	14.26%	15.18% +0.92%
State Street		2.98%	2.94%	5.30% +2.36%
日本カストディ銀行		5.35%	5.08%	4.67% -0.41%
三井住友銀行		1.84%	1.84%	1.90% +0.06%
三菱UFJ銀行		1.81%	1.81%	1.87% +0.06%
日本生命保険		1.64%	1.64%	1.70% +0.06%
JP Morgan		1.27%	1.32%	1.39% +0.07%
JR西日本社員持株会		1.43%	1.36%	1.31% -0.05%
GOVERNMENT OF NORWAY last seen 2024	Exited Top 10	—	0.97%	—
JPモルガン証券 last seen 2023	Exited Top 10	0.89%	—	—
Concentration (HHI) ⓘ		311	252	294

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥32,309M +30% since 2023

Holdings 11 +4 new 4 exited

Trend 1 building vs 2023

Held Company	FY2025 ¥32,309M total		FY2023 ¥24,925M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Kyushu Railway Company 九州旅客鉄道株式会社	7,198	1,972,100	5,815	1,972,100	M
East Japan Railway Company 東日本旅客鉄道株式会社(注４)	6,243	NEW New 2,115,000	—		M
Central Japan Railway Company 東海旅客鉄道株式会社	4,807	+400.0% ↑ 1,684,500	5,326	336,900	M
Mitsubishi UFJ Financial Group, Inc. 株式会社三菱UFJフィナンシャル・グループ	4,112	NEW New 2,045,100	—		M
Sumitomo Mitsui Financial Group, Inc. 株式会社三井住友フィナンシャルグループ(注５)	3,254	NEW New 857,520	—		M
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ株式会社	2,778	NEW New 746,906	—		M
Nippon Signal Company,Limited 日本信号株式会社(注１)	1,834	2,050,200	2,177	2,050,200	M
Isetan Mitsukoshi Holdings Ltd. 株式会社三越伊勢丹ホールディングス(注１)	1,069	500,000	741	500,000	M
THE KINKI SHARYO CO.,LTD. 近畿車輛株式会社(注１)	519	345,400	510	345,400	M
Resona Holdings, Inc. 株式会社りそなホールディングス(注１)	385	299,300	191	299,300	M
Mizuho Financial Group, Inc. 株式会社みずほフィナンシャルグループ(注１)	110	27,400	51	27,400	M
East Japan Railway Company 東日本旅客鉄道株式会社	—	−100% Exit —	5,171	705,000	M
Mitsubishi UFJ Financial Group, Inc. 株式会社三菱UFJフィナンシャル・グループ (注１)	—	−100% Exit —	1,734	2,045,100	M
三井住友トラスト・ホールディングス株式会社(注１)	—	−100% Exit —	1,695	373,453	M
Sumitomo Mitsui Financial Group, Inc. 株式会社三井住友フィナンシャルグループ(注１)	—	−100% Exit —	1,514	285,840	M
Portfolio total	32,309		24,925

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding