Central Japan Railway Company

東海旅客鉄道株式会社

Land Transportation

Central Japan Railway Company engages in the railway and related businesses in Japan. The company operates through Transportation, Distribution, and Real Estate segments. It operates Tokaido Shinkansen, a transportation artery that links metropolitan areas of Tokyo, Nagoya, and Osaka; and department stores within JR Central Towers, as well as bus operations. The company is also involved in sale of goods on board trains and within stations; renting real estate properties, such as station buildings; sale of real estate in condominiums; and manufacturing and maintain of railway rolling stock and machinery. In addition, it engages in hotel, travel, and advertising business. The company was incorporated in 1987 and is headquartered in Nagoya, Japan.

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Price

¥3,479

Market Cap

¥3.4T

Ent. Value

¥4.4T

Net Debt

−¥932.6B

Shares Out.

984.9M

P / E

6.1×

EV / EBIT

5.3×

⚠ TSE Capital Mandate

P / Book

0.66×

P / NCAV

N/M

Div. Yield

0.46%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	—	¥1,831.8B	¥1,710.4B	¥1,400.3B	¥935.1B
SG&A	¥216.8B	¥200.2B	¥190.7B	¥177.9B	¥159.8B
Operating Income	¥830.2B	¥702.8B	¥607.4B	¥374.5B	¥1.7B
Non-Operating Income	¥33.2B	¥28.3B	¥22.4B	¥16.2B	¥17.2B
Dividend Income	—	¥5.0B	¥4.5B	¥4.9B	¥3.8B
Interest Income	—	¥9.4B	¥3.3B	¥2.1B	¥2.4B
Non-Operating Expenses	—	¥81.8B	¥82.9B	¥83.2B	¥86.2B
Interest Expense	—	¥45.7B	¥45.4B	¥45.0B	¥44.5B
Ordinary Income	¥780.9B	¥649.3B	¥546.9B	¥307.5B	¥-67.3B
Pre-tax Income	¥779.4B	¥645.9B	¥545.3B	¥306.1B	¥-66.7B
Income Taxes	¥217.6B	¥181.5B	¥156.6B	¥84.0B	¥-17.1B
Current Tax	—	¥189.7B	¥120.5B	¥41.0B	¥5.0B
Deferred Tax	—	¥-8.2B	¥36.1B	¥43.0B	¥-22.1B
Net Income (owners)	¥552.9B	¥458.4B	¥384.4B	¥219.4B	¥-51.9B
Minority Interest	—	¥6.0B	¥4.3B	¥2.7B	¥2.3B
Comprehensive Income	—	¥464.7B	¥444.7B	¥223.6B	¥-52.1B
EBITDA	¥1,036.1B	¥910.8B	¥823.8B	¥594.1B	¥208.7B
EPS	¥570.84	¥465.88	¥390.66	¥1,114.93	¥-263.87
Shares Outstanding	—	984.9M	984.9M	197.0M	197.0M
Shares Issued (total)	—	1.03B	1.03B	206.0M	206.0M
Treasury Shares	—	45.1M	45.1M	9.0M	9.0M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥10,876.2B	¥10,323.3B	¥9,941.9B	¥9,514.4B	¥9,450.5B
Current Assets	¥1,674.8B	¥1,942.9B	¥2,791.1B	¥2,712.3B	¥2,682.8B
Cash & Deposits	¥345.7B	¥259.5B	¥741.0B	¥674.6B	¥331.7B
Trade Receivables	—	¥90.0B	¥78.2B	¥66.3B	¥54.6B
Non-Current Assets	¥9,201.3B	¥8,380.4B	¥7,150.8B	¥6,802.1B	¥6,767.8B
PP&E	¥6,371.3B	¥6,058.8B	¥5,808.9B	¥5,612.6B	¥5,407.7B
Intangible Assets	—	¥164.8B	¥160.2B	¥159.4B	¥142.1B
Investment Securities	¥538.5B	¥458.7B	¥526.1B	¥630.8B	¥772.1B
Deferred Tax Assets	—	¥165.8B	¥161.0B	¥217.5B	¥260.4B
Total Liabilities	¥5,739.5B	¥5,664.8B	¥5,718.2B	¥5,707.3B	¥5,841.3B
Current Liabilities	¥932.1B	¥782.3B	¥798.7B	¥729.5B	¥737.3B
Accounts Payable	—	¥83.4B	¥85.3B	¥79.5B	¥76.0B
ST Debt	¥143.0B	¥111.3B	¥68.3B	¥75.0B	¥118.5B
Taxes Payable	—	¥135.6B	¥106.4B	¥44.2B	¥6.4B
Non-Current Liabilities	¥4,807.5B	¥4,882.5B	¥4,919.5B	¥4,977.8B	¥5,104.0B
Total LT Borrowings	¥1,135.3B	¥1,196.8B	¥1,216.4B	¥1,243.2B	¥1,327.4B
Pension Obligations	—	¥149.1B	¥157.0B	¥182.8B	¥180.8B
Total Equity	¥5,136.6B	¥4,658.6B	¥4,223.7B	¥3,807.1B	¥3,609.3B
Capital Stock	—	¥112.0B	¥112.0B	¥112.0B	¥112.0B
Capital Surplus	—	¥54.2B	¥54.1B	¥53.5B	¥53.5B
Retained Earnings	¥4,867.0B	¥4,428.8B	¥4,000.0B	¥3,643.1B	¥3,449.3B
Treasury Stock	—	¥-103.2B	¥-103.2B	¥-103.2B	¥-103.2B
AOCI	—	¥108.7B	¥106.7B	¥53.8B	¥52.4B
Equity (owners)	¥4,902.9B	¥4,491.8B	¥4,062.9B	¥3,705.5B	¥3,511.6B
Minority Interests	—	¥58.0B	¥54.0B	¥47.9B	¥45.2B

Total Interest-Bearing Debt ⓘ	¥1,278.3B	¥1,308.1B	¥1,284.7B	¥1,318.2B	¥1,445.9B
Net Cash ⓘ	¥-932.6B	¥-1,048.6B	¥-543.7B	¥-643.6B	¥-1,114.3B
NCAV ⓘ	¥-4,064.7B	¥-3,721.9B	¥-2,927.1B	¥-2,995.0B	¥-3,158.5B
NCAV/Share	—	¥-3,779	¥-2,972	¥-15,204	¥-16,034
BV/Share	—	¥4,561	¥4,125	¥18,811	¥17,827

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥748.2B	¥624.5B	¥672.9B	¥486.7B	¥71.7B
Interest Paid	—	¥-79.1B	¥-78.8B	¥-78.9B	¥-78.8B
Interest Received	—	¥10.5B	¥6.7B	¥7.0B	¥6.1B
D&A	¥205.9B	¥208.0B	¥216.4B	¥219.6B	¥207.0B
Investing CF	¥-621.4B	¥-956.0B	¥-436.6B	¥-175.0B	¥-153.0B
CapEx	¥493.3B	¥452.6B	¥391.3B	¥427.2B	¥450.6B
Purchase Investments	—	¥-800M	¥-4.7B	¥-3.5B	¥-2M
Financing CF	¥-150.9B	¥-95.5B	¥-125.1B	¥-220.6B	¥-19.2B
Dividends Paid	—	¥-29.6B	¥-27.6B	¥-25.6B	¥-25.6B
Share Buybacks	—	¥0M	¥-1M	¥0M	¥0M
LT Debt Repaid	—	¥-36.2B	¥-47.7B	¥-87.8B	¥-62.2B
Free Cash Flow	¥254.8B	¥172.0B	¥281.6B	¥59.5B	¥-378.8B
Net Change in Cash	—	¥-427.0B	¥111.2B	¥91.1B	¥-100.5B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	11.3%	10.5%	9.7%	6.0%	-1.4%
ROA	5.2%	4.5%	4.0%	2.3%	-0.5%
EPS	¥570.84	¥465.88	¥390.66	¥1,114.93	¥-263.87
DPS	¥16.00	¥31.00	¥85.00	¥135.00	¥130.00
BPS	¥5,306.02	¥4,675.36	¥4,237.48	¥19,101.99	¥18,110.23
FCF/Share	—	¥175	¥286	¥302	¥-1,923
NCAV/Share	—	¥-3,779	¥-2,972	¥-15,204	¥-16,034
Payout Ratio	2.8%	6.7%	21.8%	12.1%	—

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 7

Date	Activist	Stake	Event	Flag	Demands
2026-02-03	BlackRock Japan Co., Ltd.	6.45% +1.0%	change	Passive	—
2025-09-19	Sumitomo Mitsui Trust Bank,Limited	5.26% +0.03%	change	Passive	—
2025-09-04	Sumitomo Mitsui Trust Bank,Limited	5.23%	change	Passive	—
2024-07-29	Mitsubishi UFJ Financial Group Inc.	7.47% -0.05%	change	Passive	—
2024-04-15	Mitsubishi UFJ Financial Group Inc.	7.52%	change	Passive	—
2024-02-22	Mizuho Bank, Ltd.	5.04%	change	Passive	—
2023-06-06	BlackRock Japan Co., Ltd.	5.45%	initial_5pct	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-04-28 15:30	Buyback	¥20.0B 0.7%	JR Tokai's board resolved on April 28, 2026 to repurchase up to 6.5 million shares (0.68% of outstanding) for a maximum …
Summary JR Tokai's board resolved on April 28, 2026 to repurchase up to 6.5 million shares (0.68% of outstanding) for a maximum of ¥20 billion through market purchases on the Tokyo Stock Exchange between May 1 and July 31, 2026. All repurchased shares will be cancelled effective August 31, 2026, aimed at enhancing shareholder returns and improving capital efficiency. Deadline: 2026-07-31 % of Shares: 0.7% Shares: 6,500,000 Source (JP) 自己株式取得に係る事項を決議するとともに、会社法第178条の規定に基づき、自己株式の消却に係る事項を決議しました。株主還元の充実および資本効率の向上を図るため。自己株式取得に係る事項の決定および自己株式の消却に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	Japan Master Trust Bank 日本マスタートラスト信託銀行株式会社（信託口）	115,596,500	11.74%
2	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	68,316,050	6.94%
3	野村信託銀行株式会社（退職給付信託三菱ＵＦＪ銀行口）	35,625,000	3.62%
4	Mizuho Bank 株式会社みずほ銀行	28,757,500	2.92%
5	Nippon Life Insurance 日本生命保険相互会社	25,000,000	2.54%
6	STATE STREET BANK WEST CLIENT-TREATY 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）	17,792,800	1.81%
7	MUFG Bank 株式会社三菱ＵＦＪ銀行	17,390,500	1.77%
8	Norinchukin Bank 農林中央金庫	16,750,000	1.70%
9	Employee Stock Ownership Plan ＪＲ東海社員持株会	15,986,800	1.62%
10	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）	13,032,920	1.32%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

18.7%

+1.1% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

3.1%

+1.3% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

14.2%

-2.5% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行		11.87%	11.46%	11.74% +0.28%
Japan Custody Bank 日本カストディ銀行		6.25%	6.16%	6.94% +0.78%
野村信託銀行株式会社（退職給付信託三菱ＵＦＪ銀行口）		3.62%	3.62%	3.62%
Mizuho Bank みずほ銀行		3.98%	3.43%	2.92% -0.51%
Nippon Life Insurance 日本生命保険		2.54%	2.54%	2.54%
State Street		1.45%	1.84%	1.81% -0.03%
MUFG Bank 式会社三菱ＵＦＪ銀行		2.78%	2.27%	1.77% -0.50%
Norinchukin Bank 農林中央金庫		1.70%	1.70%	1.70%
Employee Stock Ownership Plan ＪＲ東海社員持株会		1.59%	1.55%	1.62% +0.07%
JP Morgan NEW ENTRY	—	—	—	1.32% NEW
GOVERNMENT OF NORWAY last seen 2024	Exited Top 10	—	1.59%	—
三井住友銀行 last seen 2023	Exited Top 10	1.27%	—	—
Concentration (HHI) ⓘ		232	217	228

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

Portfolio Book Value ¥189,831M +25% since 2023

Holdings 49 +14 new 18 exited

Trend 1 unwinding vs 2023

Held Company	FY2025 ¥189,831M total		FY2023 ¥151,680M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Mitsubishi Heavy Industries,Ltd. 三菱重工業株式会社（注２）	29,076	NEW New 11,511,000	—		M
Mitsubishi Electric Corporation 三菱電機株式会社	17,878	6,573,000	10,375	6,573,000	M
Mitsubishi UFJ Financial Group, Inc. 株式会社三菱ＵＦＪフィナンシャル・グループ	17,870	8,886,620	7,534	8,886,620
ORIENTAL LAND CO.,LTD. 株式会社オリエンタルランド	17,561	+400.0% ↑ 5,963,000	27,000	1,192,600	M
Nabtesco Corporation ナブテスコ株式会社	11,947	5,171,000	16,754	5,171,000	M
Tokio Marine Holdings, Inc. 東京海上ホールディングス株式会社	9,493	NEW New 1,655,160	—
East Japan Railway Company 東日本旅客鉄道株式会社（注４）	9,293	NEW New 3,148,200	—		M
Kyushu Railway Company 九州旅客鉄道株式会社	7,584	2,077,900	6,127	2,077,900	M
NIPPON STEEL CORPORATION 日本製鉄株式会社	7,201	2,253,900	7,032	2,253,900	M
Sumitomo Realty & Development Co.,Ltd. 住友不動産株式会社	5,373	960,800	2,865	960,800	M
West Japan Railway Company 西日本旅客鉄道株式会社（注５）	5,030	NEW New 1,725,000	—		M
MS&AD Insurance Group Holdings, Inc. ＭＳ＆ＡＤインシュアランスグループホールディングス株式会社（注６）	4,647	NEW New 1,441,077	—
SEIBU HOLDINGS INC. 株式会社西武ホールディングス	4,362	1,321,200	1,795	1,321,200
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７）	4,020	NEW New 1,059,348	—
Mitsubishi Estate Company, Limited 三菱地所株式会社	3,871	1,592,000	2,509	1,592,000	M
Mizuho Financial Group, Inc. 株式会社みずほフィナンシャルグループ	3,844	-63.4% ↓ 949,092	4,876	2,596,539
TOHO GAS CO.,LTD. 東邦瓦斯株式会社	3,501	846,500	2,084	846,500	M
ASAHI GROUP HOLDINGS,LTD. アサヒグループホールディングス株式会社（注８）	3,367	NEW New 1,761,000	—
Takashimaya Company,Limited 株式会社髙島屋（注９）	3,360	NEW New 2,777,000	—		M
MEIKO CONSTRUCTION CO.,LTD. 名工建設株式会社	2,772	2,139,500	2,436	2,139,500	M
Keio Corporation 京王電鉄株式会社	2,445	642,500	2,984	642,500	M
Sompo Holdings, Inc. ＳＯＭＰＯホールディングス株式会社（注10）	2,248	NEW New 497,250	—
OKAYA&CO.,LTD. 岡谷鋼機株式会社（注11）	1,278	NEW New 183,200	—		M
Aichi Financial Group Co., Ltd. 株式会社あいちフィナンシャルグループ	1,180	NEW New 413,170	—
Electric Power Development Co., Ltd. 電源開発株式会社	1,068	421,920	899	421,920	M
Kyosan Electric Manufacturing Co.,Ltd. 株式会社京三製作所	961	1,965,300	835	1,965,300	M
Keikyu Corporation 京浜急行電鉄株式会社	899	594,800	748	594,800	M
Nippon Signal Company,Limited 日本信号株式会社	807	902,500	958	902,500	M
Chubu Electric Power Company,Incorporated 中部電力株式会社	754	464,700	650	464,700	M
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ株式会社	627	NEW New 168,800	—
Nagoya Railway Co. 名古屋鉄道株式会社	586	336,300	687	336,300	M
Suruga Bank Ltd. スルガ銀行株式会社	583	434,000	201	434,000	M
Shizuoka Financial Group, Inc. 株式会社しずおかフィナンシャルグループ	568	350,000	332	350,000
第一生命ホールディングス株式会社	506	111,800	272	111,800
TOTO LTD. ＴＯＴＯ株式会社	506	NEW New 130,000	—		M
Juroku Financial Group, Inc. 株式会社十六フィナンシャルグループ	416	86,300	243	86,300
TEKKEN CORPORATION 鉄建建設株式会社	374	150,000	271	150,000	M
The Hyakugo Bank, Ltd. 株式会社百五銀行	299	407,000	150	407,000	M
Odakyu Electric Railway Co.,Ltd 小田急電鉄株式会社	291	197,100	339	197,100	M
KYB Corporation カヤバ株式会社（注12）	283	NEW New 96,400	—		M
San ju San Financial Group,Inc 株式会社三十三フィナンシャルグループ	256	108,310	171	108,310
The Bank of Nagoya, Ltd. 株式会社名古屋銀行	254	32,400	102	32,400	M
株式会社八十二銀行	251	238,000	136	238,000	M
The Yamanashi Chuo Bank,Ltd. 株式会社山梨中央銀行	147	68,400	78	68,400	M
The Ogaki Kyoritsu Bank, Ltd. 株式会社大垣共立銀行	128	54,200	96	54,200	M
THE SHIMIZU BANK,LTD. 株式会社清水銀行	66	44,000	63	44,000	M
株式会社愛知銀行（注４）	—		—		M
Tokyo Electric Power Company Holdings, Incorporated 東京電力ホールディングス株式会社	—		—
The Chukyo Bank, Limited 株式会社中京銀行（注４）	—		—		M
TOYOTA MOTOR CORPORATION トヨタ自動車株式会社	—	−100% Exit —	9,400	5,000,000	M
East Japan Railway Company 東日本旅客鉄道株式会社	—	−100% Exit —	7,697	1,049,400	M
Mitsubishi Heavy Industries,Ltd. 三菱重工業株式会社	—	−100% Exit —	5,612	1,151,100	M
West Japan Railway Company 西日本旅客鉄道株式会社	—	−100% Exit —	4,706	862,500	M
Tokio Marine Holdings, Inc. 東京海上ホールディングス株式会社（注３）	—	−100% Exit —	4,215	1,655,160
TOSHIBA CORPORATION 株式会社東芝	—	−100% Exit —	3,002	675,400	M
ASAHI GROUP HOLDINGS,LTD. アサヒグループホールディングス株式会社	—	−100% Exit —	2,890	587,000
Takashimaya Company,Limited 株式会社髙島屋	—	−100% Exit —	2,683	1,388,500	M
MS&AD Insurance Group Holdings, Inc. ＭＳ＆ＡＤインシュアランスグループホールディングス株式会社	—	−100% Exit —	1,972	480,359
Sumitomo Mitsui Financial Group, Inc. 株式会社三井住友フィナンシャルグループ	—	−100% Exit —	1,870	353,116
JAPAN TOBACCO INC. 日本たばこ産業株式会社	—	−100% Exit —	1,399	500,000	M
ジェイエフイーホールディングス株式会社	—	−100% Exit —	1,065	634,700
OKAYA&CO.,LTD. 岡谷鋼機株式会社	—	−100% Exit —	949	91,600	M
Aichi Financial Group Co., Ltd. 株式会社あいちフィナンシャルグループ（注４）	—	−100% Exit —	888	413,170
Sompo Holdings, Inc. ＳＯＭＰＯホールディングス株式会社	—	−100% Exit —	870	165,750
三井住友トラスト・ホールディングス株式会社	—	−100% Exit —	383	84,400
株式会社コンコルディア・フィナンシャルグループ	—	−100% Exit —	284	584,000
ＫＹＢ株式会社	—	−100% Exit —	193	48,200	M
Portfolio total	189,831		151,680

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