Nishi-Nippon Railroad Co.,Ltd.

西日本鉄道株式会社

Industrials · Railroads

Nishi-Nippon Railroad Co., Ltd. engages in the transportation business in Japan and internationally. It operates through five segments: Transportation, Real Estate, Retail, Logistics, and Leisure and Services. The company is involved in railway and bus business; real estate rental and sale business, and overseas development projects; Retail includes the Supermarkets/liquor stores business; Global Logistics business; developing agricultural and Intrapreneur business projects, as well as operates city hotels, accommodation-focused hotels, and upgraded accommodation-focused hotels; the amusement park and the aquarium. Nishi-Nippon Railroad Co., Ltd. was founded in 1908 and is headquartered in Fukuoka City, Japan.

← Companies

Price

¥2,816

Market Cap

¥219.3B

Ent. Value

¥515.4B

Net Debt

−¥296.1B

Shares Out.

77.9M

P / E

6.7×

EV / EBIT

17.1×

P / Book

0.75×

P / NCAV

N/M

Div. Yield

0.89%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥474.2B	—	—	—	—
SG&A	¥32.7B	¥31.4B	¥30.2B	¥30.0B	¥29.0B
Operating Income	¥30.2B	¥26.7B	¥25.9B	¥26.1B	¥10.5B
Non-Operating Income	¥10.5B	¥5.3B	¥4.5B	¥4.6B	¥6.2B
Dividend Income	—	¥1.5B	¥1.7B	¥1.2B	¥1.1B
Interest Income	—	¥740M	¥613M	¥257M	¥38M
Non-Operating Expenses	—	¥3.2B	¥5.9B	¥2.9B	¥2.7B
Interest Expense	—	¥2.7B	¥2.3B	¥2.2B	¥2.2B
Ordinary Income	¥37.2B	¥28.7B	¥24.5B	¥27.9B	¥14.0B
Pre-tax Income	¥46.2B	¥30.9B	¥39.4B	¥27.6B	¥16.1B
Income Taxes	¥13.3B	¥9.4B	¥13.8B	¥8.1B	¥5.2B
Current Tax	—	¥9.6B	¥8.1B	¥6.9B	¥3.3B
Deferred Tax	—	¥-219M	¥5.8B	¥1.2B	¥1.9B
Net Income (owners)	¥32.2B	¥20.8B	¥24.7B	¥18.4B	¥9.9B
Minority Interest	—	¥698M	¥858M	¥1.2B	¥1.1B
Comprehensive Income	—	¥26.9B	¥39.1B	¥26.0B	¥12.2B
EBITDA	¥54.1B	¥46.8B	¥44.2B	¥44.7B	¥30.0B
Goodwill Amort. (J-GAAP)	—	¥42M	¥38M	¥174M	¥168M
EPS	¥423.28	¥267.21	¥314.00	¥233.10	¥125.31
Shares Outstanding	—	77.9M	79.1M	79.1M	79.0M
Shares Issued (total)	—	79.4M	79.4M	79.4M	79.4M
Treasury Shares	—	1.5M	0.3M	0.3M	0.3M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥820.9B	¥782.1B	¥727.0B	¥685.8B	¥734.5B
Current Assets	¥220.2B	¥217.7B	¥208.8B	¥219.7B	¥211.4B
Cash & Deposits	¥46.9B	¥51.3B	¥69.6B	¥72.8B	¥70.8B
Trade Receivables	—	¥63.3B	¥49.1B	¥59.5B	¥59.1B
Non-Current Assets	¥600.7B	¥564.4B	¥518.2B	¥466.1B	¥523.1B
PP&E	¥467.6B	¥457.6B	¥416.1B	¥373.2B	¥437.9B
Goodwill	—	¥298M	¥305M	¥321M	¥429M
Intangible Assets	—	¥4.6B	¥4.0B	¥3.8B	¥4.0B
Investment Securities	¥77.9B	¥64.7B	¥68.5B	¥56.2B	¥47.5B
Deferred Tax Assets	—	¥2.1B	¥2.2B	¥8.2B	¥11.7B
Total Liabilities	¥527.8B	¥526.1B	¥491.2B	¥483.9B	¥555.4B
Current Liabilities	¥163.5B	¥157.1B	¥170.8B	¥144.4B	¥198.4B
Accounts Payable	—	¥55.5B	¥65.0B	¥43.6B	¥39.1B
ST Debt	¥44.8B	¥48.1B	¥47.2B	¥49.2B	¥48.9B
Taxes Payable	—	¥5.7B	¥6.0B	¥2.9B	¥1.5B
Non-Current Liabilities	¥364.3B	¥369.0B	¥320.3B	¥339.5B	¥357.0B
Total LT Borrowings	¥298.2B	¥310.1B	¥259.7B	¥278.7B	¥298.9B
Pension Obligations	—	¥12.7B	¥16.8B	¥22.0B	¥22.9B
Deferred Tax Liab.	—	¥4.3B	¥4.0B	¥109M	¥1.6B
Total Equity	¥293.0B	¥256.0B	¥235.8B	¥201.9B	¥179.1B
Capital Stock	—	¥26.2B	¥26.2B	¥26.2B	¥26.2B
Capital Surplus	—	¥12.1B	¥12.1B	¥12.6B	¥12.6B
Retained Earnings	¥211.1B	¥182.6B	¥164.9B	¥143.2B	¥127.4B
Treasury Stock	—	¥-4.5B	¥-1.6B	¥-1.2B	¥-1.3B
AOCI	—	¥32.6B	¥27.4B	¥14.0B	¥7.7B
Equity (owners)	¥240.9B	¥216.4B	¥201.7B	¥180.8B	¥164.9B
Minority Interests	—	¥6.8B	¥6.5B	¥6.8B	¥6.1B

Total Interest-Bearing Debt ⓘ	¥343.0B	¥358.2B	¥306.8B	¥327.9B	¥347.8B
Net Cash ⓘ	¥-296.1B	¥-306.8B	¥-237.2B	¥-255.1B	¥-277.0B
NCAV ⓘ	¥-307.6B	¥-308.4B	¥-282.4B	¥-264.2B	¥-344.0B
NCAV/Share	—	¥-3,961	¥-3,570	¥-3,341	¥-4,353
BV/Share	—	¥2,779	¥2,550	¥2,286	¥2,087

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥38.6B	¥15.6B	¥62.2B	¥43.8B	¥30.6B
Interest Paid	—	¥-2.4B	¥-2.1B	¥-2.1B	¥-2.1B
Interest Received	—	¥2.8B	¥3.3B	¥1.8B	¥4.2B
D&A	¥23.9B	¥20.1B	¥18.3B	¥18.4B	¥19.4B
Goodwill Amort.	—	¥42M	¥38M	¥174M	¥168M
Investing CF	¥-30.3B	¥-74.5B	¥-42.0B	¥-24.6B	¥-10.3B
Purchase Investments	—	¥-937M	¥-4.0B	¥-6.1B	¥-5.3B
Proceeds from Invest.	—	¥5.4B	¥2.0B	¥1.8B	¥205M
Financing CF	¥-13.3B	¥39.2B	¥-26.0B	¥-19.2B	¥-1.7B
Dividends Paid	—	¥-3.1B	¥-3.0B	¥-2.6B	¥-2.0B
Share Buybacks	—	¥-3.0B	¥-513M	¥-8M	¥-220M
LT Debt Repaid	—	¥-23.8B	¥-24.9B	¥-24.6B	¥-18.8B
Free Cash Flow	¥38.6B	¥15.6B	¥62.2B	¥43.8B	¥30.6B
Net Change in Cash	—	¥-18.3B	¥-3.8B	¥1.9B	¥19.6B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	11.7%	8.7%	11.7%	10.0%	5.9%
ROA	4.0%	2.8%	3.5%	2.6%	1.3%
EPS	¥423.28	¥267.21	¥314.00	¥233.10	¥125.31
DPS	¥25.00	¥40.00	¥40.00	¥35.00	¥30.00
BPS	¥3,759.40	¥3,214.37	¥2,910.74	¥2,471.07	¥2,191.06
FCF/Share	—	¥200	¥787	¥554	¥387
NCAV/Share	—	¥-3,961	¥-3,570	¥-3,341	¥-4,353
Payout Ratio	5.9%	15.0%	12.7%	15.0%	23.9%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 2

Date	Activist	Stake	Event	Flag	Demands	Source
2024-07-22	Nippon Life Insurance Company	4.08%	change	Passive	—
2023-10-02	Fukuoka Financial Group, Inc.	5.28%	initial_5pct	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-14 16:00	Div Increase	¥3.4B ¥45.0/sh +100%	Nishi-Nippon Railroad (Nitetsu) announced a significant dividend increase of 45 yen per share for the fiscal year ending…
Summary Nishi-Nippon Railroad (Nitetsu) announced a significant dividend increase of 45 yen per share for the fiscal year ending March 31, 2026, up 100% from the prior year's 22.5 yen and 80% higher than the November 2025 forecast of 25 yen. The total dividend payout is 3.414 billion yen, with the dividend record date of March 31, 2026 and payment date of June 29, 2026. This represents a full-year dividend of 70 yen per share, versus 40 yen in the prior fiscal year. Deadline: 2026-06-29 YoY: +100% Source (JP) 当期の期末配当金につきましては、1株当たり25円00銭としておりましたが、通期の業績、財務状況等を総合的に勘案した結果、20円引き上げ45円00銭とすることといたしました。剰余金の配当に関するお知らせ 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）	7,357	9.45%
2	THE BANK OF FUKUOKA, LTD. 株式会社福岡銀行	3,861	4.96%
3	株式会社西日本シティ銀行	3,009	3.87%
4	Nippon Life Insurance 日本生命保険相互会社	2,235	2.87%
5	Meiji Yasuda Life Insurance 明治安田生命保険相互会社	1,889	2.43%
6	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	1,540	1.98%
7	Mizuho Bank 株式会社みずほ銀行	1,122	1.44%
8	Dai-ichi Life Insurance 第一生命保険株式会社	1,051	1.35%
9	JP MORGAN CHASE BANK JP MORGAN CHASE BANK 385781	1,031	1.32%
10	Sompo Japan Insurance Inc. 損害保険ジャパン株式会社	952	1.22%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

11.4%

+0.3% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

1.3%

-0.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

18.1%

-1.1% vs 2024

Named entities with disclosed investment intent

Shareholder	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行	8.72%	8.22%	9.45% +1.23%
THE BANK OF FUKUOKA, LTD. 式会社福岡銀行	4.91%	4.91%	4.96% +0.05%
式会社西日本シティ銀行	3.81%	3.80%	3.87% +0.07%
Nippon Life Insurance 日本生命保険	4.24%	4.24%	2.87% -1.37%
Meiji Yasuda Life Insurance 明治安田生命保険	2.39%	2.39%	2.43% +0.04%
Japan Custody Bank 日本カストディ銀行	3.34%	2.90%	1.98% -0.92%
Mizuho Bank みずほ銀行	1.42%	1.42%	1.44% +0.02%
Dai-ichi Life Insurance 第一生命保険	1.71%	1.33%	1.35% +0.02%
JP Morgan	1.22%	1.33%	1.32% -0.01%
Sompo Japan Insurance Inc. 損害保険ジャパン	1.20%	1.20%	1.22% +0.02%
Concentration (HHI) ⓘ	157	145	154

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

Portfolio Book Value ¥27,826M +21% since 2023

Holdings 39 +6 new 10 exited

Trend 1 building vs 2023

Held Company	FY2025 ¥27,826M total		FY2023 ¥22,905M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
株式会社九電工	5,493	1,142,000	3,842	1,142,000	M
Fukuoka Financial Group, Inc. 株式会社ふくおかフィナンシャルグループ	3,204	+14.1% ↑ 815,243	1,820	714,354
Mitsubishi UFJ Financial Group, Inc. 株式会社三菱UFJフィナンシャル・グループ（注）２	2,411	NEW New 1,199,040	—
Mizuho Financial Group, Inc. 株式会社みずほフィナンシャルグループ（注）２	2,348	NEW New 579,692	—
Kyushu Railway Company 九州旅客鉄道株式会社	2,094	573,700	1,691	573,700	M
譬ｪ蠑丈ｼ夂､ｾ隘ｿ譌･譛ｬ繝輔ぅ繝翫Φ繧ｷ繝｣繝ｫ繝帙�ｼ繝ｫ繝�繧｣繝ｳ繧ｰ繧ｹ株式会社西日本フィナンシャルホールディングス	1,903	910,563	990	910,563
株式会社三井住友フィナンシャルグループ（注）２、３	1,598	NEW New 421,305	—
Japan Airport Terminal Co.,Ltd. 日本空港ビルデング株式会社	1,192	290,000	1,914	290,000
TOTO LTD. TOTO株式会社	955	245,500	1,085	245,500	M
Keihan Holdings Co.,Ltd. 京阪ホールディングス株式会社	736	226,200	781	226,200	M
Keisei Electric Railway Co. 京成電鉄株式会社（注）４	517	NEW New 384,300	—		M
Kyushu Electric Power Company, Incorporated 九州電力株式会社	505	387,200	293	387,200	M
Seibu Gas Holdings Co. 西部ガスホールディングス株式会社	481	282,000	489	282,000	M
Izutsuya Co. 株式会社井筒屋	443	1,052,041	357	1,052,041
HISAMITSU PHARMACEUTICAL CO.,INC. 久光製薬株式会社	404	100,000	378	100,000	M
Isetan Mitsukoshi Holdings Ltd. 株式会社三越伊勢丹ホールディングス	368	172,245	255	172,245
Coca-Cola Bottlers Japan Holdings Inc. コカ・コーラボトラーズジャパンホールディングス株式会社	338	138,500	200	138,500
FUJI P.S CORPORATION 株式会社富士ピー・エス	337	773,663	350	773,663	M
THE BANK OF SAGA LTD. 株式会社佐賀銀行	332	144,256	233	144,256	M
RKB MAINICHI HOLDINGS CORPORATION 株式会社RKB毎日ホールディングス	315	67,960	395	67,960	M
Keikyu Corporation 京浜急行電鉄株式会社	277	183,500	231	183,500
ANA HOLDINGSINC. ANAホールディングス株式会社	202	73,445	211	73,445
The Chikuho Bank , Ltd. 株式会社筑邦銀行	189	138,696	190	138,696	M
OBAYASHI CORPORATION 株式会社大林組	178	90,000	91	90,000	M
第一生命ホールディングス株式会社	148	32,700	79	32,700
taisei corporation 大成建設株式会社	132	20,000	81	20,000	M
KAJIMA CORPORATION 鹿島建設株式会社	121	40,000	63	40,000	M
GLOBERIDE, Inc. グローブライド株式会社	115	NEW New 60	—
Showa Manufacturing Co.,Ltd. 昭和鉄工株式会社	114	29,100	54	29,100	M
Nippon Signal Company,Limited 日本信号株式会社	88	98,437	104	98,437	M
Star Flyer Inc. 株式会社スターフライヤー	80	32,000	80	32,000
THE OITA BANK, LTD. 株式会社大分銀行	74	21,405	43	21,405	M
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）５	55	NEW New 17,199	—
MINEBEA MITSUMI Inc. ミネベアミツミ株式会社	34	16,000	40	16,000
Kyosan Electric Manufacturing Co.,Ltd. 株式会社京三製作所	16	34,650	14	34,650	M
DAIICHI KOUTSU SANGYO Co.,Ltd. 第一交通産業株式会社	16	22,000	17	22,000	M
HAZAMA ANDO CORPORATION 株式会社安藤・間	13	10,000	8	10,000	M
Mitsubishi Electric Corporation 三菱電機株式会社（注）２	—		—
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ（注）２	—		—
Mizuho Financial Group, Inc. 株式会社みずほフィナンシャルグループ	—	−100% Exit —	1,537	818,892
Mitsubishi UFJ Financial Group, Inc. 株式会社三菱UFJフィナンシャル・グループ	—	−100% Exit —	1,096	1,293,540
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 —	1,073	202,535
SEIKO ELECTRIC CO., LTD. 株式会社正興電機製作所	—	−100% Exit —	947	933,031	M
三井住友トラスト・ホールディングス株式会社	—	−100% Exit —	694	152,952
Keisei Electric Railway Co. 京成電鉄株式会社	—	−100% Exit —	522	128,100	M
THE FUKUOKA CHUO BANK,LTD. 株式会社福岡中央銀行	—	−100% Exit —	250	124,555	M
Mitsubishi Electric Corporation 三菱電機株式会社	—	−100% Exit —	236	150,000	M
GLOBERIDE, Inc. グローブライド株式会社(注)２	—	−100% Exit —	148	60,000
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 —	23	5,733
Portfolio total	27,826		22,905

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