TOKYO GAS CO.,LTD.

東京瓦斯株式会社

Electric Power & Gas

Tokyo Gas Co.,Ltd. engages in the production, supply, and sale of city gas and LNG in Japan. It operates through Energy Solutions, Network, Overseas, and Urban development segments. The company is involved in the production, supply, and sale of electricity; provision of engineering solutions and energy services, as well as transmission service of city gas; and trading activities. It also provides offshore resource development and investment; and energy supply. In addition, the company engages in the real estate development; and leasing and management of land and buildings. The company was formerly known as Tokyo Gas Company and changed its name to Tokyo Gas Co.,Ltd. in July 1893. The company was incorporated in 1885 and is headquartered in Tokyo, Japan.

← Companies

Price

¥6,380

Market Cap

¥2.4T

Ent. Value

¥3.4T

Net Debt

−¥1.0T

Shares Out.

369.8M

P / E

9.7×

EV / EBIT

17.1×

P / Book

1.24×

P / NCAV

N/M

Div. Yield

0.78%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥2,834.7B	¥2,636.8B	¥2,664.5B	¥3,289.6B	¥2,145.2B
Cost of Sales	¥2,327.5B	¥2,230.6B	¥2,189.3B	¥2,596.5B	¥1,546.6B
Gross Profit	¥507.3B	¥406.2B	¥475.3B	¥693.2B	¥598.6B
SG&A	¥309.6B	¥273.1B	¥255.0B	¥271.7B	—
Operating Income	¥197.7B	¥133.1B	¥220.3B	¥421.5B	¥117.8B
Non-Operating Income	¥36.2B	¥27.2B	¥43.1B	¥28.5B	¥49.4B
Dividend Income	—	¥1.6B	¥1.5B	¥2.8B	¥1.7B
Interest Income	—	¥7.7B	¥8.2B	¥2.5B	¥1.0B
Non-Operating Expenses	—	¥46.6B	¥35.3B	¥41.1B	¥40.4B
Interest Expense	—	¥31.2B	¥19.0B	¥15.1B	¥14.5B
Ordinary Income	¥193.7B	¥113.6B	¥228.2B	¥408.8B	¥126.7B
Pre-tax Income	¥289.1B	¥106.2B	¥252.1B	¥407.5B	¥126.9B
Income Taxes	¥59.5B	¥33.5B	¥81.9B	¥126.0B	¥36.6B
Current Tax	—	¥28.4B	¥78.5B	¥122.2B	¥32.9B
Deferred Tax	—	¥5.2B	¥3.5B	¥3.7B	¥3.7B
Net Income (owners)	¥226.9B	¥74.2B	¥169.9B	¥280.9B	¥88.7B
Minority Interest	—	¥-1.5B	¥207M	¥605M	¥1.5B
Comprehensive Income	—	¥184.8B	¥281.2B	¥358.1B	¥98.9B
EBITDA	¥462.0B	¥397.7B	¥429.3B	¥627.2B	¥315.2B
Goodwill Amort. (J-GAAP)	—	¥748M	¥785M	¥670M	¥610M
EPS	¥654.76	¥192.22	¥411.88	¥646.99	¥201.84
Shares Outstanding	—	369.8M	399.2M	433.6M	439.7M
Shares Issued (total)	—	388.9M	400.5M	434.9M	441.0M
Treasury Shares	—	19.1M	1.3M	1.3M	1.3M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥3,892.3B	¥3,855.1B	¥3,888.9B	¥3,581.4B	¥3,216.9B
Current Assets	¥1,034.8B	¥1,047.1B	¥1,303.9B	¥1,217.9B	¥912.9B
Cash & Deposits	¥187.1B	¥244.4B	¥363.9B	¥453.5B	¥179.8B
Trade Receivables	—	¥441.5B	¥454.3B	¥446.1B	¥330.5B
Non-Current Assets	¥2,857.5B	¥2,808.0B	¥2,584.9B	¥2,363.5B	¥2,304.0B
PP&E	¥1,422.9B	¥1,453.7B	¥1,445.6B	¥1,582.9B	¥1,569.4B
Goodwill	—	¥5.9B	¥5.5B	¥6.4B	¥6.0B
Intangible Assets	—	¥759.0B	¥681.6B	¥314.5B	¥300.3B
Investment Securities	¥429.7B	¥383.6B	¥293.9B	¥278.5B	¥236.3B
Deferred Tax Assets	—	¥15.5B	¥19.8B	¥32.8B	¥44.2B
Total Liabilities	¥2,095.7B	¥2,053.6B	¥2,155.6B	¥1,992.1B	¥1,960.4B
Current Liabilities	¥703.2B	¥610.2B	¥670.0B	¥606.2B	¥599.2B
Accounts Payable	—	¥102.6B	¥96.0B	¥63.8B	¥76.2B
ST Debt	¥64.2B	¥78.8B	¥54.0B	¥66.6B	¥6.4B
Taxes Payable	—	¥19.5B	¥38.7B	¥118.6B	¥33.8B
Non-Current Liabilities	¥1,392.5B	¥1,443.4B	¥1,485.6B	¥1,386.0B	¥1,361.2B
Total LT Borrowings	¥1,135.5B	¥1,229.2B	¥1,270.3B	¥1,156.2B	¥1,117.3B
Pension Obligations	—	¥58.2B	¥62.9B	¥64.6B	¥66.2B
Deferred Tax Liab.	—	¥56.7B	¥46.5B	¥33.9B	¥29.6B
Total Equity	¥1,796.6B	¥1,801.5B	¥1,733.2B	¥1,589.3B	¥1,256.6B
Capital Stock	—	¥141.8B	¥141.8B	¥141.8B	¥141.8B
Capital Surplus	—	¥4.1B	¥4.1B	—	¥846M
Retained Earnings	¥1,455.1B	¥1,343.2B	¥1,340.3B	¥1,310.9B	¥1,051.6B
Treasury Stock	—	¥-85.2B	¥-4.5B	¥-3.7B	¥-3.5B
AOCI	—	¥321.5B	¥213.9B	¥109.3B	¥36.4B
Equity (owners)	¥1,396.4B	¥1,403.9B	¥1,481.8B	¥1,449.1B	¥1,190.8B
Minority Interests	—	¥76.0B	¥37.5B	¥30.9B	¥29.4B

Total Interest-Bearing Debt ⓘ	¥1,199.7B	¥1,308.0B	¥1,324.3B	¥1,222.9B	¥1,123.7B
Net Cash ⓘ	¥-1,012.5B	¥-1,063.6B	¥-960.4B	¥-769.4B	¥-944.0B
NCAV ⓘ	¥-1,060.9B	¥-1,006.5B	¥-851.7B	¥-774.2B	¥-1,047.4B
NCAV/Share	—	¥-2,722	¥-2,134	¥-1,786	¥-2,382
BV/Share	—	¥3,797	¥3,712	¥3,342	¥2,708

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥451.8B	¥363.1B	¥331.2B	¥487.0B	¥145.2B
Interest Paid	—	¥-32.0B	¥-17.6B	¥-14.1B	¥-14.5B
Interest Received	—	¥17.4B	¥18.3B	¥14.9B	¥9.1B
D&A	¥264.3B	¥263.8B	¥208.2B	¥205.1B	¥196.8B
Goodwill Amort.	—	¥748M	¥785M	¥670M	¥610M
Investing CF	¥-206.9B	¥-263.5B	¥-362.0B	¥-203.5B	¥-224.7B
CapEx	¥160.9B	¥185.9B	¥180.7B	¥150.6B	¥167.2B
Purchase Investments	—	¥-67.8B	¥-30.0B	¥-28.0B	¥-16.2B
Financing CF	¥-296.3B	¥-256.0B	¥-73.2B	¥-22.4B	¥90.5B
Dividends Paid	—	¥-28.5B	¥-27.5B	¥-29.5B	¥-26.4B
Share Buybacks	—	¥-120.1B	¥-113.0B	¥-16.0B	¥-3.3B
LT Debt Repaid	—	¥-52.1B	¥-155.0B	¥-72.2B	¥-123.3B
Free Cash Flow	¥290.9B	¥177.2B	¥150.5B	¥336.4B	¥-22.0B
Net Change in Cash	—	¥-121.2B	¥-91.5B	¥273.7B	¥20.2B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	12.6%	4.3%	10.4%	20.0%	7.5%
ROA	5.9%	1.9%	4.5%	8.3%	2.8%
EPS	¥654.76	¥192.22	¥411.88	¥646.99	¥201.84
DPS	¥50.00	¥80.00	¥70.00	¥65.00	¥65.00
BPS	¥5,151.08	¥4,669.38	¥4,249.83	¥3,595.60	¥2,791.95
FCF/Share	—	¥479	¥377	¥776	¥-50
NCAV/Share	—	¥-2,722	¥-2,134	¥-1,786	¥-2,382
Payout Ratio	7.6%	41.6%	17.0%	10.0%	32.2%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 11

Date	Activist	Stake	Event	Flag	Demands
2026-05-22	Nippon Life Insurance Company	6.46% +0.48%	change	Passive	—
2026-05-07	BlackRock Japan Co., Ltd.	8.26% +1.5%	change	Passive	—
2026-03-23	Nippon Life Insurance Company	5.98% -1.06%	change	Passive	—
2026-01-22	Nippon Life Insurance Company	7.04% -1.42%	change	Passive	—
2025-10-03	BlackRock Japan Co., Ltd.	6.76% -1.06%	change	Passive	—
2025-09-19	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	4.75%	change	Passive	—
2025-08-07	Nippon Life Insurance Company	8.46% +1.26%	change	Passive	—
2025-04-14	Elliott Investment Management L.P.	4.91% -0.12%	change	✓ Activist	—
2024-11-19	Elliott Investment Management L.P.	5.03%	initial_5pct	✓ Activist	—
2024-02-22	Nippon Life Insurance Company	7.2%	change	Passive	—
2023-08-03	BlackRock Japan Co., Ltd.	7.82%	change	Passive	—

Capital Allocation Signals 2

Date	Type	Amount	Summary
2026-04-28 14:00	Buyback	¥50.0B 3.6%	Tokyo Gas (9531) announced a share buyback program authorized by the board on April 28, 2026, under its shareholder retu…
Summary Tokyo Gas (9531) announced a share buyback program authorized by the board on April 28, 2026, under its shareholder return policy. The company will repurchase up to 12 million shares (3.6% of outstanding shares) for a maximum of ¥50 billion through market purchases on the Tokyo Stock Exchange between May 7 and September 30, 2026. Deadline: 2026-09-30 % of Shares: 3.6% Shares: 12,000,000 Source (JP) 当社は2026年４月28日開催の取締役会において、下記の通り、自己の株式を取得することを決議しました。取得し得る株式の総数 12百万株、株式の取得価格の総額 50,000百万円、取得する期間 2026年５月７日～2026年９月30日自己株式取得に係る事項の決定に関するお知らせ TDnet PDF
2026-04-28 14:00	Div Increase	¥20.0B ¥60.0/sh +33%	Tokyo Gas (9531) announced a dividend increase on 2026-04-28, raising the FY2026 period-end dividend from 50 yen to 60 y…
Summary Tokyo Gas (9531) announced a dividend increase on 2026-04-28, raising the FY2026 period-end dividend from 50 yen to 60 yen per share, representing a 20% increase from the prior forecast and a 33.3% increase from the prior year (45 yen). The full-year dividend for FY2026 will total 110 yen per share (50 yen interim + 60 yen final), up from 80 yen in FY2025, funded from retained earnings with a total payout of 20.0 billion yen. YoY: +33% Source (JP) 当期の期末配当を直近の配当予想から 10 円増額の 60 円とすることを本日開催の取締役会で決議いたしました。これにより、年間配当金は 1 株あたり 110 円となります。剰余金の配当（増配）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）	58,683	15.87%
2	Nippon Life Insurance 日本生命保険相互会社（常任代理人日本マスタートラスト信託銀行株式会社）	31,296	8.46%
3	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	18,045	4.88%
4	BNY GCM CLIENT ACCOUNT JPRD AC ISG （FE－AC）（常任代理人三菱ＵＦＪ銀行）	11,626	3.14%
5	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）	8,110	2.19%
6	Employee Stock Ownership Plan 東京瓦斯グループ従業員持株会	7,382	2.00%
7	Custody Bank of Japan, Ltd. (Trust Account) みずほ信託銀行株式会社退職給付信託第一生命保険口再信託受託者株式会社日本カストディ銀行	7,098	1.92%
8	BNP PARIBAS NEW YORK BRANCH -PRIME BROKERAGE CLEARANCE ACCOUNT(常任代理人香港上海銀行東京支店)	6,363	1.72%
9	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）	5,961	1.61%
10	STATE STREET BANK AND TRUST COMPANY STATE STREET BANK AND TRUST COMPANY 505103（常任代理人株式会社みずほ銀行）	5,346	1.45%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

22.7%

+0.3% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

5.2%

-1.2% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

15.3%

+4.0% 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		16.35%	15.78%	15.87% +0.09%
Nippon Life Insurance 日本生命保険		7.22%	7.84%	8.46% +0.62%
Japan Custody Bank 日本カストディ銀行		7.56%	6.55%	6.80% +0.25%
State Street		4.50%	5.16%	5.25% +0.09%
BNY GCM CLIENT ACCOUNT JPRD AC ISG （FE－AC） NEW ENTRY	—	—	—	3.14% NEW
Employee Stock Ownership Plan 東京瓦斯グループ従業員持株会		2.04%	2.04%	2.00% -0.04%
BNP PARIBAS NEW YORK BRANCH -PRIME BROKERAGE CLEARANCE ACCOUNT NEW ENTRY	—	—	—	1.72% NEW
ＪＰモルガン証券 last seen 2024	Exited Top 10	—	1.49%	—
JP Morgan last seen 2024	Exited Top 10	1.26%	1.26%	—
富国生命保険相互会社 last seen 2023	Exited Top 10	1.72%	—	—
Concentration (HHI) ⓘ		406	388	414

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

Portfolio Book Value ¥45,525M +8% since 2023

Holdings 28 +2 new 8 exited

Trend 4 unwinding vs 2023

Held Company	FY2025 ¥45,525M total		FY2023 ¥42,244M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
譬ｪ蠑丈ｼ夂､ｾ繝ｬ繝弱ヰ㈱レノバ	7,494	NEW New 11,877,600	—
SHIZUOKA GAS CO., LTD. 静岡ガス㈱	6,786	6,000,000	6,894	6,000,000	M
Sumitomo Realty & Development Co.,Ltd. 住友不動産㈱	5,609	1,003,000	2,990	1,003,000	M
KIKKOMAN CORPORATION キッコーマン㈱	4,755	+400.0% ↑ 3,300,000	4,448	660,000	M
RINNAI CORPORATION リンナイ㈱	4,064	+50.0% ↑ 1,176,147	7,609	784,049	M
第一生命ホールディングス㈱	3,253	718,000	1,748	718,000	M
Japan Airport Terminal Co.,Ltd. 日本空港ビルデング㈱	2,388	580,800	3,833	580,800
Hokkaido Gas Co., Ltd. 北海道瓦斯㈱	2,162	+400.0% ↑ 4,274,650	1,661	854,930	M
EcoNaviSta, Inc. エコナビスタ㈱	1,361	NEW New 622,750	—
KYOWANISSEI CO.,LTD. ㈱協和日成	1,249	-12.6% ↓ 928,300	1,525	1,062,000	M
Sumitomo Forestry Co., Ltd. 住友林業㈱	1,106	245,400	642	245,400	M
INPEX CORPORATION ㈱ＩＮＰＥＸ	1,090	530,000	740	530,000	M
Tokyo Tatemono Co., Ltd. 東京建物㈱	909	360,000	581	360,000
Yamatane Corporation ㈱ヤマタネ	786	200,000	336	200,000	M
NIPPON CHUTETSUKAN K.K. 日本鋳鉄管㈱	461	333,333	333	333,333
Japan Petroleum Exploration Co., Ltd. 石油資源開発㈱	405	+400.0% ↑ 348,680	311	69,736
NORITZ CORPORATION ㈱ノーリツ	365	-50.0% ↓ 207,300	719	414,500	M
IINO KAIUN KAISHA, LTD. 飯野海運㈱	226	-33.3% ↓ 227,550	342	341,250	M
NEW COSMOS ELECTRIC CO., LTD 新コスモス電機㈱	202	80,000	171	80,000	M
Hiroshima Gas Co. 広島ガス㈱	182	-33.3% ↓ 533,400	283	800,000	M
TBS Holdings Co., Ltd. ㈱TBSホールディングス	157	36,960	70	36,960
SAPPORO HOLDINGS LIMITED サッポロホールディングス㈱	152	20,000	68	20,000
KANTO DENKA KOGYO CO.,LTD. 関東電化工業㈱	147	170,000	175	170,000
OKAYA&CO.,LTD. 岡谷鋼機㈱	139	+100.0% ↑ 20,000	103	10,000	M
HOTEL NEW GRAND CO.,LTD ㈱ホテル、ニューグランド	70	12,100	47	12,100
HASEKO Corporation ㈱長谷工コーポレーション	7	4,000	6	4,000
MIURA CO.,LTD. 三浦工業㈱	—		—		M
Mitsui O.S.K. Lines, Ltd. ㈱商船三井	—		—
HOSHIZAKI CORPORATION ホシザキ㈱	—	−100% Exit —	488	100,000
Seibu Gas Holdings Co. 西部ガスホールディングス㈱	—	−100% Exit —	276	159,500	M
Sotetsu Holdings,Inc. 相鉄ホールディングス㈱	—	−100% Exit —	40	18,000
ENECHANGE Ltd. ENECHANGE㈱	—	−100% Exit —	97	72,000
COSMOS INITIA Co., Ltd. ㈱コスモスイニシア	—	−100% Exit —	20	40,700
East Japan Railway Company 東日本旅客鉄道㈱	—	−100% Exit —	4,538	618,700
Resonac Holdings Corporation ㈱レゾナック・ホールディングス	—	−100% Exit —	904	415,783
SHIMIZU CORPORATION 清水建設㈱	—	−100% Exit —	246	328,689
Portfolio total	45,525		42,244

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