OSAKA GAS CO.,LTD.

大阪瓦斯株式会社

Electric Power & Gas

Osaka Gas Co., Ltd. provides gas, electricity, and other energy products and services in Japan and internationally. The company operates through three segments: Domestic Energy Business; International Energy Business; and Life & Business Solutions Business. The Domestic Energy Business segment manufactures, supplies, and sells city gas; sells gas appliances; installs gas pipeline; sells and transports LNG; sells LPG and industrial gas; and generates and sells electricity. The International Energy Business segment engages in development and investment related to natural gas; and supply of energy. The Life & Business Solutions Business segment is involved in the development and leasing of real estate properties; offers information processing services; and sale of fine materials and carbon material products. In addition, it is involved in home renovation; sale of heat supply; engineering; operation, management, maintenance of buildings and facilities; software development; manufacture and sale of wood protective coating; absorbent functional materials and resin additives and others. Osaka Gas Co., Ltd. was founded in 1897 and is headquartered in Osaka, Japan.

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Price

¥5,361

Market Cap

¥2.1T

Ent. Value

¥2.9T

Net Debt

−¥735.2B

Shares Out.

396.9M

P / E

13.7×

EV / EBIT

16.4×

P / Book

1.14×

P / NCAV

N/M

Div. Yield

1.12%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥2,030.3B	¥2,069.0B	¥2,083.1B	¥2,275.1B	¥1,586.9B
Cost of Sales	¥1,592.8B	¥1,663.4B	¥1,672.7B	¥1,992.9B	¥1,161.8B
Gross Profit	¥437.5B	¥405.6B	¥410.4B	¥282.2B	¥425.0B
SG&A	¥262.7B	¥244.8B	¥237.8B	¥222.2B	—
Operating Income	¥174.8B	¥160.7B	¥172.6B	¥60.0B	¥94.9B
Non-Operating Income	¥54.6B	¥54.3B	¥78.3B	¥39.0B	¥34.0B
Dividend Income	—	¥6.7B	¥4.1B	¥3.9B	¥3.2B
Interest Income	—	¥12.0B	¥10.2B	¥4.3B	¥2.0B
Non-Operating Expenses	—	¥25.4B	¥24.3B	¥23.3B	¥18.4B
Interest Expense	—	¥15.3B	¥14.4B	¥13.2B	¥10.4B
Ordinary Income	¥204.5B	¥189.6B	¥226.6B	¥75.6B	¥110.5B
Pre-tax Income	¥202.9B	¥189.2B	¥196.0B	¥83.7B	¥115.9B
Income Taxes	¥50.2B	¥54.2B	¥61.9B	¥25.2B	¥-17.7B
Current Tax	—	¥26.5B	¥31.5B	¥28.9B	¥24.2B
Deferred Tax	—	¥27.7B	¥30.4B	¥-3.7B	¥-41.9B
Net Income (owners)	¥152.8B	¥134.4B	¥132.7B	¥57.1B	¥128.3B
Minority Interest	—	¥640M	¥1.4B	¥1.4B	¥5.4B
Comprehensive Income	—	¥191.1B	¥234.1B	¥146.4B	¥208.7B
EBITDA	¥309.9B	¥289.1B	¥298.8B	¥182.2B	¥206.5B
Goodwill Amort. (J-GAAP)	—	¥825M	¥2.7B	¥2.4B	¥2.7B
EPS	¥391.15	¥333.31	¥320.60	¥137.39	¥308.48
Shares Outstanding	—	396.9M	408.9M	415.6M	415.6M
Shares Issued (total)	—	404.1M	409.9M	416.7M	416.7M
Treasury Shares	—	7.2M	1.0M	1.1M	1.1M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥3,321.4B	¥3,200.5B	¥2,980.1B	¥2,819.6B	¥2,569.8B
Current Assets	¥828.9B	¥812.8B	¥762.5B	¥780.9B	¥689.4B
Cash & Deposits	¥59.0B	¥82.8B	¥77.7B	¥85.1B	¥131.1B
Trade Receivables	—	¥317.9B	¥270.5B	¥279.6B	¥208.9B
Non-Current Assets	¥2,492.5B	¥2,387.7B	¥2,217.6B	¥2,038.7B	¥1,880.4B
PP&E	¥1,494.8B	¥1,427.7B	¥1,304.9B	¥1,243.8B	¥1,156.3B
Goodwill	—	¥4.1B	¥5.5B	¥9.5B	¥11.1B
Intangible Assets	—	¥92.4B	¥109.2B	¥105.1B	¥95.3B
Investment Securities	¥548.4B	¥569.3B	¥538.8B	¥440.9B	¥359.2B
Deferred Tax Assets	—	—	—	¥35.1B	¥64.5B
Total Liabilities	¥1,467.4B	¥1,461.2B	¥1,375.1B	¥1,402.4B	¥1,285.7B
Current Liabilities	¥450.2B	¥409.8B	¥393.9B	¥459.8B	¥398.5B
Accounts Payable	—	¥103.7B	¥82.9B	¥69.1B	¥104.9B
Non-Current Liabilities	¥1,017.2B	¥1,051.4B	¥981.2B	¥942.6B	¥887.2B
Total LT Borrowings	¥794.2B	¥864.9B	¥814.6B	¥811.5B	¥715.5B
Pension Obligations	—	¥17.4B	¥19.6B	¥19.7B	¥18.9B
Deferred Tax Liab.	—	¥75.4B	¥54.8B	—	¥47.3B
Total Equity	¥1,854.0B	¥1,739.3B	¥1,605.0B	¥1,417.2B	¥1,284.1B
Capital Stock	—	¥132.2B	¥132.2B	¥132.2B	¥132.2B
Capital Surplus	—	¥19.9B	¥19.1B	¥19.1B	¥19.1B
Retained Earnings	¥1,262.3B	¥1,173.0B	¥1,097.9B	¥1,010.1B	¥966.0B
Treasury Stock	—	¥-23.0B	¥-2.7B	¥-2.0B	¥-2.1B
AOCI	—	¥386.7B	¥331.2B	¥232.1B	¥144.6B
Equity (owners)	¥1,350.8B	¥1,302.1B	¥1,246.4B	¥1,159.3B	¥1,115.1B
Minority Interests	—	¥50.5B	¥27.5B	¥25.8B	¥24.5B

Total Interest-Bearing Debt ⓘ	¥794.2B	¥864.9B	¥814.6B	¥811.5B	¥715.5B
Net Cash ⓘ	¥-735.2B	¥-782.1B	¥-736.9B	¥-726.4B	¥-584.4B
NCAV ⓘ	¥-638.5B	¥-648.5B	¥-612.7B	¥-621.5B	¥-596.3B
NCAV/Share	—	¥-1,634	¥-1,498	¥-1,495	¥-1,435
BV/Share	—	¥3,281	¥3,048	¥2,789	¥2,683

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥340.7B	¥283.7B	¥312.6B	¥33.6B	¥145.3B
Interest Paid	—	¥-15.4B	¥-14.3B	¥-12.4B	¥-10.6B
Interest Received	—	¥58.4B	¥19.7B	¥15.0B	¥50.6B
D&A	¥135.1B	¥127.5B	¥123.6B	¥119.8B	¥108.9B
Goodwill Amort.	—	¥825M	¥2.7B	¥2.4B	¥2.7B
Investing CF	¥-241.9B	¥-255.6B	¥-215.9B	¥-203.9B	¥-152.2B
CapEx	¥238.5B	¥210.8B	¥174.6B	¥172.1B	¥173.4B
Purchase Investments	—	¥-10.2B	¥-5.5B	¥-9.0B	¥-5.3B
Proceeds from Invest.	—	¥28.3B	¥3.3B	¥21.1B	¥4.1B
Financing CF	¥-129.2B	¥-34.1B	¥-110.1B	¥119.6B	¥-30.5B
Dividends Paid	—	¥-39.5B	¥-26.0B	¥-24.9B	¥-22.9B
Share Buybacks	—	¥-40.1B	¥-20.1B	—	—
LT Debt Repaid	—	¥-51.9B	¥-63.9B	¥-39.6B	¥-60.4B
Free Cash Flow	¥102.2B	¥72.8B	¥138.0B	¥-138.5B	¥-28.1B
Net Change in Cash	—	¥5.1B	¥-7.6B	¥-46.0B	¥-36.0B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	8.5%	8.2%	8.9%	4.3%	11.0%
ROA	4.7%	4.3%	4.6%	2.1%	5.0%
EPS	¥391.15	¥333.31	¥320.60	¥137.39	¥308.48
DPS	¥60.00	¥95.00	¥82.50	¥60.00	¥57.50
BPS	¥4,705.00	¥4,254.13	¥3,857.51	¥3,347.34	¥3,030.63
FCF/Share	—	¥184	¥337	¥-333	¥-68
NCAV/Share	—	¥-1,634	¥-1,498	¥-1,495	¥-1,435
Payout Ratio	15.3%	28.5%	25.7%	43.7%	18.6%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 5

Date	Activist	Stake	Event	Flag	Demands
2026-02-02	Mitsubishi UFJ Financial Group Inc.	5.13% -1.01%	change	Passive	—
2025-09-19	Sumitomo Mitsui Trust Bank,Limited	5.4%	change	Passive	—
2024-07-29	Mitsubishi UFJ Financial Group Inc.	6.14% +0.57%	change	Passive	—
2024-03-18	Mitsubishi UFJ Financial Group Inc.	5.57%	change	Passive	—
2023-07-05	BlackRock Japan Co., Ltd.	7.46%	change	Passive	—

Capital Allocation Signals 3

Date	Type	Amount	Summary
2026-05-21 16:00	Cancellation	—	14,705,300 treasury shares to be cancelled on 2026-06-12.
Summary 14,705,300 treasury shares to be cancelled on 2026-06-12. Deadline: 2026-06-12 Shares: 14,705,300 Source (JP) １. 消却する株式の種類２. 消却する株式の総数記当社普通株式 14,705,300 株（消却前の発行済株式の総数に対する割合 3.69%）３. 消却予定日 2026年自己株式の消却に関するお知らせ TDnet PDF
2026-05-08 15:00	Buyback	¥80.0B 7.0%	Osaka Gas (code 9532) announced a board resolution on May 8, 2026 to repurchase up to 28 million shares (7.04% of outsta…
Summary Osaka Gas (code 9532) announced a board resolution on May 8, 2026 to repurchase up to 28 million shares (7.04% of outstanding shares) for a maximum of ¥80 billion through March 31, 2027. The buyback aims to enhance shareholder returns and improve capital efficiency under the company's shareholder return policy; acquired shares will principally be cancelled, with limited retention for executive stock compensation plans. Deadline: 2027-03-31 % of Shares: 7.0% Shares: 28,000,000 Source (JP) 自己株式を取得することを決議いたしました。取得し得る株式の総数 28 百万株（上限とする）、株式の取得価額の総額 80,000 百万円（上限とする）、取得する期間 2026 年 5 月 11 日～2027 年 3 月 31 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
2026-05-08 15:00	Div Increase	¥23.0B ¥60.0/sh +26%	Osaka Gas announced a dividend increase for fiscal year ending March 31, 2026, with a final dividend of ¥60.0 per share …
Summary Osaka Gas announced a dividend increase for fiscal year ending March 31, 2026, with a final dividend of ¥60.0 per share (up 26.3% YoY from ¥47.5), totaling ¥23.034 billion in dividend distributions. The full-year dividend for FY2026 is projected at ¥120.0 per share, representing a 26.3% increase versus FY2025's ¥95.0, reflecting strong business performance and earnings growth. Deadline: 2026-06-01 YoY: +26% Source (JP) 当期末につきましては 2026 年 3 月期の業績、今後の経営計画等を勘案し、期末配当金を 1 株につき 60.0 円といたします。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)	66,198	16.68%
2	Japan Custody Bank 株式会社日本カストディ銀行(信託口)	25,381	6.39%
3	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)	13,469	3.39%
4	Resona Bank 株式会社りそな銀行	10,555	2.66%
5	STATE STREET BANK WESTCLIENT - TREATY STATE STREET BANK WESTCLIENT - TREATY 505234(常任代理人株式会社みずほ銀行)	8,658	2.18%
6	MUFG Bank 株式会社三菱ＵＦＪ銀行	8,391	2.11%
7	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)	7,406	1.87%
8	Aioi Nissay Dowa Insurance Co. あいおいニッセイ同和損害保険株式会社(常任代理人日本マスタートラスト信託銀行株式会社)	5,973	1.50%
9	Meiji Yasuda Life Insurance 明治安田生命保険相互会社(常任代理人株式会社日本カストディ銀行)	5,838	1.47%
10	ＪＰモルガン証券株式会社	5,234	1.32%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

23.1%

+0.2% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

4.0%

-1.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

12.4%

+1.6% 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		16.19%	16.00%	16.68% +0.68%
Japan Custody Bank 日本カストディ銀行		6.16%	6.88%	6.39% -0.49%
State Street		3.49%	3.68%	4.05% +0.37%
Nippon Life Insurance 日本生命保険		3.24%	3.29%	3.39% +0.10%
Resona Bank りそな銀行		2.54%	2.58%	2.66% +0.08%
MUFG Bank 式会社三菱ＵＦＪ銀行		2.69%	2.05%	2.11% +0.06%
Aioi Nissay Dowa Insurance Co. あいおいニッセイ同和損害保険		1.44%	1.46%	1.50% +0.04%
Meiji Yasuda Life Insurance 明治安田生命保険		1.40%	1.43%	1.47% +0.04%
ＪＰモルガン証券 NEW ENTRY	—	—	—	1.32% NEW
JP Morgan last seen 2024	Exited Top 10	1.25%	1.32%	—
Concentration (HHI) ⓘ		342	344	365

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

Portfolio Book Value ¥59,143M -19% since 2023

Holdings 48 +10 new 14 exited

Trend 3 unwinding vs 2023

Held Company	FY2025 ¥59,143M total		FY2023 ¥72,730M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Mitsubishi UFJ Financial Group, Inc. 株式会社三菱ＵＦＪフィナンシャル・グループ	11,258	-25.0% ↓ 5,598,600	6,329	7,464,800	M
Konoike Transport Co.,Ltd. 鴻池運輸株式会社	6,036	2,248,912	3,348	2,248,912	M
KUBOTA CORPORATION 株式会社クボタ	5,139	2,807,084	5,611	2,807,084	M
Tokio Marine Holdings, Inc. 東京海上ホールディングス株式会社	4,198	NEW New 732,000	—		M
DAIKIN INDUSTRIES, LTD. ダイキン工業株式会社	4,041	-80.0% ↓ 250,400	29,616	1,252,000	M
AIR WATER INC. エア・ウォーター株式会社	3,171	1,680,000	2,788	1,680,000	M
Ｊ．フロントリテイリング株式会社	3,085	1,675,800	2,215	1,675,800	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)３	2,456	NEW New 761,601	—		M
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ株式会社 (注)４	2,224	NEW New 597,920	—		M
Resona Holdings, Inc. 株式会社りそなホールディングス	1,472	1,144,500	731	1,144,500	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	1,470	NEW New 387,360	—		M
NAKAYAMA STEEL WORKS, LTD. 株式会社中山製鋼所	1,423	1,923,000	1,871	1,923,000
NIPPON SHOKUBAI CO., LTD. 株式会社日本触媒 (注)６	1,393	NEW New 800,000	—		M
The Kansai Electric Power Company, Incorporated 関西電力株式会社	1,298	732,595	945	732,595	M
Kyoto Financial Group, Inc. 株式会社京都フィナンシャルグループ	1,239	NEW New 544,800	—		M
NEW COSMOS ELECTRIC CO., LTD 新コスモス電機株式会社	1,116	442,000	945	442,000	M
NORITZ CORPORATION 株式会社ノーリツ	976	554,000	962	554,000	M
West Holdings corporation 株式会社ウエストホールディングス	895	569,000	1,843	569,000
南海電気鉄道株式会社	863	352,400	1,030	352,400	M
OBAYASHI CORPORATION 株式会社大林組	802	-60.0% ↓ 404,344	1,024	1,010,860	M
ASAHI BROADCASTING GROUP HOLDINGS CORPORATION 朝日放送グループホールディングス株式会社	687	1,065,000	701	1,065,000
HOSHIZAKI CORPORATION ホシザキ株式会社	577	NEW New 100,000	—
TSUKISHIMA HOLDINGS CO., LTD. 月島ホールディングス株式会社	441	NEW New 258,000	—
Japan Petroleum Exploration Co., Ltd. 石油資源開発株式会社 (注)７	399	NEW New 343,640	—
Hiroshima Gas Co. 広島ガス株式会社	342	1,000,000	354	1,000,000	M
Shimadzu Corporation 株式会社島津製作所	334	89,755	371	89,755	M
DAIWA HOUSE INDUSTRY CO., LTD. 大和ハウス工業株式会社	320	65,000	202	65,000
Mitsui Chemicals, Inc. 三井化学株式会社	314	94,200	321	94,200
THE ROYAL HOTEL,LIMITED 株式会社ロイヤルホテル	272	292,300	396	292,300
繝溘�ｼ繧ｯ譬ｪ蠑丈ｼ夂､ｾミーク株式会社	264	NEW New 358,500	—
JFE Holdings,Inc. ＪＦＥホールディングス株式会社	224	122,772	206	122,772
Nichia Steel Industry Co., Ltd. 日亜鋼業株式会社	198	640,000	188	640,000	M
Nippon Electric Glass Co., Ltd. 日本電気硝子株式会社	108	31,000	79	31,000	M
Sakai Chemical Industry Co.,Ltd. 堺化学工業株式会社	54	20,000	35	20,000
Nihon Yamamura Glass Co., Ltd. 日本山村硝子株式会社	21	10,000	6	10,000
FUJI CORPORATION LIMITED フジ住宅株式会社	20	29,900	20	29,900
HASEKO Corporation 株式会社長谷工コーポレーション	13	6,680	10	6,680
KOKUYO CO.,LTD. コクヨ株式会社 (注)９	—		—
NIPPON STEEL CORPORATION 日本製鉄株式会社 (注)９	—		—		M
カナデビア株式会社 (注)８,９	—		—
Ishii Iron Works Co.,Ltd. 株式会社石井鐵工所 (注)９	—		—		M
ONO PHARMACEUTICAL CO., LTD. 小野薬品工業株式会社 (注)５	—		—
ASAHI GROUP HOLDINGS,LTD. アサヒグループホールディングス株式会社 (注)５	—		—
Sumitomo Pharma Co., Ltd. 住友ファーマ株式会社 (注)５	—		—
Rengo Co., Ltd. レンゴー株式会社 (注)５	—		—
INPEX CORPORATION 株式会社ＩＮＰＥＸ (注)５	—		—
Fuji Oil Company, Ltd. 富士石油株式会社 (注)５	—		—
MIKIKOGYO CO.,LTD. 美樹工業株式会社 (注)５	—		—		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 —	1,864	732,000	M
三井住友トラスト・ホールディングス株式会社	—	−100% Exit —	1,696	373,700	M
NIPPON SHOKUBAI CO., LTD. 株式会社日本触媒	—	−100% Exit —	1,056	200,000	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	—	−100% Exit —	1,042	253,867	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	—	−100% Exit —	912	172,160	M
The Bank of Kyoto 株式会社京都銀行	—	−100% Exit —	851	136,200	M
NIPPON STEEL CORPORATION 日本製鉄株式会社	—	−100% Exit —	674	216,207	M
KOKUYO CO.,LTD. コクヨ株式会社	—	−100% Exit —	644	343,000	M
HOSHIZAKI CORPORATION ホシザキ株式会社 (注)４	—	−100% Exit —	488	100,000
月島機械株式会社	—	−100% Exit —	374	344,000	M
大台北区瓦斯株式会社	—	−100% Exit —	328	2,382,564
Japan Petroleum Exploration Co., Ltd. 石油資源開発株式会社	—	−100% Exit —	306	68,728
日立造船株式会社	—	−100% Exit —	303	350,000
Ishii Iron Works Co.,Ltd. 株式会社石井鐵工所	—	−100% Exit —	45	20,000	M
Portfolio total	59,143		72,730

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