Hokkaido Gas Co., Ltd.

北海道瓦斯株式会社

Electric Power & Gas

Hokkaido Gas Co., Ltd. engages in gas, and heat and power supply businesses in Japan. It is also involved in the purification and sale of gas by-products; production and sale of gas appliances, as well as related construction works; and other related works. The company was incorporated in 1911 and is headquartered in Sapporo, Japan.

← Companies

Price

¥754

Market Cap

¥66.5B

Ent. Value

¥97.1B

Net Debt

−¥30.7B

Shares Out.

88.1M

P / E

5.8×

EV / EBIT

5.9×

⚠ TSE Capital Mandate

P / Book

0.68×

P / NCAV

N/M

Div. Yield

1.53%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥174.5B	¥170.3B	¥173.9B	¥174.8B	¥127.0B
Cost of Sales	¥119.5B	¥119.9B	¥124.8B	¥129.9B	¥90.0B
Gross Profit	¥55.0B	¥50.4B	¥49.1B	¥44.9B	¥37.0B
Operating Income	¥16.4B	¥14.3B	¥15.6B	¥13.3B	¥7.1B
Non-Operating Income	¥1.1B	¥913M	¥1.2B	¥902M	¥776M
Dividend Income	—	¥180M	¥248M	¥216M	¥141M
Interest Income	—	—	¥13M	¥14M	¥16M
Non-Operating Expenses	—	¥813M	¥863M	¥849M	¥526M
Interest Expense	—	¥401M	¥409M	¥356M	¥310M
Ordinary Income	¥16.5B	¥14.4B	¥15.9B	¥13.4B	¥7.3B
Pre-tax Income	¥16.0B	¥14.4B	¥15.9B	¥13.8B	¥7.3B
Income Taxes	¥4.4B	¥4.0B	¥4.3B	¥3.8B	¥2.0B
Current Tax	—	¥4.4B	¥4.7B	¥4.1B	¥2.3B
Deferred Tax	—	¥-449M	¥-434M	¥-314M	¥-270M
Net Income (owners)	¥11.5B	¥10.4B	¥11.6B	¥10.0B	¥5.2B
Minority Interest	—	¥24M	¥0M	¥32M	¥34M
Comprehensive Income	—	¥11.1B	¥12.3B	¥10.1B	¥5.6B
EBITDA	¥32.4B	¥29.3B	¥29.6B	¥26.9B	¥20.7B
EPS	¥130.62	¥118.07	¥659.92	¥565.62	¥297.39
Shares Outstanding	—	88.1M	17.6M	17.6M	17.6M
Shares Issued (total)	—	88.7M	17.7M	17.7M	17.7M
Treasury Shares	—	0.5M	0.1M	0.1M	0.1M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥198.2B	¥195.4B	¥186.4B	¥183.8B	¥160.4B
Current Assets	¥46.1B	¥51.1B	¥46.7B	¥49.8B	¥35.7B
Cash & Deposits	¥9.8B	¥11.3B	¥9.5B	¥2.7B	¥9.6B
Trade Receivables	—	¥19.9B	¥21.1B	¥19.7B	¥14.8B
Non-Current Assets	¥152.1B	¥144.3B	¥139.7B	¥134.0B	¥124.8B
PP&E	¥128.0B	¥122.3B	¥119.5B	¥116.8B	¥110.2B
Intangible Assets	—	¥5.4B	¥5.0B	¥3.3B	¥1.9B
Investment Securities	¥10.4B	¥9.4B	¥8.2B	¥7.1B	¥6.6B
Deferred Tax Assets	—	¥2.3B	¥2.1B	¥2.1B	¥1.8B
Total Liabilities	¥98.5B	¥106.9B	¥107.4B	¥115.8B	¥101.2B
Current Liabilities	¥44.9B	¥45.6B	¥35.4B	¥39.1B	¥35.0B
Accounts Payable	—	¥10.3B	¥4.2B	¥9.6B	¥10.0B
Taxes Payable	—	¥2.4B	¥3.0B	—	—
Non-Current Liabilities	¥53.6B	¥61.3B	¥71.9B	¥76.7B	¥66.3B
Total LT Borrowings	¥40.5B	¥48.7B	¥59.6B	¥66.0B	¥56.6B
Pension Obligations	—	¥4.4B	¥4.8B	¥4.8B	¥4.7B
Total Equity	¥99.7B	¥88.5B	¥79.0B	¥68.0B	¥59.2B
Capital Stock	—	¥7.5B	¥7.5B	¥7.5B	¥7.5B
Capital Surplus	—	¥5.3B	¥5.3B	¥5.3B	¥5.3B
Retained Earnings	¥79.6B	¥69.7B	¥60.8B	¥50.5B	¥41.9B
Treasury Stock	—	¥-148M	¥-157M	¥-160M	¥-169M
AOCI	—	¥4.0B	¥3.4B	¥2.7B	¥2.5B
Equity (owners)	¥92.3B	¥82.3B	¥73.5B	¥63.1B	¥54.5B
Minority Interests	—	¥2.1B	¥2.1B	¥2.1B	¥2.1B

Total Interest-Bearing Debt ⓘ	¥40.5B	¥48.7B	¥59.6B	¥66.0B	¥56.6B
Net Cash ⓘ	¥-30.7B	¥-37.3B	¥-50.1B	¥-63.3B	¥-47.0B
NCAV ⓘ	¥-52.4B	¥-55.9B	¥-60.7B	¥-66.0B	¥-65.6B
NCAV/Share	—	¥-634	¥-3,445	¥-3,746	¥-3,724
BV/Share	—	¥934	¥4,169	¥3,584	¥3,096

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥27.0B	¥29.8B	¥31.7B	¥6.7B	¥19.7B
Interest Paid	—	¥-410M	¥-410M	¥-291M	¥-311M
Interest Received	—	¥211M	¥268M	¥234M	¥159M
D&A	¥15.9B	¥15.0B	¥14.0B	¥13.6B	¥13.6B
Investing CF	¥-16.5B	¥-20.1B	¥-16.8B	¥-22.6B	¥-11.1B
CapEx	¥14.4B	¥15.1B	¥13.3B	¥19.2B	¥10.9B
Financing CF	¥-12.0B	¥-7.9B	¥-8.2B	¥9.0B	¥-5.2B
Dividends Paid	—	¥-1.6B	¥-1.3B	¥-1.1B	¥-972M
LT Debt Repaid	—	¥-2.9B	¥-3.5B	¥-6.5B	¥-3.9B
Free Cash Flow	¥12.6B	¥14.7B	¥18.4B	¥-12.5B	¥8.9B
Net Change in Cash	—	¥1.9B	¥6.8B	¥-6.8B	¥3.4B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	12.2%	12.8%	16.3%	16.2%	9.6%
ROA	5.9%	5.5%	6.3%	5.8%	3.3%
EPS	¥130.62	¥118.07	¥659.92	¥565.62	¥297.39
DPS	¥11.50	¥55.00	¥80.00	¥70.00	¥60.00
BPS	¥1,102.53	¥978.72	¥4,359.53	¥3,736.41	¥3,240.25
FCF/Share	—	¥167	¥1,041	¥-711	¥503
NCAV/Share	—	¥-634	¥-3,445	¥-3,746	¥-3,724
Payout Ratio	8.8%	46.6%	12.1%	12.4%	20.2%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 1

Date	Activist	Stake	Event	Flag	Demands	Source
2024-02-22	Mizuho Bank, Ltd.	4.49%	change	Passive	—

Capital Allocation Signals 2

Date	Type	Amount	Summary
2026-05-25 14:10	Div Increase	¥1.1B ¥13.0/sh +30%	Hokkaido Gas (9534) announced a dividend increase with year-end dividend of ¥13.00 per share (total ¥1,147M) based on Ma…
Summary Hokkaido Gas (9534) announced a dividend increase with year-end dividend of ¥13.00 per share (total ¥1,147M) based on March 31, 2026, delivering annual dividend of ¥24.50 per share, up ¥5.50 (+29.0%) from prior year. The increase reflects strong business performance and targets a consolidated dividend payout ratio (DOE) of 2.5% under a progressive dividend policy. Deadline: 2026-06-10 YoY: +30% Source (JP) 期末配当につきましては、１株当たり13円と決定いたしました。これにより年間配当につきましては、前期と比べ5.5円増配の、１株当たり24.5円となります。剰余金の配当に関するお知らせ TDnet PDF
2026-04-30 14:00	Div Increase	¥13.0/sh +29%	Hokkaido Gas (9534) revised upward its FY2026 year-end dividend forecast from ¥11.50 to ¥13.00 per share (+1.50 yen), ra…
Summary Hokkaido Gas (9534) revised upward its FY2026 year-end dividend forecast from ¥11.50 to ¥13.00 per share (+1.50 yen), raising full-year dividend to ¥24.50 per share. The increase reflects strong earnings momentum driven by expanded sales volume and targets a consolidated dividend payout ratio (DOE) of 2.5%, with progressive dividend policy emphasis. Deadline: 2026-05-25 YoY: +29% Source (JP) 期末の配当予想を前回の１株につき11.5円から1.5円増額し、１株につき13円に修正することといたしました。期末配当予想の修正（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)	7,542	8.55%
2	TOKYO GAS CO.,LTD. 東京瓦斯株式会社	4,274	4.84%
3	Nippon Life Insurance 日本生命保険相互会社	3,432	3.89%
4	株式会社北海道銀行	3,429	3.89%
5	North Pacific Bank,Ltd. 株式会社北洋銀行	3,427	3.88%
6	Employee Stock Ownership Plan 北海道瓦斯従業員持株会	2,770	3.14%
7	ヨシダトモヒロ	2,660	3.01%
8	Custody Bank of Japan, Ltd. (Trust Account) みずほ信託銀行株式会社退職給付信託みずほ銀行口再信託受託者株式会社日本カストディ銀行	2,629	2.98%
9	北海道信用農業協同組合連合会	2,475	2.80%
10	札幌市	2,244	2.54%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

11.5%

+0.6% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

0.0%

+0.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

28.0%

+0.4% 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		8.01%	7.94%	8.55% +0.61%
TOKYO GAS CO.,LTD. 東京瓦斯		4.85%	4.85%	4.84% -0.01%
式会社北海道銀行		3.89%	3.89%	3.89%
Nippon Life Insurance 日本生命保険		3.89%	3.89%	3.89%
North Pacific Bank,Ltd. 式会社北洋銀行		3.89%	3.89%	3.88% -0.01%
Employee Stock Ownership Plan 北海道瓦斯従業員持株会		3.18%	3.21%	3.14% -0.07%
ヨシダトモヒロ NEW ENTRY	—	—	—	3.01% NEW
日本カストディ銀行		6.84%	2.98%	2.98%
北海道信用農業協同組合連合会		2.81%	2.81%	2.80% -0.01%
札幌市		2.54%	2.54%	2.54%
吉田知広 last seen 2024	Exited Top 10	—	2.54%	—
Concentration (HHI) ⓘ		204	172	184

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

Portfolio Book Value ¥5,154M +23% since 2023

Holdings 13 +3 new 3 exited

Trend Stable vs 2023

Held Company	FY2025 ¥5,154M total		FY2023 ¥4,187M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
KDDI CORPORATION ＫＤＤＩ㈱	3,324	704,400	2,883	704,400
IINO KAIUN KAISHA, LTD. 飯野海運㈱	391	392,600	394	392,600	M
North Pacific Bank,Ltd. ㈱北洋銀行	383	741,000	205	741,000	M
AIR WATER INC. エア・ウォーター㈱	312	165,258	274	165,258
石油資源開発㈱※３	232	NEW New 200,000	—		M
Hokuhoku Financial Group, Inc. ㈱ほくほくフィナンシャルグループ	151	58,900	54	58,900	M
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	140	34,781	65	34,781	M
TEIKOKU SEN-I Co.,Ltd. 帝国繊維㈱	135	52,800	87	52,800	M
TOKYO GAS CO.,LTD. 東京瓦斯㈱	38	8,000	19	8,000	M
第一生命ホールディングス㈱	16	3,600	8	3,600	M
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ㈱	13	NEW New 3,630	—		M
JFE Holdings,Inc. ＪＦＥホールディングス㈱	10	5,823	9	5,823
Hokkaido Electric Power Company, Incorporated 北海道電力㈱	9	NEW New 12,554	—
Japan Petroleum Exploration Co., Ltd. 石油資源開発㈱	—	−100% Exit —	178	40,000	M
三井住友トラストホールディングス㈱	—	−100% Exit —	8	1,815	M
りらいあコミニュケーションズ㈱	—	−100% Exit —	3	2,688
Portfolio total	5,154		4,187

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