Seibu Gas Holdings Co.

西部ガスホールディングス株式会社

Utilities · Utilities - Regulated Gas

Saibu Gas Holdings Co.,Ltd. produces, supplies, and sells natural gas in Japan. The company produces, sells, and installs gas equipment and apparatus, gas heating and cooling, clothes dryer, cogeneration, boiler, hot water supply, industrial furnaces and burners, natural gas vehicles, clothes dryer, as well as offers LNG satellite and heat supply, city gas composition, commercial ventilation alarm, and energy saving solutions. It serves factory, restaurants, shops and commercial facilities, hot baths and sports, hotels and accommodation, hospital, welfare facilities, school, and logistics and transportation facilities. The company was formerly known as Saibu Gas Co.,Ltd. and changed its name to Saibu Gas Holdings Co.,Ltd. in April 2021. Saibu Gas Holdings Co.,Ltd. was founded in 1902 and is headquartered in Fukuoka City, Japan.

← Companies

Price

¥2,195

Market Cap

¥81.4B

Ent. Value

¥305.6B

Net Debt

−¥224.2B

Shares Out.

37.1M

P / E

11.2×

EV / EBIT

24.5×

⚠ TSE Capital Mandate

P / Book

0.69×

P / NCAV

N/M

Div. Yield

1.59%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥261.8B	¥254.4B	¥256.3B	¥266.3B	¥215.3B
Cost of Sales	¥180.6B	¥177.4B	¥178.8B	¥188.1B	¥146.2B
Gross Profit	¥81.3B	¥77.0B	¥77.5B	¥78.2B	¥69.0B
Operating Income	¥12.5B	¥10.5B	¥9.7B	¥10.8B	¥451M
Non-Operating Income	¥3.4B	¥3.2B	¥2.9B	¥3.1B	¥2.5B
Dividend Income	—	¥930M	¥623M	¥715M	¥772M
Interest Income	—	¥103M	¥70M	¥12M	¥12M
Non-Operating Expenses	—	¥3.1B	¥2.2B	¥2.2B	¥2.4B
Interest Expense	—	¥1.6B	¥1.4B	¥1.2B	¥1.2B
Ordinary Income	¥12.6B	¥10.6B	¥10.4B	¥11.8B	¥571M
Pre-tax Income	¥12.5B	¥10.6B	¥9.6B	¥17.9B	¥837M
Income Taxes	¥5.0B	¥3.4B	¥2.9B	¥4.0B	¥-94M
Current Tax	—	¥2.9B	¥1.7B	¥3.4B	¥2.5B
Deferred Tax	—	¥566M	¥1.1B	¥588M	¥-2.6B
Net Income (owners)	¥7.1B	¥6.4B	¥6.2B	¥13.2B	¥495M
Minority Interest	—	¥780M	¥562M	¥687M	¥437M
Comprehensive Income	—	¥8.9B	¥14.7B	¥15.8B	¥-3.4B
EBITDA	¥28.1B	¥28.8B	¥30.1B	¥31.5B	¥21.3B
Goodwill Amort. (J-GAAP)	—	¥42M	¥62M	¥305M	¥31M
EPS	¥196.20	¥171.81	¥166.24	¥356.92	¥13.37
Shares Outstanding	—	37.1M	37.1M	37.1M	37.1M
Shares Issued (total)	—	37.2M	37.2M	37.2M	37.2M
Treasury Shares	—	0.1M	0.1M	0.1M	0.1M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥465.8B	¥447.8B	¥431.7B	¥414.3B	¥395.7B
Current Assets	¥114.3B	¥124.4B	¥123.3B	¥122.4B	¥104.2B
Cash & Deposits	¥23.5B	¥29.5B	¥27.4B	¥36.8B	¥25.5B
Trade Receivables	—	¥30.1B	¥29.7B	¥29.5B	¥24.5B
Non-Current Assets	¥351.5B	¥323.4B	¥308.4B	¥291.9B	¥291.4B
PP&E	¥234.2B	¥231.1B	¥227.9B	¥226.1B	¥227.6B
Goodwill	—	¥171M	¥141M	¥172M	¥99M
Intangible Assets	—	¥6.7B	¥4.3B	¥3.2B	¥3.3B
Investment Securities	¥72.1B	¥59.4B	¥55.8B	¥44.2B	¥39.7B
Deferred Tax Assets	—	¥1.1B	¥727M	¥4.1B	¥4.6B
Total Liabilities	¥342.5B	¥336.1B	¥326.2B	¥320.6B	¥315.0B
Current Liabilities	¥121.7B	¥123.0B	¥108.8B	¥107.2B	¥103.3B
Accounts Payable	—	¥15.4B	¥14.8B	¥11.3B	¥10.2B
ST Debt	¥46.0B	¥37.0B	¥37.2B	¥29.6B	¥37.8B
Taxes Payable	—	¥2.3B	¥1.2B	¥1.2B	¥3.1B
Non-Current Liabilities	¥220.8B	¥213.1B	¥217.4B	¥213.4B	¥211.7B
Total LT Borrowings	¥201.7B	¥197.0B	¥202.7B	¥199.7B	¥198.5B
Pension Obligations	—	¥1.3B	¥1.4B	¥1.8B	¥1.8B
Deferred Tax Liab.	—	¥2.9B	¥1.7B	¥829M	¥285M
Total Equity	¥123.3B	¥111.7B	¥105.5B	¥93.6B	¥80.6B
Capital Stock	—	¥20.6B	¥20.6B	¥20.6B	¥20.6B
Capital Surplus	—	¥5.8B	¥5.8B	¥5.8B	¥5.8B
Retained Earnings	¥64.4B	¥59.9B	¥56.0B	¥52.5B	¥41.9B
Treasury Stock	—	¥-346M	¥-363M	¥-369M	¥-371M
AOCI	—	¥17.9B	¥16.2B	¥8.3B	¥6.4B
Equity (owners)	¥88.5B	¥85.9B	¥82.1B	¥78.5B	¥67.9B
Minority Interests	—	¥7.9B	¥7.2B	¥6.8B	¥6.3B

Total Interest-Bearing Debt ⓘ	¥247.7B	¥233.9B	¥239.9B	¥229.3B	¥236.3B
Net Cash ⓘ	¥-224.2B	¥-204.5B	¥-212.5B	¥-192.6B	¥-210.8B
NCAV ⓘ	¥-228.2B	¥-211.7B	¥-202.9B	¥-198.3B	¥-210.8B
NCAV/Share	—	¥-5,710	¥-5,473	¥-5,348	¥-5,681
BV/Share	—	¥2,318	¥2,213	¥2,118	¥1,830

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥25.3B	¥38.6B	¥22.1B	¥21.7B	¥10.5B
Interest Paid	—	¥-1.6B	¥-1.4B	¥-1.2B	¥-1.2B
Interest Received	—	¥1.3B	¥1.2B	¥1.1B	¥1.0B
D&A	¥15.7B	¥18.3B	¥20.4B	¥20.4B	¥20.8B
Goodwill Amort.	—	¥42M	¥62M	¥305M	¥31M
Investing CF	¥-33.8B	¥-30.0B	¥-28.2B	¥-16.0B	¥-14.1B
Purchase Investments	—	¥-2.4B	¥-2.4B	¥-3.2B	¥-2.1B
Proceeds from Invest.	—	¥605M	¥195M	¥8.8B	¥4.5B
Financing CF	¥2.9B	¥-6.7B	¥-4.0B	¥3.0B	¥7.6B
Dividends Paid	—	¥-2.6B	¥-2.6B	¥-2.6B	¥-2.6B
LT Debt Repaid	—	¥-46.1B	¥-47.1B	¥-39.2B	¥-36.3B
Free Cash Flow	¥25.3B	¥38.6B	¥22.1B	¥21.7B	¥10.5B
Net Change in Cash	—	¥1.9B	¥-9.7B	¥11.2B	¥4.9B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	6.1%	6.3%	6.7%	16.4%	0.6%
ROA	1.6%	1.4%	1.5%	3.3%	0.1%
EPS	¥196.20	¥171.81	¥166.24	¥356.92	¥13.37
DPS	¥35.00	¥70.00	¥70.00	¥70.00	¥70.00
BPS	¥3,201.99	¥2,803.49	¥2,653.92	¥2,343.90	¥2,007.69
FCF/Share	—	¥1,040	¥597	¥587	¥284
NCAV/Share	—	¥-5,710	¥-5,473	¥-5,348	¥-5,681
Payout Ratio	17.8%	40.7%	42.1%	19.6%	523.6%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 5

Date	Activist	Stake	Event	Flag	Demands
2026-03-23	SMBC Nikko Securities Inc.	5.3%	initial_5pct	Passive	—
2025-03-06	Sumitomo Mitsui Trust Bank,Limited	3.65% -1.37%	change	Passive	—
2024-07-04	Sumitomo Mitsui Trust Bank,Limited	5.02% +0.16%	initial_5pct	Passive	—
2024-05-08	Sumitomo Mitsui Trust Bank,Limited	4.86%	change	Passive	—
2023-10-02	Fukuoka Financial Group, Inc.	9.7%	change	Passive	—

#	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）	2,909	7.84%
2	THE BANK OF FUKUOKA, LTD. 株式会社福岡銀行	1,835	4.95%
3	株式会社西日本シティ銀行	1,824	4.92%
4	Nippon Life Insurance 日本生命保険相互会社	1,725	4.65%
5	ＳＧ共栄会	1,185	3.20%
6	株式会社十八親和銀行	1,169	3.15%
7	Stock Ownership Plan 西部瓦斯持株会	943	2.54%
8	Sumitomo Mitsui Banking Corporation 株式会社三井住友銀行	874	2.36%
9	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	668	1.80%
10	東邦瓦斯株式会社	608	1.64%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

9.6%

-1.7% 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

27.4%

+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		6.62%	7.47%	7.84% +0.37%
THE BANK OF FUKUOKA, LTD. 式会社福岡銀行		4.95%	4.95%	4.95%
式会社西日本シティ銀行		4.92%	4.92%	4.92%
Nippon Life Insurance 日本生命保険		4.65%	4.65%	4.65%
ＳＧ共栄会		2.93%	3.10%	3.20% +0.10%
式会社十八親和銀行		3.15%	3.15%	3.15%
Stock Ownership Plan 西部瓦斯持株会		2.83%	2.68%	2.54% -0.14%
Sumitomo Mitsui Banking Corporation 三井住友銀行		3.55%	2.36%	2.36%
Japan Custody Bank 日本カストディ銀行		1.79%	1.78%	1.80% +0.02%
東邦瓦斯 NEW ENTRY	—	—	—	1.64% NEW
Sumitomo Mitsui Trust Bank 三井住友信託銀行 last seen 2024	Exited Top 10	2.29%	2.06%	—
Concentration (HHI) ⓘ		162	166	170

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

Portfolio Book Value ¥19,408M +39% since 2023

Holdings 23 +1 new 4 exited

Trend 1 building vs 2023

Held Company	FY2025 ¥19,408M total		FY2023 ¥13,949M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Fukuoka Financial Group, Inc. ㈱ふくおかフィナンシャルグループ	6,537	+6.9% ↑ 1,663,085	3,964	1,555,193
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㈱西日本フィナンシャルホールディングス	3,914	1,873,000	2,037	1,873,000
TOHO GAS CO.,LTD. 東邦瓦斯㈱	2,030	491,000	1,209	491,000	M
㈱九電工	1,216	253,000	851	253,000	M
TOKYO GAS CO.,LTD. 東京瓦斯㈱	797	167,400	417	167,400	M
DAITO TRUST CONSTRUCTION CO.,LTD. 大東建託㈱	765	50,000	659	50,000
Nishi-Nippon Railroad Co.,Ltd. 西日本鉄道㈱	758	353,000	844	353,000	M
HISAMITSU PHARMACEUTICAL CO.,INC. 久光製薬㈱	593	146,600	554	146,600	M
Hiroshima Gas Co. 広島ガス㈱	485	1,420,000	502	1,420,000	M
Kyushu Railway Company 九州旅客鉄道㈱	413	113,400	334	113,400	M
NEW COSMOS ELECTRIC CO., LTD 新コスモス電機㈱	328	130,000	278	130,000	M
Torigoe Flour Milling Co. 鳥越製粉㈱	325	394,600	237	394,600	M
INFRONEER Holdings Inc. インフロニア・ホールディングス㈱	283	234,840	240	234,840	M
Kyushu Electric Power Company, Incorporated 九州電力㈱	271	207,950	157	207,950	M
Yamaguchi Finacial Group,Inc. ㈱山口フィナンシャルグループ	258	147,000	119	147,000
THE BANK OF SAGA LTD. ㈱佐賀銀行	200	86,800	140	86,800	M
Showa Manufacturing Co.,Ltd. 昭和鉄工㈱	135	34,500	65	34,500
The Chikuho Bank , Ltd. ㈱筑邦銀行	79	58,200	79	58,200	M
Star Flyer Inc. ㈱スターフライヤー	20	8,000	20	8,000
TAKARA STANDARD CO.,LTD. タカラスタンダード㈱	1	NEW New 686	—
CHOFU SEISAKUSHO CO.,LTD. ㈱長府製作所	—		—		M
Kyushu Financial Group,Inc. ㈱九州フィナンシャルグループ	—		—
The Miyazaki Bank,Ltd. ㈱宮崎銀行	—		—
Aichi Clock Electric Co. 愛知時計電機㈱	—	−100% Exit —	543	363,300	M
三井住友トラスト・ホールディングス㈱	—	−100% Exit —	368	81,100
THE FUKUOKA CHUO BANK,LTD. ㈱福岡中央銀行	—	−100% Exit —	268	133,200	M
DAIICHI KOUTSU SANGYO Co.,Ltd. 第一交通産業㈱	—	−100% Exit —	64	80,000	M
Portfolio total	19,408		13,949

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