# Chubu Electric Power Company,Incorporated: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第102期(2025/04/01－2026/03/31) (S100YDH0)
> Page: https://vizora.meequs.com/en/company/chubu-electric-power
> Retrieved: 2026-09-30T18:27:07.745Z

## Company

Chubu Electric Power Company, founded in 1951, is a company in Electric Power & Gas listed on TSE Prime. It has 22,700 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Chubu Electric Power Company,Incorporated |
| Ticker | 9502 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9502.T) |
| Listing | TSE Prime |
| Head office | 名古屋市東区東新町1番地 |
| Representative (per filing) | 代表取締役社長 社長執行役員 林欣吾 |
| Founded | May 1951 |
| Share capital | ¥430.8B |
| Employees (consolidated) | 22,700 |
| Average salary (parent only) | ¥9.5M |
| Fiscal year end | March |
| Website | www.chuden.co.jp (https://www.chuden.co.jp/) |
| Corporate number | 3180001017428 |
| EDINET | E04502 |
| Industries (Vizora) | Electric Power & Gas |

> Profile source: annual securities report (S100YDH0, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.4 | 42 |
| Profitability | 44.3 | 44 |
| Cash conversion | 39.3 | 42 |
| Efficiency | 37.5 | 44 |
| Financial strength | 44.7 | 19 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 79% of Chubu Electric Power Company's sales come from Miraiz, with Powergrid and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -3.4% from the prior year, operating profit -5.0%.

## Company structure

- Segment revenue mix: Miraiz 79.4%、Powergrid 11.4%、Other 9.2%
- Revenue → net income: ¥3546041000000 → ¥234849000000
- Net income → operating cash flow: ¥234849000000 → ¥334428000000（difference ¥99579000000）
- Main uses of operating cash flow: CapEx ¥313493000000 / dividends ¥49130000000 / buybacks ¥64000000
- Change in cash: ¥72280000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.55T |  |
| Operating income | ¥230B | Margin 6.5% |
| Net income | ¥227.8B | Margin 6.4% |
| Free cash flow | ¥20.9B |  |
| Largest business | Miraiz | of segment revenue 79.4% |
| Employees (consolidated) | 22,700 |  |
| EPS | ¥114.48 |  |
| Diluted EPS | ¥301.56 |  |
| Book value per share | ¥1979.32 |  |
| Equity ratio | 41.0% |  |
| Shares outstanding | 758,000,000 |  |
| Treasury shares | 1,586,800 |  |
| Shareholders | 182,265 |  |
| Average salary (parent only) | ¥9.5M | Filing company only |
| Cash ratio | 4.8% | Net cash -¥2.57T · Cash ÷ revenue 10.3% |
| Vs. industry median margin | -0.5 pp | Electric Power & Gas |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2935409000000 | ¥3546041000000 | +20.8% |
| Operating income | ¥145694000000 | ¥230042000000 | +57.9% |
| Operating margin | 5.0% | 6.5% | +1.5 pp |
| Employees | 28,238 people | 22,700 people | -19.6% |
| Cash and equivalents | ¥174909000000 | ¥364747000000 | +108.5% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ミライズ → ミライズ | 79.4% |
| ミライズ → 事業再編・廃止 | 0.9% |
| パワーグリッド → パワーグリッド | 10.6% |
| その他 → その他 | 9.1% |
| 新設・再編 → パワーグリッド | 0.8% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Miraiz | 5 years | +3.6% | ¥2815065000000 | 4.9% | 2 |
| Powergrid | 5 years | +5.4% | ¥403540000000 | 11.8% | 2 |
| Other | 5 years | +4.1% | ¥327434000000 | 38.8% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,546,041 | 100.0% | S100YDH0 |
| Operating income | 230,042 | 6.5% | S100YDH0 |
| Ordinary income | 291,072 | 8.2% | S100YDH0 |
| Pretax income | 275,755 | 7.8% | S100YDH0 |
| Income tax | 40,905 | 1.2% | S100YDH0 |
| Net income | 234,849 | 6.6% | S100YDH0 |
| Net income attributable to owners | 227,795 | 6.4% | S100YDH0 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Operating expenses | 94 |
| Operating income | 6 |
| (Ref.) Net income | 6 |

### Margin funnel

Operating margin 6.5% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.4%; Core profit growth: -5.0%
Operating leverage (core profit growth ÷ revenue growth): 1.48×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,669,234 | 3,546,041 | -123,193 | -3.4% |
| Operating income | 242,045 | 230,042 | -12,003 | -5.0% |
| Net income attributable to owners | 202,087 | 227,795 | 25,708 | +12.7% |
| Operating cash flow | 301,345 | 334,428 | 33,083 | +11.0% |
| Free cash flow | 28,804 | 20,935 | -7,869 | -27.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,065,954 | 130,832 | 4.3% | 163,472 | 255,896 | 24,911 | S100LNJL |
| FY ending Mar 2021 | 2,935,409 | 145,694 | 5.0% | 147,202 | 384,148 | 172,212 | S100NM6F |
| FY ending Mar 2022 | 2,705,162 | -53,830 | -2.0% | -43,022 | 21,688 | -210,465 | S100R9SJ |
| FY ending Mar 2023 | 3,986,681 | 107,089 | 2.7% | 38,231 | 295,798 | 46,754 | S100U40V |
| FY ending Mar 2024 | 3,610,414 | 343,339 | 9.5% | 403,140 | 344,074 | 95,408 | S100W8FI |
| FY ending Mar 2025 | 3,669,234 | 242,045 | 6.6% | 202,087 | 301,345 | 28,804 | S100YDH0 |
| FY ending Mar 2026 | 3,546,041 | 230,042 | 6.5% | 227,795 | 334,428 | 20,935 | S100YDH0 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥156.2M |
| Operating income per employee (consolidated) | ¥10.1M |
| Net income per employee (consolidated) | ¥10M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 28,365 | 28,367 | 28,374 | 22,566 | 22,700 |
| Average salary (parent company) | ¥8.6M | ¥8.5M | ¥8.5M | ¥9M | ¥9.5M |
| Average age (parent company) | 43.7 years | 43.8 years | 43.4 years | 42.8 years | 42.5 years |
| Average tenure (parent company) | 21.7 years | 21.5 years | 20.6 years | 19.5 years | 19.0 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) -3.4%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Miraiz | 2,815,065 | 79.4% | 137,990 | 4.9% |
| Powergrid | 403,540 | 11.4% | 47,596 | 11.8% |
| JERA | — | 0.0% | 94,183 | — |
| Other | 327,434 | 9.2% | 127,036 | 38.8% |

Segment → industry: JERA → Electric Power & Gas / Powergrid → Electric Power & Gas / Miraiz → Electric Power & Gas

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 334,428 | 9.4% | S100YDH0 |
| Capital expenditure | 313,493 | 8.8% | S100YDH0 |
| Free cash flow | 20,935 | 0.6% | 算出 |
| Investing cash flow | -350,776 | -9.9% | S100YDH0 |
| Financing cash flow | 87,446 | 2.5% | S100YDH0 |
| Dividends paid | 49,130 | 1.4% | S100YDH0 |
| Share buyback | 64 | 0.0% | S100YDH0 |
| Change in cash | 72,280 | 2.0% | S100YDH0 |
| Cash and equivalents | 364,747 | 10.3% | S100YDH0 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 201,156 | 373,484 | 418,518 | 292,467 | 364,747 | S100U40V, S100W8FI, S100YDH0 |
| Total assets | 6,174,734 | 6,455,102 | 7,108,617 | 7,124,812 | 7,652,700 | S100R9SJ, S100U40V, S100W8FI, S100YDH0 |
| Net assets | 2,123,272 | 2,162,205 | 2,695,071 | 2,858,530 | 3,212,806 | S100U40V, S100W8FI, S100YDH0 |
| Share capital | 430,777 | 430,777 | 430,777 | 430,777 | 430,777 | S100R9SJ, S100U40V, S100W8FI, S100YDH0 |
| Inventories | 190,779 | 196,444 | 270,501 | 305,019 | 323,557 | S100R9SJ, S100U40V, S100W8FI, S100YDH0 |
| Current assets | 940,003 | 1,166,669 | 1,289,873 | 1,142,746 | 1,294,717 | S100R9SJ, S100U40V, S100W8FI, S100YDH0 |
| Current liabilities | 1,240,073 | 1,258,555 | 1,296,356 | 1,255,038 | 1,276,662 | S100R9SJ, S100U40V, S100W8FI, S100YDH0 |
| Trade payables | 279,243 | 327,487 | 271,297 | 229,390 | 253,823 | S100R9SJ, S100U40V, S100W8FI, S100YDH0 |
| Short-term borrowings | 269,044 | 280,276 | 319,534 | 261,556 | 266,840 | S100R9SJ, S100U40V, S100W8FI, S100YDH0 |
| Long-term borrowings | 1,397,301 | 1,548,176 | 1,750,583 | 1,819,587 | 1,971,402 | S100R9SJ, S100U40V, S100W8FI, S100YDH0 |
| Bonds | 792,760 | 862,960 | 728,039 | 676,025 | 696,711 | S100R9SJ, S100U40V, S100W8FI, S100YDH0 |
| Interest-bearing debt | 2,459,105 | 2,691,412 | 2,798,156 | 2,757,168 | 2,934,953 | 算出 |
| Total liabilities | 4,051,461 | 4,292,897 | 4,413,545 | 4,266,281 | 4,439,893 | S100R9SJ, S100U40V, S100W8FI, S100YDH0 |
| Non-controlling interests | 106,143 | 101,394 | 109,618 | 72,006 | 74,547 | S100R9SJ, S100U40V, S100W8FI, S100YDH0 |
| Equity attributable to owners of parent | 1,891,480 | 1,891,735 | 2,256,939 | 2,400,550 | 2,579,571 | S100R9SJ, S100U40V, S100W8FI, S100YDH0 |
| Retained earnings | 1,392,720 | 1,393,120 | 1,758,430 | 1,909,619 | 2,088,239 | S100R9SJ, S100U40V, S100W8FI, S100YDH0 |
| Treasury stock | -2,734 | -2,733 | -2,790 | -4,297 | -4,031 | S100R9SJ, S100U40V, S100W8FI, S100YDH0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YDH0 |
| Inventories | 4% | S100YDH0 |
| Other assets | 91% | S100YDH0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YDH0 |
| Interest-bearing debt | 39% | 算出 |
| Other liabilities | 16% | S100YDH0 |
| Equity | 42% | S100YDH0 |
| Other liabilities | 0% | S100YDH0 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,174,734 | 6,455,102 | 7,108,617 | 7,124,812 | 7,652,700 |
| Equity | 2,123,272 | 2,162,205 | 2,695,071 | 2,858,530 | 3,212,806 |
| Interest-bearing debt | 2,459,105 | 2,691,412 | 2,798,156 | 2,757,168 | 2,934,953 |
| Cash | 201,156 | 373,484 | 418,518 | 292,467 | 364,747 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 4.8% |
| Cash ÷ revenue | 10.3% |
| Net cash (cash − interest-bearing debt) | -¥2.57T |
| Net debt ÷ operating cash flow | 7.69× |
| Cash conversion (operating CF ÷ operating income) | 145.4% |
| Cash vs. profit gap | 106,633 JPY mn (of net income 46.8%) |
| Shareholder returns / net income | 21.6% |
| Shareholder returns / FCF | 235.0% |
| Shareholder payments — dividends / net income | 21.6% |
| Shareholder payments — dividends / FCF | 234.7% |
| CapEx intensity (capex ÷ revenue) | 8.8% |
| Investing CF relative to operating CF | 104.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -0.7% | —× | — | S100R9SJ |
| 2023 | 1.0% | 0.63× | 0.6% | 3.34× | 2.0% | S100U40V |
| 2024 | 11.2% | 0.53× | 5.9% | 3.27× | 19.4% | S100W8FI |
| 2025 | 5.5% | 0.52× | 2.8% | 3.06× | 8.7% | S100YDH0 |
| 2026 | 6.4% | 0.48× | 3.1% | 2.97× | 9.1% | S100YDH0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 13.6% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 6.4% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 4.7% | 2026-03-31 |
| 中部電力自社株投資会 | Major shareholder | 2.2% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.2% | 2026-03-31 |
| STATE STREET BANK ANDTRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.8% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| ゴールドマン・サックス証券株式会社 ＢＮＹＭ(常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 came to ¥3.55T, down 3.4% from ¥3.67T a year earlier.
- Operating income slipped 5.0% to ¥230B, while net income attributable to owners rose 12.7% to ¥227.8B.
- Operating cash flow grew to ¥334.4B, but free cash flow fell 27.3% to ¥20.9B.

### Drivers

- Fuel cost adjustment charges, the part of power bills that tracks fuel prices, went down, which pulled revenue lower at Miraiz and elsewhere.
- JERA bought coal on better terms for its domestic thermal plants, so the profit Chubu picks up from JERA grew.
- At Miraiz, the lag between fuel price moves and power tariffs turned from a loss into a gain, and reshuffling where it buys power cut costs.
- Costs from cancelling contracts tied to the Hamaoka nuclear plant review, plus impairment losses at subsidiaries, weighed on profit.

### Risks

- The regulatory review of the Hamaoka nuclear plant is on hold after misconduct in setting its seismic design standard came to light. With all units offline and replaced by thermal power, power procurement costs are expected to rise sharply.
- Swings in fuel prices driven by geopolitics, such as the Middle East, or by exchange rates can widen the gap between purchase costs and selling prices.
- If US trade policy cuts exports of cars and other goods, power demand could drop in Chubu, a hub of the auto industry.

Cited: Annual Securities Report (102nd term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (102nd term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/04/01－2026/03/31) | S100YDH0 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDH0,, |
| 訂正有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W8FI | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8FI,, |
| 訂正有価証券報告書－第100期(2023/04/01－2024/03/31) | S100U40V | 2024-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U40V,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R9SJ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9SJ,, |
| 有価証券報告書－第98期(令和3年4月1日－令和4年3月31日) | S100NM6F | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NM6F,, |
| 有価証券報告書－第97期(令和2年4月1日－令和3年3月31日) | S100LNJL | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNJL,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).