# The Chugoku 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) (S100YGCV)
> Page: https://vizora.meequs.com/en/company/chugoku-electric-power
> Retrieved: 2026-09-30T22:48:13.724Z

## Company

The Chugoku Electric Power Company, founded in 1951, is a company in Broadband & ISPs listed on TSE Prime. It has 12,606 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Chugoku Electric Power Company, Incorporated |
| Ticker | 9504 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9504.T) |
| Listing | TSE Prime |
| Head office | 広島市中区小町4番33号 |
| Representative (per filing) | 代表取締役社長執行役員 中川賢剛 |
| Founded | May 1951 |
| Share capital | ¥197B |
| Employees (consolidated) | 12,606 |
| Average salary (parent only) | ¥8.9M |
| Fiscal year end | March |
| Website | www.energia.co.jp (https://www.energia.co.jp/) |
| Corporate number | 4240001006753 |
| EDINET | E04504 |
| Industries (Vizora) | Broadband & ISPs, Electric Power & Gas |

> Profile source: annual securities report (S100YGCV, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.7 | 42 |
| Profitability | 42 | 44 |
| Cash conversion | 84.5 | 42 |
| Efficiency | 10.2 | 44 |
| Financial strength | 2.6 | 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 83% of The Chugoku Electric Power Company's sales come from Comprehensive energy, with Power Transmission and distribution and Telecommunication making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -5.7% from the prior year, operating profit -30.1%.

## Company structure

- Segment revenue mix: Comprehensive energy 83.3%、Power Transmission and distribution 12.3%、Telecommunication 2.4%、Other 2.0%
- Revenue → net income: ¥1442302000000 → ¥68315000000
- Net income → operating cash flow: ¥68315000000 → ¥237289000000（difference ¥168974000000）
- Main uses of operating cash flow: CapEx ¥267145000000 / dividends ¥11530000000 / buybacks —
- Change in cash: ¥136631000000
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 | ¥1.44T |  |
| Operating income | ¥90.2B | Margin 6.3% |
| Net income | ¥68.5B | Margin 4.8% |
| Free cash flow | -¥29.9B |  |
| Largest business | Comprehensive energy | of segment revenue 83.3% |
| Employees (consolidated) | 12,606 |  |
| EPS | ¥166.26 |  |
| Diluted EPS | ¥190.6 |  |
| Book value per share | ¥1335.76 |  |
| Equity ratio | 16.8% |  |
| Shares outstanding | 387,154,692 |  |
| Treasury shares | 27,378,300 |  |
| Shareholders | 97,036 |  |
| Average salary (parent only) | ¥8.9M | Filing company only |
| Cash ratio | 9.2% | Net cash -¥2.62T · Cash ÷ revenue 29.3% |
| Vs. industry median margin | -0.7 pp | Electric Power & Gas |
| ROE | 10.3% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.5× net income
- FY2026, one segment accounts for 75% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1307498000000 | ¥1442302000000 | +10.3% |
| Operating income | ¥34283000000 | ¥90216000000 | +163.2% |
| Operating margin | 2.6% | 6.3% | +3.6 pp |
| Employees | 13,050 people | 12,606 people | -3.4% |
| Cash and equivalents | ¥59835000000 | ¥423303000000 | +607.5% |

### 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 |
| --- | ---: |
| 総合エネルギー事業 → 総合エネルギー事業 | 83.3% |
| 総合エネルギー事業 → 事業再編・廃止 | 1.1% |
| 送配電事業 → 送配電事業 | 10.3% |
| 情報通信事業 → 情報通信事業 | 2.4% |
| 情報通信事業 → 事業再編・廃止 | 0.0% |
| その他 → その他 | 2.0% |
| その他 → 事業再編・廃止 | 0.9% |
| 新設・再編 → 送配電事業 | 2.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Comprehensive energy | 5 years | +1.7% | ¥1201930000000 | 5.8% | 2 |
| Power Transmission and distribution | 5 years | +5.7% | ¥176903000000 | 6.8% | 2 |
| Telecommunication | 5 years | +1.9% | ¥34005000000 | 14.4% | 2 |
| Other | 5 years | -5.3% | ¥29462000000 | 23.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,442,302 | 100.0% | S100YGCV |
| Operating income | 90,216 | 6.3% | S100YGCV |
| Ordinary income | 80,225 | 5.6% | S100YGCV |
| Pretax income | 90,755 | 6.3% | S100YGCV |
| Income tax | 22,440 | 1.6% | S100YGCV |
| Net income | 68,315 | 4.7% | S100YGCV |
| Net income attributable to owners | 68,539 | 4.8% | S100YGCV |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 94 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Operating margin 6.3% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.7%; Core profit growth: -30.1%
Operating leverage (core profit growth ÷ revenue growth): 5.30×
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 | 1,529,218 | 1,442,302 | -86,916 | -5.7% |
| Operating income | 129,148 | 90,216 | -38,932 | -30.1% |
| Net income attributable to owners | 98,474 | 68,539 | -29,935 | -30.4% |
| Operating cash flow | 186,022 | 237,289 | 51,267 | +27.6% |
| Free cash flow | -192,330 | -29,856 | 162,474 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,347,352 | 48,170 | 3.6% | 90,056 | 129,654 | -44,269 | S100LS1G |
| FY ending Mar 2021 | 1,307,498 | 34,283 | 2.6% | 14,564 | 110,228 | -75,796 | S100OI9E |
| FY ending Mar 2022 | 1,136,646 | -60,744 | -5.3% | -39,705 | 310 | -185,615 | S100R8QI |
| FY ending Mar 2023 | 1,694,602 | -68,892 | -4.1% | -155,378 | -62,696 | -265,802 | S100TVNH |
| FY ending Mar 2024 | 1,628,785 | 206,777 | 12.7% | 133,501 | 271,393 | 65,433 | S100W1TM |
| FY ending Mar 2025 | 1,529,218 | 129,148 | 8.4% | 98,474 | 186,022 | -192,330 | S100YGCV |
| FY ending Mar 2026 | 1,442,302 | 90,216 | 6.3% | 68,539 | 237,289 | -29,856 | S100YGCV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥114.4M |
| Operating income per employee (consolidated) | ¥7.2M |
| Net income per employee (consolidated) | ¥5.4M |

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) | 12,949 | 12,885 | 12,776 | 12,526 | 12,606 |
| Average salary (parent company) | ¥8M | ¥8.1M | ¥7.9M | ¥8.4M | ¥8.9M |
| Average age (parent company) | 42.2 years | 42.3 years | 42.3 years | 42.2 years | 42.1 years |
| Average tenure (parent company) | 20.8 years | 20.7 years | 20.6 years | 20.4 years | 20.1 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) -5.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Comprehensive energy | 1,201,930 | 83.3% | 70,278 | 5.8% |
| Power Transmission and distribution | 176,903 | 12.3% | 12,095 | 6.8% |
| Telecommunication | 34,005 | 2.4% | 4,883 | 14.4% |
| Other | 29,462 | 2.0% | 6,779 | 23.0% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Comprehensive energy | 83.3% | 74.7% | -8.6 | 5.8% |
| Power Transmission and distribution | 12.3% | 12.9% | 0.6 | 6.8% |
| Telecommunication | 2.4% | 5.2% | 2.8 | 14.4% |
| Other | 2.0% | 7.2% | 5.2 | 23.0% |

Segment → industry: Telecommunication → Broadband & ISPs / Power Transmission and distribution → Electric Power & Gas / Comprehensive energy → 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 | 237,289 | 16.5% | S100YGCV |
| Capital expenditure | 267,145 | 18.5% | S100YGCV |
| Free cash flow | -29,856 | -2.1% | 算出 |
| Investing cash flow | -236,245 | -16.4% | S100YGCV |
| Financing cash flow | 135,389 | 9.4% | S100YGCV |
| Dividends paid | 11,530 | 0.8% | S100YGCV |
| Change in cash | 136,631 | 9.5% | S100YGCV |
| Cash and equivalents | 423,303 | 29.3% | S100YGCV |

## 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 | 66,534 | 245,605 | 298,465 | 286,672 | 423,303 | S100TVNH, S100W1TM, S100YGCV |
| Total assets | 3,566,947 | 4,040,048 | 4,133,265 | 4,360,959 | 4,620,500 | S100R8QI, S100TVNH, S100W1TM, S100YGCV |
| Net assets | 608,445 | 455,483 | 613,401 | 705,865 | 775,292 | S100TVNH, S100W1TM, S100YGCV |
| Share capital | 197,024 | 197,024 | 197,024 | 197,024 | 197,024 | S100R8QI, S100TVNH, S100W1TM, S100YGCV |
| Inventories | 59,659 | 112,377 | 77,539 | 85,892 | 90,593 | S100R8QI, S100TVNH, S100W1TM, S100YGCV |
| Current assets | 339,436 | 647,182 | 650,567 | 695,835 | 829,860 | S100R8QI, S100TVNH, S100W1TM, S100YGCV |
| Current liabilities | 694,205 | 1,014,704 | 721,280 | 635,231 | 652,536 | S100R8QI, S100TVNH, S100W1TM, S100YGCV |
| Trade payables | 81,550 | 111,543 | 102,015 | 117,709 | — | S100R8QI, S100TVNH, S100W1TM |
| Short-term borrowings | 65,695 | 97,395 | 70,345 | 76,295 | 7,000 | S100R8QI, S100TVNH, S100W1TM, S100YGCV |
| Long-term borrowings | 1,093,112 | 1,346,972 | 1,550,928 | 1,613,729 | 1,819,855 | S100R8QI, S100TVNH, S100W1TM, S100YGCV |
| Bonds | 991,413 | 1,032,785 | 1,064,600 | 1,241,690 | 1,216,690 | S100R8QI, S100TVNH, S100W1TM, S100YGCV |
| Interest-bearing debt | 2,150,220 | 2,477,152 | 2,685,873 | 2,931,714 | 3,043,545 | 算出 |
| Total liabilities | 2,958,502 | 3,584,565 | 3,519,864 | 3,655,094 | 3,845,208 | S100R8QI, S100TVNH, S100W1TM, S100YGCV |
| Non-controlling interests | 2,667 | 7,995 | 8,527 | -1,670 | -1,950 | S100R8QI, S100TVNH, S100W1TM, S100YGCV |
| Equity attributable to owners of parent | 580,519 | 418,892 | 550,893 | 636,153 | 693,186 | S100R8QI, S100TVNH, S100W1TM, S100YGCV |
| Retained earnings | 393,793 | 232,168 | 364,237 | 450,180 | 507,192 | S100R8QI, S100TVNH, S100W1TM, S100YGCV |
| Treasury stock | -38,878 | -38,886 | -38,902 | -39,588 | -39,578 | S100R8QI, S100TVNH, S100W1TM, S100YGCV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YGCV |
| Inventories | 2% | S100YGCV |
| Other assets | 89% | S100YGCV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 66% | 算出 |
| Other liabilities | 17% | S100YGCV |
| Equity | 17% | S100YGCV |

### 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 | 3,566,947 | 4,040,048 | 4,133,265 | 4,360,959 | 4,620,500 |
| Equity | 608,445 | 455,483 | 613,401 | 705,865 | 775,292 |
| Interest-bearing debt | 2,150,220 | 2,477,152 | 2,685,873 | 2,931,714 | 3,043,545 |
| Cash | 66,534 | 245,605 | 298,465 | 286,672 | 423,303 |

### 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) | 9.2% |
| Cash ÷ revenue | 29.3% |
| Net cash (cash − interest-bearing debt) | -¥2.62T |
| Net debt ÷ operating cash flow | 11.04× |
| Cash conversion (operating CF ÷ operating income) | 263.0% |
| Cash vs. profit gap | 168,750 JPY mn (of net income 246.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 18.5% |
| Investing CF relative to operating CF | 99.6% |

## 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 | — | —× | -1.1% | —× | — | S100R8QI |
| 2023 | — | —× | -4.1% | —× | — | S100TVNH |
| 2024 | 8.2% | 0.40× | 3.3% | 8.43× | 27.5% | S100W1TM |
| 2025 | 6.4% | 0.36× | 2.3% | 7.16× | 16.6% | S100YGCV |
| 2026 | 4.8% | 0.32× | 1.5% | 6.76× | 10.3% | S100YGCV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.8% | 2026-03-31 |
| 山口県 | Major shareholder | 9.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.2% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.9% | 2026-03-31 |
| 中国電力株式投資会 | Major shareholder | 2.0% | 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 | 1.9% | 2026-03-31 |
| 株式会社広島銀行 | Major shareholder | 1.4% | 2026-03-31 |
| BROWN BROTHERS HARRIMAN (LUXEMBOURG) SCA CUSTODIAN FOR ARCUS FUND SICAV - ARCUS JAPAN FUND（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.3% | 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 | 1.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.2% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 came to ¥1.44T, down from ¥1.53T (-5.7%).
- Profit fell harder: operating income was ¥90.2B (-30.1%) and net income attributable to owners was ¥68.5B (-30.4%).
- Operating cash flow went the other way, rising to ¥237.3B from ¥186B (+27.6%).

### Drivers

- Retail power sales volume grew, but lower fuel prices cut the fuel-cost adjustment charged to customers, so revenue fell.
- The Shimane Unit 2 reactor running and higher sales volume helped profit, but tougher competition in wholesale and retail and lower grid-business profit outweighed that.
- Cash flow improved largely because running the nuclear unit sharply reduced fuel costs.

### Risks

- If nuclear operations stop or are delayed by safety reviews, construction delays or court rulings on injunction suits, the cost of replacement fuel and power would rise.
- Swings in fuel and wholesale power prices, and the lag before fuel costs show up in rates, can move earnings.
- With borrowing growing to fund large projects, higher interest rates or a credit rating change could raise funding costs.

Cited: Annual Securities Report, 102nd term (Apr 2025–Mar 2026) (Management's analysis of financial position, results and cash flows); Annual Securities Report, 102nd term (Apr 2025–Mar 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/04/01－2026/03/31) | S100YGCV | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGCV,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W1TM | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1TM,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TVNH | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVNH,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R8QI | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8QI,, |
| 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) | S100OI9E | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI9E,, |
| 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) | S100LS1G | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS1G,, |

## 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).