# Electric Power Development Co., Ltd.: 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74期(2025/04/01－2026/03/31) (S100YISC)
> Page: https://vizora.meequs.com/en/company/electric-power-development
> Retrieved: 2026-09-30T18:47:52.542Z

## Company

Electric Power Development, founded in 1952, is a company in Electric Power & Gas listed on TSE Prime. It has 7,202 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Electric Power Development Co., Ltd. |
| Ticker | 9513 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9513.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区銀座六丁目15番1号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 加藤英彰 |
| Founded | Sep 1952 |
| Share capital | ¥180.5B |
| Employees (consolidated) | 7,202 |
| Average salary (parent only) | ¥11.9M |
| Fiscal year end | March |
| Website | www.jpower.co.jp (https://www.jpower.co.jp/) |
| Corporate number | 6010001050764 |
| EDINET | E04510 |
| Industries (Vizora) | Electric Power & Gas |

> Profile source: annual securities report (S100YISC, 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 | 36.9 | 42 |
| Profitability | 62.5 | 44 |
| Cash conversion | 72.6 | 42 |
| Efficiency | 8 | 44 |
| Financial strength | 34.2 | 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 71% of Electric Power Development's sales come from PowerGeneration, with Overseas and Electric power - related making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -10.2% from the prior year, operating profit -27.0%.

## Company structure

- Segment revenue mix: PowerGeneration 71.1%、Overseas 19.3%、Electric power - related 4.2%、TransmissionandTransformation 4.2%、Other businesses 1.3%
- Revenue → net income: ¥1182260000000 → ¥73833000000
- Net income → operating cash flow: ¥73833000000 → ¥224265000000（difference ¥150432000000）
- Main uses of operating cash flow: CapEx ¥177384000000 / dividends ¥18117000000 / buybacks ¥20459000000
- Change in cash: ¥-24220000000
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 | ¥1.18T |  |
| Operating income | ¥101B | Margin 8.5% |
| Net income | ¥58.5B | Margin 5.0% |
| Free cash flow | ¥46.9B |  |
| Largest business | PowerGeneration | of segment revenue 71.1% |
| Employees (consolidated) | 7,202 |  |
| EPS | ¥303.91 |  |
| Book value per share | ¥5331.61 |  |
| Equity ratio | 37.6% |  |
| Shares outstanding | 183,051,000 |  |
| Treasury shares | 6,717,300 |  |
| Shareholders | 82,776 |  |
| Average salary (parent only) | ¥11.9M | Filing company only |
| Cash ratio | 9.3% | Net cash -¥1.33T · Cash ÷ revenue 29.5% |
| Vs. industry median margin | +1.6 pp | Electric Power & Gas |
| ROE | 5.2% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.8× net income
- FY2026, buybacks were 1.1× dividends
- FY2026, parent-company salary changed +50% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥909144000000 | ¥1182260000000 | +30.0% |
| Operating income | ¥77775000000 | ¥100992000000 | +29.9% |
| Operating margin | 8.6% | 8.5% | 0 pp |
| Employees | 7,156 people | 7,202 people | +0.6% |
| Cash and equivalents | ¥185260000000 | ¥348865000000 | +88.3% |

### 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 |
| --- | ---: |
| 電気事業 → 事業再編・廃止 | 81.8% |
| 電力周辺関連事業 → 電力周辺関連事業 | 2.8% |
| 海外事業 → 海外事業 | 15.4% |
| 新設・再編 → 発電事業 | 71.1% |
| 新設・再編 → 送変電事業 | 4.2% |
| 新設・再編 → 電力周辺関連事業 | 1.4% |
| 新設・再編 → 海外事業 | 3.8% |
| 新設・再編 → その他の事業 | 1.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| PowerGeneration | 2 years | -0.9% | ¥840445000000 | 5.4% | 2 |
| Overseas | 5 years | +10.5% | ¥227896000000 | 41.6% | 2 |
| Electric power - related | 5 years | +14.9% | ¥49638000000 | 34.2% | 2 |
| TransmissionandTransformation | 2 years | +0.3% | ¥49270000000 | 3.6% | 2 |
| Other businesses | 2 years | -4.0% | ¥15009000000 | 2.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,182,260 | 100.0% | S100YISC |
| SG&A | 62,824 | 5.3% | S100YISC |
| Operating income | 100,992 | 8.5% | S100YISC |
| Ordinary income | 158,532 | 13.4% | S100YISC |
| Pretax income | 106,714 | 9.0% | S100YISC |
| Income tax | 32,881 | 2.8% | S100YISC |
| Net income | 73,833 | 6.2% | S100YISC |
| Net income attributable to owners | 58,537 | 5.0% | S100YISC |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 91 |
| Operating income | 9 |
| (Ref.) Net income | 5 |

### Margin funnel

Operating margin 8.5% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -10.2%; Core profit growth: -27.0%
Operating leverage (core profit growth ÷ revenue growth): 2.64×
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 | 1,316,674 | 1,182,260 | -134,414 | -10.2% |
| Operating income | 138,310 | 100,992 | -37,318 | -27.0% |
| Net income attributable to owners | 92,469 | 58,537 | -33,932 | -36.7% |
| Operating cash flow | 250,335 | 224,265 | -26,070 | -10.4% |
| Free cash flow | 126,415 | 46,881 | -79,534 | -62.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 913,775 | 83,638 | 9.2% | 42,277 | 159,245 | 9,725 | S100LQ00 |
| FY ending Mar 2021 | 909,144 | 77,775 | 8.6% | 22,304 | 167,959 | 8,663 | S100OIW0 |
| FY ending Mar 2022 | 1,084,621 | 86,979 | 8.0% | 69,687 | 128,380 | -6,902 | S100R7S6 |
| FY ending Mar 2023 | 1,841,922 | 183,867 | 10.0% | 113,689 | 155,832 | 10,970 | S100TWUQ |
| FY ending Mar 2024 | 1,257,998 | 105,704 | 8.4% | 77,774 | 254,021 | 138,181 | S100W4NR |
| FY ending Mar 2025 | 1,316,674 | 138,310 | 10.5% | 92,469 | 250,335 | 126,415 | S100YISC |
| FY ending Mar 2026 | 1,182,260 | 100,992 | 8.5% | 58,537 | 224,265 | 46,881 | S100YISC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥164.2M |
| Operating income per employee (consolidated) | ¥14M |
| Net income per employee (consolidated) | ¥8.1M |

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) | 7,146 | 7,078 | 7,083 | 7,127 | 7,202 |
| Average salary (parent company) | ¥7.9M | ¥8M | ¥10.5M | ¥11.2M | ¥11.9M |
| Average age (parent company) | 42.0 years | 41.5 years | 41.7 years | 41.4 years | 41.6 years |
| Average tenure (parent company) | 19.7 years | 19.0 years | 19.1 years | 18.6 years | 18.5 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) -10.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| PowerGeneration | 840,445 | 71.1% | 45,351 | 5.4% |
| TransmissionandTransformation | 49,270 | 4.2% | 1,776 | 3.6% |
| Electric power - related | 49,638 | 4.2% | 16,989 | 34.2% |
| Overseas | 227,896 | 19.3% | 94,856 | 41.6% |
| Other businesses | 15,009 | 1.3% | 417 | 2.8% |

### 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 |
| --- | ---: |
| PowerGeneration | 71.1% |
| TransmissionandTransformation | 4.2% |
| Electric power - related | 4.2% |
| Overseas | 19.3% |
| Other businesses | 1.3% |

Segment → industry: Overseas → Electric Power & Gas / Electric power - related → Electric Power & Gas / TransmissionandTransformation → Electric Power & Gas / PowerGeneration → 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 | 224,265 | 19.0% | S100YISC |
| Capital expenditure | 177,384 | 15.0% | S100YISC |
| Free cash flow | 46,881 | 4.0% | 算出 |
| Investing cash flow | -193,248 | -16.3% | S100YISC |
| Financing cash flow | -64,219 | -5.4% | S100YISC |
| Dividends paid | 18,117 | 1.5% | S100YISC |
| Share buyback | 20,459 | 1.7% | S100YISC |
| Change in cash | -24,220 | -2.0% | S100YISC |
| Cash and equivalents | 348,865 | 29.5% | S100YISC |

## 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 | 222,551 | 334,294 | 370,663 | 373,085 | 348,865 | S100TWUQ, S100W4NR, S100YISC |
| Total assets | 3,066,176 | 3,362,685 | 3,475,805 | 3,668,740 | 3,739,701 | S100R7S6, S100TWUQ, S100W4NR, S100YISC |
| Net assets | 964,105 | 1,192,743 | 1,333,135 | 1,463,502 | 1,534,476 | S100TWUQ, S100W4NR, S100YISC |
| Share capital | 180,502 | 180,502 | 180,502 | 180,502 | 180,502 | S100R7S6, S100TWUQ, S100W4NR, S100YISC |
| Inventories | 62,173 | 110,315 | 80,059 | 72,191 | 77,338 | S100R7S6, S100TWUQ, S100W4NR, S100YISC |
| Goodwill | — | — | — | 11,118 | 5,689 | S100YISC |
| Current assets | 471,357 | 661,300 | 690,254 | 673,708 | 666,243 | S100R7S6, S100TWUQ, S100W4NR, S100YISC |
| Current liabilities | 415,496 | 372,019 | 349,257 | 413,357 | 398,227 | S100R7S6, S100TWUQ, S100W4NR, S100YISC |
| Trade payables | 44,651 | 53,774 | 52,379 | 61,997 | 55,644 | S100R7S6, S100TWUQ, S100W4NR, S100YISC |
| Short-term borrowings | 8,149 | 10,715 | 8,031 | 8,133 | 8,270 | S100R7S6, S100TWUQ, S100W4NR, S100YISC |
| Long-term borrowings | 839,645 | 893,363 | 932,304 | 998,134 | 989,700 | S100R7S6, S100TWUQ, S100W4NR, S100YISC |
| Bonds | 706,484 | 774,085 | 729,086 | 652,987 | 678,987 | S100R7S6, S100TWUQ, S100W4NR, S100YISC |
| Interest-bearing debt | 1,554,278 | 1,678,163 | 1,669,421 | 1,659,254 | 1,676,957 | 算出 |
| Total liabilities | 2,102,071 | 2,169,942 | 2,142,670 | 2,205,238 | 2,205,224 | S100R7S6, S100TWUQ, S100W4NR, S100YISC |
| Non-controlling interests | 48,075 | 108,064 | 117,156 | 127,467 | 129,008 | S100R7S6, S100TWUQ, S100W4NR, S100YISC |
| Equity attributable to owners of parent | 870,826 | 977,800 | 1,038,258 | 1,111,520 | 1,131,506 | S100R7S6, S100TWUQ, S100W4NR, S100YISC |
| Retained earnings | 570,452 | 669,498 | 729,940 | 803,189 | 843,600 | S100R7S6, S100TWUQ, S100W4NR, S100YISC |
| Treasury stock | -9 | -378 | -362 | -349 | -20,774 | S100R7S6, S100TWUQ, S100W4NR, S100YISC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YISC |
| Inventories | 2% | S100YISC |
| Intangibles and goodwill | 0% | — |
| Other assets | 89% | S100YISC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YISC |
| Interest-bearing debt | 45% | 算出 |
| Other liabilities | 13% | S100YISC |
| Equity | 41% | S100YISC |
| Other liabilities | 0% | S100YISC |

### 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 | 3,066,176 | 3,362,685 | 3,475,805 | 3,668,740 | 3,739,701 |
| Equity | 964,105 | 1,192,743 | 1,333,135 | 1,463,502 | 1,534,476 |
| Interest-bearing debt | 1,554,278 | 1,678,163 | 1,669,421 | 1,659,254 | 1,676,957 |
| Cash | 222,551 | 334,294 | 370,663 | 373,085 | 348,865 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | — | —, S100YISC |
| Fixed assets ÷ total assets | — | —, S100YISC |
| Goodwill ÷ parent equity | 0.5% | S100YISC |

### 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) | 9.3% |
| Cash ÷ revenue | 29.5% |
| Net cash (cash − interest-bearing debt) | -¥1.33T |
| Net debt ÷ operating cash flow | 5.92× |
| Cash conversion (operating CF ÷ operating income) | 222.1% |
| Cash vs. profit gap | 165,728 JPY mn (of net income 283.1%) |
| Shareholder returns / net income | 65.9% |
| Shareholder returns / FCF | 82.3% |
| Shareholder payments — dividends / net income | 30.9% |
| Shareholder payments — dividends / FCF | 38.6% |
| CapEx intensity (capex ÷ revenue) | 15.0% |
| Investing CF relative to operating CF | 86.2% |

## 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 | 6.4% | 0.35× | 2.3% | 3.52× | 8.0% | S100R7S6 |
| 2023 | 6.2% | 0.57× | 3.5% | 3.48× | 12.3% | S100TWUQ |
| 2024 | 6.2% | 0.37× | 2.3% | 3.39× | 7.7% | S100W4NR |
| 2025 | 7.0% | 0.37× | 2.6% | 3.32× | 8.6% | S100YISC |
| 2026 | 5.0% | 0.32× | 1.6% | 3.30× | 5.2% | S100YISC |

## 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 | 11.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 5.2% | 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 |
| J-POWER従業員持株会 | Major shareholder | 2.9% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.1% | 2026-03-31 |
| HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.9% | 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 | 1.8% | 2026-03-31 |
| 富国生命保険相互会社 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.7% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥1.18T, down -10.2% from ¥1.32T.
- Operating income fell -27.0% to ¥101B, and net income fell -36.7% to ¥58.5B, so the drop got steeper further down the income statement.
- Operating cash flow slipped -10.4% to ¥224.3B, but with ¥177.4B of capital spending, free cash flow shrank -62.9% to ¥46.9B.

### Drivers

- Sales fell because less power was sold in Thailand, the Matsushima thermal plant was shut down, and capacity market prices dropped
- In domestic generation, the Matsushima shutdown and higher repair costs cut segment profit
- Impairments on Australian renewable assets and the Takasago thermal plant, plus a write-off of equipment at the Ohma nuclear project, weighed on net income

### Risks

- Safety upgrades at the planned Ohma nuclear plant are unlikely to finish on the target schedule, and the cost may rise further
- Carbon pricing, such as Japan's emissions trading scheme and the planned fossil fuel levy and allowance auctions, could raise costs for its coal plants
- Overseas projects carry currency and political risk, and in some joint ventures the company has limited control

Cited: Annual Securities Report, 74th fiscal year (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, 74th fiscal year (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YISC | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YISC,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100W4NR | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4NR,, |
| 有価証券報告書－第72期(2023/04/01－2024/03/31) | S100TWUQ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWUQ,, |
| 有価証券報告書－第71期(2022/04/01－2023/03/31) | S100R7S6 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7S6,, |
| 有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100OIW0 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIW0,, |
| 有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LQ00 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ00,, |

## 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).