# HIROSHIMA GAS 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172期(2025/04/01－2026/03/31) (S100YEHM)
> Page: https://vizora.meequs.com/en/company/hiroshima-gas
> Retrieved: 2026-09-30T19:50:26.336Z

## Company

Hiroshima GAS, founded in 1909, is a company in Electric Power & Gas listed on TSE Prime. It has 1,676 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HIROSHIMA GAS CO.,LTD. |
| Ticker | 9535 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9535.T) |
| Listing | TSE Prime |
| Head office | 広島市南区皆実町二丁目7番1号 |
| Representative (per filing) | 代表取締役社長 中川智彦 |
| Founded | Oct 1909 |
| Share capital | ¥5.32B |
| Employees (consolidated) | 1,676 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.hiroshima-gas.co.jp (https://www.hiroshima-gas.co.jp/) |
| Corporate number | 2240001009205 |
| EDINET | E04521 |
| Industries (Vizora) | Electric Power & Gas |

> Profile source: annual securities report (S100YEHM, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 42 |
| Profitability | 5.7 | 44 |
| Cash conversion | 98.8 | 42 |
| Efficiency | 46.6 | 44 |

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 77% of Hiroshima GAS's sales come from Gas, with LPG and Other business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -3.5% from the prior year, operating profit +26.5%.

## Company structure

- Segment revenue mix: Gas 76.5%、LPG 20.2%、Other business 3.3%
- Revenue → net income: ¥88396000000 → ¥2143000000
- Net income → operating cash flow: ¥2143000000 → ¥11667000000（difference ¥9524000000）
- Main uses of operating cash flow: CapEx ¥7718000000 / dividends ¥824000000 / buybacks —
- Change in cash: ¥-2175000000
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 | ¥88.4B |  |
| Operating income | ¥1.58B | Margin 1.8% |
| Net income | ¥2.1B | Margin 2.4% |
| Free cash flow | ¥3.95B |  |
| Largest business | Gas | of segment revenue 76.5% |
| Employees (consolidated) | 1,676 |  |
| EPS | ¥18.64 |  |
| Book value per share | ¥721.68 |  |
| Equity ratio | 54.2% |  |
| Shares outstanding | 68,737,429 |  |
| Treasury shares | 1,800 |  |
| Shareholders | 13,646 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 12.4% | Cash ÷ revenue 18.5% |
| Vs. industry median margin | -5.2 pp | Electric Power & Gas |
| ROE | 3.2% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.5× net income
- FY2026, one segment accounts for 67% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥73250000000 | ¥88396000000 | +20.7% |
| Operating income | ¥3293000000 | ¥1584000000 | -51.9% |
| Operating margin | 4.5% | 1.8% | -2.7 pp |
| Employees | 1,627 people | 1,676 people | +3.0% |
| Cash and equivalents | ¥13439000000 | ¥16364000000 | +21.8% |

### 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 |
| --- | ---: |
| ガス事業 → ガス事業 | 76.5% |
| ガス事業 → 事業再編・廃止 | 2.2% |
| LPG事業 → LPG事業 | 18.5% |
| その他 → 事業再編・廃止 | 2.8% |
| 新設・再編 → LPG事業 | 1.7% |
| 新設・再編 → その他事業 | 3.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Gas | 5 years | +3.3% | ¥67625000000 | 1.4% | 2 |
| LPG | 5 years | +5.6% | ¥17847000000 | 1.5% | 2 |
| Other business | — | — | ¥2923000000 | 7.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 88,396 | 100.0% | S100YEHM |
| Cost of revenue | 62,033 | 70.2% | S100YEHM |
| Gross profit | 26,363 | 29.8% | S100YEHM |
| Operating income | 1,584 | 1.8% | S100YEHM |
| Ordinary income | 2,602 | 2.9% | S100YEHM |
| Pretax income | 2,733 | 3.1% | S100YEHM |
| Income tax | 590 | 0.7% | S100YEHM |
| Net income | 2,143 | 2.4% | S100YEHM |
| Net income attributable to owners | 2,105 | 2.4% | S100YEHM |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 98 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 29.8% → Operating margin 1.8% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -3.5%; Core profit growth: +26.5%
Operating leverage (core profit growth ÷ revenue growth): -7.59×
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 | 91,595 | 88,396 | -3,199 | -3.5% |
| Gross profit | 26,231 | 26,363 | 132 | +0.5% |
| Operating income | 1,252 | 1,584 | 332 | +26.5% |
| Net income attributable to owners | 1,687 | 2,105 | 418 | +24.8% |
| Operating cash flow | 5,867 | 11,667 | 5,800 | +98.9% |
| Free cash flow | -3,517 | 3,949 | 7,466 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 82,268 | 2,971 | 3.6% | 2,153 | 8,586 | 1,997 | S100LQ54 |
| FY ending Mar 2021 | 73,250 | 3,293 | 4.5% | 5,272 | 13,967 | 6,810 | S100OEYV |
| FY ending Mar 2022 | 76,802 | 3,207 | 4.2% | 3,662 | 7,910 | 743 | S100R2B9 |
| FY ending Mar 2023 | 95,219 | 7,021 | 7.4% | 5,216 | 8,947 | 405 | S100TS1C |
| FY ending Mar 2024 | 90,670 | 3,185 | 3.5% | 2,329 | 14,830 | 5,370 | S100W06L |
| FY ending Mar 2025 | 91,595 | 1,252 | 1.4% | 1,687 | 5,867 | -3,517 | S100YEHM |
| FY ending Mar 2026 | 88,396 | 1,584 | 1.8% | 2,105 | 11,667 | 3,949 | S100YEHM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.7M |
| Operating income per employee (consolidated) | ¥945.1K |
| Net income per employee (consolidated) | ¥1.3M |

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) | 1,643 | 1,652 | 1,667 | 1,667 | 1,676 |
| Average salary (parent company) | ¥5.6M | ¥5.6M | ¥5.7M | ¥5.9M | ¥6M |
| Average age (parent company) | 43.5 years | 43.9 years | 43.9 years | 44.2 years | 44.3 years |
| Average tenure (parent company) | 18.5 years | 18.7 years | 18.7 years | 18.9 years | 18.9 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) -3.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Gas | 67,625 | 76.5% | 961 | 1.4% |
| LPG | 17,847 | 20.2% | 270 | 1.5% |
| Other business | 2,923 | 3.3% | 208 | 7.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Gas | 76.5% | 66.8% | -9.7 | 1.4% |
| LPG | 20.2% | 18.8% | -1.4 | 1.5% |
| Other business | 3.3% | 14.5% | 11.1 | 7.1% |

Segment → industry: LPG → Electric Power & Gas / Gas → 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 | 11,667 | 13.2% | S100YEHM |
| Capital expenditure | 7,718 | 8.7% | S100YEHM |
| Free cash flow | 3,949 | 4.5% | 算出 |
| Investing cash flow | -8,432 | -9.5% | S100YEHM |
| Financing cash flow | -5,407 | -6.1% | S100YEHM |
| Dividends paid | 824 | 0.9% | S100YEHM |
| Change in cash | -2,175 | -2.5% | S100YEHM |
| Cash and equivalents | 16,364 | 18.5% | S100YEHM |

## 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 | 18,031 | 33,535 | 25,518 | 18,505 | 16,364 | S100TS1C, S100W06L, S100YEHM |
| Total assets | 123,802 | 141,996 | 137,628 | 129,593 | 131,832 | S100R2B9, S100TS1C, S100W06L, S100YEHM |
| Net assets | 65,067 | 67,860 | 70,512 | 71,592 | 74,812 | S100TS1C, S100W06L, S100YEHM |
| Share capital | 5,225 | 5,246 | 5,268 | 5,291 | 5,315 | S100R2B9, S100TS1C, S100W06L, S100YEHM |
| Property, plant and equipment | 63,281 | 64,608 | 67,206 | 68,531 | 69,647 | S100R2B9, S100TS1C, S100W06L, S100YEHM |
| Intangible assets excluding goodwill | 262 | 141 | 106 | 185 | 735 | S100R2B9, S100TS1C, S100W06L, S100YEHM |
| Investment securities | 14,196 | 12,922 | 14,476 | 14,473 | 17,087 | S100R2B9, S100TS1C, S100W06L, S100YEHM |
| Current assets | 40,868 | 58,741 | 50,389 | 40,643 | 38,349 | S100R2B9, S100TS1C, S100W06L, S100YEHM |
| Current liabilities | 22,119 | 26,757 | 20,098 | 17,047 | 19,655 | S100R2B9, S100TS1C, S100W06L, S100YEHM |
| Trade payables | 4,955 | 4,847 | 10,945 | 5,569 | 7,179 | S100R2B9, S100TS1C, S100W06L, S100YEHM |
| Long-term borrowings | 16,618 | 28,123 | 27,994 | 22,073 | 17,882 | S100R2B9, S100TS1C, S100W06L, S100YEHM |
| Bonds | 16,000 | 16,000 | 16,000 | 16,000 | 16,000 | S100R2B9, S100TS1C, S100W06L, S100YEHM |
| Total liabilities | 58,735 | 74,135 | 67,115 | 58,000 | 57,020 | S100R2B9, S100TS1C, S100W06L, S100YEHM |
| Non-controlling interests | 3,199 | 3,320 | 3,384 | 3,336 | 3,307 | S100R2B9, S100TS1C, S100W06L, S100YEHM |
| Equity attributable to owners of parent | 57,318 | 61,893 | 63,378 | 64,298 | 65,643 | S100R2B9, S100TS1C, S100W06L, S100YEHM |
| Retained earnings | 50,897 | 55,430 | 56,870 | 57,735 | 59,016 | S100R2B9, S100TS1C, S100W06L, S100YEHM |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100R2B9, S100TS1C, S100W06L, S100YEHM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YEHM |
| Property, plant and equipment | 53% | S100YEHM |
| Intangibles and goodwill | 1% | S100YEHM |
| Investment securities | 13% | S100YEHM |
| Other assets | 21% | S100YEHM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YEHM |
| Other liabilities | 38% | S100YEHM |
| Equity | 57% | S100YEHM |

### 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 | 123,802 | 141,996 | 137,628 | 129,593 | 131,832 |
| Equity | 65,067 | 67,860 | 70,512 | 71,592 | 74,812 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,031 | 33,535 | 25,518 | 18,505 | 16,364 |

## 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) | 78.8% | S100YEHM |
| Fixed assets ÷ total assets | 52.8% | S100YEHM |
| Goodwill ÷ parent equity | — | —, S100YEHM |

### 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) | 12.4% |
| Cash ÷ revenue | 18.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 736.6% |
| Cash vs. profit gap | 9,562 JPY mn (of net income 454.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.1% |
| Shareholder payments — dividends / FCF | 20.9% |
| CapEx intensity (capex ÷ revenue) | 8.7% |
| Investing CF relative to operating CF | 72.3% |

## 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 | 4.8% | 0.62× | 3.0% | 2.16× | 6.4% | S100R2B9 |
| 2023 | 5.5% | 0.72× | 3.9% | 2.23× | 8.8% | S100TS1C |
| 2024 | 2.6% | 0.65× | 1.7% | 2.23× | 3.7% | S100W06L |
| 2025 | 1.8% | 0.69× | 1.3% | 2.09× | 2.6% | S100YEHM |
| 2026 | 2.4% | 0.68× | 1.6% | 2.01× | 3.2% | S100YEHM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岩谷産業株式会社 | Major shareholder | 11.1% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 5.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社広島銀行 | Major shareholder | 4.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.5% | 2026-03-31 |
| 広島電鉄株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 西部ガスホールディングス株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 千田興業株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 広島ガス自社株投資会 | Major shareholder | 1.9% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第172期(2025/04/01－2026/03/31) | S100YEHM | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEHM,, |
| 有価証券報告書－第171期(2024/04/01－2025/03/31) | S100W06L | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W06L,, |
| 有価証券報告書－第170期(2023/04/01－2024/03/31) | S100TS1C | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS1C,, |
| 有価証券報告書－第169期(2022/04/01－2023/03/31) | S100R2B9 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2B9,, |
| 有価証券報告書－第168期(令和3年4月1日－令和4年3月31日) | S100OEYV | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEYV,, |
| 有価証券報告書－第167期(令和2年4月1日－令和3年3月31日) | S100LQ54 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ54,, |

## 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).