# Hokkaido 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) (S100YDWY)
> Page: https://vizora.meequs.com/en/company/hokkaido-electric-power
> Retrieved: 2026-09-30T18:37:36.953Z

## Company

Hokkaido Electric Power Company, founded in 1950, is a company in Electric Power & Gas listed on TSE Prime. It has 9,239 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hokkaido Electric Power Company, Incorporated |
| Ticker | 9509 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9509.T) |
| Listing | TSE Prime |
| Head office | 札幌市中央区大通東1丁目2番地 |
| Representative (per filing) | 代表取締役 社長執行役員 齋藤晋 |
| Founded | Nov 1950 |
| Share capital | ¥114.3B |
| Employees (consolidated) | 9,239 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.hepco.co.jp (https://www.hepco.co.jp/) |
| Corporate number | 4430001022351 |
| EDINET | E04500 |
| Industries (Vizora) | Electric Power & Gas |

> Profile source: annual securities report (S100YDWY, 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 | 56 | 42 |
| Profitability | 64.8 | 44 |
| Cash conversion | 48.8 | 42 |
| Efficiency | 17 | 44 |
| Financial strength | 13.2 | 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 79% of Hokkaido Electric Power Company's sales come from HokkaidoElectricPower, with HokkaidoElectricPowerNetwork and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -5.1% from the prior year, operating profit -3.4%.

## Company structure

- Segment revenue mix: HokkaidoElectricPower 79.2%、HokkaidoElectricPowerNetwork 16.4%、Other 4.4%
- Revenue → net income: ¥855983000000 → ¥45383000000
- Net income → operating cash flow: ¥45383000000 → ¥114545000000（difference ¥69162000000）
- Main uses of operating cash flow: CapEx ¥217561000000 / dividends ¥6538000000 / buybacks —
- Change in cash: ¥28284000000
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 | ¥856B |  |
| Operating income | ¥73.2B | Margin 8.6% |
| Net income | ¥44B | Margin 5.1% |
| Free cash flow | -¥103B |  |
| Largest business | HokkaidoElectricPower | of segment revenue 79.2% |
| Employees (consolidated) | 9,239 |  |
| EPS | ¥157.34 |  |
| Diluted EPS | ¥155.47 |  |
| Book value per share | ¥1492.57 |  |
| Equity ratio | 18.5% |  |
| Shares outstanding | 215,291,912 |  |
| Treasury shares | 9,550,200 |  |
| Shareholders | 91,781 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 7.5% | Net cash -¥1.26T · Cash ÷ revenue 21.6% |
| Vs. industry median margin | +1.6 pp | Electric Power & Gas |
| ROE | 11.3% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥585203000000 | ¥855983000000 | +46.3% |
| Operating income | ¥53775000000 | ¥73238000000 | +36.2% |
| Operating margin | 9.2% | 8.6% | -0.6 pp |
| Employees | 10,503 people | 9,239 people | -12.0% |
| Cash and equivalents | ¥83767000000 | ¥184607000000 | +120.4% |

### 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 |
| --- | ---: |
| 北海道電力 → 北海道電力 | 79.2% |
| 北海道電力 → 事業再編・廃止 | 1.2% |
| 北海道電力ネットワーク → 北海道電力ネットワーク | 13.1% |
| その他 → その他 | 4.4% |
| その他 → 事業再編・廃止 | 2.0% |
| 新設・再編 → 北海道電力ネットワーク | 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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| HokkaidoElectricPower | 5 years | +7.6% | ¥677591000000 | 6.6% | 2 |
| HokkaidoElectricPowerNetwork | 5 years | +12.8% | ¥140521000000 | 1.8% | 2 |
| Other | 5 years | -0.0% | ¥37870000000 | 50.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 855,983 | 100.0% | S100YDWY |
| Operating income | 73,238 | 8.6% | S100YDWY |
| Ordinary income | 61,348 | 7.2% | S100YDWY |
| Pretax income | 61,883 | 7.2% | S100YDWY |
| Income tax | 16,500 | 1.9% | S100YDWY |
| Net income | 45,383 | 5.3% | S100YDWY |
| Net income attributable to owners | 43,998 | 5.1% | S100YDWY |

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

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

### Margin funnel

Operating margin 8.6% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.1%; Core profit growth: -3.4%
Operating leverage (core profit growth ÷ revenue growth): 0.67×
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 | 902,053 | 855,983 | -46,070 | -5.1% |
| Operating income | 75,838 | 73,238 | -2,600 | -3.4% |
| Net income attributable to owners | 64,218 | 43,998 | -20,220 | -31.5% |
| Operating cash flow | 125,588 | 114,545 | -11,043 | -8.8% |
| Free cash flow | -42,539 | -103,016 | -60,477 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 748,468 | 42,415 | 5.7% | 26,720 | 102,686 | -25,777 | S100LLTR |
| FY ending Mar 2021 | 585,203 | 53,775 | 9.2% | 36,155 | 136,547 | 51,544 | S100ODPW |
| FY ending Mar 2022 | 663,414 | 24,970 | 3.8% | 6,864 | 102,337 | 24,550 | S100R1IZ |
| FY ending Mar 2023 | 888,874 | -22,530 | -2.5% | -22,193 | -574 | -105,329 | S100TT39 |
| FY ending Mar 2024 | 953,784 | 101,155 | 10.6% | 66,201 | 176,135 | 62,191 | S100W0BE |
| FY ending Mar 2025 | 902,053 | 75,838 | 8.4% | 64,218 | 125,588 | -42,539 | S100YDWY |
| FY ending Mar 2026 | 855,983 | 73,238 | 8.6% | 43,998 | 114,545 | -103,016 | S100YDWY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥92.6M |
| Operating income per employee (consolidated) | ¥7.9M |
| Net income per employee (consolidated) | ¥4.8M |

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) | 10,226 | 10,005 | 9,206 | 9,165 | 9,239 |
| Average salary (parent company) | ¥7.4M | ¥7.5M | ¥7.5M | ¥7.9M | ¥8.3M |
| Average age (parent company) | 41.3 years | 41.3 years | 41.4 years | 41.5 years | 41.3 years |
| Average tenure (parent company) | 19.9 years | 19.7 years | 19.6 years | 19.2 years | 18.2 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) -5.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| HokkaidoElectricPower | 677,591 | 79.2% | 44,618 | 6.6% |
| HokkaidoElectricPowerNetwork | 140,521 | 16.4% | 2,520 | 1.8% |
| Other | 37,870 | 4.4% | 19,057 | 50.3% |

### 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 |
| --- | ---: |
| HokkaidoElectricPower | 79.2% |
| HokkaidoElectricPowerNetwork | 16.4% |
| Other | 4.4% |

Segment → industry: HokkaidoElectricPowerNetwork → Electric Power & Gas / HokkaidoElectricPower → 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 | 114,545 | 13.4% | S100YDWY |
| Capital expenditure | 217,561 | 25.4% | S100YDWY |
| Free cash flow | -103,016 | -12.0% | 算出 |
| Investing cash flow | -213,069 | -24.9% | S100YDWY |
| Financing cash flow | 126,807 | 14.8% | S100YDWY |
| Dividends paid | 6,538 | 0.8% | S100YDWY |
| Change in cash | 28,284 | 3.3% | S100YDWY |
| Cash and equivalents | 184,607 | 21.6% | S100YDWY |

## 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 | 88,894 | 89,867 | 110,709 | 156,322 | 184,607 | S100TT39, S100W0BE, S100YDWY |
| Total assets | 1,992,879 | 2,093,339 | 2,141,691 | 2,244,003 | 2,471,051 | S100R1IZ, S100TT39, S100W0BE, S100YDWY |
| Net assets | 285,717 | 258,106 | 333,528 | 407,336 | 473,636 | S100TT39, S100W0BE, S100YDWY |
| Share capital | 114,291 | 114,291 | 114,291 | 114,291 | 114,291 | S100R1IZ, S100TT39, S100W0BE, S100YDWY |
| Inventories | 37,084 | 92,122 | 67,989 | 66,620 | 57,779 | S100R1IZ, S100TT39, S100W0BE, S100YDWY |
| Current assets | 229,031 | 331,964 | 393,056 | 411,594 | 437,676 | S100R1IZ, S100TT39, S100W0BE, S100YDWY |
| Current liabilities | 327,329 | 411,047 | 447,337 | 483,965 | 475,518 | S100R1IZ, S100TT39, S100W0BE, S100YDWY |
| Trade payables | 60,167 | 84,732 | 86,460 | 94,892 | 97,547 | S100R1IZ, S100TT39, S100W0BE, S100YDWY |
| Short-term borrowings | 44,500 | 44,500 | 44,500 | 44,500 | 44,500 | S100R1IZ, S100TT39, S100W0BE, S100YDWY |
| Long-term borrowings | 512,453 | 510,648 | 514,891 | 494,310 | 540,328 | S100R1IZ, S100TT39, S100W0BE, S100YDWY |
| Bonds | 710,000 | 753,500 | 678,500 | 723,400 | 859,230 | S100R1IZ, S100TT39, S100W0BE, S100YDWY |
| Interest-bearing debt | 1,266,953 | 1,308,648 | 1,237,891 | 1,262,210 | 1,444,058 | 算出 |
| Total liabilities | 1,707,161 | 1,835,233 | 1,808,163 | 1,836,667 | 1,997,414 | S100R1IZ, S100TT39, S100W0BE, S100YDWY |
| Non-controlling interests | 13,069 | 13,291 | 14,145 | 15,404 | 16,686 | S100R1IZ, S100TT39, S100W0BE, S100YDWY |
| Equity attributable to owners of parent | 273,867 | 248,911 | 311,839 | 369,513 | 406,969 | S100R1IZ, S100TT39, S100W0BE, S100YDWY |
| Retained earnings | 130,094 | 105,139 | 168,070 | 225,738 | 263,183 | S100R1IZ, S100TT39, S100W0BE, S100YDWY |
| Treasury stock | -17,867 | -17,868 | -17,870 | -17,728 | -17,717 | S100R1IZ, S100TT39, S100W0BE, S100YDWY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YDWY |
| Inventories | 2% | S100YDWY |
| Other assets | 90% | S100YDWY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YDWY |
| Interest-bearing debt | 58% | 算出 |
| Other liabilities | 19% | S100YDWY |
| Equity | 19% | S100YDWY |
| Other liabilities | 0% | S100YDWY |

### 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 | 1,992,879 | 2,093,339 | 2,141,691 | 2,244,003 | 2,471,051 |
| Equity | 285,717 | 258,106 | 333,528 | 407,336 | 473,636 |
| Interest-bearing debt | 1,266,953 | 1,308,648 | 1,237,891 | 1,262,210 | 1,444,058 |
| Cash | 88,894 | 89,867 | 110,709 | 156,322 | 184,607 |

### 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) | 7.5% |
| Cash ÷ revenue | 21.6% |
| Net cash (cash − interest-bearing debt) | -¥1.26T |
| Net debt ÷ operating cash flow | 11.00× |
| Cash conversion (operating CF ÷ operating income) | 156.4% |
| Cash vs. profit gap | 70,547 JPY mn (of net income 160.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 14.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 25.4% |
| Investing CF relative to operating CF | 186.0% |

## 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 | 1.0% | 0.33× | 0.3% | 7.28× | 2.5% | S100R1IZ |
| 2023 | — | —× | -1.1% | —× | — | S100TT39 |
| 2024 | 6.9% | 0.45× | 3.1% | 7.55× | 23.6% | S100W0BE |
| 2025 | 7.1% | 0.41× | 2.9% | 6.44× | 18.9% | S100YDWY |
| 2026 | 5.1% | 0.36× | 1.9% | 6.07× | 11.3% | S100YDWY |

## 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 | 8.9% | 2026-03-31 |
| 株式会社北洋銀行 | Major shareholder | 5.0% | 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 | 3.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.5% | 2026-03-31 |
| 北海道電力従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)(常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 2.1% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社北海道銀行 | Major shareholder | 1.8% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE (常任代理人 株式会社三菱ＵＦＪ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 ¥856B, down 5.1% from ¥902.1B.
- Operating income slipped only slightly to ¥73.2B (-3.4%), but net income fell harder, from ¥64.2B to ¥44B (-31.5%).
- Operating cash flow came in at ¥114.5B (-8.8%), and free cash flow went further negative, from -¥42.5B to -¥103B.

### Drivers

- Lower fuel prices shrank the fuel cost adjustment built into electricity bills, cutting revenue.
- More hydro output lowered fuel costs, but spending on the Tomari restart and higher labor, materials and interest costs weighed on profit.
- Net income also lost support from a smaller gain on nuclear fuel sales than the year before.

### Risks

- If regulatory reviews or seawall construction at Tomari drag on, the plant stays offline and fuel costs stay high.
- Tension in the Middle East has pushed up fuel and wholesale power prices, which could raise procurement costs.
- Competition, a shrinking population and energy saving could reduce the amount of electricity it sells.

Cited: Annual securities report (MD&A) (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 (business risks) (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) | S100YDWY | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDWY,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W0BE | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0BE,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TT39 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT39,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R1IZ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1IZ,, |
| 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) | S100ODPW | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODPW,, |
| 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) | S100LLTR | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLTR,, |

## 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).