# HOKKAIDO 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180期(2025/04/01－2026/03/31) (S100YGOL)
> Page: https://vizora.meequs.com/en/company/hokkaido-gas
> Retrieved: 2026-09-30T20:33:45.874Z

## Company

Hokkaido GAS, founded in 1911, is a company in Electric Power & Gas listed on TSE Prime. It has 1,641 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOKKAIDO GAS CO., LTD. |
| Ticker | 9534 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9534.T) |
| Listing | TSE Prime |
| Head office | 札幌市東区北7条東2丁目1番1号 |
| Representative (per filing) | 代表取締役社長 川村智郷 |
| Founded | Jul 1911 |
| Share capital | ¥7.51B |
| Employees (consolidated) | 1,641 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.hokkaido-gas.co.jp (https://www.hokkaido-gas.co.jp/) |
| Corporate number | 5430001021815 |
| EDINET | E04511 |
| Industries (Vizora) | Electric Power & Gas |

> Profile source: annual securities report (S100YGOL, 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 | 60.7 | 42 |
| Profitability | 69.3 | 44 |
| Cash conversion | 51.2 | 42 |
| Efficiency | 60.2 | 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 61% of Hokkaido GAS's sales come from Gas, with Other energy business and Power making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +2.5% from the prior year, operating profit +14.7%.

## Company structure

- Segment revenue mix: Gas 60.5%、Other energy business 22.7%、Power 15.8%、Other 1.0%
- Revenue → net income: ¥174519000000 → ¥11607000000
- Net income → operating cash flow: ¥11607000000 → ¥27028000000（difference ¥15421000000）
- Main uses of operating cash flow: CapEx ¥16129000000 / dividends ¥1902000000 / buybacks —
- Change in cash: ¥-1530000000
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 | ¥174.5B |  |
| Operating income | ¥16.4B | Margin 9.4% |
| Net income | ¥11.5B | Margin 6.6% |
| Free cash flow | ¥10.9B |  |
| Largest business | Gas | of segment revenue 60.5% |
| Employees (consolidated) | 1,641 |  |
| EPS | ¥120.55 |  |
| Diluted EPS | ¥120.06 |  |
| Book value per share | ¥826.94 |  |
| Equity ratio | 49.1% |  |
| Shares outstanding | 88,689,000 |  |
| Treasury shares | 415,700 |  |
| Shareholders | 10,888 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 4.9% | Cash ÷ revenue 5.6% |
| Vs. industry median margin | +2.4 pp | Electric Power & Gas |
| ROE | 13.2% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, one segment accounts for 76% of positive segment profit
- FY2026, parent-company salary changed +34% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥118161853000 | ¥174519000000 | +47.7% |
| Operating income | ¥5086127000 | ¥16437000000 | +223.2% |
| Operating margin | 4.3% | 9.4% | +5.1 pp |
| Employees | 1,425 people | 1,641 people | +15.2% |
| Cash and equivalents | ¥6141000000 | ¥9799000000 | +59.6% |

### 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 → ガス | 50.4% |
| 電力 → 電力 | 15.8% |
| 電力 → 事業再編・廃止 | 6.8% |
| エネルギー関連 → エネルギー関連 | 22.7% |
| エネルギー関連 → 事業再編・廃止 | 2.9% |
| その他 → その他 | 1.0% |
| その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → ガス | 10.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Gas | 5 years | +12.2% | ¥105658000000 | 14.3% | 2 |
| Other energy business | 5 years | +5.5% | ¥39543000000 | 3.5% | 2 |
| Power | 5 years | +0.6% | ¥27530000000 | 10.6% | 2 |
| Other | 5 years | +1.3% | ¥1787000000 | 26.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 174,519 | 100.0% | S100YGOL |
| Cost of revenue | 119,513 | 68.5% | S100YGOL |
| Gross profit | 55,005 | 31.5% | S100YGOL |
| Operating income | 16,437 | 9.4% | S100YGOL |
| Ordinary income | 16,495 | 9.5% | S100YGOL |
| Pretax income | 16,020 | 9.2% | S100YGOL |
| Income tax | 4,413 | 2.5% | S100YGOL |
| Net income | 11,607 | 6.7% | S100YGOL |
| Net income attributable to owners | 11,525 | 6.6% | S100YGOL |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 91 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 31.5% → Operating margin 9.4% → Net margin 6.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.5%; Core profit growth: +14.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.93×
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 | 170,295 | 174,519 | 4,224 | +2.5% |
| Gross profit | 50,367 | 55,005 | 4,638 | +9.2% |
| Operating income | 14,328 | 16,437 | 2,109 | +14.7% |
| Net income attributable to owners | 10,404 | 11,525 | 1,121 | +10.8% |
| Operating cash flow | 29,832 | 27,028 | -2,804 | -9.4% |
| Free cash flow | 13,065 | 10,899 | -2,166 | -16.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 126,375 | 4,606 | 3.6% | 3,955 | 15,406 | -797 | S100LQWZ |
| FY ending Mar 2021 | 118,162 | 5,086 | 4.3% | 4,289 | 22,399 | 11,662 | S100OF7C |
| FY ending Mar 2022 | 126,957 | 7,053 | 5.6% | 5,237 | 19,713 | 8,220 | S100R5L6 |
| FY ending Mar 2023 | 174,840 | 13,342 | 7.6% | 9,963 | 6,695 | -14,599 | S100TP8C |
| FY ending Mar 2024 | 173,885 | 15,595 | 9.0% | 11,627 | 31,677 | 15,855 | S100VZH3 |
| FY ending Mar 2025 | 170,295 | 14,328 | 8.4% | 10,404 | 29,832 | 13,065 | S100YGOL |
| FY ending Mar 2026 | 174,519 | 16,437 | 9.4% | 11,525 | 27,028 | 10,899 | S100YGOL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥106.3M |
| Operating income per employee (consolidated) | ¥10M |
| Net income per employee (consolidated) | ¥7M |

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) | 1,459 | 1,476 | 1,536 | 1,563 | 1,641 |
| Average salary (parent company) | ¥5.7M | ¥5.8M | ¥6M | ¥7.2M | ¥7.6M |
| Average age (parent company) | 40.6 years | 40.4 years | 40.8 years | 40.6 years | 40.6 years |
| Average tenure (parent company) | 19.2 years | 18.5 years | 18.5 years | 18.6 years | 18.7 years |

Year over year: Employees (consolidated) +5.0% · Revenue (consolidated) +2.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Gas | 105,658 | 60.5% | 15,129 | 14.3% |
| Power | 27,530 | 15.8% | 2,911 | 10.6% |
| Other energy business | 39,543 | 22.7% | 1,398 | 3.5% |
| Other | 1,787 | 1.0% | 464 | 26.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Gas | 60.5% | 76.0% | 15.5 | 14.3% |
| Power | 15.8% | 14.6% | -1.1 | 10.6% |
| Other energy business | 22.7% | 7.0% | -15.6 | 3.5% |
| Other | 1.0% | 2.3% | 1.3 | 26.0% |

Segment → industry: Other energy business → Electric Power & Gas / Power → 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 | 27,028 | 15.5% | S100YGOL |
| Capital expenditure | 16,129 | 9.2% | S100YGOL |
| Free cash flow | 10,899 | 6.2% | 算出 |
| Investing cash flow | -16,532 | -9.5% | S100YGOL |
| Financing cash flow | -12,027 | -6.9% | S100YGOL |
| Dividends paid | 1,902 | 1.1% | S100YGOL |
| Change in cash | -1,530 | -0.9% | S100YGOL |
| Cash and equivalents | 9,799 | 5.6% | S100YGOL |

## 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 | 9,565 | 2,719 | 9,469 | 11,324 | 9,799 | S100TP8C, S100VZH3, S100YGOL |
| Total assets | 160,433 | 183,797 | 186,366 | 195,431 | 198,198 | S100R5L6, S100TP8C, S100VZH3, S100YGOL |
| Net assets | 59,195 | 67,996 | 79,001 | 88,486 | 99,710 | S100TP8C, S100VZH3, S100YGOL |
| Share capital | 7,515 | 7,515 | 7,515 | 7,515 | 7,515 | S100R5L6, S100TP8C, S100VZH3, S100YGOL |
| Property, plant and equipment | 110,152 | 116,777 | 119,479 | 122,258 | 128,011 | S100R5L6, S100TP8C, S100VZH3, S100YGOL |
| Intangible assets excluding goodwill | 1,910 | 3,294 | 4,964 | 5,377 | 5,628 | S100R5L6, S100TP8C, S100VZH3, S100YGOL |
| Investment securities | 6,597 | 7,060 | 8,201 | 9,435 | 10,434 | S100R5L6, S100TP8C, S100VZH3, S100YGOL |
| Current assets | 35,657 | 49,810 | 46,668 | 51,086 | 46,055 | S100R5L6, S100TP8C, S100VZH3, S100YGOL |
| Current liabilities | 34,959 | 39,063 | 35,442 | 45,641 | 44,927 | S100R5L6, S100TP8C, S100VZH3, S100YGOL |
| Trade payables | 10,049 | 9,553 | 4,150 | 10,291 | 7,349 | S100R5L6, S100TP8C, S100VZH3, S100YGOL |
| Long-term borrowings | 17,610 | 19,031 | 16,095 | 13,654 | 9,360 | S100R5L6, S100TP8C, S100VZH3, S100YGOL |
| Bonds | 39,000 | 47,000 | 43,500 | 35,000 | 31,120 | S100R5L6, S100TP8C, S100VZH3, S100YGOL |
| Total liabilities | 101,237 | 115,801 | 107,365 | 106,945 | 98,487 | S100R5L6, S100TP8C, S100VZH3, S100YGOL |
| Non-controlling interests | 2,077 | 2,109 | 2,110 | 2,134 | 2,293 | S100R5L6, S100TP8C, S100VZH3, S100YGOL |
| Equity attributable to owners of parent | 54,527 | 63,150 | 73,458 | 82,296 | 92,253 | S100R5L6, S100TP8C, S100VZH3, S100YGOL |
| Retained earnings | 41,924 | 50,539 | 60,844 | 69,672 | 79,551 | S100R5L6, S100TP8C, S100VZH3, S100YGOL |
| Treasury stock | -169 | -160 | -157 | -148 | -113 | S100R5L6, S100TP8C, S100VZH3, S100YGOL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YGOL |
| Property, plant and equipment | 65% | S100YGOL |
| Intangibles and goodwill | 3% | S100YGOL |
| Investment securities | 5% | S100YGOL |
| Other assets | 22% | S100YGOL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YGOL |
| Other liabilities | 46% | S100YGOL |
| Equity | 50% | S100YGOL |
| Other liabilities | 0% | S100YGOL |

### 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 | 160,433 | 183,797 | 186,366 | 195,431 | 198,198 |
| Equity | 59,195 | 67,996 | 79,001 | 88,486 | 99,710 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,565 | 2,719 | 9,469 | 11,324 | 9,799 |

## 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) | 73.4% | S100YGOL |
| Fixed assets ÷ total assets | 64.6% | S100YGOL |
| Goodwill ÷ parent equity | — | —, S100YGOL |

### 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) | 4.9% |
| Cash ÷ revenue | 5.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 164.4% |
| Cash vs. profit gap | 15,503 JPY mn (of net income 134.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.5% |
| Shareholder payments — dividends / FCF | 17.5% |
| CapEx intensity (capex ÷ revenue) | 9.2% |
| Investing CF relative to operating CF | 61.2% |

## 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 | 4.1% | 0.79× | 3.3% | 2.94× | 9.6% | S100R5L6 |
| 2023 | 5.7% | 1.02× | 5.8% | 2.93× | 16.9% | S100TP8C |
| 2024 | 6.7% | 0.94× | 6.3% | 2.71× | 17.0% | S100VZH3 |
| 2025 | 6.1% | 0.89× | 5.5% | 2.45× | 13.4% | S100YGOL |
| 2026 | 6.6% | 0.89× | 5.9% | 2.26× | 13.2% | S100YGOL |

## 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 | 8.3% | 2026-03-31 |
| 東京瓦斯株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社北海道銀行 | Major shareholder | 3.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社北洋銀行 | Major shareholder | 3.9% | 2026-03-31 |
| 北海道信用農業協同組合連合会 | Major shareholder | 3.7% | 2026-03-31 |
| 北海道瓦斯従業員持株会 | Major shareholder | 3.3% | 2026-03-31 |
| みずほ信託銀行株式会社退職給付信託みずほ銀行口再信託受託者株式会社日本カストディ銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 札幌市 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第180期(2025/04/01－2026/03/31) | S100YGOL | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGOL,, |
| 有価証券報告書－第179期(2024/04/01－2025/03/31) | S100VZH3 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZH3,, |
| 有価証券報告書－第178期(2023/04/01－2024/03/31) | S100TP8C | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP8C,, |
| 有価証券報告書－第177期(2022/04/01－2023/03/31) | S100R5L6 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5L6,, |
| 有価証券報告書－第176期(令和3年4月1日－令和4年3月31日) | S100OF7C | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF7C,, |
| 有価証券報告書－第175期(令和2年4月1日－令和3年3月31日) | S100LQWZ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQWZ,, |

## 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).