# Hokuriku Electric Power Company: 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) (S100YE68)
> Page: https://vizora.meequs.com/en/company/hokuriku-electric-power
> Retrieved: 2026-09-30T18:30:16.948Z

## Company

Hokuriku Electric Power Company, founded in 1950, is a company in Electric Power & Gas listed on TSE Prime. It has 6,895 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hokuriku Electric Power Company |
| Ticker | 9505 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9505.T) |
| Listing | TSE Prime |
| Head office | 富山市牛島町15番1号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 松田 光司 |
| Founded | Nov 1950 |
| Share capital | ¥117.6B |
| Employees (consolidated) | 6,895 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.rikuden.co.jp (https://www.rikuden.co.jp/) |
| Corporate number | 7230001003022 |
| EDINET | E04503 |
| Industries (Vizora) | Electric Power & Gas |

> Profile source: annual securities report (S100YE68, 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 | 29.8 | 42 |
| Profitability | 87.5 | 44 |
| Cash conversion | 34.5 | 42 |
| Efficiency | 26.1 | 44 |
| Financial strength | 23.7 | 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 Hokuriku Electric Power Company's sales come from Power generation sales, with Other and Transmission and distribution making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed -8.4% from the prior year, operating profit -13.4%.

## Company structure

- Segment revenue mix: Power generation sales 83.4%、Other 9.1%、Transmission and distribution 7.4%
- Revenue → net income: ¥786552000000 → ¥54707000000
- Net income → operating cash flow: ¥54707000000 → ¥117459000000（difference ¥62752000000）
- Main uses of operating cash flow: CapEx ¥90007000000 / dividends ¥4684000000 / buybacks ¥6000000
- Change in cash: ¥13637000000
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 | ¥786.6B |  |
| Operating income | ¥87.5B | Margin 11.1% |
| Net income | ¥54.5B | Margin 6.9% |
| Free cash flow | ¥27.5B |  |
| Largest business | Power generation sales | of segment revenue 83.4% |
| Employees (consolidated) | 6,895 |  |
| EPS | ¥180.34 |  |
| Book value per share | ¥1595.8 |  |
| Equity ratio | 24.4% |  |
| Shares outstanding | 210,334,000 |  |
| Treasury shares | 1,433,400 |  |
| Shareholders | 55,368 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 5.0% | Net cash -¥889.2B · Cash ÷ revenue 11.8% |
| Vs. industry median margin | +4.1 pp | Electric Power & Gas |
| ROE | 14.6% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥639445000000 | ¥786552000000 | +23.0% |
| Operating income | ¥17828000000 | ¥87459000000 | +390.6% |
| Operating margin | 2.8% | 11.1% | +8.3 pp |
| Employees | 8,326 people | 6,895 people | -17.2% |
| Cash and equivalents | ¥132310000000 | ¥92984000000 | -29.7% |

### 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 |
| --- | ---: |
| 発電・販売事業 → 発電・販売事業 | 83.4% |
| 発電・販売事業 → 事業再編・廃止 | 1.2% |
| 送配電事業 → 送配電事業 | 6.6% |
| その他 → その他 | 8.8% |
| 新設・再編 → 送配電事業 | 0.8% |
| 新設・再編 → その他 | 0.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Power generation sales | 5 years | +3.9% | ¥656298000000 | 10.1% | 2 |
| Other | 5 years | +5.1% | ¥71928000000 | 5.4% | 2 |
| Transmission and distribution | 5 years | +6.7% | ¥58325000000 | 33.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 786,552 | 100.0% | S100YE68 |
| Operating income | 87,459 | 11.1% | S100YE68 |
| Ordinary income | 85,013 | 10.8% | S100YE68 |
| Pretax income | 78,332 | 10.0% | S100YE68 |
| Income tax | 23,624 | 3.0% | S100YE68 |
| Net income | 54,707 | 7.0% | S100YE68 |
| Net income attributable to owners | 54,466 | 6.9% | S100YE68 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 89 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Operating margin 11.1% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -8.4%; Core profit growth: -13.4%
Operating leverage (core profit growth ÷ revenue growth): 1.61×
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 | 858,275 | 786,552 | -71,723 | -8.4% |
| Operating income | 101,034 | 87,459 | -13,575 | -13.4% |
| Net income attributable to owners | 65,148 | 54,466 | -10,682 | -16.4% |
| Operating cash flow | 152,289 | 117,459 | -34,830 | -22.9% |
| Free cash flow | 65,648 | 27,452 | -38,196 | -58.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 628,039 | 29,461 | 4.7% | 13,433 | 101,475 | 21,542 | S100MBCZ |
| FY ending Mar 2021 | 639,445 | 17,828 | 2.8% | 6,834 | 56,639 | -30,299 | S100PNEQ |
| FY ending Mar 2022 | 613,756 | -16,415 | -2.7% | -6,762 | 30,950 | -52,418 | S100R6NI |
| FY ending Mar 2023 | 817,601 | -73,791 | -9.0% | -88,446 | -97,045 | -179,467 | S100TTLG |
| FY ending Mar 2024 | 808,238 | 114,911 | 14.2% | 56,811 | 223,328 | 152,855 | S100W61P |
| FY ending Mar 2025 | 858,275 | 101,034 | 11.8% | 65,148 | 152,289 | 65,648 | S100YE68 |
| FY ending Mar 2026 | 786,552 | 87,459 | 11.1% | 54,466 | 117,459 | 27,452 | S100YE68 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥114.1M |
| Operating income per employee (consolidated) | ¥12.7M |
| Net income per employee (consolidated) | ¥7.9M |

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) | 8,593 | 8,565 | 8,541 | 8,162 | 6,895 |
| Average salary (parent company) | ¥7.2M | ¥7.3M | ¥7.3M | ¥8M | ¥8.3M |
| Average age (parent company) | 43.1 years | 43.2 years | 43.0 years | 41.4 years | 41.4 years |
| Average tenure (parent company) | 21.9 years | 22.1 years | 21.9 years | 20.3 years | 20.1 years |

Year over year: Employees (consolidated) -15.5% · Revenue (consolidated) -8.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Power generation sales | 656,298 | 83.4% | 66,363 | 10.1% |
| Transmission and distribution | 58,325 | 7.4% | 19,629 | 33.7% |
| Other | 71,928 | 9.1% | 3,901 | 5.4% |

### 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 |
| --- | ---: |
| Power generation sales | 83.4% |
| Transmission and distribution | 7.4% |
| Other | 9.1% |

Segment → industry: Transmission and distribution → Electric Power & Gas / Power generation sales → 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 | 117,459 | 14.9% | S100YE68 |
| Capital expenditure | 90,007 | 11.4% | S100YE68 |
| Free cash flow | 27,452 | 3.5% | 算出 |
| Investing cash flow | -48,568 | -6.2% | S100YE68 |
| Financing cash flow | -57,911 | -7.4% | S100YE68 |
| Dividends paid | 4,684 | 0.6% | S100YE68 |
| Share buyback | 6 | 0.0% | S100YE68 |
| Change in cash | 13,637 | 1.7% | S100YE68 |
| Cash and equivalents | 92,984 | 11.8% | S100YE68 |

## 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 | 105,002 | 164,863 | 225,014 | 94,372 | 92,984 | S100TTLG, S100W61P, S100YE68 |
| Total assets | 1,660,038 | 1,805,318 | 1,855,435 | 1,859,830 | 1,842,067 | S100R6NI, S100TTLG, S100W61P, S100YE68 |
| Net assets | 343,280 | 252,285 | 327,453 | 400,847 | 451,303 | S100TTLG, S100W61P, S100YE68 |
| Share capital | 117,641 | 117,641 | 117,641 | 117,641 | 117,641 | S100R6NI, S100TTLG, S100W61P, S100YE68 |
| Inventories | 29,225 | 62,380 | 47,209 | 37,460 | 34,432 | S100R6NI, S100TTLG, S100W61P, S100YE68 |
| Goodwill | 7,056 | 6,333 | 6,552 | 5,689 | 4,161 | S100R6NI, S100TTLG, S100W61P, S100YE68 |
| Current assets | 251,668 | 370,655 | 414,509 | 431,670 | 367,918 | S100R6NI, S100TTLG, S100W61P, S100YE68 |
| Current liabilities | 240,651 | 249,279 | 290,161 | 324,013 | 286,924 | S100R6NI, S100TTLG, S100W61P, S100YE68 |
| Trade payables | 59,876 | 45,966 | 49,883 | 63,674 | 46,147 | S100R6NI, S100TTLG, S100W61P, S100YE68 |
| Short-term borrowings | 1,281 | 1,372 | 1,133 | 250 | 1,255 | S100R6NI, S100TTLG, S100W61P, S100YE68 |
| Long-term borrowings | 436,933 | 491,520 | 449,903 | 445,741 | 451,256 | S100R6NI, S100TTLG, S100W61P, S100YE68 |
| Bonds | 505,000 | 674,900 | 639,900 | 566,700 | 529,700 | S100R6NI, S100TTLG, S100W61P, S100YE68 |
| Interest-bearing debt | 943,214 | 1,167,792 | 1,090,936 | 1,012,691 | 982,211 | 算出 |
| Total liabilities | 1,316,757 | 1,553,032 | 1,527,982 | 1,458,982 | 1,390,764 | S100R6NI, S100TTLG, S100W61P, S100YE68 |
| Non-controlling interests | 18,377 | 18,798 | 19,563 | 20,122 | 2,178 | S100R6NI, S100TTLG, S100W61P, S100YE68 |
| Equity attributable to owners of parent | 318,761 | 230,598 | 287,403 | 348,921 | 398,548 | S100R6NI, S100TTLG, S100W61P, S100YE68 |
| Retained earnings | 170,486 | 82,342 | 139,153 | 201,044 | 251,122 | S100R6NI, S100TTLG, S100W61P, S100YE68 |
| Treasury stock | -3,357 | -3,373 | -3,378 | -3,139 | -3,009 | S100R6NI, S100TTLG, S100W61P, S100YE68 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YE68 |
| Inventories | 2% | S100YE68 |
| Intangibles and goodwill | 0% | — |
| Other assets | 93% | S100YE68 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YE68 |
| Interest-bearing debt | 53% | 算出 |
| Other liabilities | 20% | S100YE68 |
| Equity | 24% | S100YE68 |

### 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 | 1,660,038 | 1,805,318 | 1,855,435 | 1,859,830 | 1,842,067 |
| Equity | 343,280 | 252,285 | 327,453 | 400,847 | 451,303 |
| Interest-bearing debt | 943,214 | 1,167,792 | 1,090,936 | 1,012,691 | 982,211 |
| Cash | 105,002 | 164,863 | 225,014 | 94,372 | 92,984 |

## 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) | — | —, S100YE68 |
| Fixed assets ÷ total assets | — | —, S100YE68 |
| Goodwill ÷ parent equity | 1.0% | S100YE68 |

Goodwill over 4 years: 7,056 → 4,161 JPY; total investing cash flow: -551,994 JPY. This does not imply causation.

### 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) | 5.0% |
| Cash ÷ revenue | 11.8% |
| Net cash (cash − interest-bearing debt) | -¥889.2B |
| Net debt ÷ operating cash flow | 7.57× |
| Cash conversion (operating CF ÷ operating income) | 134.3% |
| Cash vs. profit gap | 62,993 JPY mn (of net income 115.7%) |
| Shareholder returns / net income | 8.6% |
| Shareholder returns / FCF | 17.1% |
| Shareholder payments — dividends / net income | 8.6% |
| Shareholder payments — dividends / FCF | 17.1% |
| CapEx intensity (capex ÷ revenue) | 11.4% |
| Investing CF relative to operating CF | 41.3% |

## 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 | — | —× | -0.4% | —× | — | S100R6NI |
| 2023 | — | —× | -5.1% | —× | — | S100TTLG |
| 2024 | 7.0% | 0.44× | 3.1% | 7.07× | 21.9% | S100W61P |
| 2025 | 7.6% | 0.46× | 3.5% | 5.84× | 20.5% | S100YE68 |
| 2026 | 6.9% | 0.42× | 2.9% | 4.95× | 14.6% | S100YE68 |

## 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 | 12.0% | 2026-03-31 |
| 富山県 | Major shareholder | 5.4% | 2026-03-31 |
| 北陸電力従業員持株会 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 3.7% | 2026-03-31 |
| ＱＲ２号ファンド投資事業有限責任組合 無限責任組合員株式会社ＱＲインベストメント | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103(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 |
| 日本生命保険相互会社 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社富山第一銀行 | Major shareholder | 1.3% | 2026-03-31 |
| みずほ信託銀行株式会社 （退職給付信託 北陸銀行口） | Major shareholder | 1.3% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥786.6B, down -8.4% from ¥858.3B.
- Operating income dropped -13.4% to ¥87.5B and net income attributable to owners dropped -16.4% to ¥54.5B, so profit fell faster than sales.
- Operating cash flow shrank -22.9% to ¥117.5B, and free cash flow fell -58.2% to ¥27.5B.

### Drivers

- Electricity sales volume rose, but income from fuel cost adjustments and capacity contract payments declined, pulling revenue down.
- Higher equipment-related costs and the shutdown of a unit at the Nanao Ota thermal plant weighed on profit.
- The company decided to retire a unit at the Fukui Mikuni thermal plant and booked an impairment and related extraordinary loss.
- Operating cash flow fell mainly because trade payables decreased.

### Risks

- A longer shutdown of the Shika nuclear plant could hurt results.
- Sharp swings in fuel prices or wholesale power prices change fuel and procurement costs.
- Tighter decarbonization rules, including the new emissions trading scheme, could add costs.

Cited: Annual Securities Report (102nd term) (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 (102nd term) (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) | S100YE68 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE68,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W61P | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W61P,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TTLG | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTLG,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R6NI | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6NI,, |
| 訂正有価証券報告書－第98期(令和3年4月1日－令和4年3月31日) | S100PNEQ | 2022-11-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PNEQ,, |
| 訂正有価証券報告書－第97期(令和2年4月1日－令和3年3月31日) | S100MBCZ | 2021-08-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MBCZ,, |

## 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).