# HOKURIKU 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175期(2025/04/01－2026/03/31) (S100YIW6)
> Page: https://vizora.meequs.com/en/company/hokurikugas
> Retrieved: 2026-09-30T21:05:22.220Z

## Company

Hokuriku GAS, founded in 1913, is a company in Electric Power & Gas listed on TSE Standard. It has 652 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOKURIKU GAS CO.,LTD. |
| Ticker | 9537 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9537.T) |
| Listing | TSE Standard |
| Head office | 新潟市中央区東大通一丁目2番23号 北陸ビル内 |
| Representative (per filing) | 代表取締役社長 敦井 一友 |
| Founded | Jun 1913 |
| Share capital | ¥2.4B |
| Employees (consolidated) | 652 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.hokurikugas.co.jp (https://www.hokurikugas.co.jp/) |
| Corporate number | 5110001004983 |
| EDINET | E04519 |
| Industries (Vizora) | Electric Power & Gas, Plant Engineering & Building Services, General Contractors |

> Profile source: annual securities report (S100YIW6, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.4 | 42 |
| Profitability | 37.5 | 44 |
| Cash conversion | 79.8 | 42 |
| Efficiency | 62.5 | 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 94% of Hokuriku GAS's sales come from City gas, with Pluming segments and Living service segments making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +4.3% from the prior year, operating profit +169.4%.

## Company structure

- Segment revenue mix: City gas 94.1%、Pluming segments 2.3%、Living service segments 1.5%、LPG segments 1.5%、engineering segments 0.4%
- Revenue → net income: ¥64436043000 → ¥3237923000
- Net income → operating cash flow: ¥3237923000 → ¥9007754000（difference ¥5769831000）
- Main uses of operating cash flow: CapEx ¥6134015000 / dividends ¥375657000 / buybacks ¥268000
- Change in cash: ¥-1396618000
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 | ¥64.4B |  |
| Operating income | ¥3.8B | Margin 5.9% |
| Net income | ¥3.18B | Margin 4.9% |
| Free cash flow | ¥2.87B |  |
| Largest business | City gas | of segment revenue 94.1% |
| Employees (consolidated) | 652 |  |
| EPS | ¥626.78 |  |
| Book value per share | ¥9226.75 |  |
| Equity ratio | 74.9% |  |
| Shares outstanding | 4,800,000 |  |
| Treasury shares | 105,300 |  |
| Shareholders | 1,670 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 7.3% | Cash ÷ revenue 8.1% |
| Vs. industry median margin | -1.1 pp | Electric Power & Gas |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, one segment accounts for 89% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48333606000 | ¥64436043000 | +33.3% |
| Operating income | ¥2240666000 | ¥3798474000 | +69.5% |
| Operating margin | 4.6% | 5.9% | +1.3 pp |
| Employees | 631 people | 652 people | +3.3% |
| Cash and equivalents | ¥2950150000 | ¥5249426000 | +77.9% |

### 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 |
| --- | ---: |
| 都市ガス → 都市ガス | 91.2% |
| その他 → 事業再編・廃止 | 8.8% |
| 新設・再編 → 都市ガス | 2.9% |
| 新設・再編 → ＬＰＧ | 1.5% |
| 新設・再編 → ガス設備の保全・設計施工 | 0.4% |
| 新設・再編 → 住宅設備機器の販売施工 | 1.5% |
| 新設・再編 → 土木・管工事 | 2.3% |
| 新設・再編 → 太陽光発電 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| City gas | 5 years | +6.6% | ¥60637766000 | 5.7% | 2 |
| Pluming segments | 4 years | -3.3% | ¥1463813000 | 5.5% | 2 |
| Living service segments | 4 years | +12.9% | ¥993305000 | 12.6% | 2 |
| LPG segments | 4 years | +0.3% | ¥991425000 | 6.6% | 2 |
| engineering segments | 4 years | -3.1% | ¥279794000 | 27.0% | 2 |
| Solar power segments | 4 years | -0.7% | ¥69938000 | 80.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 64,436 | 100.0% | S100YIW6 |
| Cost of revenue | 39,355 | 61.1% | S100YIW6 |
| Gross profit | 25,081 | 38.9% | S100YIW6 |
| Operating income | 3,798 | 5.9% | S100YIW6 |
| Ordinary income | 4,177 | 6.5% | S100YIW6 |
| Pretax income | 4,150 | 6.4% | S100YIW6 |
| Income tax | 912 | 1.4% | S100YIW6 |
| Net income | 3,238 | 5.0% | S100YIW6 |
| Net income attributable to owners | 3,180 | 4.9% | S100YIW6 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 94 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 38.9% → Operating margin 5.9% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.3%; Core profit growth: +169.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 39.18×
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 | 61,766 | 64,436 | 2,670 | +4.3% |
| Gross profit | 22,068 | 25,081 | 3,013 | +13.7% |
| Operating income | 1,410 | 3,798 | 2,388 | +169.4% |
| Net income attributable to owners | 1,953 | 3,180 | 1,228 | +62.9% |
| Operating cash flow | 7,761 | 9,008 | 1,247 | +16.1% |
| Free cash flow | 3,400 | 2,874 | -526 | -15.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 51,554 | 1,577 | 3.1% | 1,163 | 8,654 | 3,081 | S100LPH9 |
| FY ending Mar 2021 | 48,334 | 2,241 | 4.6% | 1,608 | 7,830 | 3,252 | S100OCXN |
| FY ending Mar 2022 | 52,357 | 1,082 | 2.1% | 954 | 7,960 | 2,824 | S100R1P8 |
| FY ending Mar 2023 | 69,635 | 284 | 0.4% | 420 | 5,537 | 625 | S100TT45 |
| FY ending Mar 2024 | 61,406 | -944 | -1.5% | -1,760 | 4,746 | -253 | S100W3I4 |
| FY ending Mar 2025 | 61,766 | 1,410 | 2.3% | 1,953 | 7,761 | 3,400 | S100YIW6 |
| FY ending Mar 2026 | 64,436 | 3,798 | 5.9% | 3,180 | 9,008 | 2,874 | S100YIW6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥98.8M |
| Operating income per employee (consolidated) | ¥5.8M |
| Net income per employee (consolidated) | ¥4.9M |

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) | 629 | 629 | 640 | 642 | 652 |
| Average salary (parent company) | ¥5.7M | ¥5.6M | ¥5.6M | ¥5.5M | ¥5.8M |
| Average age (parent company) | 40.1 years | 40.4 years | 40.3 years | 41.0 years | 41.1 years |
| Average tenure (parent company) | 17.3 years | 17.7 years | 17.7 years | 18.3 years | 18.1 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +4.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| City gas | 60,638 | 94.1% | 3,429 | 5.7% |
| LPG segments | 991 | 1.5% | 65 | 6.6% |
| engineering segments | 280 | 0.4% | 76 | 27.0% |
| Living service segments | 993 | 1.5% | 125 | 12.6% |
| Pluming segments | 1,464 | 2.3% | 80 | 5.5% |
| Solar power segments | 70 | 0.1% | 56 | 80.4% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| City gas | 94.1% | 89.5% | -4.6 | 5.7% |
| LPG segments | 1.5% | 1.7% | 0.2 | 6.6% |
| engineering segments | 0.4% | 2.0% | 1.5 | 27.0% |
| Living service segments | 1.5% | 3.3% | 1.7 | 12.6% |
| Pluming segments | 2.3% | 2.1% | -0.2 | 5.5% |
| Solar power segments | 0.1% | 1.5% | 1.4 | 80.4% |

Segment → industry: Solar power segments → Electric Power & Gas / LPG segments → Electric Power & Gas / City gas → Electric Power & Gas / Pluming segments → Plant Engineering & Building Services / Living service segments → Plant Engineering & Building Services / engineering segments → Plant Engineering & Building Services / Pluming segments → General Contractors

## 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 | 9,008 | 14.0% | S100YIW6 |
| Capital expenditure | 6,134 | 9.5% | S100YIW6 |
| Free cash flow | 2,874 | 4.5% | 算出 |
| Investing cash flow | -10,003 | -15.5% | S100YIW6 |
| Financing cash flow | -402 | -0.6% | S100YIW6 |
| Dividends paid | 376 | 0.6% | S100YIW6 |
| Share buyback | 0 | 0.0% | S100YIW6 |
| Change in cash | -1,397 | -2.2% | S100YIW6 |
| Cash and equivalents | 5,249 | 8.1% | S100YIW6 |

## 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 | 4,844 | 5,239 | 5,224 | 6,646 | 5,249 | S100TT45, S100W3I4, S100YIW6 |
| Total assets | 63,634 | 63,649 | 63,034 | 65,191 | 71,507 | S100R1P8, S100TT45, S100W3I4, S100YIW6 |
| Net assets | 50,727 | 51,141 | 49,710 | 52,151 | 56,924 | S100TT45, S100W3I4, S100YIW6 |
| Share capital | 2,400 | 2,400 | 2,400 | 2,400 | 2,400 | S100R1P8, S100TT45, S100W3I4, S100YIW6 |
| Property, plant and equipment | 40,971 | 39,929 | 38,781 | 37,640 | 39,538 | S100R1P8, S100TT45, S100W3I4, S100YIW6 |
| Intangible assets excluding goodwill | 3,029 | 2,685 | 2,585 | 2,405 | 4,114 | S100R1P8, S100TT45, S100W3I4, S100YIW6 |
| Goodwill | 2,249 | 2,085 | 1,921 | 1,757 | 3,091 | S100R1P8, S100TT45, S100W3I4, S100YIW6 |
| Investment securities | 2,128 | 2,647 | 3,563 | 3,852 | 6,579 | S100R1P8, S100TT45, S100W3I4, S100YIW6 |
| Current assets | 12,795 | 14,545 | 14,578 | 15,739 | 15,800 | S100R1P8, S100TT45, S100W3I4, S100YIW6 |
| Current liabilities | 10,303 | 9,862 | 9,920 | 9,286 | 10,127 | S100R1P8, S100TT45, S100W3I4, S100YIW6 |
| Trade payables | 4,050 | 5,088 | 4,815 | 4,018 | 4,188 | S100R1P8, S100TT45, S100W3I4, S100YIW6 |
| Short-term borrowings | — | — | 1,000 | — | — | S100W3I4 |
| Long-term borrowings | 7 | 186 | 148 | 108 | 68 | S100R1P8, S100TT45, S100W3I4, S100YIW6 |
| Total liabilities | 12,907 | 12,508 | 13,324 | 13,039 | 14,584 | S100R1P8, S100TT45, S100W3I4, S100YIW6 |
| Non-controlling interests | 3,221 | 3,239 | 3,268 | 3,319 | 3,366 | S100R1P8, S100TT45, S100W3I4, S100YIW6 |
| Equity attributable to owners of parent | 46,888 | 46,755 | 44,350 | 45,958 | 48,794 | S100R1P8, S100TT45, S100W3I4, S100YIW6 |
| Retained earnings | 44,485 | 44,533 | 42,389 | 43,967 | 46,771 | S100R1P8, S100TT45, S100W3I4, S100YIW6 |
| Treasury stock | -18 | -199 | -460 | -430 | -399 | S100R1P8, S100TT45, S100W3I4, S100YIW6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YIW6 |
| Property, plant and equipment | 55% | S100YIW6 |
| Intangibles and goodwill | 10% | S100YIW6 |
| Investment securities | 9% | S100YIW6 |
| Other assets | 18% | S100YIW6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YIW6 |
| Other liabilities | 14% | S100YIW6 |
| Equity | 80% | S100YIW6 |

### 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 | 63,634 | 63,649 | 63,034 | 65,191 | 71,507 |
| Equity | 50,727 | 51,141 | 49,710 | 52,151 | 56,924 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,844 | 5,239 | 5,224 | 6,646 | 5,249 |

## 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) | 61.4% | S100YIW6 |
| Fixed assets ÷ total assets | 55.3% | S100YIW6 |
| Goodwill ÷ parent equity | 6.3% | S100YIW6 |

Goodwill over 4 years: 2,249 → 3,091 JPY; total investing cash flow: -29,063 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) | 7.3% |
| Cash ÷ revenue | 8.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 237.1% |
| Cash vs. profit gap | 5,827 JPY mn (of net income 183.2%) |
| Shareholder returns / net income | 11.8% |
| Shareholder returns / FCF | 13.1% |
| Shareholder payments — dividends / net income | 11.8% |
| Shareholder payments — dividends / FCF | 13.1% |
| CapEx intensity (capex ÷ revenue) | 9.5% |
| Investing CF relative to operating CF | 111.0% |

## 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 | 1.8% | 0.82× | 1.5% | 1.36× | 2.0% | S100R1P8 |
| 2023 | 0.6% | 1.09× | 0.7% | 1.36× | 0.9% | S100TT45 |
| 2024 | — | —× | -2.8% | —× | — | S100W3I4 |
| 2025 | 3.2% | 0.96× | 3.0% | 1.42× | 4.3% | S100YIW6 |
| 2026 | 4.9% | 0.94× | 4.7% | 1.44× | 6.7% | S100YIW6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 敦井産業株式会社 | Major shareholder | 11.3% | 2026-03-31 |
| 公益財団法人北陸瓦斯奨学会 | Major shareholder | 9.6% | 2026-03-31 |
| 公益財団法人敦井奨学会 | Major shareholder | 7.1% | 2026-03-31 |
| UHPartners2投資事業有限責任組合 | Major shareholder | 5.9% | 2026-03-31 |
| 新潟ヒューム管株式会社 | Major shareholder | 5.6% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 5.3% | 2026-03-31 |
| 公益財団法人敦井コレクション | Major shareholder | 3.2% | 2026-03-31 |
| 三条信用金庫 | Major shareholder | 2.5% | 2026-03-31 |
| 敦井株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社第四北越銀行 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第175期(2025/04/01－2026/03/31) | S100YIW6 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIW6,, |
| 有価証券報告書－第174期(2024/04/01－2025/03/31) | S100W3I4 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3I4,, |
| 有価証券報告書－第173期(2023/04/01－2024/03/31) | S100TT45 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT45,, |
| 有価証券報告書－第172期(2022/04/01－2023/03/31) | S100R1P8 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1P8,, |
| 有価証券報告書－第171期(令和3年4月1日－令和4年3月31日) | S100OCXN | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCXN,, |
| 有価証券報告書－第170期(令和2年4月1日－令和3年3月31日) | S100LPH9 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPH9,, |

## 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).