# The Kansai 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) (S100YFXZ)
> Page: https://vizora.meequs.com/en/company/kansai-electric-power
> Retrieved: 2026-09-30T22:23:17.227Z

## Company

The Kansai Electric Power Company, founded in 1951, is a company in Telecom Carriers listed on TSE Prime. It has 32,482 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Kansai Electric Power Company, Incorporated |
| Ticker | 9503 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9503.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区中之島3丁目6番16号 |
| Representative (per filing) | 代表執行役社長 森望 |
| Founded | May 1951 |
| Share capital | ¥630B |
| Employees (consolidated) | 32,482 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | March |
| Website | www.kepco.co.jp (https://www.kepco.co.jp/) |
| Corporate number | 3120001059632 |
| EDINET | E04499 |
| Industries (Vizora) | Telecom Carriers, Broadband & ISPs, Electric Power & Gas, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YFXZ, 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 | 39.3 | 42 |
| Profitability | 85.2 | 44 |
| Cash conversion | 44 | 42 |
| Efficiency | 23.9 | 44 |
| Financial strength | 50 | 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 80% of The Kansai Electric Power Company's sales come from Energy, with Transmission and Distribution and IT Communications making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed -6.5% from the prior year, operating profit -6.7%.

## Company structure

- Segment revenue mix: Energy 80.4%、Transmission and Distribution 9.5%、IT Communications 5.5%、Life/Business solutions 4.6%
- Revenue → net income: ¥4056638000000 → ¥383624000000
- Net income → operating cash flow: ¥383624000000 → ¥652381000000（difference ¥268757000000）
- Main uses of operating cash flow: CapEx ¥560464000000 / dividends ¥66858000000 / buybacks —
- Change in cash: ¥-200146000000
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 | ¥4.06T |  |
| Operating income | ¥437.6B | Margin 10.8% |
| Net income | ¥380.1B | Margin 9.4% |
| Free cash flow | ¥91.9B |  |
| Largest business | Energy | of segment revenue 80.4% |
| Employees (consolidated) | 32,482 |  |
| EPS | ¥215.45 |  |
| Book value per share | ¥2013.58 |  |
| Equity ratio | 35.1% |  |
| Shares outstanding | 1,114,927,000 |  |
| Treasury shares | 883,900 |  |
| Shareholders | 243,685 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 7.5% | Net cash -¥2.93T · Cash ÷ revenue 18.3% |
| Vs. industry median margin | +3.8 pp | Electric Power & Gas |
| ROE | 13.0% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3092398000000 | ¥4056638000000 | +31.2% |
| Operating income | ¥145746000000 | ¥437556000000 | +200.2% |
| Operating margin | 4.7% | 10.8% | +6.1 pp |
| Employees | 31,933 people | 32,482 people | +1.7% |
| Cash and equivalents | ¥291266000000 | ¥741286000000 | +154.5% |

### 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 → 事業再編・廃止 | 24.8% |
| エネルギー事業 → 事業再編・廃止 | 28.8% |
| 送配電事業 → 事業再編・廃止 | 4.7% |
| ガス・その他エネルギー事業 → 事業再編・廃止 | 4.0% |
| 情報通信事業 → 事業再編・廃止 | 2.7% |
| 総合エネルギー・送配電事業 → 事業再編・廃止 | 33.5% |
| 生活・ビジネスソリューション事業 → 事業再編・廃止 | 1.6% |
| 新設・再編 → エネルギー事業 | 80.4% |
| 新設・再編 → 送配電事業 | 9.5% |
| 新設・再編 → 情報通信事業 | 5.5% |
| 新設・再編 → 生活・ビジネスソリューション事業 | 4.6% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Energy | 4 years | +11.7% | ¥3261386000000 | 11.6% | 2 |
| Transmission and Distribution | 4 years | -0.8% | ¥386221000000 | 16.3% | 2 |
| IT Communications | 4 years | +1.3% | ¥222196000000 | 21.2% | 2 |
| Life/Business solutions | 4 years | +5.7% | ¥186833000000 | 20.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,056,638 | 100.0% | S100YFXZ |
| Operating income | 437,556 | 10.8% | S100YFXZ |
| Ordinary income | 518,530 | 12.8% | S100YFXZ |
| Pretax income | 520,354 | 12.8% | S100YFXZ |
| Income tax | 136,730 | 3.4% | S100YFXZ |
| Net income | 383,624 | 9.5% | S100YFXZ |
| Net income attributable to owners | 380,051 | 9.4% | S100YFXZ |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 89 |
| Operating income | 11 |
| (Ref.) Net income | 9 |

### Margin funnel

Operating margin 10.8% → Net margin 9.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.5%; Core profit growth: -6.7%
Operating leverage (core profit growth ÷ revenue growth): 1.03×
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 | 4,337,111 | 4,056,638 | -280,473 | -6.5% |
| Operating income | 468,877 | 437,556 | -31,321 | -6.7% |
| Net income attributable to owners | 420,364 | 380,051 | -40,313 | -9.6% |
| Operating cash flow | 575,299 | 652,381 | 77,082 | +13.4% |
| Free cash flow | 80,403 | 91,917 | 11,514 | +14.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,184,259 | 206,956 | 6.5% | 130,002 | 463,408 | -74,468 | S100LKRF |
| FY ending Mar 2021 | 3,092,398 | 145,746 | 4.7% | 108,978 | 369,215 | -278,266 | S100OJ76 |
| FY ending Mar 2022 | 2,851,894 | 99,325 | 3.5% | 85,835 | 410,315 | -131,504 | S100R4SI |
| FY ending Mar 2023 | 3,951,884 | -52,056 | -1.3% | 17,679 | 128,038 | -347,922 | S100TUNQ |
| FY ending Mar 2024 | 4,059,378 | 728,935 | 18.0% | 441,870 | 1,154,990 | 698,655 | S100W38I |
| FY ending Mar 2025 | 4,337,111 | 468,877 | 10.8% | 420,364 | 575,299 | 80,403 | S100YFXZ |
| FY ending Mar 2026 | 4,056,638 | 437,556 | 10.8% | 380,051 | 652,381 | 91,917 | S100YFXZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥124.9M |
| Operating income per employee (consolidated) | ¥13.5M |
| Net income per employee (consolidated) | ¥11.7M |

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) | 31,963 | 31,628 | 31,437 | 31,428 | 32,482 |
| Average salary (parent company) | ¥8.2M | ¥8.6M | ¥8.3M | ¥9.7M | ¥9.4M |
| Average age (parent company) | 43.0 years | 42.8 years | 42.8 years | 42.6 years | 42.4 years |
| Average tenure (parent company) | 20.6 years | 20.4 years | 20.2 years | 19.8 years | 19.4 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) -6.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Energy | 3,261,386 | 80.4% | 377,368 | 11.6% |
| Transmission and Distribution | 386,221 | 9.5% | 63,073 | 16.3% |
| IT Communications | 222,196 | 5.5% | 47,094 | 21.2% |
| Life/Business solutions | 186,833 | 4.6% | 39,039 | 20.9% |

### 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 |
| --- | ---: |
| Energy | 80.4% |
| Transmission and Distribution | 9.5% |
| IT Communications | 5.5% |
| Life/Business solutions | 4.6% |

Segment → industry: IT Communications → Telecom Carriers / IT Communications → Broadband & ISPs / Transmission and Distribution → Electric Power & Gas / Energy → Electric Power & Gas / Life/Business solutions → Real Estate Development & Leasing

## 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 | 652,381 | 16.1% | S100YFXZ |
| Capital expenditure | 560,464 | 13.8% | S100YFXZ |
| Free cash flow | 91,917 | 2.3% | 算出 |
| Investing cash flow | -571,921 | -14.1% | S100YFXZ |
| Financing cash flow | -290,219 | -7.2% | S100YFXZ |
| Dividends paid | 66,858 | 1.6% | S100YFXZ |
| Change in cash | -200,146 | -4.9% | S100YFXZ |
| Cash and equivalents | 741,286 | 18.3% | S100YFXZ |

## 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 | 490,491 | 322,235 | 564,427 | 941,432 | 741,286 | S100TUNQ, S100W38I, S100YFXZ |
| Total assets | 8,656,430 | 8,774,425 | 9,032,917 | 9,652,655 | 9,854,646 | S100R4SI, S100TUNQ, S100W38I, S100YFXZ |
| Net assets | 1,705,557 | 1,839,782 | 2,333,248 | 3,107,452 | 3,502,744 | S100TUNQ, S100W38I, S100YFXZ |
| Share capital | 489,320 | 489,320 | 489,320 | 630,040 | 630,040 | S100R4SI, S100TUNQ, S100W38I, S100YFXZ |
| Inventories | 199,920 | 251,514 | 255,671 | 287,421 | 332,977 | S100R4SI, S100TUNQ, S100W38I, S100YFXZ |
| Current assets | 1,339,131 | 1,264,630 | 1,440,674 | 1,971,023 | 1,782,588 | S100R4SI, S100TUNQ, S100W38I, S100YFXZ |
| Current liabilities | 1,899,697 | 1,592,212 | 1,606,535 | 1,680,147 | 1,752,852 | S100R4SI, S100TUNQ, S100W38I, S100YFXZ |
| Trade payables | 198,065 | 189,699 | 160,645 | 234,190 | 212,032 | S100R4SI, S100TUNQ, S100W38I, S100YFXZ |
| Short-term borrowings | 150,635 | 155,520 | 156,981 | 159,849 | 155,012 | S100R4SI, S100TUNQ, S100W38I, S100YFXZ |
| Long-term borrowings | 2,277,475 | 2,577,807 | 2,392,577 | 2,296,339 | 2,171,788 | S100R4SI, S100TUNQ, S100W38I, S100YFXZ |
| Bonds | 1,613,921 | 1,600,020 | 1,493,500 | 1,450,635 | 1,348,035 | S100R4SI, S100TUNQ, S100W38I, S100YFXZ |
| Interest-bearing debt | 4,042,031 | 4,333,347 | 4,043,058 | 3,906,823 | 3,674,835 | 算出 |
| Total liabilities | 6,950,873 | 6,934,642 | 6,699,669 | 6,545,202 | 6,351,902 | S100R4SI, S100TUNQ, S100W38I, S100YFXZ |
| Non-controlling interests | 45,983 | 51,001 | 60,091 | 41,595 | 47,569 | S100R4SI, S100TUNQ, S100W38I, S100YFXZ |
| Equity attributable to owners of parent | 1,634,021 | 1,617,548 | 2,014,641 | 2,762,304 | 3,075,665 | S100R4SI, S100TUNQ, S100W38I, S100YFXZ |
| Retained earnings | 1,175,509 | 1,158,895 | 1,556,102 | 1,928,108 | 2,241,469 | S100R4SI, S100TUNQ, S100W38I, S100YFXZ |
| Treasury stock | -97,536 | -97,522 | -97,783 | -935 | -934 | S100R4SI, S100TUNQ, S100W38I, S100YFXZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YFXZ |
| Inventories | 3% | S100YFXZ |
| Other assets | 89% | S100YFXZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YFXZ |
| Interest-bearing debt | 37% | 算出 |
| Other liabilities | 25% | S100YFXZ |
| Equity | 36% | S100YFXZ |

### 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 | 8,656,430 | 8,774,425 | 9,032,917 | 9,652,655 | 9,854,646 |
| Equity | 1,705,557 | 1,839,782 | 2,333,248 | 3,107,452 | 3,502,744 |
| Interest-bearing debt | 4,042,031 | 4,333,347 | 4,043,058 | 3,906,823 | 3,674,835 |
| Cash | 490,491 | 322,235 | 564,427 | 941,432 | 741,286 |

### 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 | 18.3% |
| Net cash (cash − interest-bearing debt) | -¥2.93T |
| Net debt ÷ operating cash flow | 4.50× |
| Cash conversion (operating CF ÷ operating income) | 149.1% |
| Cash vs. profit gap | 272,330 JPY mn (of net income 71.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.6% |
| Shareholder payments — dividends / FCF | 72.7% |
| CapEx intensity (capex ÷ revenue) | 13.8% |
| Investing CF relative to operating CF | 87.7% |

## 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 | 3.0% | 0.33× | 1.0% | 5.30× | 5.3% | S100R4SI |
| 2023 | 0.4% | 0.45× | 0.2% | 5.36× | 1.1% | S100TUNQ |
| 2024 | 10.9% | 0.46× | 5.0% | 4.90× | 24.3% | S100W38I |
| 2025 | 9.7% | 0.46× | 4.5% | 3.91× | 17.6% | S100YFXZ |
| 2026 | 9.4% | 0.42× | 3.9% | 3.34× | 13.0% | S100YFXZ |

## 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 | 13.1% | 2026-03-31 |
| 大阪市 | Major shareholder | 6.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行） | Major shareholder | 3.3% | 2026-03-31 |
| ELLIOTT INTERNATIONAL LP（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.0% | 2026-03-31 |
| 神戸市 | Major shareholder | 2.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| 関西電力持株会 | Major shareholder | 1.6% | 2026-03-31 |
| ゴールドマン・サックス証券株式会社 ＢＮＹＭ | Major shareholder | 1.5% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥4.06T, down from ¥4.34T (-6.5%).
- Operating income fell from ¥468.9B to ¥437.6B (-6.7%), and net income from ¥420.4B to ¥380.1B (-9.6%).
- Cash from operations went the other way, rising from ¥575.3B to ¥652.4B (+13.4%).

### Drivers

- It sold less electricity, so power sales revenue dropped
- Spending on power bought from others and on fuel for thermal plants also fell
- Profit rose in the grid segment and in the lifestyle and business solutions segment

### Risks

- It relies on nuclear more than other utilities, so long plant shutdowns would hit results hard
- Swings in fuel prices and exchange rates change fuel and purchased-power costs
- Less rainfall means less hydro output

Cited: Annual Securities Report (102nd term) (Management's analysis of financial position, results and cash flows); Annual Securities Report (102nd term) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/04/01－2026/03/31) | S100YFXZ | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFXZ,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W38I | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W38I,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TUNQ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUNQ,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R4SI | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4SI,, |
| 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) | S100OJ76 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ76,, |
| 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) | S100LKRF | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKRF,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 神戸製鋼所 | Supply/OEM | 子会社コベルコパワー神戸・神戸第二が関西電力へ電力を供給 | S100YCDA |

## 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).