# KEIYO GAS CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第141期(2025/01/01－2025/12/31) (S100XTA9)
> Page: https://vizora.meequs.com/en/company/keiyo-gas
> Retrieved: 2026-09-30T20:29:47.048Z

## Company

Keiyo GAS, founded in 1927, is a company in Electric Power & Gas listed on TSE Standard. It has 1,275 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KEIYO GAS CO., LTD. |
| Ticker | 9539 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9539.T) |
| Listing | TSE Standard |
| Head office | 千葉県市川市市川南二丁目8番8号 |
| Representative (per filing) | 代表取締役社長 江口孝 |
| Founded | Jan 1927 |
| Share capital | ¥2.75B |
| Employees (consolidated) | 1,275 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | December |
| Website | www.keiyogas.co.jp (https://www.keiyogas.co.jp/) |
| Corporate number | 8040001026108 |
| EDINET | E04515 |
| Industries (Vizora) | Electric Power & Gas, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XTA9, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44 | 42 |
| Profitability | 12.5 | 44 |
| Cash conversion | 91.7 | 42 |
| Efficiency | 48.9 | 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 93% of Keiyo GAS's sales come from Energy, with Life Service and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit +167.7%.

## Company structure

- Segment revenue mix: Energy 92.7%、Life Service 5.7%、Real estate 1.6%
- Revenue → net income: ¥117665000000 → ¥3398000000
- Net income → operating cash flow: ¥3398000000 → ¥13699000000（difference ¥10301000000）
- Main uses of operating cash flow: CapEx ¥14396000000 / dividends ¥806000000 / buybacks —
- Change in cash: ¥2905000000
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 | ¥117.7B |  |
| Operating income | ¥3.84B | Margin 3.3% |
| Net income | ¥3.21B | Margin 2.7% |
| Free cash flow | -¥697M |  |
| Largest business | Energy | of segment revenue 92.7% |
| Employees (consolidated) | 1,275 |  |
| EPS | ¥83.35 |  |
| Book value per share | ¥2596.99 |  |
| Equity ratio | 56.8% |  |
| Shares outstanding | 32,805,000 |  |
| Treasury shares | 125,800 |  |
| Shareholders | 1,697 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 9.2% | Cash ÷ revenue 13.9% |
| Vs. industry median margin | -3.7 pp | Electric Power & Gas |
| ROE | 3.8% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.3× net income
- FY2025, one segment accounts for 79% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥88682000000 | ¥117665000000 | +32.7% |
| Operating income | ¥6346000000 | ¥3839000000 | -39.5% |
| Operating margin | 7.2% | 3.3% | -3.9 pp |
| Employees | 1,208 people | 1,275 people | +5.5% |
| Cash and equivalents | ¥13570000000 | ¥16399000000 | +20.8% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ガス → 事業再編・廃止 | 78.2% |
| 電力小売 → 事業再編・廃止 | 9.9% |
| 不動産 → 事業再編・廃止 | 1.1% |
| その他 → 事業再編・廃止 | 10.8% |
| 新設・再編 → エネルギー | 92.7% |
| 新設・再編 → ライフサービス | 5.7% |
| 新設・再編 → リアルエステート | 1.6% |

Segment revenue source references: 7 (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 | — | — | ¥109085000000 | 5.4% | 2 |
| Life Service | — | — | ¥6673000000 | 10.5% | 2 |
| Real estate | — | — | ¥1906000000 | 46.9% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 117,665 | 100.0% | S100XTA9 |
| Cost of revenue | 80,052 | 68.0% | S100XTA9 |
| Gross profit | 37,613 | 32.0% | S100XTA9 |
| Operating income | 3,839 | 3.3% | S100XTA9 |
| Ordinary income | 4,635 | 3.9% | S100XTA9 |
| Pretax income | 4,635 | 3.9% | S100XTA9 |
| Income tax | 1,236 | 1.1% | S100XTA9 |
| Net income | 3,398 | 2.9% | S100XTA9 |
| Net income attributable to owners | 3,210 | 2.7% | S100XTA9 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Operating expenses | 97 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 32.0% → Operating margin 3.3% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.7%; Core profit growth: +167.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 98.95×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 115,704 | 117,665 | 1,961 | +1.7% |
| Gross profit | 34,972 | 37,613 | 2,641 | +7.6% |
| Operating income | 1,434 | 3,839 | 2,405 | +167.7% |
| Net income attributable to owners | 1,623 | 3,210 | 1,587 | +97.8% |
| Operating cash flow | 10,008 | 13,699 | 3,691 | +36.9% |
| Free cash flow | -6,215 | -697 | 5,518 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 95,042 | 6,573 | 6.9% | 4,907 | 14,872 | 4,846 | S100L0MT |
| FY ending Dec 2020 | 88,682 | 6,346 | 7.2% | 4,926 | 14,177 | -566 | S100NRAW |
| FY ending Dec 2021 | 89,711 | 1,870 | 2.1% | 1,735 | 8,674 | -5,101 | S100QH2W |
| FY ending Dec 2022 | 118,757 | 39 | 0.0% | 219 | 6,914 | -4,860 | S100T41Z |
| FY ending Dec 2023 | 122,853 | 1,704 | 1.4% | 1,460 | 28,330 | 15,325 | S100VGPB |
| FY ending Dec 2024 | 115,704 | 1,434 | 1.2% | 1,623 | 10,008 | -6,215 | S100XTA9 |
| FY ending Dec 2025 | 117,665 | 3,839 | 3.3% | 3,210 | 13,699 | -697 | S100XTA9 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥92.3M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥2.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,225 | 1,221 | 1,271 | 1,267 | 1,275 |
| Average salary (parent company) | ¥5.7M | ¥5.9M | ¥6.1M | ¥6.2M | ¥6.4M |
| Average age (parent company) | 43.9 years | 44.0 years | 44.4 years | 44.3 years | 44.1 years |
| Average tenure (parent company) | 20.3 years | 20.3 years | 20.7 years | 20.4 years | 20.1 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) +1.7%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Energy | 109,085 | 92.7% | 5,842 | 5.4% |
| Life Service | 6,673 | 5.7% | 700 | 10.5% |
| Real estate | 1,906 | 1.6% | 893 | 46.9% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Energy | 92.7% | 78.6% | -14.1 | 5.4% |
| Life Service | 5.7% | 9.4% | 3.7 | 10.5% |
| Real estate | 1.6% | 12.0% | 10.4 | 46.9% |

Segment → industry: Life Service → Electric Power & Gas / Energy → Electric Power & Gas / Real estate → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 13,699 | 11.6% | S100XTA9 |
| Capital expenditure | 14,396 | 12.2% | S100XTA9 |
| Free cash flow | -697 | -0.6% | 算出 |
| Investing cash flow | -13,089 | -11.1% | S100XTA9 |
| Financing cash flow | 2,280 | 1.9% | S100XTA9 |
| Dividends paid | 806 | 0.7% | S100XTA9 |
| Change in cash | 2,905 | 2.5% | S100XTA9 |
| Cash and equivalents | 16,399 | 13.9% | S100XTA9 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 11,740 | 13,119 | 14,159 | 13,493 | 16,399 | S100T41Z, S100VGPB, S100XTA9 |
| Total assets | 131,766 | 147,464 | 161,096 | 168,250 | 178,053 | S100QH2W, S100T41Z, S100VGPB, S100XTA9 |
| Net assets | 85,426 | 89,521 | 92,534 | 98,876 | 104,535 | S100T41Z, S100VGPB, S100XTA9 |
| Share capital | 2,754 | 2,754 | 2,754 | 2,754 | 2,754 | S100QH2W, S100T41Z, S100VGPB, S100XTA9 |
| Trade receivables | 8,703 | — | — | — | — | S100QH2W |
| Property, plant and equipment | 75,328 | 77,731 | 79,903 | 85,551 | 87,264 | S100QH2W, S100T41Z, S100VGPB, S100XTA9 |
| Intangible assets excluding goodwill | 3,045 | 3,652 | 4,732 | 4,370 | 5,079 | S100QH2W, S100T41Z, S100VGPB, S100XTA9 |
| Investment securities | 12,322 | 18,270 | 23,447 | 31,078 | 34,199 | S100QH2W, S100T41Z, S100VGPB, S100XTA9 |
| Current assets | 27,457 | 34,962 | 40,728 | 35,768 | 37,888 | S100QH2W, S100T41Z, S100VGPB, S100XTA9 |
| Current liabilities | 19,439 | 25,767 | 25,577 | 26,118 | 25,033 | S100QH2W, S100T41Z, S100VGPB, S100XTA9 |
| Trade payables | 6,451 | 10,275 | 8,460 | 8,486 | 7,792 | S100QH2W, S100T41Z, S100VGPB, S100XTA9 |
| Long-term borrowings | 16,720 | 27,085 | 24,586 | 23,889 | 27,225 | S100QH2W, S100T41Z, S100VGPB, S100XTA9 |
| Bonds | 934 | 868 | 802 | 736 | 670 | S100QH2W, S100T41Z, S100VGPB, S100XTA9 |
| Total liabilities | 46,340 | 57,942 | 68,561 | 69,374 | 73,517 | S100QH2W, S100T41Z, S100VGPB, S100XTA9 |
| Non-controlling interests | 2,580 | 2,645 | 3,136 | 3,253 | 3,438 | S100QH2W, S100T41Z, S100VGPB, S100XTA9 |
| Equity attributable to owners of parent | 79,934 | 80,066 | 81,208 | 82,178 | 84,582 | S100QH2W, S100T41Z, S100VGPB, S100XTA9 |
| Retained earnings | 77,415 | 77,546 | 78,689 | 79,659 | 82,064 | S100QH2W, S100T41Z, S100VGPB, S100XTA9 |
| Treasury stock | -271 | -271 | -271 | -272 | -272 | S100QH2W, S100T41Z, S100VGPB, S100XTA9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XTA9 |
| Property, plant and equipment | 49% | S100XTA9 |
| Intangibles and goodwill | 3% | S100XTA9 |
| Investment securities | 19% | S100XTA9 |
| Other assets | 20% | S100XTA9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XTA9 |
| Other liabilities | 37% | S100XTA9 |
| Equity | 59% | S100XTA9 |
| Other liabilities | 0% | S100XTA9 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 131,766 | 147,464 | 161,096 | 168,250 | 178,053 |
| Equity | 85,426 | 89,521 | 92,534 | 98,876 | 104,535 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,740 | 13,119 | 14,159 | 13,493 | 16,399 |

## 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) | 74.2% | S100XTA9 |
| Fixed assets ÷ total assets | 49.0% | S100XTA9 |
| Goodwill ÷ parent equity | — | —, S100XTA9 |

### 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) | 9.2% |
| Cash ÷ revenue | 13.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 356.8% |
| Cash vs. profit gap | 10,489 JPY mn (of net income 326.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 12.2% |
| Investing CF relative to operating CF | 95.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.9% | 0.68× | 1.3% | 1.65× | 2.2% | S100QH2W |
| 2022 | 0.2% | 0.85× | 0.2% | 1.75× | 0.3% | S100T41Z |
| 2023 | 1.2% | 0.80× | 0.9% | 1.91× | 1.8% | S100VGPB |
| 2024 | 1.4% | 0.70× | 1.0% | 2.02× | 2.0% | S100XTA9 |
| 2025 | 2.7% | 0.68× | 1.9% | 2.08× | 3.8% | S100XTA9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社南悠商社 | Major shareholder | 30.3% | 2025-12-31 |
| 株式会社ケイハイ | Major shareholder | 8.9% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.5% | 2025-12-31 |
| 京葉住設株式会社 | Major shareholder | 5.5% | 2025-12-31 |
| 株式会社千葉興業銀行 | Major shareholder | 4.0% | 2025-12-31 |
| 京葉ガスエナジーソリューション 株式会社 | Major shareholder | 4.0% | 2025-12-31 |
| 京葉ガスリキッド株式会社 | Major shareholder | 3.2% | 2025-12-31 |
| 京葉都市開発株式会社 | Major shareholder | 2.3% | 2025-12-31 |
| 京葉瓦斯従業員持株会 | Major shareholder | 2.2% | 2025-12-31 |
| 京葉ガス情報システム株式会社 | Major shareholder | 2.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第141期(2025/01/01－2025/12/31) | S100XTA9 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTA9,, |
| 有価証券報告書－第140期(2024/01/01－2024/12/31) | S100VGPB | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGPB,, |
| 有価証券報告書－第139期(2023/01/01－2023/12/31) | S100T41Z | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T41Z,, |
| 有価証券報告書－第138期(2022/01/01－2022/12/31) | S100QH2W | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH2W,, |
| 有価証券報告書－第137期(令和3年1月1日－令和3年12月31日) | S100NRAW | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRAW,, |
| 有価証券報告書－第136期(令和2年1月1日－令和2年12月31日) | S100L0MT | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0MT,, |

## 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).