# Kyushu 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) (S100YHHO)
> Page: https://vizora.meequs.com/en/company/kyushu-electric-power
> Retrieved: 2026-09-30T21:50:15.565Z

## Company

Kyushu Electric Power Company, founded in 1951, is a company in Electric Power & Gas listed on TSE Prime. It has 21,189 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kyushu Electric Power Company, Incorporated |
| Ticker | 9508 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9508.T) |
| Listing | TSE Prime |
| Head office | 福岡市中央区渡辺通二丁目1番82号 |
| Representative (per filing) | 代表取締役 社長執行役員 西山勝 |
| Founded | May 1951 |
| Share capital | ¥237.3B |
| Employees (consolidated) | 21,189 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.kyuden.co.jp (https://www.kyuden.co.jp/) |
| Corporate number | 4290001007004 |
| EDINET | E04506 |
| Industries (Vizora) | Electric Power & Gas, Plant Engineering & Building Services, Broadband & ISPs, IT Services & System Integration, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YHHO, 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 | 58.3 | 42 |
| Profitability | 73.9 | 44 |
| Cash conversion | 60.7 | 42 |
| Efficiency | 19.3 | 44 |
| Financial strength | 18.4 | 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 76% of Kyushu Electric Power Company's sales come from Power generation and retail electricity business, with Electricity transmission and distribution business and Other energy service business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed -4.7% from the prior year, operating profit +12.7%.

## Company structure

- Segment revenue mix: Power generation and retail electricity business 75.7%、Electricity transmission and distribution business 12.0%、Other energy service business 6.5%、ICT services 4.7%、Urban development business 0.7%
- Revenue → net income: ¥2247214000000 → ¥155535000000
- Net income → operating cash flow: ¥155535000000 → ¥438745000000（difference ¥283210000000）
- Main uses of operating cash flow: CapEx ¥366219000000 / dividends ¥29451000000 / buybacks —
- Change in cash: ¥824000000
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 | ¥2.25T |  |
| Operating income | ¥224.9B | Margin 10.0% |
| Net income | ¥154.5B | Margin 6.9% |
| Free cash flow | ¥72.5B |  |
| Largest business | Power generation and retail electricity business | of segment revenue 75.7% |
| Employees (consolidated) | 21,189 |  |
| EPS | ¥219.38 |  |
| Book value per share | ¥1061.52 |  |
| Equity ratio | 19.9% |  |
| Shares outstanding | 474,184,000 |  |
| Treasury shares | 582,500 |  |
| Shareholders | 125,355 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 5.9% | Net cash -¥2.9T · Cash ÷ revenue 15.6% |
| Vs. industry median margin | +3 pp | Electric Power & Gas |
| ROE | 15.6% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1521977000000 | ¥2247214000000 | +47.7% |
| Operating income | ¥76894000000 | ¥224853000000 | +192.4% |
| Operating margin | 5.1% | 10.0% | +5 pp |
| Employees | 21,273 people | 21,189 people | -0.4% |
| Cash and equivalents | ¥223901000000 | ¥351182000000 | +56.8% |

### 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 | 75.7% |
| 発電・販売事業 → 事業再編・廃止 | 4.4% |
| 送配電事業 → 送配電事業 | 10.1% |
| その他エネルギーサービス事業 → その他エネルギーサービス事業 | 4.5% |
| ＩＣＴサービス事業 → ＩＣＴサービス事業 | 4.7% |
| ＩＣＴサービス事業 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 送配電事業 | 1.9% |
| 新設・再編 → 海外事業 | 0.2% |
| 新設・再編 → その他エネルギーサービス事業 | 2.0% |
| 新設・再編 → 都市開発事業 | 0.7% |
| 新設・再編 → その他 | 0.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Power generation and retail electricity business | 5 years | +7.1% | ¥1701438000000 | 8.0% | 2 |
| Electricity transmission and distribution business | 5 years | +12.1% | ¥269736000000 | 3.1% | 2 |
| Other energy service business | 5 years | +16.7% | ¥146200000000 | 25.3% | 2 |
| ICT services | 5 years | +5.8% | ¥105832000000 | 10.0% | 2 |
| Urban development business | 4 years | +4.0% | ¥16051000000 | 32.2% | 2 |
| Other | 4 years | +2.2% | ¥4249000000 | 0.6% | 2 |
| Overseas business | 4 years | -3.8% | ¥3705000000 | 341.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,247,214 | 100.0% | S100YHHO |
| SG&A | 213,958 | 9.5% | S100YHHO |
| Operating income | 224,853 | 10.0% | S100YHHO |
| Ordinary income | 207,059 | 9.2% | S100YHHO |
| Pretax income | 207,828 | 9.2% | S100YHHO |
| Income tax | 52,293 | 2.3% | S100YHHO |
| Net income | 155,535 | 6.9% | S100YHHO |
| Net income attributable to owners | 154,535 | 6.9% | S100YHHO |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 90 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Operating margin 10.0% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.7%; Core profit growth: +12.7%
Operating leverage (core profit growth ÷ revenue growth): -2.72×
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 | 2,356,833 | 2,247,214 | -109,619 | -4.7% |
| Operating income | 199,564 | 224,853 | 25,289 | +12.7% |
| Net income attributable to owners | 128,766 | 154,535 | 25,769 | +20.0% |
| Operating cash flow | 431,880 | 438,745 | 6,865 | +1.6% |
| Free cash flow | 77,742 | 72,526 | -5,216 | -6.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,013,050 | 63,813 | 3.2% | -419 | 226,852 | -198,202 | S100LRPH |
| FY ending Mar 2021 | 1,521,977 | 76,894 | 5.1% | 31,835 | 253,459 | -98,305 | S100OL50 |
| FY ending Mar 2022 | 1,743,310 | 48,624 | 2.8% | 6,873 | 257,811 | -60,256 | S100R7AV |
| FY ending Mar 2023 | 2,221,300 | -72,998 | -3.3% | -56,429 | 30,504 | -306,961 | S100TTZH |
| FY ending Mar 2024 | 2,139,447 | 254,919 | 11.9% | 166,444 | 586,084 | 252,619 | S100W361 |
| FY ending Mar 2025 | 2,356,833 | 199,564 | 8.5% | 128,766 | 431,880 | 77,742 | S100YHHO |
| FY ending Mar 2026 | 2,247,214 | 224,853 | 10.0% | 154,535 | 438,745 | 72,526 | S100YHHO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥106.1M |
| Operating income per employee (consolidated) | ¥10.6M |
| Net income per employee (consolidated) | ¥7.3M |

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) | 21,226 | 21,096 | 21,092 | 21,173 | 21,189 |
| Average salary (parent company) | ¥7.7M | ¥7.7M | ¥7.5M | ¥8.1M | ¥8.4M |
| Average age (parent company) | 42.5 years | 42.5 years | 41.5 years | 41.3 years | 42.1 years |
| Average tenure (parent company) | 21.8 years | 21.6 years | 21.5 years | 21.1 years | 20.8 years |

Year over year: Employees (consolidated) +0.1% · Revenue (consolidated) -4.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Power generation and retail electricity business | 1,701,438 | 75.7% | 136,420 | 8.0% |
| Electricity transmission and distribution business | 269,736 | 12.0% | 8,297 | 3.1% |
| Overseas business | 3,705 | 0.2% | 12,635 | 341.0% |
| Other energy service business | 146,200 | 6.5% | 36,921 | 25.3% |
| ICT services | 105,832 | 4.7% | 10,615 | 10.0% |
| Urban development business | 16,051 | 0.7% | 5,166 | 32.2% |
| Other | 4,249 | 0.2% | 25 | 0.6% |

### 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 and retail electricity business | 75.7% |
| Electricity transmission and distribution business | 12.0% |
| Overseas business | 0.2% |
| Other energy service business | 6.5% |
| ICT services | 4.7% |
| Urban development business | 0.7% |
| Other | 0.2% |

Segment → industry: Power generation and retail electricity business → Electric Power & Gas / Electricity transmission and distribution business → Electric Power & Gas / Overseas business → Electric Power & Gas / Other energy service business → Plant Engineering & Building Services / Other energy service business → Electric Power & Gas / ICT services → Broadband & ISPs / ICT services → IT Services & System Integration / Urban development business → 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 | 438,745 | 19.5% | S100YHHO |
| Capital expenditure | 366,219 | 16.3% | S100YHHO |
| Free cash flow | 72,526 | 3.2% | 算出 |
| Investing cash flow | -383,738 | -17.1% | S100YHHO |
| Financing cash flow | -57,728 | -2.6% | S100YHHO |
| Dividends paid | 29,451 | 1.3% | S100YHHO |
| Change in cash | 824 | 0.0% | S100YHHO |
| Cash and equivalents | 351,182 | 15.6% | S100YHHO |

## 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 | 241,756 | 270,651 | 364,213 | 349,668 | 351,182 | S100TTZH, S100W361, S100YHHO |
| Total assets | 5,342,350 | 5,603,678 | 5,727,240 | 5,774,025 | 5,983,340 | S100R7AV, S100TTZH, S100W361, S100YHHO |
| Net assets | 676,337 | 617,230 | 921,043 | 1,031,280 | 1,225,877 | S100TTZH, S100W361, S100YHHO |
| Share capital | 237,304 | 237,304 | 237,304 | 237,304 | 237,304 | S100R7AV, S100TTZH, S100W361, S100YHHO |
| Inventories | 101,699 | 159,420 | 130,018 | 89,698 | 105,418 | S100R7AV, S100TTZH, S100W361, S100YHHO |
| Current assets | 732,189 | 861,761 | 927,988 | 905,553 | 930,810 | S100R7AV, S100TTZH, S100W361, S100YHHO |
| Current liabilities | 1,075,425 | 1,138,006 | 1,119,049 | 1,073,754 | 1,216,004 | S100R7AV, S100TTZH, S100W361, S100YHHO |
| Trade payables | 142,614 | 141,658 | 127,846 | 158,552 | 139,964 | S100R7AV, S100TTZH, S100W361, S100YHHO |
| Short-term borrowings | 120,810 | 124,530 | 123,410 | 125,370 | 126,370 | S100R7AV, S100TTZH, S100W361, S100YHHO |
| Long-term borrowings | 1,737,265 | 1,908,852 | 1,819,197 | 1,744,209 | 1,689,098 | S100R7AV, S100TTZH, S100W361, S100YHHO |
| Bonds | 1,399,999 | 1,485,000 | 1,405,000 | 1,493,375 | 1,437,725 | S100R7AV, S100TTZH, S100W361, S100YHHO |
| Interest-bearing debt | 3,258,074 | 3,518,382 | 3,347,607 | 3,362,954 | 3,253,193 | 算出 |
| Total liabilities | 4,666,012 | 4,986,448 | 4,806,196 | 4,742,744 | 4,757,463 | S100R7AV, S100TTZH, S100W361, S100YHHO |
| Non-controlling interests | 30,840 | 35,166 | 30,513 | 31,810 | 33,082 | S100R7AV, S100TTZH, S100W361, S100YHHO |
| Equity attributable to owners of parent | 632,987 | 565,393 | 827,098 | 924,818 | 1,050,134 | S100R7AV, S100TTZH, S100W361, S100YHHO |
| Retained earnings | 277,382 | 209,734 | 397,802 | 496,107 | 621,148 | S100R7AV, S100TTZH, S100W361, S100YHHO |
| Treasury stock | -1,706 | -1,651 | -1,529 | -2,113 | -1,810 | S100R7AV, S100TTZH, S100W361, S100YHHO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YHHO |
| Inventories | 2% | S100YHHO |
| Other assets | 92% | S100YHHO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YHHO |
| Interest-bearing debt | 54% | 算出 |
| Other liabilities | 23% | S100YHHO |
| Equity | 21% | S100YHHO |

### 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 | 5,342,350 | 5,603,678 | 5,727,240 | 5,774,025 | 5,983,340 |
| Equity | 676,337 | 617,230 | 921,043 | 1,031,280 | 1,225,877 |
| Interest-bearing debt | 3,258,074 | 3,518,382 | 3,347,607 | 3,362,954 | 3,253,193 |
| Cash | 241,756 | 270,651 | 364,213 | 349,668 | 351,182 |

### 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) | 5.9% |
| Cash ÷ revenue | 15.6% |
| Net cash (cash − interest-bearing debt) | -¥2.9T |
| Net debt ÷ operating cash flow | 6.61× |
| Cash conversion (operating CF ÷ operating income) | 195.1% |
| Cash vs. profit gap | 284,210 JPY mn (of net income 183.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.1% |
| Shareholder payments — dividends / FCF | 40.6% |
| CapEx intensity (capex ÷ revenue) | 16.3% |
| Investing CF relative to operating CF | 87.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 0.4% | 0.33× | 0.1% | 8.44× | 1.1% | S100R7AV |
| 2023 | — | —× | -1.0% | —× | — | S100TTZH |
| 2024 | 7.8% | 0.38× | 2.9% | 8.14× | 23.9% | S100W361 |
| 2025 | 5.5% | 0.41× | 2.2% | 6.56× | 14.7% | S100YHHO |
| 2026 | 6.9% | 0.38× | 2.6% | 5.95× | 15.6% | S100YHHO |

## 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 | 13.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.9% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 4.3% | 2026-03-31 |
| 九栄会 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社福岡銀行 | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUSTCOMPANY 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 |
| STATE STREET BANK AND TRUSTCOMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.7% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 fell -4.7%, from ¥2.36T to ¥2.25T.
- Profit moved the other way: operating income rose +12.7% to ¥224.9B, and net income attributable to owners rose +20.0% to ¥154.5B.
- Operating cash flow edged up +1.6% to ¥438.7B, but heavier capital spending left free cash flow down -6.7% at ¥72.5B.

### Drivers

- Retail sales volume and retail revenue fell as contracted demand in Kyushu declined
- Fuel costs dropped thanks to lower fuel prices and a cheaper thermal generation mix
- Higher grid usage fees (wheeling revenue) also lifted profit

### Risks

- Swings in LNG and coal prices and exchange rates change fuel costs, though a fuel-cost adjustment system passes part of this to customers
- If rule changes or lawsuits halt its nuclear plants, it would need costlier replacement power
- It carries a large amount of debt, so rising interest rates could weigh on results

Cited: Annual Securities Report, 102nd fiscal period (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 fiscal period (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) | S100YHHO | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHHO,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W361 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W361,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TTZH | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTZH,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R7AV | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7AV,, |
| 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) | S100OL50 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL50,, |
| 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) | S100LRPH | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRPH,, |

## 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).