# NIPPON 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72期(2025/04/01－2026/03/31) (S100YEGP)
> Page: https://vizora.meequs.com/en/company/nippon-gas
> Retrieved: 2026-09-30T20:26:44.272Z

## Company

Nippon GAS, founded in 1947, is a company in Electric Power & Gas listed on TSE Prime. It has 1,764 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON GAS CO.,LTD. |
| Ticker | 8174 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8174.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区代々木4丁目31番8号 |
| Representative (per filing) | 代表取締役社長執行役員 柏谷邦彦 |
| Founded | May 1947 |
| Share capital | ¥7.07B |
| Employees (consolidated) | 1,764 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.nichigas.co.jp (https://www.nichigas.co.jp/) |
| Corporate number | 9010001061924 |
| EDINET | E03051 |
| Industries (Vizora) | Electric Power & Gas |

> Profile source: annual securities report (S100YEGP, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.6 | 42 |
| Profitability | 76.1 | 44 |
| Cash conversion | 32.1 | 42 |
| Efficiency | 83 | 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 44% of Nippon GAS's sales come from LP gas, with Town gas and Electric power making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +4.2% from the prior year, operating profit +14.7%.

## Company structure

- Segment revenue mix: LP gas 43.6%、Town gas 31.8%、Electric power 24.6%
- Revenue → net income: ¥208480000000 → ¥14853000000
- Net income → operating cash flow: ¥14853000000 → ¥28188000000（difference ¥13335000000）
- Main uses of operating cash flow: CapEx ¥7261000000 / dividends ¥10718000000 / buybacks ¥8202000000
- Change in cash: ¥4354000000
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 | ¥208.5B |  |
| Operating income | ¥21.3B | Margin 10.2% |
| Net income | ¥14.8B | Margin 7.1% |
| Free cash flow | ¥20.9B |  |
| Largest business | LP gas | of segment revenue 43.6% |
| Employees (consolidated) | 1,764 |  |
| EPS | ¥176.15 |  |
| Book value per share | ¥488.48 |  |
| Equity ratio | 40.9% |  |
| Shares outstanding | 112,827,000 |  |
| Treasury shares | 4,990,900 |  |
| Shareholders | 6,503 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 14.5% | Cash ÷ revenue 11.4% |
| Vs. industry median margin | +3.2 pp | Electric Power & Gas |
| ROE | 22.5% | Derived from disclosed figures |
| ROA | 9.3% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥143490000000 | ¥208480000000 | +45.3% |
| Operating income | ¥13627000000 | ¥21278000000 | +56.1% |
| Operating margin | 9.5% | 10.2% | +0.7 pp |
| Employees | 1,752 people | 1,764 people | +0.7% |
| Cash and equivalents | ¥12411000000 | ¥23786000000 | +91.7% |

### 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 |
| --- | ---: |
| LPガス事業 → LPガス事業 | 43.6% |
| LPガス事業 → 事業再編・廃止 | 5.9% |
| 電気事業 → 電気事業 | 12.7% |
| 都市ガス事業 → 都市ガス事業 | 31.8% |
| 都市ガス事業 → 事業再編・廃止 | 6.0% |
| 新設・再編 → 電気事業 | 12.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| LP gas | 5 years | +5.0% | ¥90829000000 | — | 2 |
| Town gas | 5 years | +4.1% | ¥66268000000 | — | 2 |
| Electric power | 5 years | +23.1% | ¥51382000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 208,480 | 100.0% | S100YEGP |
| Cost of revenue | 131,732 | 63.2% | S100YEGP |
| Gross profit | 76,748 | 36.8% | S100YEGP |
| SG&A | 55,469 | 26.6% | S100YEGP |
| Operating income | 21,278 | 10.2% | S100YEGP |
| Ordinary income | 21,219 | 10.2% | S100YEGP |
| Pretax income | 21,099 | 10.1% | S100YEGP |
| Income tax | 6,246 | 3.0% | S100YEGP |
| Net income | 14,853 | 7.1% | S100YEGP |
| Net income attributable to owners | 14,815 | 7.1% | S100YEGP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 27 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 36.8% → Operating margin 10.2% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.2%; Core profit growth: +14.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.50×
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 | 200,057 | 208,480 | 8,423 | +4.2% |
| Gross profit | 74,554 | 76,748 | 2,194 | +2.9% |
| Operating income | 18,546 | 21,278 | 2,732 | +14.7% |
| Net income attributable to owners | 11,548 | 14,815 | 3,267 | +28.3% |
| Operating cash flow | 27,924 | 28,188 | 264 | +0.9% |
| Free cash flow | 19,998 | 20,927 | 929 | +4.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 132,496 | 11,519 | 8.7% | 7,742 | 15,975 | 4,722 | S100LM9R |
| FY ending Mar 2021 | 143,490 | 13,627 | 9.5% | 9,373 | 16,068 | 2,389 | S100OCQR |
| FY ending Mar 2022 | 162,552 | 12,786 | 7.9% | 9,972 | 20,694 | 11,186 | S100R4MS |
| FY ending Mar 2023 | 207,942 | 15,127 | 7.3% | 10,568 | 19,594 | 12,232 | S100TPTE |
| FY ending Mar 2024 | 194,364 | 17,442 | 9.0% | 10,825 | 23,440 | 14,287 | S100VZQ0 |
| FY ending Mar 2025 | 200,057 | 18,546 | 9.3% | 11,548 | 27,924 | 19,998 | S100YEGP |
| FY ending Mar 2026 | 208,480 | 21,278 | 10.2% | 14,815 | 28,188 | 20,927 | S100YEGP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥118.2M |
| Operating income per employee (consolidated) | ¥12.1M |
| Net income per employee (consolidated) | ¥8.4M |

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) | 1,740 | 1,703 | 1,716 | 1,696 | 1,764 |
| Average salary (parent company) | ¥5.6M | ¥5.9M | ¥6.5M | ¥6.7M | ¥7M |
| Average age (parent company) | 37.1 years | 38.1 years | 39.2 years | 39.7 years | 39.8 years |
| Average tenure (parent company) | 9.8 years | 10.3 years | 12.7 years | 13.3 years | 13.3 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) +4.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| LP gas | 90,829 | 43.6% | — | — |
| Electric power | 51,382 | 24.6% | — | — |
| Town gas | 66,268 | 31.8% | — | — |

### 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 |
| --- | ---: |
| LP gas | 43.6% |
| Electric power | 24.6% |
| Town gas | 31.8% |

Segment → industry: Town gas → Electric Power & Gas / Electric power → Electric Power & Gas / LP gas → 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 | 28,188 | 13.5% | S100YEGP |
| Capital expenditure | 7,261 | 3.5% | S100YEGP |
| Free cash flow | 20,927 | 10.0% | 算出 |
| Investing cash flow | -7,164 | -3.4% | S100YEGP |
| Financing cash flow | -16,683 | -8.0% | S100YEGP |
| Dividends paid | 10,718 | 5.1% | S100YEGP |
| Share buyback | 8,202 | 3.9% | S100YEGP |
| Change in cash | 4,354 | 2.1% | S100YEGP |
| Cash and equivalents | 23,786 | 11.4% | S100YEGP |

## 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 | 16,912 | 12,863 | 18,713 | 19,431 | 23,786 | S100TPTE, S100VZQ0, S100YEGP |
| Total assets | 153,811 | 154,883 | 159,219 | 156,018 | 163,590 | S100R4MS, S100TPTE, S100VZQ0, S100YEGP |
| Net assets | 71,890 | 74,299 | 72,723 | 67,446 | 67,474 | S100TPTE, S100VZQ0, S100YEGP |
| Share capital | 7,070 | 7,070 | 7,070 | 7,070 | 7,070 | S100R4MS, S100TPTE, S100VZQ0, S100YEGP |
| Trade receivables | 21,474 | 28,200 | 28,990 | 24,897 | 27,965 | S100R4MS, S100TPTE, S100VZQ0, S100YEGP |
| Property, plant and equipment | 85,230 | 82,618 | 81,606 | 81,006 | 79,358 | S100R4MS, S100TPTE, S100VZQ0, S100YEGP |
| Intangible assets excluding goodwill | 7,805 | 8,124 | 8,235 | 6,666 | 6,349 | S100R4MS, S100TPTE, S100VZQ0, S100YEGP |
| Goodwill | 2,981 | 2,176 | 1,698 | 1,146 | 1,525 | S100R4MS, S100TPTE, S100VZQ0, S100YEGP |
| Investment securities | 2,091 | 2,687 | 3,718 | 2,130 | 6,495 | S100R4MS, S100TPTE, S100VZQ0, S100YEGP |
| Current assets | 49,467 | 52,797 | 56,646 | 57,403 | 64,369 | S100R4MS, S100TPTE, S100VZQ0, S100YEGP |
| Current liabilities | 45,751 | 46,422 | 47,415 | 49,311 | 55,026 | S100R4MS, S100TPTE, S100VZQ0, S100YEGP |
| Trade payables | 14,651 | 17,784 | 16,327 | 17,332 | 19,740 | S100R4MS, S100TPTE, S100VZQ0, S100YEGP |
| Short-term borrowings | — | 500 | 4,000 | 4,000 | 6,000 | S100TPTE, S100VZQ0, S100YEGP |
| Long-term borrowings | 24,476 | 22,220 | 25,199 | 25,700 | 28,071 | S100R4MS, S100TPTE, S100VZQ0, S100YEGP |
| Total liabilities | 81,921 | 80,584 | 86,495 | 88,572 | 96,115 | S100R4MS, S100TPTE, S100VZQ0, S100YEGP |
| Non-controlling interests | 3 | 0 | — | 0 | 498 | S100R4MS, S100TPTE, S100YEGP |
| Equity attributable to owners of parent | 71,769 | 74,385 | 72,266 | 67,811 | 64,058 | S100R4MS, S100TPTE, S100VZQ0, S100YEGP |
| Retained earnings | 64,634 | 66,035 | 66,407 | 62,712 | 66,765 | S100R4MS, S100TPTE, S100VZQ0, S100YEGP |
| Treasury stock | -5,795 | -4,580 | -7,070 | -7,831 | -15,637 | S100R4MS, S100TPTE, S100VZQ0, S100YEGP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YEGP |
| Receivables | 17% | S100YEGP |
| Property, plant and equipment | 48% | S100YEGP |
| Intangibles and goodwill | 5% | S100YEGP |
| Investment securities | 4% | S100YEGP |
| Other assets | 11% | S100YEGP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YEGP |
| Other liabilities | 47% | S100YEGP |
| Equity | 41% | S100YEGP |
| Other liabilities | 0% | S100YEGP |

### 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 | 153,811 | 154,883 | 159,219 | 156,018 | 163,590 |
| Equity | 71,890 | 74,299 | 72,723 | 67,446 | 67,474 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,912 | 12,863 | 18,713 | 19,431 | 23,786 |

## 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) | 38.1% | S100YEGP |
| Fixed assets ÷ total assets | 48.5% | S100YEGP |
| Goodwill ÷ parent equity | 2.4% | S100YEGP |

Goodwill over 4 years: 2,981 → 1,525 JPY; total investing cash flow: -41,539 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) | 14.5% |
| Cash ÷ revenue | 11.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 132.5% |
| Cash vs. profit gap | 13,373 JPY mn (of net income 90.3%) |
| Shareholder returns / net income | 127.7% |
| Shareholder returns / FCF | 90.4% |
| Shareholder payments — dividends / net income | 72.3% |
| Shareholder payments — dividends / FCF | 51.2% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 25.4% |

## 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 | 6.1% | 1.06× | 6.5% | 2.14× | 13.9% | S100R4MS |
| 2023 | 5.1% | 1.35× | 6.8% | 2.11× | 14.5% | S100TPTE |
| 2024 | 5.6% | 1.24× | 6.9% | 2.14× | 14.8% | S100VZQ0 |
| 2025 | 5.8% | 1.27× | 7.3% | 2.25× | 16.5% | S100YEGP |
| 2026 | 7.1% | 1.30× | 9.3% | 2.42× | 22.5% | S100YEGP |

## 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 | 16.5% | 2026-03-31 |
| 株式会社 日本カストディ銀行（信託口） | Major shareholder | 6.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 4.9% | 2026-03-31 |
| 東京電力エナジーパートナー株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社 日本カストディ銀行（信託口4） | Major shareholder | 3.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.0% | 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 | 1.7% | 2026-03-31 |
| 野村信託銀行株式会社(投信口) | Major shareholder | 1.5% | 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 | 1.5% | 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 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2025/04/01－2026/03/31) | S100YEGP | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEGP,, |
| 有価証券報告書－第71期(2024/04/01－2025/03/31) | S100VZQ0 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZQ0,, |
| 有価証券報告書－第70期(2023/04/01－2024/03/31) | S100TPTE | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPTE,, |
| 有価証券報告書－第69期(2022/04/01－2023/03/31) | S100R4MS | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4MS,, |
| 有価証券報告書－第68期(令和3年4月1日－令和4年3月31日) | S100OCQR | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCQR,, |
| 有価証券報告書－第67期(令和2年4月1日－令和3年3月31日) | S100LM9R | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM9R,, |

## 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).