# The Okinawa 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54期(2025/04/01－2026/03/31) (S100YGEA)
> Page: https://vizora.meequs.com/en/company/okinawa-electric-power
> Retrieved: 2026-09-30T21:47:59.697Z

## Company

The Okinawa Electric Power Company, founded in 1972, is a company in Electric Power & Gas listed on TSE Prime. It has 3,154 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Okinawa Electric Power Company, Incorporated |
| Ticker | 9511 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9511.T) |
| Listing | TSE Prime |
| Head office | 沖縄県浦添市牧港五丁目2番1号 |
| Representative (per filing) | 代表取締役社長 横田 哲 |
| Founded | May 1972 |
| Share capital | ¥7.59B |
| Employees (consolidated) | 3,154 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.okiden.co.jp (https://www.okiden.co.jp/) |
| Corporate number | 3360001008565 |
| EDINET | E04509 |
| Industries (Vizora) | Electric Power & Gas, Plant Engineering & Building Services |

> Profile source: annual securities report (S100YGEA, 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 | 15.5 | 42 |
| Profitability | 21.6 | 44 |
| Cash conversion | 86.9 | 42 |
| Efficiency | 30.7 | 44 |
| Financial strength | 7.9 | 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 91% of The Okinawa Electric Power Company's sales come from Electric Power Business, with Other and Construction Business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -6.9% from the prior year, operating profit +26.9%.

## Company structure

- Segment revenue mix: Electric Power Business 91.4%、Other 6.3%、Construction Business 2.3%
- Revenue → net income: ¥220177000000 → ¥6509000000
- Net income → operating cash flow: ¥6509000000 → ¥27303000000（difference ¥20794000000）
- Main uses of operating cash flow: CapEx ¥38116000000 / dividends ¥1361000000 / buybacks —
- Change in cash: ¥578000000
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 | ¥220.2B |  |
| Operating income | ¥9.29B | Margin 4.2% |
| Net income | ¥6.23B | Margin 2.8% |
| Free cash flow | -¥10.8B |  |
| Largest business | Electric Power Business | of segment revenue 91.4% |
| Employees (consolidated) | 3,154 |  |
| EPS | ¥78.16 |  |
| Book value per share | ¥1886.16 |  |
| Equity ratio | 25.0% |  |
| Shares outstanding | 56,927,000 |  |
| Treasury shares | 2,519,400 |  |
| Shareholders | 16,043 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 3.7% | Net cash -¥276.5B · Cash ÷ revenue 8.7% |
| Vs. industry median margin | -2.8 pp | Electric Power & Gas |
| ROE | 5.3% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.4× net income
- FY2026, segment profit share differs by -36 points
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥190520000000 | ¥220177000000 | +15.6% |
| Operating income | ¥12619000000 | ¥9290000000 | -26.4% |
| Operating margin | 6.6% | 4.2% | -2.4 pp |
| Employees | 2,796 people | 3,154 people | +12.8% |
| Cash and equivalents | ¥25190000000 | ¥19220000000 | -23.7% |

### 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 |
| --- | ---: |
| 電気事業 → 事業再編・廃止 | 93.3% |
| 建設業 → 事業再編・廃止 | 2.1% |
| その他 → その他 | 4.6% |
| 新設・再編 → 電気事業 | 91.4% |
| 新設・再編 → 建設業 | 2.3% |
| 新設・再編 → その他 | 1.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electric Power Business | 4 years | +5.2% | ¥201341000000 | 2.8% | 2 |
| Other | 5 years | +9.6% | ¥13794000000 | 22.9% | 2 |
| Construction Business | 4 years | +10.6% | ¥5041000000 | 27.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 220,177 | 100.0% | S100YGEA |
| SG&A | 19,986 | 9.1% | S100YGEA |
| Operating income | 9,290 | 4.2% | S100YGEA |
| Ordinary income | 8,167 | 3.7% | S100YGEA |
| Pretax income | 8,167 | 3.7% | S100YGEA |
| Income tax | 1,657 | 0.8% | S100YGEA |
| Net income | 6,509 | 3.0% | S100YGEA |
| Net income attributable to owners | 6,234 | 2.8% | S100YGEA |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 96 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Operating margin 4.2% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -6.9%; Core profit growth: +26.9%
Operating leverage (core profit growth ÷ revenue growth): -3.89×
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 | 236,540 | 220,177 | -16,363 | -6.9% |
| Operating income | 7,322 | 9,290 | 1,968 | +26.9% |
| Net income attributable to owners | 4,322 | 6,234 | 1,912 | +44.2% |
| Operating cash flow | 34,082 | 27,303 | -6,779 | -19.9% |
| Free cash flow | -7,035 | -10,813 | -3,778 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 204,296 | 10,326 | 5.1% | 6,705 | 36,092 | 10,689 | S100LS3S |
| FY ending Mar 2021 | 190,520 | 12,619 | 6.6% | 8,341 | 31,686 | 400 | S100OLW4 |
| FY ending Mar 2022 | 176,232 | 2,810 | 1.6% | 1,959 | 17,328 | -18,636 | S100R7WU |
| FY ending Mar 2023 | 223,517 | -48,406 | -21.7% | -45,457 | -38,062 | -81,140 | S100TTSF |
| FY ending Mar 2024 | 236,394 | 3,481 | 1.5% | 2,391 | 25,628 | -7,725 | S100W4JG |
| FY ending Mar 2025 | 236,540 | 7,322 | 3.1% | 4,322 | 34,082 | -7,035 | S100YGEA |
| FY ending Mar 2026 | 220,177 | 9,290 | 4.2% | 6,234 | 27,303 | -10,813 | S100YGEA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69.8M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2M |

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) | 2,806 | 3,075 | 3,079 | 3,127 | 3,154 |
| Average salary (parent company) | ¥7.8M | ¥7.7M | ¥7.7M | ¥7.9M | ¥8.1M |
| Average age (parent company) | 41.8 years | 42.7 years | 43.2 years | 43.7 years | 43.9 years |
| Average tenure (parent company) | 20.4 years | 20.3 years | 20.8 years | 21.2 years | 21.2 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) -6.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electric Power Business | 201,341 | 91.4% | 5,626 | 2.8% |
| Construction Business | 5,041 | 2.3% | 1,394 | 27.7% |
| Other | 13,794 | 6.3% | 3,152 | 22.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electric Power Business | 91.4% | 55.3% | -36.1 | 2.8% |
| Construction Business | 2.3% | 13.7% | 11.4 | 27.7% |
| Other | 6.3% | 31.0% | 24.7 | 22.9% |

Segment → industry: Electric Power Business → Electric Power & Gas / Construction Business → Plant Engineering & Building Services

## 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 | 27,303 | 12.4% | S100YGEA |
| Capital expenditure | 38,116 | 17.3% | S100YGEA |
| Free cash flow | -10,813 | -4.9% | 算出 |
| Investing cash flow | -35,062 | -15.9% | S100YGEA |
| Financing cash flow | 8,337 | 3.8% | S100YGEA |
| Dividends paid | 1,361 | 0.6% | S100YGEA |
| Change in cash | 578 | 0.3% | S100YGEA |
| Cash and equivalents | 19,220 | 8.7% | S100YGEA |

## 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 | 20,374 | 18,869 | 22,040 | 18,641 | 19,220 | S100TTSF, S100W4JG, S100YGEA |
| Total assets | 446,519 | 480,546 | 498,671 | 500,411 | 522,482 | S100R7WU, S100TTSF, S100W4JG, S100YGEA |
| Net assets | 161,287 | 114,495 | 118,830 | 123,550 | 132,865 | S100TTSF, S100W4JG, S100YGEA |
| Share capital | 7,586 | 7,586 | 7,586 | 7,586 | 7,586 | S100R7WU, S100TTSF, S100W4JG, S100YGEA |
| Trade receivables | 13,500 | 13,521 | 13,912 | 14,732 | 12,923 | S100R7WU, S100TTSF, S100W4JG, S100YGEA |
| Inventories | 12,251 | 20,058 | 18,132 | 18,401 | 17,851 | S100R7WU, S100TTSF, S100W4JG, S100YGEA |
| Current assets | 68,146 | 78,331 | 80,010 | 71,091 | 75,197 | S100R7WU, S100TTSF, S100W4JG, S100YGEA |
| Current liabilities | 75,349 | 69,713 | 85,007 | 102,554 | 86,246 | S100R7WU, S100TTSF, S100W4JG, S100YGEA |
| Trade payables | 15,020 | 16,801 | 14,816 | 13,976 | 14,644 | S100R7WU, S100TTSF, S100W4JG, S100YGEA |
| Short-term borrowings | 1,252 | 2,220 | 5,221 | 2,496 | 2,600 | S100R7WU, S100TTSF, S100W4JG, S100YGEA |
| Long-term borrowings | 106,825 | 129,769 | 130,694 | 138,304 | 157,139 | S100R7WU, S100TTSF, S100W4JG, S100YGEA |
| Bonds | 70,000 | 135,000 | 135,000 | 126,000 | 136,000 | S100R7WU, S100TTSF, S100W4JG, S100YGEA |
| Interest-bearing debt | 178,077 | 266,989 | 270,915 | 266,800 | 295,739 | 算出 |
| Total liabilities | 285,232 | 366,050 | 379,840 | 376,860 | 389,616 | S100R7WU, S100TTSF, S100W4JG, S100YGEA |
| Non-controlling interests | 1,803 | 1,884 | 2,033 | 2,193 | 2,464 | S100R7WU, S100TTSF, S100W4JG, S100YGEA |
| Equity attributable to owners of parent | 156,909 | 109,873 | 111,993 | 115,499 | 120,379 | S100R7WU, S100TTSF, S100W4JG, S100YGEA |
| Retained earnings | 147,493 | 100,403 | 102,522 | 106,029 | 110,903 | S100R7WU, S100TTSF, S100W4JG, S100YGEA |
| Treasury stock | -5,394 | -5,395 | -5,393 | -5,394 | -5,388 | S100R7WU, S100TTSF, S100W4JG, S100YGEA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YGEA |
| Receivables | 3% | S100YGEA |
| Inventories | 3% | S100YGEA |
| Other assets | 90% | S100YGEA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YGEA |
| Interest-bearing debt | 57% | 算出 |
| Other liabilities | 15% | S100YGEA |
| Equity | 25% | S100YGEA |
| Other liabilities | 0% | S100YGEA |

### 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 | 446,519 | 480,546 | 498,671 | 500,411 | 522,482 |
| Equity | 161,287 | 114,495 | 118,830 | 123,550 | 132,865 |
| Interest-bearing debt | 178,077 | 266,989 | 270,915 | 266,800 | 295,739 |
| Cash | 20,374 | 18,869 | 22,040 | 18,641 | 19,220 |

### 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) | 3.7% |
| Cash ÷ revenue | 8.7% |
| Net cash (cash − interest-bearing debt) | -¥276.5B |
| Net debt ÷ operating cash flow | 10.13× |
| Cash conversion (operating CF ÷ operating income) | 293.9% |
| Cash vs. profit gap | 21,069 JPY mn (of net income 338.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 17.3% |
| Investing CF relative to operating CF | 128.4% |

## 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 | 1.1% | 0.39× | 0.4% | 2.85× | 1.2% | S100R7WU |
| 2023 | — | —× | -9.8% | —× | — | S100TTSF |
| 2024 | 1.0% | 0.48× | 0.5% | 4.41× | 2.2% | S100W4JG |
| 2025 | 1.8% | 0.47× | 0.9% | 4.39× | 3.8% | S100YGEA |
| 2026 | 2.8% | 0.43× | 1.2% | 4.34× | 5.3% | S100YGEA |

## 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 | 11.0% | 2026-03-31 |
| 沖縄電力社員持株会 | Major shareholder | 6.0% | 2026-03-31 |
| 沖縄県知事 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社沖縄銀行 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.3% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社沖縄海邦銀行 | Major shareholder | 1.5% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YGEA | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGEA,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W4JG | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4JG,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TTSF | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTSF,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R7WU | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7WU,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100OLW4 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLW4,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LS3S | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS3S,, |

## 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).