# OSAKA 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208期(2025/04/01－2026/03/31) (S100YFQT)
> Page: https://vizora.meequs.com/en/company/osaka-gas
> Retrieved: 2026-09-30T21:04:26.876Z

## Company

Osaka GAS, founded in 1897, is a company in Oil, Gas & Mining listed on TSE Prime. It has 21,835 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OSAKA GAS CO., LTD. |
| Ticker | 9532 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9532.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区平野町四丁目1番2号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 藤原正隆 |
| Founded | Apr 1897 |
| Share capital | ¥132.2B |
| Employees (consolidated) | 21,835 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.osakagas.co.jp (https://www.osakagas.co.jp/) |
| Corporate number | 3120001077601 |
| EDINET | E04520 |
| Industries (Vizora) | Oil, Gas & Mining, Chemicals, Electric Power & Gas, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YFQT, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.1 | 42 |
| Profitability | 67 | 44 |
| Cash conversion | 58.3 | 42 |
| Efficiency | 44.3 | 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 81% of Osaka GAS's sales come from Domestic energy, with Life and business solutions and International energy making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -1.9% from the prior year, operating profit +8.8%.

## Company structure

- Segment revenue mix: Domestic energy 80.8%、Life and business solutions 13.0%、International energy 6.3%
- Revenue → net income: ¥2030302000000 → ¥152729000000
- Net income → operating cash flow: ¥152729000000 → ¥340740000000（difference ¥188011000000）
- Main uses of operating cash flow: CapEx ¥251117000000 / dividends ¥42223000000 / buybacks ¥63531000000
- Change in cash: ¥-23816000000
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 | ¥2.03T |  |
| Operating income | ¥174.8B | Margin 8.6% |
| Net income | ¥152.8B | Margin 7.5% |
| Free cash flow | ¥89.6B |  |
| Largest business | Domestic energy | of segment revenue 80.8% |
| Employees (consolidated) | 21,835 |  |
| EPS | ¥144.27 |  |
| Book value per share | ¥1903.29 |  |
| Equity ratio | 54.4% |  |
| Shares outstanding | 397,881,000 |  |
| Treasury shares | 14,060,000 |  |
| Shareholders | 73,347 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 1.8% | Cash ÷ revenue 2.9% |
| Vs. industry median margin | +1.6 pp | Electric Power & Gas |
| ROE | 11.5% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, buybacks were 1.5× dividends
- FY2026, segment profit share differs by -41 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1364106000000 | ¥2030302000000 | +48.8% |
| Operating income | ¥112491000000 | ¥174809000000 | +55.4% |
| Operating margin | 8.2% | 8.6% | +0.4 pp |
| Employees | 20,941 people | 21,835 people | +4.3% |
| Cash and equivalents | ¥166762000000 | ¥58492000000 | -64.9% |

### 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 |
| --- | ---: |
| 国内エネルギー → 国内エネルギー | 46.0% |
| 国内エネルキ゛ー・ガス → 事業再編・廃止 | 35.9% |
| 海外エネルギー → 海外エネルギー | 1.6% |
| 国内エネルキ゛ー・電力 → 事業再編・廃止 | 9.8% |
| ライフ＆ビジネス ソリューション → ライフ＆ビジネス ソリューション | 6.7% |
| 新設・再編 → 国内エネルギー | 34.8% |
| 新設・再編 → 海外エネルギー | 4.7% |
| 新設・再編 → ライフ＆ビジネス ソリューション | 6.3% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic energy | 5 years | +7.3% | ¥1639494000000 | 4.2% | 2 |
| Life and business solutions | 5 years | +9.4% | ¥263847000000 | 14.2% | 2 |
| International energy | 5 years | +25.9% | ¥126960000000 | 53.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,030,302 | 100.0% | S100YFQT |
| Cost of revenue | 1,592,785 | 78.5% | S100YFQT |
| Gross profit | 437,516 | 21.5% | S100YFQT |
| SG&A | 262,706 | 12.9% | S100YFQT |
| Operating income | 174,809 | 8.6% | S100YFQT |
| Ordinary income | 204,522 | 10.1% | S100YFQT |
| Pretax income | 202,892 | 10.0% | S100YFQT |
| Income tax | 50,162 | 2.5% | S100YFQT |
| Net income | 152,729 | 7.5% | S100YFQT |
| Net income attributable to owners | 152,751 | 7.5% | S100YFQT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 13 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 21.5% → Operating margin 8.6% → Net margin 7.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.9%; Core profit growth: +8.8%
Operating leverage (core profit growth ÷ revenue growth): -4.68×
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 | 2,069,019 | 2,030,302 | -38,717 | -1.9% |
| Gross profit | 405,577 | 437,516 | 31,939 | +7.9% |
| Operating income | 160,731 | 174,809 | 14,078 | +8.8% |
| Net income attributable to owners | 134,414 | 152,751 | 18,337 | +13.6% |
| Operating cash flow | 283,681 | 340,740 | 57,059 | +20.1% |
| Free cash flow | 61,270 | 89,623 | 28,353 | +46.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,368,689 | 83,792 | 6.1% | 41,788 | 182,892 | 56,145 | S100LKB5 |
| FY ending Mar 2021 | 1,364,106 | 112,491 | 8.2% | 80,857 | 219,797 | 37,042 | S100OIE9 |
| FY ending Mar 2022 | 1,591,120 | 99,201 | 6.2% | 130,421 | 145,350 | -42,647 | S100R1CK |
| FY ending Mar 2023 | 2,275,113 | 60,001 | 2.6% | 57,110 | 33,572 | -160,576 | S100TS4T |
| FY ending Mar 2024 | 2,083,050 | 172,553 | 8.3% | 132,679 | 312,609 | 125,243 | S100W0XR |
| FY ending Mar 2025 | 2,069,019 | 160,731 | 7.8% | 134,414 | 283,681 | 61,270 | S100YFQT |
| FY ending Mar 2026 | 2,030,302 | 174,809 | 8.6% | 152,751 | 340,740 | 89,623 | S100YFQT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥93M |
| Operating income per employee (consolidated) | ¥8M |
| Net income per employee (consolidated) | ¥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) | 20,961 | 21,017 | 21,159 | 21,404 | 21,835 |
| Average salary (parent company) | ¥6.6M | ¥6.9M | ¥7.1M | ¥7.4M | ¥8.5M |
| Average age (parent company) | 43.6 years | 44.4 years | 44.0 years | 43.8 years | 44.3 years |
| Average tenure (parent company) | 17.5 years | 17.9 years | 16.5 years | 15.9 years | 16.1 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) -1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic energy | 1,639,494 | 80.8% | 68,749 | 4.2% |
| International energy | 126,960 | 6.3% | 67,650 | 53.3% |
| Life and business solutions | 263,847 | 13.0% | 37,447 | 14.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic energy | 80.8% | 39.5% | -41.2 | 4.2% |
| International energy | 6.3% | 38.9% | 32.7 | 53.3% |
| Life and business solutions | 13.0% | 21.5% | 8.5 | 14.2% |

Segment → industry: International energy → Oil, Gas & Mining / Life and business solutions → Chemicals / International energy → Electric Power & Gas / Domestic energy → Electric Power & Gas / Life and 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 | 340,740 | 16.8% | S100YFQT |
| Capital expenditure | 251,117 | 12.4% | S100YFQT |
| Free cash flow | 89,623 | 4.4% | 算出 |
| Investing cash flow | -241,852 | -11.9% | S100YFQT |
| Financing cash flow | -129,177 | -6.4% | S100YFQT |
| Dividends paid | 42,223 | 2.1% | S100YFQT |
| Share buyback | 63,531 | 3.1% | S100YFQT |
| Change in cash | -23,816 | -1.2% | S100YFQT |
| Cash and equivalents | 58,492 | 2.9% | S100YFQT |

## 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 | 130,769 | 84,793 | 77,229 | 82,309 | 58,492 | S100TS4T, S100W0XR, S100YFQT |
| Total assets | 2,588,086 | 2,819,589 | 2,980,127 | 3,200,525 | 3,321,405 | S100R1CK, S100TS4T, S100W0XR, S100YFQT |
| Net assets | 1,296,089 | 1,417,178 | 1,604,992 | 1,739,291 | 1,854,028 | S100R1CK, S100W0XR, S100YFQT |
| Share capital | 132,166 | 132,166 | 132,166 | 132,166 | 132,166 | S100R1CK, S100TS4T, S100W0XR, S100YFQT |
| Inventories | 145,445 | 219,380 | 211,828 | 204,987 | 222,683 | S100R1CK, S100TS4T, S100W0XR, S100YFQT |
| Property, plant and equipment | 1,156,281 | 1,243,788 | 1,304,945 | 1,427,677 | 1,494,750 | S100R1CK, S100TS4T, S100W0XR, S100YFQT |
| Intangible assets excluding goodwill | 95,251 | 105,120 | 109,243 | 92,377 | 79,093 | S100R1CK, S100TS4T, S100W0XR, S100YFQT |
| Goodwill | 11,083 | 9,486 | 5,466 | 4,142 | 6,463 | S100R1CK, S100TS4T, S100W0XR, S100YFQT |
| Investment securities | 359,225 | 440,911 | 538,803 | 569,252 | 548,433 | S100R1CK, S100TS4T, S100W0XR, S100YFQT |
| Current assets | 707,651 | 780,936 | 762,479 | 812,779 | 828,882 | S100R1CK, S100TS4T, S100W0XR, S100YFQT |
| Current liabilities | 400,190 | 459,798 | 393,936 | 409,785 | 450,212 | S100R1CK, S100TS4T, S100W0XR, S100YFQT |
| Trade payables | 104,935 | 69,142 | 82,907 | 103,690 | 94,528 | S100R1CK, S100TS4T, S100W0XR, S100YFQT |
| Long-term borrowings | 350,502 | 386,516 | 354,588 | 363,939 | 303,203 | S100R1CK, S100TS4T, S100W0XR, S100YFQT |
| Bonds | 364,998 | 425,018 | 459,999 | 500,999 | 491,016 | S100R1CK, S100TS4T, S100W0XR, S100YFQT |
| Total liabilities | 1,291,996 | 1,402,410 | 1,375,135 | 1,461,234 | 1,467,377 | S100R1CK, S100TS4T, S100W0XR, S100YFQT |
| Non-controlling interests | 24,472 | 25,757 | 27,479 | 50,497 | 47,985 | S100R1CK, S100TS4T, S100W0XR, S100YFQT |
| Equity attributable to owners of parent | 1,127,030 | 1,159,295 | 1,246,360 | 1,302,054 | 1,350,808 | S100R1CK, S100TS4T, S100W0XR, S100YFQT |
| Retained earnings | 977,907 | 1,010,078 | 1,097,883 | 1,173,020 | 1,262,276 | S100R1CK, S100TS4T, S100W0XR, S100YFQT |
| Treasury stock | -2,115 | -2,045 | -2,746 | -23,034 | -63,801 | S100R1CK, S100TS4T, S100W0XR, S100YFQT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YFQT |
| Inventories | 7% | S100YFQT |
| Property, plant and equipment | 45% | S100YFQT |
| Intangibles and goodwill | 3% | S100YFQT |
| Investment securities | 16% | S100YFQT |
| Other assets | 27% | S100YFQT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YFQT |
| Other liabilities | 41% | S100YFQT |
| Equity | 56% | S100YFQT |

### 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 | 2,588,086 | 2,819,589 | 2,980,127 | 3,200,525 | 3,321,405 |
| Equity | 1,296,089 | 1,417,178 | 1,604,992 | 1,739,291 | 1,854,028 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 130,769 | 84,793 | 77,229 | 82,309 | 58,492 |

## 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) | 73.6% | S100YFQT |
| Fixed assets ÷ total assets | 45.0% | S100YFQT |
| Goodwill ÷ parent equity | 0.5% | S100YFQT |

Goodwill over 4 years: 11,083 → 6,463 JPY; total investing cash flow: -1,069,523 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) | 1.8% |
| Cash ÷ revenue | 2.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 194.9% |
| Cash vs. profit gap | 187,989 JPY mn (of net income 123.1%) |
| Shareholder returns / net income | 69.2% |
| Shareholder returns / FCF | 118.0% |
| Shareholder payments — dividends / net income | 27.6% |
| Shareholder payments — dividends / FCF | 47.1% |
| CapEx intensity (capex ÷ revenue) | 12.4% |
| Investing CF relative to operating CF | 71.0% |

## 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 | 8.2% | 0.61× | 5.0% | 2.30× | 11.6% | S100R1CK |
| 2023 | 2.5% | 0.84× | 2.1% | 2.37× | 5.0% | S100TS4T |
| 2024 | 6.4% | 0.72× | 4.6% | 2.41× | 11.0% | S100W0XR |
| 2025 | 6.5% | 0.67× | 4.3% | 2.43× | 10.5% | S100YFQT |
| 2026 | 7.5% | 0.62× | 4.7% | 2.46× | 11.5% | S100YFQT |

## 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 | 14.8% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.0% | 2026-03-31 |
| 日本生命保険相互会社(常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.8% | 2026-03-31 |
| STATE STREET BANK AND TRUSTCOMPANY 505001(常任代理人 株式会社みずほ銀行) | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.2% | 2026-03-31 |
| 明治安田生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | 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) | Major shareholder | 1.4% | 2026-03-31 |
| 燈友会 | Major shareholder | 1.2% | 2026-03-31 |
| GOVERNMENT OF NORWAY(常任代理人 シティバンク、エヌ・エイ) | Major shareholder | 1.2% | 2026-03-31 |

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

- In FY ending Mar 2026, revenue was ¥2.03T, down -1.9% from ¥2.07T.
- Profit still grew: operating income rose +8.8% to ¥174.8B, and net income rose +13.6% to ¥152.8B.
- Operating cash flow climbed +20.1% to ¥340.7B, and free cash flow after capital spending came to ¥89.6B, up +46.3%.

### Drivers

- Gas prices to customers moved lower under the fuel-cost adjustment system, which pulled down domestic sales
- Overseas profit rose thanks to US gas production and the Freeport LNG terminal in the US
- Domestic energy profit fell as costs rose with the start of a new gas-fired power plant in Himeji, while real estate lifted the life and business solutions segment

### Risks

- Swings in oil prices and exchange rates can change fuel costs, including LNG
- The company says the outlook has become less clear since the change in the Middle East situation
- Warm or cold weather, and water temperature, can move gas and power sales volumes a lot

Cited: Annual securities report (208th term) (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 (208th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第208期(2025/04/01－2026/03/31) | S100YFQT | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFQT,, |
| 有価証券報告書－第207期(2024/04/01－2025/03/31) | S100W0XR | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0XR,, |
| 有価証券報告書－第206期(2023/04/01－2024/03/31) | S100TS4T | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS4T,, |
| 有価証券報告書－第205期(2022/04/01－2023/03/31) | S100R1CK | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1CK,, |
| 有価証券報告書－第204期(令和3年4月1日－令和4年3月31日) | S100OIE9 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIE9,, |
| 有価証券報告書－第203期(令和2年4月1日－令和3年3月31日) | S100LKB5 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKB5,, |

## 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).