# SHIZUOKA 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178期(2025/01/01－2025/12/31) (S100XTDX)
> Page: https://vizora.meequs.com/en/company/shizuoka-gas
> Retrieved: 2026-09-30T19:15:51.477Z

## Company

Shizuoka GAS, founded in 1910, is a company in Electric Power & Gas listed on TSE Prime. It has 1,586 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHIZUOKA GAS CO.,LTD. |
| Ticker | 9543 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9543.T) |
| Listing | TSE Prime |
| Head office | 静岡県静岡市駿河区八幡一丁目5番38号 |
| Representative (per filing) | 代表取締役 社長執行役員 松本 尚武 |
| Founded | Apr 1910 |
| Share capital | ¥6.28B |
| Employees (consolidated) | 1,586 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | December |
| Website | www.shizuokagas.co.jp (https://www.shizuokagas.co.jp/) |
| Corporate number | 4080001002686 |
| EDINET | E04516 |
| Industries (Vizora) | Electric Power & Gas, Plant Engineering & Building Services |

> Profile source: annual securities report (S100XTDX, 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 | 82.1 | 42 |
| Profitability | 51.1 | 44 |
| Cash conversion | 82.1 | 42 |
| Efficiency | 73.9 | 44 |
| Financial strength | 97.4 | 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 77% of Shizuoka GAS's sales come from Gas, with LPG and other energy services and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -0.5% from the prior year, operating profit +36.6%.

## Company structure

- Segment revenue mix: Gas 77.1%、LPG and other energy services 14.8%、Other 8.0%
- Revenue → net income: ¥201207000000 → ¥10650000000
- Net income → operating cash flow: ¥10650000000 → ¥34560000000（difference ¥23910000000）
- Main uses of operating cash flow: CapEx ¥29860000000 / dividends ¥3571000000 / buybacks —
- Change in cash: ¥-3167000000
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 | ¥201.2B |  |
| Operating income | ¥14.1B | Margin 7.0% |
| Net income | ¥10B | Margin 5.0% |
| Free cash flow | ¥4.7B |  |
| Largest business | Gas | of segment revenue 77.1% |
| Employees (consolidated) | 1,586 |  |
| EPS | ¥112.67 |  |
| Diluted EPS | ¥112.61 |  |
| Book value per share | ¥1222.11 |  |
| Equity ratio | 67.0% |  |
| Shares outstanding | 76,192,000 |  |
| Treasury shares | 839,900 |  |
| Shareholders | 10,784 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 16.7% | Net cash ¥17.1B · Cash ÷ revenue 16.2% |
| Vs. industry median margin | 0 pp | Electric Power & Gas |
| ROE | 9.0% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.4× net income
- FY2025, one segment accounts for 82% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥121320000000 | ¥201207000000 | +65.8% |
| Operating income | ¥6828000000 | ¥14072000000 | +106.1% |
| Operating margin | 5.6% | 7.0% | +1.4 pp |
| Employees | 1,433 people | 1,586 people | +10.7% |
| Cash and equivalents | ¥31615000000 | ¥32655000000 | +3.3% |

### 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 → ガス | 40.7% |
| ガス → 事業再編・廃止 | 40.7% |
| ＬＰＧ・その他エネルギー → ＬＰＧ・その他エネルギー | 7.2% |
| ＬＰＧ・その他エネルギー → 事業再編・廃止 | 7.2% |
| その他 → その他 | 4.2% |
| 新設・再編 → ガス | 36.5% |
| 新設・再編 → ＬＰＧ・その他エネルギー | 7.6% |
| 新設・再編 → その他 | 3.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Gas | 5 years | +10.4% | ¥155167000000 | 9.6% | 2 |
| LPG and other energy services | 5 years | +12.1% | ¥29845000000 | 8.2% | 2 |
| Other | 5 years | +10.7% | ¥16195000000 | 5.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 201,207 | 100.0% | S100XTDX |
| Cost of revenue | 156,060 | 77.6% | S100XTDX |
| Gross profit | 45,146 | 22.4% | S100XTDX |
| Operating income | 14,072 | 7.0% | S100XTDX |
| Ordinary income | 14,769 | 7.3% | S100XTDX |
| Pretax income | 14,261 | 7.1% | S100XTDX |
| Income tax | 3,611 | 1.8% | S100XTDX |
| Net income | 10,650 | 5.3% | S100XTDX |
| Net income attributable to owners | 10,048 | 5.0% | S100XTDX |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 93 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 22.4% → Operating margin 7.0% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.5%; Core profit growth: +36.6%
Operating leverage (core profit growth ÷ revenue growth): -71.85×
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 | 202,237 | 201,207 | -1,030 | -0.5% |
| Gross profit | 39,733 | 45,146 | 5,413 | +13.6% |
| Operating income | 10,302 | 14,072 | 3,770 | +36.6% |
| Net income attributable to owners | 8,776 | 10,048 | 1,272 | +14.5% |
| Operating cash flow | 10,977 | 34,560 | 23,583 | +214.8% |
| Free cash flow | 3,612 | 4,700 | 1,088 | +30.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 141,544 | 7,852 | 5.5% | 5,519 | 21,921 | 15,240 | S100L1WC |
| FY ending Dec 2020 | 121,320 | 6,828 | 5.6% | 3,709 | 20,303 | 11,168 | S100NPVV |
| FY ending Dec 2021 | 132,988 | 4,989 | 3.8% | 4,115 | -6,909 | -16,117 | S100QFFF |
| FY ending Dec 2022 | 207,325 | 8,629 | 4.2% | 5,975 | 4,116 | -8,305 | S100T5HU |
| FY ending Dec 2023 | 214,004 | 18,340 | 8.6% | 14,107 | 37,755 | 23,717 | S100VH5Q |
| FY ending Dec 2024 | 202,237 | 10,302 | 5.1% | 8,776 | 10,977 | 3,612 | S100XTDX |
| FY ending Dec 2025 | 201,207 | 14,072 | 7.0% | 10,048 | 34,560 | 4,700 | S100XTDX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥126.9M |
| Operating income per employee (consolidated) | ¥8.9M |
| Net income per employee (consolidated) | ¥6.3M |

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) | 1,443 | 1,472 | 1,475 | 1,466 | 1,586 |
| Average salary (parent company) | ¥6.8M | ¥6.8M | ¥7.7M | ¥7.5M | ¥7.7M |
| Average age (parent company) | 44.1 years | 44.3 years | 44.6 years | 44.3 years | 44.3 years |
| Average tenure (parent company) | 21.2 years | 21.6 years | 21.7 years | 21.3 years | 20.9 years |

Year over year: Employees (consolidated) +8.2% · Revenue (consolidated) -0.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Gas | 155,167 | 77.1% | 14,880 | 9.6% |
| LPG and other energy services | 29,845 | 14.8% | 2,459 | 8.2% |
| Other | 16,195 | 8.0% | 855 | 5.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Gas | 77.1% | 81.8% | 4.7 | 9.6% |
| LPG and other energy services | 14.8% | 13.5% | -1.3 | 8.2% |
| Other | 8.0% | 4.7% | -3.3 | 5.3% |

Segment → industry: LPG and other energy services → Electric Power & Gas / Gas → Electric Power & Gas / Other → Plant Engineering & Building Services

## 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 | 34,560 | 17.2% | S100XTDX |
| Capital expenditure | 29,860 | 14.8% | S100XTDX |
| Free cash flow | 4,700 | 2.3% | 算出 |
| Investing cash flow | -32,977 | -16.4% | S100XTDX |
| Financing cash flow | -5,464 | -2.7% | S100XTDX |
| Dividends paid | 3,571 | 1.8% | S100XTDX |
| Change in cash | -3,167 | -1.6% | S100XTDX |
| Cash and equivalents | 32,655 | 16.2% | S100XTDX |

## 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 | 13,548 | 27,264 | 35,242 | 35,823 | 32,655 | S100T5HU, S100VH5Q, S100XTDX |
| Total assets | 123,996 | 159,497 | 154,709 | 170,202 | 195,873 | S100QFFF, S100T5HU, S100VH5Q, S100XTDX |
| Net assets | 92,150 | 99,608 | 114,421 | 125,519 | 138,703 | S100T5HU, S100VH5Q, S100XTDX |
| Share capital | 6,279 | 6,279 | 6,279 | 6,279 | 6,279 | S100QFFF, S100T5HU, S100VH5Q, S100XTDX |
| Trade receivables | 15,013 | — | — | — | — | S100QFFF |
| Property, plant and equipment | 54,992 | 58,146 | 61,795 | 58,080 | 60,315 | S100QFFF, S100T5HU, S100VH5Q, S100XTDX |
| Intangible assets excluding goodwill | 1,266 | 2,449 | 2,769 | 4,058 | 24,112 | S100QFFF, S100T5HU, S100VH5Q, S100XTDX |
| Investment securities | 10,113 | 14,333 | 16,661 | 21,513 | 27,041 | S100QFFF, S100T5HU, S100VH5Q, S100XTDX |
| Current assets | 51,024 | 78,373 | 66,741 | 77,533 | 73,981 | S100QFFF, S100T5HU, S100VH5Q, S100XTDX |
| Current liabilities | 23,494 | 43,693 | 18,945 | 23,890 | 35,609 | S100QFFF, S100T5HU, S100VH5Q, S100XTDX |
| Short-term borrowings | — | 174 | 95 | 497 | 227 | S100T5HU, S100VH5Q, S100XTDX |
| Long-term borrowings | 5,124 | 12,218 | 12,233 | 11,124 | 10,322 | S100QFFF, S100T5HU, S100VH5Q, S100XTDX |
| Bonds | — | — | 5,000 | 5,000 | 5,000 | S100VH5Q, S100XTDX |
| Interest-bearing debt | — | — | 17,328 | 16,621 | 15,549 | 算出 |
| Total liabilities | 31,846 | 59,888 | 40,287 | 44,683 | 57,170 | S100QFFF, S100T5HU, S100VH5Q, S100XTDX |
| Non-controlling interests | 5,749 | 6,674 | 6,976 | 7,352 | 7,384 | S100QFFF, S100T5HU, S100VH5Q, S100XTDX |
| Equity attributable to owners of parent | 82,604 | 87,844 | 100,544 | 108,204 | 114,814 | S100QFFF, S100T5HU, S100VH5Q, S100XTDX |
| Retained earnings | 72,403 | 77,599 | 90,260 | 96,946 | 103,418 | S100QFFF, S100T5HU, S100VH5Q, S100XTDX |
| Treasury stock | -1,062 | -1,038 | -1,023 | -474 | -426 | S100QFFF, S100T5HU, S100VH5Q, S100XTDX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100XTDX |
| Property, plant and equipment | 31% | S100XTDX |
| Intangibles and goodwill | 12% | S100XTDX |
| Investment securities | 14% | S100XTDX |
| Other assets | 26% | S100XTDX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 8% | 算出 |
| Other liabilities | 21% | S100XTDX |
| Equity | 71% | S100XTDX |

### 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 | 123,996 | 159,497 | 154,709 | 170,202 | 195,873 |
| Equity | 92,150 | 99,608 | 114,421 | 125,519 | 138,703 |
| Interest-bearing debt | — | — | 17,328 | 16,621 | 15,549 |
| Cash | 13,548 | 27,264 | 35,242 | 35,823 | 32,655 |

## 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) | 30.0% | S100XTDX |
| Fixed assets ÷ total assets | 30.8% | S100XTDX |
| Goodwill ÷ parent equity | — | —, S100XTDX |

### 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) | 16.7% |
| Cash ÷ revenue | 16.2% |
| Net cash (cash − interest-bearing debt) | ¥17.1B |
| Net debt ÷ operating cash flow | -0.49× |
| Cash conversion (operating CF ÷ operating income) | 245.6% |
| Cash vs. profit gap | 24,512 JPY mn (of net income 243.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 35.5% |
| Shareholder payments — dividends / FCF | 76.0% |
| CapEx intensity (capex ÷ revenue) | 14.8% |
| Investing CF relative to operating CF | 95.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.1% | 1.07× | 3.3% | 1.50× | 5.0% | S100QFFF |
| 2022 | 2.9% | 1.46× | 4.2% | 1.66× | 7.0% | S100T5HU |
| 2023 | 6.6% | 1.36× | 9.0% | 1.67× | 15.0% | S100VH5Q |
| 2024 | 4.3% | 1.24× | 5.4% | 1.56× | 8.4% | S100XTDX |
| 2025 | 5.0% | 1.10× | 5.5% | 1.64× | 9.0% | S100XTDX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鈴与商事株式会社 | Major shareholder | 18.1% | 2025-12-31 |
| 鈴与建設株式会社 | Major shareholder | 14.1% | 2025-12-31 |
| 東京瓦斯株式会社 | Major shareholder | 6.6% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 5.5% | 2025-12-31 |
| 株式会社静岡銀行 | Major shareholder | 3.5% | 2025-12-31 |
| 中部電力株式会社 | Major shareholder | 2.0% | 2025-12-31 |
| 株式会社TOKAIホールディングス | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社清水銀行 | Major shareholder | 1.6% | 2025-12-31 |
| 静岡ガス従業員持株会 | Major shareholder | 1.4% | 2025-12-31 |
| 株式会社プレミアムウォーターホールディングス | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第178期(2025/01/01－2025/12/31) | S100XTDX | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTDX,, |
| 有価証券報告書－第177期(2024/01/01－2024/12/31) | S100VH5Q | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH5Q,, |
| 有価証券報告書－第176期(2023/01/01－2023/12/31) | S100T5HU | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5HU,, |
| 有価証券報告書－第175期(2022/01/01－2022/12/31) | S100QFFF | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFFF,, |
| 有価証券報告書－第174期(令和3年1月1日－令和3年12月31日) | S100NPVV | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPVV,, |
| 有価証券報告書－第173期(令和2年1月1日－令和2年12月31日) | S100L1WC | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1WC,, |

## 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).