# TOHO 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155期(2025/04/01－2026/03/31) (S100YGFW)
> Page: https://vizora.meequs.com/en/company/toho-gas
> Retrieved: 2026-09-30T19:50:34.524Z

## Company

Toho GAS, founded in 1922, is a company in Electric Power & Gas listed on TSE Prime. It has 6,131 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOHO GAS CO., LTD. |
| Ticker | 9533 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9533.T) |
| Listing | TSE Prime |
| Head office | 愛知県名古屋市熱田区桜田町19番18号 |
| Representative (per filing) | 代表取締役社長 山碕聡志 |
| Founded | Jul 1922 |
| Share capital | ¥33.1B |
| Employees (consolidated) | 6,131 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.tohogas.co.jp (https://www.tohogas.co.jp/) |
| Corporate number | 2180001022387 |
| EDINET | E04517 |
| Industries (Vizora) | Electric Power & Gas |

> Profile source: annual securities report (S100YGFW, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.9 | 42 |
| Profitability | 28.4 | 44 |
| Cash conversion | 65.5 | 42 |
| Efficiency | 58 | 44 |
| Financial strength | 71.1 | 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 65% of Toho GAS's sales come from Gas, with Electricity and LPG and other energy making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -0.8% from the prior year, operating profit +2.9%.

## Company structure

- Segment revenue mix: Gas 64.8%、Electricity 15.1%、LPG and other energy 14.6%、Other 5.4%
- Revenue → net income: ¥651085000000 → ¥31449000000
- Net income → operating cash flow: ¥31449000000 → ¥65607000000（difference ¥34158000000）
- Main uses of operating cash flow: CapEx ¥40967000000 / dividends ¥8132000000 / buybacks ¥30010000000
- Change in cash: ¥-2090000000
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 | ¥651.1B |  |
| Operating income | ¥31.8B | Margin 4.9% |
| Net income | ¥31.4B | Margin 4.8% |
| Free cash flow | ¥24.6B |  |
| Largest business | Gas | of segment revenue 64.8% |
| Employees (consolidated) | 6,131 |  |
| EPS | ¥70.85 |  |
| Book value per share | ¥967.88 |  |
| Equity ratio | 59.0% |  |
| Shares outstanding | 91,566,000 |  |
| Treasury shares | 574,600 |  |
| Shareholders | 23,112 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 5.3% | Net cash -¥110.5B · Cash ÷ revenue 6.6% |
| Vs. industry median margin | -2.1 pp | Electric Power & Gas |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.7× dividends
- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 64% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥434776000000 | ¥651085000000 | +49.8% |
| Operating income | ¥13515000000 | ¥31784000000 | +135.2% |
| Operating margin | 3.1% | 4.9% | +1.8 pp |
| Employees | 6,225 people | 6,131 people | -1.5% |
| Cash and equivalents | ¥50543000000 | ¥42988000000 | -14.9% |

### 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 |
| --- | ---: |
| ガス → ガス | 48.8% |
| LPG・その他エネルギー → LPG・その他エネルギー | 12.4% |
| LPG・電気・その他エネルギー → 事業再編・廃止 | 20.6% |
| 電気 → 電気 | 8.2% |
| 工事及び器具 → 事業再編・廃止 | 5.2% |
| その他 → その他 | 4.7% |
| 新設・再編 → ガス | 16.0% |
| 新設・再編 → LPG・その他エネルギー | 2.2% |
| 新設・再編 → 電気 | 6.9% |
| 新設・再編 → その他 | 0.8% |

Segment revenue source references: 10 (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 | +8.1% | ¥421798000000 | 4.6% | 2 |
| Electricity | 5 years | +15.4% | ¥98562000000 | 2.0% | 2 |
| LPG and other energy | 5 years | +5.5% | ¥95336000000 | 3.2% | 2 |
| Other | 5 years | +5.3% | ¥35389000000 | 16.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 651,085 | 100.0% | S100YGFW |
| Cost of revenue | 471,790 | 72.5% | S100YGFW |
| Gross profit | 179,295 | 27.5% | S100YGFW |
| Operating income | 31,784 | 4.9% | S100YGFW |
| Ordinary income | 37,879 | 5.8% | S100YGFW |
| Pretax income | 43,281 | 6.6% | S100YGFW |
| Income tax | 11,832 | 1.8% | S100YGFW |
| Net income | 31,449 | 4.8% | S100YGFW |
| Net income attributable to owners | 31,449 | 4.8% | S100YGFW |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 95 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 27.5% → Operating margin 4.9% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.8%; Core profit growth: +2.9%
Operating leverage (core profit growth ÷ revenue growth): -3.87×
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 | 656,010 | 651,085 | -4,925 | -0.8% |
| Gross profit | 172,844 | 179,295 | 6,451 | +3.7% |
| Operating income | 30,887 | 31,784 | 897 | +2.9% |
| Net income attributable to owners | 25,454 | 31,449 | 5,995 | +23.6% |
| Operating cash flow | 83,096 | 65,607 | -17,489 | -21.0% |
| Free cash flow | 38,853 | 24,640 | -14,213 | -36.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 485,623 | 21,351 | 4.4% | 16,266 | 68,376 | 34,810 | S100LU88 |
| FY ending Mar 2021 | 434,776 | 13,515 | 3.1% | 8,592 | 64,397 | 30,092 | S100OJ8Y |
| FY ending Mar 2022 | 515,313 | 17,858 | 3.5% | 15,459 | 35,436 | -3,596 | S100TBG0 |
| FY ending Mar 2023 | 706,073 | 43,743 | 6.2% | 33,721 | 56,414 | 16,685 | S100TTYV |
| FY ending Mar 2024 | 632,985 | 33,597 | 5.3% | 27,304 | 47,376 | 9,841 | S100W1IJ |
| FY ending Mar 2025 | 656,010 | 30,887 | 4.7% | 25,454 | 83,096 | 38,853 | S100YGFW |
| FY ending Mar 2026 | 651,085 | 31,784 | 4.9% | 31,449 | 65,607 | 24,640 | S100YGFW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥106.2M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥5.1M |

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) | 6,180 | 6,080 | 6,042 | 6,074 | 6,131 |
| Average salary (parent company) | ¥5.7M | ¥5.8M | ¥5.9M | ¥6.8M | ¥7.3M |
| Average age (parent company) | 42.3 years | 41.5 years | 41.6 years | 41.4 years | 41.4 years |
| Average tenure (parent company) | 17.0 years | 16.6 years | 15.9 years | 15.2 years | 14.7 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) -0.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Gas | 421,798 | 64.8% | 19,210 | 4.6% |
| LPG and other energy | 95,336 | 14.6% | 3,063 | 3.2% |
| Electricity | 98,562 | 15.1% | 1,972 | 2.0% |
| Other | 35,389 | 5.4% | 5,810 | 16.4% |

### 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 | 64.8% | 63.9% | -0.9 | 4.6% |
| LPG and other energy | 14.6% | 10.2% | -4.5 | 3.2% |
| Electricity | 15.1% | 6.6% | -8.6 | 2.0% |
| Other | 5.4% | 19.3% | 13.9 | 16.4% |

Segment → industry: Electricity → Electric Power & Gas / LPG and other energy → Electric Power & Gas / 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 | 65,607 | 10.1% | S100YGFW |
| Capital expenditure | 40,967 | 6.3% | S100YGFW |
| Free cash flow | 24,640 | 3.8% | 算出 |
| Investing cash flow | -41,777 | -6.4% | S100YGFW |
| Financing cash flow | -26,751 | -4.1% | S100YGFW |
| Dividends paid | 8,132 | 1.2% | S100YGFW |
| Share buyback | 30,010 | 4.6% | S100YGFW |
| Change in cash | -2,090 | -0.3% | S100YGFW |
| Cash and equivalents | 42,988 | 6.6% | S100YGFW |

## 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 | 32,110 | 33,825 | 25,431 | 45,079 | 42,988 | S100TTYV, S100W1IJ, S100YGFW |
| Total assets | 655,593 | 693,519 | 734,524 | 758,765 | 809,459 | S100TBG0, S100TTYV, S100W1IJ, S100YGFW |
| Net assets | 382,751 | 402,502 | 456,852 | 448,394 | 477,519 | S100TTYV, S100W1IJ, S100YGFW |
| Share capital | 33,072 | 33,072 | 33,072 | 33,072 | 33,072 | S100TBG0, S100TTYV, S100W1IJ, S100YGFW |
| Trade receivables | 73,093 | — | — | — | — | S100OJ8Y |
| Inventories | 21,942 | 37,549 | 30,609 | 28,248 | 28,465 | S100TBG0, S100TTYV, S100W1IJ, S100YGFW |
| Property, plant and equipment | 305,619 | 304,400 | 297,784 | 298,815 | 296,650 | S100TBG0, S100TTYV, S100W1IJ, S100YGFW |
| Intangible assets excluding goodwill | 10,894 | 12,937 | 14,681 | 16,628 | 17,632 | S100TBG0, S100TTYV, S100W1IJ, S100YGFW |
| Investment securities | 112,444 | 129,425 | 166,985 | 170,019 | 211,331 | S100TBG0, S100TTYV, S100W1IJ, S100YGFW |
| Current assets | 170,555 | 189,079 | 180,567 | 187,725 | 180,861 | S100TBG0, S100TTYV, S100W1IJ, S100YGFW |
| Current liabilities | 126,919 | 132,148 | 93,045 | 120,293 | 110,101 | S100TBG0, S100TTYV, S100W1IJ, S100YGFW |
| Trade payables | 36,822 | 40,400 | 35,588 | 38,563 | 32,058 | S100TBG0, S100TTYV, S100W1IJ, S100YGFW |
| Short-term borrowings | 2,935 | 2,680 | 2,088 | 2,100 | 1,800 | S100TBG0, S100TTYV, S100W1IJ, S100YGFW |
| Long-term borrowings | 48,716 | 47,962 | 60,283 | 43,722 | 54,140 | S100TBG0, S100TTYV, S100W1IJ, S100YGFW |
| Bonds | 50,000 | 67,500 | 67,500 | 87,500 | 97,500 | S100TBG0, S100TTYV, S100W1IJ, S100YGFW |
| Interest-bearing debt | 101,651 | 118,142 | 129,871 | 133,322 | 153,440 | 算出 |
| Total liabilities | 272,842 | 291,016 | 277,671 | 310,370 | 331,939 | S100TBG0, S100TTYV, S100W1IJ, S100YGFW |
| Equity attributable to owners of parent | 309,335 | 336,453 | 357,499 | 345,032 | 337,228 | S100TBG0, S100TTYV, S100W1IJ, S100YGFW |
| Retained earnings | 268,374 | 295,428 | 316,407 | 306,042 | 298,342 | S100TBG0, S100TTYV, S100W1IJ, S100YGFW |
| Treasury stock | -499 | -435 | -367 | -2,470 | -2,574 | S100TBG0, S100TTYV, S100W1IJ, S100YGFW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YGFW |
| Inventories | 4% | S100YGFW |
| Property, plant and equipment | 37% | S100YGFW |
| Intangibles and goodwill | 2% | S100YGFW |
| Investment securities | 26% | S100YGFW |
| Other assets | 26% | S100YGFW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YGFW |
| Interest-bearing debt | 19% | 算出 |
| Other liabilities | 18% | S100YGFW |
| Equity | 59% | S100YGFW |
| Other liabilities | 0% | S100YGFW |

### 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 | 655,593 | 693,519 | 734,524 | 758,765 | 809,459 |
| Equity | 382,751 | 402,502 | 456,852 | 448,394 | 477,519 |
| Interest-bearing debt | 101,651 | 118,142 | 129,871 | 133,322 | 153,440 |
| Cash | 32,110 | 33,825 | 25,431 | 45,079 | 42,988 |

## 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) | 45.6% | S100YGFW |
| Fixed assets ÷ total assets | 36.6% | S100YGFW |
| Goodwill ÷ parent equity | — | —, S100YGFW |

### 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) | 5.3% |
| Cash ÷ revenue | 6.6% |
| Net cash (cash − interest-bearing debt) | -¥110.5B |
| Net debt ÷ operating cash flow | 1.68× |
| Cash conversion (operating CF ÷ operating income) | 206.4% |
| Cash vs. profit gap | 34,158 JPY mn (of net income 108.6%) |
| Shareholder returns / net income | 121.3% |
| Shareholder returns / FCF | 154.8% |
| Shareholder payments — dividends / net income | 25.9% |
| Shareholder payments — dividends / FCF | 33.0% |
| CapEx intensity (capex ÷ revenue) | 6.3% |
| Investing CF relative to operating CF | 63.7% |

## 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 | 3.0% | 0.79× | 2.4% | 2.12× | 5.0% | S100TBG0 |
| 2023 | 4.8% | 1.05× | 5.0% | 2.09× | 10.4% | S100TTYV |
| 2024 | 4.3% | 0.89× | 3.8% | 2.06× | 7.9% | S100W1IJ |
| 2025 | 3.9% | 0.88× | 3.4% | 2.13× | 7.2% | S100YGFW |
| 2026 | 4.8% | 0.83× | 4.0% | 2.30× | 9.2% | S100YGFW |

## 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 | 10.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 6.0% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.0% | 2026-03-31 |
| 桜和投資会 | Major shareholder | 2.3% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.0% | 2026-03-31 |
| 東邦ガス共栄持株会 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社クボタ | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社大垣共立銀行 | Major shareholder | 1.5% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥651.1B, down -0.8% from ¥656B.
- Profits still grew: gross profit rose +3.7%, operating income reached ¥31.8B (+2.9%) and net income ¥31.4B (+23.6%).
- Cash generation weakened, with operating cash flow at ¥65.6B (-21.0%) and free cash flow at ¥24.6B (-36.6%).

### Drivers

- Under the fuel-cost adjustment system, the gain from the lag between fuel costs and gas prices widened
- Gas volumes to business customers fell because their equipment ran less
- Electricity sales grew as the number of customers increased

### Risks

- Fuel-cost changes reach gas prices with a lag, which can swing profit in a given year
- Weather, energy saving and competition can change gas and power sales volumes
- Power procurement costs may move with events such as tensions in the Middle East

Cited: Annual securities report (FY ending Mar 2026) (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 (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第155期(2025/04/01－2026/03/31) | S100YGFW | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGFW,, |
| 有価証券報告書－第154期(2024/04/01－2025/03/31) | S100W1IJ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1IJ,, |
| 有価証券報告書－第153期(2023/04/01－2024/03/31) | S100TTYV | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTYV,, |
| 訂正有価証券報告書－第152期(2022/04/01－2023/03/31) | S100TBG0 | 2024-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBG0,, |
| 有価証券報告書－第151期(令和3年4月1日－令和4年3月31日) | S100OJ8Y | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ8Y,, |
| 有価証券報告書－第150期(令和2年4月1日－令和3年3月31日) | S100LU88 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU88,, |

## 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).