# Tohoku 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102期(2025/04/01－2026/03/31) (S100YEK2)
> Page: https://vizora.meequs.com/en/company/tohoku-electric-power
> Retrieved: 2026-09-30T20:33:58.913Z

## Company

Tohoku Electric Power Company, founded in 1951, is a company in Electric Power & Gas listed on TSE Prime. It has 18,403 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tohoku Electric Power Company, Incorporated |
| Ticker | 9506 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9506.T) |
| Listing | TSE Prime |
| Head office | 仙台市青葉区本町一丁目7番1号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 石山一弘 |
| Founded | May 1951 |
| Share capital | ¥251.4B |
| Employees (consolidated) | 18,403 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | www.tohoku-epco.co.jp (https://www.tohoku-epco.co.jp/) |
| Corporate number | 4370001011311 |
| EDINET | E04501 |
| Industries (Vizora) | Electric Power & Gas, Plant Engineering & Building Services |

> Profile source: annual securities report (S100YEK2, 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 | 6 | 42 |
| Profitability | 46.6 | 44 |
| Cash conversion | 77.4 | 42 |
| Efficiency | 28.4 | 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 78% of Tohoku Electric Power Company's sales come from Power Generation Sales, with Power Transmission and distribution and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -10.3% from the prior year, operating profit -42.8%.

## Company structure

- Segment revenue mix: Power Generation Sales 77.7%、Power Transmission and distribution 20.1%、Other 2.2%
- Revenue → net income: ¥2372420000000 → ¥85921000000
- Net income → operating cash flow: ¥85921000000 → ¥370156000000（difference ¥284235000000）
- Main uses of operating cash flow: CapEx ¥395373000000 / dividends ¥20001000000 / buybacks —
- Change in cash: ¥109458000000
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 | ¥2.37T |  |
| Operating income | ¥160.4B | Margin 6.8% |
| Net income | ¥85B | Margin 3.6% |
| Free cash flow | -¥25.2B |  |
| Largest business | Power Generation Sales | of segment revenue 77.7% |
| Employees (consolidated) | 18,403 |  |
| EPS | ¥250.13 |  |
| Book value per share | ¥1680.77 |  |
| Equity ratio | 19.4% |  |
| Shares outstanding | 502,883,000 |  |
| Treasury shares | 1,807,800 |  |
| Shareholders | 175,468 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 11.5% | Cash ÷ revenue 27.8% |
| Vs. industry median margin | -0.2 pp | Electric Power & Gas |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.4× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2286803000000 | ¥2372420000000 | +3.7% |
| Operating income | ¥87919000000 | ¥160380000000 | +82.4% |
| Operating margin | 3.8% | 6.8% | +2.9 pp |
| Employees | 24,717 people | 18,403 people | -25.5% |
| Cash and equivalents | ¥209593000000 | ¥660589000000 | +215.2% |

### 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 |
| --- | ---: |
| 発電・販売事業 → 発電・販売事業 | 72.1% |
| 送配電事業 → 送配電事業 | 18.4% |
| その他 → その他 | 2.2% |
| その他 → 事業再編・廃止 | 1.6% |
| 建設業 → 事業再編・廃止 | 5.7% |
| 新設・再編 → 発電・販売事業 | 5.6% |
| 新設・再編 → 送配電事業 | 1.7% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Power Generation Sales | 5 years | +2.3% | ¥1843438000000 | 6.9% | 2 |
| Power Transmission and distribution | 5 years | +2.5% | ¥476702000000 | -0.2% | 2 |
| Other | 5 years | -9.5% | ¥52279000000 | 30.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,372,420 | 100.0% | S100YEK2 |
| Operating income | 160,380 | 6.8% | S100YEK2 |
| Ordinary income | 126,407 | 5.3% | S100YEK2 |
| Pretax income | 118,811 | 5.0% | S100YEK2 |
| Income tax | 32,890 | 1.4% | S100YEK2 |
| Net income | 85,921 | 3.6% | S100YEK2 |
| Net income attributable to owners | 84,975 | 3.6% | S100YEK2 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 93 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Operating margin 6.8% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -10.3%; Core profit growth: -42.8%
Operating leverage (core profit growth ÷ revenue growth): 4.15×
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 | 2,644,912 | 2,372,420 | -272,492 | -10.3% |
| Operating income | 280,332 | 160,380 | -119,952 | -42.8% |
| Net income attributable to owners | 182,807 | 84,975 | -97,832 | -53.5% |
| Operating cash flow | 410,330 | 370,156 | -40,174 | -9.8% |
| Free cash flow | 16,254 | -25,217 | -41,471 | -255.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,246,369 | 116,350 | 5.2% | 63,074 | 371,525 | 54,202 | S100LMLL |
| FY ending Mar 2021 | 2,286,803 | 87,919 | 3.8% | 29,380 | 217,617 | -79,084 | S100OIEE |
| FY ending Mar 2022 | 2,104,448 | -28,737 | -1.4% | -108,362 | 97,188 | -178,939 | S100R42K |
| FY ending Mar 2023 | 3,007,204 | -180,054 | -6.0% | -127,562 | -93,776 | -401,964 | S100TOO5 |
| FY ending Mar 2024 | 2,817,813 | 322,263 | 11.4% | 226,102 | 450,160 | 92,924 | S100W1ER |
| FY ending Mar 2025 | 2,644,912 | 280,332 | 10.6% | 182,807 | 410,330 | 16,254 | S100YEK2 |
| FY ending Mar 2026 | 2,372,420 | 160,380 | 6.8% | 84,975 | 370,156 | -25,217 | S100YEK2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥128.9M |
| Operating income per employee (consolidated) | ¥8.7M |
| Net income per employee (consolidated) | ¥4.6M |

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) | 24,833 | 24,528 | 24,234 | 18,378 | 18,403 |
| Average salary (parent company) | ¥7.9M | ¥8M | ¥7.8M | ¥8.3M | ¥8.7M |
| Average age (parent company) | 43.4 years | 43.7 years | 43.8 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 20.4 years | 20.5 years | 20.3 years | 20.0 years | 19.8 years |

Year over year: Employees (consolidated) +0.1% · Revenue (consolidated) -10.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Power Generation Sales | 1,843,438 | 77.7% | 126,604 | 6.9% |
| Power Transmission and distribution | 476,702 | 20.1% | -1,078 | -0.2% |
| Other | 52,279 | 2.2% | 15,948 | 30.5% |

### 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 |
| --- | ---: |
| Power Generation Sales | 77.7% |
| Power Transmission and distribution | 20.1% |
| Other | 2.2% |

Segment → industry: Power Transmission and distribution → Electric Power & Gas / Power Generation Sales → Electric Power & Gas / Other → 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 | 370,156 | 15.6% | S100YEK2 |
| Capital expenditure | 395,373 | 16.7% | S100YEK2 |
| Free cash flow | -25,217 | -1.1% | 算出 |
| Investing cash flow | -375,694 | -15.8% | S100YEK2 |
| Financing cash flow | 115,185 | 4.9% | S100YEK2 |
| Dividends paid | 20,001 | 0.8% | S100YEK2 |
| Change in cash | 109,458 | 4.6% | S100YEK2 |
| Cash and equivalents | 660,589 | 27.8% | S100YEK2 |

## 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 | 278,420 | 507,896 | 529,354 | 551,131 | 660,589 | S100TOO5, S100W1ER, S100YEK2 |
| Total assets | 4,725,651 | 5,211,914 | 5,388,723 | 5,398,213 | 5,731,856 | S100R42K, S100TOO5, S100W1ER, S100YEK2 |
| Net assets | 778,980 | 631,099 | 911,078 | 1,008,809 | 1,135,730 | S100TOO5, S100W1ER, S100YEK2 |
| Share capital | 251,441 | 251,441 | 251,441 | 251,441 | 251,441 | S100R42K, S100TOO5, S100W1ER, S100YEK2 |
| Trade receivables | 231,967 | 263,578 | 262,901 | 221,095 | 183,377 | S100R42K, S100TOO5, S100W1ER, S100YEK2 |
| Inventories | 91,520 | 136,823 | 92,806 | 78,861 | 91,678 | S100R42K, S100TOO5, S100W1ER, S100YEK2 |
| Current assets | 916,510 | 1,206,742 | 1,202,387 | 1,141,952 | 1,258,566 | S100R42K, S100TOO5, S100W1ER, S100YEK2 |
| Current liabilities | 1,192,581 | 1,113,424 | 1,157,721 | 1,151,667 | 1,204,096 | S100R42K, S100TOO5, S100W1ER, S100YEK2 |
| Trade payables | 222,513 | 254,947 | 231,281 | 202,718 | 180,418 | S100R42K, S100TOO5, S100W1ER, S100YEK2 |
| Long-term borrowings | 1,194,940 | 1,499,437 | 1,383,710 | 1,353,339 | 1,493,847 | S100R42K, S100TOO5, S100W1ER, S100YEK2 |
| Bonds | 1,180,000 | 1,575,700 | 1,570,700 | 1,578,700 | 1,611,695 | S100R42K, S100TOO5, S100W1ER, S100YEK2 |
| Total liabilities | 3,946,670 | 4,580,815 | 4,477,645 | 4,389,404 | 4,596,125 | S100R42K, S100TOO5, S100W1ER, S100YEK2 |
| Non-controlling interests | 79,321 | 82,111 | 83,383 | 23,625 | 24,390 | S100R42K, S100TOO5, S100W1ER, S100YEK2 |
| Equity attributable to owners of parent | 690,102 | 555,227 | 779,963 | 948,013 | 1,013,075 | S100R42K, S100TOO5, S100W1ER, S100YEK2 |
| Retained earnings | 421,113 | 286,048 | 509,385 | 677,358 | 742,296 | S100R42K, S100TOO5, S100W1ER, S100YEK2 |
| Treasury stock | -4,742 | -4,512 | -4,154 | -4,092 | -3,948 | S100R42K, S100TOO5, S100W1ER, S100YEK2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YEK2 |
| Receivables | 3% | S100YEK2 |
| Inventories | 2% | S100YEK2 |
| Other assets | 84% | S100YEK2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YEK2 |
| Other liabilities | 77% | S100YEK2 |
| Equity | 20% | S100YEK2 |
| Other liabilities | 0% | S100YEK2 |

### 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 | 4,725,651 | 5,211,914 | 5,388,723 | 5,398,213 | 5,731,856 |
| Equity | 778,980 | 631,099 | 911,078 | 1,008,809 | 1,135,730 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 278,420 | 507,896 | 529,354 | 551,131 | 660,589 |

### 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) | 11.5% |
| Cash ÷ revenue | 27.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 230.8% |
| Cash vs. profit gap | 285,181 JPY mn (of net income 335.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 16.7% |
| Investing CF relative to operating CF | 101.5% |

## 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 | — | —× | -2.3% | —× | — | S100R42K |
| 2023 | — | —× | -2.6% | —× | — | S100TOO5 |
| 2024 | 8.0% | 0.53× | 4.3% | 7.94× | 33.9% | S100W1ER |
| 2025 | 6.9% | 0.49× | 3.4% | 6.24× | 21.2% | S100YEK2 |
| 2026 | 3.6% | 0.43× | 1.5% | 5.68× | 8.7% | S100YEK2 |

## 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 | 14.3% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 7.5% | 2026-03-31 |
| 東北電力従業員持株会 | Major shareholder | 3.5% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.9% | 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 | 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 |
| 株式会社七十七銀行 | Major shareholder | 1.3% | 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 | 1.2% | 2026-03-31 |
| 仙台市 | Major shareholder | 1.0% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥2.37T, down -10.3% from ¥2.64T.
- Operating income fell -42.8% to ¥160.4B, and net income fell -53.5% to ¥85B.
- Free cash flow swung from ¥16.3B to -¥25.2B.

### Drivers

- Retail power sales shrank as customers switched suppliers and industrial users ran less, which cut revenue
- Restarting the Onagawa nuclear plant helped, but changes in the market and sales environment and higher grid balancing costs weighed on profit
- Fuel and power market prices spiked as the Middle East situation worsened, hurting the fair value of power forward contracts. The company says this will reverse as a gain next year, with no net effect over both years
- A write-down on securities, booked as an extraordinary loss, also cut net income

### Risks

- If nuclear plants stay offline for longer, thermal fuel costs would keep rising
- Big swings in fuel prices, exchange rates or wholesale power prices change fuel and purchased power costs
- Tougher retail competition, a shrinking population and weather can move both sales volume and prices

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102期(2025/04/01－2026/03/31) | S100YEK2 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEK2,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W1ER | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1ER,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TOO5 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOO5,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R42K | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R42K,, |
| 有価証券報告書－第98期(令和3年4月1日－令和4年3月31日) | S100OIEE | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIEE,, |
| 有価証券報告書－第97期(令和2年4月1日－令和3年3月31日) | S100LMLL | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMLL,, |

## 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).