# Tokyo Electric Power Company Holdings, 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) (S100YIHR)
> Page: https://vizora.meequs.com/en/company/tokyo-electric-power-holdings
> Retrieved: 2026-09-30T18:29:16.992Z

## Company

TEPCO, founded in 1954, is a company in Electric Power & Gas listed on TSE Prime. It has 38,341 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tokyo Electric Power Company Holdings, Incorporated |
| Ticker | 9501 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9501.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区内幸町一丁目1番3号 |
| Representative (per filing) | 代表執行役社長 小早川 智明 |
| Founded | Apr 1954 |
| Share capital | ¥1.4T |
| Employees (consolidated) | 38,341 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | March |
| Website | www.tepco.co.jp (https://www.tepco.co.jp/) |
| Corporate number | 1010001008825 |
| EDINET | E04498 |
| Industries (Vizora) | Electric Power & Gas |

> Profile source: annual securities report (S100YIHR, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.3 | 42 |
| Profitability | 33 | 44 |
| Cash conversion | 53.6 | 42 |
| Efficiency | 21.6 | 44 |
| Financial strength | 39.5 | 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 76% of TEPCO's sales come from Energy Partner Company, with Power Grid Company and Holdings making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -7.1% from the prior year, operating profit +44.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.33T |  |
| Operating income | ¥337.7B | Margin 5.3% |
| Net income | -¥454.3B | Margin -7.2% |
| Free cash flow | -¥348.7B |  |
| Largest business | Energy Partner Company | of segment revenue 76.4% |
| Employees (consolidated) | 38,341 |  |
| EPS | ¥-474.08 |  |
| Book value per share | ¥208.96 |  |
| Equity ratio | 21.8% |  |
| Shares outstanding | 1,607,017,000 |  |
| Treasury shares | 6,001,200 |  |
| Shareholders | 471,281 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 6.0% | Net cash -¥5.41T · Cash ÷ revenue 14.8% |
| Vs. industry median margin | -1.6 pp | Electric Power & Gas |
| ROA | -3.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5866824000000 | ¥6328574000000 | +7.9% |
| Operating income | ¥143460000000 | ¥337689000000 | +135.4% |
| Operating margin | 2.4% | 5.3% | +2.9 pp |
| Employees | 37,891 people | 38,341 people | +1.2% |
| Cash and equivalents | ¥454307000000 | ¥936676000000 | +106.2% |

### 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 |
| --- | ---: |
| ホールディングス → 事業再編・廃止 | 1.7% |
| フュエル＆パワー → 事業再編・廃止 | 0.1% |
| パワーグリッド → 事業再編・廃止 | 15.3% |
| エナジーパートナー → 事業再編・廃止 | 82.8% |
| リニューアブルパワー → 事業再編・廃止 | 0.2% |
| 新設・再編 → ホールディングス | 3.4% |
| 新設・再編 → フュエル＆パワー | 0.1% |
| 新設・再編 → パワーグリッド | 19.4% |
| 新設・再編 → エナジーパートナー | 76.4% |
| 新設・再編 → リニューアブルパワー | 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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Energy Partner Company | 3 years | -8.0% | ¥4834964000000 | 5.3% | 2 |
| Power Grid Company | 3 years | -11.5% | ¥1225637000000 | 6.7% | 2 |
| Holdings | 3 years | +21.5% | ¥212728000000 | 60.6% | 2 |
| Renewable Power Company | 3 years | +51.4% | ¥51542000000 | 78.4% | 2 |
| Fuel and Power Company | 3 years | -1.9% | ¥3701000000 | 2252.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,328,574 | 100.0% | S100YIHR |
| Operating income | 337,689 | 5.3% | S100YIHR |
| Ordinary income | 417,326 | 6.6% | S100YIHR |
| Pretax income | -394,377 | -6.2% | S100YIHR |
| Income tax | 60,284 | 1.0% | S100YIHR |
| Net income | -454,662 | -7.2% | S100YIHR |
| Net income attributable to owners | -454,263 | -7.2% | S100YIHR |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 95 |
| Operating income | 5 |
| (Ref.) Net income | -7 |

### Margin funnel

Operating margin 5.3% → Net margin -7.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -7.1%; Core profit growth: +44.0%
Operating leverage (core profit growth ÷ revenue growth): -6.22×
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 | 6,810,391 | 6,328,574 | -481,817 | -7.1% |
| Operating income | 234,452 | 337,689 | 103,237 | +44.0% |
| Net income attributable to owners | 161,278 | -454,263 | -615,541 | -381.7% |
| Operating cash flow | 361,249 | 560,333 | 199,084 | +55.1% |
| Free cash flow | -472,074 | -348,674 | 123,400 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,241,422 | 211,841 | 3.4% | 50,703 | 323,493 | -231,363 | S100LV6U |
| FY ending Mar 2021 | 5,866,824 | 143,460 | 2.4% | 180,896 | 239,825 | -360,034 | S100OKB1 |
| FY ending Mar 2022 | 5,309,924 | 46,230 | 0.9% | 2,916 | 406,493 | -145,411 | S100R8P3 |
| FY ending Mar 2023 | 8,112,225 | -228,969 | -2.8% | -123,631 | -75,673 | -706,816 | S100TVQJ |
| FY ending Mar 2024 | 6,918,389 | 278,856 | 4.0% | 267,850 | 673,017 | -31,821 | S100W4QX |
| FY ending Mar 2025 | 6,810,391 | 234,452 | 3.4% | 161,278 | 361,249 | -472,074 | S100YIHR |
| FY ending Mar 2026 | 6,328,574 | 337,689 | 5.3% | -454,263 | 560,333 | -348,674 | S100YIHR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥165.1M |
| Operating income per employee (consolidated) | ¥8.8M |
| Net income per employee (consolidated) | -¥11.8M |

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) | 37,939 | 38,007 | 38,183 | 38,074 | 38,341 |
| Average salary (parent company) | ¥8.2M | ¥8.1M | ¥8.3M | ¥8.6M | ¥8.8M |
| Average age (parent company) | 44.8 years | 45.0 years | 45.2 years | 45.0 years | 45.1 years |
| Average tenure (parent company) | 22.1 years | 22.2 years | 20.0 years | 21.9 years | 22.1 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) -7.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Holdings | 212,728 | 3.4% | 128,967 | 60.6% |
| Fuel and Power Company | 3,701 | 0.1% | 83,349 | 2252.1% |
| Power Grid Company | 1,225,637 | 19.4% | 81,716 | 6.7% |
| Energy Partner Company | 4,834,964 | 76.4% | 254,959 | 5.3% |
| Renewable Power Company | 51,542 | 0.8% | 40,399 | 78.4% |

### 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 |
| --- | ---: |
| Holdings | 3.4% |
| Fuel and Power Company | 0.1% |
| Power Grid Company | 19.4% |
| Energy Partner Company | 76.4% |
| Renewable Power Company | 0.8% |

Segment → industry: Renewable Power Company → Electric Power & Gas / Energy Partner Company → Electric Power & Gas / Power Grid Company → Electric Power & Gas / Fuel and Power Company → Electric Power & Gas / Holdings → 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 | 560,333 | 8.9% | S100YIHR |
| Capital expenditure | 909,007 | 14.4% | S100YIHR |
| Free cash flow | -348,674 | -5.5% | 算出 |
| Investing cash flow | -663,604 | -10.5% | S100YIHR |
| Financing cash flow | 110,429 | 1.7% | S100YIHR |
| Change in cash | 10,221 | 0.2% | S100YIHR |
| Cash and equivalents | 936,676 | 14.8% | S100YIHR |

## 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 | 861,825 | 717,357 | 1,235,128 | 926,455 | 936,676 | S100TVQJ, S100W4QX, S100YIHR |
| Total assets | 12,838,398 | 13,563,085 | 14,595,480 | 14,986,993 | 15,575,602 | S100R8P3, S100TVQJ, S100W4QX, S100YIHR |
| Net assets | 3,207,059 | 3,121,962 | 3,538,022 | 3,786,130 | 3,418,351 | S100TVQJ, S100W4QX, S100YIHR |
| Share capital | 1,400,975 | 1,400,975 | 1,400,975 | 1,400,975 | 1,400,975 | S100R8P3, S100TVQJ, S100W4QX, S100YIHR |
| Inventories | 97,185 | 109,793 | 121,615 | 138,926 | 160,464 | S100R8P3, S100TVQJ, S100W4QX, S100YIHR |
| Current assets | 2,030,843 | 2,076,235 | 2,622,978 | 2,463,599 | 2,349,796 | S100R8P3, S100TVQJ, S100W4QX, S100YIHR |
| Current liabilities | 4,004,727 | 4,157,101 | 4,671,006 | 4,741,484 | 4,684,165 | S100R8P3, S100TVQJ, S100W4QX, S100YIHR |
| Trade payables | 467,654 | 575,778 | 388,920 | 485,008 | 409,986 | S100R8P3, S100TVQJ, S100W4QX, S100YIHR |
| Short-term borrowings | 2,170,398 | 2,183,111 | 2,636,216 | 2,867,871 | 2,926,354 | S100R8P3, S100TVQJ, S100W4QX, S100YIHR |
| Long-term borrowings | 145,669 | 93,705 | 66,406 | 69,398 | 99,928 | S100R8P3, S100TVQJ, S100W4QX, S100YIHR |
| Bonds | 2,626,576 | 2,886,576 | 3,065,000 | 3,231,000 | 3,321,000 | S100R8P3, S100TVQJ, S100W4QX, S100YIHR |
| Interest-bearing debt | 4,942,643 | 5,163,392 | 5,767,622 | 6,168,269 | 6,347,282 | 算出 |
| Total liabilities | 9,631,339 | 10,441,123 | 11,057,458 | 11,200,862 | 12,157,251 | S100R8P3, S100TVQJ, S100W4QX, S100YIHR |
| Non-controlling interests | 25,330 | 26,565 | 26,759 | 26,900 | 28,706 | S100R8P3, S100TVQJ, S100W4QX, S100YIHR |
| Equity attributable to owners of parent | 3,112,924 | 2,989,573 | 3,257,632 | 3,418,890 | 2,965,273 | S100R8P3, S100TVQJ, S100W4QX, S100YIHR |
| Retained earnings | 964,209 | 840,869 | 1,108,857 | 1,270,136 | 815,922 | S100R8P3, S100TVQJ, S100W4QX, S100YIHR |
| Treasury stock | -8,483 | -8,492 | -8,516 | -8,538 | -8,190 | S100R8P3, S100TVQJ, S100W4QX, S100YIHR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YIHR |
| Inventories | 1% | S100YIHR |
| Other assets | 93% | S100YIHR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YIHR |
| Interest-bearing debt | 41% | 算出 |
| Other liabilities | 35% | S100YIHR |
| Equity | 22% | S100YIHR |

### 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 | 12,838,398 | 13,563,085 | 14,595,480 | 14,986,993 | 15,575,602 |
| Equity | 3,207,059 | 3,121,962 | 3,538,022 | 3,786,130 | 3,418,351 |
| Interest-bearing debt | 4,942,643 | 5,163,392 | 5,767,622 | 6,168,269 | 6,347,282 |
| Cash | 861,825 | 717,357 | 1,235,128 | 926,455 | 936,676 |

### 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) | 6.0% |
| Cash ÷ revenue | 14.8% |
| Net cash (cash − interest-bearing debt) | -¥5.41T |
| Net debt ÷ operating cash flow | 9.66× |
| Cash conversion (operating CF ÷ operating income) | 165.9% |
| Cash vs. profit gap | 1,014,596 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 14.4% |
| Investing CF relative to operating CF | 118.4% |

## 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 | 0.1% | 0.41× | 0.0% | 4.12× | 0.1% | S100R8P3 |
| 2023 | — | —× | -0.9% | —× | — | S100TVQJ |
| 2024 | 3.9% | 0.49× | 1.9% | 4.51× | 8.6% | S100W4QX |
| 2025 | 2.4% | 0.46× | 1.1% | 4.43× | 4.8% | S100YIHR |
| 2026 | — | —× | -3.0% | —× | — | S100YIHR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 原子力損害賠償・廃炉等支援機構 | Major shareholder | 54.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 5.6% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.5% | 2026-03-31 |
| 東京電力グループ従業員持株会 | Major shareholder | 1.4% | 2026-03-31 |
| 東京都 | Major shareholder | 1.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行) | Major shareholder | 0.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 0.8% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044（常任代理人 株式会社みずほ銀行） | Major shareholder | 0.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行) | Major shareholder | 0.6% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 0.5% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 came in at ¥6.33T, down -7.1% from ¥6.81T.
- Operating income moved the other way, climbing +44.0% from ¥234.5B to ¥337.7B.
- Even so, net income went from a ¥161.3B profit to a loss of -¥454.3B.
- Operating cash flow grew +55.1% to ¥560.3B, but free cash flow stayed negative at -¥348.7B.

### Drivers

- Retail power sales dropped as competition for large commercial and industrial customers stayed tough, which pulled revenue down
- Profit improved as the timing lag in the fuel cost adjustment system turned in the company's favor, alongside ongoing cost work
- A large extraordinary loss for preparing full-scale removal of fuel debris at Fukushima Daiichi pushed the bottom line into the red

### Risks

- Decommissioning work with no precedent, such as fuel debris removal, may fall behind plan and take longer
- Competition in electricity retail keeps getting fiercer
- Tension in the Middle East could lift fuel and wholesale power prices and raise procurement costs

Cited: Annual Securities Report (102nd 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 (102nd term) (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) | S100YIHR | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIHR,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W4QX | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4QX,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TVQJ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVQJ,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R8P3 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8P3,, |
| 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) | S100OKB1 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKB1,, |
| 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) | S100LV6U | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV6U,, |

## 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).