Want to see JP:9021 full AI Analyst Report?
Top Page
West Japan Railway Company
(9021)
Select Model
Select Model
Rating:66Neutral
Price Target:
¥3,126.00
▲(4.69% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by improving financial performance (post-downturn revenue/profit recovery and stronger operating cash flow), tempered by leverage and uneven free cash flow typical of capital-intensive railroads. Valuation is a clear positive (low P/E and solid dividend yield), while technical signals are mixed and do not materially add momentum support.
Positive Factors
Revenue Recovery
The substantial revenue recovery demonstrates renewed demand across JR West’s transportation and related businesses after the downturn. Continued growth in 2026 indicates that the enlarged revenue base is still expanding, supporting operating leverage and a stronger foundation for future earnings.
Negative Factors
Elevated Leverage
Although leverage has improved, debt remains substantial relative to equity for an asset-heavy railway operator. This reduces financial flexibility, increases the importance of stable operating performance, and could constrain investment or shareholder returns if business conditions weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Recovery
The substantial revenue recovery demonstrates renewed demand across JR West’s transportation and related businesses after the downturn. Continued growth in 2026 indicates that the enlarged revenue base is still expanding, supporting operating leverage and a stronger foundation for future earnings.
Read all positive factors
West Japan Railway Company (9021) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.41T
Dividend Yield3.27%
Average Volume (3M)2.10M
Price to Earnings (P/E)11.9
Beta (1Y)0.20
Revenue Growth6.41%
EPS Growth-2.64%
CountryJP
Employees47,225
SectorIndustrials
Sector Strength72
IndustryRailroads
Share Statistics
EPS (TTM)258.77
Shares Outstanding455,561,300
10 Day Avg. Volume2,535,850
30 Day Avg. Volume2,099,046
Financial Highlights & Ratios
PEG Ratio0.72
Price to Book (P/B)1.19
Price to Sales (P/S)0.78
P/FCF Ratio18.29
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)231.43
Revenue Forecast (FY)¥1.85T
West Japan Railway Company Business Overview & Revenue Model
Company Description
Based in Osaka, Japan, West Japan Railway Company, founded in 1987, primarily delivers passenger rail transportation services across the country. The company's operations span several key divisions: Transportation Operations, Retail Business, Real...
How the Company Makes Money
JR West makes money primarily by charging fares for passenger transportation services. A major revenue stream is rail operations, including (1) Shinkansen services (notably the Sanyo Shinkansen) and (2) conventional railway services (urban commute...
West Japan Railway Company Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
61
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.84T | 1.85T | 1.71T | 1.64T | 1.40T | 1.03T |
| Gross Profit | 456.49B | 462.32B | 404.90B | 384.14B | 257.30B | 30.21B |
| EBITDA | 368.12B | 378.52B | 353.35B | 328.61B | 253.34B | 77.94B |
| Net Income | 117.70B | 127.50B | 113.96B | 98.76B | 88.53B | -113.20B |
Balance Sheet | ||||||
| Total Assets | 3.90T | 3.99T | 3.75T | 3.78T | 3.74T | 3.70T |
| Cash, Cash Equivalents and Short-Term Investments | 199.91B | 235.21B | 125.62B | 233.47B | 290.17B | 319.92B |
| Total Debt | 1.65T | 1.54T | 1.57T | 1.60T | 1.70T | 1.77T |
| Total Liabilities | 2.55T | 2.65T | 2.47T | 2.55T | 2.59T | 2.63T |
| Stockholders Equity | 1.22T | 1.21T | 1.16T | 1.11T | 1.03T | 968.94B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 78.50B | -1.81B | 68.96B | 27.95B | -326.95B |
| Operating Cash Flow | 0.00 | 361.63B | 281.43B | 318.31B | 273.96B | -86.47B |
| Investing Cash Flow | 0.00 | -253.69B | -263.11B | -243.65B | -214.90B | -188.71B |
| Financing Cash Flow | 0.00 | 75.00M | -126.17B | -131.62B | -88.77B | 384.69B |
West Japan Railway Company Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ¥3.75T | 6.95 | 10.57% | 0.84% | 4.99% | 6.51% | |
69 Neutral | ¥574.89B | 10.27 | 9.24% | 2.56% | 5.23% | 13.35% | |
66 Neutral | ¥1.41T | 11.93 | 9.82% | 3.27% | 6.41% | -2.64% | |
65 Neutral | ¥535.99B | 11.92 | 9.19% | 3.40% | 8.75% | -6.80% | |
64 Neutral | ¥4.11T | 17.32 | 8.23% | 2.23% | 8.51% | 9.19% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | ¥626.01B | 17.22 | 6.99% | 3.43% | 2.63% | -13.44% |
* Industrials Sector Average
JP:9021
West Japan Railway Company
3,086.00
26.72
0.87%
JP:9022
Central Japan Railway Company
3,951.00
215.23
5.76%
JP:9020
East Japan Railway Company
3,638.00
-32.61
-0.89%
JP:9142
Kyushu Railway Company
3,470.00
-311.61
-8.24%
JP:9007
Odakyu Electric Railway Co
1,749.50
175.95
11.18%
JP:9001
Tobu Railway Co
2,932.00
511.87
21.15%
West Japan Railway Company Corporate Events
JR West Takes 20% Stake in Kansai Mirai Bank to Advance Kansai Fintech Alliance
Oct 1, 2026
West Japan Railway Company has completed the acquisition of 20 million shares of Kansai Mirai Bank from Resona Holdings for ¥90 billion, securing a 20% voting stake and making the bank an equity‑method affiliate while it remains a conso...
JR West Holds Forecasts Steady Despite First Profit Decline in Six Years
Aug 5, 2026
West Japan Railway reported its first revenue and profit decline in six years for the quarter ended June 30, 2026, as the boost from last year’s Osaka–Kansai Expo and large condominium sales fell away and human resource costs rose. Des...
JR West Q1 Profit Declines But Full-Year Guidance and Dividend Plan Held Steady
Aug 5, 2026
West Japan Railway Company reported first-quarter operating revenues of ¥424.4 billion, down 0.6% year on year, with operating income falling 11.7% to ¥56.0 billion and net income attributable to owners of the parent dropping 20.1% to &#...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.