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Keiyo Gas Co., Ltd. (9539) AI Stock Analysis
Keiyo Gas Co., Ltd.
(TSE/TYO:9539)
Keiyo Gas earns a slightly above-midrange score driven by a reasonable valuation (P/E of 11.3x) and improving revenue and profitability trends. However, the score is held back by persistently negative free cash flow, thin operating margins, and near-term technical weakness with the stock trading below its 20-day moving average. The defensive low-beta profile and moderate dividend yield provide stability but limited upside catalyst. The company is on a recovery trajectory but has not yet demonstrated the cash generation or margin strength to warrant a higher score.
Keiyo Gas Co., Ltd. (9539) vs. iShares MSCI Japan ETF (EWJ)
- Market Cap
- JPY 40.55B
- Dividend Yield
- 2.06%
- Average Volume (3M)
- 10.74K
- Price to Earnings (P/E)
- 9.9
- Beta (1Y)
- 0.29
- Revenue Growth
- -0.15%
- EPS Growth
- 21.66%
- Country
- Japan
- Employees
- 1,275
- Sector
- Utilities
- Sector Strength
- 66
- Industry
- Regulated Gas
Keiyo Gas Co., Ltd. Business Overview & Revenue Model
Company Description
Keiyo Gas Co., Ltd., together with its subsidiaries, engages in the production, supply, and sale of gas in Japan. The company operates through Energy, Life Services, and Real Estate segments. It is also involved in the sale of gas equipment; and prov...
How the Company Makes Money
Keiyo Gas primarily makes money by selling city gas to end users under regulated and/or contracted retail tariffs, generating recurring revenue tied to customer consumption volumes. Its key revenue streams typically include: (1) Residential gas sales...
Keiyo Gas Co., Ltd. Financial Statement Overview
Summary
Keiyo Gas shows a recovering income profile with strong 60.7% revenue growth and nearly doubled net income in 2025, but profitability margins remain thin (3.3% EBIT margin, 2.7% net margin). The balance sheet is reasonably healthy with a manageable 0.31 debt-to-equity ratio, though rising debt and modest ROE (~1.7%) temper the outlook. The most significant concern is persistent negative free cash flow (-Â¥697M in 2025, fifth consecutive year), limiting financial flexibility despite improved operating cash flow. Blending the income statement (52), balance sheet (61), and cash flow (48) scores, the overall financial picture is modestly below average with a positive trajectory but unresolved cash generation challenges.
Income Statement
52NeutralBalance Sheet
61PositiveCash Flow
48Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 116.78B | 117.67B | 115.61B | 122.85B | 118.76B | 89.71B |
| Gross Profit | 38.13B | 37.61B | 25.85B | 27.66B | 26.46B | 28.19B |
| EBITDA | 12.27B | 14.31B | 11.90B | 12.00B | 9.59B | 10.89B |
| Net Income | 4.09B | 3.21B | 1.62B | 1.46B | 219.00M | 1.74B |
Balance Sheet | ||||||
| Total Assets | 182.43B | 178.05B | 168.25B | 163.67B | 149.38B | 132.99B |
| Cash, Cash Equivalents and Short-Term Investments | 25.87B | 22.03B | 20.24B | 26.28B | 16.12B | 14.74B |
| Total Debt | 32.05B | 31.48B | 24.69B | 25.46B | 27.98B | 17.68B |
| Total Liabilities | 72.62B | 73.52B | 69.37B | 71.13B | 59.85B | 47.56B |
| Stockholders Equity | 106.22B | 101.10B | 95.62B | 89.40B | 86.88B | 82.85B |
Cash Flow | ||||||
| Free Cash Flow | 0 | -697.00M | -6.21B | 15.32B | -4.86B | -5.10B |
| Operating Cash Flow | 0 | 13.70B | 10.01B | 28.33B | 6.91B | 8.67B |
| Investing Cash Flow | 0 | -13.09B | -9.65B | -25.06B | -15.63B | -17.18B |
| Financing Cash Flow | 0 | 2.28B | -1.02B | -2.63B | 10.10B | 6.68B |
Keiyo Gas Co., Ltd. Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9539, the sentiment is Negative. The current price of 1261.00 is below the 20-day moving average (MA) of 1284.05, below the 50-day MA of 1326.70, and below the 200-day MA of 1333.35, indicating a bearish trend. The MACD of -16.69 indicates Negative momentum. The RSI at 34.81 is Neutral, neither overbought nor oversold. The STOCH value of 41.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9539.
Keiyo Gas Co., Ltd. Peers Comparison
Overall Rating
JP:954377Outperform
JP:953373Outperform
JP:953268Neutral
JP:953662Neutral- JP:953955Neutral
JP:953150Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| JP:9543 | 77Outperform | JPY 101.52B | 10.48 | 7.33% | 3.25% | 0.10% | 40.92% |
| JP:9533 | 73Outperform | JPY 466.98B | 25.76 | 3.73% | 1.76% | -2.49% | -30.83% |
| JP:9532 | 68Neutral | JPY 2.25T | 18.09 | 6.91% | 2.12% | 0.88% | -27.81% |
| Sector * | 66Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% |
| JP:9536 | 62Neutral | JPY 100.51B | 9.56 | 8.87% | 2.51% | -5.67% | 20.75% |
| JP:9539 | 55Neutral | JPY 41.10B | 9.91 | ― | 2.06% | -0.15% | 21.66% |
| JP:9531 | 50Neutral | JPY 2.17T | 11.07 | 11.52% | 1.84% | 3.63% | 14.06% |
* Utilities Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| JP:9539 | Keiyo Gas Co., Ltd. | 1261.00 | 113.24 | 9.87% | |
| JP:9532 | Osaka Gas Co | 5892.00 | 1142.47 | 24.05% | |
| JP:9533 | TOHO GAS Co | 1275.00 | 146.12 | 12.94% | |
| JP:9531 | TOKYO GAS Co | 6517.00 | 1209.11 | 22.78% | |
| JP:9536 | SAIBU GAS HOLDINGS CO. LTD. | 2794.00 | 995.29 | 55.33% | |
| JP:9543 | SHIZUOKA GAS CO. LTD. | 1370.00 | 282.90 | 26.02% |
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.
Date of analysis: Aug 06, 2026