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Keiyo Gas Co., Ltd.
(9539)
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Rating:62Neutral
Price Target:
¥1,520.00
▲(28.81% Upside)
Action:Reiterated
Date:02/18/26
The score is driven primarily by improving financial performance and a stable balance sheet, offset by persistently weak free cash flow. Technically the stock is in an uptrend, but overbought signals elevate near-term risk. Valuation is moderate with a modest dividend yield.
Positive Factors
Regulated, recurring revenue
Keiyo Gas's core utility model—selling town gas under regulated or contracted tariffs—creates predictable, recurring revenue tied to household and industrial consumption. This structural cash flow supports long-term planning, steady investment in networks, and resilience to short-term demand swings.
Negative Factors
Persistent negative free cash flow
Consistent negative free cash flow constrains Keiyo's ability to fund dividends, reduce debt, or self-finance major network upgrades. Ongoing negative FCF suggests structural capex or working-capital needs that will pressure financial flexibility and may require external financing during investment cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated, recurring revenue
Keiyo Gas's core utility model—selling town gas under regulated or contracted tariffs—creates predictable, recurring revenue tied to household and industrial consumption. This structural cash flow supports long-term planning, steady investment in networks, and resilience to short-term demand swings.
Read all positive factors
Keiyo Gas Co., Ltd. (9539) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥46.74B
Dividend Yield1.81%
Average Volume (3M)4.40K
Price to Earnings (P/E)11.6
Beta (1Y)0.28
Revenue Growth1.29%
EPS Growth27.31%
CountryJP
Employees1,302
SectorUtilities
Sector Strength65
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)104.57
Shares Outstanding32,805,000
10 Day Avg. Volume2,290
30 Day Avg. Volume4,400
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)0.38
Price to Sales (P/S)0.32
P/FCF Ratio-54.44
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)N/A
Revenue Forecast (FY)N/A
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 p...
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 sa...
Keiyo Gas Co., Ltd. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 116.98B | 117.67B | 115.61B | 122.85B | 118.76B | 89.71B |
| Gross Profit | 37.01B | 37.61B | 25.85B | 27.66B | 26.46B | 28.19B |
| EBITDA | 13.84B | 14.31B | 11.90B | 12.00B | 9.59B | 10.89B |
| Net Income | 3.35B | 3.21B | 1.62B | 1.46B | 219.00M | 1.74B |
Balance Sheet | ||||||
| Total Assets | 161.00B | 178.05B | 168.25B | 163.67B | 149.38B | 132.99B |
| Cash, Cash Equivalents and Short-Term Investments | 19.27B | 22.03B | 20.24B | 26.28B | 16.12B | 14.74B |
| Total Debt | 26.53B | 31.48B | 24.69B | 25.46B | 27.98B | 17.68B |
| Total Liabilities | 61.84B | 73.52B | 69.37B | 71.13B | 59.85B | 47.56B |
| Stockholders Equity | 95.75B | 101.10B | 95.62B | 89.40B | 86.88B | 82.85B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -697.00M | -6.21B | 15.32B | -4.86B | -5.10B |
| Operating Cash Flow | 0.00 | 13.70B | 10.01B | 28.33B | 6.91B | 8.67B |
| Investing Cash Flow | 0.00 | -13.09B | -9.65B | -25.06B | -15.63B | -17.18B |
| Financing Cash Flow | 0.00 | 2.28B | -1.02B | -2.63B | 10.10B | 6.68B |
Keiyo Gas Co., Ltd. Technical Analysis
Positive
1180.00
Price Trends
1360.68
Positive
1333.57
Positive
1248.94
Positive
Market Momentum
5.46
Negative
65.99
Neutral
94.09
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9539, the sentiment is Positive. The current price of 1180 is below the 20-day moving average (MA) of 1364.65, below the 50-day MA of 1360.68, and below the 200-day MA of 1248.94, indicating a bullish trend. The MACD of 5.46 indicates Negative momentum. The RSI at 65.99 is Neutral, neither overbought nor oversold. The STOCH value of 94.09 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9539.
Keiyo Gas Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ¥93.52B | 8.87 | 7.99% | 3.89% | -2.47% | 15.81% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
63 Neutral | ¥2.06T | 14.01 | 10.44% | 1.98% | 1.99% | 95.71% | |
63 Neutral | ¥2.04T | 9.50 | 11.05% | 1.53% | 7.51% | 232.54% | |
62 Neutral | ¥46.74B | 11.63 | ― | 1.81% | 1.29% | 27.31% | |
61 Neutral | ¥83.16B | 11.60 | 9.07% | 3.61% | 2.90% | 13.83% | |
59 Neutral | ¥436.59B | 14.82 | 6.03% | 1.81% | -0.75% | 33.35% |
* Utilities Sector Average
JP:9539
Keiyo Gas Co., Ltd.
1,495.00
421.73
39.29%
JP:9532
Osaka Gas Co
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JP:9533
TOHO GAS Co
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JP:9531
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JP:9536
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JP:9543
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20.63%
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.