Overview
Construction

West Holdings Corporation

West Holdings Corporation is a holding company leading a group primarily engaged in the design, construction, sales, and O&M of public and industrial solar power generation systems across Japan. The group also provides energy-saving services through its West ESCO business and develops and sells grid-scale battery storage systems. Key competitive strengths include an integrated value chain spanning EPC, power generation, green electricity wholesale, and comprehensive O&M services, supported by strategic capital partnerships with major energy players such as Osaka Gas and JERA.

Market Cap
¥81.1B
US$517M
EV
¥139B
US$888M
Stock¥2,044▼-6.07%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
8.6
x
LTM EV/EBIT
10.7
x
LTM PER
10.1
x
LTM PBR
2.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+1.3%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Jul 15, 26Q3 FY2026/08 earnings announced
2Oct 15, 26FY2026/8 full-year earnings release: operating profit guidance +31.6% YoY, Q3 cumulative profit up 2.3x
MC → EV Bridge
81.1BUS$517MMarket Cap98.3BUS$627M+ Debt37.4BUS$238M− Cash3.07BUS$19.6M− Inv. Sec.0.41BUS$2.61M+ NCI139BUS$888MEV
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Performance & Balance
Revenue 5Y (¥B)
67.2US$428M'22/843.7US$279M'23/850.4US$321M'24/847.3US$301M'25/856.6US$361M'26/8
EBITDA 5Y (¥B)
9.20US$58.7M'22/810.7US$68.0M'23/812.9US$82.5M'24/811.2US$71.6M'25/815.8US$101M'26/8
Net Income 5Y (¥B)
4.26US$27.1M'22/86.02US$38.4M'23/86.76US$43.1M'24/85.36US$34.2M'25/88.04US$51.3M'26/8
Capital Structure
30%
70%
EquityD/E 2.38xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
28.4US$181M58.9US$376M'22/847.4US$302M78.1US$498M'23/829.4US$188M75.4US$481M'24/837.3US$238M94.3US$601M'25/840.4US$258M98.3US$627M'26/8
Shareholders
Top 10 hold 62.8%
1
Takashi KIKKAWA
43.78%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
5.96%
3
JERA Co., Inc.
2.36%
4
BBH CO FOR ARCUS JAPAN VALUE FUND (Standing Proxy: MUFG Bank, Ltd.)
1.92%
5
Custody Bank of Japan, Ltd. (Trust Account)
1.77%
6
GOVERNMENT OF NORWAY (Standing Proxy: Citibank, N.A.)
1.63%
7
JPMorgan Securities Japan Co., Ltd.
1.57%
8
OSAKA GAS CO.,LTD.
1.43%
9
CEPLUX-ERSTE GROUP BANK AG (UCITS CLIENTS; Standing Proxy: Citibank, N.A.)
1.38%
10
MSCO CUSTOMER SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
0.97%
Management
4 officers
Takashi KIKKAWA
Representative Director, Chairman and CEO
May 1984 Established Nishinihon Shoshō Co., Ltd. (now West Energy Solutions Co., Ltd.); Representative Director, President Mar 2006 Representative Director, President, West Holdings Co., Ltd. Nov 2009 Representative Director, Chairman (current)
1950-04-08
Eiichiro EGASHIRA
Representative Director, President
Feb 2013 Contract work, West Energy Solutions Co., Ltd. Dec 2013 Joined West Holdings Co., Ltd.; Executive Officer; Director, West Energy Solutions Co., Ltd. Nov 2014 Director, West Holdings Co., Ltd. Nov 2015 Director, West O&M Co., Ltd. (current) Nov 2017 Managing Director, West Holdings Co., Ltd. Nov 2018 Representative Director, President, West Holdings Co., Ltd. (current); Representative Director, President, West Energy Solutions Co., Ltd. (current) Jul 2019 Representative Director, President, West Denryoku Co., Ltd. Sep 2020 Director, West Denryoku Co., Ltd.
1962-08-27
Kenji ARAKI
Representative Director, Executive Managing Director
Mar 2003 Joined Kotsubuto Jutaku Co., Ltd. (now West Energy Solutions Co., Ltd.) Mar 2006 Transferred to West Holdings Co., Ltd.; Director, House Care Co., Ltd. (now West Bigin Co., Ltd.) Sep 2013 General Manager, Global Energy Business Operations Division, West Holdings Co., Ltd. Nov 2019 Seconded to West Energy Solutions Co., Ltd.; General Manager, General Headquarters Dec 2020 Director, West Denryoku Co., Ltd.; Director, West Energy Solutions Co., Ltd.; Executive Officer, West Holdings Co., Ltd.; Director, WEST International (Thailand) Co., Ltd. (current) Aug 2021 Representative Director, President, West Bigin Co., Ltd. Nov 2021 Director, West Holdings Co., Ltd. Nov 2022 Representative Director, Executive Managing Director, West Holdings Co., Ltd. (current) Sep 2023 Director, West O&M Co., Ltd. (current) Nov 2023 Director, West Bigin Co., Ltd. (current)
1970-10-19
Hideshi NAKAJIMA
Managing Director
Sep 2007 Joined West Holdings Co., Ltd.; General Manager, General Affairs Department Jul 2010 Executive Officer, West Holdings Co., Ltd. Jun 2013 Audit and Supervisory Board Member, West O&M Co., Ltd. Sep 2022 General Manager, General Affairs Department, Management Administration Division, West Holdings Co., Ltd. Nov 2023 Director, West Holdings Co., Ltd.; Audit and Supervisory Board Member, West O&M Co., Ltd. (current) Nov 2024 Managing Director, West Holdings Co., Ltd. (current)
1964-09-30
Large Shareholding Reports
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Asset Management One Co., Ltd.
2025-11-10
8.13%→6.50%
Asset Management One Co., Ltd.
2025-10-22
9.37%→8.13%
Asset Management One Co., Ltd.
2025-10-07
8.21%→9.37%
Disclosures
Executive Change
2026-10-23
Primary Source Filings
TDnet
2026-10-23
Executive Change
TDnet
2026-10-15
Full-Year Earnings Flash
FY ending Aug 2026
TDnet
2026-07-15
Q3 Earnings Flash
FY ending Aug 2026
EDINET
2026-04-14
Semi-Annual Securities Report
Period: Sep 2025 – Aug 2026
TDnet
2026-01-14
Q1 Earnings Flash
FY ending Aug 2026
EDINET
2026-01-09
Large Shareholding Report
EDINET
2025-11-25
Annual Securities Report
Period: Sep 2024 – Aug 2025
EDINET
2025-11-10
Large Shareholding Report
EDINET
2025-10-22
Large Shareholding Report
EDINET
2025-10-07
Large Shareholding Report
TDnet
2025-07-15
Q3 Earnings Flash
FY ending Aug 2025
EDINET
2025-04-14
Semi-Annual Securities Report
Period: Sep 2024 – Aug 2025
TDnet
2025-01-14
Q1 Earnings Flash
FY ending Aug 2025
EDINET
2024-11-26
Annual Securities Report
Period: Sep 2023 – Aug 2024
EDINET
2024-07-12
Quarterly Securities Report
Period: Mar 2024 – May 2024
EDINET
2024-04-12
Quarterly Securities Report
Period: Dec 2023 – Feb 2024
EDINET
2024-01-12
Quarterly Securities Report
Period: Sep 2023 – Nov 2023
EDINET
2023-11-27
Annual Securities Report
Period: Sep 2022 – Aug 2023
EDINET
2023-07-14
Quarterly Securities Report
Period: Mar 2023 – May 2023
EDINET
2023-04-14
Quarterly Securities Report
Period: Dec 2022 – Feb 2023
EDINET
2023-01-13
Quarterly Securities Report
Period: Sep 2022 – Nov 2022
EDINET
2022-11-28
Annual Securities Report
EDINET
2022-07-15
Quarterly Securities Report
EDINET
2022-04-14
Quarterly Securities Report
EDINET
2022-01-14
Quarterly Securities Report
EDINET
2021-11-26
Annual Securities Report
EDINET
2021-07-15
Quarterly Securities Report
EDINET
2021-04-14
Quarterly Securities Report
EDINETAmended
2021-01-28
Amended Annual Securities Report
EDINET
2021-01-14
Quarterly Securities Report
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