Overview
Retail Trade

NIPPON GAS CO.,LTD.

Nippon Gas Co., Ltd. (Nichigas) is a Japan-based energy retailer primarily engaged in the sale of LP gas, city gas, and electricity to residential, commercial, and industrial customers, with operations supported by subsidiaries handling transportation, construction, and equipment sales. The company also sells gas appliances, housing equipment, solar panels, storage batteries, and provides remodeling services. A distinctive competitive strength is its proprietary technology platform business, which supports third-party entry into city gas and electricity retail markets and provides optimized LP gas operations, automated meter-reading systems, and procurement management systems developed in-house.

Market Cap
¥301B
US$1.92B
EV
¥325B
US$2.07B
Stock¥942.1▲+0.93%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
10.4
x
LTM EV/EBIT
15.1
x
LTM PER
20.4
x
LTM PBR
4.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-18.0%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Oct 29, 25Future date - analysis not applicable
2Feb 4, 26Future date - analysis not applicable
MC → EV Bridge
301BUS$1.92BMarket Cap49.6BUS$316M+ Debt18.4BUS$118M− Cash7.77BUS$49.6M− Inv. Sec.0.55BUS$3.48M+ NCI325BUS$2.07BEV
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Performance & Balance
Revenue 5Y (¥B)
163US$1.04B'22/3208US$1.33B'23/3194US$1.24B'24/3200US$1.28B'25/3208US$1.33B'26/3
EBITDA 5Y (¥B)
23.3US$148M'22/325.5US$163M'23/327.7US$176M'24/328.9US$184M'25/331.2US$199M'26/3
Net Income 5Y (¥B)
9.97US$63.6M'22/310.6US$67.8M'23/310.8US$69.0M'24/311.5US$73.6M'25/314.8US$94.5M'26/3
Capital Structure
56%
44%
EquityD/E 0.77xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
19.1US$122M45.9US$293M'22/315.7US$100M40.6US$259M'23/322.7US$145M47.2US$301M'24/321.9US$140M46.9US$299M'25/330.4US$194M50.0US$319M'26/3
Shareholders
Top 10 hold 43.6%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
16.50%
2
Custody Bank of Japan, Ltd. (Trust Account)
6.30%
3
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
4.90%
4
TEPCO Energy Partner, Incorporated
4.10%
5
Custody Bank of Japan, Ltd. (Trust Account 4)
3.70%
6
Nippon Life Insurance Company
2.00%
7
THE BANK OF NEW YORK MELLON 140044 (Standing Proxy: Mizuho Bank, Ltd.)
1.70%
8
Nomura Trust and Banking Co., Ltd. (Investment Trust Account)
1.50%
9
STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)
1.50%
10
JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)
1.40%
Management
8 officers
Kunihiko KASHIWAYA
Representative Director, President and Executive Officer
Sep 1999 Joined Ernst & Young LLP Mar 2003 Joined ORIX Corporation Mar 2012 Joined the Company Feb 2017 Managing Director of the Company (General Manager, Overseas Business Division and General Manager, IR and Capital Strategy Department) Apr 2018 Senior Managing Director of the Company (General Manager, Corporate Strategy Division; in charge of Overseas Business Division and Corporate Communications Department) Apr 2020 Senior Managing Director of the Company (General Manager, Corporate Division; in charge of Overseas Business Division) Jun 2020 Representative Director, Senior Managing Executive Officer of the Company (General Manager, Corporate Division) May 2022 Representative Director, President and Executive Officer of the Company (current)
1971-01-06
Keiichi YOSHIDA
Representative Director, Senior Managing Executive Officer; in charge of Energy Infrastructure Business and System and Platform Business
Apr 1987 Joined Tokyo Electric Power Company, Incorporated Jun 2014 Deputy General Manager, Corporate Planning Division, Tokyo Electric Power Company, Incorporated Jun 2017 Executive Officer; General Manager, Organization and Human Resources Office, Corporate Planning Unit, Tokyo Electric Power Company, Incorporated Apr 2018 Managing Director; General Manager, Chiba Branch, Tokyo Electric Power Grid Co., Ltd. Apr 2020 Joined the Company; Senior Managing Executive Officer (General Manager, Energy Business Division) Jun 2022 Representative Director, Senior Managing Executive Officer (General Manager, Energy Business Division) Jan 2024 Representative Director, Senior Managing Executive Officer (Energy Infrastructure Business, System and Platform Business) of the Company (current)
1964-12-15
Yuki TSUCHIYA
Representative Director, Senior Managing Executive Officer; General Manager, Sales Division
Mar 1993 Joined the Company Jun 2014 Director of the Company (General Manager, East Kanto Branch, Energy Sales Department, Sales Division) Jun 2015 Managing Executive Officer of the Company (General Manager, East Kanto Branch, Energy Sales Department, Sales Division) Apr 2020 President, Tosai Gas Co., Ltd. (now Energy Uchu Co., Ltd.) Apr 2023 Senior Managing Executive Officer, Deputy General Manager, Sales Division of the Company; concurrently President and Executive Officer, Tosai Gas Co., Ltd. (now Energy Uchu Co., Ltd.) Jan 2024 Senior Managing Executive Officer, Deputy General Manager, Sales Division of the Company Jun 2024 Representative Director, Senior Managing Executive Officer; General Manager, Sales Division of the Company (current)
1969-05-17
Tsuyoshi YAMADA
Director
Apr 2004 Registered as attorney-at-law Apr 2004 Associate Professor, Niigata University Law School Jan 2008 Outside Audit & Supervisory Board Member, Top Culture Co., Ltd. (current) Apr 2010 Professor, Graduate School of Law, Seijo University (current) Jul 2011 Visiting Attorney, Keiwa Sogo Law Office Jun 2015 Outside Audit & Supervisory Board Member of the Company Mar 2020 Managing Partner, Nisshin Law Office, Legal Professional Corporation (current) Jun 2023 Outside Director of the Company (current)
1965-07-16
Eriko SATONAKA
Director
Apr 1991 Joined Nissan Motor Co., Ltd. Apr 2017 Joined Benesse Holdings, Inc.; General Manager, Human Resources Division Apr 2018 General Manager, Human Resources Division, Benesse Holdings, Inc.; Director, Benesse Style Care Co., Ltd. Jun 2018 Director, Benesse Business Mate Co., Ltd. Jun 2019 Director, Benesse Infoshell Co., Ltd. Jun 2021 Joined Avant Co., Ltd. (now Avant Group Co., Ltd.); General Manager, Group Human Resources Division (current) Oct 2021 Executive Officer and CHRO, Avant Co., Ltd. (now Avant Group Co., Ltd.) (current) Jun 2023 Outside Director of the Company (current)
1968-08-21
Kenji MANAKA
Standing Audit & Supervisory Board Member
Mar 1994 Joined the Company Apr 2014 General Manager, Recruitment, Human Resources Department of the Company Apr 2020 General Manager, Recruitment and Training, Human Resources Department of the Company Jun 2022 Standing Audit & Supervisory Board Member of the Company (current)
1969-07-29
Takao ORIHARA
Audit & Supervisory Board Member
Apr 1980 Joined Nomura Real Estate Co., Ltd. Jun 2005 Director, Nomura Real Estate Holdings, Inc.; Director, Nomura Real Estate Co., Ltd. Apr 2008 Director and Senior Executive Officer, Nomura Real Estate Co., Ltd. Apr 2009 Director and Managing Executive Officer, Nomura Real Estate Co., Ltd. May 2012 Director and Executive Officer, Nomura Real Estate Holdings, Inc. Apr 2014 Audit & Supervisory Board Member, Nomura Real Estate Co., Ltd. Jun 2014 Audit & Supervisory Board Member, Nomura Real Estate Holdings, Inc. Jun 2015 Director (Audit and Supervisory Committee Member), Nomura Real Estate Holdings, Inc. Mar 2023 Outside Audit & Supervisory Board Member, OYO Corporation Jun 2023 Outside Audit & Supervisory Board Member of the Company Mar 2025 Outside Director (Audit and Supervisory Committee Member), OYO Corporation (current)
1958-02-06
Tatsunaga FUMIKURA
Audit & Supervisory Board Member
Oct 1986 Joined Asahi Shinwa Audit Corporation (now Azsa LLC) Jan 1995 Assigned to Arthur Andersen, Boston Office, United States (until Mar 1996) Jun 1999 Partner, Asahi & Co. (now Azsa LLC) Jun 2003 Appointed Representative Partner, Asahi & Co. (now Azsa LLC) (later Partner) Jun 2023 Retired from Azsa LLC Jul 2023 Opened individual practice (current) Jun 2024 Outside Audit & Supervisory Board Member of the Company (current)
1961-01-03
Large Shareholding Reports
Nomura Asset Management Co., Ltd.
2026-05-12
4.87%
BlackRock Japan Co., Ltd.
2025-11-05
2.06%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-09-19
4.16%→3.48%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-07-30
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-19
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-05-12
Large Shareholding Report
TDnet
2026-02-03
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-11
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-11-05
Large Shareholding Report
EDINET
2025-09-19
Large Shareholding Report
TDnet
2025-07-29
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-19
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-01-28
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-12
Semi-Annual Securities Report
Period: Apr 2024 – Sep 2024
TDnet
2024-07-30
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-25
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-27
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-22
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINET
2021-06-24
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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