Overview
Electric Power and Gas

Hokkaido Electric Power Company,Incorporated

Hokkaido Electric Power Co., Inc. (Hokuden) is the vertically integrated regional electric utility serving Hokkaido, Japan's northernmost island, engaged in power generation, retail electricity supply, and related energy services. Through its subsidiary Hokkaido Electric Power Network Co., Inc., the group operates the island's general transmission and distribution network as well as power generation on離島 (remote islands). The group is actively expanding its renewable energy portfolio, including geothermal, hydropower, and LNG-based generation, while also providing information and telecommunications services through group companies.

Market Cap
¥223B
US$1.42B
EV
¥1,611B
US$10.3B
Stock¥1,084▼-0.60%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
12.8
x
LTM EV/EBIT
29.6
x
LTM PER
8.0
x
LTM PBR
0.5
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-23.8%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
223BUS$1.42BMarket Cap1,647BUS$10.5B+ Debt160BUS$1.02B− Cash116BUS$737M− Inv. Sec.16.7BUS$107M+ NCI1,611BUS$10.3BEV
AI Briefing
Hokuden runs Hokkaido's integrated generation, retail and (via subsidiary) grid network, pivoting into renewables aggregation and LNG infra. FY26/3 revenue ¥856B with OP margin steady at 8.6%, though top line has slipped each year since FY24/3's ¥954B peak. Heavy leverage (¥1,647B debt vs ¥471B equity) against a ¥224B market cap reflects a capital-intensive regulated utility trading well below EV of ¥1,612B.
Performance & Balance
Revenue 5Y (¥B)
663US$4.23B'22/3889US$5.67B'23/3954US$6.08B'24/3902US$5.75B'25/3856US$5.46B'26/3
EBITDA 5Y (¥B)
102US$653M'22/357.6US$368M'23/3175US$1.11B'24/3149US$951M'25/3
Net Income 5Y (¥B)
6.86US$43.8M'22/3-22.2-US$142M'23/366.2US$422M'24/364.2US$410M'25/344.0US$281M'26/3
Capital Structure
22%
78%
EquityD/E 3.50xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
146US$931M1,267US$8.08B'22/3173US$1.11B1,477US$9.42B'23/3197US$1.26B1,410US$8.99B'24/3248US$1.58B1,428US$9.11B'25/3300US$1.91B1,565US$9.98B'26/3
Shareholders
Top 10 hold 32.3%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
8.90%
2
North Pacific Bank,Ltd.
4.96%
3
THE BANK OF NEW YORK MELLON 140044 (Standing Proxy: Mizuho Bank, Ltd.)
3.17%
4
Custody Bank of Japan, Ltd. (Trust Account)
2.88%
5
Nippon Life Insurance Company
2.46%
6
Hokkaido Electric Power Company,Incorporated Employee Stock Ownership Association
2.41%
7
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)
2.15%
8
Meiji Yasuda Life Insurance Company
1.97%
9
The Hokkaido Bank, Ltd.
1.76%
10
BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE (Standing Proxy: MUFG Bank, Ltd.)
1.65%
Management
12 officers
Yutaka FUJII
Representative Director, Chairman
Apr 1981 Joined Hokkaido Electric Power Company, Inc. Jul 2011 Executive Director; General Manager, Human Resources and Labor Relations Department Jun 2014 Senior Executive Officer Jun 2015 Director, Managing Executive Officer; General Manager, Distribution Division Jun 2016 Representative Director, Executive Vice President and Executive Officer; General Manager, Distribution Division Apr 2018 Representative Director, Executive Vice President and Executive Officer; President, Power Transmission and Distribution Company Jun 2019 Representative Director, President and Executive Officer; General Manager, Nuclear Power Promotion Division Jun 2022 Representative Director, President and Executive Officer; General Manager, Nuclear Power Promotion Division Jun 2023 Representative Director, Chairman (current)
1956-04-19
Susumu SAITO
Representative Director, President and Executive Officer
Apr 1983 Joined Hokkaido Electric Power Company, Inc. Jul 2017 Executive Officer; General Manager, Tomatsu Atsuma Power Station Jun 2019 Executive Officer; General Manager, Thermal Power Division Jul 2019 Managing Executive Officer; General Manager, Thermal Power Division Jun 2021 Director, Managing Executive Officer Jun 2023 Representative Director, President and Executive Officer; General Manager, Nuclear Power Promotion Division (current)
1961-01-23
Masahiro UENO
Representative Director, Executive Vice President and Executive Officer
Apr 1983 Joined Hokkaido Electric Power Company, Inc. Jul 2015 Executive Officer; General Manager, Construction Division Jun 2016 Executive Officer; General Manager, Planning Division Jul 2017 Senior Executive Officer; General Manager, Planning Division Apr 2018 Senior Executive Officer; General Manager, Management Planning Office Jul 2018 Executive Officer; General Manager, Management Planning Office Jun 2019 Director, Managing Executive Officer Jun 2023 Representative Director, Executive Vice President and Executive Officer (current)
1960-12-13
Takeshi KOBAYASHI
Representative Director, Executive Vice President and Executive Officer
Apr 1984 Joined Hokkaido Electric Power Company, Inc. Jul 2017 Executive Officer; General Manager, Accounting Division Jul 2019 Managing Executive Officer; General Manager, Accounting Division Jun 2020 Director, Managing Executive Officer Jun 2024 Representative Director, Executive Vice President and Executive Officer (current)
1961-09-19
Taku TSUCHIDA
Director, Managing Executive Officer
Apr 1985 Joined Hokkaido Electric Power Company, Inc. Jul 2020 Executive Officer; General Manager, Obihiro Branch, Hokkaido Electric Power Network, Inc. (retired Jun 2021) Jun 2021 Executive Officer; General Manager, Secretariat Office Jun 2024 Director, Managing Executive Officer (current)
1962-03-31
Akihito NIINUMA
Director, Managing Executive Officer
Apr 1985 Joined Hokkaido Electric Power Company, Inc. Jul 2019 Executive Officer; President, Doto Branch Jun 2021 Executive Officer; General Manager, Sales Promotion Department Jun 2024 Managing Executive Officer; Deputy General Manager, Nuclear Power Promotion Division; in charge of General Energy Business Division, Sales Promotion Department and Metropolitan Area Sales Department Jun 2025 Director, Managing Executive Officer (current)
1961-11-16
Takeshi YOSHIKAWA
Director
Apr 1987 Registered as attorney-at-law, Sapporo Bar Association Apr 1989 Transferred registration to Kushiro Bar Association Apr 1991 Transferred registration to Sapporo Bar Association (current) Jun 2024 Director, Hokkaido Electric Power Company, Inc. (current)
1956-11-18
Yuichi TOMAKI
Director, Audit and Supervisory Committee Member (Full-time)
Apr 1987 Joined Hokkaido Electric Power Company, Inc. Jul 2019 Executive Officer; General Manager, Distribution Planning Department, Power Transmission and Distribution Company (retired Mar 2020) Apr 2020 Executive Officer; General Manager, Planning Division, Hokkaido Electric Power Network, Inc. (retired Jun 2022) Jun 2022 Executive Officer; General Manager, Nuclear Power Audit Office, Hokkaido Electric Power Company, Inc. Jun 2024 Director, Audit and Supervisory Committee Member (current)
1963-01-18
Iwao TAKEUCHI
Director, Audit and Supervisory Committee Member
Apr 1981 Joined The Hokuyo Bank, Ltd. Jun 2012 Executive Officer; General Manager, Kushiro Chuo Branch Nov 2013 Executive Officer; Senior Deputy General Manager, Loan Department No. 1 Jun 2014 Managing Executive Officer Jun 2016 Managing Director Jun 2019 Director, Deputy President (retired Jun 2022) Jun 2021 Audit & Supervisory Board Member, Hokkaido Electric Power Company, Inc. Jun 2022 Director, Audit and Supervisory Committee Member (current) Jun 2022 Audit & Supervisory Board Member, The Hokuyo Bank, Ltd. (retired Jun 2024) Jun 2024 Chairman and Director, Koyo Fudosan Co., Ltd. (current)
1958-04-05
Mitsuko UKAI
Director, Audit and Supervisory Committee Member
Apr 1983 Assistant, Graduate School of Humanities and Sciences, Ochanomizu University (retired Mar 1985) Apr 1985 Associate Professor, Gunma Women's Junior College (retired Mar 1991) Apr 1991 Associate Professor, Musashigaoka Junior College (retired Mar 2001) Apr 2001 Professor, Graduate School of Education, Hokkaido University of Education Apr 2018 Professor Emeritus, Hokkaido University of Education (current) Jun 2018 Director, Hokkaido Electric Power Company, Inc. Jun 2022 Director, Audit and Supervisory Committee Member (current)
1952-04-20
Noriko NARITA
Director, Audit and Supervisory Committee Member
Apr 1979 Registered as attorney-at-law, Sapporo Bar Association (current) Jan 1993 Opened Noriko Narita Law Office (now Narita & Takeno Law Office) (current) Dec 2014 Chairperson, Hokkaido Labor Relations Commission (retired Nov 2016) Jun 2016 Audit & Supervisory Board Member, Hokkaido Electric Power Company, Inc. Jun 2022 Director, Audit and Supervisory Committee Member (current)
1951-04-11
Toshifumi IGARASHI
Director, Audit and Supervisory Committee Member
Apr 2001 Associate Professor, Graduate School of Engineering, Hokkaido University Apr 2008 Professor, Graduate School of Engineering, Hokkaido University Apr 2010 Professor, Graduate School of Engineering Faculty, Hokkaido University Apr 2016 Deputy Dean, Graduate School of Engineering Faculty, Hokkaido University (retired Mar 2019) Apr 2019 Deputy Director, Technology Support Headquarters, Hokkaido University (retired Mar 2022) Apr 2022 Principal, Asahikawa National College of Technology (retired Mar 2025) Apr 2022 Professor Emeritus and Visiting Professor, Graduate School of Engineering Faculty, Hokkaido University (current) Jun 2025 Director, Audit and Supervisory Committee Member, Hokkaido Electric Power Company, Inc. (current)
1958-08-08
Large Shareholding Reports
Mizuho Securities Co., Ltd.
2026-10-23
6.35%→7.04%
Nomura Asset Management Co., Ltd.
2026-07-23
3.43%
Mizuho Securities Co., Ltd.
2026-07-23
6.64%→6.35%
Mizuho Securities Co., Ltd.
2026-07-02
6.34%→6.64%
Mizuho Securities Co., Ltd.
2026-05-13
6.04%→6.34%
Mizuho Securities Co., Ltd.
2026-04-15
6.90%→6.04%
Mizuho Securities Co., Ltd.
2026-03-18
8.54%→6.90%
Mizuho Securities Co., Ltd.
2026-03-09
8.54%
Asset Management One Co., Ltd.
2025-10-07
1.93%→2.12%
Asset Management One Co., Ltd.
2025-08-22
1.93%→1.93%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-23
Large Shareholding Report
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
TDnet
2026-07-30
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-23
Large Shareholding Report
EDINET
2026-07-23
Large Shareholding Report
EDINET
2026-07-02
Large Shareholding Report
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-05-13
Large Shareholding Report
EDINET
2026-04-15
Large Shareholding Report
EDINET
2026-03-18
Large Shareholding Report
EDINET
2026-03-09
Large Shareholding Report
TDnet
2026-02-06
Q3 Earnings Flash
FY ending Mar 2026
TDnet
2026-01-30
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-12
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-10-07
Large Shareholding Report
EDINET
2025-08-22
Large Shareholding Report
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
TDnet
2025-07-31
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-24
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-07
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2025-01-31
Securities Registration Statement
TDnet
2025-01-31
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-11
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-09
Q1 Earnings Flash
FY ending Mar 2025
TDnet
2024-07-31
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
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