Overview
Electric Power and Gas

TOKYO GAS CO.,LTD.

Tokyo Gas is Japan's largest city gas supplier, engaged in the manufacturing, distribution, and sale of city gas and LNG across the Kanto region, with operations spanning energy solutions (including electricity supply and engineering services), gas network infrastructure, overseas resource development, and urban real estate. The company procures LNG from a globally diversified portfolio including the US, Australia, Malaysia, Qatar, Russia, and Brunei, and has expanded into upstream gas production through its US subsidiary TGNR Intermediate Holdings LLC (formerly Rockcliff Energy II LLC) in Texas. Tokyo Gas also provides engineering and decarbonization solutions to industrial and commercial customers, positioning itself as a comprehensive energy and infrastructure group targeting carbon neutrality by 2050.

Market Cap
¥2,061B
US$13.1B
EV
¥2,693B
US$17.2B
Stock¥6,235▼-0.02%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
6.0
x
LTM EV/EBIT
13.9
x
LTM PER
12.8
x
LTM PBR
1.2
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-3.1%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
2,061BUS$13.1BMarket Cap1,265BUS$8.07B+ Debt252BUS$1.61B− Cash433BUS$2.76B− Inv. Sec.52.0BUS$332M+ NCI2,693BUS$17.2BEV
AI Briefing
Generating insights…
Performance & Balance
Revenue 5Y (¥B)
2,145US$13.7B'22/33,290US$21.0B'23/32,665US$17.0B'24/32,637US$16.8B'25/32,835US$18.1B'26/3
EBITDA 5Y (¥B)
315US$2.01B'22/3627US$4.00B'23/3430US$2.74B'24/3397US$2.53B'25/3462US$2.95B'26/3
Net Income 5Y (¥B)
88.7US$566M'22/3281US$1.79B'23/3170US$1.08B'24/374.2US$473M'25/3227US$1.45B'26/3
Capital Structure
58%
42%
EquityD/E 0.73xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
416US$2.65B1,173US$7.48B'22/3732US$4.67B1,223US$7.80B'23/3657US$4.19B1,323US$8.44B'24/3628US$4.00B1,336US$8.52B'25/3617US$3.93B1,277US$8.15B'26/3
Shareholders
Top 10 hold 38.6%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
15.44%
2
Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
6.64%
3
Custody Bank of Japan, Ltd. (Trust Account)
4.74%
4
Mizuho Trust & Banking Co., Ltd. (Retirement Benefit Trust, The Dai-ichi Life Insurance Company, Limited Account; Re-trustee: Custody Bank of Japan, Ltd.)
2.13%
5
TOKYO GAS CO.,LTD. Employee Stock Ownership Association
2.02%
6
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
2.00%
7
The Dai-ichi Life Insurance Company, Limited (Standing Proxy: Custody Bank of Japan, Ltd.)
1.46%
8
JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)
1.43%
9
GOVERNMENT OF NORWAY (Standing Proxy: Citibank, N.A., Tokyo Branch)
1.38%
10
STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)
1.35%
Management
9 officers
Takashi UCHIDA
Chairman of the Board, Director; Nomination Committee Member; Compensation Committee Member
Apr 1979 Joined the Company Apr 2010 Executive Officer, General Manager, General Planning Department Apr 2012 Managing Executive Officer, in charge of Human Resources, Secretariat, Compliance, and Internal Audit Departments Apr 2013 Managing Executive Officer, General Manager, Resources Business Unit Jun 2015 Director, Managing Executive Officer, General Manager, Resources Business Unit Apr 2016 Representative Director, Executive Vice President Executive Officer, General Manager, Living Business Unit Apr 2017 Representative Director, Executive Vice President Executive Officer, General Manager, Living Service Business Unit Apr 2018 Representative Director, President, President Executive Officer Jun 2021 Director, Representative Executive Officer, President Apr 2022 Director, Representative Executive Officer, President, CEO Apr 2023 Director Jun 2023 Chairman of the Board, Director (current)
1956-04-17
Shinichi SASAYAMA
Director
Apr 1986 Joined the Company Apr 2016 Executive Officer, General Manager, General Planning Department Apr 2018 Managing Executive Officer, General Manager, Digital Innovation Business Unit; in charge of General Planning Department Apr 2019 Managing Executive Officer, General Manager, Digital Innovation Business Unit; in charge of General Planning Department and Corporate Innovation Project Department Apr 2020 Senior Managing Executive Officer, General Manager, Energy Supply and Demand Business Unit Jun 2020 Director, Senior Managing Executive Officer, General Manager, Energy Supply and Demand Business Unit Jun 2021 Senior Managing Executive Officer, General Manager, Energy Supply and Demand Business Unit Apr 2022 Representative Executive Officer, Executive Vice President, CSO Apr 2023 Representative Executive Officer, President, CEO Jun 2023 Director, Representative Executive Officer, President, CEO (current)
1962-06-11
Takashi HIGO
Director; Audit Committee Member
Apr 1986 Joined the Company Apr 2015 General Manager, Finance Department Apr 2017 Executive Officer, General Manager, Raw Materials Department, Raw Materials and Production Business Unit Apr 2018 Executive Officer, General Manager, Raw Materials Department, Raw Materials and Production Business Unit; Representative Director, President, Tokyo LNG Tanker Co., Ltd. Apr 2019 Managing Executive Officer; Representative Director, President Executive Officer, Tokyo Gas Engineering Solutions Corporation Apr 2021 Managing Executive Officer, General Manager, Energy Solutions Business Unit Apr 2022 Senior Managing Executive Officer; in charge of Secretariat, General Affairs, Public Relations, Sustainability Promotion, and Internal Audit Departments Mar 2023 Retired Jun 2023 Director (current)
1963-01-23
Hiroyuki SEKIGUCHI
Outside Director; Audit Committee Member
Apr 1979 Joined Japan Broadcasting Corporation (NHK) Aug 1987 Reporter, Economic News Department, NHK News Bureau (covering Ministry of Transport, Ministry of Finance, Ministry of International Trade and Industry, distribution and trading companies, Bank of Japan, and finance) Jun 1998 Desk, Economic News Department, NHK News Bureau Jun 2001 Editorial Commentator, NHK Broadcasting Division; anchor, "Keizai Saizensen" Apr 2004 Anchor, "Keizai Rashin" Jun 2007 Chief Editorial Commentator Jun 2014 Deputy Chief Editorial Commentator Apr 2017 Anchor, "Ohayo Nippon / Ohayo Biz" (covering corporate strategy, energy issues, green innovation, corporate governance, growth strategy, industrial policy) Jan 2022 Left NHK Jun 2022 Director of the Company (current)
1957-01-15
Satoshi TANNOWA
Outside Director; Chair of Nomination Committee; Compensation Committee Member
Apr 1976 Joined Mitsui Toatsu Chemicals, Inc. (now Mitsui Chemicals, Inc.) Jun 2005 General Manager, Industrial Chemicals Business Division, Basic Chemicals Business Group, Mitsui Chemicals, Inc. Jun 2006 Managing Director, General Manager, Industrial Chemicals Business Division, Basic Chemicals Business Group, Mitsui Chemicals, Inc. Apr 2007 Executive Officer, General Manager, Human Resources and Labor Relations Department, Mitsui Chemicals, Inc. Apr 2010 Managing Executive Officer, General Manager, Basic Chemicals Business Unit, Mitsui Chemicals, Inc. Apr 2012 Managing Executive Officer, in charge of Petrochemicals, Basic Chemicals, Urethane, Functional Resins, Functional Chemicals Business Units, and Branches, Mitsui Chemicals, Inc. Jun 2012 Director, Managing Executive Officer, in charge of Petrochemicals, Basic Chemicals, Urethane, Functional Resins, Functional Chemicals Business Units, and Branches, Mitsui Chemicals, Inc. Apr 2013 Director, Senior Managing Executive Officer, in charge of Functional Chemicals, Functional Resins, Urethane, Basic Chemicals, Petrochemicals Business Units, Mitsui Chemicals Tohcello, Inc., and Branches, Mitsui Chemicals, Inc. Apr 2014 Representative Director, President Executive Officer, Mitsui Chemicals, Inc. Apr 2020 Representative Director, Chairman, Mitsui Chemicals, Inc. Jun 2022 Outside Director, KDDI Corporation (current) Apr 2023 Director, Chairman of the Board, Mitsui Chemicals, Inc. (to retire as Chairman in Mar 2026; to retire as Director in Jun 2026, scheduled) Jun 2023 Director of the Company (current)
1951-10-26
Masayuki YAMAMURA
Outside Director; Chair of Compensation Committee; Nomination Committee Member
Apr 1978 Joined Nippon Telegraph and Telephone Public Corporation Jan 1999 Manager, Division 1, Holding Company Transition Office, Nippon Telegraph and Telephone Corporation Jul 1999 Manager, Division 1, Nippon Telegraph and Telephone Corporation Jun 2005 Director, Tokyo Branch Manager, Nippon Telegraph and Telephone East Corporation Jun 2008 Managing Director, Tokyo Branch Manager, Nippon Telegraph and Telephone East Corporation Jun 2009 Managing Director, Head of Network Business Promotion Division, concurrently Head of Facilities Department, Nippon Telegraph and Telephone East Corporation May 2011 Managing Director, Head of Network Business Promotion Division, Nippon Telegraph and Telephone East Corporation Jun 2012 Representative Director, President, Nippon Telegraph and Telephone East Corporation Jun 2018 Adviser, Nippon Telegraph and Telephone East Corporation (retired Jun 2024) Jun 2019 Outside Director, Fuyo General Lease Co., Ltd. (current) Apr 2020 Chairman, The Telecommunication Association (to retire in Mar 2026) Jun 2024 Director of the Company (current)
1953-03-30
Mari YOSHITAKA
Outside Director; Nomination Committee Member; Compensation Committee Member
Apr 1985 Joined A.S.T. Inc. (now Tata Consultancy Services Japan, Ltd.) May 1987 Joined Brown Brothers Harriman & Co. (U.S. investment bank) May 1998 Joined Nikko Salomon Smith Barney Securities Co., Ltd. (now Citigroup Securities Japan Limited) Aug 2000 Joined Tokyo Mitsubishi Securities Co., Ltd. (now Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.) Apr 2009 Part-time Lecturer, Graduate School of Media and Governance, Keio University (retired Mar 2024) Apr 2016 Part-time Lecturer, School of Human Welfare Studies, Kwansei Gakuin University (retired Mar 2022) May 2020 Fellow (Sustainability), Mitsubishi UFJ Research & Consulting Co., Ltd. (retired Apr 2025) Sep 2021 Representative Director, Virtue Design General Incorporated Association (current) Apr 2022 Visiting Professor, College of Arts and Sciences, The University of Tokyo (retired Mar 2026) Apr 2024 Specially Appointed Professor, Keio University (current) Jun 2024 Director of the Company (current)
1962-09-21
Yuriya KOMATSU
Outside Director; Chair of Audit Committee
Apr 1986 Joined Nomura Securities Co., Ltd. Apr 1988 Joined Credit Suisse Trust and Banking Co., Ltd. Apr 1990 Joined Sparx Asset Management Co., Ltd. (now Sparx Group Co., Ltd.) May 1996 Joined The Dreyfus Corporation Dec 1999 Joined Fiduciary Trust Company International Sep 2000 Joined Intellasset Inc. Nov 2004 Joined Worldeye Capital Inc. Jun 2006 Joined Olympus Capital Holdings Asia Jul 2010 Joined Daiwa Quantum Capital Co., Ltd. Aug 2010 Executive Officer, Otsuka Chemical Co., Ltd. (retired Dec 2012) Jan 2013 Executive Officer, CFO, Dwango Co., Ltd. Oct 2014 Director, CFO, Dwango Co., Ltd. (retired Jun 2021) Oct 2014 Director, KADOKAWA DWANGO Corporation (now KADOKAWA Corporation) Jun 2017 Executive Officer, Kadokawa Corporation (now KADOKAWA Corporation) (retired Feb 2019) Jul 2020 Outside Director, NTN Corporation (to retire in Jun 2026, scheduled) Jun 2021 Outside Director, Dream Incubator Inc. (current) Sep 2021 Joined IA Partners Co., Ltd. Jun 2022 Outside Director, Daicel Corporation (current) Jan 2023 Director, IA Partners Co., Ltd. (retired Apr 2024) Jun 2025 Director of the Company (current)
1962-10-18
Yuji FUKASAWA
Outside Director; Audit Committee Member
Apr 1978 Joined Japanese National Railways Apr 1987 Joined East Japan Railway Company Jun 2003 General Manager, Investment Planning Department, Corporate Planning Headquarters, East Japan Railway Company Jun 2006 Director, General Manager, Human Resources Department; Director, Head of JR East Training Center, East Japan Railway Company Jun 2008 Managing Director, East Japan Railway Company Jun 2012 Representative Director, Executive Vice President, East Japan Railway Company Jun 2016 Representative Director, Executive Vice President; assisting the President (general); in charge of India High-Speed Rail Project, East Japan Railway Company Apr 2018 Representative Director, President, East Japan Railway Company Apr 2024 Director, Chairman of the Board, East Japan Railway Company (current) Apr 2025 President, Japan Tennis Association (current) Jun 2025 Director of the Company (current)
1954-11-01
Large Shareholding Reports
Nippon Life Insurance Company
2026-06-05
6.36%→6.27%
Nippon Life Insurance Company
2026-05-22
5.98%→6.36%
BlackRock Fund Advisors
2026-05-07
1.82%→2.09%
Nippon Life Insurance Company
2026-03-23
7.04%→5.98%
Nippon Life Insurance Company
2026-01-22
8.46%→7.04%
BlackRock Fund Advisors
2025-10-03
2.07%→1.82%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-09-19
3.49%→3.00%
Elliott Investment Management L.P.
2025-04-14
5.03%→4.91%
Elliott Investment Management L.P.
2024-11-19
5.03%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-07-30
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-05
Large Shareholding Report
EDINET
2026-05-22
Large Shareholding Report
EDINET
2026-05-07
Large Shareholding Report
EDINET
2026-03-23
Large Shareholding Report
TDnet
2026-01-30
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-01-22
Large Shareholding Report
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-10-29
中期経営計画
EDINET
2025-10-03
Large Shareholding Report
EDINET
2025-09-19
Large Shareholding Report
TDnet
2025-07-30
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-24
Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2025-04-14
Large Shareholding Report
TDnet
2025-01-31
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-19
Large Shareholding Report
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – 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
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
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
2022-08-15
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-15
Quarterly Securities Report
Ask AI
I have this company's financials, ownership, and management on hand. Ask me anything from an M&A perspective.
End of Preview

Try the full product

Free demo (no time limit, up to 10 companies). Explore Comps, DCF, LBO, WACC on every screen. Excel export is on the paid plan.

Free Demo (No Time Limit, 10 Companies) →