Overview
Electric Power and Gas

HOKKAIDO GAS CO.,LTD.

Hokkaido Gas Co., Ltd. is the primary city gas supplier in Hokkaido, Japan, manufacturing and supplying natural gas (LNG-based) across major cities including Sapporo, Otaru, Hakodate, Chitose, and Kitami. The company also operates in electricity retail and generation (including gas-fired, solar, and biomass power), as well as energy-related services such as LPG sales, district heating and cooling, and gas appliance sales. Its competitive strengths lie in its integrated energy infrastructure across Hokkaido, a diversified customer base exceeding 500,000 gas contracts, and growing electricity retail penetration surpassing 200,000 contracts.

Market Cap
¥77.3B
US$493M
EV
¥109B
US$692M
Stock¥876▼-0.68%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
3.6
x
LTM EV/EBIT
7.6
x
LTM PER
7.9
x
LTM PBR
0.8
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+5.7%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Feb 18, 26Adjustment after Q3 FY2026 earnings announcement
2Mar 5, 26Rise from FY2026 earnings forecast revision
MC → EV Bridge
77.3BUS$493MMarket Cap42.8BUS$273M+ Debt3.33BUS$21.3M− Cash10.5BUS$67.1M− Inv. Sec.2.30BUS$14.7M+ NCI109BUS$692MEV
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Performance & Balance
Revenue 5Y (¥B)
127US$810M'22/3175US$1.12B'23/3174US$1.11B'24/3170US$1.09B'25/3175US$1.11B'26/3
EBITDA 5Y (¥B)
20.7US$132M'22/326.9US$172M'23/329.6US$189M'24/329.3US$187M'25/332.4US$206M'26/3
Net Income 5Y (¥B)
5.24US$33.4M'22/39.96US$63.5M'23/311.6US$74.2M'24/310.4US$66.4M'25/311.5US$73.5M'26/3
Capital Structure
70%
30%
EquityD/E 0.43xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
16.2US$103M58.5US$373M'22/39.78US$62.4M67.8US$432M'23/317.7US$113M62.3US$398M'24/320.8US$132M60.1US$383M'25/320.2US$129M56.6US$361M'26/3
Shareholders
Top 10 hold 39.4%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
8.31%
2
TOKYO GAS CO.,LTD.
4.84%
3
Nippon Life Insurance Company
3.88%
4
The Hokkaido Bank, Ltd.
3.88%
5
North Pacific Bank,Ltd.
3.88%
6
Hokkaido Credit Federation of Agricultural Cooperatives
3.72%
7
HOKKAIDO GAS CO.,LTD. Employee Stock Ownership Association
3.27%
8
Mizuho Trust & Banking Co., Ltd. (Retirement Benefit Trust, Mizuho Bank, Ltd. Account; Re-trustee: Custody Bank of Japan, Ltd.)
2.97%
9
City of Sapporo
2.54%
10
Custody Bank of Japan, Ltd. (Trust Account)
2.12%
Management
12 officers
Hiroshi OTSUKI
Representative Director, Chairman
Oct 1972 Joined the Company Jun 1998 Director Jun 2000 Managing Director Jun 2002 Representative Director, Executive Vice President Apr 2008 Representative Director, President and Executive Officer, General Manager of Sales Division Oct 2015 Representative Director, President and Executive Officer, General Manager of Energy Services Business Division Apr 2021 Representative Director, President and Executive Officer, in charge of Audit and Risk Management Jun 2022 Representative Director, Chairman (current)
1949-07-11
Tomosato KAWAMURA
Representative Director, President and Executive Officer, in charge of Audit and Risk Management, General Manager of Digital Transformation and Structural Reform Promotion Headquarters
Apr 1992 Joined the Company Apr 2011 Manager, Pricing Planning Group and Management Planning Group, Planning Department Apr 2017 General Manager, Energy Planning Department Apr 2020 General Manager, Next-Generation Platform Study Project Department Apr 2021 Executive Officer, General Manager, Digital Transformation and Structural Reform Promotion Department Apr 2022 Executive Officer, General Manager, Digital Transformation and Structural Reform Promotion Headquarters; General Manager, Digital Transformation and Structural Reform Promotion Department Jun 2022 Representative Director, President and Executive Officer, in charge of Audit and Risk Management, General Manager of Digital Transformation and Structural Reform Promotion Headquarters (current)
1969-03-09
Fumitoshi IZAWA
Director, Managing Executive Officer, General Manager of Energy Services Business Division
Apr 1988 Joined the Company Mar 2014 Assistant to Deputy General Manager, Sales Division; seconded to Kitagas Freast Minami Co., Ltd.; Representative Director, President, Kitagas Freast Minami Co., Ltd. Apr 2015 Executive Officer, General Manager, Planning Department Jun 2017 Director, Managing Executive Officer, General Manager of Management Planning Headquarters and Planning Department Jun 2019 Representative Director, President, Hokkaido LNG Co., Ltd. Apr 2026 Director, Managing Executive Officer, General Manager of Energy Services Business Division (current)
1964-12-19
Hiroki MAETANI
Director, Managing Executive Officer, General Manager of Production and Supply Headquarters, in charge of Safety Promotion Department, Technology Development Institute and Human Resource Development Center
Apr 1991 Joined the Company Apr 2014 General Manager, Energy Vision Project Department Apr 2015 Executive Officer, Deputy General Manager for Smart Energy System & Network Promotion; General Manager, Energy Vision Project Department Jun 2019 Director, Managing Executive Officer, General Manager of Energy Services Business Division Apr 2021 Director, Managing Executive Officer, General Manager of Production and Supply Headquarters; in charge of Digital Transformation and Structural Reform Promotion Department Apr 2022 Director, Managing Executive Officer, General Manager of Production and Supply Headquarters and Supply Business Division; in charge of Technology Development Institute and Human Resource Development Center Apr 2023 Director, Managing Executive Officer, General Manager of Production and Supply Headquarters and Supply Business Division; in charge of Safety Promotion Department, Technology Development Institute and Human Resource Development Center Apr 2024 Director, Managing Executive Officer, General Manager of Production and Supply Headquarters; in charge of Safety Promotion Department, Technology Development Institute and Human Resource Development Center (current)
1967-08-12
Wataru YAGI
Director, Managing Executive Officer, in charge of General Affairs and Personnel Department, General Manager of General Affairs and Personnel Department
Apr 1988 Joined the Company Apr 2011 General Manager, Planning Department Apr 2014 Executive Officer, General Manager, Planning Department Apr 2015 Executive Officer, General Manager, Hakodate Branch Apr 2019 Executive Officer; Representative Director, Vice President, Kitagas G-Plex Co., Ltd. Apr 2020 Executive Officer; Representative Director, President, Kitagas G-Plex Co., Ltd. Apr 2022 Managing Executive Officer, in charge of General Affairs and Personnel Department, General Manager of General Affairs and Personnel Department; Representative Director, President, Kitagas Service Co., Ltd. (current) Apr 2022 Director, Managing Executive Officer Jun 2026 Director, Managing Executive Officer, in charge of General Affairs and Personnel Department, General Manager of General Affairs and Personnel Department (current)
1965-11-12
Miyako OKADA
Outside Director
Apr 2001 Full-time Lecturer, Graduate School of Economics, Hokkaido University Apr 2003 Assistant Professor, Graduate School of Economics, Hokkaido University Apr 2007 Associate Professor, Graduate School of Economics, Hokkaido University Apr 2017 Associate Professor, Faculty of Economics, Hokkaido University Oct 2018 Professor, Faculty of Economics, Hokkaido University (current) Jun 2019 Chairperson, Program Review Committee, Hokkaido Broadcasting Co., Ltd. Jun 2019 Outside Director of the Company (current) Apr 2020 Assistant to the President, Hokkaido University Apr 2024 Chair, Department of Business Administration, Faculty of Economics, Hokkaido University (current) Apr 2025 Vice Chair, General Incorporated Association Sapporo Manga and Library Utilization Community Development Organization (current) Jun 2025 Member, Board of Governors, Japan Broadcasting Corporation (NHK) (current) Jun 2025 Director, Hokkaido Road Management Technology Center, General Incorporated Foundation (current) Mar 2026 Member, Audit Committee, Japan Broadcasting Corporation (NHK) (current) Apr 2026 Vice Dean, Hokkaido University (current)
1964-07-31
Shuji KOISO
Outside Director
Apr 1972 Joined Hokkaido Development Agency Apr 1989 Director, International Affairs Office, Hokkaido Regional Development Bureau Jun 1999 Professor, Kushiro Public University; Director, Regional Economic Research Center Apr 2008 President, Kushiro Public University Sep 2012 Project Professor, Graduate School of Public Policy, Hokkaido University Apr 2017 Representative Director, General Incorporated Association Regional Research Workshop (current) Apr 2020 Visiting Professor, Graduate School of Public Policy, Hokkaido University Jun 2020 President, Hokkaido Tourism Organization, Public Interest Incorporated Foundation Jun 2022 Outside Director of the Company (current) Apr 2023 Project Professor; Director, Regional Creation Research Center, Hokkaido Bunkyo University Apr 2026 Special Appointed Professor, Kushiro Public University (current)
1948-05-14
Hiroaki TSUCHIYA
Full-time Audit and Supervisory Board Member
Apr 1984 Joined the Company Jun 2006 General Manager, Personnel Department Apr 2007 General Manager, Management Planning Department; General Manager, Pricing Planning Department Apr 2011 Executive Officer, Deputy Head of Sales Division; General Manager, Customer Department and Sales Planning Department Jun 2014 Director, Managing Executive Officer, in charge of ICT Promotion Department, General Affairs and Personnel Department, Human Resource Development Center, Internal Control Promotion Office and Risk Management Oct 2015 Director, Managing Executive Officer, General Manager of Technology & Information Infrastructure Headquarters; in charge of General Affairs and Personnel Department and Human Resource Development Center Apr 2022 Director, Managing Executive Officer, in charge of Industry-Academia Collaboration Promotion Apr 2023 Director Jun 2023 Audit and Supervisory Board Member (current)
1960-07-25
Azumi HONMA
Outside Audit and Supervisory Board Member
Apr 1994 Joined Sumitomo Life Insurance Company Jun 2002 Left Sumitomo Life Insurance Company Aug 2002 Established Honma Social Insurance and Labor Consultant Office (now Social Insurance Labor Consultants Corporation MIKATA) Dec 2014 Established Work & Life Integration Co., Ltd.; Representative Director (current) Jan 2022 Representative Partner, Social Insurance Labor Consultants Corporation MIKATA (current) Jun 2025 Outside Audit and Supervisory Board Member of the Company (current)
1974-02-20
Yasuyuki WATANUKI
Outside Director
Apr 1985 Joined Japanese National Railways Jun 2005 General Manager, Sales Promotion Department, Railway Operations Headquarters, Hokkaido Railway Company Jun 2011 Director; General Manager, General Affairs Department, Hokkaido Railway Company Jun 2016 Director; General Manager, Hakodate Branch, Hokkaido Railway Company Jun 2018 Managing Director; General Manager, General Planning Headquarters, Hokkaido Railway Company Jun 2020 Director, Vice President, Hokkaido Railway Company Jun 2021 Outside Audit and Supervisory Board Member of the Company Jun 2022 Representative Director, President, Hokkaido Railway Company (current) Jun 2023 Outside Director of the Company (current)
1962-01-08
Kazushige MATSUSHIMA
Full-time Outside Audit and Supervisory Board Member
Apr 1988 Joined Hokkaido Tohoku Development Corporation Apr 2012 General Manager, Legal and Compliance Department, Development Bank of Japan Inc. Apr 2015 Branch Manager, Hokkaido Branch, Development Bank of Japan Inc. Jun 2019 Executive Officer, in charge of Internal Audit, Development Bank of Japan Inc. May 2020 Managing Executive Officer, Development Bank of Japan Inc. Jun 2022 Director, Managing Executive Officer, Development Bank of Japan Inc. Jun 2023 Retired from Development Bank of Japan Inc.; Outside Audit and Supervisory Board Member of the Company (current)
1965-08-26
Masayuki NAKATA
Outside Audit and Supervisory Board Member
Jul 1987 Joined City of Sapporo Apr 2013 General Manager, Business Management Department, Transportation Bureau Apr 2015 General Manager, Policy Planning Department, Mayor's Policy Office Apr 2016 General Manager, Policy Planning Department, Urban Development Bureau Apr 2017 Bureau Director, City Planning, Urban Development Bureau May 2019 Director General, Sports Bureau Apr 2022 Transportation Administrator, City of Sapporo Mar 2024 Retired from City of Sapporo Apr 2024 President, General Incorporated Foundation Sapporo Transportation Public Corporation Jun 2026 Retired from General Incorporated Foundation Sapporo Transportation Public Corporation Jun 2026 Outside Audit and Supervisory Board Member of the Company (current)
1963-11-17
Large Shareholding Reports
No filings
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
TDnet
2026-01-29
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-07-31
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-19
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-01-31
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-07-31
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-24
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
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-28
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-27
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-12
Quarterly Securities Report
EDINET
2021-06-28
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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