Tokyo Gas Co.

TKGSY

Regulated Gas · Utilities

Price

$18.77

+0.39 (+2.10%)

Market Cap

$12.41B

Exchange

Other OTC

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Weak

Stability

Strong

Valuation

Good

Dividends

Weak

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Share count falling — buybacks

−21.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 879.3M (2022) → 693.0M (2026)

Winston Score History

The full picture

Tokyo Gas is Japan's largest natural gas utility company. It pipes natural gas into homes, apartments, and businesses across the greater Tokyo metropolitan area — one of the most densely populated regions in the world. The company also sells gas appliances, provides home energy services, and has expanded into electricity supply as Japan's energy market has gradually opened to competition.

Tokyo Gas earns most of its revenue by charging customers for the gas they use each month, similar to a subscription. It operates primarily in Japan, with some overseas investments in liquefied natural gas (LNG) projects. Its main competitive advantage is its massive, deeply embedded pipeline network in Tokyo, which is extremely expensive and difficult for any competitor to replicate. The biggest risk the company faces is Japan's long-term population decline, which could shrink its customer base, alongside growing pressure to shift away from fossil fuels as the country pursues carbon neutrality goals by 2050.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+81.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

¥0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

54.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

¥819.4B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Tokyo Gas Co. is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

19.1%

Thin — 19.1% gross margin

Profit after running costs

Operating Margin

8.2%

Modest — 8.2% operating margin

Return on the money invested

ROCE

6.6%

Weak — 6.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+7.9%

Steady sales growth (+7.9% YoY)

Profit growth

EPS YoY

+13.3%

Earnings growing (+13.3% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.72

Moderate — manageable debt (0.72)

Covers its interest

Interest Cover

11.62x

Comfortably covers interest (11.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

12.8x

Attractive valuation — P/E 12.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

1.83%

Small dividend — 1.83% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-6.8%

Dividend cut (-6.8% YoY) — warning sign

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