# Tokyo Electric Power Company Holdings (9501.JP)

Canonical: https://gigainvestors.com/s/9501.JP

Analysis as of: 2026-10-15T07:12:01.597Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 498.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 2

- Operating margin variation: 0.76×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.05×

- FY2020: 0.03×

- FY2021: 0.02×

- FY2022: 0.01×

- FY2023: -0.03×

- FY2024: 0.04×

- FY2025: 0.03×

- FY2026: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 2.8%

- ROIC, second-lowest year: 0.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.2%

- ROIC including acquisitions, ten-year median: -1.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 4.1%

- FY2018: 4.9%

- FY2019: 4.1%

- FY2020: 2.6%

- FY2021: 1.9%

- FY2022: 0.4%

- FY2023: -2.4%

- FY2024: 3.1%

- FY2025: 2.1%

- FY2026: 3.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY -1.61T

- Net income, five-year total: JPY -146B

- Return on incremental invested capital: -0.8%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -3.7 pp

- Working capital / revenue, final three-year average: 5.1%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: JPY -130B

- FY2023: JPY -124B

- FY2024: JPY -79B

- FY2025: JPY -305B

- FY2026: JPY -974B

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.1% vs 3.0%

- Per-share earnings: 87.86 to 100.67 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: JPY 325B

- Cumulative retained earnings: JPY 623B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 1.7%

- Per-share value change: JPY 12.81

- Per-share value, starting three-year median: JPY 87.86

- Per-share value, ending three-year median: JPY 100.67

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 20B

- Cumulative net income, 10 years: JPY 769B

- ROIC, first three-year median: 4.1%

- ROIC, last three-year median: 3.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 82.89

- FY2018: JPY 198.52

- FY2019: JPY 145.06

- FY2020: JPY 31.65

- FY2021: JPY 112.90

- FY2022: JPY 1.82

- FY2023: JPY -77.17

- FY2024: JPY 167.18

- FY2025: JPY 100.67

- FY2026: JPY -283.51

### accounting: pass

- Sloan accruals: -6.5%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -5.3%

- FY2018: -3.4%

- FY2019: -2.1%

- FY2020: -2.3%

- FY2021: -0.5%

- FY2022: -3.1%

- FY2023: -0.4%

- FY2024: -2.8%

- FY2025: -1.3%

- FY2026: -6.5%

## Holders

## Price story

Down 50% since Apr 2024 · sales -7.1%

Story as of 2026-10-16T10:00:14.914Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales -7.1%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YIHR.pdf; observed 2026-06-24.

- FY2017: JPY 5.36T 

- FY2018: JPY 5.85T 

- FY2019: JPY 6.34T 

- FY2020: JPY 6.24T 

- FY2021: JPY 5.87T 

- FY2022: JPY 5.31T 

- FY2023: JPY 8.11T 

- FY2024: JPY 6.92T 

- FY2025: JPY 6.81T 

- FY2026: JPY 6.33T 

### Gross margin · FY2026

gross margin 5.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YIHR.pdf; observed 2026-06-24.

- FY2024: 4.0% 

- FY2025: 3.4% 

- FY2026: 5.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are JPY 6.3 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YIHR.pdf (filed 2026-06-24); FY2026: revenue 6328574000000; grossProfit 337691000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 3.4% to 5.3% during 2024–26; it earns 2.8% on its capital.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/9501.T (filed 2026-06-24); FY2024: grossProfit / revenue = 4%.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/9501.T (filed 2026-06-24); FY2025: grossProfit / revenue = 3.4%.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/9501.T (filed 2026-06-24); FY2026: grossProfit / revenue = 5.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); 10-year return on capital observations [[2017,0.04138412990471378],[2018,0.048872244930078274],[2019,0.04136626491750208],[2020,0.026156424746531196],[2021,0.019113838561047723],[2022,0.004137917644016389],[2023,-0.023987317927441104],[2024,0.03094222306214418],[2025,0.021235143762871337],[2026,0.030316296010091254]]; median 0.028236360378311225. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2017: growth capex 0; upkeep 562242000000; owner earnings 134844000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2018: growth capex 0; upkeep 562006000000; owner earnings 190177000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 0.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Closing price 498 JPY; reporting-to-trading FX 1; FY2026 annual sales per share 3949.725191662099; price multiple 0.12608472129941645. FY2026 cash earnings/share -608.0283840638573. Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 425.00 per share

- 2016-12: JPY 472.00 per share

- 2017-01: JPY 433.00 per share

- 2017-02: JPY 432.00 per share

- 2017-03: JPY 436.00 per share

- 2017-04: JPY 433.00 per share

- 2017-05: JPY 454.00 per share

- 2017-06: JPY 463.00 per share

- 2017-07: JPY 468.00 per share

- 2017-08: JPY 445.00 per share

- 2017-09: JPY 454.00 per share

- 2017-10: JPY 464.00 per share

- 2017-11: JPY 450.00 per share

- 2017-12: JPY 446.00 per share

- 2018-01: JPY 442.00 per share

- 2018-02: JPY 412.00 per share

- 2018-03: JPY 410.00 per share

- 2018-04: JPY 521.00 per share

- 2018-05: JPY 517.00 per share

- 2018-06: JPY 516.00 per share

- 2018-07: JPY 534.00 per share

- 2018-08: JPY 514.00 per share

- 2018-09: JPY 558.00 per share

- 2018-10: JPY 578.00 per share

- 2018-11: JPY 689.00 per share

- 2018-12: JPY 653.00 per share

- 2019-01: JPY 669.00 per share

- 2019-02: JPY 694.00 per share

- 2019-03: JPY 700.00 per share

- 2019-04: JPY 628.00 per share

- 2019-05: JPY 558.00 per share

- 2019-06: JPY 562.00 per share

- 2019-07: JPY 525.00 per share

- 2019-08: JPY 506.00 per share

- 2019-09: JPY 529.00 per share

- 2019-10: JPY 502.00 per share

- 2019-11: JPY 480.00 per share

- 2019-12: JPY 467.00 per share

- 2020-01: JPY 435.00 per share

- 2020-02: JPY 410.00 per share

- 2020-03: JPY 377.00 per share

- 2020-04: JPY 363.00 per share

- 2020-05: JPY 363.00 per share

- 2020-06: JPY 331.00 per share

- 2020-07: JPY 280.00 per share

- 2020-08: JPY 312.00 per share

- 2020-09: JPY 289.00 per share

- 2020-10: JPY 269.00 per share

- 2020-11: JPY 272.00 per share

- 2020-12: JPY 272.00 per share

- 2021-01: JPY 401.00 per share

- 2021-02: JPY 342.00 per share

- 2021-03: JPY 369.00 per share

- 2021-04: JPY 323.00 per share

- 2021-05: JPY 339.00 per share

- 2021-06: JPY 330.00 per share

- 2021-07: JPY 292.00 per share

- 2021-08: JPY 289.00 per share

- 2021-09: JPY 320.00 per share

- 2021-10: JPY 315.00 per share

- 2021-11: JPY 303.00 per share

- 2021-12: JPY 297.00 per share

- 2022-01: JPY 306.00 per share

- 2022-02: JPY 362.00 per share

- 2022-03: JPY 403.00 per share

- 2022-04: JPY 448.00 per share

- 2022-05: JPY 481.00 per share

- 2022-06: JPY 567.00 per share

- 2022-07: JPY 523.00 per share

- 2022-08: JPY 544.00 per share

- 2022-09: JPY 462.00 per share

- 2022-10: JPY 485.00 per share

- 2022-11: JPY 499.00 per share

- 2022-12: JPY 476.00 per share

- 2023-01: JPY 485.00 per share

- 2023-02: JPY 452.00 per share

- 2023-03: JPY 473.00 per share

- 2023-04: JPY 487.00 per share

- 2023-05: JPY 481.00 per share

- 2023-06: JPY 527.10 per share

- 2023-07: JPY 565.00 per share

- 2023-08: JPY 640.00 per share

- 2023-09: JPY 668.80 per share

- 2023-10: JPY 637.00 per share

- 2023-11: JPY 630.90 per share

- 2023-12: JPY 738.50 per share

- 2024-01: JPY 788.30 per share

- 2024-02: JPY 810.00 per share

- 2024-03: JPY 942.00 per share

- 2024-04: JPY 987.10 per share

- 2024-05: JPY 939.60 per share

- 2024-06: JPY 866.20 per share

- 2024-07: JPY 747.80 per share

- 2024-08: JPY 694.80 per share

- 2024-09: JPY 636.90 per share

- 2024-10: JPY 622.80 per share

- 2024-11: JPY 536.20 per share

- 2024-12: JPY 475.00 per share

- 2025-01: JPY 409.10 per share

- 2025-02: JPY 383.00 per share

- 2025-03: JPY 429.70 per share

- 2025-04: JPY 436.10 per share

- 2025-05: JPY 397.50 per share

- 2025-06: JPY 480.10 per share

- 2025-07: JPY 575.00 per share

- 2025-08: JPY 755.10 per share

- 2025-09: JPY 694.20 per share

- 2025-10: JPY 772.10 per share

- 2025-11: JPY 793.00 per share

- 2025-12: JPY 657.30 per share

- 2026-01: JPY 580.90 per share

- 2026-02: JPY 700.40 per share

- 2026-03: JPY 638.90 per share

- 2026-04: JPY 592.20 per share

- 2026-05: JPY 564.70 per share

- 2026-06: JPY 461.30 per share

- 2026-07: JPY 520.00 per share

- 2026-08: JPY 538.10 per share

- 2026-09: JPY 534.10 per share

- 2026-10: JPY 513.70 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 1,249.20 per share, central JPY 1,362.18 per share, high JPY 1,512.59 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YIHR.pdf); period 2026-03-31, filed 2026-06-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.