# Chubu Electric Power Company,Incorporated (9502.JP)

Canonical: https://gigainvestors.com/s/9502.JP

Analysis as of: 2026-10-15T07:12:01.637Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

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

Share price: JPY 2,580.00 per share; close as of 2026-10-15.

Estimated value: low JPY 1,605.04 per share, central JPY 1,777.83 per share, high JPY 2,007.85 per share. Buy at or below the central value JPY 1,777.83 per share. Valuation as of 2026-10-15T07:12:01.637Z; scenarios are not confidence intervals.

Expected annual return: 7.4% at the stated quote. About 7.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 0.60×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.05×

- FY2019: 0.04×

- FY2020: 0.04×

- FY2021: 0.05×

- FY2022: -0.02×

- FY2023: 0.03×

- FY2024: 0.10×

- FY2025: 0.07×

- FY2026: 0.06×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 2.6%

- ROIC, second-lowest year: 1.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.1%

- ROIC including acquisitions, ten-year median: 1.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 2.6%

- FY2018: 2.6%

- FY2019: 2.3%

- FY2020: 2.6%

- FY2021: 2.9%

- FY2022: -1.0%

- FY2023: 1.6%

- FY2024: 5.6%

- FY2025: 3.6%

- FY2026: 3.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.62×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 514B

- Net income, five-year total: JPY 828B

- Return on incremental invested capital: 0.3%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.4 pp

- Working capital / revenue, final three-year average: 10.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 2.00×

- FY2023: 1.00×

- FY2024: 0.81×

- FY2025: 0.73×

- FY2026: 0.38×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 2.6% vs 3.6%

- Per-share earnings: 151.43 to 301.57 (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 821B

- Cumulative retained earnings: JPY 951B

- 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: 9.0%

- Per-share value change: JPY 150.14

- Per-share value, starting three-year median: JPY 151.43

- Per-share value, ending three-year median: JPY 301.57

- Buybacks concentrated in cheaper years (correlation): 0.31

- Average buyback yield: 0.0%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: JPY 101B

- Cumulative net income, 10 years: JPY 1.41T

- ROIC, first three-year median: 2.6%

- ROIC, last three-year median: 3.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 151.43

- FY2018: JPY 98.24

- FY2019: JPY 104.96

- FY2020: JPY 216.11

- FY2021: JPY 194.65

- FY2022: JPY -56.90

- FY2023: JPY 50.56

- FY2024: JPY 533.17

- FY2025: JPY 267.41

- FY2026: JPY 301.57

### accounting: pass

- Sloan accruals: -1.4%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.47×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.1%

- FY2018: -6.3%

- FY2019: -3.6%

- FY2020: -1.7%

- FY2021: -4.2%

- FY2022: -1.0%

- FY2023: -4.0%

- FY2024: 0.8%

- FY2025: -1.4%

- FY2026: -1.4%

## Holders

## Price story

Price needs cash profits to grow 6.5% a year for ten years · sales -3.4%

Story as of 2026-10-16T10:00:14.917Z; price observation 2026-10-15.

Price needs cash profits to grow 6.5% a year for ten years

### Sales · FY2025–2026

sales -3.4%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDH0.pdf; observed 2026-06-24.

- FY2017: JPY 2.60T 

- FY2018: JPY 2.85T 

- FY2019: JPY 3.04T 

- FY2020: JPY 3.07T 

- FY2021: JPY 2.94T 

- FY2022: JPY 2.71T 

- FY2023: JPY 3.99T 

- FY2024: JPY 3.61T 

- FY2025: JPY 3.67T 

- FY2026: JPY 3.55T 

### Gross margin · FY2026

gross margin 6.5%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDH0.pdf; observed 2026-06-24.

- FY2023: 2.7% 

- FY2024: 9.5% 

- FY2025: 6.6% 

- FY2026: 6.5% 

## Owner memo

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

### How it makes money

Annual sales are JPY 3.5 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDH0.pdf (filed 2026-06-24); FY2026: revenue 3546041000000; grossProfit 230043000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 6.5% to 9.5% during 2024–26; it earns 2.6% on its capital.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/9502.T (filed 2026-06-24); FY2024: grossProfit / revenue = 9.5%.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/9502.T (filed 2026-06-24); FY2025: grossProfit / revenue = 6.6%.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/9502.T (filed 2026-06-24); FY2026: grossProfit / revenue = 6.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); 10-year return on capital observations [[2017,0.02646828943556111],[2018,0.02553763229998483],[2019,0.023475185500568888],[2020,0.026488078671592908],[2021,0.028741618317144262],[2022,-0.009771469708253188],[2023,0.015852759503864586],[2024,0.055873902940392704],[2025,0.03577695445029176],[2026,0.034152723108039795]]; median 0.02647818405357701. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 12.2% of cash earnings; earns 0.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2017: growth capex 0; upkeep 322307000000; owner earnings 48050000000. 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 324582000000; owner earnings 99577000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2020: growth capex 0; upkeep 230985000000; owner earnings 24911000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2021: growth capex 0; upkeep 211936000000; owner earnings 117929000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2023: growth capex 93117000000; upkeep 155927000000; cash acquisitions 0; owner earnings 38231000000. Growth capex plus acquisitions / owner earnings = 2.4356412335539224.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2024: growth capex 0; upkeep 248666000000; cash acquisitions 40760000000; owner earnings 326520000000. Growth capex plus acquisitions / owner earnings = 0.12483155702560333.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); FY2025: growth capex 47832672778.17926; upkeep 224708327221.82074; cash acquisitions 49269000000; owner earnings 148259672778.17926. Growth capex plus acquisitions / owner earnings = 0.6549432556987985.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDH0.pdf (filed 2026-06-24); FY2026: growth capex 0; upkeep 313493000000; cash acquisitions 10579000000; owner earnings 86606000000. Growth capex plus acquisitions / owner earnings = 0.12215089023855161.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Incremental return on capital 0.0033065275333642305, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Dividend observations: [[2017,22684000000],[2018,22681000000],[2019,30193000000],[2020,37747000000],[2021,37767000000],[2022,37758000000],[2023,37807000000],[2024,37795000000],[2025,45335000000],[2026,49130000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDH0.pdf (filed 2026-06-24); FY2026: cash repurchases 64000000 JPY.

### What the price says

The price assumes cash profits grow 6.5% yearly over ten years; actual decline was 4.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Ten-year compound average after fade. Initial solved rate 0.08012013922388694. Price 2580; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 189.0442369436508 → FY2026 114.65471770670999. Closing-price date 2026-10-15.

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

- 2016-11: JPY 1,605.50 per share

- 2016-12: JPY 1,633.00 per share

- 2017-01: JPY 1,503.00 per share

- 2017-02: JPY 1,480.00 per share

- 2017-03: JPY 1,491.00 per share

- 2017-04: JPY 1,497.50 per share

- 2017-05: JPY 1,503.50 per share

- 2017-06: JPY 1,492.50 per share

- 2017-07: JPY 1,449.00 per share

- 2017-08: JPY 1,437.00 per share

- 2017-09: JPY 1,397.00 per share

- 2017-10: JPY 1,457.00 per share

- 2017-11: JPY 1,419.00 per share

- 2017-12: JPY 1,400.50 per share

- 2018-01: JPY 1,369.50 per share

- 2018-02: JPY 1,460.50 per share

- 2018-03: JPY 1,503.00 per share

- 2018-04: JPY 1,713.50 per share

- 2018-05: JPY 1,685.50 per share

- 2018-06: JPY 1,661.00 per share

- 2018-07: JPY 1,720.50 per share

- 2018-08: JPY 1,615.50 per share

- 2018-09: JPY 1,718.50 per share

- 2018-10: JPY 1,628.50 per share

- 2018-11: JPY 1,702.00 per share

- 2018-12: JPY 1,562.50 per share

- 2019-01: JPY 1,719.50 per share

- 2019-02: JPY 1,752.50 per share

- 2019-03: JPY 1,728.50 per share

- 2019-04: JPY 1,616.00 per share

- 2019-05: JPY 1,481.50 per share

- 2019-06: JPY 1,511.50 per share

- 2019-07: JPY 1,539.00 per share

- 2019-08: JPY 1,566.50 per share

- 2019-09: JPY 1,565.00 per share

- 2019-10: JPY 1,625.50 per share

- 2019-11: JPY 1,526.00 per share

- 2019-12: JPY 1,541.50 per share

- 2020-01: JPY 1,488.00 per share

- 2020-02: JPY 1,407.50 per share

- 2020-03: JPY 1,524.50 per share

- 2020-04: JPY 1,458.50 per share

- 2020-05: JPY 1,451.00 per share

- 2020-06: JPY 1,352.00 per share

- 2020-07: JPY 1,254.50 per share

- 2020-08: JPY 1,309.50 per share

- 2020-09: JPY 1,281.00 per share

- 2020-10: JPY 1,171.50 per share

- 2020-11: JPY 1,257.50 per share

- 2020-12: JPY 1,243.00 per share

- 2021-01: JPY 1,281.50 per share

- 2021-02: JPY 1,307.50 per share

- 2021-03: JPY 1,425.00 per share

- 2021-04: JPY 1,320.50 per share

- 2021-05: JPY 1,311.00 per share

- 2021-06: JPY 1,358.00 per share

- 2021-07: JPY 1,316.50 per share

- 2021-08: JPY 1,329.00 per share

- 2021-09: JPY 1,321.50 per share

- 2021-10: JPY 1,179.00 per share

- 2021-11: JPY 1,146.00 per share

- 2021-12: JPY 1,212.00 per share

- 2022-01: JPY 1,151.00 per share

- 2022-02: JPY 1,153.00 per share

- 2022-03: JPY 1,263.00 per share

- 2022-04: JPY 1,312.00 per share

- 2022-05: JPY 1,291.00 per share

- 2022-06: JPY 1,366.00 per share

- 2022-07: JPY 1,420.00 per share

- 2022-08: JPY 1,414.00 per share

- 2022-09: JPY 1,304.00 per share

- 2022-10: JPY 1,211.00 per share

- 2022-11: JPY 1,288.00 per share

- 2022-12: JPY 1,362.00 per share

- 2023-01: JPY 1,398.00 per share

- 2023-02: JPY 1,412.00 per share

- 2023-03: JPY 1,399.00 per share

- 2023-04: JPY 1,519.00 per share

- 2023-05: JPY 1,663.00 per share

- 2023-06: JPY 1,757.00 per share

- 2023-07: JPY 1,782.50 per share

- 2023-08: JPY 1,945.00 per share

- 2023-09: JPY 1,907.00 per share

- 2023-10: JPY 1,822.50 per share

- 2023-11: JPY 1,827.00 per share

- 2023-12: JPY 1,821.50 per share

- 2024-01: JPY 1,917.50 per share

- 2024-02: JPY 1,866.50 per share

- 2024-03: JPY 1,990.50 per share

- 2024-04: JPY 2,025.00 per share

- 2024-05: JPY 2,166.50 per share

- 2024-06: JPY 1,901.00 per share

- 2024-07: JPY 1,893.50 per share

- 2024-08: JPY 1,819.00 per share

- 2024-09: JPY 1,681.00 per share

- 2024-10: JPY 1,755.00 per share

- 2024-11: JPY 1,583.00 per share

- 2024-12: JPY 1,655.50 per share

- 2025-01: JPY 1,618.50 per share

- 2025-02: JPY 1,586.50 per share

- 2025-03: JPY 1,623.00 per share

- 2025-04: JPY 1,852.00 per share

- 2025-05: JPY 1,768.00 per share

- 2025-06: JPY 1,781.00 per share

- 2025-07: JPY 1,845.50 per share

- 2025-08: JPY 2,035.00 per share

- 2025-09: JPY 2,058.50 per share

- 2025-10: JPY 2,145.00 per share

- 2025-11: JPY 2,440.00 per share

- 2025-12: JPY 2,412.00 per share

- 2026-01: JPY 2,249.00 per share

- 2026-02: JPY 2,637.50 per share

- 2026-03: JPY 2,582.00 per share

- 2026-04: JPY 2,690.50 per share

- 2026-05: JPY 2,925.00 per share

- 2026-06: JPY 3,060.00 per share

- 2026-07: JPY 2,787.00 per share

- 2026-08: JPY 2,873.50 per share

- 2026-09: JPY 2,709.50 per share

- 2026-10: JPY 2,644.00 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 932.99 per share, central JPY 1,045.73 per share, high JPY 1,195.80 per share

- FY2021: low JPY 938.72 per share, central JPY 1,046.68 per share, high JPY 1,190.40 per share

- FY2022: low JPY 514.94 per share, central JPY 558.75 per share, high JPY 617.07 per share

- FY2023: low JPY 897.43 per share, central JPY 1,046.10 per share, high JPY 1,159.73 per share

- FY2024: low JPY 956.38 per share, central JPY 1,074.41 per share, high JPY 1,182.62 per share

- FY2025: low JPY 2,525.58 per share, central JPY 2,962.12 per share, high JPY 3,401.26 per share

- FY2026: low JPY 1,605.04 per share, central JPY 1,777.83 per share, high JPY 2,007.85 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/S100YDH0.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.