Central Japan Railway Co CJPRY

IndustrialsPassenger Transportation ServicesJapan

Last close 12.66 USD on Nov 2, 2026, −7.6% year to date

Quant rating

Quant rating A Rank 21 of 418 in Industrials

Growth B 89 of 418
Valuation A 3 of 418
Quality B 87 of 418
Revisions B 105 of 418
Momentum B 156 of 418

Wall Street consensus Buy (2.38)Average target 29.02 USD +129.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 25.1B
Enterprise value: 53.2B
52-week range: 10.03 – 15.68
3-year range: 8.82 – 15.68
Dividend yield: 0.60%
Beta (5 years): 0.24
Shares outstanding: 995M
Next earnings: Feb 1, 2027

About the company

Central Japan Railway Co is a Japan-based company mainly involved in the provision of railway services. The Company operates in three business segments. The Transportation segment is engaged in the operation of Tokaido Shinkansen railways and the conventional railways in the Tokai area, as well as the provision of bus services. The Distribution segment is engaged in the operation of department stores in JR central towers, as well as the merchandising business in train compartments and stations. The Real Estate segment is engaged in the leasing and sale of station buildings and other real estate. The Company also operates a hotel business, travel agency business, advertising business, railroad car manufacturing business, and construction business.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	12,641	12,216	11,304	10,545	7,686	–
Revenue growth	3.5%	8.1%	7.2%	37.2%	3.3%	11.2%
EPS (basic, normalized)	3.58	3.26	2.48	1.67	−0.41	–
EPS growth	9.8%	31.5%	48.4%	–	–	–
Gross margin	52.2%	49.3%	46.7%	39.5%	17.3%	41.0%
Net margin	27.6%	25.0%	22.5%	15.7%	−5.6%	17.0%
ROE	11.4%	10.5%	9.7%	6.0%	−1.4%	7.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,567
Current ratio	1.87x
Long-term debt (mil)	29,149
Net debt (mil)	28,214
Total equity (mil)	33,873
Net debt / equity	0.83x
Net debt / EBITDA	4.35x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	12,641	+3.5%	4.2x	6,491	+3.8%	8.2x	3.58	+9.8%	3.5x
2027	13,053	+3.3%	4.1x	6,242	−3.8%	8.5x	3.32	−7.2%	3.8x
2028	13,378	+2.5%	4.0x	6,378	+2.2%	8.3x	3.39	+2.2%	3.7x
2029	13,715	+2.5%	3.9x	6,567	+3.0%	8.1x	3.49	+2.7%	3.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	13,053	+0.9%	+1.4%	+2.8%	3.32	+0.9%	+0.7%	+0.4%
2028	13,378	+1.0%	+1.4%	+2.8%	3.39	+1.4%	+0.8%	−0.1%
2029	13,715	+1.1%	+1.4%	+5.2%	3.49	+1.2%	+3.2%	+3.7%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	437,390	435,290	438,575	494,172	463,810	478,283	503,919	531,950	492,066	492,716
Sales mean (mil)	524,268	419,971	432,622	472,838	446,652	455,613	475,460	510,186	479,324	473,860
Surprise	−16.6%	+3.6%	+1.4%	+4.5%	+3.8%	+5.0%	+6.0%	+4.3%	+2.7%	+4.0%
EPS reported	66.70	121.73	115.72	145.54	82.89	147.88	157.28	167.27	97.87	149.59
EPS mean	15.82	113.17	126.22	126.45	53.09	134.31	155.23	129.34	67.70	144.68
Surprise	+321.6%	+7.6%	−8.3%	+15.1%	+56.1%	+10.1%	+1.3%	+29.3%	+44.6%	+3.4%

Peer comparison Passenger Transportation Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CJPRY Central Japan Railway Co	25.1B	4.35x	27.6%	0.71x	3.8x	3.7x	8.5x	8.3x
RYAAY Ryanair Holdings PLC	27.9B	−0.50x	14.0%	2.71x	14.4x	12.5x	6.3x	5.9x
EJPRY East Japan Railway Co	26.6B	5.92x	8.0%	1.32x	7.7x	7.0x	10.3x	9.7x
MTCPY MTR Corporation Limited	26.2B	–	26.5%	0.90x	31.8x	50.4x	12.0x	13.0x
ICAGY International Consolidated Airlines Group, S.A.	24.3B	–	–	–	8.1x	6.3x	–	–
LUV Southwest Airlines Co	21.5B	1.08x	1.6%	2.93x	15.9x	10.5x	7.0x	5.7x
Mean		2.71x	15.5%	1.72x	13.6x	15.1x	8.8x	8.5x
Median		2.71x	14.0%	1.32x	11.2x	8.7x	8.5x	8.3x

Technical analysis

1M+10.2%
3M+2.9%
1Y+4.7%
3Y+11.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Central Japan Railway Co, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	12,641	12,216	11,304	10,545	7,686	7,439
Cost of revenue	6,044	6,195	6,029	6,385	6,359	7,622
Gross profit	6,597	6,022	5,275	4,160	1,328	−183
Selling, general & administrative expenses	1,274	1,236	1,167	1,230	1,192	1,343
Research & development	–	–	–	–	–	–
Depreciation/amortization	91.9	98.3	93.9	110	122	143
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	11.4	15.4	8.8	20.8	14.9	56.5
Other operating expenses	0	0	0	0	0	0
Operating income	5,219	4,671	4,005	2,800	−0.9	−1,725
Net interest income (expense)	−337	−379	−414	−519	−597	−661
Gain (loss) on sale of assets	1.7	−7.4	−1.8	10.6	19.5	−2.3
Other non-operating income (expense)	26.9	21.8	14.7	14.3	29.6	−37.2
Net income before taxes	4,911	4,307	3,604	2,305	−549	−2,426
Provision for taxes	1,371	1,210	1,035	633	−141	−627
Minority interest	−55.9	−39.8	−28.7	−20.2	−18.9	−22.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	3,484	3,057	2,541	1,652	−427	−1,821
Extraordinary items	–	–	–	–	–	–
Net income	3,484	3,057	2,541	1,652	−427	−1,821
EBIT, normalized	5,231	4,687	4,014	2,820	14.0	−1,669
EBITDA, normalized	6,528	6,074	5,444	4,474	1,716	132
Basic EPS, normalized	3.58	3.26	2.48	1.67	−0.41	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Central Japan Railway Co, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	2,322	3,050	6,313	6,417	5,426	6,595
Receivables	1,488	1,405	1,200	1,062	811	923
Total inventory	342	279	277	281	283	379
Prepaid expenses	–	–	–	–	–	–
Other current assets	6,401	8,224	10,656	12,665	15,532	19,419
Total current assets	10,553	12,957	18,446	20,425	22,051	27,316
Property, plant & equipment	40,144	40,405	38,390	42,267	44,449	46,764
Goodwill	–	–	–	–	–	–
Intangibles	1,169	1,099	1,059	1,200	1,168	998
Long-term investments	3,393	3,059	3,477	4,751	6,346	7,837
Note receivable	–	–	–	–	–	–
Other long-term assets	13,269	11,325	4,333	3,007	3,665	3,810
Total assets	68,528	68,845	65,705	71,650	77,680	86,724
Liabilities
Accounts payable	584	556	564	599	624	633
Payable/accrued	–	–	–	–	–	–
Accrued expenses	216	216	200	202	185	207
Short-term debt	236	234	212	206	1,897	271
Current portion of long-term debt	960	611	878	1,511	827	1,318
Other current liabilities	3,876	3,600	3,424	2,976	2,527	5,016
Total current liabilities	5,873	5,217	5,279	5,493	6,060	7,444
Long-term debt	29,143	31,310	31,209	35,822	39,852	43,339
Minority interest	431	387	357	360	371	398
Other liabilities	1,148	1,250	1,303	1,665	2,101	2,638
Total liabilities	36,595	38,165	38,148	43,340	48,384	53,820
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	706	747	740	843	921	1,012
Additional paid-in capital	341	361	358	403	440	483
Retained earnings (accumulated deficit)	30,666	29,535	26,436	27,435	28,352	31,859
Treasury stock	−821	−688	−682	−777	−848	−936
Other equity	1,042	725	705	405	431	486
Total equity	31,933	30,680	27,557	28,310	29,295	32,904
Total liabilities & shareholders' equity	68,528	68,845	65,705	71,650	77,680	86,724

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Central Japan Railway Co, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	4,911	4,307	3,604	2,305	−549	−2,426
Depreciation, depletion & amortization	1,298	1,387	1,430	1,654	1,702	1,801
Deferred taxes	–	–	–	–	–	–
Non-cash items	380	479	524	324	335	413
Changes in working capital	−1,874	−2,009	−1,111	−618	−899	−1,317
Cash from operations	4,714	4,165	4,447	3,665	590	−1,530
Investing activities
Capital expenditures	−3,302	−3,100	−2,667	−3,419	−3,984	−4,523
Other investing cash flows	−613	−3,275	−218	2,101	2,725	3,306
Cash from investing	−3,916	−6,376	−2,885	−1,318	−1,258	−1,217
Financing activities
Financing cash flow items	−44.7	−58.8	−36.3	−47.1	−80.5	−82.7
Cash dividends paid	−197	−197	−182	−193	−211	−249
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−709	−381	−608	−1,421	133	2,704
Cash from financing	−951	−637	−827	−1,661	−158	2,373
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−152	−2,848	735	686	−826	−374
Free cash flow	1,412	1,065	1,780	246	−3,394	−6,053

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.