Electric Power Development Co Ltd EDRWY

UtilitiesElectric Utilities & IPPsJapan

Last close 27.60 USD on Nov 1, 2026, +48.4% year to date

Quant rating

Quant rating B Rank 17 of 89 in Utilities

Growth B 30 of 89
Valuation B 33 of 89
Quality C 59 of 89
Revisions C 38 of 89
Momentum A 1 of 89

Wall Street consensus Hold (3.17)Average target 23.43 USD −15.1%

Historical valuation

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

Key data

Market cap: 4.6B
Enterprise value: 15.4B
52-week range: 18.60 – 27.60
3-year range: 14.83 – 27.60
Dividend yield: 1.70%
Beta (5 years): –
Shares outstanding: 176M
Next earnings: Oct 30, 2026

About the company

Electric Power Development Co Ltd is mainly engaged in electricity generation business. The Company operates in four business segments. The Electricity segment engages in power generation business including hydroelectric power generation, thermal power generation and wind power generation, as well as provision of electricity. The Electricity-Related segment engages in design, installation, maintenance and repair of electrical power equipment, the port operation of fuel and coal ash, the coal mine development, the import of coal, the procurement and manufacture of biomass fuel, the operation of public health facilities, as well as the provision of computer services. The Overseas Operation segment is in the operation of electrical power generation investment business and other related businesses, engineering and consulting businesses in overseas. The Others segment engages in new electricity business, environment-related business and others.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	7,449	8,781	8,314	13,871	8,915	–
Revenue growth	−15.2%	5.6%	−40.1%	55.6%	8.6%	−1.9%
EPS (basic, normalized)	2.07	3.48	2.74	4.63	2.93	–
EPS growth	−40.6%	27.2%	−40.9%	57.9%	–	–
Gross margin	–	–	–	–	–	–
Net margin	5.0%	7.0%	6.2%	6.2%	6.4%	6.2%
ROE	4.3%	7.2%	6.8%	11.4%	8.1%	7.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,613
Current ratio	1.82x
Long-term debt (mil)	10,840
Net debt (mil)	10,534
Total equity (mil)	9,321
Net debt / equity	1.13x
Net debt / EBITDA	7.65x

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	7,449	−15.2%	2.1x	1,377	−17.9%	11.2x	2.07	−40.6%	13.4x
2027	9,171	+23.1%	1.7x	1,597	+15.9%	9.7x	2.97	+43.7%	9.3x
2028	8,976	−2.1%	1.7x	1,599	+0.1%	9.6x	2.88	−3.0%	9.6x
2029	8,942	−0.4%	1.7x	1,632	+2.1%	9.4x	2.96	+2.8%	9.3x

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	9,171	0.0%	+5.9%	+18.0%	2.97	−1.8%	+1.3%	+22.9%
2028	8,976	0.0%	+5.1%	+15.6%	2.88	0.0%	+7.9%	+16.1%
2029	8,942	0.0%	+5.0%	+14.8%	2.96	0.0%	+9.1%	+20.6%

Earnings surprises

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)	297,156	259,056	381,669	318,235	357,715	250,297	321,117	293,145	317,701	280,271
Sales mean (mil)	371,200	229,650	289,650	320,300	345,750	233,500	247,300	300,600	336,250	313,700
Surprise	−19.9%	+12.8%	+31.8%	−0.6%	+3.5%	+7.2%	+29.8%	−2.5%	−5.5%	−10.7%
EPS reported	117.12	139.27	125.04	171.03	70.30	284.82	61.14	117.83	−144.40	155.80
EPS mean	–	28.70	56.30	–	41.30	–	109.80	119.70	–	–
Surprise	–	+385.3%	+122.1%	–	+70.2%	–	−44.3%	−1.6%	–	–

Peer comparison Electric Utilities & IPPs

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
EDRWY Electric Power Development Co Ltd	4.6B	7.65x	5.0%	0.50x	9.3x	9.6x	9.7x	9.6x
ABZPY Aboitiz Power Corp	5.0B	5.34x	9.8%	1.55x	151.2x	141.2x	10.2x	9.7x
NWE NorthWestern Energy Group, Inc.	4.9B	6.12x	11.2%	1.70x	21.4x	19.8x	12.7x	11.8x
OKLO Oklo Inc.	4.7B	17.76x	–	1.43x	−26.2x	−22.3x	−10.2x	−9.4x
TKECY Tokyo Electric Power Company Holdings, Incorporated	4.7B	9.81x	−7.2%	0.21x	5.2x	4.5x	10.7x	9.1x
PAM Pampa Energia SA	4.2B	1.44x	19.5%	1.00x	8.4x	7.0x	4.3x	3.5x
Mean		8.02x	7.7%	1.06x	28.2x	26.6x	6.2x	5.7x
Median		6.88x	9.8%	1.21x	8.8x	8.3x	9.9x	9.4x

Technical analysis

1M+10.6%
3M+10.6%
1Y+41.5%
3Y+77.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Electric Power Development Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	7,449	8,781	8,314	13,871	8,915	8,213
Cost of revenue	6,462	7,515	7,258	12,057	7,786	6,933
Gross profit	988	1,266	1,056	1,814	1,129	1,279
Selling, general & administrative expenses	105	94.2	124	109	113	207
Research & development	59.6	46.9	37.3	63.3	55.4	125
Depreciation/amortization	15.9	18.4	17.4	21.4	23.2	24.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	326	–	–	35.1	–	51.5
Other operating expenses	171	184	178	236	223	221
Operating income	310	922	699	1,349	715	651
Net interest income (expense)	280	−43.4	19.3	−96.7	−99.4	−159
Gain (loss) on sale of assets	–	50.1	–	29.6	–	85.6
Other non-operating income (expense)	82.4	5.2	65.5	3.7	−16.7	6.9
Net income before taxes	672	934	783	1,286	599	584
Provision for taxes	207	251	224	390	−15.9	303
Minority interest	−96.4	−67.1	−45.7	−39.9	−41.9	−80.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	369	617	514	856	573	201
Extraordinary items	–	–	–	–	–	–
Net income	369	617	514	856	573	201
EBIT, normalized	636	922	699	1,385	715	703
EBITDA, normalized	1,368	1,699	1,428	2,195	1,512	1,574
Basic EPS, normalized	2.07	3.48	2.74	4.63	2.93	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Electric Power Development Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	2,501	2,777	2,855	2,576	1,834	1,715
Receivables	693	748	648	978	661	594
Total inventory	487	481	529	831	511	416
Prepaid expenses	–	–	–	–	–	–
Other current assets	516	486	530	595	869	588
Total current assets	4,198	4,493	4,562	4,980	3,874	3,313
Property, plant & equipment	15,914	16,507	15,194	16,947	18,026	19,413
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	1,990	5,124	2,711	2,123	1,963	1,743
Note receivable	–	–	–	–	–	–
Other long-term assets	1,461	−1,657	505	1,273	1,339	1,203
Total assets	23,563	24,466	22,971	25,323	25,203	25,673
Liabilities
Accounts payable	351	413	346	405	367	213
Payable/accrued	–	–	–	–	–	–
Accrued expenses	106	175	183	210	150	396
Short-term debt	52.1	54.2	53.1	80.7	807	262
Current portion of long-term debt	1,292	1,477	1,298	1,562	1,196	789
Other current liabilities	709	637	427	544	895	825
Total current liabilities	2,509	2,757	2,308	2,802	3,415	2,485
Long-term debt	10,526	11,025	10,988	12,570	12,727	14,000
Minority interest	813	850	774	814	395	402
Other liabilities	859	925	865	970	1,136	1,475
Total liabilities	14,708	15,557	14,935	17,155	17,673	18,363
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,137	1,204	1,193	1,359	1,484	1,631
Additional paid-in capital	808	855	847	965	985	1,083
Retained earnings (accumulated deficit)	5,315	5,356	4,824	5,042	4,689	4,647
Treasury stock	−131	−2.3	−2.4	−2.8	−0.1	−0.1
Other equity	1,726	1,497	1,175	805	372	−50.8
Total equity	8,856	8,910	8,036	8,168	7,529	7,309
Total liabilities & shareholders' equity	23,563	24,466	22,971	25,323	25,203	25,673

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Electric Power Development Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	672	934	783	1,286	599	584
Depreciation, depletion & amortization	731	776	729	811	797	871
Deferred taxes	–	–	–	–	–	–
Non-cash items	79.5	35.9	−1.2	124	77.0	170
Changes in working capital	−70.2	−77.0	168	−1,047	−418	−108
Cash from operations	1,413	1,669	1,679	1,174	1,055	1,517
Investing activities
Capital expenditures	−1,118	−826	−766	−1,091	−1,112	−1,439
Other investing cash flows	−100.0	7.3	−305	−45.0	−358	145
Cash from investing	−1,218	−819	−1,070	−1,136	−1,470	−1,294
Financing activities
Financing cash flow items	−114	−92.4	−35.7	374	−53.9	−94.5
Cash dividends paid	−114	−128	−115	−110	−113	−124
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−177	−671	−285	459	858	282
Cash from financing	−405	−892	−435	723	691	63.5
Foreign exchange effects	56.6	57.4	67.2	80.8	30.3	−33.1
Net change in cash	−153	16.2	240	842	307	253
Free cash flow	295	843	913	82.6	−56.7	78.2

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 1, 2026 after market close.