Nippon Gas Co Ltd NPNGY

UtilitiesNatural Gas UtilitiesJapan

Last close 5.90 USD on Nov 2, 2026, −7.1% year to date

Quant rating

Quant rating B Rank 19 of 89 in Utilities

Growth B 16 of 89
Valuation D 63 of 89
Quality A 2 of 89
Revisions C 48 of 89
Momentum C 59 of 89

Wall Street consensus Buy (2.17)Average target 7.13 USD +20.8%

Historical valuation

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

Key data

Market cap: 1.7B
Enterprise value: 1.9B
52-week range: 4.07 – 8.64
3-year range: 4.07 – 8.64
Dividend yield: 2.72%
Beta (5 years): –
Shares outstanding: 324M
Next earnings: Feb 1, 2027

About the company

Nippon Gas Co Ltd is a Japan-based company mainly engaged in the gas business and related businesses, such as the production, supply, and sale of city gas, the sale of liquefied petroleum gas and gas equipment, and the construction of gas piping. It operates in four segments. The City Gas segment is engaged in the production, supply, and sale of city gas. The Liquefied Petroleum Gas segment sells liquefied petroleum gas and equipment for liquefied petroleum gas. The Order Construction and Gas Equipment segment is engaged in the construction of pipelines for the supply of city gas and liquefied petroleum gas, the sale of equipment and housing-related facilities. The Electricity segment is engaged in the sale of electricity. The Company is also engaged in the maintenance and construction of information and communications infrastructure, the operation of sports clubs, the management and operation of designated management facilities, and the sale of plants and agricultural products.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	1,314	1,334	1,285	1,566	1,336	–
Revenue growth	−1.5%	3.9%	−18.0%	17.2%	3.1%	0.3%
EPS (basic, normalized)	0.29	0.24	0.20	0.23	0.22	–
EPS growth	21.5%	18.5%	−12.8%	3.5%	–	–
Gross margin	–	–	–	–	–	–
Net margin	7.1%	5.8%	5.6%	5.1%	6.1%	5.9%
ROE	22.0%	16.5%	14.7%	14.5%	14.1%	16.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	112
Current ratio	1.11x
Long-term debt (mil)	192
Net debt (mil)	215
Total equity (mil)	414
Net debt / equity	0.52x
Net debt / EBITDA	1.08x

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	1,314	−1.5%	1.5x	200	−1.7%	9.7x	0.29	+21.5%	20.3x
2027	1,478	+12.5%	1.3x	200	+0.3%	9.7x	0.29	+1.0%	20.1x
2028	1,522	+3.0%	1.3x	214	+7.1%	9.0x	0.33	+13.8%	17.6x
2029	1,560	+2.5%	1.2x	222	+3.7%	8.7x	0.36	+6.7%	16.5x

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	1,478	0.0%	+4.4%	+11.1%	0.29	−0.6%	+2.2%	−5.4%
2028	1,522	0.0%	+4.1%	+11.4%	0.33	0.0%	+1.6%	+0.8%
2029	1,560	0.0%	+4.0%	+10.6%	0.36	0.0%	+1.1%	+0.7%

Earnings surprises EPS beat in 1 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)	59,691	44,601	41,448	51,870	62,138	45,859	42,336	53,764	66,521	49,910
Sales mean (mil)	64,442	50,900	40,650	49,850	71,400	41,100	33,200	45,800	61,900	53,000
Surprise	−7.4%	−12.4%	+2.0%	+4.1%	−13.0%	+11.6%	+27.5%	+17.4%	+7.5%	−5.8%
EPS reported	12.25	4.34	0.47	12.95	17.17	8.04	2.47	12.87	22.39	8.12
EPS mean	16.57	–	–	–	–	7.10	–	–	–	7.63
Surprise	−26.1%	–	–	–	–	+13.2%	–	–	–	+6.3%

Peer comparison Natural Gas Utilities

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
NPNGY Nippon Gas Co Ltd	1.7B	1.08x	7.1%	4.12x	20.1x	17.6x	9.7x	9.0x
CPK Chesapeake Utilities Corporation	3.4B	4.84x	15.1%	2.01x	21.6x	19.0x	13.1x	11.8x
NWN Northwest Natural Holding Company	2.1B	5.42x	8.8%	1.37x	16.5x	15.8x	9.7x	9.2x
PPAAY Perusahaan Gas Negara Tbk PT	1.8B	–	–	–	–	–	–	–
SPB Superior Plus Corp.	1.1B	4.23x	2.5%	1.23x	21.5x	10.7x	6.3x	5.9x
SPRPY Superior Plus Corp.	1.1B	4.08x	2.5%	1.23x	50.0x	24.9x	6.3x	5.9x
Mean		3.93x	7.2%	1.99x	25.9x	17.6x	9.0x	8.4x
Median		4.23x	7.1%	1.37x	21.5x	17.6x	9.7x	9.0x

Technical analysis

1M−0.4%
3M+2.1%
1Y−7.1%
3Y−2.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Nippon Gas Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	1,314	1,334	1,285	1,566	1,336	1,296
Cost of revenue	830	837	798	1,041	789	684
Gross profit	484	497	487	525	547	612
Selling, general & administrative expenses	270	285	285	311	330	373
Research & development	–	–	–	–	–	–
Depreciation/amortization	66.0	75.1	73.6	86.1	96.9	99.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1.7	12.3	18.1	2.6	1.1	8.0
Other operating expenses	13.2	13.2	13.0	14.4	15.4	16.9
Operating income	132	111	97.2	111	104	115
Net interest income (expense)	−1.3	−0.7	−0.2	1.0	12.4	1.7
Gain (loss) on sale of assets	0.9	0.3	1.8	−0.1	0.5	−1.7
Other non-operating income (expense)	0.9	1.3	1.3	1.7	1.9	4.6
Net income before taxes	133	112	100	114	119	120
Provision for taxes	39.4	35.2	28.5	34.5	36.9	35.1
Minority interest	−0.2	–	0	0	0	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	93.3	77.0	71.5	79.6	82.0	84.7
Extraordinary items	–	–	–	–	–	–
Net income	93.3	77.0	71.5	79.6	82.0	84.7
EBIT, normalized	134	124	115	114	105	123
EBITDA, normalized	200	199	189	200	203	223
Basic EPS, normalized	0.29	0.24	0.20	0.23	0.22	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Nippon Gas Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	151	132	126	98.3	140	112
Receivables	175	165	191	211	176	134
Total inventory	30.4	37.5	30.4	41.8	50.9	50.5
Prepaid expenses	–	–	–	–	–	–
Other current assets	49.5	48.0	27.8	46.1	40.1	17.4
Total current assets	406	383	374	398	407	314
Property, plant & equipment	500	540	539	622	701	775
Goodwill	9.6	7.6	11.2	16.4	24.5	37.3
Intangibles	30.4	36.8	43.2	44.8	39.7	38.1
Long-term investments	40.9	14.2	24.6	20.2	17.2	19.6
Note receivable	32.6	30.9	33.2	32.4	32.6	33.3
Other long-term assets	11.6	27.9	26.3	32.8	43.2	48.4
Total assets	1,031	1,040	1,052	1,166	1,264	1,266
Liabilities
Accounts payable	148	139	135	163	144	116
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1.7	1.6	1.8	2.3	2.7	3.1
Short-term debt	0	26.7	26.4	3.8	0	18.1
Current portion of long-term debt	104	73.2	78.9	93.2	132	108
Other current liabilities	92.9	87.9	71.5	87.5	97.0	90.0
Total current liabilities	347	329	313	350	376	336
Long-term debt	211	213	207	209	245	248
Minority interest	3.1	0	–	0	0	0
Other liabilities	47.8	48.7	51.8	48.6	52.1	54.8
Total liabilities	609	591	572	607	673	639
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	44.5	47.1	46.7	53.2	58.1	63.9
Additional paid-in capital	36.9	39.1	38.7	44.1	48.2	52.9
Retained earnings (accumulated deficit)	421	418	439	497	531	555
Treasury stock	−98.5	−52.2	−46.7	−34.5	−47.6	−52.0
Other equity	18.4	−2.4	3.0	−0.6	1.0	6.3
Total equity	422	450	481	560	591	626
Total liabilities & shareholders' equity	1,031	1,040	1,052	1,166	1,264	1,266

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Nippon Gas Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	133	112	100	115	119	120
Depreciation, depletion & amortization	66.2	75.4	73.9	86.6	97.5	100
Deferred taxes	–	–	–	–	–	–
Non-cash items	6.5	11.6	23.3	7.5	−4.5	9.8
Changes in working capital	−28.0	−12.9	−40.4	−61.2	−41.7	−84.7
Cash from operations	178	186	157	148	170	145
Investing activities
Capital expenditures	−54.1	−55.7	−63.8	−57.8	−80.2	−140
Other investing cash flows	8.9	−3.1	3.0	0.7	7.9	8.6
Cash from investing	−45.1	−58.8	−60.7	−57.1	−72.3	−131
Financing activities
Financing cash flow items	−9.9	−11.4	−10.1	−11.3	−12.6	−10.9
Cash dividends paid	−67.5	−62.8	−53.0	−49.9	−44.3	−35.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−27.7	−48.5	5.5	−59.8	−3.9	−5.3
Cash from financing	−105	−123	−57.6	−121	−60.9	−51.5
Foreign exchange effects	0.1	−0.1	0	0	0	0.3
Net change in cash	27.4	4.8	38.7	−30.5	37.0	−37.2
Free cash flow	124	131	93.1	89.8	89.9	5.4

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.