OSAKA GAS CO., LTD. OSGSY

UtilitiesNatural Gas UtilitiesJapan

Last close 77.01 USD on Nov 2, 2026, +8.7% year to date

Quant rating

Quant rating A Rank 6 of 89 in Utilities

Growth B 24 of 89
Valuation A 8 of 89
Quality B 17 of 89
Revisions B 18 of 89
Momentum B 34 of 89

Wall Street consensus Buy (2.00)Average target 41.13 USD −46.6%

Historical valuation

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

Key data

Market cap: 14.5B
Enterprise value: 18.1B
52-week range: 63.82 – 91.50
3-year range: 50.99 – 91.50
Dividend yield: 2.06%
Beta (5 years): –
Shares outstanding: 383M
Next earnings: Feb 1, 2027

About the company

Osaka Gas Co Ltd is a Japan-based company mainly engaged in domestic energy and gas, domestic energy and electric power, overseas energy and life and business solutions businesses. The Company consists of three business segments. The Domestic Energy Business segment is engaged in the production, supply, and sales of city gas, sales of gas appliances, gas piping installation, liquefied natural gas (LNG) sales, LNG transportation, liquefied petroleum gas (LPG) sales, industrial gas sales, and power generation and electricity sales. The Overseas Energy Business segment is engaged in development, investment, and energy supply related to natural gas, etc. The Life & Business Solutions segment develops and leases real estate, provides information processing services, and sells fine materials and carbon materials products.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	12,793	13,798	13,767	17,133	13,078	–
Revenue growth	−7.3%	0.2%	−19.6%	31.0%	6.1%	0.8%
EPS (basic, normalized)	2.50	2.28	2.06	1.02	2.42	–
EPS growth	9.3%	10.8%	102.7%	−58.1%	–	–
Gross margin	–	–	–	–	–	–
Net margin	7.5%	6.5%	6.4%	2.5%	8.2%	6.2%
ROE	8.7%	8.2%	8.9%	4.3%	11.1%	8.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,205
Current ratio	1.43x
Long-term debt (mil)	4,630
Net debt (mil)	3,724
Total equity (mil)	11,695
Net debt / equity	0.32x
Net debt / EBITDA	1.85x

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	12,793	−7.3%	1.4x	2,018	+15.7%	9.0x	2.50	+9.3%	30.8x
2027	14,270	+11.6%	1.3x	1,988	−1.5%	9.1x	2.42	−3.1%	31.8x
2028	14,030	−1.7%	1.3x	2,185	+9.9%	8.3x	2.72	+12.5%	28.3x
2029	13,926	−0.7%	1.3x	2,185	0.0%	8.3x	2.80	+3.0%	27.5x

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	14,270	0.0%	+1.3%	+0.6%	2.42	+0.8%	+2.6%	+4.2%
2028	14,030	+0.9%	+1.7%	−1.9%	2.72	0.0%	+0.5%	+6.8%
2029	13,926	0.0%	+1.1%	+8.5%	2.80	0.0%	+0.7%	+2.7%

Earnings surprises EPS beat in 2 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)	572,903	470,928	479,182	494,021	624,888	470,993	488,174	479,663	591,472	478,007
Sales mean (mil)	618,200	458,750	471,900	497,700	635,900	429,800	438,550	514,850	640,000	542,750
Surprise	−7.3%	+2.7%	+1.5%	−0.7%	−1.7%	+9.6%	+11.3%	−6.8%	−7.6%	−11.9%
EPS reported	15.30	75.51	49.53	99.41	108.86	122.59	118.08	117.25	32.05	93.38
EPS mean	–	79.20	86.20	106.00	64.90	93.20	54.70	210.90	34.10	85.90
Surprise	–	−4.7%	−42.5%	−6.2%	+67.7%	+31.5%	+115.9%	−44.4%	−6.0%	+8.7%

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
OSGSY OSAKA GAS CO., LTD.	14.5B	1.85x	7.5%	1.22x	31.8x	28.3x	9.1x	8.3x
TKGSY Tokyo Gas Co Ltd	14.1B	2.05x	8.0%	1.23x	8.6x	7.6x	7.2x	6.9x
ALA AltaGas Ltd.	12.3B	6.17x	5.9%	1.83x	21.5x	21.2x	13.5x	12.9x
KLYCY Kunlun Energy Company Ltd	8.4B	–	2.8%	0.80x	95.7x	91.9x	3.3x	3.1x
UGI UGI Corporation	8.3B	3.80x	9.3%	1.60x	13.8x	12.0x	8.5x	7.8x
NFG National Fuel Gas Company	7.6B	1.65x	22.8%	1.93x	10.8x	10.7x	6.6x	5.8x
Mean		3.10x	9.4%	1.44x	30.4x	28.6x	8.0x	7.5x
Median		2.05x	7.8%	1.42x	17.7x	16.6x	7.8x	7.4x

Technical analysis

1M+2.3%
3M+8.6%
1Y+34.1%
3Y+48.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, OSAKA GAS CO., LTD., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	12,793	13,798	13,767	17,133	13,078	12,323
Cost of revenue	10,036	11,093	11,055	15,008	10,491	8,327
Gross profit	2,757	2,705	2,712	2,125	2,587	3,996
Selling, general & administrative expenses	1,655	1,633	1,572	1,673	1,772	2,540
Research & development	–	–	–	–	–	–
Depreciation/amortization	–	–	–	–	–	440
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	102	172	202	70.5	101	172
Other operating expenses	0	0	0	0	0	0
Operating income	1,000	900	939	381	714	844
Net interest income (expense)	176	330	210	191	62.8	108
Gain (loss) on sale of assets	91.4	–	–	–	146	–
Other non-operating income (expense)	11.2	32.4	146	57.9	55.0	29.9
Net income before taxes	1,278	1,262	1,295	630	978	982
Provision for taxes	316	361	409	189	−138	225
Minority interest	0.1	−4.3	−9.6	−10.9	−44.5	−27.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	962	896	877	430	1,072	730
Extraordinary items	–	–	–	–	–	–
Net income	962	896	877	430	1,072	730
EBIT, normalized	1,101	1,072	1,140	452	815	1,016
EBITDA, normalized	1,953	1,923	1,957	1,354	1,711	1,933
Basic EPS, normalized	2.50	2.28	2.06	1.02	2.42	–

Balance sheet in millions of USD, fiscal years

Balance sheet, OSAKA GAS CO., LTD., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	372	552	513	641	1,078	1,509
Receivables	2,281	2,535	2,187	2,539	2,347	2,400
Total inventory	1,403	1,367	1,400	1,652	1,196	851
Prepaid expenses	–	–	–	–	–	–
Other current assets	1,167	966	939	1,049	1,197	509
Total current assets	5,223	5,420	5,039	5,881	5,817	5,270
Property, plant & equipment	9,418	9,521	8,624	9,367	9,504	9,671
Goodwill	–	–	–	–	–	–
Intangibles	498	616	722	792	783	884
Long-term investments	3,456	3,796	3,561	3,320	2,953	3,406
Note receivable	234	233	–	–	–	232
Other long-term assets	2,099	1,758	1,749	1,874	2,217	1,434
Total assets	20,928	21,344	19,696	21,233	21,273	20,898
Liabilities
Accounts payable	596	691	548	521	863	546
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	140	59.8	41.9	83.6	108	122
Current portion of long-term debt	299	506	471	545	580	650
Other current liabilities	1,803	1,476	1,543	2,313	1,739	1,597
Total current liabilities	2,837	2,733	2,604	3,463	3,289	2,916
Long-term debt	5,167	5,919	5,521	6,243	6,012	6,334
Minority interest	302	337	182	194	201	296
Other liabilities	1,242	1,093	963	855	1,319	1,579
Total liabilities	9,548	10,082	9,270	10,755	10,821	11,124
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	833	881	873	995	1,086	1,194
Additional paid-in capital	127	133	126	144	157	176
Retained earnings (accumulated deficit)	7,953	7,823	7,256	7,607	8,038	7,785
Treasury stock	−402	−154	−18.1	−15.4	−17.4	−16.7
Other equity	2,868	2,579	2,189	1,748	1,188	636
Total equity	11,380	11,262	10,426	10,478	10,452	9,773
Total liabilities & shareholders' equity	20,928	21,344	19,696	21,233	21,273	20,898

Cash flow statement in millions of USD, fiscal years

Cash flow statement, OSAKA GAS CO., LTD., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	1,278	1,262	1,295	630	953	982
Depreciation, depletion & amortization	851	851	817	902	895	916
Deferred taxes	–	–	–	–	–	–
Non-cash items	−80.8	−116	34.0	−115	7.0	110
Changes in working capital	97.9	−105	−80.0	−1,165	−660	−29.3
Cash from operations	2,147	1,892	2,066	253	1,195	1,979
Investing activities
Capital expenditures	−1,582	−1,483	−1,238	−1,462	−1,545	−1,651
Other investing cash flows	58.4	−222	−189	−73.7	295	−141
Cash from investing	−1,524	−1,705	−1,427	−1,536	−1,251	−1,792
Financing activities
Financing cash flow items	−33.2	139	−22.7	−37.3	−165	−23.1
Cash dividends paid	−266	−264	−172	−188	−188	−188
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−515	−103	−533	1,126	102	196
Cash from financing	−814	−227	−728	901	−251	−14.8
Foreign exchange effects	40.8	74.1	38.9	35.9	10.7	7.6
Net change in cash	−150	33.9	−50.0	−346	−296	180
Free cash flow	565	409	828	−1,209	−351	328

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.