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West Japan Railway Company

West Japan Railway Company

9021.T
West Japan Railway CompanyJP flagTokyo Stock Exchange
2,924.00
JPY
+12.00
- -
1.33TMarket Cap
West Japan Railway Company
9021.T
(Tokyo Stock Exchange)

Recent

price

2,924.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
3,133.39
3,324.91
3,353.92
3,436.84
3,487.35
3,748.1
3,722.56
3,875.02
3,968.85
3,939.08
2,405.93
2,350.36
2,863.38
3,354.45
3,598.2
4,020.73
3,461.91
Revenue per Share
90.33
76.14
155.44
169.49
172.29
221.76
235.76
285.36
266.66
233.44
-609.73
-258.03
181.64
202.62
240.08
277.73
209.24
Basic EPS, GAAP
576.38
532.5
614.57
613.85
577.5
671.16
604.7
710.47
751.9
627.22
-270.12
-197.1
562.13
653.06
592.9
787.73
- -
Free Cash Flow per Basic Share
37.48
39.99
52.47
55
60.04
65.07
70.03
75.02
83.9
91.41
65.04
52.92
50.06
66.25
80.06
93.27
- -
Dividend per Share
1,713.91
1,750.66
1,832.02
1,890.59
1,919.37
2,076.88
2,242.6
2,453.26
2,625.12
2,758.62
2,083.75
1,796.24
1,748.65
1,889.04
1,994.85
2,136.59
2,002.72
Book Value per Share
1,795.73
1,816.49
1,895.33
2,006.65
2,105.68
2,319.78
2,563.52
2,790.31
2,959.81
3,105.07
2,411.57
2,377.35
2,246.86
2,422.18
2,590.32
2,807.1
2,425.81
Tangible Book Value per Share
387
387
387
387
387
387
387
387
385
383
382
439
487
487
475
459
484
Basic Weighted Avg Shares
1,213,506
1,287,679
1,298,913
1,331,019
1,350,336
1,451,300
1,441,411
1,500,445
1,529,308
1,508,201
920,046
1,031,103
1,395,531
1,635,023
1,707,944
1,845,840
1,676,507
Sales/Revenue/Turnover
7.91
8.53
9.97
10.11
10.35
12.51
12.24
12.75
12.88
10.65
-26.68
-11.55
6.02
10.99
10.55
10.73
10.63
Operating Margin (%)
150,886
169,330
160,852
153,903
149,590
156,624
162,729
163,562
163,188
170,448
173,468
160,868
159,655
163,322
169,352
177,847
- -
Depreciation Expense
34,983
29,489
60,198
65,640
66,712
85,868
91,288
110,493
102,750
89,380
-233,166
-113,198
88,528
98,761
113,958
127,499
101,329
Net Income, GAAP
43.2
65.93
47.38
39.96
45.36
37.97
32.11
32.03
31.4
33.29
- -
- -
- -
28.1
27.89
25.65
28.83
Effective Tax Rate (%)
2.88
2.29
4.63
4.93
4.94
5.92
6.33
7.36
6.72
5.93
-25.34
-10.98
6.34
6.04
6.67
6.91
6.04
Profit Margin (%)
-225,405
-305,940
-269,210
-241,106
-163,488
-187,071
-193,406
-130,747
-153,620
-251,549
-59,507
142,150
58,068
-9,212
-81,243
26,483
-80,809
Working Capital
728,125
676,160
694,587
725,164
784,268
799,646
848,668
867,144
885,812
844,832
1,396,396
1,528,425
1,417,474
1,319,849
1,288,371
1,404,169
1,243,350
LT Debt
721,251
733,545
768,173
807,378
846,701
926,374
1,032,609
1,116,302
1,179,860
1,223,105
956,256
1,074,210
1,144,307
1,227,109
1,280,164
1,337,205
1,226,493
Total Equity
3.71
2.41
4.35
5.05
4.53
6.28
6.19
6.32
6.29
4.82
- -
- -
- -
4.7
4.73
5.2
4.73
Return on Invested Capital (%)
3.82
2.86
5.59
5.33
5.05
5.74
5.73
6.12
5.46
4.6
- -
- -
- -
4.26
4.91
5.35
4.45
Return on Capital (%)
5.35
4.4
8.68
9.11
9.04
11.1
10.92
12.15
10.48
8.65
-25.17
-14.28
10.79
11.14
12.2
13.23
10.83
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Mar'24
Jun'25
Sep'25
ST Debt
156,428
180,631
176,076
LT Borrowings
1,319,849
1,223,599
1,243,350
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
487
478
470
Market Capitalization
1,528,884
1,450,394
1,319,156

Working Capital

FRC

•

in mil. unless spec.
Mar'24
Jun'25
Sep'25
Total Current Assets
700,963
539,292
537,887
Cash, Cash Equivalents & STI
233,465
134,721
115,772
Accounts Receivable, Net
225,242
150,329
155,910
Inventories
160,631
174,370
191,431
Total Current Liabilities
710,175
645,399
618,696
Payables & Accruals
- -
- -
- -
ST Debt
156,428
180,631
176,076
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
4.2%
6.98%
4.46%
Free Cash Flow
-54.72%
-80.01%
28.5%
Net Income, GAAP
-54.44%
-38.17%
11.88%
Sales/Revenue/Turnover
4.21%
15.42%
8.07%
Total Cash Common Dividend
6.65%
12.23%
12.68%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
369,270
400,632
424,420
440,701
1,635,023
2025
402,780
408,606
- -
- -
1,707,944
2026
- -
- -
- -
- -
1,845,840

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
68.35
- -
- -
- -
202.62
2025
79.03
- -
- -
- -
240.08
2026
- -
- -
- -
- -
277.73

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
66.25
2025
- -
- -
- -
- -
80.06
2026
- -
- -
- -
- -
93.27
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Business
West Japan Railway Company operates primarily in the railway transportation sector, providing passenger transportation services including Shinkansen high-speed rail, limited express trains, and local rail services across western Japan. Its core products and services encompass railway operations, station management, retail and real estate development within station areas, travel and tourism services, and regional transport solutions. The company manufactures and maintains rolling stock, manages infrastructure and electric works, and operates affiliated businesses in retail, real estate leasing, and travel planning targeted at individual commuters, tourists, and corporate clients. It serves the Kansai, Chugoku, and Hokuriku regions with extensive rail networks and related services. Founded in 1987 and headquartered in Osaka, Japan, West Japan Railway has recently made strategic advances including the introduction of a QR Code ticketing system in major stations such as Osaka, Kyoto, and Fukuoka, designed to streamline passenger entry and enhance convenience particularly for international visitors during the 2025 Osaka-Kansai Expo. The company launched new reserved seating products on limited express trains and introduced the Kansai-San’in Area Pass to better integrate regional travel options. In 2025, West Japan Railway executed a significant treasury share acquisition and cancellation, acquiring over 15 million shares to optimize its capital structure and enhance shareholder value. Additionally, it signed a basic agreement with Cosmo Eco Power to expand renewable energy usage for its railway operations, reflecting a push towards sustainability. The company also advanced digital transformation by promoting the use of in-house applications for operational efficiency and employee innovation. West Japan Railway operates across five main business segments: Mobility (railway operations, rolling stock, station services), Retail (commercial facilities in and around stations), Real Estate (property development and leasing), Travel and Regional Solutions (tourism services and regional revitalization), and Other segments including maintenance and construction services. Its geographic reach is concentrated in western Japan, notably within the Kansai metropolitan area and adjacent prefectures. The company leverages strategic partnerships and innovations to maintain robust passenger traffic while enhancing service quality and operational efficiency amid evolving market demands. Overall, West Japan Railway Company maintains a comprehensive portfolio of transportation and related services, underscored by recent technological enhancements, share repurchase initiatives, and green energy commitments that position it for sustainable growth and improving customer experiences in Japan's dynamic railway sector.