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West Holdings Corp.

Business Summary

West Holdings Corp. engages in the solar power generation business. It operates through the following segments: Renewable Energy, Energy Saving, Electric Power, and Maintenance. The Renewable Energy segment deals with public and industrial solar power generation systems as well as environmental reforms. The Energy Saving segment handles the construction and sale of roof, exterior wall, and earthquake-proof materials. The Electric Power segment engages in power generation business using solar power systems. The Maintenance segment provides comprehensive management and maintenance of solar power generation systems and related facilities. The company was founded in October 1981 and is headquartered in Hiroshima, Japan.

Financial Highlights

Aug 2021 JPYUSD
Gross Profit16,660M155.49M
Operating income10,168M94.90M
Income before tax9,472M88.40M
Net income6,495M60.61M
Diluted EPS159.681.49
Dividends Per Share500.46
Total Assets97,278M885.47M
Total liabilities71,944M654.86M
Total equity25,316M230.43M
Operating cash flow5,127M47.85M
Currency in JPYCurrency in USD

Historical Data

 Aug 2017Aug 2018Aug 2019Aug 2020Aug 2021
Revenue 32,753M 52,509M 63,904M 61,947M 67,938M
Gross Profit 9,089M 11,856M 12,491M 13,691M 16,660M
Operating income 2,686M 4,987M 5,873M 7,199M 10,168M
Income before tax 2,296M 4,526M 5,350M 6,598M 9,472M
Net income 1,508M 2,667M 3,632M 4,417M 6,495M
EBITDA 4,206M 6,646M 7,421M 8,765M 11,616M
Diluted EPS 35.25 62.38 85.56 107.66 159.68
Dividends Per Share 17.75 20.71 26.62 34.61 50
Total Assets 64,483M 73,796M 82,162M 82,299M 97,278M
Total liabilities 50,701M 57,865M 64,577M 61,938M 71,944M
Total equity 14,008M 15,914M 17,569M 20,344M 25,316M
Operating cash flow -1,448M 5,225M -7,436M 1,333M 5,127M
 Aug 2017Aug 2018Aug 2019Aug 2020Aug 2021
Revenue 296.32M 475.77M 578.84M 573.63M 634.08M
Gross Profit 82.23M 107.42M 113.14M 126.78M 155.49M
Operating income 24.30M 45.18M 53.19M 66.66M 94.90M
Income before tax 20.77M 41.00M 48.46M 61.09M 88.40M
Net income 13.64M 24.16M 32.89M 40.90M 60.61M
EBITDA 38.05M 60.21M 67.22M 81.16M 108.41M
Diluted EPS 0.31 0.56 0.77 0.99 1.49
Dividends Per Share 0.16 0.18 0.24 0.32 0.46
Total Assets 585.88M 665.51M 774.05M 776.07M 885.47M
Total liabilities 460.66M 521.84M 608.38M 584.07M 654.86M
Total equity 127.27M 143.51M 165.51M 191.84M 230.43M
Operating cash flow -13.10M 47.34M -67.35M 12.34M 47.85M

Valuation Measures

Aug 2021
Operating margin14.96%
Profit margin9.56%

Key executives

  • Chairman & Chief Executive Officer: Takashi Kikkawa
  • President & Representative Director: Eiichiro Egashira
  • Director: Eiji Shiiba


  • West Holdings Corp. (11.6%)
  • Sumitomo Mitsui DS Asset Management Co., Ltd. (4.6%)
  • Asset Management One Co., Ltd. (3.4%)
  • Invesco Capital Management LLC (1.9%)
  • Storebrand Asset Management AS (1.8%)
  • Invesco Asset Management (Japan) Ltd. (1.7%)
  • BlackRock Fund Advisors (1.2%)
  • Mitsubishi UFJ Kokusai Asset Management Co., Ltd. (1.0%)
  • Erste Asset Management GmbH (1.0%)

Contact Details

  • Website:
  • Address: Tokyo Opera City Building, 32/F, 3-20-2 Nishi-Shinjuku, Tokyo, 163-1432, Japan
  • Phone: +81.3.5358.5757

Related Companies

  • West Electric Power Co., Inc.
  • West Energy Solution, Inc.
  • Powerway Japan Corp.
  • West O&M, Inc.
  • Westbegin Co., Ltd.
  • House Doctor KK
  • Ligitek Japan Co., Ltd.
  • House Care Co., Ltd.
  • Akeno Jutaku Corp.
  • Devex Co. Ltd.
  • West Holdings Employee Stock Ownership Plan
  • Sakurai Building Techno KK
  • West, Inc. (Japan)


  • SPI Energy Co Ltd
Last Updated on 1 Dec, 2021

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