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Tokyo Electric Power Co. Inc. (TKECF) fair value: what the stock is really worth

As of Nov 13, 2026: fair value (intrinsic value) of Tokyo Electric Power Co. Inc. stock $3.48, price $2.86, upside +21.7%, quality 34 out of 100. Rating: undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Utilities US · Home Japan · ISIN JP3585800000

TE Tokyo Electric Power Co. Inc. logo Thin data Nov 11, 2026

Tokyo Electric Power Co. Inc.

TKECF · US

Only slightly cheap (18% below fair value), weak company and falling price: meets none of the 3 rules.

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Fair value $3.48 · Undervalued 
Costs just 2.6 times its yearly profit. 
Thin margins · 4.8% net margin (TTM) 
Moderate debt 
Mixed vs. peers (7/12) 
Quality 34/100 
Falling price (downtrend) 
Weak Growth (revenue 5y +1.7 %/yr in JPY) 
Negative free cash flow 
Narrow moat 28/100 · thin data
Recent news very negative 
Thin data 
⚠ Thinly traded

Main risks:

🚩Fukushima cost allocation delaying external capital partnerships
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$7.00 $2.40 Fair Value $3.48 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.

How to read this chart

60‑month range $2.40 – $7.00 · fair‑value band $0.6985 – $7.41 · the $2.86 price screens below the $3.48 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 11, 2026.

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Company profile

Tokyo Electric Power Company Holdings, Incorporated, together with its subsidiaries, engages in the generation, transmission, distribution, and retail of electric power in Japan and internationally.

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It generates power through nuclear, fuel, and thermal, as well as solar, geothermal, hydro, and offshore wind power plants; and engages in the procurement, transportation, and trading of fuel. The company is also involved in the gas sales business.

In addition, it provides consulting services, including planning for ODA or development banks comprising national-level facilities and preliminary surveys, cost-reduction programs for individual companies, energy conservation support and other environmental initiatives, and human resource development support.

The company was formerly known as Tokyo Electric Power Company, Incorporated and changed its name to Tokyo Electric Power Company Holdings, Incorporated in April 2016. The company was incorporated in 1951 and is headquartered in Tokyo, Japan.

Tokyo Electric Power Company Holdings, Incorporated is a subsidiary of Nuclear Damage Compensation And Decommissioning Facilitation Corporation.

Stock analysis

Tokyo Electric Power Co. Inc. (TKECF) currently trades at $2.86, while our model-based Fair Value estimate is $3.48, implying the stock looks roughly 18% undervalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of $8.92 per share, and 4 of the 4 models we run sit above the $2.86 price.

Bear case: the Earnings-Based group reads lowest at $3.13, and 0 of the 4 models stay below the price. Data coverage for this calculation is low.

Scenario range: $0.6985 (bear) to $7.41 (bull), the price of $2.86 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 34/100 (below-average quality), in the Utilities sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

Tokyo Electric Power Co. Inc. reported revenue of ¥6.4T in FY2026 versus ¥5.3T in FY2022, a compound +4.6%/yr. Reported net income was −¥457B in FY2026.

Key figures

Market cap $4.6B Mid · P/E ratio 2.6 · EPS (TTM) $1.09 · Net margin −7.2% · Return on equity 9.6% · Return on assets (EBIT) 0.9% (5-year average) · Operating margin 0.0% · Revenue (TTM) ¥6.4T.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).

What moves the price

The share trades about 50% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Utilities peers we cover trades at −53% fair-value upside, at 22%, TKECF screens cheaper than that median.

Fair Value models

Bear $0.6985 Fair Value $3.48 Bull $7.41
Price $2.86 · Upside +21.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then ($0.6809 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EPV $1.21 $3.13 $4.83 69
ROIC Compounder $1.21 $3.13 $4.83 68
EV/EBITDA n/a $6.25 $13.38 62
All 6 models by family
Earnings-Based
EPV $1.21 $3.13 $4.83 69
Multiples
EV/EBIT n/a n/a $2.58 61
EV/EBITDA n/a $6.25 $13.38 62
EV/Revenue n/a n/a $0.1300 50
Asset-Based
NCAV (Graham) $6.65 $8.92 $13.31 54
Economic Profit
ROIC Compounder $1.21 $3.13 $4.83 68

The fair value above starts from this blend and is adjusted for a year distorted by one-off effects.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 34/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 7
How much profit the company makes from its sales and capital
Quality Growth 35
Are margins and returns getting better?
Cashflow 14
Do the profits arrive as real cash?
Financial strength 16
Debt, balance sheet and risk of trouble
Investment 63
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 16
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 3
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 23/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−6.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−6.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.7%
Start year 2021 (pandemic). Over 10 years: +0.5% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.1%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
2.4% (2021) → 5.3% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

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Earlier news

News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Very negative
Recent news coverage is unusually downbeat.
Note from the team Oct 18, 2026
AI conclusion: Government grants provide some stability yet sustained losses and negative equity returns highlight a weak competitive position in the capital-intensive renewables sector.
Main risk: Ongoing Fukushima cost allocation and government grant reliance risk constraining focus on core power operations and efficiency gains.
TEPCO's talks with potential external capital partners have slipped behind schedule because allocating the costs of the Fukushima accident keeps proving complicated. The company still draws regular large government grants to cover compensation and decommissioning. Will these legacy burdens keep constraining its ability to focus on the core power business and efficiency gains, or can operations eventually stand more on their own?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Renewable · 217 stocks

Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 34 · Below median
Fair Value upside +21.7% · Above median
Profitability
Return on equity (12 months) 9.6% · Top 25%
Return on assets −2.9% · Below median
Net margin (12 months) 4.8% · Below median
Operating margin (12 months) 0.0% · Below median
Growth and dividend
Revenue growth (quarter YoY) 3.8% · Above median
Balance sheet
Debt / equity 1.00× · Above median

Valuation Multiplesvs Utilities - Renewable median · lower = cheaper

P/E (12 months) 2.6× · Cheapest 25%
P/B 0.21× · Cheapest 25%
P/S (12 months) 0.11× · Cheapest 25%
EV/EBITDA 6.4× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)62 · sector 19
FUTURE (revenue growth)19 · sector 19
PAST (return on equity)38 · sector 10
HEALTH (low debt)50 · sector 71
DIVIDEND (yield)0 · sector 49

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Utilities - Renewable stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
BEP BEP $29.98 $72.13 +141% vs TKECF
SDIC Power Holdings 600886 ¥15.65 ¥17.03 +9% vs TKECF
China Yangtze Power Co 600900 ¥29.91 ¥32.43 +8% vs TKECF
VERBUND AG VER €73.70 €66.45 −10% vs TKECF
Fortum Oyj FORTUM €23.76 €11.12 −53% vs TKECF
Huaneng Lancang River Hydropower Inc 600025 ¥10.94 ¥4.45 −59% vs TKECF
Public Power Corporation PPC €23.02 €6.43 −72% vs TKECF
EDP Renewables, S.A EDPR €13.89 €3.67 −74% vs TKECF
Ørsted A/S ORSTED kr 141.95 kr 33.25 −77% vs TKECF
Adani Green Energy Limited ADANIGREEN ₹1,403 ₹170.50 −88% vs TKECF

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Tokyo Electric Power Co. Inc.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Tokyo Electric Power Co. Inc. Fair Value". https://www.fairvalue-calculator.com/stock/TKECF

Frequently asked questions

Is Tokyo Electric Power Co. Inc. (TKECF) overvalued or undervalued?
As of Nov 11, 2026, our model estimates a fair value of $3.48 versus a price of $2.86, about +22% upside (undervalued).
What is the fair value of TKECF?
Our model-based fair value for Tokyo Electric Power Co. Inc. is $3.48 (as of Nov 11, 2026), built from audited fundamentals. The current price: $2.86.
What is the quality score of TKECF?
Tokyo Electric Power Co. Inc. has a Quality Score of 34/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Tokyo Electric Power Co. Inc. (TKECF)?
Our model-based price target is the fair value of $3.48 (as of Nov 11, 2026) from 6 valuation models. Cautious scenario $0.6985, optimistic scenario $7.41. It is a calculation from audited fundamentals, not an analyst target.
What is the Tokyo Electric Power Co. Inc. stock forecast for 2026?
Our models put fair value at $3.48, about +22% upside versus a price of $2.86 (undervalued). Cautious scenario $0.6985, optimistic scenario $7.41. The calculation is refreshed regularly with new filings.
What is the revenue of Tokyo Electric Power Co. Inc. (TKECF)?
Tokyo Electric Power Co. Inc. reported trailing-twelve-month revenue of about ¥6.4T (latest available figure, as of Nov 11, 2026).
What is the intrinsic value of Tokyo Electric Power Co. Inc. (TKECF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tokyo Electric Power Co. Inc. it is $3.48 per share (as of Nov 11, 2026), against a price of $2.86. It is the blended result of 6 valuation models in 4 families (Earnings-Based, Multiples, Asset-Based, Economic Profit).
Is Tokyo Electric Power Co. Inc. stock overvalued or undervalued in 2026?
As of Nov 11, 2026, TKECF trades below its calculated fair value: price $2.86, fair value $3.48, a gap of about +22% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TKECF?
No. The price is what the market pays today ($2.86); the fair value is what the company's own numbers justify ($3.48). For Tokyo Electric Power Co. Inc. the two are $0.6215 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tokyo Electric Power Co. Inc. worth?
The market values Tokyo Electric Power Co. Inc. at about $4.6B (market capitalisation, as of Nov 11, 2026). Per share that is $2.86; our models calculate a fair value of $3.48 per share.
What do the bullish and bearish scenarios say about TKECF?
Our models span a range for Tokyo Electric Power Co. Inc.: cautious scenario $0.6985, base $3.48, optimistic $7.41 per share (as of Nov 11, 2026, price $2.86). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TKECF?
Tokyo Electric Power Co. Inc. trades at a price-to-earnings ratio of 2.6 (as of Nov 11, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $3.48 is built from several models across several years. Other multiples: P/B 0.2, P/S 0.1, EV/EBITDA 6.4.
How solid is the balance sheet of Tokyo Electric Power Co. Inc. (TKECF)?
Balance-sheet figures for Tokyo Electric Power Co. Inc. (as of Nov 11, 2026): return on equity 9.6%, debt of 1.00 per unit of equity. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is TKECF from its 52-week high?
Tokyo Electric Power Co. Inc. trades at $2.86, about 50% below its 52-week high of $5.76 and 6% above the low of $2.70 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of $3.48 is for.
Which stocks are comparable to Tokyo Electric Power Co. Inc.?
From the same area (Utilities) we also value China Yangtze Power Co, Ørsted A/S, Huaneng Lancang River Hydropower Inc, VERBUND AG, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Tokyo Electric Power Co. Inc. stock attractive at the current price?
The data as of Nov 11, 2026: price $2.86, calculated fair value $3.48 (+22%), Quality Score 34/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TKECF calculated?
We run Tokyo Electric Power Co. Inc. through 6 models from 4 families: Earnings-Based, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of $3.48 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.9% above its aggregate fair value. Tokyo Electric Power Co. Inc. currently trades 18% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Tokyo Electric Power Co. Inc. (TKECF)?
The closing price on Nov 13, 2026 was $2.86. Our model-based fair value is $3.48, about +22% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tokyo Electric Power Co. Inc. right now?
The model range is unusually wide ($0.6985 to $7.41). The outcome hinges heavily on assumptions, so read the point estimate with caution. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Tokyo Electric Power Co. Inc. (TKECF) come from?
Earnings per share at Tokyo Electric Power Co. Inc. grew +0.4 % a year from 2015 to 2026. Broken into its drivers: revenue per share +3.3 %, EBIT margin −3.8 %, tax rate −0.5 %, residual (interest, one-offs) +1.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Tokyo Electric Power Co. Inc.

How large is the market capitalisation of Tokyo Electric Power Co. Inc. (TKECF)?
The market capitalisation of Tokyo Electric Power Co. Inc. is $4.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Tokyo Electric Power Co. Inc. (TKECF)?
Earnings per share at Tokyo Electric Power Co. Inc. are $1.09 (price ÷ EPS = P/E 2.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Tokyo Electric Power Co. Inc. (TKECF)?
The net margin of Tokyo Electric Power Co. Inc. is −7.2% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Tokyo Electric Power Co. Inc. (TKECF)?
The return on equity (ROE) of Tokyo Electric Power Co. Inc. is 9.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Tokyo Electric Power Co. Inc. (TKECF)?
On an EBIT basis the return on assets of Tokyo Electric Power Co. Inc. is 0.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Tokyo Electric Power Co. Inc. (TKECF)?
The operating margin of Tokyo Electric Power Co. Inc. is 0.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tokyo Electric Power Co. Inc. (TKECF)?
Revenue at Tokyo Electric Power Co. Inc. is growing +3.8% versus a year earlier (3y avg −6.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Tokyo Electric Power Co. Inc. (TKECF)?
Earnings per share at Tokyo Electric Power Co. Inc. are growing −91.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Tokyo Electric Power Co. Inc. (TKECF) generate?
The free cash flow of Tokyo Electric Power Co. Inc. is −¥314B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Tokyo Electric Power Co. Inc. (TKECF) carry?
The net debt of Tokyo Electric Power Co. Inc. is ¥5.7T (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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