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Japanese telecom and ICT infrastructure construction firm, building fiber and mobile networks and expanding into renewable energy construction.
Japanese telecom and ICT infrastructure construction firm, building fiber and mobile networks and expanding into renewable energy construction.
Earns contract fees for building and maintaining telecom networks, with NTT group companies as the traditional anchor customer, so volume follows their capital budgets. It has been adding renewable energy and data-center construction. Construction revenue is booked as work progresses.
Moat: narrow (customer qualification, installed base). Long-standing NTT-linked contractor relationships and telecom infrastructure know-how.
Headquarters: Tokyo, Japan · Founded: 2021 · Employees: 17,709
Size MIRAIT ONE (1417.T) is a Japan Industrials company (Engineering & Construction) with a market value of $1.60B, the 551st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,046 on 6 Nov 2026.
Performance Over six months the shares fell 24.3%, against -0.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 4.9% over the last twelve months (peer median -2.0%); the operating margin is 5.9% (peer median 5.5%).
Valuation It trades at 10.4× forward earnings against a peer median of 21.5× (4th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.8 points above its cost of capital (6.0% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥611B | ¥602B | ¥579B | ¥518B | ¥484B |
| Revenue growth | — | +4% | +12% | +7% | — |
| Gross profit | ¥95.7B | ¥88.8B | ¥81.1B | ¥59.1B | ¥58.0B |
| EBITDA | ¥50.5B | ¥48.5B | ¥41.7B | ¥28.1B | ¥31.3B |
| Net income | ¥26.4B | ¥23.3B | ¥17.2B | ¥12.5B | ¥14.8B |
| Free cash flow | n/a | ¥15.5B | ¥12.4B | ¥27.6B | -¥280M |
| Capital expenditure | n/a | ¥11.1B | ¥7.76B | ¥8.49B | ¥7.84B |
| Total debt | ¥90.0B | ¥135B | ¥127B | ¥117B | ¥61.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MIRAIT ONE 1417.T | $1.60B | -24% | +5% | 6% | 10.4× | -5.7% |
| Nippon Densetsu Kogyo 1950.T | $1.29B | -30% | +10% | 12% | 9.9× | -0.1% |
| Comsys 1721.T | $3.55B | -15% | +4% | 8% | 13.3× | -0.7% |
| EXEO 1951.T | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1417.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.9% | -2.2% | 5th lowest of 21 |
| 6-month return | -24.3% | -0.2% | 6th lowest of 21 |
| Distance from 52-week high | -30.0% | -25.7% | 10th lowest of 21 |
| Revenue growth (TTM) | +4.9% | -2.0% | 10th highest of 21 |
| Operating margin | 5.9% | 5.5% | 11th highest of 21 |
| Forward P/E | 10.4× | 21.5× | 4th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -5.7% | 4.0% | 5th least demanding of 16 |
| Growth delivered (Del g) | +5.4% | +4.3% | 7th highest of 16 |
| Hurdle (Req g minus delivered) | -11.1 pp | -7.7 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | +1.8 pp | +2.2 pp | 11th highest of 21 |
| EV / EBITDA | 5.7× | 12.0× | 2nd cheapest of 11 |
| Net debt / EBITDA | 0.5× | 0.1× | 5th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MIRAIT ONE 1417.T | Japan | $1.60B | -24% | +5% | 6% | 10.4× | -5.7% | +5.4% |
| Implenia IMPN.SW | Switzerland | $1.61B | +12% | -8% | 2% | 15.0× | 6.0% | -2.7% |
| China CAMC Engineering 002051.SZ | China | $1.58B | -15% | +14% | 5% | 40.3× | n/a | n/a |
| Zhejiang Youpon Integrated Ceiling 002718.SZ | China | $1.58B | +12% | -18% | -5% | n/a | n/a | n/a |
| Shandong Hi-speed Road&bridge 000498.SZ | China | $1.65B | +20% | -9% | 7% | 4.9× | n/a | n/a |
| Japan Elevator Service 6544.T | Japan | $1.65B | -9% | +17% | 19% | 29.3× | 4.0% | +18.6% |
| China Aluminum International Engineering 601068.SS | China | $1.68B | -34% | -10% | 4% | 41.2× | 10.9% | +0.1% |
| Dl E&c 375500.KS | South Korea | $1.53B | -48% | -17% | 4% | 5.2× | -8.3% | -5.3% |
| Envision Greenwise 1783.HK | Hong Kong | $1.68B | +38% | +183% | 3% | n/a | n/a | n/a |
| NCC NCC-A.ST | Sweden | $1.69B | -3% | -17% | 3% | 22.2× | -1.6% | +0.7% |
| Chudenko 1941.T | Japan | $1.71B | +3% | +9% | 12% | 11.0× | -8.6% | +4.3% |
| Ruentex Engineering & Construction 2597.TW | Taiwan | $1.50B | +5% | +20% | 14% | n/a | -5.0% | +16.8% |
| Burkhalter BRKN.SW | Switzerland | $1.71B | -27% | -2% | 6% | 21.5× | -1.3% | +19.0% |
| SHO BOND 1414.T | Japan | $1.71B | -6% | -2% | 23% | 16.3× | -7.5% | +2.2% |
| Tasmea TEA.AX | Australia | $1.73B | +49% | +136% | 8% | 18.9× | 4.6% | +59.3% |
| Suzhou Gold Mantis Construction and Decoration 002081.SZ | China | $1.74B | -25% | -8% | 3% | 29.6× | 12.2% | -11.1% |
| Engineers India ENGINERSIN.NS | India | $1.74B | +12% | +6% | 20% | 25.2× | 29.6% | +4.6% |
| Kier KIE.L | United Kingdom | $1.75B | +53% | +7% | 3% | 12.7× | -6.3% | +5.9% |
| SRG Global SRG.AX | Australia | $1.46B | +7% | +27% | 7% | 22.1× | 16.4% | +24.1% |
| Hongrun Construction 002062.SZ | China | $1.45B | -11% | -12% | 7% | 31.6× | 5.6% | -12.6% |
| Shaanxi Construction Engineering 600248.SS | China | $1.45B | -25% | -25% | 0% | 2.7× | n/a | n/a |