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Major Japanese general contractor building infrastructure, high-rises, and large public works projects.
Major Japanese general contractor building infrastructure, high-rises, and large public works projects.
Takes construction contracts by tender or negotiated order and books revenue as work progresses, so order backlog shows the work ahead. One of Japan's big four general contractors, it led the construction of Tokyo's National Stadium for the 2020 Olympics.
In one line: A Japanese Bechtel/Turner Construction.
Moat: narrow (scale, brand, regulatory licence). Scale and track record win large public/infrastructure contracts, but construction margins are thin and cyclical.
Headquarters: Tokyo, Japan · Founded: 1873 · Employees: 18,503
Size Taisei (1801.T) is a Japan Industrials company (Engineering & Construction) with a market value of $10.8B, the 133rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥10,460 on 6 Nov 2026.
Performance Over six months the shares fell 38.3%, against -16.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 1.5% over the last twelve months (peer median +4.6%); the operating margin is 8.9% (peer median 6.0%).
Valuation It trades at 9.9× forward earnings against a peer median of 12.3× (9th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.8 points above its cost of capital (7.2% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.17T | ¥2.09T | ¥2.15T | ¥1.77T | ¥1.64T |
| Revenue growth | — | -3% | +22% | +7% | — |
| Gross profit | ¥348B | ¥337B | ¥238B | ¥127B | ¥148B |
| EBITDA | ¥221B | ¥209B | ¥136B | ¥39.2B | ¥66.1B |
| Net income | ¥171B | ¥170B | ¥124B | ¥40.3B | ¥47.1B |
| Free cash flow | n/a | ¥69.7B | -¥45.8B | -¥81.7B | ¥13.9B |
| Capital expenditure | n/a | ¥77.6B | ¥31.9B | ¥122B | ¥16.2B |
| Total debt | ¥447B | ¥466B | ¥318B | ¥379B | ¥203B |
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 |
|---|---|---|---|---|---|---|
| Taisei 1801.T | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% |
| Kajima 1812.T | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% |
| Obayashi 1802.T | $12.8B | -20% | +5% | 8% | 12.3× | -1.6% |
| Shimizu 1803.T | $8.30B | -35% | +6% | 6% | 7.8× | n/a |
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 | 1801.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.3% | -1.0% | 3rd lowest of 21 |
| 6-month return | -38.3% | -16.8% | 3rd lowest of 21 |
| Distance from 52-week high | -48.9% | -30.9% | 4th lowest of 21 |
| Revenue growth (TTM) | +1.5% | +4.6% | 9th lowest of 21 |
| Operating margin | 8.9% | 6.0% | 8th highest of 21 |
| Forward P/E | 9.9× | 12.3× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 0.6% | 7.3% | 5th least demanding of 14 |
| Growth delivered (Del g) | +7.1% | +11.5% | 4th lowest of 14 |
| Hurdle (Req g minus delivered) | -6.5 pp | -7.5 pp | 7th most demanding of 14 |
| ROIC minus cost of capital | +3.8 pp | +1.3 pp | 6th highest of 20 |
| EV / EBITDA | 8.8× | 10.9× | 6th cheapest of 15 |
| Net debt / EBITDA | 0.9× | 1.2× | 7th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Taisei 1801.T | Japan | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% | +7.1% |
| Tetra Tech TTEK | United States | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% | +12.7% |
| Sichuan Road & Bridge 600039.SS | China | $11.4B | +8% | +8% | 10% | 9.7× | -5.0% | +12.3% |
| China Railway Construction 601186.SS | China | $11.4B | -11% | -9% | 4% | 4.9× | n/a | n/a |
| Power Construction Corporation of China 601669.SS | China | $11.5B | -20% | -2% | 4% | 8.4× | n/a | n/a |
| Eiffage FGR.PA | France | $11.5B | -20% | +5% | 10% | 9.3× | -6.9% | +9.4% |
| Atkinsrealis ATRL.TO | Canada | $9.94B | -7% | +15% | 7% | 19.9× | 11.4% | +9.6% |
| Skanska SKA-B.ST | Sweden | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% | +2.0% |
| Saipem SPM.MI | Italy | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% | +16.1% |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
| China Communications Construction 1800.HK | Hong Kong | $12.8B | -26% | -5% | 4% | 3.1× | n/a | n/a |
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% | +25.6% |
| SamsungE&A 028050.KS | South Korea | $8.73B | +14% | +19% | 11% | 13.6× | -2.1% | +6.1% |
| Aecom ACM | United States | $8.59B | -17% | -4% | 5% | 11.0× | 7.3% | +4.0% |
| China Energy Engineering 601868.SS | China | $13.6B | -18% | -5% | 4% | 17.9× | n/a | n/a |
| Stantec STN.TO | Canada | $8.42B | -16% | +10% | 10% | 16.0× | 3.9% | +11.5% |
| MasTec MTZ | United States | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% | +17.7% |
| JSW Infrastructure JSWINFRA.NS | India | $8.33B | +20% | +17% | 36% | 46.8× | n/a | n/a |
| Shimizu 1803.T | Japan | $8.30B | -35% | +6% | 6% | 7.8× | n/a | n/a |
| China Railway 0390.HK | Hong Kong | $15.0B | -19% | -4% | 4% | 3.6× | n/a | n/a |
| Sterling Infrastructure STRL | United States | $7.71B | -70% | +93% | 19% | 9.4× | 8.8% | +11.8% |