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Major Japanese general contractor building infrastructure, skyscrapers and large public works projects.
Major Japanese general contractor building infrastructure, skyscrapers 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 built a large overseas business, especially in the United States through Webcor, Kraemer and other acquired builders.
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: 1892 · Employees: 18,031
Size Obayashi (1802.T) is a Japan Industrials company (Homebuilding) with a market value of $12.8B, the 110th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,936 on 6 Nov 2026.
Performance Over six months the shares fell 19.8%, against -5.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 4.5% over the last twelve months (peer median +9.1%); the operating margin is 7.9% (peer median 8.6%).
Valuation It trades at 12.3× forward earnings against a peer median of 12.9× (10th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.6 points above its cost of capital (7.2% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.69T | ¥2.59T | ¥2.59T | ¥2.33T | ¥1.98T |
| Revenue growth | — | 0% | +11% | +17% | — |
| Gross profit | ¥388B | ¥365B | ¥295B | ¥220B | ¥217B |
| EBITDA | ¥250B | ¥233B | ¥177B | ¥107B | ¥118B |
| Net income | ¥195B | ¥174B | ¥145B | ¥75.1B | ¥77.7B |
| Free cash flow | n/a | ¥127B | ¥34.2B | -¥28.0B | ¥132B |
| Capital expenditure | n/a | ¥126B | ¥49.9B | ¥78.4B | ¥96.6B |
| Total debt | ¥356B | ¥356B | ¥374B | ¥333B | ¥344B |
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 |
|---|---|---|---|---|---|---|
| Obayashi 1802.T | $12.8B | -20% | +5% | 8% | 12.3× | -1.6% |
| Kajima 1812.T | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% |
| Taisei 1801.T | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% |
| Shimizu 1803.T | $8.30B | -35% | +6% | 6% | 7.8× | n/a |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1802.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | 0.0% | -8.5% | 7th highest of 21 |
| 6-month return | -19.8% | -5.7% | 8th lowest of 21 |
| Distance from 52-week high | -33.0% | -21.9% | 10th lowest of 21 |
| Revenue growth (TTM) | +4.5% | +9.1% | 7th lowest of 21 |
| Operating margin | 7.9% | 8.6% | 7th lowest of 21 |
| Forward P/E | 12.3× | 12.9× | 10th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -1.6% | 6.4% | 4th least demanding of 18 |
| Growth delivered (Del g) | +7.9% | +9.2% | 6th lowest of 18 |
| Hurdle (Req g minus delivered) | -9.6 pp | -4.2 pp | 6th least demanding of 18 |
| ROIC minus cost of capital | +4.6 pp | -0.7 pp | 4th highest of 21 |
| EV / EBITDA | 7.8× | 10.2× | 6th cheapest of 20 |
| Net debt / EBITDA | -0.5× | 0.9× | 6th least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Obayashi 1802.T | Japan | $12.8B | -20% | +5% | 8% | 12.3× | -1.6% | +7.9% |
| Asahi Kasei 3407.T | Japan | $12.6B | -3% | +4% | 8% | 11.3× | 1.9% | +7.9% |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
| Nidec 6594.T | Japan | $11.7B | -33% | +4% | -22% | 11.5× | 8.4% | +10.9% |
| Baycurrent 6532.T | Japan | $11.2B | +132% | +32% | 33% | 35.6× | 6.4% | +28.2% |
| Kawasaki Kisen Kaisha 9107.T | Japan | $11.0B | +17% | +11% | 8% | 9.4× | 7.3% | +10.2% |
| Mitsui O.s.k. Lines 9104.T | Japan | $15.0B | +10% | +20% | 6% | 7.3× | n/a | n/a |
| Daifuku 6383.T | Japan | $10.9B | -33% | +21% | 15% | 18.9× | 14.7% | +8.3% |
| Kawasaki Heavy Industries 7012.T | Japan | $10.9B | -39% | +9% | 6% | 13.8× | 20.2% | +9.2% |
| Taisei 1801.T | Japan | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% | +7.1% |
| Ihi 7013.T | Japan | $15.4B | -20% | +8% | 10% | 12.7× | 16.7% | +8.1% |
| Ana 9202.T | Japan | $9.77B | +24% | +17% | 8% | 13.1× | -10.0% | +28.4% |
| Nippon Yusen Kabushiki Kaisha 9101.T | Japan | $16.8B | +17% | 0% | 6% | 9.0× | 7.8% | +8.5% |
| Fuji Electric 6504.T | Japan | $9.68B | -18% | +9% | 12% | 13.1× | 11.3% | +7.0% |
| Ebara 6361.T | Japan | $9.28B | -40% | +9% | 11% | 14.5× | n/a | n/a |
| West Japan Railway 9021.T | Japan | $9.19B | +12% | +6% | 10% | 13.8× | 2.4% | +14.9% |
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% | +33.1% |
| Kubota 6326.T | Japan | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% | +10.3% |
| Makita 6586.T | Japan | $8.78B | -9% | +9% | 14% | 16.6× | 0.6% | +5.0% |
| Furukawa Electric 5801.T | Japan | $8.75B | -54% | +13% | 6% | 11.9× | n/a | n/a |
| Secom 9735.T | Japan | $18.8B | +16% | +4% | 13% | 22.7× | -0.3% | +3.9% |