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Japanese condominium (mansion) developer and builder, one of the largest apartment construction companies in Japan.
Japanese condominium (mansion) developer and builder, one of the largest apartment construction companies in Japan.
Earns from two sides: selling condominiums it developed, booked when units are handed to buyers, and construction fees for building condominiums and other buildings for outside developers. Results follow condo sales volumes and the cost of labour and materials in Japanese construction.
In one line: Japan's answer to a large multifamily developer/builder.
Moat: narrow (scale, brand). Leading scale in Japanese condominium development and construction.
Headquarters: Tokyo, Japan · Founded: 1947 · Employees: 8,875
Size Haseko (1808.T) is a Japan Consumer Discretionary company (Homebuilding) with a market value of $4.50B, the 263rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,682 on 6 Nov 2026.
Performance Over six months the shares fell 1.0%, against +8.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 10.3% over the last twelve months (peer median +7.9%); the operating margin is 8.3% (peer median 9.6%).
Valuation It trades at 9.9× forward earnings against a peer median of 14.7× (3rd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -12% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.9 points above its cost of capital (5.0% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.30T | ¥1.27T | ¥1.18T | ¥1.09T | ¥1.03T |
| Revenue growth | — | +8% | +8% | +7% | — |
| Gross profit | ¥200B | ¥186B | ¥163B | ¥158B | ¥158B |
| EBITDA | ¥117B | ¥108B | ¥92.9B | ¥93.4B | ¥96.5B |
| Net income | ¥63.5B | ¥54.8B | ¥34.5B | ¥56.0B | ¥59.3B |
| Free cash flow | n/a | ¥135B | -¥18.0B | ¥90.9B | -¥87.4B |
| Capital expenditure | n/a | ¥21.1B | ¥20.7B | ¥24.2B | ¥35.4B |
| Total debt | ¥419B | ¥426B | ¥420B | ¥415B | ¥392B |
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 |
|---|---|---|---|---|---|---|
| Haseko 1808.T | $4.50B | -1% | +10% | 8% | 9.9× | -11.6% |
| Iida 3291.T | $3.68B | -4% | +7% | 7% | 8.1× | n/a |
| Sumitomo Realty & Development C 8830.T | $18.8B | -34% | +5% | 29% | 12.8× | n/a |
| Nomura Real Estate 3231.T | $5.17B | -12% | +19% | 14% | 8.8× | n/a |
| Tokyu Fudosan Holdings Corporat 3289.T | $5.69B | -7% | +6% | 14% | 8.6× | n/a |
| Tokyo Tatemono 8804.T | $4.37B | -6% | +17% | 22% | 10.3× | n/a |
| Mitsui Fudosan 8801.T | $27.4B | -5% | -10% | 14% | 14.9× | n/a |
| Daiwa House Industry 1925.T | $19.0B | -13% | +5% | 11% | 10.3× | 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 | 1808.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.3% | +6.1% | 9th lowest of 21 |
| 6-month return | -1.0% | +8.1% | 7th lowest of 21 |
| Distance from 52-week high | -22.8% | -20.2% | 9th lowest of 21 |
| Revenue growth (TTM) | +10.3% | +7.9% | 8th highest of 21 |
| Operating margin | 8.3% | 9.6% | 7th lowest of 21 |
| Forward P/E | 9.9× | 14.7× | 3rd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -11.6% | 4.6% | least demanding of 17 |
| Growth delivered (Del g) | +9.5% | +8.0% | 8th highest of 17 |
| Hurdle (Req g minus delivered) | -21.1 pp | -1.1 pp | 3rd least demanding of 17 |
| ROIC minus cost of capital | +4.9 pp | -1.6 pp | 6th highest of 21 |
| EV / EBITDA | 7.6× | 9.3× | 5th cheapest of 18 |
| Net debt / EBITDA | 1.6× | 1.0× | 7th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Haseko 1808.T | Japan | $4.50B | -1% | +10% | 8% | 9.9× | -11.6% | +9.5% |
| Berkeley BKG.L | United Kingdom | $4.44B | +12% | -4% | 19% | 13.0× | 1.2% | +1.6% |
| Sumitomo Forestry 1911.T | Japan | $4.87B | -10% | +14% | 6% | 12.5× | 2.8% | +15.2% |
| Cavco Industries CVCO | United States | $4.87B | +32% | +12% | 10% | 24.2× | 15.2% | +15.2% |
| Champion Homes SKY | United States | $4.96B | +25% | +3% | 8% | 24.2× | 10.8% | +13.4% |
| Taylor Wimpey TW..L | United Kingdom | $3.88B | +5% | +9% | 10% | 16.0× | 5.9% | +6.6% |
| Iida 3291.T | Japan | $3.68B | -4% | +7% | 7% | 8.1× | n/a | n/a |
| Persimmon PSN.L | United Kingdom | $5.64B | +22% | +17% | 11% | 13.0× | n/a | n/a |
| Open House 3288.T | Japan | $5.66B | -15% | +6% | 12% | 7.3× | -8.1% | +18.2% |
| Bellway p.l.c BWY.L | United Kingdom | $3.42B | +19% | +14% | 10% | 15.4× | 3.2% | +0.3% |
| Barratt Redrow BTRW.L | United Kingdom | $6.07B | +32% | +9% | 9% | 14.5× | 3.3% | +4.7% |
| M/I Homes MHO | United States | $3.29B | 0% | -6% | 8% | 12.8× | 8.3% | +7.7% |
| Chengdu Hi-Tech Development 000628.SZ | China | $3.10B | -39% | -32% | 4% | n/a | 57.5% | -2.1% |
| KB Home KBH | United States | $3.08B | +2% | -21% | 5% | 14.9× | 15.2% | +8.3% |
| Frontdoor FTDR | United States | $6.69B | +50% | +9% | 20% | 19.0× | 12.2% | +7.3% |
| Green Brick Partners GRBK | United States | $2.75B | -2% | -10% | 19% | 12.2× | 7.8% | +15.9% |
| Ruentex Development 9945.TW | Taiwan | $2.27B | +13% | +37% | 19% | n/a | -1.0% | +15.5% |
| Cairn Homes CRN.L | United Kingdom | $1.92B | +18% | +44% | 18% | 11.9× | -0.7% | +28.6% |
| GS Engineering & Construction 006360.KS | South Korea | $1.86B | -22% | -15% | 3% | 16.8× | -9.8% | +4.2% |
| Katitas 8919.T | Japan | $1.69B | +11% | +20% | 12% | 18.6× | n/a | n/a |
| Century Communities CCS | United States | $1.56B | 0% | -7% | 2% | 29.2× | n/a | n/a |