Loading…
One of Japan's largest general contractors, building infrastructure, commercial buildings and data centers.
One of Japan's largest general contractors, building infrastructure, commercial buildings and data centers.
Takes construction contracts by tender or negotiated order and books revenue as work progresses, so order backlog shows the work ahead, while real estate development and overseas operations add other income. It is one of Japan's big four general contractors, alongside Obayashi, Shimizu and Taisei.
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: 1840 · Employees: 21,170
Size Kajima (1812.T) is a Japan Industrials company (Engineering & Construction) with a market value of $12.5B, the 113th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,464 on 6 Nov 2026.
Performance Over six months the shares fell 27.0%, against -17.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 3.7% over the last twelve months (peer median +1.7%); the operating margin is 8.0% (peer median 5.7%).
Valuation It trades at 10.8× forward earnings against a peer median of 14.0× (8th 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 +10%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.4 points above its cost of capital (6.4% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥3.06T | ¥3.07T | ¥2.91T | ¥2.67T | ¥2.39T |
| Revenue growth | — | +5% | +9% | +11% | — |
| Gross profit | ¥435B | ¥430B | ¥328B | ¥295B | ¥269B |
| EBITDA | ¥278B | ¥272B | ¥183B | ¥163B | ¥149B |
| Net income | ¥182B | ¥177B | ¥126B | ¥115B | ¥112B |
| Free cash flow | n/a | ¥64.1B | -¥35.9B | ¥82.2B | -¥86.9B |
| Capital expenditure | n/a | ¥56.1B | ¥69.8B | ¥44.1B | ¥77.0B |
| Total debt | ¥818B | ¥890B | ¥848B | ¥667B | ¥590B |
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 |
|---|---|---|---|---|---|---|
| Kajima 1812.T | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% |
| Taisei 1801.T | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% |
| 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 | 1812.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.9% | +2.7% | 3rd lowest of 21 |
| 6-month return | -27.0% | -17.6% | 3rd lowest of 21 |
| Distance from 52-week high | -43.6% | -28.1% | 4th lowest of 21 |
| Revenue growth (TTM) | +3.7% | +1.7% | 10th highest of 21 |
| Operating margin | 8.0% | 5.7% | 8th highest of 21 |
| Forward P/E | 10.8× | 14.0× | 8th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -1.9% | 6.9% | 4th least demanding of 16 |
| Growth delivered (Del g) | +10.0% | +11.5% | 7th lowest of 16 |
| Hurdle (Req g minus delivered) | -11.9 pp | -7.5 pp | 5th least demanding of 16 |
| ROIC minus cost of capital | +3.4 pp | +1.3 pp | 7th highest of 20 |
| EV / EBITDA | 8.3× | 11.7× | 4th cheapest of 15 |
| Net debt / EBITDA | 1.2× | 2.5× | 5th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Skanska SKA-B.ST | Sweden | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% | +2.0% |
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% | +25.6% |
| Eiffage FGR.PA | France | $11.5B | -20% | +5% | 10% | 9.3× | -6.9% | +9.4% |
| Power Construction Corporation of China 601669.SS | China | $11.5B | -20% | -2% | 4% | 8.4× | n/a | n/a |
| China Energy Engineering 601868.SS | China | $13.6B | -18% | -5% | 4% | 17.9× | n/a | n/a |
| China Railway Construction 1186.HK | Hong Kong | $11.4B | -22% | -5% | 4% | 3.2× | n/a | n/a |
| Sichuan Road & Bridge 600039.SS | China | $11.4B | +8% | +8% | 10% | 9.7× | -5.0% | +12.3% |
| MasTec MTZ | United States | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% | +17.7% |
| Taisei 1801.T | Japan | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% | +7.1% |
| China Railway 0390.HK | Hong Kong | $15.0B | -19% | -4% | 4% | 3.6× | n/a | n/a |
| Tetra Tech TTEK | United States | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% | +12.7% |
| Atkinsrealis ATRL.TO | Canada | $9.94B | -7% | +15% | 7% | 19.9× | 11.4% | +9.6% |
| Saipem SPM.MI | Italy | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% | +16.1% |
| WSP Global WSP.TO | Canada | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% | +15.7% |
| APi APG | United States | $17.5B | -7% | +16% | 7% | 20.7× | 27.8% | +17.1% |
| 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% |
| Bouygues EN.PA | France | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% | +10.4% |
| Stantec STN.TO | Canada | $8.42B | -16% | +10% | 10% | 16.0× | 3.9% | +11.5% |