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Mid-tier Japanese general contractor (zenekon) building commercial, residential and civil-engineering projects.
Mid-tier Japanese general contractor (zenekon) building commercial, residential and civil-engineering projects.
Wins building and civil contracts, then earns by finishing work under the agreed price, so profit is the difference between the contract price and the cost of materials, labour and subcontractors. Its civil-engineering experience is strongest in tunnels and dams, giving it a base in public works, while building work comes from private developers.
In one line: A mid-tier Japanese general contractor.
Moat: none (scale). Mid-tier scale in a fragmented, competitive general-contracting industry.
Headquarters: Tokyo, Japan · Founded: 1874 · Employees: 3,442
Size Nishimatsu Construction (1820.T) is a Japan Consumer Discretionary company (Homebuilding) with a market value of $1.28B, the 630th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥5,110 on 6 Nov 2026.
Performance Over six months the shares fell 11.3%, against -12.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 13.7% over the last twelve months (peer median +3.0%); the operating margin is 7.7% (peer median 4.8%).
Valuation It trades at 9.6× forward earnings against a peer median of 17.1× (5th cheapest of 14).
Capital Return on invested capital runs 0.7 points above its cost of capital (5.0% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥416B | ¥396B | ¥367B | ¥402B | ¥340B |
| Revenue growth | — | +8% | -9% | +18% | — |
| Gross profit | ¥59.0B | ¥54.3B | ¥44.1B | ¥40.8B | ¥33.7B |
| EBITDA | ¥37.1B | ¥33.1B | ¥25.6B | ¥22.5B | ¥16.6B |
| Net income | ¥27.1B | ¥24.1B | ¥17.5B | ¥12.4B | ¥9.65B |
| Free cash flow | n/a | -¥20.3B | -¥18.2B | ¥17.3B | ¥8.70B |
| Capital expenditure | n/a | ¥23.4B | ¥24.1B | ¥14.7B | ¥26.0B |
| Total debt | ¥225B | ¥233B | ¥214B | ¥187B | ¥169B |
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 |
|---|---|---|---|---|---|---|
| Nishimatsu Construction 1820.T | $1.28B | -11% | +14% | 8% | 9.6× | n/a |
| Toda 1860.T | $2.58B | -3% | +10% | 6% | 11.1× | -0.8% |
| Okumura 1833.T | $1.19B | -17% | 0% | 5% | n/a | n/a |
| HAZAMA ANDO 1719.T | $1.94B | -11% | +4% | 8% | 9.8× | -11.7% |
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 | 1820.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.9% | 0.0% | 8th lowest of 21 |
| 6-month return | -11.3% | -12.3% | 11th highest of 21 |
| Distance from 52-week high | -25.9% | -29.6% | 8th highest of 21 |
| Revenue growth (TTM) | +13.7% | +3.0% | 8th highest of 21 |
| Operating margin | 7.7% | 4.8% | 8th highest of 21 |
| Forward P/E | 9.6× | 17.1× | 5th cheapest of 14 |
| ROIC minus cost of capital | +0.7 pp | -0.9 pp | 9th highest of 21 |
| EV / EBITDA | 10.5× | 12.9× | 5th cheapest of 10 |
| Net debt / EBITDA | 4.8× | 2.8× | 6th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nishimatsu Construction 1820.T | Japan | $1.28B | -11% | +14% | 8% | 9.6× | n/a | n/a |
| JSL Construction & Development 2540.TW | Taiwan | $1.25B | -14% | -35% | 3% | n/a | n/a | n/a |
| Okumura 1833.T | Japan | $1.19B | -17% | 0% | 5% | n/a | n/a | n/a |
| CEVIA Enviro 000885.SZ | China | $1.16B | -14% | -2% | 27% | 6.0× | -8.3% | +14.0% |
| Gemdale 600383.SS | China | $1.45B | -26% | -47% | -24% | n/a | 10.8% | -15.6% |
| Vistry VTY.L | United Kingdom | $1.12B | -19% | -8% | -9% | 9.5× | n/a | n/a |
| Dream Finders Homes DFH | United States | $1.12B | -13% | -11% | 3% | 441.3× | n/a | n/a |
| LGI Homes LGIH | United States | $1.06B | -2% | -2% | 4% | 17.1× | 18.3% | -6.4% |
| Century Communities CCS | United States | $1.56B | 0% | -7% | 2% | 29.2× | n/a | n/a |
| Black Diamond BDI.TO | Canada | $1.02B | +25% | +26% | 12% | 32.7× | n/a | n/a |
| Katitas 8919.T | Japan | $1.69B | +11% | +20% | 12% | 18.6× | n/a | n/a |
| Huaku Development 2548.TW | Taiwan | $928M | -21% | +331% | 22% | 19.9× | -18.6% | +10.0% |
| GS Engineering & Construction 006360.KS | South Korea | $1.86B | -22% | -15% | 3% | 16.8× | -9.8% | +4.2% |
| Dexterra DXT.TO | Canada | $876M | +59% | +9% | 6% | 24.0× | 5.1% | +17.2% |
| Shanghai Tongji Science & Technology Industrial 600846.SS | China | $870M | -27% | +51% | 3% | n/a | 7.8% | -6.8% |
| Cairn Homes CRN.L | United Kingdom | $1.92B | +18% | +44% | 18% | 11.9× | -0.7% | +28.6% |
| Run Long Construction 1808.TW | Taiwan | $844M | +10% | +741% | 25% | n/a | -12.0% | -3.2% |
| Tokyu Construction 1720.T | Japan | $774M | -21% | +11% | 5% | 9.3× | -13.6% | +8.1% |
| Chongqing Construction Engineering 600939.SS | China | $773M | -11% | -28% | -4% | n/a | -7.9% | -16.8% |
| Takamatsu Construction 1762.T | Japan | $769M | +16% | +6% | 6% | 9.5× | n/a | n/a |
| Ruentex Development 9945.TW | Taiwan | $2.27B | +13% | +37% | 19% | n/a | -1.0% | +15.5% |