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Major Japanese general contractor (zenekon) building commercial, residential and civil-engineering projects.
Major Japanese general contractor (zenekon) building commercial, residential and civil-engineering projects.
Wins projects by competitive bid or negotiated contract and books revenue as work progresses, so profit depends on managing material and labor costs on fixed-price contracts. A smaller real-estate business supplements the construction work.
In one line: A mid-tier Japanese equivalent of a US general contractor like Turner Construction.
Moat: narrow (scale, brand). Scale and track record among Japan's leading general contractors in a fragmented, competitive industry.
Headquarters: Tokyo, Japan · Founded: 1881 · Employees: 7,286
Size Toda (1860.T) is a Japan Industrials company (Engineering & Construction) with a market value of $2.58B, the 404th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,375 on 6 Nov 2026.
Performance Over six months the shares fell 3.0%, against -6.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 10.5% over the last twelve months (peer median +8.5%); the operating margin is 6.2% (peer median 5.1%).
Valuation It trades at 11.1× forward earnings against a peer median of 14.5× (5th 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 +5%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.7 points below its cost of capital (5.1% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥670B | ¥646B | ¥587B | ¥522B | ¥547B |
| Revenue growth | — | +10% | +12% | -5% | — |
| Gross profit | ¥95.5B | ¥92.2B | ¥76.8B | ¥65.6B | ¥57.3B |
| EBITDA | ¥52.9B | ¥49.4B | ¥35.6B | ¥25.4B | ¥20.8B |
| Net income | ¥45.2B | ¥37.0B | ¥25.2B | ¥16.1B | ¥11.0B |
| Free cash flow | n/a | ¥34.3B | -¥36.4B | ¥6.95B | -¥67.1B |
| Capital expenditure | n/a | ¥29.2B | ¥64.0B | ¥56.5B | ¥37.6B |
| Total debt | ¥212B | ¥231B | ¥256B | ¥227B | ¥212B |
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 |
|---|---|---|---|---|---|---|
| Toda 1860.T | $2.58B | -3% | +10% | 6% | 11.1× | -0.8% |
| Obayashi 1802.T | $12.8B | -20% | +5% | 8% | 12.3× | -1.6% |
| Taisei 1801.T | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% |
| Shimizu 1803.T | $8.30B | -35% | +6% | 6% | 7.8× | n/a |
| Kajima 1812.T | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% |
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 | 1860.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.9% | -2.2% | 9th highest of 21 |
| 6-month return | -3.0% | -6.9% | 8th highest of 21 |
| Distance from 52-week high | -17.4% | -24.1% | 7th highest of 21 |
| Revenue growth (TTM) | +10.5% | +8.5% | 9th highest of 21 |
| Operating margin | 6.2% | 5.1% | 7th highest of 21 |
| Forward P/E | 11.1× | 14.5× | 5th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -0.8% | -1.3% | 9th least demanding of 17 |
| Growth delivered (Del g) | +5.0% | +9.5% | 5th lowest of 17 |
| Hurdle (Req g minus delivered) | -5.7 pp | -9.9 pp | 7th most demanding of 17 |
| ROIC minus cost of capital | -0.7 pp | +6.0 pp | 6th lowest of 21 |
| EV / EBITDA | 10.6× | 8.6× | 4th most expensive of 15 |
| Net debt / EBITDA | 2.7× | 0.1× | 4th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Toda 1860.T | Japan | $2.58B | -3% | +10% | 6% | 11.1× | -0.8% | +5.0% |
| Cemindia Projects CEMPRO.NS | India | $2.58B | +36% | +10% | 9% | 32.8× | 42.2% | +29.9% |
| Tecnicas Reunidas TRE.MC | Spain | $2.57B | -5% | +33% | 4% | 13.5× | -2.5% | +12.9% |
| Bilfinger GBF.DE | Germany | $2.57B | -31% | +6% | 5% | 15.5× | -6.7% | +9.4% |
| Aecon ARE.TO | Canada | $2.59B | -4% | +23% | 2% | 26.3× | 5.1% | +8.3% |
| Shanghai Tunnel Engineering 600820.SS | China | $2.56B | -9% | -9% | 6% | 8.0× | -0.6% | +1.4% |
| Koninklijke Heijmans HEIJM.AS | Netherlands | $2.55B | -7% | +11% | 6% | 13.5× | 3.9% | +9.7% |
| Keller KLR.L | United Kingdom | $2.63B | +24% | +10% | 7% | 11.8× | 4.4% | +8.4% |
| Kalpataru Projects International KPIL.NS | India | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% | +16.0% |
| Bird Construction BDT.TO | Canada | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% | +17.7% |
| Arcplus 600629.SS | China | $2.43B | -17% | -25% | -3% | 38.4× | n/a | n/a |
| AF Gruppen AFG.OL | Norway | $2.42B | +13% | +11% | 5% | 16.2× | -9.7% | +3.4% |
| Elecnor ENO.MC | Spain | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% | +12.3% |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |
| Webuild WBD.MI | Italy | $2.39B | -22% | +2% | -1% | 6.5× | -2.1% | +24.4% |
| Peab PEAB-B.ST | Sweden | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% | -0.4% |
| EXEO 1951.T | Japan | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% | +6.6% |
| Shanghai Construction 600170.SS | China | $2.89B | -20% | -22% | 1% | 16.7× | -10.4% | -2.3% |
| Jgc 1963.T | Japan | $2.94B | -18% | -15% | 6% | 10.0× | n/a | n/a |
| Penta-Ocean Construction 1893.T | Japan | $2.25B | -29% | +7% | 7% | 8.9× | n/a | n/a |
| ACME Solar ACMESOLAR.NS | India | $2.95B | +32% | +54% | 66% | 29.6× | n/a | n/a |