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Major Japanese general contractor (zenekon) known for tunnel and dam civil engineering as well as building construction.
Major Japanese general contractor (zenekon) known for tunnel and dam civil engineering as well as building construction.
Wins projects by competitive bid or negotiation, then earns by managing subcontractors and finishing the job within the contract price, so revenue is booked as work progresses and profit depends on cost control. Public-works orders from national and local government anchor the civil side, while private owners place building work.
In one line: A mid-tier Japanese general contractor.
Moat: narrow (process know-how, scale). Deep tunnel/dam engineering track record among Japan's major contractors.
Headquarters: Tokyo, Japan · Founded: 1898 · Employees: 4,507
Size Kumagai Gumi (1861.T) is a Japan Industrials company (Engineering & Construction) with a market value of $1.30B, the 626th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,204 on 6 Nov 2026.
Performance Over six months the shares fell 19.9%, against -15.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 3.8% over the last twelve months (peer median +5.4%); the operating margin is 5.8% (peer median 6.9%).
Valuation It trades at 9.0× forward earnings against a peer median of 15.4× (6th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.9 points above its cost of capital (6.0% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥482B | ¥488B | ¥499B | ¥443B | ¥404B |
| Revenue growth | — | -2% | +12% | +10% | — |
| Gross profit | ¥54.6B | ¥53.5B | ¥38.5B | ¥36.1B | ¥33.4B |
| EBITDA | ¥30.1B | ¥29.2B | ¥16.4B | ¥14.7B | ¥13.4B |
| Net income | ¥20.3B | ¥20.1B | ¥9.35B | ¥8.32B | ¥7.97B |
| Free cash flow | n/a | ¥20.3B | ¥4.16B | ¥14.7B | -¥23.2B |
| Capital expenditure | n/a | ¥4.68B | ¥4.07B | ¥2.24B | ¥4.34B |
| Total debt | ¥57.9B | ¥50.0B | ¥42.4B | ¥52.7B | ¥23.5B |
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 |
|---|---|---|---|---|---|---|
| Kumagai Gumi 1861.T | $1.30B | -20% | -4% | 6% | 9.0× | -9.2% |
| 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% |
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 | 1861.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.9% | -5.2% | 8th highest of 21 |
| 6-month return | -19.9% | -15.7% | 6th lowest of 21 |
| Distance from 52-week high | -41.1% | -33.5% | 7th lowest of 21 |
| Revenue growth (TTM) | -3.8% | +5.4% | 6th lowest of 21 |
| Operating margin | 5.8% | 6.9% | 10th lowest of 21 |
| Forward P/E | 9.0× | 15.4× | 6th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -9.2% | -3.1% | 4th least demanding of 11 |
| Growth delivered (Del g) | +1.6% | +4.4% | 2nd lowest of 11 |
| Hurdle (Req g minus delivered) | -10.8 pp | -10.6 pp | 6th least demanding of 11 |
| ROIC minus cost of capital | +4.9 pp | -1.7 pp | 3rd highest of 20 |
| EV / EBITDA | 6.6× | 17.5× | 2nd cheapest of 9 |
| Net debt / EBITDA | -0.2× | 0.7× | 5th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kumagai Gumi 1861.T | Japan | $1.30B | -20% | -4% | 6% | 9.0× | -9.2% | +1.6% |
| Taiwan Cogeneration 8926.TW | Taiwan | $1.30B | +9% | +324% | 8% | n/a | n/a | n/a |
| Zhejiang Communications Technology 002061.SZ | China | $1.30B | -15% | -12% | 3% | 8.0× | -6.5% | +4.8% |
| Lloyds Engineering Works LLOYDSENGG.NS | India | $1.29B | +36% | +83% | 11% | n/a | n/a | n/a |
| Shenzhen Urban Transport Technology 301091.SZ | China | $1.29B | -23% | +17% | 2% | 79.8× | n/a | n/a |
| Nippon Densetsu Kogyo 1950.T | Japan | $1.29B | -30% | +10% | 12% | 9.9× | -0.1% | +3.2% |
| CTCI 9933.TW | Taiwan | $1.29B | +22% | -22% | 9% | 8.5× | n/a | n/a |
| VA Tech Wabag WABAG.NS | India | $1.32B | +33% | +20% | 11% | 27.1× | 34.6% | +6.8% |
| Farglory Land Development 5522.TW | Taiwan | $1.34B | -18% | +164% | 26% | 7.7× | -13.6% | +3.0% |
| JiShi Media 601929.SS | China | $1.25B | -18% | -2% | -24% | n/a | n/a | n/a |
| Kepco Kps 051600.KS | South Korea | $1.37B | -34% | +6% | 9% | 12.6× | -6.1% | +3.9% |
| Lendlease LLC.AX | Australia | $1.23B | -16% | -30% | 0% | 147.4× | n/a | n/a |
| Xinjiang Communications Construction 002941.SZ | China | $1.22B | -20% | +23% | 5% | n/a | n/a | n/a |
| Tianjin Capital Environmental Protection 1065.HK | Hong Kong | $1.22B | -13% | +2% | 29% | 5.4× | -16.4% | +6.5% |
| Beijing Gehua CATV Network 600037.SS | China | $1.40B | -16% | +24% | -5% | 39.4× | n/a | n/a |
| Zhejiang Construction Investment 002761.SZ | China | $1.42B | -14% | -12% | 0% | n/a | 13.0% | +0.4% |
| Jiangxi Ganyue Expressway 600269.SS | China | $1.44B | -7% | +3% | 28% | n/a | -11.6% | +4.4% |
| GenusPlus GNP.AX | Australia | $1.18B | -12% | +71% | 6% | 18.1× | 6.2% | +32.1% |
| EPIC Suisse EPIC.SW | Switzerland | $1.17B | +2% | +4% | 78% | 20.8× | 7.1% | +4.3% |
| Shaanxi Construction Engineering 600248.SS | China | $1.45B | -25% | -25% | 0% | 2.7× | n/a | n/a |
| China Bester Group Telecom 603220.SS | China | $1.17B | -48% | +3% | 6% | 20.0× | n/a | n/a |