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Marine civil-engineering specialist in dredging, port construction and coastal reclamation in Japan and overseas.
Marine civil-engineering specialist in dredging, port construction and coastal reclamation in Japan and overseas.
Is paid by contract as projects are built, mainly by government port and infrastructure agencies, so revenue depends on the public-works budget and the order backlog rather than repeat sales. Alongside its marine specialty it also takes on ordinary civil and building construction.
In one line: Japan's Great Lakes Dredge & Dock.
Moat: narrow (process know-how, installed base). Specialized marine construction equipment and dredging/reclamation expertise.
Headquarters: Tokyo, Japan · Founded: 1946 · Employees: 2,145
Size Toa Corporation (Construction) (1885.T) is a Japan Industrials company (Engineering & Construction) with a market value of $1.06B, the 708th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,981 on 6 Nov 2026.
Performance Over six months the shares fell 28.8%, against -21.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 1.7% over the last twelve months (peer median +1.5%); the operating margin is 6.9% (peer median 7.4%).
Valuation It trades at 9.1× forward earnings against a peer median of 21.1× (5th cheapest of 18).
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 +14%, so the hurdle is -26 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.7 points above its cost of capital (7.6% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥351B | ¥359B | ¥330B | ¥284B | ¥214B |
| Revenue growth | — | +9% | +16% | +33% | — |
| Gross profit | ¥42.3B | ¥42.0B | ¥35.1B | ¥31.3B | ¥18.2B |
| EBITDA | ¥27.2B | ¥27.2B | ¥23.9B | ¥20.6B | ¥9.27B |
| Net income | ¥19.6B | ¥19.4B | ¥14.9B | ¥10.5B | ¥4.83B |
| Free cash flow | n/a | ¥45.1B | -¥15.9B | ¥36.5B | -¥17.3B |
| Capital expenditure | n/a | ¥3.74B | ¥1.95B | ¥3.08B | ¥3.54B |
| Total debt | ¥29.9B | ¥25.5B | ¥50.9B | ¥48.3B | ¥47.1B |
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 |
|---|---|---|---|---|---|---|
| Toa Corporation (Construction) 1885.T | $1.06B | -29% | +2% | 7% | 9.1× | -12.2% |
| Penta-Ocean Construction 1893.T | $2.25B | -29% | +7% | 7% | 8.9× | 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 | 1885.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.5% | -3.1% | 10th lowest of 21 |
| 6-month return | -28.8% | -21.2% | 7th lowest of 21 |
| Distance from 52-week high | -57.7% | -34.0% | 3rd lowest of 21 |
| Revenue growth (TTM) | +1.7% | +1.5% | 10th highest of 21 |
| Operating margin | 6.9% | 7.4% | 8th lowest of 21 |
| Forward P/E | 9.1× | 21.1× | 5th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -12.2% | 9.3% | least demanding of 11 |
| Growth delivered (Del g) | +13.6% | +12.3% | 6th highest of 11 |
| Hurdle (Req g minus delivered) | -25.8 pp | -9.2 pp | 2nd least demanding of 11 |
| ROIC minus cost of capital | +8.7 pp | +0.6 pp | 4th highest of 20 |
| EV / EBITDA | 5.6× | 12.5× | 2nd cheapest of 10 |
| Net debt / EBITDA | -0.6× | 0.7× | 3rd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Toa Corporation (Construction) 1885.T | Japan | $1.06B | -29% | +2% | 7% | 9.1× | -12.2% | +13.6% |
| Fugro FUR.AS | Netherlands | $1.06B | -29% | -11% | 3% | n/a | n/a | n/a |
| Anhui Construction Engineering 600502.SS | China | $1.07B | -23% | -4% | 6% | 4.6× | n/a | n/a |
| Chiyoda 6366.T | Japan | $1.07B | -35% | +16% | 17% | 6.7× | n/a | n/a |
| HuaDian Heavy Industries 601226.SS | China | $1.04B | -32% | +18% | 2% | 29.5× | 18.2% | +3.2% |
| IRCON International IRCON.NS | India | $1.08B | -33% | -3% | 7% | 15.4× | n/a | n/a |
| thyssenkrupp nucera AG & Co. KGaA NCH2.DE | Germany | $1.09B | -13% | -42% | -13% | n/a | n/a | n/a |
| Jiangsu Libert 605167.SS | China | $1.02B | -24% | -29% | 8% | 28.6× | n/a | n/a |
| Guangzhou Metro Design & Research Institute 003013.SZ | China | $1.01B | +9% | -8% | 15% | 21.1× | n/a | n/a |
| Toenec 1946.T | Japan | $1.01B | -32% | +2% | 8% | 7.9× | -2.3% | +4.8% |
| Superloop SLC.AX | Australia | $1.01B | -19% | +22% | 5% | 30.8× | 28.0% | +47.3% |
| Rosetti Marino YRM.MI | Italy | $1.01B | -9% | +14% | 7% | 27.6× | n/a | n/a |
| Norbit NORBT.OL | Norway | $1.12B | -28% | +34% | 22% | 21.1× | -5.3% | +32.2% |
| East China Engineering Science and Technology 002140.SZ | China | $1,000M | -24% | +9% | 7% | 11.6× | 0.3% | +13.9% |
| IPARK Hyundai Development 294870.KS | South Korea | $1.12B | +4% | -13% | 11% | 4.2× | n/a | n/a |
| Decai Decoration 605287.SS | China | $1.12B | -3% | +17% | 5% | n/a | 25.3% | -5.4% |
| Yurtec 1934.T | Japan | $998M | -8% | -2% | 8% | 11.0× | -6.2% | +5.1% |
| Acter Technology Integration 603163.SS | China | $997M | -32% | +1% | 11% | 28.4× | 18.6% | +22.2% |
| Welspun Enterprises WELENT.NS | India | $995M | +29% | +1% | 19% | 22.3× | n/a | n/a |
| Jiangsu Zeyu Intelligent Electric Power 301179.SZ | China | $1.13B | -20% | +8% | 8% | 32.1× | 24.8% | +15.4% |
| Norconsult NORCO.OL | Norway | $1.14B | +2% | +13% | 7% | 15.7× | -5.9% | +10.6% |