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Japanese marine civil-engineering specialist in dredging, port construction and land reclamation, with projects across Asia.
Japanese marine civil-engineering specialist in dredging, port construction and land reclamation, with projects across Asia.
Wins marine construction projects, such as dredging, harbors and reclamation, by bid and books revenue as work progresses, with its own fleet of dredgers and work vessels. It also builds ordinary buildings in Japan, and overseas jobs in Asia add large but irregular projects.
In one line: Japan's Great Lakes Dredge & Dock, at larger scale with a general-contracting arm.
Moat: narrow (process know-how, installed base). Specialized marine construction equipment and expertise in dredging/reclamation.
Headquarters: Tokyo, Japan · Founded: 1896 · Employees: 3,991
Size Penta-Ocean Construction (1893.T) is a Japan Industrials company (Engineering & Construction) with a market value of $2.25B, the 451st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,246 on 6 Nov 2026.
Performance Over six months the shares fell 28.8%, against -13.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 7.4% over the last twelve months (peer median +6.8%); the operating margin is 7.0% (peer median 5.8%).
Valuation It trades at 8.9× forward earnings against a peer median of 14.5× (3rd cheapest of 19).
Capital Return on invested capital runs 3.2 points above its cost of capital (6.8% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥802B | ¥794B | ¥727B | ¥618B | ¥502B |
| Revenue growth | — | +9% | +18% | +23% | — |
| Gross profit | ¥84.9B | ¥83.3B | ¥47.6B | ¥53.3B | ¥26.4B |
| EBITDA | ¥67.0B | ¥65.3B | ¥30.6B | ¥36.6B | ¥11.7B |
| Net income | ¥34.9B | ¥34.7B | ¥12.5B | ¥17.9B | ¥684M |
| Free cash flow | n/a | -¥27.6B | -¥61.5B | -¥1.75B | ¥9.57B |
| Capital expenditure | n/a | ¥95.9B | ¥38.2B | ¥10.9B | ¥10.1B |
| Total debt | ¥245B | ¥196B | ¥167B | ¥110B | ¥93.8B |
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 |
|---|---|---|---|---|---|---|
| Penta-Ocean Construction 1893.T | $2.25B | -29% | +7% | 7% | 8.9× | n/a |
| Toa Corporation (Construction) 1885.T | $1.06B | -29% | +2% | 7% | 9.1× | -12.2% |
| Wakachiku Construction 1888.T | n/a | -9% | n/a | n/a | n/a | 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 | 1893.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.3% | -1.1% | 6th lowest of 21 |
| 6-month return | -28.8% | -13.6% | 5th lowest of 21 |
| Distance from 52-week high | -44.8% | -33.1% | 4th lowest of 21 |
| Revenue growth (TTM) | +7.4% | +6.8% | 11th highest of 21 |
| Operating margin | 7.0% | 5.8% | 8th highest of 21 |
| Forward P/E | 8.9× | 14.5× | 3rd cheapest of 19 |
| ROIC minus cost of capital | +3.2 pp | +4.4 pp | 10th lowest of 20 |
| EV / EBITDA | 8.2× | 9.3× | 6th cheapest of 14 |
| Net debt / EBITDA | 2.9× | -0.5× | 3rd most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Penta-Ocean Construction 1893.T | Japan | $2.25B | -29% | +7% | 7% | 8.9× | n/a | n/a |
| Grenergy Renovables GRE.MC | Spain | $2.24B | -40% | +8% | 23% | 18.9× | n/a | n/a |
| Nbcc (india) NBCC.NS | India | $2.23B | -19% | +4% | 6% | 26.0× | 40.1% | +12.9% |
| IRB Infrastructure Developers IRB.NS | India | $2.18B | -21% | -14% | 27% | 16.0× | 9.2% | +4.2% |
| Yankey Engineering 6691.TW | Taiwan | $2.16B | -16% | +63% | 16% | 9.7× | 2.8% | +33.1% |
| Webuild WBD.MI | Italy | $2.39B | -22% | +2% | -1% | 6.5× | -2.1% | +24.4% |
| AF Gruppen AFG.OL | Norway | $2.42B | +13% | +11% | 5% | 16.2× | -9.7% | +3.4% |
| Arcplus 600629.SS | China | $2.43B | -17% | -25% | -3% | 38.4× | n/a | n/a |
| Kepco E&c 052690.KS | South Korea | $2.07B | -61% | +8% | 10% | 45.6× | n/a | n/a |
| DAI-DAN 1980.T | Japan | $2.05B | -15% | -7% | 14% | 10.2× | -4.4% | +10.2% |
| Kalpataru Projects International KPIL.NS | India | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% | +16.0% |
| Hong Kong Zcloud Technology Construction 9900.HK | Hong Kong | $2.03B | +16% | -33% | 0% | n/a | n/a | n/a |
| Per Aarsleff Holding A/S PAAL-B.CO | Denmark | $2.02B | -6% | +14% | 5% | 13.4× | -7.6% | +11.2% |
| Chongqing Sanfeng Environment 601827.SS | China | $2.00B | -3% | +5% | 27% | 10.4× | -11.4% | +2.4% |
| Koninklijke Heijmans HEIJM.AS | Netherlands | $2.55B | -7% | +11% | 6% | 13.5× | 3.9% | +9.7% |
| CSSC Science & Technology 600072.SS | China | $1.99B | -35% | +8% | -37% | n/a | n/a | n/a |
| Shanghai Tunnel Engineering 600820.SS | China | $2.56B | -9% | -9% | 6% | 8.0× | -0.6% | +1.4% |
| Sanki Engineering 1961.T | Japan | $1.98B | -12% | +2% | 12% | 11.5× | -6.5% | +6.0% |
| Monadelphous MND.AX | Australia | $1.98B | -4% | +29% | 5% | 22.7× | 5.3% | +9.7% |
| Bilfinger GBF.DE | Germany | $2.57B | -31% | +6% | 5% | 15.5× | -6.7% | +9.4% |
| Tecnicas Reunidas TRE.MC | Spain | $2.57B | -5% | +33% | 4% | 13.5× | -2.5% | +12.9% |