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Japan's largest homebuilder, constructing detached houses, condominiums and rental housing, with growing US homebuilding operations.
Japan's largest homebuilder, constructing detached houses, condominiums and rental housing, with growing US homebuilding operations.
Builds houses to order in Japan, where the buyer commissions the home, and builds homes for sale to the public in the US, which is a different model. It bought Woodside Homes in 2017 and MDC Holdings, which sells under the Richmond American name, in 2024 to build the US side.
In one line: Japan's D.R. Horton, now also a US homebuilder via acquisitions.
Moat: narrow (brand, scale, distribution). Largest scale and brand recognition in Japan's fragmented homebuilding market.
Headquarters: Osaka, Japan · Founded: 1960 · Employees: 32,186
Size Sekisui House (1928.T) is a Japan Consumer Discretionary company (Real Estate Development) with a market value of $14.1B, the 101st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,475 on 6 Nov 2026.
Performance Over six months the shares gained 1.9%, against +14.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 1.6% over the last twelve months (peer median +10.3%); the operating margin is 8.8% (peer median 9.3%).
Valuation It trades at 10.0× forward earnings against a peer median of 20.0× (5th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.7 points above its cost of capital (5.0% WACC).
Credit Sekisui House has 4 bonds outstanding ($1.50B), rated BBB by the agencies and trading like BB+ at a weighted spread of 186 bp.
Next results Next results expected around 10 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥4.15T | ¥4.20T | ¥4.06T | ¥3.11T | ¥2.93T |
| Revenue growth | — | +3% | +31% | +6% | — |
| Gross profit | ¥870B | ¥840B | ¥786B | ¥624B | ¥584B |
| EBITDA | ¥415B | ¥402B | ¥381B | ¥302B | ¥292B |
| Net income | ¥256B | ¥232B | ¥218B | ¥202B | ¥185B |
| Free cash flow | n/a | ¥149B | -¥13.8B | -¥61.3B | ¥33.3B |
| Capital expenditure | n/a | ¥95.1B | ¥76.7B | ¥76.9B | ¥92.2B |
| Total debt | ¥1.88T | ¥1.88T | ¥1.90T | ¥775B | ¥607B |
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 |
|---|---|---|---|---|---|---|
| Sekisui House 1928.T | $14.1B | +2% | -2% | 9% | 10.0× | -5.1% |
| Daiwa House Industry 1925.T | $19.0B | -13% | +5% | 11% | 10.3× | n/a |
| Sumitomo Forestry 1911.T | $4.87B | -10% | +14% | 6% | 12.5× | 2.8% |
| D. R. Horton DHI | $41.3B | +3% | -4% | 11% | 17.4× | 7.8% |
| Lennar LEN | $21.1B | 0% | -8% | 5% | 18.9× | 11.4% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1928.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.7% | +3.4% | 10th highest of 21 |
| 6-month return | +1.9% | +14.0% | 6th lowest of 21 |
| Distance from 52-week high | -9.3% | -15.6% | 8th highest of 21 |
| Revenue growth (TTM) | -1.6% | +10.3% | lowest of 21 |
| Operating margin | 8.8% | 9.3% | 10th lowest of 21 |
| Forward P/E | 10.0× | 20.0× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -5.1% | 3.5% | least demanding of 20 |
| Growth delivered (Del g) | +11.4% | +11.4% | 10th highest of 20 |
| Hurdle (Req g minus delivered) | -16.5 pp | -7.4 pp | 2nd least demanding of 20 |
| ROIC minus cost of capital | +1.7 pp | +1.4 pp | 11th highest of 21 |
| EV / EBITDA | 9.0× | 9.4× | 10th cheapest of 21 |
| Net debt / EBITDA | 3.5× | 0.2× | most indebted of 21 |
| Bond spread | 186 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sekisui House 1928.T | Japan | $14.1B | +2% | -2% | 9% | 10.0× | -5.1% | +11.4% |
| Subaru 7270.T | Japan | $12.3B | +16% | 0% | 3% | 12.0× | 2.7% | +11.1% |
| Ryohin Keikaku 7453.T | Japan | $16.4B | +31% | +18% | 11% | 32.4× | 9.5% | +15.3% |
| Zensho 7550.T | Japan | $12.2B | +41% | +12% | 7% | 34.3× | 6.1% | +16.3% |
| Nitori 9843.T | Japan | $11.7B | +47% | 0% | 13% | 20.0× | 2.7% | +4.9% |
| Shimano 7309.T | Japan | $11.5B | +29% | +5% | 12% | 35.8× | 6.0% | +4.3% |
| Toray Industries 3402.T | Japan | $11.1B | +6% | +6% | 6% | 16.6× | 5.5% | +6.5% |
| Yamaha Motor 7272.T | Japan | $10.1B | +54% | +10% | 6% | 9.3× | 4.2% | +11.5% |
| Sanrio 8136.T | Japan | $9.78B | +33% | +28% | 39% | 22.4× | 1.9% | +36.4% |
| Aisin 7259.T | Japan | $9.78B | -14% | +6% | 4% | 10.0× | -0.3% | +7.7% |
| Asics 7936.T | Japan | $20.7B | +10% | +28% | 19% | 27.1× | 14.1% | +19.8% |
| Aeon 8267.T | Japan | $21.4B | -19% | +11% | 2% | 51.1× | 3.5% | +4.5% |
| Isuzu Motors 7202.T | Japan | $9.26B | -1% | +5% | 6% | 8.8× | n/a | n/a |
| Niterra 5334.T | Japan | $9.01B | +5% | +16% | 19% | 9.9× | 4.0% | +11.3% |
| Ly Corporation 4689.T | Japan | $23.2B | +31% | +8% | 15% | 18.5× | 0.8% | +11.0% |
| Rakuten 4755.T | Japan | $8.59B | -18% | +11% | 6% | n/a | -2.0% | +11.4% |
| Bandai Namco 7832.T | Japan | $26.1B | +76% | +9% | 15% | 25.5× | -0.4% | +12.7% |
| Food & Life Companies 3563.T | Japan | $7.34B | +12% | +24% | 10% | 35.6× | 6.9% | +16.0% |
| McDonald's Holdings Company (Japan) 2702.T | Japan | $7.33B | +7% | +2% | 14% | 32.0× | 1.8% | +7.6% |
| Sumitomo Electric Industries 5802.T | Japan | $27.3B | -47% | +14% | 9% | 11.4× | 13.3% | +11.9% |
| Suzuki Motor 7269.T | Japan | $27.3B | +26% | +14% | 9% | 9.1× | -0.8% | +14.6% |
Sekisui House has 4 bonds outstanding with $1.50B face value. The agencies rate it BBB; its bonds trade like BB+. Weighted yield 6.69%, a spread of 186 bp over government bonds.