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Employees: 1,434
Size Nippon Rietec (1938.T) is a Japan Industrials company (Engineering & Construction) with a market value of $355M, the 1253rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,268 on 6 Nov 2026.
Performance Over six months the shares fell 16.3%, against -23.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 9.1% over the last twelve months (peer median -4.2%); the operating margin is 10.0% (peer median 6.8%).
Valuation It trades at 0.7× enterprise value to sales against a peer median of 1.8× (5th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.4 points below its cost of capital (10.1% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥75.9B | ¥74.0B | ¥68.7B | ¥58.5B | ¥53.7B |
| Revenue growth | — | +8% | +17% | +9% | — |
| Gross profit | ¥13.6B | ¥13.1B | ¥10.8B | ¥8.79B | ¥7.74B |
| EBITDA | ¥9.13B | ¥8.65B | ¥6.67B | ¥4.86B | ¥4.07B |
| Net income | ¥5.94B | ¥5.55B | ¥4.73B | ¥2.77B | ¥2.14B |
| Free cash flow | n/a | ¥3.12B | ¥309M | ¥1.82B | ¥1.39B |
| Capital expenditure | n/a | ¥1.74B | ¥1.85B | ¥2.07B | ¥916M |
| Total debt | ¥2.59B | ¥1.35B | ¥2.26B | ¥2.68B | ¥2.29B |
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.
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 | 1938.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.3% | -12.4% | 7th highest of 21 |
| 6-month return | -16.3% | -23.5% | 7th highest of 21 |
| Distance from 52-week high | -30.1% | -40.2% | 6th highest of 21 |
| Revenue growth (TTM) | +9.1% | -4.2% | 6th highest of 21 |
| Operating margin | 10.0% | 6.8% | 6th highest of 21 |
| EV / Sales | 0.7× | 1.8× | 5th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -0.1% | -0.2% | 7th most demanding of 14 |
| Growth delivered (Del g) | +6.1% | +0.2% | 7th highest of 14 |
| Hurdle (Req g minus delivered) | -6.2 pp | -5.2 pp | 7th least demanding of 14 |
| ROIC minus cost of capital | -1.4 pp | +0.6 pp | 8th lowest of 19 |
| EV / EBITDA | 5.4× | 10.0× | 2nd cheapest of 10 |
| Net debt / EBITDA | -0.7× | -0.5× | 5th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nippon Rietec 1938.T | Japan | $355M | -16% | +9% | 10% | 0.7× | -0.1% | +6.1% |
| PNC Infratech PNCINFRA.NS | India | $354M | -42% | +2% | 20% | 1.1× | -16.2% | -0.8% |
| Shenzhen Mingdiao Decoration 002830.SZ | China | $356M | -20% | +5% | 7% | 1.9× | 4.5% | -4.1% |
| AM-Power Machine International Enterprise 7792.TWO | Taiwan | $356M | -26% | +30% | 11% | 1.7× | 7.7% | +7.4% |
| Torpol TOR.WA | Poland | $353M | -12% | +16% | 5% | 0.5× | -13.0% | +7.3% |
| CSD Water Service 603903.SS | China | $357M | -4% | -9% | -7% | 3.6× | -2.1% | -8.8% |
| Shenzhen Magic Design & Decoration Engineering 002856.SZ | China | $352M | +26% | -25% | -47% | 8.4× | n/a | n/a |
| Guangdong Liantai Environmental Protection 603797.SS | China | $351M | -17% | +2% | 37% | 7.6× | 3.5% | +11.3% |
| Shanghai Trendzone 603030.SS | China | $350M | -33% | +28% | -18% | 2.6× | n/a | n/a |
| Shenzhen Capol International & Associates 002949.SZ | China | $359M | -15% | -19% | 12% | 1.9× | 2.7% | -8.7% |
| Trakcja TRK.WA | Poland | $350M | -23% | -2% | 7% | 0.6× | -6.6% | +10.9% |
| Zhenhai Petrochemical Engineering 603637.SS | China | $360M | -39% | -15% | 8% | 3.5× | n/a | n/a |
| Taeyoung Engineering & Construction 009410.KS | South Korea | $360M | -24% | -35% | 9% | 0.9× | -6.1% | -1.0% |
| C and D Holsin Engineering Consulting 603909.SS | China | $348M | -27% | +23% | 2% | 0.1× | n/a | n/a |
| LAY-OUT Planning Consultants 300989.SZ | China | $363M | -24% | -20% | -34% | 7.8× | n/a | n/a |
| Suzhou Institute of Building Science 603183.SS | China | $347M | -3% | -6% | 7% | 3.0× | 10.1% | +0.2% |
| ADF DRX.TO | Canada | $346M | +62% | +30% | 14% | 1.2× | -15.6% | +8.4% |
| ARTS 603017.SS | China | $345M | -46% | -10% | 9% | 1.4× | -0.2% | -8.5% |
| China Zhonghua Geotechnical Engineering 002542.SZ | China | $366M | -23% | -33% | -83% | 6.1× | n/a | n/a |
| Sterling And Wilson Renewable Energy SWSOLAR.NS | India | $369M | -32% | -9% | 5% | 0.6× | n/a | n/a |
| Duratec DUR.AX | Australia | $341M | -28% | 0% | 5% | 0.8× | 4.6% | +19.3% |