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Provides electrical construction services, affiliated with Japan's TEPCO utility group.
Provides electrical construction services, affiliated with Japan's TEPCO utility group.
In one line: A large electrical contractor tied to a utility parent.
Moat: narrow (customer qualification, scale). Long-standing TEPCO-affiliated contractor relationship anchors steady grid-related work.
Headquarters: Tokyo, Japan · Founded: 1944 · Employees: 10,850
Size Kandenko (1942.T) is a Japan Industrials company (Engineering & Construction) with a market value of $5.26B, the 233rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,062 on 6 Nov 2026.
Performance Over six months the shares fell 40.6%, against -7.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 3.7% over the last twelve months (peer median +12.1%); the operating margin is 11.8% (peer median 8.0%).
Valuation It trades at 11.2× forward earnings against a peer median of 14.9× (4th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.3 points above its cost of capital (8.9% WACC).
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥753B | ¥742B | ¥672B | ¥598B | ¥542B |
| Revenue growth | — | +10% | +12% | +10% | — |
| Gross profit | ¥130B | ¥121B | ¥92.9B | ¥71.2B | ¥60.1B |
| EBITDA | ¥101B | ¥94.0B | ¥68.1B | ¥49.8B | ¥40.8B |
| Net income | ¥66.2B | ¥63.5B | ¥42.4B | ¥27.3B | ¥21.2B |
| Free cash flow | n/a | ¥73.7B | ¥3.38B | ¥1.57B | ¥2.00B |
| Capital expenditure | n/a | ¥15.8B | ¥14.9B | ¥18.3B | ¥5.46B |
| Total debt | ¥8.71B | ¥14.1B | ¥27.1B | ¥27.3B | ¥15.8B |
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 |
|---|---|---|---|---|---|---|
| Kandenko 1942.T | $5.26B | -41% | +4% | 12% | 11.2× | -0.9% |
| Kinden 1944.T | $5.56B | -36% | +8% | 13% | 11.6× | -0.9% |
| EXEO 1951.T | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% |
| Sanki Engineering 1961.T | $1.98B | -12% | +2% | 12% | 11.5× | -6.5% |
| Yurtec 1934.T | $998M | -8% | -2% | 8% | 11.0× | -6.2% |
| MIRAIT ONE 1417.T | $1.60B | -24% | +5% | 6% | 10.4× | -5.7% |
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 | 1942.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.4% | +0.5% | 2nd lowest of 21 |
| 6-month return | -40.6% | -7.0% | 3rd lowest of 21 |
| Distance from 52-week high | -45.5% | -23.9% | 5th lowest of 21 |
| Revenue growth (TTM) | +3.7% | +12.1% | 4th lowest of 20 |
| Operating margin | 11.8% | 8.0% | 5th highest of 21 |
| Forward P/E | 11.2× | 14.9× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -0.9% | 5.3% | 4th least demanding of 17 |
| Growth delivered (Del g) | +5.9% | +8.7% | 5th lowest of 16 |
| Hurdle (Req g minus delivered) | -6.8 pp | -4.3 pp | 8th least demanding of 16 |
| ROIC minus cost of capital | +9.3 pp | +1.6 pp | 4th highest of 18 |
| EV / EBITDA | 7.4× | 11.1× | 2nd cheapest of 17 |
| Net debt / EBITDA | -0.9× | 1.4× | 6th least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kandenko 1942.T | Japan | $5.26B | -41% | +4% | 12% | 11.2× | -0.9% | +5.9% |
| Sweco SWEC-A.ST | Sweden | $5.32B | +12% | +6% | 10% | 20.6× | 5.0% | +8.7% |
| Granite Construction GVA | United States | $5.32B | -15% | +25% | 7% | 16.7× | 10.1% | +7.2% |
| SOLV Energy MWH | United States | $5.19B | -40% | n/a | 8% | 14.9× | 26.2% | n/a |
| Balfour Beatty BBY.L | United Kingdom | $5.34B | +1% | +12% | 2% | 17.2× | 1.0% | +5.3% |
| CTF Services 0659.HK | Hong Kong | $5.13B | +2% | +12% | 11% | 13.8× | 1.7% | -0.8% |
| United Integrated Services 2404.TW | Taiwan | $5.11B | -9% | +72% | 18% | 9.7× | -11.4% | +13.0% |
| Kinden 1944.T | Japan | $5.56B | -36% | +8% | 13% | 11.6× | -0.9% | +6.2% |
| VSE VSEC | United States | $4.85B | -10% | +23% | 12% | 22.1× | n/a | n/a |
| Budimex BDX.WA | Poland | $4.82B | +10% | +12% | 9% | 26.5× | 15.7% | +4.1% |
| MAIRE MAIRE.MI | Italy | $4.81B | -12% | +7% | 7% | 14.7× | 2.9% | +22.1% |
| Tutor Perini TPC | United States | $4.73B | +8% | +25% | 4% | 18.8× | 9.6% | +0.8% |
| China State Construction International 3311.HK | Hong Kong | $6.04B | -5% | -14% | 15% | 5.0× | -8.1% | +11.8% |
| Fluor FLR | United States | $6.22B | +7% | -5% | -2% | 14.2× | n/a | n/a |
| INFRONEER 5076.T | Japan | $4.44B | +2% | +44% | 6% | 6.2× | 0.0% | +10.7% |
| Dycom Industries DY | United States | $6.26B | -52% | +38% | 8% | 12.1× | 11.6% | +11.6% |
| Central New Energy 1735.HK | Hong Kong | $4.42B | -11% | +76% | 1% | 63.1× | n/a | n/a |
| Arcadis ARCAD.AS | Netherlands | $4.42B | +31% | -1% | 6% | 15.0× | 5.5% | +8.1% |
| Construction Partners ROAD | United States | $4.38B | -45% | +42% | 9% | 26.5× | 12.5% | +29.1% |
| IES IESC | United States | $6.38B | +32% | +23% | 12% | 12.6× | 11.2% | +22.9% |
| Rail Vikas Nigam RVNL.NS | India | $4.27B | -37% | +5% | 4% | 46.0× | n/a | n/a |