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Provides electrical construction and engineering services for buildings and infrastructure in Japan.
Provides electrical construction and engineering services for buildings and infrastructure in Japan.
Wins electrical and building-services contracts from developers, utilities and telecom firms and books income as projects are completed, so order intake and backlog matter more than month-to-month sales. Maintenance and upgrade work fills capacity between large projects. The company is based in Osaka.
In one line: A large electrical contractor, like a smaller EMCOR.
Moat: narrow (process know-how, scale). Established electrical-contracting scale and expertise across large Japanese infrastructure projects.
Headquarters: Osaka, Japan · Founded: 1944 · Employees: 15,440
Size Kinden (1944.T) is a Japan Industrials company (Engineering & Construction) with a market value of $5.56B, the 223rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥5,334 on 6 Nov 2026.
Performance Over six months the shares fell 36.4%, against -6.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 8.1% over the last twelve months (peer median +11.9%); the operating margin is 12.7% (peer median 7.6%).
Valuation It trades at 11.6× forward earnings against a peer median of 14.8× (6th 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 6.5 points above its cost of capital (7.1% WACC).
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥788B | ¥751B | ¥705B | ¥655B | ¥609B |
| Revenue growth | — | +6% | +8% | +7% | — |
| Gross profit | ¥192B | ¥177B | ¥133B | ¥108B | ¥99.0B |
| EBITDA | ¥112B | ¥101B | ¥68.1B | ¥49.4B | ¥44.2B |
| Net income | ¥78.2B | ¥69.4B | ¥47.2B | ¥33.6B | ¥28.7B |
| Free cash flow | n/a | ¥34.1B | ¥11.1B | ¥11.0B | ¥1.44B |
| Capital expenditure | n/a | ¥53.6B | ¥13.5B | ¥27.5B | ¥28.7B |
| Total debt | ¥230B | ¥15.4B | ¥15.2B | ¥15.3B | ¥15.4B |
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 |
|---|---|---|---|---|---|---|
| Kinden 1944.T | $5.56B | -36% | +8% | 13% | 11.6× | -0.9% |
| Kandenko 1942.T | $5.26B | -41% | +4% | 12% | 11.2× | -0.9% |
| Emcor EME | $26.6B | -34% | +22% | 10% | 15.5× | 6.2% |
| EXEO 1951.T | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% |
| MIRAIT ONE 1417.T | $1.60B | -24% | +5% | 6% | 10.4× | -5.7% |
| Yurtec 1934.T | $998M | -8% | -2% | 8% | 11.0× | -6.2% |
| Sanki Engineering 1961.T | $1.98B | -12% | +2% | 12% | 11.5× | -6.5% |
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 | 1944.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.3% | +1.9% | 5th lowest of 21 |
| 6-month return | -36.4% | -6.5% | 4th lowest of 21 |
| Distance from 52-week high | -37.8% | -21.3% | 6th lowest of 21 |
| Revenue growth (TTM) | +8.1% | +11.9% | 9th lowest of 20 |
| Operating margin | 12.7% | 7.6% | 3rd highest of 21 |
| Forward P/E | 11.6× | 14.8× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -0.9% | 2.9% | 5th least demanding of 18 |
| Growth delivered (Del g) | +6.2% | +8.4% | 7th lowest of 17 |
| Hurdle (Req g minus delivered) | -7.1 pp | -5.6 pp | 8th least demanding of 17 |
| ROIC minus cost of capital | +6.5 pp | +2.4 pp | 5th highest of 17 |
| EV / EBITDA | 8.4× | 10.3× | 6th cheapest of 17 |
| Net debt / EBITDA | 0.5× | 0.1× | 10th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kinden 1944.T | Japan | $5.56B | -36% | +8% | 13% | 11.6× | -0.9% | +6.2% |
| Balfour Beatty BBY.L | United Kingdom | $5.34B | +1% | +12% | 2% | 17.2× | 1.0% | +5.3% |
| Granite Construction GVA | United States | $5.32B | -15% | +25% | 7% | 16.7× | 10.1% | +7.2% |
| Sweco SWEC-A.ST | Sweden | $5.32B | +12% | +6% | 10% | 20.6× | 5.0% | +8.7% |
| Kandenko 1942.T | Japan | $5.26B | -41% | +4% | 12% | 11.2× | -0.9% | +5.9% |
| SOLV Energy MWH | United States | $5.19B | -40% | n/a | 8% | 14.9× | 26.2% | n/a |
| CTF Services 0659.HK | Hong Kong | $5.13B | +2% | +12% | 11% | 13.8× | 1.7% | -0.8% |
| China State Construction International 3311.HK | Hong Kong | $6.04B | -5% | -14% | 15% | 5.0× | -8.1% | +11.8% |
| United Integrated Services 2404.TW | Taiwan | $5.11B | -9% | +72% | 18% | 9.7× | -11.4% | +13.0% |
| Fluor FLR | United States | $6.22B | +7% | -5% | -2% | 14.2× | n/a | n/a |
| Dycom Industries DY | United States | $6.26B | -52% | +38% | 8% | 12.1× | 11.6% | +11.6% |
| IES IESC | United States | $6.38B | +32% | +23% | 12% | 12.6× | 11.2% | +22.9% |
| 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 National Chemical Engineering 601117.SS | China | $6.68B | -15% | +2% | 5% | 6.4× | -17.3% | +11.6% |
| Technip Energies TE.PA | France | $6.83B | -8% | +2% | 4% | 18.9× | -6.5% | +4.6% |
| INFRONEER 5076.T | Japan | $4.44B | +2% | +44% | 6% | 6.2× | 0.0% | +10.7% |
| 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% |