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Electrical construction contractor affiliated with Chubu Electric Power, building power lines, substations and factory electrical systems.
Electrical construction contractor affiliated with Chubu Electric Power, building power lines, substations and factory electrical systems.
Wins contracts for power-line, substation and plant electrical work, with Chubu Electric Power its anchor customer, so grid investment and the work to maintain it carry a base load, while factory and telecom jobs vary with capital spending. Revenue is booked as projects progress.
Moat: narrow (customer qualification, installed base). Long captive relationship with Chubu Electric Power for grid construction work.
Headquarters: Nagoya, Japan · Employees: 6,487
Size Toenec (1946.T) is a Japan Industrials company (Engineering & Construction) with a market value of $1.01B, the 735th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,655 on 6 Nov 2026.
Performance Over six months the shares fell 32.3%, against -23.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 1.6% over the last twelve months (peer median +1.5%); the operating margin is 8.4% (peer median 7.1%).
Valuation It trades at 7.9× forward earnings against a peer median of 18.4× (4th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.6 points above its cost of capital (7.7% WACC).
Next results Next results expected around 22 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥273B | ¥272B | ¥271B | ¥253B | ¥232B |
| Revenue growth | — | +1% | +7% | +9% | — |
| Gross profit | ¥51.1B | ¥48.4B | ¥40.5B | ¥37.4B | ¥32.3B |
| EBITDA | ¥34.0B | ¥32.5B | ¥26.8B | ¥26.4B | ¥20.5B |
| Net income | ¥18.2B | ¥17.8B | ¥10.8B | ¥9.35B | -¥5.55B |
| Free cash flow | n/a | ¥18.1B | ¥11.6B | ¥14.4B | ¥9.02B |
| Capital expenditure | n/a | ¥7.07B | ¥6.15B | ¥3.31B | ¥2.38B |
| Total debt | ¥71.8B | ¥83.8B | ¥91.2B | ¥93.0B | ¥97.1B |
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 |
|---|---|---|---|---|---|---|
| Toenec 1946.T | $1.01B | -32% | +2% | 8% | 7.9× | -2.3% |
| Chudenko 1941.T | $1.71B | +3% | +9% | 12% | 11.0× | -8.6% |
| Yurtec 1934.T | $998M | -8% | -2% | 8% | 11.0× | -6.2% |
| Comsys 1721.T | $3.55B | -15% | +4% | 8% | 13.3× | -0.7% |
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 | 1946.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.8% | -4.0% | lowest of 21 |
| 6-month return | -32.3% | -23.5% | 4th lowest of 21 |
| Distance from 52-week high | -34.2% | -36.3% | 10th highest of 21 |
| Revenue growth (TTM) | +1.6% | +1.5% | 11th highest of 21 |
| Operating margin | 8.4% | 7.1% | 6th highest of 21 |
| Forward P/E | 7.9× | 18.4× | 4th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -2.3% | 9.8% | 3rd least demanding of 11 |
| Growth delivered (Del g) | +4.8% | +4.4% | 6th highest of 11 |
| Hurdle (Req g minus delivered) | -7.1 pp | -4.1 pp | 5th least demanding of 11 |
| ROIC minus cost of capital | +0.6 pp | -1.5 pp | 10th highest of 20 |
| EV / EBITDA | 5.7× | 10.2× | 3rd cheapest of 10 |
| Net debt / EBITDA | 1.0× | 0.5× | 6th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Toenec 1946.T | Japan | $1.01B | -32% | +2% | 8% | 7.9× | -2.3% | +4.8% |
| Superloop SLC.AX | Australia | $1.01B | -19% | +22% | 5% | 30.8× | 28.0% | +47.3% |
| Rosetti Marino YRM.MI | Italy | $1.01B | -9% | +14% | 7% | 27.6× | n/a | n/a |
| Guangzhou Metro Design & Research Institute 003013.SZ | China | $1.01B | +9% | -8% | 15% | 21.1× | n/a | n/a |
| East China Engineering Science and Technology 002140.SZ | China | $1,000M | -24% | +9% | 7% | 11.6× | 0.3% | +13.9% |
| Yurtec 1934.T | Japan | $998M | -8% | -2% | 8% | 11.0× | -6.2% | +5.1% |
| Acter Technology Integration 603163.SS | China | $997M | -32% | +1% | 11% | 28.4× | 18.6% | +22.2% |
| Jiangsu Libert 605167.SS | China | $1.02B | -24% | -29% | 8% | 28.6× | n/a | n/a |
| Welspun Enterprises WELENT.NS | India | $995M | +29% | +1% | 19% | 22.3× | n/a | n/a |
| Kanadevia 7004.T | Japan | $979M | -23% | +8% | 2% | 6.3× | n/a | n/a |
| HuaDian Heavy Industries 601226.SS | China | $1.04B | -32% | +18% | 2% | 29.5× | 18.2% | +3.2% |
| RAIZNEXT 6379.T | Japan | $972M | +29% | +13% | 8% | 15.8× | -0.9% | +3.6% |
| JSTI 300284.SZ | China | $963M | -25% | -4% | 1% | 39.1× | 10.5% | -5.4% |
| Fugro FUR.AS | Netherlands | $1.06B | -29% | -11% | 3% | n/a | n/a | n/a |
| Toa Corporation (Construction) 1885.T | Japan | $1.06B | -29% | +2% | 7% | 9.1× | -12.2% | +13.6% |
| Shenzhen Cheng Chung Design 002811.SZ | China | $949M | +48% | +28% | 13% | n/a | 9.1% | -6.2% |
| Anhui Construction Engineering 600502.SS | China | $1.07B | -23% | -4% | 6% | 4.6× | n/a | n/a |
| Chiyoda 6366.T | Japan | $1.07B | -35% | +16% | 17% | 6.7× | n/a | n/a |
| IRCON International IRCON.NS | India | $1.08B | -33% | -3% | 7% | 15.4× | n/a | n/a |
| KEC International KEC.NS | India | $939M | -46% | -2% | 5% | 13.3× | n/a | n/a |
| YIT YIT.HE | Finland | $938M | +45% | +10% | 3% | 75.2× | 12.8% | -10.6% |