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Japanese contractor building telecom networks, historically for the NTT group, plus social infrastructure, renewable energy and IT systems.
Japanese contractor building telecom networks, historically for the NTT group, plus social infrastructure, renewable energy and IT systems.
Wins construction and maintenance contracts from telecom carriers, led by the NTT group, so spending on fibre, base stations and data-centre networks drives its order book. Electrical and air-conditioning works for buildings, plus renewable-energy projects, spread the work. It was renamed from Kyowa Exeo in 2021.
Moat: narrow (customer qualification, scale). Long-standing qualified contractor to NTT group and carriers, with a nationwide field workforce.
Headquarters: Tokyo, Japan · Founded: 1954 · Employees: 17,751
Size EXEO (1951.T) is a Japan Industrials company (Engineering & Construction) with a market value of $2.84B, the 378th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,255 on 6 Nov 2026.
Performance Over six months the shares fell 21.5%, against -6.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 17.7% over the last twelve months (peer median +8.7%); the operating margin is 7.1% (peer median 4.9%).
Valuation It trades at 12.2× forward earnings against a peer median of 14.2× (10th cheapest of 21).
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 +7%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.8 points above its cost of capital (5.9% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥805B | ¥788B | ¥671B | ¥614B | ¥628B |
| Revenue growth | — | +17% | +9% | -2% | — |
| Gross profit | ¥122B | ¥115B | ¥100B | ¥89.2B | ¥81.8B |
| EBITDA | ¥73.2B | ¥68.1B | ¥57.0B | ¥47.0B | ¥44.8B |
| Net income | ¥34.3B | ¥31.0B | ¥26.9B | ¥20.1B | ¥22.2B |
| Free cash flow | n/a | ¥23.6B | -¥8.92B | ¥24.6B | -¥5.87B |
| Capital expenditure | n/a | ¥12.8B | ¥18.7B | ¥19.8B | ¥13.7B |
| Total debt | ¥122B | ¥142B | ¥134B | ¥106B | ¥116B |
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 |
|---|---|---|---|---|---|---|
| EXEO 1951.T | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% |
| Comsys 1721.T | $3.55B | -15% | +4% | 8% | 13.3× | -0.7% |
| MIRAIT ONE 1417.T | $1.60B | -24% | +5% | 6% | 10.4× | -5.7% |
| Kandenko 1942.T | $5.26B | -41% | +4% | 12% | 11.2× | -0.9% |
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 | 1951.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.7% | -1.9% | 6th lowest of 21 |
| 6-month return | -21.5% | -6.0% | 6th lowest of 21 |
| Distance from 52-week high | -26.3% | -23.4% | 9th lowest of 21 |
| Revenue growth (TTM) | +17.7% | +8.7% | 6th highest of 21 |
| Operating margin | 7.1% | 4.9% | 5th highest of 21 |
| Forward P/E | 12.2× | 14.2× | 10th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -5.0% | 2.8% | 3rd least demanding of 18 |
| Growth delivered (Del g) | +6.6% | +8.4% | 8th lowest of 18 |
| Hurdle (Req g minus delivered) | -11.6 pp | -5.9 pp | 8th least demanding of 18 |
| ROIC minus cost of capital | +3.8 pp | +6.1 pp | 8th lowest of 19 |
| EV / EBITDA | 6.9× | 9.0× | 5th cheapest of 14 |
| Net debt / EBITDA | 0.7× | 0.0× | 6th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| EXEO 1951.T | Japan | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% | +6.6% |
| Peab PEAB-B.ST | Sweden | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% | -0.4% |
| Shanghai Construction 600170.SS | China | $2.89B | -20% | -22% | 1% | 16.7× | -10.4% | -2.3% |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |
| Elecnor ENO.MC | Spain | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% | +12.3% |
| Jgc 1963.T | Japan | $2.94B | -18% | -15% | 6% | 10.0× | n/a | n/a |
| ACME Solar ACMESOLAR.NS | India | $2.95B | +32% | +54% | 66% | 29.6× | n/a | n/a |
| Bird Construction BDT.TO | Canada | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% | +17.7% |
| L&K Engineering (Suzhou) 603929.SS | China | $2.99B | -50% | +43% | 25% | 14.8× | 7.5% | +39.5% |
| Bravida BRAV.ST | Sweden | $3.00B | +30% | +4% | 6% | 19.0× | 5.3% | +5.9% |
| Legence LGN | United States | $3.02B | -72% | +69% | 3% | 12.2× | 29.7% | +69.2% |
| SINOPEC Engineering (Group) 2386.HK | Hong Kong | $3.05B | -13% | +14% | 2% | 9.0× | n/a | n/a |
| Keller KLR.L | United Kingdom | $2.63B | +24% | +10% | 7% | 11.8× | 4.4% | +8.4% |
| Kraftia 1959.T | Japan | $3.10B | -29% | +5% | 12% | 10.8× | 2.8% | +4.0% |
| Aecon ARE.TO | Canada | $2.59B | -4% | +23% | 2% | 26.3× | 5.1% | +8.3% |
| Cemindia Projects CEMPRO.NS | India | $2.58B | +36% | +10% | 9% | 32.8× | 42.2% | +29.9% |
| Veidekke VEI.OL | Norway | $3.13B | +25% | +8% | 5% | 17.1× | -3.5% | +2.5% |
| Toda 1860.T | Japan | $2.58B | -3% | +10% | 6% | 11.1× | -0.8% | +5.0% |
| Tecnicas Reunidas TRE.MC | Spain | $2.57B | -5% | +33% | 4% | 13.5× | -2.5% | +12.9% |
| Bilfinger GBF.DE | Germany | $2.57B | -31% | +6% | 5% | 15.5× | -6.7% | +9.4% |
| Shanghai Tunnel Engineering 600820.SS | China | $2.56B | -9% | -9% | 6% | 8.0× | -0.6% | +1.4% |