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Employees: 1,698
Size Shin Nippon Air Technologies (1952.T) is a Japan Industrials company (Engineering & Construction) with a market value of $803M, the 839th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,661 on 6 Nov 2026.
Performance Over six months the shares fell 25.2%, against -18.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue grew 11.4% over the last twelve months (peer median +3.0%); the operating margin is 8.8% (peer median 9.5%).
Valuation It trades at 8.7× forward earnings against a peer median of 13.9× (2nd cheapest of 14).
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 +8%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.2 points above its cost of capital (11.0% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥160B | ¥155B | ¥138B | ¥128B | ¥112B |
| Revenue growth | — | +12% | +8% | +14% | — |
| Gross profit | ¥26.6B | ¥26.7B | ¥21.5B | ¥18.3B | ¥15.4B |
| EBITDA | ¥14.8B | ¥15.8B | ¥12.0B | ¥9.74B | ¥7.54B |
| Net income | ¥13.3B | ¥12.2B | ¥9.66B | ¥7.17B | ¥5.60B |
| Free cash flow | n/a | ¥11.1B | ¥14.0B | -¥13.7B | ¥12.6B |
| Capital expenditure | n/a | ¥899M | ¥601M | ¥1.15B | ¥708M |
| Total debt | ¥2.45B | ¥2.82B | ¥3.86B | ¥9.96B | ¥3.73B |
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 | 1952.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.8% | -9.0% | 5th lowest of 21 |
| 6-month return | -25.2% | -18.4% | 6th lowest of 20 |
| Distance from 52-week high | -39.5% | -34.0% | 9th lowest of 21 |
| Revenue growth (TTM) | +11.4% | +3.0% | 7th highest of 21 |
| Operating margin | 8.8% | 9.5% | 9th lowest of 21 |
| Forward P/E | 8.7× | 13.9× | 2nd cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | 1.3% | -3.4% | 6th most demanding of 12 |
| Growth delivered (Del g) | +7.6% | +5.6% | 5th highest of 12 |
| Hurdle (Req g minus delivered) | -6.3 pp | -15.8 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | +5.2 pp | +1.0 pp | 9th highest of 20 |
| EV / EBITDA | 7.2× | 9.7× | 4th cheapest of 12 |
| Net debt / EBITDA | -1.4× | 0.2× | 5th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shin Nippon Air Technologies 1952.T | Japan | $803M | -25% | +11% | 9% | 8.7× | 1.3% | +7.6% |
| Shenzhen Investment Holdings Bay Area Development 0737.HK | Hong Kong | $803M | -4% | +11% | 30% | 8.9× | 14.6% | -2.4% |
| G R Infraprojects GRINFRA.NS | India | $803M | -21% | +25% | 16% | 8.9× | n/a | n/a |
| Shanghai Research Institute of Building Sciences 603153.SS | China | $820M | -22% | +10% | 8% | n/a | -6.2% | +12.6% |
| Chongqing Road & Bridge 600106.SS | China | $821M | -31% | -10% | 65% | n/a | 32.7% | -11.6% |
| Falcon's Beyond Global FBYD | United States | $831M | -41% | +181% | -67% | n/a | n/a | n/a |
| TSK Electronica y Electricidad TSK.MC | Spain | $831M | +10% | +1% | 6% | n/a | 9.9% | +0.9% |
| Totetsu Kogyo 1835.T | Japan | $841M | -30% | 0% | 11% | 9.9× | -11.6% | +4.2% |
| Afcons Infrastructure AFCONS.NS | India | $841M | -36% | -15% | 4% | 25.2× | n/a | n/a |
| FDC Consolidated FDC.AX | Australia | $763M | n/a | +13% | -1% | 13.9× | -6.2% | +12.9% |
| GMR Power and Urban Infra GMRP&UI.NS | India | $763M | -17% | +4% | 14% | 14.6× | n/a | n/a |
| Power Mech Projects POWERMECH.NS | India | $761M | -12% | +16% | 10% | 16.1× | n/a | n/a |
| Shinnihon 1879.T | Japan | $759M | +6% | +7% | 14% | n/a | -21.3% | +6.3% |
| China Nerin Engineering 603257.SS | China | $851M | -21% | -21% | 10% | 23.4× | 15.4% | +5.6% |
| Southern Cross Electrical Engineering SXE.AX | Australia | $755M | -14% | -10% | 9% | 16.9× | -4.8% | +14.2% |
| Hibiya Engineering,Ltd 1982.T | Japan | $753M | -8% | +2% | 12% | 11.4× | -3.4% | +5.2% |
| Hj Shipbuilding & Construction 097230.KS | South Korea | $752M | -61% | +27% | 6% | 5.7× | n/a | n/a |
| Suzhou West Deane New Power Electric 603312.SS | China | $750M | -18% | -8% | 9% | 20.2× | 7.1% | +62.0% |
| Xinjiang Beixin Road & Bridge 002307.SZ | China | $861M | -19% | -22% | 8% | n/a | n/a | n/a |
| Beijing New Space Technology 605178.SS | China | $861M | -18% | 0% | -51% | n/a | n/a | n/a |
| Next Geosolutions Europe NXT.MI | Italy | $861M | +22% | +68% | 17% | 12.7× | n/a | n/a |