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Electrical construction contractor specializing in substations and high-voltage transmission facility construction in Japan.
Electrical construction contractor specializing in substations and high-voltage transmission facility construction in Japan.
Paid per construction contract, with orders coming mainly from power utilities that build and upgrade their own grid, so revenue follows utility capital-spending timetables and is booked as projects progress. Its order backlog gives visibility on work already won.
Moat: narrow (process know-how, customer qualification). Specialized substation/high-voltage construction expertise built over decades.
Headquarters: Tokyo, Japan · Employees: 1,878
Size Taihei Dengyo Kaisha (1968.T) is a Japan Industrials company (Engineering & Construction) with a market value of $899M, the 777th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,221 on 6 Nov 2026.
Performance Over six months the shares fell 22.3%, against -2.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 18.8% over the last twelve months (peer median +5.8%); the operating margin is 11.2% (peer median 5.5%).
Valuation It trades at 11.2× forward earnings against a peer median of 15.5× (3rd cheapest of 15).
Capital Return on invested capital runs 3.4 points above its cost of capital (6.6% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥149B | ¥142B | ¥126B | ¥129B | ¥126B |
| Revenue growth | — | +13% | -3% | +3% | — |
| Gross profit | ¥27.5B | ¥25.6B | ¥23.3B | ¥19.8B | ¥24.5B |
| EBITDA | ¥18.1B | ¥16.3B | ¥14.5B | ¥11.6B | ¥16.1B |
| Net income | ¥13.1B | ¥11.9B | ¥9.75B | ¥8.40B | ¥10.6B |
| Free cash flow | n/a | -¥6.82B | -¥3.31B | -¥5.48B | ¥31.3B |
| Capital expenditure | n/a | ¥970M | ¥815M | ¥852M | ¥1.05B |
| Total debt | ¥15.2B | ¥15.2B | ¥14.1B | ¥15.0B | ¥15.6B |
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 |
|---|---|---|---|---|---|---|
| Taihei Dengyo Kaisha 1968.T | $899M | -22% | +19% | 11% | 11.2× | n/a |
| Comsys 1721.T | $3.55B | -15% | +4% | 8% | 13.3× | -0.7% |
| EXEO 1951.T | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% |
| Chudenko 1941.T | $1.71B | +3% | +9% | 12% | 11.0× | -8.6% |
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 | 1968.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.1% | -6.6% | 8th lowest of 21 |
| 6-month return | -22.3% | -2.9% | 5th lowest of 21 |
| Distance from 52-week high | -30.6% | -27.4% | 11th highest of 21 |
| Revenue growth (TTM) | +18.8% | +5.8% | 6th highest of 21 |
| Operating margin | 11.2% | 5.5% | 4th highest of 21 |
| Forward P/E | 11.2× | 15.5× | 3rd cheapest of 15 |
| ROIC minus cost of capital | +3.4 pp | -2.1 pp | 6th highest of 18 |
| EV / EBITDA | 7.3× | 9.0× | 4th cheapest of 9 |
| Net debt / EBITDA | -0.7× | -1.2× | 5th most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Taihei Dengyo Kaisha 1968.T | Japan | $899M | -22% | +19% | 11% | 11.2× | n/a | n/a |
| I.CO.P ICOP.MI | Italy | $901M | -6% | +138% | 11% | 17.1× | n/a | n/a |
| GRK Infra GRK.HE | Finland | $903M | +30% | -7% | 8% | 10.0× | -1.5% | +24.6% |
| GR Engineering Services GNG.AX | Australia | $891M | +40% | +3% | 11% | 18.3× | 14.9% | +4.7% |
| Costain COST.L | United Kingdom | $890M | +30% | -6% | 5% | 16.5× | 0.1% | +1.3% |
| Shanghai Geoharbour Construction 605598.SS | China | $913M | -48% | +9% | -3% | 541.7× | n/a | n/a |
| Ningbo Construction 601789.SS | China | $885M | -34% | +10% | 2% | n/a | n/a | n/a |
| Shenzhen Tagen 000090.SZ | China | $883M | -11% | +1% | 0% | 7.7× | 13.8% | +5.6% |
| Hubei Chutian Smart Communication 600035.SS | China | $918M | -1% | +34% | 9% | n/a | n/a | n/a |
| LS Marine Solution 060370.KS | South Korea | $924M | -35% | +21% | 6% | 55.0× | n/a | n/a |
| Sentia SNTIA.OL | Norway | $924M | +8% | +15% | 5% | 14.3× | -11.1% | +4.2% |
| Galliford Try GFRD.L | United Kingdom | $925M | +31% | +3% | 3% | 14.5× | -0.8% | +11.4% |
| Raito Kogyo 1926.T | Japan | $928M | -5% | +9% | 13% | 11.6× | -8.0% | +5.2% |
| Shanghai Urban Architecture Design 300983.SZ | China | $866M | +5% | -7% | -58% | n/a | n/a | n/a |
| YIT YIT.HE | Finland | $938M | +45% | +10% | 3% | 75.2× | 12.8% | -10.6% |
| KEC International KEC.NS | India | $939M | -46% | -2% | 5% | 13.3× | n/a | n/a |
| Next Geosolutions Europe NXT.MI | Italy | $861M | +22% | +68% | 17% | 12.7× | n/a | n/a |
| Beijing New Space Technology 605178.SS | China | $861M | -18% | 0% | -51% | n/a | n/a | n/a |
| Xinjiang Beixin Road & Bridge 002307.SZ | China | $861M | -19% | -22% | 8% | n/a | n/a | n/a |
| Shenzhen Cheng Chung Design 002811.SZ | China | $949M | +48% | +28% | 13% | n/a | 9.1% | -6.2% |
| China Nerin Engineering 603257.SS | China | $851M | -21% | -21% | 10% | 23.4× | 15.4% | +5.6% |