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HVAC and building mechanical engineering contractor, including cleanroom construction for semiconductor fabs.
HVAC and building mechanical engineering contractor, including cleanroom construction for semiconductor fabs.
Paid by contract per building or plant project, recognized as work is completed, so the order backlog shows the coming years' revenue. Chip-plant cleanrooms (air-controlled production rooms) are the higher-value work, while maintenance and renovation of older building systems provide repeat business.
In one line: A building-systems/cleanroom contractor with semiconductor cleanroom expertise.
Moat: narrow (process know-how, customer qualification). Specialized cleanroom/HVAC engineering expertise qualified for semiconductor fab construction.
Headquarters: Tokyo, Japan · Founded: 1923 · Employees: 7,287
Size Takasago Thermal Engineering (1969.T) is a Japan Industrials company (Industrial Machinery) with a market value of $3.13B, the 351st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,557 on 6 Nov 2026.
Performance Over six months the shares fell 21.1%, against -18.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 2.3% over the last twelve months (peer median +16.6%); the operating margin is 11.0% (peer median 9.7%).
Valuation It trades at 10.8× forward earnings against a peer median of 25.8× (2nd cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.3 points above its cost of capital (8.4% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥415B | ¥424B | ¥382B | ¥363B | ¥339B |
| Revenue growth | — | +11% | +5% | +7% | — |
| Gross profit | ¥92.9B | ¥90.7B | ¥69.0B | ¥57.9B | ¥44.5B |
| EBITDA | ¥49.8B | ¥51.0B | ¥35.6B | ¥26.6B | ¥17.5B |
| Net income | ¥34.9B | ¥37.5B | ¥27.6B | ¥19.6B | ¥12.2B |
| Free cash flow | n/a | ¥24.7B | ¥1.55B | -¥16.4B | ¥20.8B |
| Capital expenditure | n/a | ¥5.07B | ¥4.34B | ¥3.35B | ¥5.05B |
| Total debt | ¥40.6B | ¥43.6B | ¥38.6B | ¥40.0B | ¥30.9B |
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 |
|---|---|---|---|---|---|---|
| Takasago Thermal Engineering 1969.T | $3.13B | -21% | +2% | 11% | 10.8× | 3.8% |
| DAI-DAN 1980.T | $2.05B | -15% | -7% | 14% | 10.2× | -4.4% |
| Sanki Engineering 1961.T | $1.98B | -12% | +2% | 12% | 11.5× | -6.5% |
| RAIZNEXT 6379.T | $972M | +29% | +13% | 8% | 15.8× | -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 | 1969.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.6% | -7.7% | 8th lowest of 21 |
| 6-month return | -21.1% | -18.0% | 11th highest of 21 |
| Distance from 52-week high | -38.1% | -42.8% | 9th highest of 21 |
| Revenue growth (TTM) | +2.3% | +16.6% | 4th lowest of 21 |
| Operating margin | 11.0% | 9.7% | 8th highest of 21 |
| Forward P/E | 10.8× | 25.8× | 2nd cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 3.8% | 18.2% | 2nd least demanding of 13 |
| Growth delivered (Del g) | +9.0% | +11.0% | 5th lowest of 13 |
| Hurdle (Req g minus delivered) | -5.2 pp | +9.4 pp | 3rd least demanding of 13 |
| ROIC minus cost of capital | +6.3 pp | +0.2 pp | 5th highest of 21 |
| EV / EBITDA | 10.0× | 20.6× | 3rd cheapest of 11 |
| Net debt / EBITDA | -0.0× | -0.0× | 6th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Takasago Thermal Engineering 1969.T | Japan | $3.13B | -21% | +2% | 11% | 10.8× | 3.8% | +9.0% |
| SIASUN Robot & Automation 300024.SZ | China | $3.12B | -11% | +11% | -7% | 235.7× | n/a | n/a |
| Infore Environment Technology 000967.SZ | China | $3.14B | -53% | +20% | 8% | 26.5× | -0.8% | -0.7% |
| Shenzhen Zhaowei Machinery & Electronics 2692.HK | Hong Kong | $3.16B | -52% | +5% | 9% | 34.8× | 33.0% | +6.8% |
| Tokyo Seimitsu 7729.T | Japan | $3.16B | -29% | +17% | 22% | 15.2× | 16.0% | +11.4% |
| Jack Technology 603337.SS | China | $3.09B | +15% | +13% | 10% | 22.8× | 4.2% | +13.3% |
| AIA Engineering AIAENG.NS | India | $3.08B | -22% | +7% | 24% | 22.8× | 20.4% | +9.1% |
| Carel Industries CRL.MI | Italy | $3.24B | -11% | +17% | 15% | 30.5× | 23.3% | +13.7% |
| Formosa Sumco Technology 3532.TW | Taiwan | $3.01B | +12% | +9% | 4% | 50.5× | n/a | n/a |
| Bozhon Precision Industry Technology 688097.SS | China | $3.00B | -23% | +74% | 7% | 23.6× | n/a | n/a |
| Catcher Technology 2474.TW | Taiwan | $2.99B | -14% | -18% | 10% | 16.3× | 12.4% | -25.7% |
| China First Heavy Industries 601106.SS | China | $2.98B | -36% | 0% | 0% | n/a | n/a | n/a |
| Worthington Enterprises WOR | United States | $2.98B | +11% | +18% | 6% | 15.7× | 24.7% | -15.3% |
| SINOMACH Heavy Equipment 601399.SS | China | $3.33B | -28% | 0% | 4% | n/a | n/a | n/a |
| Kaori Heat Treatment 8996.TW | Taiwan | $3.34B | -1% | +108% | 16% | 42.6× | 46.0% | +25.9% |
| Moon Environment Technology 000811.SZ | China | $3.34B | -10% | +27% | 10% | 25.8× | 20.9% | +11.8% |
| Jiangsu Lettall Electronic 603629.SS | China | $3.41B | -40% | +27% | 34% | n/a | 4.8% | +15.0% |
| Guangdong Shenling Environmental Systems 301018.SZ | China | $3.42B | -27% | +45% | 5% | 64.8× | n/a | n/a |
| Blue Star BLUESTARCO.NS | India | $3.43B | -10% | +9% | 5% | 56.0× | n/a | n/a |
| Fuji 6134.T | Japan | $2.85B | -23% | +45% | 20% | 9.9× | n/a | n/a |
| Kadant KAI | United States | $3.46B | -14% | +17% | 16% | 21.7× | 15.5% | +10.6% |