Who are Hulic's main competitors?

Named competitors: Mitsubishi Estate (8802.T), Mitsui Fudosan (8801.T), Nomura Real Estate Holdings (3231.T). The cockpit's measured peer set (industry) also includes PSP Swiss Property (PSPN.SW), Poly Developments & (600048.SS), Phoenix Mills (PHOENIXLTD.NS), China Merchants Shekou Industrial Zone (001979.SZ), Wharf (Holdings) (0004.HK), Compass (COMP).

Is Hulic expensive compared with its peers?

On forward p/e it trades at 11.5× against a peer median of 20.2×, 3rd cheapest of 19 in its peer set.

How has Hulic stock performed?

Over six months to 6 Nov 2026 the shares returned +7.3% against +2.6% for the median peer; over one year +20.3%.

← CockpitCompetitor Analysis › 3003.T Hulic Co., Ltd.Open in the cockpit ↗

Hulic Co., Ltd.3003.TCompetitor analysis, valuation and peers

Japan · JPY·Real Estate›Real Estate Development

Develops and invests in office buildings and real estate in central Tokyo, originally spun from Nippon Steel.

≈ A smaller Boston Properties/SL GreenMomentum leader 84

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$9.16B

US dollars, full cap

Free float

59%

of shares outstanding

$/day

$39.7M

20-day average traded

Fwd P/E

11.5×

forward earnings

ROIC−WACC

n/a

WACC 5.0%

Hurdle

n/a

no reverse DCF

Next earnings

90 days

4 Feb 2027

Close · JPY¥1,896

1D-6.2%

1W+7.2%

1M+13.4%

3M+10.8%

6M+7.3%

YTD+10.6%

1Y+20.3%

ATR %2.6%

52w lowhigh9.5% off high

What Hulic does

Develops and invests in office buildings and real estate in central Tokyo, originally spun from Nippon Steel.

Collects rent on a portfolio of buildings in Tokyo's central wards, mostly offices, and also earns by buying properties, improving them and selling some to investors, which makes profit uneven from year to year. Hotels and retail space add diversification.

In one line: A smaller Boston Properties/SL Green.

Products and services

Office building leasing
Real estate development
Retail/hotel properties

Customers

Corporate office tenants in Tokyo

Where it sits in the supply chain

Real estate
Real estate development & investment
Office/commercial building ownership…

What could go right

Tokyo office rent recovery

What could go wrong

Office vacancy/remote-work risk
Interest rate sensitivity

Moat: narrow (scale, installed base). Concentrated prime Tokyo office portfolio built through decades of asset accumulation.

Headquarters: Tokyo, Japan · Founded: 1954 · Employees: 3,495

Named competitors

Hulic at a glance

Size Hulic (3003.T) is a Japan Real Estate company (Real Estate Development) with a market value of $9.16B, the 152nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,896 on 6 Nov 2026.

Performance Over six months the shares gained 7.3%, against +2.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th highest of 21 in its peer set.

Growth Revenue grew 25.3% over the last twelve months (peer median +5.7%); the operating margin is 22.9% (peer median 41.0%).

Valuation It trades at 11.5× forward earnings against a peer median of 20.2× (3rd cheapest of 19).

Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Hulic against the median of its 20 peers (local-currency closes).

Hulic financials

Reported figures in JPY; fiscal year ends 2025-12-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	¥878B	¥727B	¥592B	¥446B	¥523B
Revenue growth	—	+23%	+33%	-15%	—
Gross profit	¥314B	¥277B	¥231B	¥197B	¥173B
EBITDA	¥236B	¥214B	¥182B	¥163B	¥143B
Net income	¥123B	¥114B	¥102B	¥94.6B	¥79.2B
Free cash flow	n/a	-¥157B	-¥11.3B	¥13.6B	-¥25.0B
Capital expenditure	n/a	¥446B	¥375B	¥265B	¥293B
Total debt	¥2.47T	¥2.22T	¥1.88T	¥1.45T	¥1.45T

Quarterly statements and history in the cockpit →

Hulic competitor charts

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.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Hulic is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Hulic is the large dot.

Hulic competitors and peer comparison

Head to head with its named competitors (3003.T vs 8802.T vs 8801.T vs 3231.T)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Hulic 3003.T	$9.16B	+7%	+25%	23%	11.5×	n/a
Mitsubishi Estate 8802.T	$29.5B	-12%	+17%	21%	19.2×	n/a
Mitsui Fudosan 8801.T	$27.4B	-5%	-10%	14%	14.9×	n/a
Nomura Real Estate 3231.T	$5.17B	-12%	+19%	14%	8.8×	n/a

How Hulic compares with its peers

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.

Hulic against its 20 peers (data as of 6 Nov 2026)
Measure	3003.T	Peer median	Rank in peer set
1-month return	+13.4%	+7.4%	5th highest of 21
6-month return	+7.3%	+2.6%	8th highest of 21
Distance from 52-week high	-9.5%	-12.6%	7th highest of 21
Revenue growth (TTM)	+25.3%	+5.7%	4th highest of 21
Operating margin	22.9%	41.0%	6th lowest of 21
Forward P/E	11.5×	20.2×	3rd cheapest of 19

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Hulic 3003.T	Japan	$9.16B	+7%	+25%	23%	11.5×	n/a	n/a
PSP Swiss Property PSPN.SW	Switzerland	$8.73B	+5%	+44%	68%	27.9×	n/a	n/a
Poly Developments & 600048.SS	China	$10.1B	-9%	-4%	4%	48.6×	n/a	n/a
Phoenix Mills PHOENIXLTD.NS	India	$8.13B	+18%	+13%	52%	52.0×	n/a	n/a
China Merchants Shekou Industrial Zone 001979.SZ	China	$10.4B	-10%	-22%	1%	69.7×	n/a	n/a
Wharf (Holdings) 0004.HK	Hong Kong	$7.92B	-32%	-1%	41%	15.7×	n/a	n/a
Compass COMP	United States	$7.84B	+17%	+68%	0%	n/a	n/a	n/a
Ctp CTPNV.AS	Netherlands	$7.43B	-18%	+12%	67%	13.0×	n/a	n/a
Prestige Estates Projects PRESTIGE.NS	India	$7.42B	+10%	+66%	24%	38.5×	n/a	n/a
Klepierre LI.PA	France	$11.6B	+8%	+3%	63%	13.1×	n/a	n/a
Daito Trust Construction 1878.T	Japan	$7.10B	-7%	+6%	7%	9.7×	n/a	n/a
Deutsche Wohnen DWNI.DE	Germany	$7.05B	-20%	0%	48%	11.0×	n/a	n/a
AB Sagax SAGA-A.ST	Sweden	$6.96B	+5%	+5%	78%	15.7×	n/a	n/a
China Res Mixc 1209.HK	Hong Kong	$12.1B	-14%	+10%	28%	18.4×	n/a	n/a
Cpi Property O5G.DE	Germany	$6.85B	-1%	-8%	41%	n/a	n/a	n/a
Lodha Developers LODHA.NS	India	$12.5B	+22%	+21%	31%	27.0×	n/a	n/a
Oberoi Realty OBEROIRLTY.NS	India	$6.66B	+4%	+16%	57%	20.0×	n/a	n/a
Wharf Reic 1997.HK	Hong Kong	$12.6B	+24%	-1%	73%	14.8×	n/a	n/a
Sino Land 0083.HK	Hong Kong	$12.8B	-20%	+15%	34%	20.4×	n/a	n/a
FirstService FSV.TO	Canada	$6.46B	+18%	+3%	6%	23.6×	n/a	n/a
Swiss Prime Site SPSN.SW	Switzerland	$13.0B	+1%	-12%	76%	31.7×	n/a	n/a

Questions

Who are Hulic's main competitors?: Named competitors: Mitsubishi Estate (8802.T), Mitsui Fudosan (8801.T), Nomura Real Estate Holdings (3231.T). The cockpit's measured peer set (industry) also includes PSP Swiss Property (PSPN.SW), Poly Developments & (600048.SS), Phoenix Mills (PHOENIXLTD.NS), China Merchants Shekou Industrial Zone (001979.SZ), Wharf (Holdings) (0004.HK), Compass (COMP).
Is Hulic expensive compared with its peers?: On forward p/e it trades at 11.5× against a peer median of 20.2×, 3rd cheapest of 19 in its peer set.
How has Hulic stock performed?: Over six months to 6 Nov 2026 the shares returned +7.3% against +2.6% for the median peer; over one year +20.3%.