Who are Nomura Real Estate's main competitors?

Named competitors: Mitsui Fudosan (8801.T), Sumitomo Realty & Development (8830.T), Tokyu Fudosan Holdings (3289.T). The cockpit's measured peer set (industry) also includes City Developments (C09.SI), UOL (U14.SI), Tsim Sha Tsui Properties (0247.HK), China Vanke (2202.HK), Shanghai Lujiazui Finance & Trade Zone Development (600663.SS), Tokyu Fudosan Holdings Corporat (3289.T).

Is Nomura Real Estate expensive compared with its peers?

On forward p/e it trades at 8.8× against a peer median of 14.0×, 3rd cheapest of 18 in its peer set.

How has Nomura Real Estate stock performed?

Over six months to 6 Nov 2026 the shares returned -12.5% against -6.5% for the median peer; over one year -5.0%.

← CockpitCompetitor Analysis › 3231.T Nomura Real Estate Holdings, Inc.Open in the cockpit ↗

Nomura Real Estate Holdings, Inc.3231.TCompetitor analysis, valuation and peers

Japan · JPY·Real Estate›Real Estate Development

Develops residential condominiums under the Proud brand and commercial real estate in Japan.

≈ A smaller Toll Brothers/Mitsui FudosanMomentum neutral 50

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$5.17B

US dollars, full cap

Free float

56%

of shares outstanding

$/day

$27.5M

20-day average traded

Fwd P/E

8.8×

forward earnings

ROIC−WACC

n/a

WACC 5.0%

Hurdle

n/a

no reverse DCF

Next earnings

83 days

28 Jan 2027

Close · JPY¥890

1D-5.7%

1W+3.0%

1M+5.2%

3M-1.1%

6M-12.5%

YTD-8.0%

1Y-5.0%

ATR %2.3%

52w lowhigh23.7% off high

What Nomura Real Estate does

Develops residential condominiums under the Proud brand and commercial real estate in Japan.

Earns most from selling condominiums, recognised when buyers take handover, so earnings arrive in lumps tied to completion schedules. Rent from offices and logistics warehouses it develops adds steadier income, along with fees for managing and brokering property.

In one line: A smaller Toll Brothers/Mitsui Fudosan.

Products and services

Proud-brand condominiums
Office/commercial development
Logistics real estate

Customers

Japanese condo buyers
Corporate office tenants

Where it sits in the supply chain

Real estate
Real estate development
Residential condos, office, logistics…

What could go right

Tokyo condo demand growth

What could go wrong

Interest rate sensitivity on mortgages

Moat: narrow (brand, scale). Proud brand recognition in premium condos built from Nomura Group heritage.

Headquarters: Tokyo, Japan · Founded: 1957 · Employees: 9,043

Named competitors

Nomura Real Estate at a glance

Size Nomura Real Estate (3231.T) is a Japan Real Estate company (Real Estate Development) with a market value of $5.17B, the 237th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥890 on 6 Nov 2026.

Performance Over six months the shares fell 12.5%, against -6.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th lowest of 21 in its peer set.

Growth Revenue grew 19.3% over the last twelve months (peer median +5.0%); the operating margin is 13.8% (peer median 21.0%).

Valuation It trades at 8.8× forward earnings against a peer median of 14.0× (3rd cheapest of 18).

Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).

Relative performance

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

Nomura Real Estate financials

Reported figures in JPY; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	¥923B	¥943B	¥758B	¥735B	¥655B
Revenue growth	—	+24%	+3%	+12%	—
Gross profit	¥297B	¥303B	¥267B	¥244B	¥223B
EBITDA	¥156B	¥168B	¥140B	¥133B	¥120B
Net income	¥78.8B	¥82.9B	¥74.8B	¥68.2B	¥64.5B
Free cash flow	n/a	¥3.40B	-¥251B	¥19.5B	-¥89.0B
Capital expenditure	n/a	¥69.2B	¥167B	¥66.0B	¥44.1B
Total debt	¥1.71T	¥1.60T	¥1.55T	¥1.19T	¥1.12T

Quarterly statements and history in the cockpit →

Nomura Real Estate 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. Nomura Real Estate is the large dot.

Fundamentals: revenue growth against valuation

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

Nomura Real Estate competitors and peer comparison

Head to head with its named competitors (3231.T vs 8801.T vs 8830.T vs 3289.T)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Nomura Real Estate 3231.T	$5.17B	-12%	+19%	14%	8.8×	n/a
Mitsui Fudosan 8801.T	$27.4B	-5%	-10%	14%	14.9×	n/a
Sumitomo Realty & Development C 8830.T	$18.8B	-34%	+5%	29%	12.8×	n/a
Tokyu Fudosan Holdings Corporat 3289.T	$5.69B	-7%	+6%	14%	8.6×	n/a

How Nomura Real Estate 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.

Nomura Real Estate against its 20 peers (data as of 6 Nov 2026)
Measure	3231.T	Peer median	Rank in peer set
1-month return	+5.2%	+2.8%	8th highest of 21
6-month return	-12.5%	-6.5%	7th lowest of 21
Distance from 52-week high	-23.7%	-27.0%	9th highest of 21
Revenue growth (TTM)	+19.3%	+5.0%	6th highest of 21
Operating margin	13.8%	21.0%	7th lowest of 21
Forward P/E	8.8×	14.0×	3rd cheapest of 18

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
Nomura Real Estate 3231.T	Japan	$5.17B	-12%	+19%	14%	8.8×	n/a	n/a
City Developments C09.SI	Singapore	$5.13B	-11%	+36%	14%	14.1×	n/a	n/a
UOL U14.SI	Singapore	$5.23B	-23%	+2%	25%	13.8×	n/a	n/a
Tsim Sha Tsui Properties 0247.HK	Hong Kong	$5.24B	-20%	+15%	34%	n/a	n/a	n/a
China Vanke 2202.HK	Hong Kong	$5.28B	-30%	-35%	-27%	n/a	n/a	n/a
Shanghai Lujiazui Finance & Trade Zone Development 600663.SS	China	$4.81B	-10%	-21%	21%	14.0×	n/a	n/a
Tokyu Fudosan Holdings Corporat 3289.T	Japan	$5.69B	-7%	+6%	14%	8.6×	n/a	n/a
Shanghai Zhangjiang Hi-Tech Park Development 600895.SS	China	$5.71B	-33%	+89%	26%	36.4×	n/a	n/a
Howard Hughes HHH	United States	$4.64B	+18%	+32%	15%	29.6×	n/a	n/a
Godrej Properties GODREJPROP.NS	India	$5.77B	-4%	+17%	21%	24.5×	n/a	n/a
Castellum CAST.ST	Sweden	$5.94B	+10%	-3%	67%	16.1×	n/a	n/a
Hang Lung Ppt 0101.HK	Hong Kong	$4.40B	-29%	+10%	53%	11.8×	n/a	n/a
LEG Immobilien LEG.DE	Germany	$4.39B	-11%	+1%	34%	8.1×	n/a	n/a
Meritage Homes MTH	United States	$4.38B	+4%	-15%	7%	16.2×	n/a	n/a
Tokyo Tatemono 8804.T	Japan	$4.37B	-6%	+17%	22%	10.3×	n/a	n/a
Hangzhou Binjiang Real Estate 002244.SZ	China	$4.27B	-2%	-35%	6%	12.8×	n/a	n/a
Seazen 601155.SS	China	$4.23B	-15%	-39%	14%	31.9×	n/a	n/a
NEPI Rockcastle NRP.AS	Netherlands	$6.34B	+9%	+20%	62%	12.1×	n/a	n/a
Shanghai Vital Deeptech 600641.SS	China	$4.20B	+14%	+94%	-27%	n/a	n/a	n/a
Fastighets AB Balder BALD-B.ST	Sweden	$6.43B	-2%	+4%	66%	12.2×	n/a	n/a
FirstService FSV.TO	Canada	$6.46B	+18%	+3%	6%	23.6×	n/a	n/a

Questions

Who are Nomura Real Estate's main competitors?: Named competitors: Mitsui Fudosan (8801.T), Sumitomo Realty & Development (8830.T), Tokyu Fudosan Holdings (3289.T). The cockpit's measured peer set (industry) also includes City Developments (C09.SI), UOL (U14.SI), Tsim Sha Tsui Properties (0247.HK), China Vanke (2202.HK), Shanghai Lujiazui Finance & Trade Zone Development (600663.SS), Tokyu Fudosan Holdings Corporat (3289.T).
Is Nomura Real Estate expensive compared with its peers?: On forward p/e it trades at 8.8× against a peer median of 14.0×, 3rd cheapest of 18 in its peer set.
How has Nomura Real Estate stock performed?: Over six months to 6 Nov 2026 the shares returned -12.5% against -6.5% for the median peer; over one year -5.0%.