Loading…
Japanese homebuilder developing and selling build-to-order houses and condos mainly in the Tokyo metro area.
Japanese homebuilder developing and selling build-to-order houses and condos mainly in the Tokyo metro area.
Buys land, builds compact houses and condos and sells them quickly, so profit comes from the gap between land cost and sale price. It sells mostly to first-time buyers using mortgages, so rate moves and Tokyo land prices matter. Brokerage fees from reselling used homes round it out.
In one line: A smaller D.R. Horton.
Moat: narrow (scale, process know-how). Efficient land-sourcing and fast build model in dense, high-demand Tokyo submarkets.
Headquarters: Tokyo, Japan · Founded: 1997 · Employees: 6,620
Size Open House (3288.T) is a Japan Consumer Discretionary company (Homebuilding) with a market value of $5.66B, the 219th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥7,832 on 6 Nov 2026.
Performance Over six months the shares fell 14.5%, against +8.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 5.9% over the last twelve months (peer median +7.9%); the operating margin is 11.6% (peer median 9.6%).
Valuation It trades at 7.3× forward earnings against a peer median of 13.8× (cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -26 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.9 points above its cost of capital (5.2% WACC).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.42T | ¥1.33T | ¥1.29T | ¥1.14T | ¥945B |
| Revenue growth | — | +3% | +13% | +21% | — |
| Gross profit | ¥270B | ¥234B | ¥198B | ¥211B | ¥177B |
| EBITDA | ¥167B | ¥148B | ¥122B | ¥144B | ¥121B |
| Net income | ¥111B | ¥101B | ¥92.9B | ¥92.1B | ¥77.9B |
| Free cash flow | n/a | ¥26.4B | ¥99.9B | ¥11.0B | -¥19.5B |
| Capital expenditure | n/a | ¥3.64B | ¥5.34B | ¥6.72B | ¥3.63B |
| Total debt | ¥803B | ¥720B | ¥612B | ¥575B | ¥509B |
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 |
|---|---|---|---|---|---|---|
| Open House 3288.T | $5.66B | -15% | +6% | 12% | 7.3× | -8.1% |
| Daito Trust Construction 1878.T | $7.10B | -7% | +6% | 7% | 9.7× | n/a |
| Nomura Real Estate 3231.T | $5.17B | -12% | +19% | 14% | 8.8× | n/a |
| Tama Home 1419.T | $486M | -26% | +2% | 2% | 20.5× | n/a |
| Sekisui House 1928.T | $14.1B | +2% | -2% | 9% | 10.0× | -5.1% |
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 | 3288.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.9% | +7.2% | 10th lowest of 21 |
| 6-month return | -14.5% | +8.0% | 3rd lowest of 21 |
| Distance from 52-week high | -33.6% | -20.2% | 4th lowest of 21 |
| Revenue growth (TTM) | +5.9% | +7.9% | 10th lowest of 21 |
| Operating margin | 11.6% | 9.6% | 8th highest of 21 |
| Forward P/E | 7.3× | 13.8× | cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -8.1% | 4.1% | 3rd least demanding of 19 |
| Growth delivered (Del g) | +18.2% | +8.0% | 2nd highest of 19 |
| Hurdle (Req g minus delivered) | -26.3 pp | -2.0 pp | 2nd least demanding of 19 |
| ROIC minus cost of capital | +5.9 pp | -1.2 pp | 5th highest of 21 |
| EV / EBITDA | 8.0× | 9.3× | 6th cheapest of 18 |
| Net debt / EBITDA | 2.6× | 1.0× | 5th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Open House 3288.T | Japan | $5.66B | -15% | +6% | 12% | 7.3× | -8.1% | +18.2% |
| Persimmon PSN.L | United Kingdom | $5.64B | +22% | +17% | 11% | 13.0× | n/a | n/a |
| Barratt Redrow BTRW.L | United Kingdom | $6.07B | +32% | +9% | 9% | 14.5× | 3.3% | +4.7% |
| Champion Homes SKY | United States | $4.96B | +25% | +3% | 8% | 24.2× | 10.8% | +13.4% |
| Cavco Industries CVCO | United States | $4.87B | +32% | +12% | 10% | 24.2× | 15.2% | +15.2% |
| Sumitomo Forestry 1911.T | Japan | $4.87B | -10% | +14% | 6% | 12.5× | 2.8% | +15.2% |
| Frontdoor FTDR | United States | $6.69B | +50% | +9% | 20% | 19.0× | 12.2% | +7.3% |
| Haseko 1808.T | Japan | $4.50B | -1% | +10% | 8% | 9.9× | -11.6% | +9.5% |
| Berkeley BKG.L | United Kingdom | $4.44B | +12% | -4% | 19% | 13.0× | 1.2% | +1.6% |
| Taylor Wimpey TW..L | United Kingdom | $3.88B | +5% | +9% | 10% | 16.0× | 5.9% | +6.6% |
| Iida 3291.T | Japan | $3.68B | -4% | +7% | 7% | 8.1× | n/a | n/a |
| Bellway p.l.c BWY.L | United Kingdom | $3.42B | +19% | +14% | 10% | 15.4× | 3.2% | +0.3% |
| M/I Homes MHO | United States | $3.29B | 0% | -6% | 8% | 12.8× | 8.3% | +7.7% |
| Chengdu Hi-Tech Development 000628.SZ | China | $3.10B | -39% | -32% | 4% | n/a | 57.5% | -2.1% |
| KB Home KBH | United States | $3.08B | +2% | -21% | 5% | 14.9× | 15.2% | +8.3% |
| Green Brick Partners GRBK | United States | $2.75B | -2% | -10% | 19% | 12.2× | 7.8% | +15.9% |
| Toll Brothers TOL | United States | $14.1B | +11% | -1% | 14% | 11.5× | 4.1% | +9.2% |
| Ruentex Development 9945.TW | Taiwan | $2.27B | +13% | +37% | 19% | n/a | -1.0% | +15.5% |
| Cairn Homes CRN.L | United Kingdom | $1.92B | +18% | +44% | 18% | 11.9× | -0.7% | +28.6% |
| NVR NVR | United States | $16.8B | +5% | -10% | 13% | 18.6× | 4.0% | +6.5% |
| GS Engineering & Construction 006360.KS | South Korea | $1.86B | -22% | -15% | 3% | 16.8× | -9.8% | +4.2% |