Loading…
Real estate developer building logistics, hotel and healthcare facilities, plus renewable-energy project development.
Real estate developer building logistics, hotel and healthcare facilities, plus renewable-energy project development.
Earns when it sells finished or part-finished property to investors and funds, plus asset-management and consulting fees, so revenue arrives in sizeable lumps and depends on investor appetite and bank financing. Specialised buildings such as cold-storage warehouses suit buyers who want stable long leases.
In one line: A Japanese real estate/renewable-energy developer, not a utility despite the ticker's labe.
Moat: none. Development/consulting business model without a durable structural advantage over rival developers.
Headquarters: Tokyo, Japan · Founded: 2011
Size Kasumigaseki Capital (3498.T) is a Japan Utilities company (Electric Utilities) with a market value of $1.16B, the 677th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥7,430 on 6 Nov 2026.
Performance Over six months the shares gained 15.4%, against -13.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 20 in its peer set.
Growth Revenue grew 69.7% over the last twelve months (peer median +3.2%); the operating margin is 17.0% (peer median 9.5%).
Valuation It trades at 7.6× forward earnings against a peer median of 12.1× (5th cheapest of 14).
Capital Return on invested capital runs 5.5 points above its cost of capital (7.0% WACC).
Next results Next results expected around 8 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | ¥164B | ¥164B | ¥96.5B | ¥65.7B | ¥37.3B |
| Revenue growth | — | +70% | +47% | +76% | — |
| Gross profit | ¥54.2B | ¥54.2B | ¥36.4B | ¥18.6B | ¥10.1B |
| EBITDA | ¥30.0B | ¥30.0B | ¥20.0B | ¥9.12B | ¥4.74B |
| Net income | ¥16.7B | ¥16.7B | ¥10.2B | ¥5.02B | ¥2.05B |
| Free cash flow | n/a | -¥28.9B | ¥396M | -¥10.3B | -¥8.38B |
| Capital expenditure | n/a | ¥12.5B | ¥6.65B | ¥2.15B | ¥481M |
| Total debt | ¥108B | ¥108B | ¥68.9B | ¥41.9B | ¥28.3B |
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 |
|---|---|---|---|---|---|---|
| Kasumigaseki Capital 3498.T | $1.16B | +15% | +70% | 17% | 7.6× | n/a |
| Daiwa House Industry 1925.T | $19.0B | -13% | +5% | 11% | 10.3× | 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 | 3498.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.9% | -4.5% | 6th highest of 21 |
| 6-month return | +15.4% | -13.3% | 3rd highest of 20 |
| Distance from 52-week high | -27.2% | -29.7% | 9th highest of 21 |
| Revenue growth (TTM) | +69.7% | +3.2% | 2nd highest of 21 |
| Operating margin | 17.0% | 9.5% | 6th highest of 21 |
| Forward P/E | 7.6× | 12.1× | 5th cheapest of 14 |
| ROIC minus cost of capital | +5.5 pp | +0.2 pp | 6th highest of 21 |
| EV / EBITDA | 8.3× | 8.7× | 6th cheapest of 11 |
| Net debt / EBITDA | 2.2× | 0.9× | 6th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kasumigaseki Capital 3498.T | Japan | $1.16B | +15% | +70% | 17% | 7.6× | n/a | n/a |
| CGN New Energy 1811.HK | Hong Kong | $1.16B | -23% | -12% | 26% | 6.2× | 4.2% | +8.2% |
| SG Mart SGMART.NS | India | $1.15B | +55% | +9% | 3% | 50.0× | 30.1% | +298.2% |
| naturenergie NEAG.SW | Switzerland | $1.17B | -12% | -16% | 13% | 12.1× | -15.5% | +5.6% |
| Hunan Energy Group Development 000722.SZ | China | $1.19B | -13% | +126% | 48% | n/a | 0.8% | +2.4% |
| Guizhou Qianyuan Power 002039.SZ | China | $1.19B | -8% | +14% | 45% | 19.5× | -10.1% | +4.4% |
| Arendals Fossekompani AFK.OL | Norway | $1.11B | -2% | -7% | 11% | n/a | 14.4% | +3.6% |
| Jiangxi Ganneng 000899.SZ | China | $1.26B | -31% | +24% | 13% | 7.4× | -4.4% | +22.6% |
| Unitil UTL | United States | $1.05B | +11% | +21% | 19% | 16.2× | n/a | n/a |
| Electricite de Strasbourg ELEC.PA | France | $1.29B | -34% | -10% | 8% | n/a | -10.7% | +11.1% |
| Polenergia PEP.WA | Poland | $1.02B | +3% | -19% | 6% | 30.6× | 15.8% | +18.5% |
| Top Energy Co. Ltd. Shanxi 600780.SS | China | $1.02B | -13% | 0% | 5% | n/a | -15.1% | +10.2% |
| Jaiprakash Power Ventures JPPOWER.NS | India | $1.01B | -29% | +6% | 21% | n/a | 9.9% | +11.0% |
| Hokuriku Electric Power 9505.T | Japan | $1.34B | +16% | -5% | 7% | 7.6× | 8.4% | +3.7% |
| Hokkaido Electric Power Company,Incorporated 9509.T | Japan | $1.38B | +5% | -1% | 4% | 7.3× | n/a | n/a |
| Xinjiang Tianfu Energy 600509.SS | China | $1.40B | -16% | +9% | 7% | 14.7× | -4.3% | +11.5% |
| Jinneng Holding Shanxi Electric Power 000767.SZ | China | $1.40B | -20% | -6% | 6% | n/a | 2.5% | +5.6% |
| Guangxi Energy 600310.SS | China | $939M | -14% | +11% | 16% | 20.3× | 4.8% | -27.7% |
| Hawaiian Electric Industries HE | United States | $1.45B | -43% | +2% | 11% | 5.2× | n/a | n/a |
| Telecom Plus TEP.L | United Kingdom | $922M | -15% | +6% | 6% | 10.9× | -8.6% | +17.6% |
| Vedanta Power VEDPOWER.NS | India | $1.46B | n/a | +5% | -13% | n/a | n/a | n/a |