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Employees: 9,089
Size Shinagawa Refra (5351.T) is a Japan Materials company (Construction Materials) with a market value of $551M, the 1015th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,847 on 6 Nov 2026.
Performance Over six months the shares fell 3.3%, against -17.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 25.3% over the last twelve months (peer median -2.9%); the operating margin is 6.7% (peer median 7.0%).
Valuation It trades at 0.7× enterprise value to sales against a peer median of 1.9× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.3 points below its cost of capital (7.0% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥186B | ¥178B | ¥144B | ¥144B | ¥125B |
| Revenue growth | — | +23% | 0% | +15% | — |
| Gross profit | ¥42.7B | ¥43.0B | ¥35.2B | ¥33.1B | ¥27.4B |
| EBITDA | ¥21.7B | ¥22.1B | ¥17.9B | ¥17.7B | ¥13.8B |
| Net income | ¥29.0B | ¥26.1B | ¥9.78B | ¥15.3B | ¥8.31B |
| Free cash flow | n/a | ¥4.19B | ¥7.26B | ¥6.22B | ¥3.86B |
| Capital expenditure | n/a | ¥10.3B | ¥6.64B | ¥5.70B | ¥6.63B |
| Total debt | ¥50.3B | ¥51.8B | ¥61.9B | ¥28.1B | ¥34.3B |
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.
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 | 5351.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.2% | -4.1% | 8th lowest of 21 |
| 6-month return | -3.3% | -17.3% | 5th highest of 20 |
| Distance from 52-week high | -26.3% | -36.2% | 9th highest of 21 |
| Revenue growth (TTM) | +25.3% | -2.9% | 3rd highest of 20 |
| Operating margin | 6.7% | 7.0% | 10th lowest of 21 |
| EV / Sales | 0.7× | 1.9× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 0.5% | 4.7% | 5th least demanding of 16 |
| Growth delivered (Del g) | +12.2% | +4.5% | highest of 16 |
| Hurdle (Req g minus delivered) | -11.7 pp | +1.1 pp | 2nd least demanding of 16 |
| ROIC minus cost of capital | -1.3 pp | -2.8 pp | 8th highest of 21 |
| EV / EBITDA | 5.6× | 7.6× | cheapest of 10 |
| Net debt / EBITDA | 1.1× | 1.7× | 3rd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shinagawa Refra 5351.T | Japan | $551M | -3% | +25% | 7% | 0.7× | 0.5% | +12.2% |
| Longyan Kaolin Clay 605086.SS | China | $550M | -37% | -9% | 39% | 12.9× | 20.5% | +4.9% |
| Stewards SWRD | United States | $555M | n/a | +30% | -100% | 41.7× | n/a | n/a |
| Hainan RuiZe New Building Material 002596.SZ | China | $544M | -16% | -16% | -16% | 4.8× | 35.7% | -16.7% |
| Universal Cement 1104.TW | Taiwan | $543M | -7% | -5% | 16% | 2.4× | -2.2% | +7.9% |
| Sobute New Materials 603916.SS | China | $573M | -24% | -3% | 7% | 1.4× | 1.5% | -0.5% |
| Mitsui Matsushima 1518.T | Japan | $526M | +57% | +9% | 14% | 1.9× | 3.7% | +2.7% |
| Marshalls MSLH.L | United Kingdom | $597M | +40% | 0% | 8% | 1.0× | 8.2% | +6.1% |
| Sinosteel Luonai Materials Technology 688119.SS | China | $597M | -32% | -2% | -13% | 1.6× | 3.7% | -0.3% |
| Nichiha 7943.T | Japan | $599M | -10% | -3% | 7% | 0.6× | -3.7% | +3.5% |
| Qinglong Pipes Industry 002457.SZ | China | $507M | -12% | +4% | 6% | 1.4× | 0.0% | +5.1% |
| Fujian Cement 600802.SS | China | $502M | +29% | -22% | -23% | 3.6× | n/a | n/a |
| Tianjin Tianbao Infrastructure 000965.SZ | China | $476M | -23% | +65% | 8% | 1.9× | n/a | n/a |
| Jiangxi Wannianqing Cement 000789.SZ | China | $471M | -21% | -28% | -9% | 1.5× | 24.3% | -18.3% |
| Suncrete RMIX | United States | $646M | -47% | n/a | 1% | 8.8× | n/a | n/a |
| Jiangsu Baoli Asphalt 300135.SZ | China | $470M | -17% | -4% | -2% | 2.8× | 43.7% | -7.5% |
| Wagners WGN.AX | Australia | $650M | -4% | +17% | 12% | 2.1× | 10.2% | +9.5% |
| Forterra FORT.L | United Kingdom | $445M | +11% | -5% | 10% | 1.2× | 6.4% | +5.7% |
| CHC Resources 9930.TW | Taiwan | $433M | -17% | -2% | 10% | 1.2× | -5.8% | +7.0% |
| Lionhead Technology Development 600539.SS | China | $427M | -30% | -5% | -7% | 6.1× | n/a | n/a |
| SAMPYO Cement 038500.KS | South Korea | $413M | -69% | -3% | 10% | 1.4× | 4.7% | +4.5% |