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Major Japanese maker of housing equipment — toilets, faucets, windows and kitchens — under brands including INAX and American Standard.
Major Japanese maker of housing equipment — toilets, faucets, windows and kitchens — under brands including INAX and American Standard.
Formed in 2011 by merging five Japanese housing-equipment makers, it sells through builders, renovation contractors and dealers in Japan, with renovation, as old fixtures wear out, a steady source of orders. Grohe and American Standard carry its overseas bathroom and faucet sales.
In one line: Japan's Kohler/Masco combined.
Moat: narrow (brand, scale, distribution). Leading domestic housing-equipment brand and manufacturing scale plus overseas Grohe/American Standard brands.
Headquarters: Tokyo, Japan · Founded: 2011 · Employees: 48,073
Size LIXIL (5938.T) is a Japan Consumer Discretionary company (Home Furnishings) with a market value of $3.07B, the 360th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,684 on 6 Nov 2026.
Performance Over six months the shares gained 4.0%, against -12.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 2.4% over the last twelve months (peer median +0.4%); the operating margin is 1.8% (peer median 6.5%).
Valuation It trades at 38.8× forward earnings against a peer median of 16.8× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +15 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.5 points below its cost of capital (5.0% WACC).
Next results Next results expected around 30 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.54T | ¥1.51T | ¥1.50T | ¥1.48T | ¥1.50T |
| Revenue growth | — | 0% | +1% | -1% | — |
| Gross profit | ¥513B | ¥469B | ¥454B | ¥431B | ¥427B |
| EBITDA | ¥111B | ¥122B | ¥115B | ¥104B | ¥108B |
| Net income | ¥199M | ¥8.14B | ¥2.00B | -¥13.8B | ¥17.2B |
| Free cash flow | ¥9.62B | ¥50.5B | ¥65.6B | ¥10.1B | -¥26.6B |
| Capital expenditure | ¥47.8B | ¥42.8B | ¥45.2B | ¥52.9B | ¥55.3B |
| Total debt | ¥690B | ¥647B | ¥658B | ¥677B | ¥618B |
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 |
|---|---|---|---|---|---|---|
| LIXIL 5938.T | $3.07B | +4% | +2% | 2% | 38.8× | 17.3% |
| Toto 5332.T | $5.40B | -1% | +5% | 8% | 18.2× | 7.8% |
| Masco MAS | $15.8B | +15% | +1% | 18% | 18.0× | 4.9% |
| Takara standard 7981.T | $1.20B | +2% | +2% | 7% | n/a | -5.5% |
| Sanwa 5929.T | $5.10B | +8% | +2% | 11% | 14.8× | -2.6% |
| Fortune Brands Innovations FBIN | $5.74B | +27% | -3% | 14% | 19.7× | 5.3% |
| Geberit GEBN.SW | $22.1B | +14% | +3% | 29% | 29.8× | 6.6% |
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 | 5938.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.2% | -0.1% | 10th highest of 21 |
| 6-month return | +4.0% | -12.6% | 5th highest of 21 |
| Distance from 52-week high | -13.4% | -34.0% | 5th highest of 21 |
| Revenue growth (TTM) | +2.4% | +0.4% | 8th highest of 21 |
| Operating margin | 1.8% | 6.5% | 7th lowest of 21 |
| Forward P/E | 38.8× | 16.8× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 17.3% | -1.6% | 3rd most demanding of 15 |
| Growth delivered (Del g) | +1.9% | +7.9% | 3rd lowest of 15 |
| Hurdle (Req g minus delivered) | +15.5 pp | -9.1 pp | 2nd most demanding of 15 |
| ROIC minus cost of capital | -3.5 pp | -1.3 pp | 9th lowest of 21 |
| EV / EBITDA | 9.6× | 9.0× | 5th most expensive of 10 |
| Net debt / EBITDA | 5.2× | 1.0× | 3rd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| LIXIL 5938.T | Japan | $3.07B | +4% | +2% | 2% | 38.8× | 17.3% | +1.9% |
| Nien Made Enterprise 8464.TW | Taiwan | $3.08B | +1% | +4% | 35% | 13.3× | -8.3% | +4.2% |
| Oppein Home 603833.SS | China | $2.88B | -32% | -27% | 5% | 16.8× | 6.1% | +3.2% |
| Asahi India Glass ASAHIINDIA.NS | India | $2.79B | +22% | +20% | 16% | 58.8× | n/a | n/a |
| Jason Furniture (Hangzhou) 603816.SS | China | $3.57B | -10% | +1% | 9% | 13.3× | -2.2% | +9.7% |
| Patrick Industries PATK | United States | $2.53B | -17% | +2% | 6% | 16.8× | 9.3% | +9.7% |
| Gansu Golden Solar 300093.SZ | China | $2.42B | -9% | -9% | -152% | n/a | n/a | n/a |
| Zhuzhou Kibing 601636.SS | China | $2.22B | -21% | -4% | -8% | n/a | n/a | n/a |
| Higold 001221.SZ | China | $2.05B | -40% | +17% | 21% | 17.4× | -3.4% | +33.2% |
| Arhaus ARHS | United States | $2.01B | +118% | +5% | 7% | 26.2× | 28.4% | +22.1% |
| MotoMotion China 301061.SZ | China | $1.96B | -4% | -2% | 26% | 18.5× | -5.1% | +20.7% |
| A-Zenith Home Furnishings 603389.SS | China | $1.91B | -17% | +275% | -5% | n/a | n/a | n/a |
| WG Tech (JiangXi) 603773.SS | China | $1.87B | -20% | +2% | -8% | 222.4× | n/a | n/a |
| Forbo FORN.SW | Switzerland | $1.51B | +23% | -1% | 8% | 16.7× | 0.2% | -0.6% |
| Hyundai G.f 005440.KS | South Korea | $1.44B | -21% | -1% | 4% | 4.8× | -1.0% | +20.1% |
| MasterBrand MBC | United States | $1.37B | -12% | 0% | -1% | n/a | 19.4% | +2.1% |
| Okamura 7994.T | Japan | $1.35B | -14% | +3% | 7% | 9.5× | -6.7% | +6.1% |
| Ziel Home Furnishing Technology 301376.SZ | China | $1.32B | +32% | +21% | 6% | 18.2× | -7.0% | +17.0% |
| La-Z-Boy LZB | United States | $1.27B | -11% | 0% | 7% | 12.7× | 4.2% | +4.2% |
| Man Wah 1999.HK | Hong Kong | $1.20B | -45% | -3% | 14% | 7.9× | -6.5% | 0.0% |
| CSG 000012.SZ | China | $1.17B | -13% | -12% | -5% | n/a | n/a | n/a |