Who are Starts's main competitors?

Named competitors: Leopalace21 (8848.T), Daito Trust Construction (1878.T), Relo Group (8876.T), Token Corporation (1766.T). The cockpit's measured peer set (industry) also includes Seazen (1030.HK), China Merchants Property Operation & Service (001914.SZ), Opendoor Technologies (OPEN), Zug Estates (ZUGN.SW), Shanghai Jinqiao Export Processing Zone Development (600639.SS), Evergrande Property Services (6666.HK).

Is Starts expensive compared with its peers?

On forward p/e it trades at 7.8× against a peer median of 12.8×, 5th cheapest of 14 in its peer set.

How has Starts stock performed?

Over six months to 6 Nov 2026 the shares returned -6.2% against -16.2% for the median peer; over one year -5.5%.

← CockpitCompetitor Analysis › 8850.T Starts Corporation Inc.Open in the cockpit ↗

Starts Corporation Inc.8850.TCompetitor analysis, valuation and peers

Japan · JPY·Real Estate›Real Estate Development

Japanese real-estate services group offering rental property management, brokerage, renovation and rent-guarantor services.

≈ A property manager combined with a rent-guarantee insurerMomentum neutral 47

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$1.35B

US dollars, full cap

Free float

56%

of shares outstanding

$/day

$2.01M

20-day average traded

Fwd P/E

7.8×

forward earnings

ROIC−WACC

n/a

WACC 5.0%

Hurdle

n/a

no reverse DCF

Next earnings

3 days

9 Nov 2026

Close · JPY¥4,505

1D-5.0%

1W+1.1%

1M-1.2%

3M-2.7%

6M-6.2%

YTD-5.8%

1Y-5.5%

ATR %2.5%

52w lowhigh15.8% off high

What Starts does

Japanese real-estate services group offering rental property management, brokerage, renovation and rent-guarantor services.

Earns a mix of recurring and one-off fees: monthly management charges on rental units, a guarantor fee that tenants pay for the rent-guarantee product, and one-time commissions on brokerage and renovation work. The recurring management and guarantor fees grow as it takes on more units.

In one line: A property manager combined with a rent-guarantee insurer.

Products and services

Property management/leasing
Rent guarantor services
Real estate brokerage
Renovation

Customers

Landlords
Renters
Real estate agents

Where it sits in the supply chain

Real estate
Rental housing services
Property management & guarantee

What could go right

Rising renter demand for guarantor services
Cross-selling renovation to managed units

What could go wrong

Housing-market/interest-rate sensitivity
Competitive fee pressure

Moat: narrow (installed base, distribution). Large managed-unit portfolio and guarantor network built over decades of landlord relationships.

Headquarters: Tokyo, Japan · Employees: 4,715

Named competitors

Starts at a glance

Size Starts (8850.T) is a Japan Real Estate company (Real Estate Development) with a market value of $1.35B, the 608th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,505 on 6 Nov 2026.

Performance Over six months the shares fell 6.2%, against -16.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th highest of 20 in its peer set.

Growth Revenue grew 6.9% over the last twelve months (peer median +2.0%); the operating margin is 14.1% (peer median 16.4%).

Valuation It trades at 7.8× forward earnings against a peer median of 12.8× (5th cheapest of 14).

Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).

Relative performance

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

Starts financials

Reported figures in JPY; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	¥255B	¥252B	¥233B	¥233B	¥234B
Revenue growth	—	+8%	0%	0%	—
Gross profit	¥84.5B	¥82.2B	¥76.2B	¥72.1B	¥67.0B
EBITDA	¥43.2B	¥43.6B	¥39.6B	¥36.9B	¥33.8B
Net income	¥25.7B	¥25.3B	¥24.3B	¥22.1B	¥20.2B
Free cash flow	¥1.80B	¥2.08B	¥18.5B	¥9.71B	¥25.1B
Capital expenditure	¥16.1B	¥16.7B	¥9.17B	¥17.9B	¥10.7B
Total debt	¥72.3B	¥67.7B	¥69.6B	¥73.4B	¥65.6B

Quarterly statements and history in the cockpit →

Starts 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. Starts is the large dot.

Fundamentals: revenue growth against valuation

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

Starts competitors and peer comparison

Head to head with its named competitors (8850.T vs 8848.T vs 1878.T vs 8876.T)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Starts 8850.T	$1.35B	-6%	+7%	14%	7.8×	n/a
Leopalace21 8848.T	$1.99B	+52%	+3%	8%	13.0×	n/a
Daito Trust Construction 1878.T	$7.10B	-7%	+6%	7%	9.7×	n/a
Relo 8876.T	$2.30B	+21%	+7%	20%	15.5×	n/a
Token 1766.T	$1.07B	-1%	+5%	6%	8.2×	n/a

How Starts 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.

Starts against its 20 peers (data as of 6 Nov 2026)
Measure	8850.T	Peer median	Rank in peer set
1-month return	-1.2%	-5.3%	9th highest of 21
6-month return	-6.2%	-16.2%	5th highest of 20
Distance from 52-week high	-15.8%	-31.4%	4th highest of 21
Revenue growth (TTM)	+6.9%	+2.0%	8th highest of 21
Operating margin	14.1%	16.4%	10th lowest of 21
Forward P/E	7.8×	12.8×	5th cheapest of 14

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
Starts 8850.T	Japan	$1.35B	-6%	+7%	14%	7.8×	n/a	n/a
Seazen 1030.HK	Hong Kong	$1.36B	-36%	-35%	16%	12.8×	n/a	n/a
China Merchants Property Operation & Service 001914.SZ	China	$1.36B	-16%	+6%	5%	9.8×	n/a	n/a
Opendoor Technologies OPEN	United States	$1.36B	-72%	-37%	-16%	n/a	n/a	n/a
Zug Estates ZUGN.SW	Switzerland	$1.37B	-2%	+1%	62%	27.3×	n/a	n/a
Shanghai Jinqiao Export Processing Zone Development 600639.SS	China	$1.37B	-10%	+203%	23%	5.7×	n/a	n/a
Evergrande Property Services 6666.HK	Hong Kong	$1.37B	-34%	+9%	10%	n/a	n/a	n/a
Shanghai Chengtou 600649.SS	China	$1.38B	-14%	-53%	6%	28.3×	n/a	n/a
Grandjoy 000031.SZ	China	$1.38B	-30%	-25%	3%	n/a	n/a	n/a
Horizon Industrial Parks HORIZONIND.NS	India	$1.33B	n/a	+83%	44%	n/a	n/a	n/a
Gmp Property SOCIMI YGMP.MC	Spain	$1.33B	-4%	0%	53%	n/a	n/a	n/a
Icade ICAD.PA	France	$1.33B	-22%	-9%	17%	5.3×	n/a	n/a
Cham Swiss Properties CHAM.SW	Switzerland	$1.38B	-5%	-78%	32%	102.7×	n/a	n/a
Sakura Development 2539.TW	Taiwan	$1.31B	-28%	+10%	39%	n/a	n/a	n/a
Deutsche EuroShop DEQ.DE	Germany	$1.40B	-16%	+2%	76%	9.5×	n/a	n/a
Wedge Industrial 000534.SZ	China	$1.30B	-57%	+4%	10%	28.6×	n/a	n/a
China Overseas Property 2669.HK	Hong Kong	$1.41B	-17%	+11%	11%	7.0×	n/a	n/a
China Overseas Grand Oceans 0081.HK	Hong Kong	$1.30B	-7%	-3%	5%	19.2×	n/a	n/a
Grand City Properties GYC.DE	Germany	$1.42B	-19%	+2%	55%	5.3×	n/a	n/a
Art 0565.HK	Hong Kong	$1.28B	+38%	+51%	60%	n/a	n/a	n/a
Sobha SOBHA.NS	India	$1.44B	-12%	+10%	4%	29.9×	n/a	n/a

Questions

Who are Starts's main competitors?: Named competitors: Leopalace21 (8848.T), Daito Trust Construction (1878.T), Relo Group (8876.T), Token Corporation (1766.T). The cockpit's measured peer set (industry) also includes Seazen (1030.HK), China Merchants Property Operation & Service (001914.SZ), Opendoor Technologies (OPEN), Zug Estates (ZUGN.SW), Shanghai Jinqiao Export Processing Zone Development (600639.SS), Evergrande Property Services (6666.HK).
Is Starts expensive compared with its peers?: On forward p/e it trades at 7.8× against a peer median of 12.8×, 5th cheapest of 14 in its peer set.
How has Starts stock performed?: Over six months to 6 Nov 2026 the shares returned -6.2% against -16.2% for the median peer; over one year -5.5%.