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← CockpitCompetitor Analysis › 8963.T Invincible Investment Corp.Open in the cockpit ↗

Invincible Investment Corp.8963.TCompetitor analysis, valuation and peers

Japan · JPY·Real Estate›Real Estate Investment Trusts

Hotel and residential J-REIT with Fortress-linked management, portfolio heavy in hotels including Okinawa resorts.

≈ A hotel-and-apartment REIT with a Fortress Investment Group pedigreeMomentum strong 61
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$2.94B
US dollars, full cap
Free float
100%
of shares outstanding
$/day
$15.8M
20-day average traded
Fwd P/E
15.3×
forward earnings
ROIC−WACC
n/a
WACC 5.0%
Hurdle
n/a
no reverse DCF
Next earnings
111 days
25 Feb 2027
Close · JPY¥60,600
1D-2.9%
1W-0.3%
1M+4.1%
3M+0.3%
6M-1.3%
YTD-5.9%
1Y-12.4%
ATR %1.7%
52w lowhigh13.9% off high

What Invincible Investment does

Hotel and residential J-REIT with Fortress-linked management, portfolio heavy in hotels including Okinawa resorts.

Leases hotels to operators under agreements where rent is partly fixed and partly tied to the hotel's results, so rent rises when hotels do well. Residential properties give steadier rent. As a J-REIT it pays most of its income to unit-holders.

In one line: A hotel-and-apartment REIT with a Fortress Investment Group pedigree.

Products and services

  • Hotel properties
  • Residential properties

Customers

  • Hotel operators
  • Renters
  • Unitholders

Where it sits in the supply chain

  • Real estate
  • J-REIT
  • Hotel & residential

What could go right

  • Inbound tourism growth, especially resort demand

What could go wrong

  • Tourism demand shocks
  • Interest-rate sensitivity

Moat: narrow (scale, regulatory licence). Large hotel portfolio scale gives negotiating leverage with operators on variable-rent leases.

Headquarters: Tokyo, Japan · Founded: 2000

Named competitors

Invincible Investment at a glance

Size Invincible Investment (8963.T) is a Japan Real Estate company (Real Estate Investment Trusts) with a market value of $2.94B, the 370th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥60,600 on 6 Nov 2026.

Performance Over six months the shares fell 1.3%, against -5.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th highest of 21 in its peer set.

Growth Revenue grew 9.8% over the last twelve months (peer median +5.4%); the operating margin is 56.5% (peer median 49.0%).

Valuation It trades at 15.3× forward earnings against a peer median of 19.3× (6th cheapest of 21).

Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).

Relative performance

909510010511 May 202611 Aug 20266 Nov 20268963.T 99Peer median 94
Six months, rebased to 100: Invincible Investment against the median of its 20 peers (local-currency closes).

Invincible Investment financials

Reported figures in JPY; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue¥65.5B¥62.8B¥56.2B¥43.4B¥28.1B
Revenue growth—+12%+29%+54%—
Gross profit¥37.4B¥36.7B¥32.8B¥23.1B¥9.11B
EBITDA¥48.6B¥47.2B¥41.2B¥30.3B¥15.9B
Net income¥31.4B¥31.1B¥28.0B¥19.9B¥6.09B
Free cash flow¥1.57B-¥467M-¥60.4B-¥30.6B¥10.9B
Capital expenditure¥42.8B¥43.3B¥111B¥60.2B¥1.53B
Total debtn/a¥349B¥323B¥269B¥241B

Quarterly statements and history in the cockpit →

Invincible Investment 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

0%+20%0%+5%+10%DRHDLN89608954HMSOCRT-UNDXBUOU89858984AKRPKT82UK71UDIR-UNUEFCPTBNL8963.T6-month return →1-month return →
Up and to the right = strong over both horizons. Invincible Investment is the large dot.

Fundamentals: revenue growth against valuation

0%+25%+50%+75%10×20×30×40×DRHDLN89608954HMSOCRT-UNDXBUOU89858984AKRPKT82UDIR-UNUEBNLSRU-UN8963.TRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Invincible Investment is the large dot.

Invincible Investment competitors and peer comparison

Head to head with its named competitors (8963.T vs 8985.T vs 3226.T vs 8960.T)
CompanyMarket cap6M returnRevenue growthOp. marginForward P/EReq g
Invincible Investment 8963.T$2.94B-1%+10%57%15.3×n/a
Japan Hotel Reit Investment 8985.T$3.14B+7%+15%67%9.4×n/a
Mitsui Fudosan Accommodations Fund 3226.T$1.75B-16%+18%47%21.6×n/a
United Urban Investment 8960.T$3.04B-15%-2%36%16.7×n/a
ORIX JREIT 8954.T$3.06B-12%+35%51%18.1×n/a

How Invincible Investment 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.

Invincible Investment against its 20 peers (data as of 6 Nov 2026)
Measure8963.TPeer medianRank in peer set
1-month return+4.1%+3.9%11th highest of 21
6-month return-1.3%-5.8%7th highest of 21
Distance from 52-week high-13.9%-13.2%10th lowest of 21
Revenue growth (TTM)+9.8%+5.4%7th highest of 21
Operating margin56.5%49.0%6th highest of 21
Forward P/E15.3×19.3×6th cheapest of 21

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
Invincible Investment 8963.TJapan$2.94B-1%+10%57%15.3×n/an/a
DiamondRock Hospitality DRHUnited States$2.88B+30%+2%17%21.5×n/an/a
Derwent London DLN.LUnited Kingdom$2.87B+15%+45%40%20.0×n/an/a
United Urban Investment 8960.TJapan$3.04B-15%-2%36%16.7×n/an/a
ORIX JREIT 8954.TJapan$3.06B-12%+35%51%18.1×n/an/a
Hammerson HMSO.LUnited Kingdom$2.80B+13%+92%49%15.2×n/an/a
CT Real Estate Investment Trust CRT-UN.TOCanada$3.11B+3%+5%75%12.0×n/an/a
Dynex Capital DXUnited States$2.77B-20%+142%65%6.6×n/an/a
Frasers Logistics & Commercial Trust BUOU.SISingapore$2.76B-6%0%64%18.1×n/an/a
Japan Hotel Reit Investment 8985.TJapan$3.14B+7%+15%67%9.4×n/an/a
Daiwa House REIT Investment 8984.TJapan$3.15B-13%-9%40%20.5×n/an/a
Acadia Realty Trust AKRUnited States$2.74B-9%0%19%65.9×n/an/a
Park Hotels & Resorts PKUnited States$3.17B+39%-1%12%29.1×n/an/a
Suntec Real Estate Investment Trust T82U.SISingapore$3.18B-7%+1%56%19.4×n/an/a
Keppel REIT K71U.SISingapore$3.27B-5%+5%49%19.2×n/an/a
Dream Industrial Real Estate Investment Trust DIR-UN.TOCanada$2.58B-8%+6%70%15.0×n/an/a
Urban Edge Properties UEUnited States$2.58B-6%+6%31%41.4×n/an/a
Four Corners Property Trust FCPTUnited States$2.57B-7%+10%56%21.4×n/an/a
Broadstone Net Lease BNLUnited States$3.36B-12%+8%48%26.1×n/an/a
SmartCentres Real Estate Investment Trust SRU-UN.TOCanada$3.37B-3%-1%52%32.6×n/an/a
CapitaLand Ascott Trust HMN.SISingapore$2.55B-6%+5%34%18.9×n/an/a

Questions

Who are Invincible Investment's main competitors?
Named competitors: Japan Hotel REIT (8985.T), Mitsui Fudosan Accommodations Fund (3226.T), United Urban Investment Corp (8960.T), ORIX JREIT (8954.T). The cockpit's measured peer set (industry) also includes DiamondRock Hospitality (DRH), Derwent London (DLN.L), United Urban Investment (8960.T), ORIX JREIT (8954.T), Hammerson (HMSO.L), CT Real Estate Investment Trust (CRT-UN.TO).
Is Invincible Investment expensive compared with its peers?
On forward p/e it trades at 15.3× against a peer median of 19.3×, 6th cheapest of 21 in its peer set.
How has Invincible Investment stock performed?
Over six months to 6 Nov 2026 the shares returned -1.3% against -5.8% for the median peer; over one year -12.4%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.