Tokyu Fudosan Stock price
Compare with Peer Group
📊 Peer Group
📈 What is it?
The peer group consists of the companies with the most similar business model. They serve as a benchmark for putting a stock into context.
🧮 How is it selected?
Based on similarity of business model, meaning companies from the same industry with comparable products and a similar customer base. That's the only way to compare apples to apples.
🏛️ Why does it matter?
Whether a stock is cheap or expensive is best judged by comparison. A P/E of 18 or an EV/FCF of 20 can look cheap or expensive depending on the yardstick. The peer group gives you the most accurate one: companies with a similar business model that operate under the same conditions.
🎯 What does it mean for investors?
When a metric sits below the peer average, the stock is valued more cheaply relative to its competitors, and above the average more expensively. A discount to the peer group can be an opportunity, but it can also have a reason (for example lower growth). The comparison is a starting point, not a verdict.
Is Tokyu Fudosan a Top Scorer Stock based on the Dividend, High-Growth-Investing or Leverman Strategy?
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = ¥939.07b | Revenue (TTM) = ¥1.24t
Market Cap = ¥939.07b | Estimated Revenue = ¥1.42t
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = ¥2.66t | Revenue (TTM) = ¥1.24t
Enterprise Value = ¥2.66t | Forward Revenue = ¥1.42t
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF)
📈 What is it?
EV/FCF shows how many years it would take for a company to "pay back" its enterprise value using its free cash flow.
🧮 How is it calculated?
🏛️ Why is it important?
It focuses on real cash generation, ignoring accounting noise — ideal for assessing profitability and value based on liquidity, not earnings.
🎯 What does this mean for investors?
- A low EV/FCF may signal undervaluation and strong cash generation.
- A high EV/FCF might reflect weak recent cash flow or aggressive growth expectations.
- Best suited for stable, mature businesses with predictable free cash flows.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Dividend per Share (DPS)
📈 What is it?
Dividend per Share shows how much cash a company pays out to shareholders for each share they own – usually on an annual or quarterly basis.
🧮 How is it calculated?
🏛️ Why is it important?
DPS is the absolute value of the payout per share – crucial for income-focused investors and dividend strategies.
🧮 Calculation
🎯 What does this mean for investors?
- A stable or growing DPS often signals a strong, shareholder-friendly business.
- DPS alone doesn’t tell you how attractive the payout is – the stock price also matters (→ see Dividend Yield).
- Long-term dividend growth is often a hallmark of high-quality companies – like the dividend aristocrats.
📘 Dividend Yield
📈 What is it?
Dividend yield shows how large a company’s dividend is in relation to its current share price.
🧮 How is it calculated?
🏛️ Why is it important?
It allows investors to compare dividend payouts across stocks, regardless of price or payout size.
🧮 Calculation
🎯 What does this mean for investors?
- A stable yield can reflect reliable distributions.
- Comparing 1Y and 5Y yield shows whether dividend growth keeps pace with stock price appreciation.
- A low yield isn’t always negative – it can signal strong past performance or growth focus.
📘 Dividend Growth
📈 What is it?
Dividend growth shows how much a company has increased its dividend per share over time.
🧮 How is it calculated?
5Y: Compound Annual Growth Rate (CAGR)
🏛️ Why is it important?
Consistently rising dividends are often a sign of financial strength and shareholder orientation – especially relevant for long-term investors.
🧮 Calculation
🎯 What does this mean for investors?
- Stable dividend growth is a sign of sustainable earning power.
- High dividend growth can significantly boost your total return:
- If a company pays $1 in dividends and increases it by 15% annually over 5 years, you’ll receive $2 per share in year 5 – twice as much as at the start!
📘 Payout Ratio
📈 What is it?
The payout ratio shows what percentage of a company’s earnings (per share) is distributed to shareholders as dividends.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess whether the dividend is sustainable – especially in relation to the company’s profitability.
🧮 Calculation
🎯 What does this mean for investors?
- A low payout ratio means the company retains more earnings for reinvestment – typical for growth companies.
- A moderate payout (e.g. 25–50%) indicates a healthy balance between returns and reinvestment.
- High payout ratios may seem attractive but can carry risk if earnings decline.
📘 Consecutive Dividend Increases
📈 What is it?
This metric shows how many consecutive years a company has raised its dividend per share – without any cuts or pauses.
🧮 How is it calculated?
(Special dividends are not considered.)
🏛️ Why is it important?
A long track record of increases reflects financial strength, consistency, and shareholder commitment.
🎯 What does this mean for investors?
- A long dividend increase streak builds confidence – especially in volatile markets.
- Such companies are seen as reliable and income-friendly investments.
- The longer the streak, the stronger the company’s dividend discipline.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF)
📈 What is it?
Free Cash Flow shows how much actual cash remains after a company covers its operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🎯 What does this mean for investors?
- High free cash flow means the company generates real, usable cash – independent of reported net income.
- It’s often the most reliable base for sustainable dividends and buybacks.
- Declining FCF can be an early warning sign – even when profits appear stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free cash flow margin
📈 What is it?
The free cash flow (FCF) margin shows how much of a company’s revenue remains as actual free cash after covering all operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
This margin reflects the true liquidity generated by the business – independent of accounting rules or depreciation. It’s especially relevant for dividends, buybacks, and reinvestment decisions.
🎯 What does this mean for investors?
- A high FCF margin means a company consistently generates strong cash flow.
- It’s a positive signal for financial stability and shareholder returns.
- The long-term trend is key – a declining margin may indicate rising investments or weakening operating efficiency.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Turnover per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Tokyu Fudosan Stock Analysis
Analyst Opinions
16 Analysts have issued a Tokyu Fudosan forecast:
Analyst Opinions
16 Analysts have issued a Tokyu Fudosan forecast:
Tokyu Fudosan Events
Past Events
|
MAY
14
2026 Earnings Call
4 months ago
|
StocksGuide Free
Tokyu Fudosan — 2026 Earnings Call
1. Management Discussion
To begin with, we will be presenting the progress of our medium-term management plan 2030. Please turn to Page 6. Progress on the mid-term management plan. For the fiscal year ended March 2026, we achieved record high operating profit of JPY 166.9 billion and net income of JPY 96.7 billion.
ROE was 11.2% and the EPS growth rate was 24.6%. Both net income and ROE have already exceeded the targets set for the fiscal year ending March 2028 in our mid-term management plan, 2 years ahead of schedule. For the fiscal year ending March 2027, while the outlook remains uncertain due to international conditions and other factors, we plan to drive further growth based on the assumption that the robust real estate market will continue with the aim of achieving all financial targets for the fiscal year ending March 2028 ahead of schedule.
Please turn to Page 7. We are also making steady progress on the 2 key priorities of our mid-term management plan, pursuing high growth and efficiency and increasing tolerance to market fluctuation risk. As shown in the graph at the bottom right, the proportion of capital gains in operating profit has increased due to strong performance in sales to investors and the condominium development business.
At the same time, actual amount from rental income and management fees, which we are expanding as a source of stable earnings is steadily increasing due to rising rental income and strong performance in the brokerage business.
Please turn to Page 8. Since we formulated our mid-term management plan last May, the external environment has changed significantly over the past year. Inflation has taken hold in Japan and costs, including construction costs are rising. Interest rates are also rising at a faster pace than anticipated. We also recognize that uncertainty regarding the future is increasing, particularly due to the situation in the Middle East. On the other hand, while our business has been affected by inflation, our brokerage, office leasing and condominium sales operations are progressing better than expected.
As explained earlier, we plan to achieve the fiscal year 2028 financial targets 1 year ahead of schedule this fiscal year. Considering these external and business conditions, we will update our mid-term management plan and announce it next year. We will finalize the details in the coming months, but we remain firmly committed to the key priorities of our mid-term management plan, pursuing high growth and efficiency and increasing tolerance to market fluctuations.
Furthermore, when we announce the plan next year with 4 years remaining until the target fiscal year ending March 2031, we intend to further enhance the visibility of our target achievement so that you can be confident we will meet our goals.
Please turn to Page 9. This is the logic tree for enhancing corporate value as presented in our mid-term management plan. As shown, the growth of income revenue centered on office rents in the Greater Shibuya area and the expansion of management and fee revenue centered on our brokerage business are contributing to both growth and improved efficiency. On the following pages, we will explain our Greater Shibuya area strategy and the brokerage business as the core of our fee revenue.
Please turn to Page 10. In the Greater Shibuya area, which is our group's top priority region, we are implementing various initiatives from the perspectives of industrial development and urban tourism to further enhance the area's appeal and strength. First, regarding our industrial development initiatives.
In the Greater Shibuya area, we provide seamless support, tailored to each company's growth phase in collaboration with various partners from industry, government and academia. Specifically, we provide consistent support from the entrepreneur development phase, including the provision of activity bases and funds through to co-creation via acceleration programs and demonstration experiments and the realization of business partnerships with large corporations.
Through these initiatives, we aim to develop the start up ecosystem so that companies with global competitiveness continue to emerge from Shibuya.
Please turn to Page 11. Next, I would like to discuss our initiatives to strengthen urban tourism. Current challenges in tourism within the Shibuya area include the excessive concentration of inbound tourists at the Scramble Crossing and the short duration of their stays. To address these challenges, we will implement attractive content at various locations throughout the Greater Shibuya area to encourage visitors to explore the entire region.
We will also provide high-quality nighttime entertainment that bridges daytime experiences with overnight stays. Through these efforts, we aim to expand the scope and duration of visitor stays within the Greater Shibuya area, thereby increasing our business opportunities and revenue.
Please turn to Page 12. By strengthening the Greater Shibuya area's capacity to foster industry, we will accelerate the growth and clustering of start ups and aim to further expand office demand. Furthermore, we will expand our office offerings to meet a wide range of needs from newly established companies to large, rapidly growing mega ventures.
Office demand in the Greater Shibuya area is steadily increasing. In the office rent revisions for the fiscal year ended March 2026, we were able to raise rents across the board with an average increase approaching 15%. Furthermore, by strengthening urban tourism, we will increase the flow of people within the area and enhance the profitability of commercial facilities.
In addition, we will work to expand accommodation demand and increase the number of hotels, which are currently in short supply relative to demand. We currently operate approximately 650 hotel rooms in the Greater Shibuya area and aim to double this number as soon as possible. We have set a target of JPY 30 billion in profits generated by our group in the Greater Shibuya area by fiscal year 2030. In fiscal year 2025, profits reached JPY 24 billion, an increase of JPY 5 billion, compared to the previous year, indicating steady growth.
Please turn to Page 13. The increase in office rents in the Greater Shibuya area, as explained earlier, is also contributing to the improvement of our NAV. As of the end of March 2026, the unrealized gains on investment properties stood at JPY 498.8 billion, an increase of approximately 15% compared to the previous year. This increase is primarily driven by rising office rents, particularly in the Greater Shibuya area. NAV per share also increased to JPY 1,739.
Please turn to Page 14. This section covers our brokerage business. The brokerage business continued to grow significantly in the fiscal year ended March 2026, with operating profit reaching JPY 56.1 billion, approximately 4x the level of 5 years ago. Furthermore, as shown by the line graph in the center, we have continued to increase the number of transactions. Combined with rising real estate prices, this has enabled us to significantly increase our transaction volume.
Please turn to Page 15. As shown in the graph in the upper left, while the number of new condominium units sold is on a downward trend, the number of existing condominium sales has remained steady over the past 10 years. Amid these robust market conditions, as shown in the graph in the lower left, Tokyu Livable has increased the number of brokerage transactions by approximately 60% over the past 10 years. Furthermore, as shown on the right side of the page, the ROA for the Real Estate Agent segment, which includes the brokerage business, stands at 21%, indicating very high asset efficiency.
The growth of the brokerage business is contributing significantly to improving the overall efficiency of our company. Please turn to Page 16. Regarding shareholder returns. We increased the annual dividend to JPY 48 for the fiscal year ended March 2026 and plan to increase it to JPY 50 for the fiscal year ending March 2027.
We anticipate a dividend payout ratio of 35.7%. We will continue to return value to our shareholders through dividend increases in line with profit growth. Please turn to Page 17. This shows the trend in our stock price and other metrics. Since last August, our stock price has exceeded book value per share, BPS and surpassed a price-to-book ratio PBR of 1x.
However, the price to net asset value, PNAV ratio remains at around 0.8x. Considering that our non-asset-based businesses account for a high proportion of profits, a factor that makes it difficult to be adequately valued based on NAV, we believe the current stock price level is significantly undervalued, and we recognize the need to further enhance the reputation among shareholders and investors.
While focusing on efficiency and improved resilience to market fluctuations, we will strive to further accelerate profit growth and enhance our valuation in the stock market. Please turn to Page 20. Our assessment of the key business environment. We do not anticipate any significant changes to our previous outlook regarding construction costs and domestic interest rates, and we will strive to achieve top line growth that exceeds cost increases due to inflation. Regarding the situation in the Middle East, no impact has materialized at this time. The status of each business is as described. Regarding the office market, we recognize that the strong performance is accelerating. We will proceed with our business operations while paying even closer attention to changes in the business environment.
Please turn to Page 22. Driven by strong performance in the brokerage business and sales to investors against the backdrop of a robust real estate market as well as improved occupancy rates for office and commercial properties, particularly those in the Greater Shibuya area, we achieved both revenue and profit growth.
This marks the fifth consecutive period of revenue and profit growth with both revenues and all profit metrics reaching record highs. Please turn to Page 24, overview of the balance sheet. Compared to the end of the previous fiscal year, land and buildings for sale have increased in line with the progress of our investment activities.
Please turn to Page 26. Please refer to the table below for our investment results. Capital investment is primarily focused on renewable energy power generation facilities and hotels, while land and real estate for sale are mainly rental housing and logistics facilities.
Regarding overseas operations, we are implementing income-generating investments in the U.S. and investments in Asia. For the fiscal year ending March 2027, we plan to focus capital investment primarily on offices, renewable energy power generation facilities and hotels, while investments in real estate for sale will center on rental housing, offices, logistics facilities and hotels.
Please turn to Page 27. About forecast for the fiscal year ending March 2027, we plan to achieve operating revenue of JPY 1.4 trillion, operating profit of JPY 190 billion, ordinary profit of JPY 161 billion and net income of JPY 100 billion.
We continue to anticipate strong performance in sales to investors, condominium sales and brokerage operations and plan to achieve all financial targets for the fiscal year ending March 2028 as set forth in our medium-term management plan ahead of schedule.
Please turn to Page 29. About trends in operating profit from sales to investors, et cetera. The graph on the left shows that for the fiscal year ended March 2026, sales to investors, et cetera, mainly in offices, commercial facilities and industrial properties totaled JPY 52.5 billion, resulting in an increase in profit. For the fiscal year ending March 2027, we plan to generate JPY 63.3 billion, primarily from industrial properties, wellness, hotels and rental housing, capitalizing on strong market conditions to achieve year-on-year profit growth.
We have already secured contracts for approximately 25% of this amount. The graph on the right shows the balance and total investment amount for sales to investors. With a total investment of approximately JPY 1 trillion, we have prepared a well-balanced and diverse portfolio of assets, which we will systematically sell going forward.
Please turn to Page 31. Starting on Page 31, we will explain the overview by segment. First, the Urban Development segment. For the fiscal year ended March 2026, both revenue and profit increased compared to the previous fiscal year, and we plan for revenue and profit to increase again for the fiscal year ending March 2027. While both actual results and budgeted figures may fluctuate depending on changes in sales to investors, both office and commercial facilities leasing and condominiums continue to perform well.
For the fiscal year ended March 2026, improved occupancy rates in the Greater Shibuya area, specifically the full occupancy of Shibuya Sakura Stage and Tokyu Plaza Harajuku Harakado contributed to these results. Please turn to Page 32. Page 32 shows a graph of the vacancy rate. The vacancy rate as of the end of March was 0.7%, which is extremely low. The average office rent is JPY 30,710 per tsubo per month, while it has declined slightly since the end of December. This is due to the impact of the sale of a partial stake in Shibuya Sakura Stage. Excluding the impact of the sale, the average rent is on an upward trend.
Please turn to Page 37. About the trends in sales indicators for condominiums. We plan to record 899 units for the fiscal year ended March 2026 and 1,214 units for the fiscal year ending March 2027, representing an increase. As shown in the graph on the lower left, the gross profit margin is projected to remain at a high level at 31.4% for the fiscal year ended March 2026 and 29% for the fiscal year ending March 2027.
Condominium sales remain robust with 76% of units already under contract compared to total sales, marking a strong start. Please turn to Page 38. Our land bank for the next fiscal year and beyond stands at approximately 8,800 units. As shown on this page, we have a strong pipeline with large-scale projects in prime locations in the pipeline. Redevelopment projects, which we have been focusing on in recent years, account for 66% of our land bank. Please turn to Page 39. About rental housing business. We are strengthening the development of rental housing for sale to investors, primarily with the aim of selling to REITs sponsored by Tokyu Land Corporation. Against the backdrop of a favorable market, including an accelerating pace of rent increases, we are proceeding with the acquisition of properties in prime locations, primarily in the 23 wards of Tokyo and steadily advancing their commercialization.
Please turn to Page 40. About Strategic Investment business segment. For the fiscal year ended March 2026, both revenue and profit increased compared to the previous fiscal year. The infrastructure industry business saw increased profits due to increased sales to investors, while the overseas business saw increased profits overall due to improvements in its U.S. operations.
For the fiscal year ending March 2027, we plan to see increased revenue and profits driven by increased sales of our industry business to investors, improvements in our renewable energy business and improvements in our overseas business.
Please note that the overseas business, which continues to post an operating loss is as shown in the table on the upper right. For the fiscal year ending March 2027, we plan to see an improvement due to factors such as an improvement in profit and loss during period in the U.S. and an increase in revenue from condominium sales in Vietnam.
Please turn to Page 41. This page covers the renewable energy business portfolio. As of the end of March 2026, we had a total of 301 projects with a rated capacity of 2,693 megawatts, making us one of the top power generation operators in Japan. Furthermore, approximately 80% of our operational facilities and approximately 70% of our secured facilities are covered by the feed-in tariff, FIT, program.
Please turn to Page 42. This page shows the power sales performance and plans for the renewable energy business. This graph shows our operational facilities. We plan to generate JPY 10.8 billion in power sales profit for the fiscal year ending March 2027. Based on currently secured projects, we project that electricity sales profit will grow to JPY 14.3 billion by fiscal year 2030 with an expected improvement in NOI yield to 11.3% and ROA to 4%.
Please turn to Page 43. Page 43 covers the value chain of our renewable energy business. We view our integrated value chain, spanning from the development of power generation facilities to electricity retail as a key strength. Through initiatives such as our business alliance with Mitsubishi Electric and the establishment of a battery storage fund, we aim to strengthen our capabilities in the areas of aggregation and supply-demand balancing, thereby expanding our non-asset-based renewable energy business.
Please turn to Page 47. About industry business. We have achieved high-margin sales primarily of logistics facilities, and we are making progress in acquiring new projects in prime locations.
Additionally, our first data center project in Ishikari City, Hokkaido was completed in March 2026. As a new initiative, we will promote the business development of the industrial town building project, Green Cross Park.
Please turn to Page 51. This page covers the Management and Operations segment. For the fiscal year ended March 2026, revenue decreased, but profit increased compared to the previous fiscal year.
The decline in revenue for the wellness was primarily due to the transition to the equity method following the partial sales of shares in Ewel Company Limited. In real terms, revenue increased and profits rose due to improved hotel earnings. For the fiscal year ending March 2027, we expect both revenue and profits to increase, driven by factors such as the sales to investors in wellness business.
The hotel business is performing well, mainly driven by inbound tourism, and we plan for RevPAR to grow. However, this forecast incorporates costs of renovating some facilities and the opening new ones. Please turn to Page 53. The occupancy status of Tokyu Stay is shown in the lower left corner. Although there was a decline in Chinese guests, growth in guests from Asia, Europe and the U.S. outweighed this and the ADR for the fourth quarter exceeded JPY 20,000, surpassing the previous fourth quarter.
As shown in the graph on the lower right, we have secured approximately 10,600 guest rooms, primarily through Tokyu Stay. We will continue to strive to expand the hotel business. Please turn to Page 54. Regarding the Real Estate Agent segment, for the fiscal year ended March 2026, both revenue and profit increased compared to the previous fiscal year, driven by strong performance in brokerage and real estate sales. We have a similar plan for the fiscal year ending March 2027 with a forecast for increased revenue and profit, particularly driven by continued strong performance in brokerage.
Please turn to Page 55. This is a breakdown of commission revenue for the retail of our brokerage business. By increasing the number of sales staff and improving productivity, we have achieved an increase in the number of transactions handled. Furthermore, against the backdrop of a strong market, the average transaction price has also risen significantly compared to the previous fiscal year. As a result, both transaction volume and commission income have increased substantially compared to the previous fiscal year.
Please turn to Page 56. We have similarly broken down the Wholesale segment. By strengthening our focus on large-scale projects, we have been able to significantly raise the average transaction price and both transaction volume and commission income have grown substantially compared to the previous year. That concludes our presentation.
Financial data from Tokyu Fudosan
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 1,243,839 1,243,839 |
6%
6%
100%
|
|
| - Direct Costs | 949,220 949,220 |
4%
4%
76%
|
|
| Gross Profit | 294,619 294,619 |
14%
14%
24%
|
|
| - Selling and Administrative Expenses | 122,374 122,374 |
14%
14%
10%
|
|
| - Research and Development Expense | - - |
-
-
|
|
| EBITDA | - - |
-
-
|
|
| - Depreciation and Amortization | - - |
-
-
|
|
| EBIT (Operating Income) EBIT | 161,872 161,872 |
8%
8%
13%
|
|
| Net Profit | 91,646 91,646 |
3%
3%
7%
|
|
In millions JPY.
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Company Profile
Tokyu Fudosan Holdings Corp. engages in the management and administration of its group companies. It operates through the following segments: Urban Development, Residential, Property Management, Real-Estate Agents, Wellness, Tokyu Hands, and Business Innovation and Others. The Urban Development segment covers the development, leasing and facility operations of office buildings, commercial facilities and other properties. It also handles the real estate private placement funds and real estate investment trusts. The Residential segment includes real estate sales of condominiums, detached houses. The Property Management segment handles the general management and repair work services for condominiums, buildings. The Real-Estate Agents segment covers real-estate agents, sales as agents, and the purchase and resale business. The Wellness segment manages the real estate sales of membership resort hotels; management of resort facilities such as membership resort hotels; golf courses and ski resorts; senior housing; and membership sports clubs. The Tokyu Hands segment includes retail sales of materials, products related to housing life and handicrafts. The Business Innovation and Others segment handles overseas business; construction of houses built to order and renovations, including extensions and reconstructions; landscape gardening; and corporate welfare operations. The company was founded on October 1, 2013 and is headquartered in Tokyo, Japan.
StocksGuide Premium
| Head office | Japan |
| CEO | Mr. Nishikawa |
| Employees | 21,898 |
| Founded | 2013 |
| Website | www.tokyu-fudosan-hd.co.jp |
