May 2026
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Largest Real Estate Development Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
Mitsubishi Estate, Mitsui Fudosan, Daiwa House Industry, Sekisui House and Shimizu.
 | Mitsubishi Estate is one of the three big Japanese real estate companies. Around two thirds of its operating profit comes from leasing office space in Japan, where half of its portfolio is concentrated in the prime Marunouchi/Otemachi district between Tokyo station and the Imperial Palace. Mitsubishi Estate’s predecessor originally bought this land from the government in 1890, and the company sees itself as steward of the showcase area’s long-term development, rarely if ever selling any properties there. | $25 | +46% | $30B | $44B | 4.4x | 14.8x | ||
| Mitsui Fudosan Co Ltd is a real estate development and management company. The company operates through five segments. The Condominiums segment sells housing to individuals and rental properties to investors. The Rental segment leases office buildings and commercial facilities. The Facility Operations segment covers hotels, resorts, sports, and entertainment. The Management segment handles property management, brokerage, and asset management. The Others segment engages in new construction contracting. It generates the majority of its revenue from the Rental segment. | $9 | +8% | $26B | $54B | 3.3x | 14.8x | ||
| Daiwa House Industry Co Ltd is engaged in the business of housing, commercial facilities, and urban development. The company operates through seven segments. The Apartment segment develops, sells, and manages condominiums, while the Business Facilities segment handles logistics, manufacturing, medical, and nursing care facilities. The Commercial Facility segment focuses on the development, construction, and management of retail spaces. The Detached Houses segment contracts and sells individual homes. The Environment Energy segment develops renewable power plants and electricity retail. The Rental Housing segment covers development, operation, and brokerage of rental housing, while Others include the resort hotel business. | $26 | -16% | $16B | $34B | 1.0x | 8.1x | ||
| Sekisui House Ltd is a Japanese construction company engaged in housing, construction, real estate, and international operations. The company operates through seven segments. The Detached House segment focuses on designing and selling homes. The Rental and Commercial Building segment handles rental housing and commercial properties. The Architecture and Civil Engineering segment undertakes construction and civil engineering projects, and the Rental Housing Management segment is engaged in leasing and management services. The company also operates a Remodeling business for homes and rental units, a Development division covering real estate, condominiums, and urban redevelopment, and an International business that develops and sells housing, land, and apartments overseas. | $20 | +1% | $13B | $22B | 0.8x | 8.5x | ||
| Shimizu Corp is a Japan-based company mainly engaged in the construction business. The company operates through Construction, Investment and Development, Road Paving, and Others. It generates the majority of its revenue from the Construction segment. The Construction segment consolidates branches and headquarters engaged in construction activities. | $16 | -- | $11B | $12B | 1.0x | 12.9x | ||
| Hulic Co Ltd is a real estate developer with its core operations in real estate business such as development, reconstruction, and investment. The company operates a real estate leasing business based on ownership of numerous properties located in Tokyo 23 wards. | $10 | -- | $8B | $20B | 4.2x | 14.5x | ||
| Daito Trust Construction Co Ltd is a Japan-based company engaged in the construction and real estate businesses. The company operates through four reportable segments: Construction Business, Real Estate Leasing Business, Real Estate Development Business, and Financial Business segment. It proposes land use plans, undertakes construction and installation of rental housing, and engages in bulk leasing of properties, which are subleased to tenants under a rental management system. The company also acts as an intermediary for tenants, develops and sells income-generating real estate, and conducts investment condominium development. It generates the majority of its revenue from the Real estate rental business segment. | $19 | -- | $6B | $6B | 0.5x | 6.5x | ||
| Cosmos Initia Co Ltd is a real estate company. The company is engaged in the construction, leasing, and sale of real estate. The company also offers real estate rental and real estate brokerage. | $7 | -- | $245M | $686M | 0.8x | 11.7x | ||
| Architects Studio Japan Inc develops a network of architects in Japan. It also provides a platform to connect architects, home building companies and clients. It offers services for various projects, including renovations, medical facilities, rental properties, commercial developments, and other projects. | $2 | -- | $203M | $205M | 49.4x | (51.4x) | ||
| FaithNetwork Co Ltd is engaged in planning, architectural design, development, construction, sales, and management of real estate for investment. Some of the company's Architects are in Shibuya Ward, Suginami, Setagaya, Ota-ku, Meguro, and others. | $4 | -- | $128M | $184M | 1.0x | 6.5x | ||
| Daidoh Ltd engages in the manufacture and sale of traditional woolen fabrics and clothing. It operates through the following business divisions: Clothing Business, and Real Estate and Leasing Business. The Clothing Business division sells and manufactures men's and women's apparel mainly to the general consumer market. The Real Estate and Leasing Business division handles leasing of real estate properties such as shopping center stores and office buildings. | $5 | -- | $127M | $166M | 0.9x | (13.9x) | ||
| Phil Co Inc provides architectural design services for aerial shop Phil Park in Japan. It provides planning and project management services for the development of commercial establishments above a parking lot. The company serves customers in Japan. | $4 | -- | $22M | $15M | 0.3x | 3.6x | ||
| Lead Real Estate Co Ltd operates as a developer of luxury residential properties, including single-family homes and condominiums, across Tokyo, Kanagawa Prefecture, and Sapporo. The company also operates hotels in Tokyo and leases apartment units to individual customers in Japan and Dallas, Texas. Its revenue is predominantly generated from developing and selling single-family homes and condominiums, hotel operations, and residential leasing. The company's sole operating segment is real estate sales. Geographically, it derives revenue from Japan. | $1 | -30% | $17M | $82M | 0.7x | 8.5x | ||
| Median | $9 | +1% | $6B | $6B | 1.0x | 8.5x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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