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Tokyu Construction’s FY ended March 31, 2026 produced consolidated net sales of ¥341.1 billion, operating income of ¥16.3 billion and profit attributable to owners of the parent of ¥13.3 billion. Those figures are a starting point—not enough to conclude whether Tokyu is more profitable or cheaper than Japan’s major general contractors. A fair comparison aligns fiscal periods and consolidated status, separates operating performance from one-off gains, and uses share prices and valuation measures from the same date.
Which companies and periods should you compare?
A practical peer set for a Japanese general-contractor comparison is Tokyu Construction, Kajima, Obayashi, Shimizu and Taisei. The available figures here are not complete or consistently measured across that set, so they do not support a definitive company ranking. In particular, Obayashi’s captured results are nonconsolidated, while Tokyu Construction’s reported FY2026 results are consolidated.
Do not rely on a fiscal-year label alone. Obayashi calls April 2025–March 2026 FY2025 and April 2026–March 2027 FY2026. Tokyu Construction’s FY ended March 31, 2026 is referred to here as FY2026. Write the actual start and end dates beside each period and identify whether the figures are consolidated or nonconsolidated.
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Tokyu Construction and Tokyu Corporation are separate issuers. Do not attribute Tokyu Corporation results to Tokyu Construction.
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What do the available earnings figures show?
| Company and period | Reporting basis | Sales | Operating income or profit | Net income or parent-attributable profit | EPS |
|---|---|---|---|---|---|
| Tokyu Construction, year ended March 31, 2026 | Consolidated | ¥341.1 billion | ¥16.3 billion | ¥13.3 billion, attributable to owners of parent | Not stated in the cited shareholder message |
| Obayashi, year ended March 31, 2026 | Nonconsolidated | Not stated in the cited figures | ¥129.952 billion | ¥162.842 billion | ¥233.75 |
| Obayashi, year ending March 31, 2027 forecast | Nonconsolidated | Not stated in the cited figures | ¥115 billion | ¥131 billion | ¥190.57 |
These company-reported figures are not directly comparable as a ranking: the Obayashi values are nonconsolidated and its listed actual period differs from Tokyu’s fiscal-year label. Do not infer a sales or profitability comparison from the available Obayashi figures without matching the accounting perimeter and period.
Tokyu Construction’s shareholder message credits its performance to robust domestic construction demand, on-site ingenuity using digital technology, and reflecting cost fluctuations in contract prices. These are management’s explanations, not independently verified causal findings. Tokyu Construction FY2026 shareholder message
How to compare operating profitability
For each company, calculate operating margin as operating income divided by net sales, using figures from the same consolidated or nonconsolidated statements and fiscal period. Present sales, operating income and operating margin together: a larger contractor is not necessarily a more profitable one. Keep net income and EPS in separate columns because they can move for reasons that do not reflect the core construction business.
Construction earnings also depend on project execution and contract economics. Cost estimates, cost inflation, change orders, claims, and project losses can alter margins. Obayashi’s FY2026 forecast Q&A discusses project cost reviews and change orders and gives a 13.0% forecast gross margin on completed construction contracts. That is a company forecast for its stated period, not an industry benchmark. Obayashi FY2026 forecast Q&A
Check earnings quality before interpreting net income
Trace the path from operating income to ordinary income and then net income. Non-operating items, affiliate accounting effects, investment-security disposals and other unusual gains can make bottom-line growth look stronger than recurring operating performance.
Shimizu’s July 30, 2026 disclosure illustrates the issue: unusual affiliate earnings and gains on investment-security sales boosted reported first-quarter ordinary income and net income. The company raised forecasts for those two profit lines by ¥35.5 billion while leaving sales and operating-income forecasts unchanged. That is a reason to examine operating results and the nature of non-operating contributions separately—not evidence that the same issue applies to every peer. Shimizu July 30, 2026 disclosure
Compare business mix, orders and financial resilience
Business mix and visibility
Where the companies disclose them, compare building construction, civil engineering, overseas construction, development and other activities. Different mixes can produce different margins and risks even when sales totals are similar. Tokyu Construction’s summary sheet provides segment-level actual and forecast data for FY2023–FY2026, which can help show how its own mix and segment results have changed. Tokyu Construction multiyear summary sheet
Order intake and backlog can help frame future workload, but they are not interchangeable with recognized sales or guaranteed profit. Compare the definitions, reporting dates and segment coverage before using them across issuers.
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Balance sheet and cash generation
For a fuller comparison, collect cash, interest-bearing debt, equity and operating cash flow for each issuer on a consistent reporting date. The available figures do not provide these measures consistently across the peer set, so they cannot establish which company has the strongest balance sheet. A high earnings multiple or dividend yield should be interpreted alongside financing needs and cash generation, not in isolation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to compare valuation without mixing dates or definitions
Valuation requires a dated share price and a clearly defined earnings denominator. Distinguish trailing from forecast P/E, actual from forecast P/B, and indicated dividend yield from a dividend already paid. Use the same quote date and forecast horizon for all peers, and check whether unusual gains make forecast or trailing earnings a poor proxy for recurring profit.
Tokyu Construction’s investor-relations page displayed a September 24, 2026 snapshot: share price ¥1,221, forecast P/E 11.8, actual P/B 1.2 and expected dividend yield 3.5%. These are date-specific figures, not a current undated quote. The captured evidence does not provide a complete same-date valuation set for Kajima, Obayashi, Shimizu and Taisei, so it cannot show that Tokyu is the cheapest or most attractive stock. Tokyu Construction investor-relations stock snapshot
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- Set the basis: record each fiscal period’s start and end dates and whether statements are consolidated.
- Compare operating economics: assemble sales, operating income, operating margin and, where available, construction gross margin.
- Separate earnings conversion: show ordinary income, net income and EPS, then identify material nonrecurring or non-operating contributions.
- Explain the business: review segment mix, orders and backlog using each issuer’s own definitions.
- Assess financial capacity: align cash, debt, equity and operating cash flow to the same reporting dates.
- Value the shares: use prices from one date and label P/E, P/B and yield by denominator, forecast horizon and dividend basis.
Company forecasts are management estimates and can change. Recheck each issuer’s latest investor-relations releases before relying on a comparison, and calculate valuation measures from prices and earnings estimates aligned to the same stated date.
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