Mitsubishi Estate Company, Limited MITEY

Real EstateReal Estate OperationsJapan

Last close 24.22 USD on Nov 3, 2026, +0.5% year to date

Quant rating

Quant rating C Rank 37 of 61 in Real Estate

Growth D 43 of 61
Valuation D 44 of 61
Quality B 22 of 61
Revisions D 43 of 61
Momentum B 14 of 61

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 29.2B
Enterprise value: 45.6B
52-week range: 20.09 – 35.17
3-year range: 12.75 – 35.17
Dividend yield: 1.20%
Beta (5 years): 0.16
Shares outstanding: 1,211M
Next earnings: Nov 9, 2026

About the company

Mitsubishi Estate Co Ltd is a Japan-based company mainly engaged in commercial real estate, Marunouchi, housing, overseas, investment management, and design supervision and real estate services. The Company operates through six business segments. The Commercial Real Estate Business segment develops, leases, operates, and manages various asset types, as well as parking lots and district heating and cooling. The Marunouchi Business segment develops, leases, operates, and manages office buildings in the Otemachi, Marunouchi, and Yurakucho areas, as well as district heating and cooling. The Housing Business segment constructs, sells, leases, manages, renovates, and brokers condominiums and detached houses, and others. The Overseas Business segment develops, leases, and manages real estate overseas. The Investment Management segment manages real estate investments. The Design Supervision and Real Estate Services segment engages in the design and supervision of architecture, and others.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2016	2015	2014	2013	2012	5Y avg
Revenue (mil)	11,002	10,536	9,944	10,376	11,092	–
Revenue growth	4.4%	5.9%	−4.2%	−6.5%	1.7%	0.2%
EPS (basic, normalized)	0.50	–	0.44	0.39	0.52	–
EPS growth	–	–	12.8%	−25.0%	–	–
Gross margin	26.0%	26.5%	26.1%	28.8%	27.8%	27.0%
Net margin	12.7%	12.0%	11.2%	12.0%	11.5%	11.9%
ROE	8.5%	7.6%	7.4%	7.9%	8.0%	7.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	8,531
Current ratio	1.89x
Long-term debt (mil)	18,321
Net debt (mil)	15,907
Total equity (mil)	16,736
Net debt / equity	0.95x
Net debt / EBITDA	7.74x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2016 actual	11,002	+4.4%	4.1x	2,054	+5.1%	22.2x	0.50	–	48.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2017	–	–	–	–	–	–	–	–
2018	–	–	–	–	–	–	–	–
2019	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Real Estate Operations

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MITEY Mitsubishi Estate Company, Limited	29.2B	7.74x	12.7%	1.69x	–	–	–	–
SUHJY Sun Hung Kai Properties Limited	41.0B	–	22.7%	0.51x	13.7x	13.2x	12.2x	11.7x
VONOY Vonovia SE	15.5B	–	72.1%	1.02x	9.7x	9.5x	21.6x	21.0x
SNLAY Sino Land Co Ltd	12.4B	–	–	–	–	–	–	–
ZG Zillow Group, Inc.	7.0B	−0.35x	0.9%	1.62x	13.8x	10.7x	9.1x	7.4x
DIFTY Daito Trust Construction Co Ltd	7.4B	0.41x	5.0%	2.09x	2.6x	2.5x	7.4x	6.9x
Mean		2.60x	22.7%	1.38x	9.9x	9.0x	12.6x	11.7x
Median		0.41x	12.7%	1.62x	11.7x	10.1x	10.6x	9.6x

Technical analysis

1M+8.0%
3M+3.7%
1Y+15.6%
3Y+90.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Mitsubishi Estate Company, Limited, fiscal years, most recent first
	2016	2015	2014	2013	2012	2011
Total revenue	11,002	10,536	9,944	10,376	11,092	10,909
Cost of revenue	8,137	7,748	7,352	7,386	8,012	8,038
Gross profit	2,865	2,787	2,593	2,990	3,080	2,870
Selling, general & administrative expenses	788	725	751	756	787	843
Research & development	–	–	–	–	–	–
Depreciation/amortization	–	−32.3	−32.1	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	229	136	119	101	238	296
Other operating expenses	0	0	0	0	0	0
Operating income	1,849	1,959	1,755	2,133	2,055	1,731
Net interest income (expense)	344	99.5	34.8	−96.5	−36.4	−12.0
Gain (loss) on sale of assets	33.9	71.1	68.6	−110	70.9	123
Other non-operating income (expense)	−25.8	−15.5	−43.9	−22.8	−3.7	−23.8
Net income before taxes	2,201	2,114	1,814	1,905	2,086	1,818
Provision for taxes	717	734	649	532	583	490
Minority interest	−82.0	−117	−52.7	−127	−228	−103
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,402	1,263	1,113	1,245	1,275	1,225
Extraordinary items	–	–	–	–	–	–
Net income	1,402	1,263	1,113	1,245	1,275	1,225
EBIT, normalized	2,078	2,095	1,873	2,234	2,293	2,027
EBITDA, normalized	2,776	2,795	2,516	2,962	3,067	2,859
Basic EPS, normalized	0.50	–	0.44	0.39	0.52	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Mitsubishi Estate Company, Limited, fiscal years, most recent first
	2016	2015	2014	2013	2012	2011
Assets
Cash & short-term investments	8,848	8,825	8,201	7,117	7,085	6,060
Receivables	639	747	584	522	495	465
Total inventory	4,049	3,859	3,396	3,717	2,855	3,296
Prepaid expenses	–	–	–	–	–	–
Other current assets	810	741	674	819	717	694
Total current assets	14,345	14,172	12,855	12,174	11,152	10,515
Property, plant & equipment	32,245	32,374	30,382	33,257	35,722	37,759
Goodwill	–	–	–	–	–	–
Intangibles	685	709	692	837	888	913
Long-term investments	2,718	2,395	2,874	2,312	2,468	2,553
Note receivable	16.8	37.5	33.6	19.3	19.1	105
Other long-term assets	3,965	3,641	3,284	3,151	3,127	3,010
Total assets	53,974	53,328	50,121	51,751	53,378	54,856
Liabilities
Accounts payable	595	626	576	500	497	547
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	1,186	1,345	1,529	1,468	1,496	1,732
Current portion of long-term debt	2,492	1,400	1,156	1,786	1,406	1,745
Other current liabilities	3,169	2,718	2,499	2,687	1,788	1,960
Total current liabilities	7,442	6,089	5,759	6,441	5,187	5,984
Long-term debt	19,074	19,520	18,055	18,372	19,609	19,343
Minority interest	1,185	1,182	1,477	1,673	1,915	1,891
Other liabilities	9,328	9,441	8,960	9,015	10,199	10,907
Total liabilities	37,028	36,232	34,251	35,501	36,910	38,125
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	897	950	941	1,072	1,171	1,285
Additional paid-in capital	1,146	1,194	1,037	1,189	1,313	1,485
Retained earnings (accumulated deficit)	8,401	8,423	8,366	8,642	9,580	9,564
Treasury stock	−276	−74.5	−675	−365	−1,089	−950
Other equity	6,778	6,605	6,200	5,710	5,492	5,348
Total equity	16,946	17,097	15,869	16,249	16,467	16,731
Total liabilities & shareholders' equity	53,974	53,328	50,121	51,751	53,378	54,856

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Mitsubishi Estate Company, Limited, fiscal years, most recent first
	2016	2015	2014	2013	2012	2011
Operating activities
Net income	2,201	2,114	1,814	1,905	2,086	1,818
Depreciation, depletion & amortization	698	701	642	728	774	832
Deferred taxes	–	–	–	–	–	–
Non-cash items	−268	−148	−1.0	205	119	120
Changes in working capital	576	−506	−425	−820	−676	−897
Cash from operations	3,207	2,160	2,030	2,017	2,302	1,874
Investing activities
Capital expenditures	−3,325	−2,960	−2,983	−2,158	−2,705	−2,889
Other investing cash flows	544	549	591	−192	126	204
Cash from investing	−2,782	−2,411	−2,393	−2,350	−2,579	−2,686
Financing activities
Financing cash flow items	−61.8	−311	−89.2	−169	−122	−71.5
Cash dividends paid	−349	−344	−331	−388	−385	−362
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	161	741	1,084	787	1,254	889
Cash from financing	−251	85.8	664	229	748	456
Foreign exchange effects	−28.1	37.4	30.3	39.5	38.2	−11.2
Net change in cash	147	−127	332	−63.8	509	−368
Free cash flow	−119	−799	−953	−140	−403	−1,016

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

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Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.