SHIMIZU CORPORATION SHMUY

IndustrialsConstruction & EngineeringJapan

Last close 52.00 USD on Nov 3, 2026, +19.1% year to date

Quant rating

Quant rating B Rank 136 of 418 in Industrials

Growth C 199 of 418
Valuation D 321 of 418
Quality B 65 of 418
Revisions B 88 of 418
Momentum C 231 of 418

Wall Street consensus Hold (2.67)Average target 17.46 USD −66.4%

Historical valuation

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

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	12,966	12,967	13,254	14,563	12,189	–
Revenue growth	0.0%	−2.2%	−9.0%	19.5%	−7.4%	−0.3%
EPS (basic, normalized)	1.18	0.65	0.15	0.49	0.50	–
EPS growth	83.4%	328.1%	−69.4%	−1.4%	–	–
Gross margin	12.5%	10.1%	4.5%	8.3%	9.4%	9.0%
Net margin	6.2%	3.4%	0.9%	2.5%	3.2%	3.2%
ROE	13.8%	7.6%	2.0%	5.9%	5.8%	7.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,669
Current ratio	1.28x
Long-term debt (mil)	1,945
Net debt (mil)	946
Total equity (mil)	6,243
Net debt / equity	0.15x
Net debt / EBITDA	0.98x

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
2026 actual	12,966	0.0%	0.8x	966	+50.6%	10.7x	1.18	+83.4%	43.9x
2027	14,494	+11.8%	0.7x	1,207	+25.0%	8.6x	1.56	+32.1%	33.2x
2028	14,659	+1.1%	0.7x	1,273	+5.5%	8.1x	1.21	−22.6%	43.0x
2029	14,776	+0.8%	0.7x	1,367	+7.3%	7.6x	1.30	+7.5%	40.0x

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
2027	14,494	0.0%	+0.9%	+7.6%	1.56	+1.4%	+15.9%	+17.6%
2028	14,659	+0.2%	+0.2%	+5.0%	1.21	+1.6%	−2.4%	+14.4%
2029	14,776	+0.9%	+0.5%	+2.7%	1.30	+2.0%	−0.7%	+5.6%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	557,005	401,022	436,365	490,535	616,438	441,799	455,209	532,301	628,492	482,829
Sales mean (mil)	571,839	406,290	428,911	475,448	570,078	426,152	436,684	489,250	598,036	486,625
Surprise	−2.6%	−1.3%	+1.7%	+3.2%	+8.1%	+3.7%	+4.2%	+8.8%	+5.1%	−0.8%
EPS reported	52.08	3.41	11.79	42.76	36.84	16.33	51.69	51.45	67.39	81.36
EPS mean	44.99	14.64	17.44	26.98	37.08	18.83	22.88	30.89	45.89	32.80
Surprise	+15.8%	−76.7%	−32.4%	+58.5%	−0.6%	−13.3%	+125.9%	+66.5%	+46.9%	+148.0%

Peer comparison Construction & Engineering

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
SHMUY SHIMIZU CORPORATION	9.4B	0.98x	6.2%	1.38x	33.2x	43.0x	8.6x	8.1x
AVHNY Ackermans & Van Haaren NV	9.9B	–	9.9%	1.47x	1.2x	1.1x	14.5x	14.0x
EKIVY Enka Insaat Ve Sanayi AS	9.6B	−4.15x	23.1%	1.14x	38.1x	33.0x	6.6x	5.7x
STN Stantec Inc.	8.7B	2.07x	7.4%	3.60x	17.6x	15.7x	11.4x	10.6x
SPIIY Spie SA	8.7B	–	1.7%	3.64x	3.6x	3.2x	9.1x	8.4x
ACM AECOM	8.5B	1.59x	4.0%	3.89x	16.6x	11.0x	11.0x	7.8x
Mean		0.12x	8.7%	2.52x	18.4x	17.9x	10.2x	9.1x
Median		1.28x	6.8%	2.54x	17.1x	13.4x	10.0x	8.2x

Technical analysis

1M−7.1%
3M−16.2%
1Y+19.1%
3Y+151.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, SHIMIZU CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	12,966	12,967	13,254	14,563	12,189	13,157
Cost of revenue	11,340	11,663	12,663	13,350	11,041	11,437
Gross profit	1,626	1,303	592	1,212	1,148	1,720
Selling, general & administrative expenses	774	722	659	705	686	719
Research & development	105	108	96.0	96.1	91.0	96.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	122	23.6	17.8	3.3	−35.3	89.9
Other operating expenses	0	0	0	0	0	0
Operating income	626	450	−181	408	406	815
Net interest income (expense)	585	5.9	39.6	14.7	44.1	47.8
Gain (loss) on sale of assets	13.8	268	370	145	82.1	138
Other non-operating income (expense)	−6.6	−1.7	−7.5	−0.4	−0.8	0.2
Net income before taxes	1,218	723	222	567	532	1,001
Provision for taxes	405	253	84.2	180	141	303
Minority interest	−15.6	−29.1	−23.9	−18.3	1.5	−1.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	798	440	113	369	393	697
Extraordinary items	–	–	–	–	–	–
Net income	798	440	113	369	393	697
EBIT, normalized	748	474	−163	412	371	905
EBITDA, normalized	959	697	36.8	606	537	1,056
Basic EPS, normalized	1.18	0.65	0.15	0.49	0.50	–

Balance sheet in millions of USD, fiscal years

Balance sheet, SHIMIZU CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	2,243	2,922	2,242	2,913	2,360	2,496
Receivables	6,197	5,534	5,961	6,295	5,615	4,366
Total inventory	636	575	588	563	453	1,282
Prepaid expenses	–	–	–	–	–	–
Other current assets	1,080	1,086	929	1,178	1,025	1,012
Total current assets	10,157	10,117	9,720	10,949	9,453	9,156
Property, plant & equipment	4,151	4,193	4,220	4,784	5,052	4,534
Goodwill	–	–	–	–	–	–
Intangibles	265	227	147	162	173	173
Long-term investments	1,911	1,997	2,465	2,357	2,686	3,213
Note receivable	–	–	–	–	–	–
Other long-term assets	241	297	227	184	129	166
Total assets	16,725	16,831	16,779	18,435	17,494	17,242
Liabilities
Accounts payable	2,692	2,667	2,497	3,196	2,679	2,538
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	1,276	1,241	1,443	1,532	1,279	1,139
Current portion of long-term debt	310	776	496	232	393	334
Other current liabilities	3,537	3,374	3,418	3,219	2,621	2,447
Total current liabilities	7,815	8,059	7,854	8,179	6,972	6,458
Long-term debt	2,038	1,934	2,057	2,590	2,405	2,354
Minority interest	146	425	393	412	417	55.6
Other liabilities	564	678	602	834	924	1,009
Total liabilities	10,563	11,095	10,906	12,015	10,717	9,877
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	469	496	491	560	611	672
Additional paid-in capital	268	291	288	329	359	389
Retained earnings (accumulated deficit)	4,477	4,083	3,878	4,709	4,868	5,091
Treasury stock	−276	−246	−182	−311	−356	−195
Other equity	1,225	1,113	1,397	1,133	1,295	1,407
Total equity	6,162	5,736	5,872	6,420	6,777	7,365
Total liabilities & shareholders' equity	16,725	16,831	16,779	18,435	17,494	17,242

Cash flow statement in millions of USD, fiscal years

Cash flow statement, SHIMIZU CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	1,218	723	222	567	532	1,001
Depreciation, depletion & amortization	211	223	200	194	166	151
Deferred taxes	–	–	–	–	–	–
Non-cash items	−713	−412	36.4	−69.5	179	−53.6
Changes in working capital	−454	527	−598	−60.7	−238	−370
Cash from operations	262	1,061	−140	631	639	729
Investing activities
Capital expenditures	−622	−227	−381	−516	−902	−1,110
Other investing cash flows	578	279	346	122	168	80.7
Cash from investing	−43.2	52.1	−35.4	−395	−734	−1,029
Financing activities
Financing cash flow items	−357	−12.5	−11.1	−6.7	−4.0	−273
Cash dividends paid	−182	−112	−117	−122	−183	−221
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−220	−349	−30.8	623	348	108
Cash from financing	−760	−474	−158	494	161	−386
Foreign exchange effects	13.6	20.7	20.3	19.4	22.3	−3.7
Net change in cash	−527	660	−314	750	88.9	−690
Free cash flow	−359	834	−522	115	−263	−381

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.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

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