Tokyu Fudosan Holdings Corporation TKFOY

Real EstateReal Estate OperationsJapan

Last close 16.61 USD on Nov 1, 2026, −2.6% year to date

Quant rating

Quant rating A Rank 6 of 61 in Real Estate

Growth A 8 of 61
Valuation B 20 of 61
Quality B 10 of 61
Revisions B 13 of 61
Momentum B 24 of 61

Wall Street consensus Buy (2.42)Average target 9.65 USD −41.9%

Historical valuation

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

Key data

Market cap: 5.6B
Enterprise value: 16.7B
52-week range: 16.61 – 17.06
3-year range: 16.61 – 17.06
Dividend yield: 3.64%
Beta (5 years): –
Shares outstanding: 720M
Next earnings: Nov 6, 2026

About the company

Tokyu Fudosan Holdings Corp is a Japan-based company engaged in the real estate business. The Company operates through four business segments. The Urban Development segment develops, leases, operates and sells office buildings and commercial facilities, and develops, leases and sells condominiums and rental housing. The Strategic Investment segment develops, leases, operates and sells renewable energy power generation facilities and logistics facilities. It also manages real estate private placement funds, and asset management and investment. The Management and Operation segment is involved in the management of condominiums and buildings, renovation work, sales of member-only resort hotels, management of hotels, golf courses and ski resorts, corporate welfare contracting, environmental greening and landscaping. Real Estate Distribution segment is involved in real estate brokerage, sales agency, management and operation of rental housing and student apartments and subleasing business.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	7,851	7,671	7,290	7,575	8,130	–
Revenue growth	2.3%	5.2%	−3.8%	−6.8%	−0.9%	−0.9%
EPS (basic, normalized)	0.86	0.75	0.62	0.50	0.38	–
EPS growth	15.2%	20.8%	23.7%	33.1%	–	–
Gross margin	22.9%	21.3%	19.6%	19.6%	19.6%	20.6%
Net margin	7.8%	6.7%	6.2%	4.8%	3.6%	5.8%
ROE	11.2%	9.9%	9.6%	7.3%	5.7%	8.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,194
Current ratio	2.69x
Long-term debt (mil)	10,040
Net debt (mil)	10,718
Total equity (mil)	5,603
Net debt / equity	1.91x
Net debt / EBITDA	7.00x

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	7,851	+2.3%	2.1x	1,531	+21.0%	10.9x	0.86	+15.2%	19.3x
2027	8,920	+13.6%	1.9x	1,641	+7.2%	10.2x	0.93	+7.3%	18.0x
2028	9,065	+1.6%	1.8x	1,697	+3.4%	9.8x	0.96	+4.3%	17.2x
2029	9,158	+1.0%	1.8x	1,745	+2.8%	9.5x	0.99	+2.4%	16.8x

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	8,920	+0.1%	+1.8%	+7.1%	0.93	+0.3%	+1.4%	+9.0%
2028	9,065	−0.4%	+1.2%	+3.1%	0.96	−0.7%	+0.3%	+7.1%
2029	9,158	−0.9%	+1.2%	+2.3%	0.99	−1.4%	−0.5%	+7.5%

Earnings surprises EPS beat in 3 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)	385,226	267,179	236,093	259,976	387,053	287,983	303,289	240,949	413,827	285,774
Sales mean (mil)	403,162	257,519	247,191	249,720	379,193	324,956	286,587	309,115	476,151	301,692
Surprise	−4.4%	+3.8%	−4.5%	+4.1%	+2.1%	−11.4%	+5.8%	−22.1%	−13.1%	−5.3%
EPS reported	32.44	26.52	8.63	31.36	42.18	42.72	30.21	14.06	48.44	35.77
EPS mean	29.14	27.21	22.97	23.47	37.22	36.33	24.63	26.33	41.44	34.95
Surprise	+11.3%	−2.5%	−62.4%	+33.6%	+13.3%	+17.6%	+22.6%	−46.6%	+16.9%	+2.4%

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
TKFOY Tokyu Fudosan Holdings Corporation	5.6B	7.00x	7.8%	0.96x	18.0x	17.2x	10.2x	9.8x
FSV FirstService Corporation	6.3B	3.58x	2.6%	6.75x	23.6x	21.6x	14.1x	13.1x
CWQXY Castellum AB	5.8B	8.24x	9.8%	0.76x	31.0x	30.8x	18.5x	20.3x
AYALY Ayala Corp	5.4B	10.67x	17.5%	0.62x	7.0x	6.1x	13.2x	11.9x
UOLGY UOL Group Ltd	5.2B	–	–	–	–	–	–	–
CDEVY City Developments Limited	5.2B	–	17.3%	0.73x	–	–	–	–
Mean		7.37x	11.0%	1.96x	19.9x	18.9x	14.0x	13.8x
Median		7.62x	9.8%	0.76x	20.8x	19.4x	13.6x	12.5x

Technical analysis

1M0.0%
3M0.0%
1Y−2.6%
3Y−2.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Tokyu Fudosan Holdings Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	7,851	7,671	7,290	7,575	8,130	8,200
Cost of revenue	6,052	6,035	5,862	6,090	6,536	6,711
Gross profit	1,799	1,636	1,428	1,485	1,594	1,489
Selling, general & administrative expenses	747	697	633	653	905	978
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	4.2	45.5	42.6	224	155	84.0
Other operating expenses	0	0	0	0	0	0
Operating income	1,047	893	752	608	534	427
Net interest income (expense)	−120	−85.7	−69.8	−76.0	−84.4	−53.1
Gain (loss) on sale of assets	–	–	−6.4	2.0	15.6	–
Other non-operating income (expense)	−0.7	8.3	4.7	−5.3	−5.8	4.5
Net income before taxes	927	816	681	528	459	378
Provision for taxes	307	293	221	164	164	183
Minority interest	−10.9	−5.5	−6.4	−0.7	−7.0	0.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	609	517	453	363	289	196
Extraordinary items	–	–	–	–	–	–
Net income	609	517	453	363	289	196
EBIT, normalized	1,051	939	795	831	689	511
EBITDA, normalized	1,517	1,311	1,123	1,206	1,089	918
Basic EPS, normalized	0.86	0.75	0.62	0.50	0.38	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Tokyu Fudosan Holdings Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	1,347	1,215	1,739	1,401	1,460	1,905
Receivables	366	397	371	344	321	377
Total inventory	6,862	6,812	6,042	6,000	6,239	6,265
Prepaid expenses	–	–	–	–	–	–
Other current assets	725	791	830	656	504	531
Total current assets	9,300	9,216	8,983	8,401	8,523	9,078
Property, plant & equipment	7,847	8,185	7,235	8,031	8,988	10,664
Goodwill	310	332	287	402	499	600
Intangibles	311	324	264	395	390	391
Long-term investments	2,511	2,366	2,200	2,225	2,025	1,958
Note receivable	158	153	56.9	39.8	19.4	11.4
Other long-term assets	1,104	1,166	1,003	1,128	1,208	1,257
Total assets	21,543	21,740	20,030	20,622	21,653	23,959
Liabilities
Accounts payable	355	352	460	315	361	512
Payable/accrued	–	–	–	–	–	–
Accrued expenses	114	120	106	103	106	97.5
Short-term debt	369	408	327	334	375	396
Current portion of long-term debt	1,005	1,633	789	933	1,106	924
Other current liabilities	1,468	1,631	1,676	1,373	1,658	1,675
Total current liabilities	3,311	4,145	3,358	3,058	3,607	3,605
Long-term debt	10,281	9,742	9,519	10,054	10,378	12,241
Minority interest	117	140	144	121	94.6	109
Other liabilities	2,175	2,228	2,052	2,233	2,381	2,615
Total liabilities	15,884	16,255	15,072	15,467	16,460	18,569
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	489	517	513	584	638	701
Additional paid-in capital	1,001	1,089	1,095	1,248	1,369	1,506
Retained earnings (accumulated deficit)	3,531	3,292	2,911	2,956	2,934	3,016
Treasury stock	−53.1	−20.3	−31.5	−49.0	−2.8	−1.6
Other equity	691	608	470	417	255	170
Total equity	5,659	5,485	4,958	5,156	5,193	5,390
Total liabilities & shareholders' equity	21,543	21,740	20,030	20,622	21,653	23,959

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Tokyu Fudosan Holdings Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	927	816	681	528	459	378
Depreciation, depletion & amortization	465	372	328	375	400	408
Deferred taxes	–	–	–	–	–	–
Non-cash items	186	131	143	355	322	152
Changes in working capital	−755	−1,003	−120	−544	−552	−30.6
Cash from operations	823	316	1,033	713	630	907
Investing activities
Capital expenditures	−643	−470	−1,621	−637	−380	−906
Other investing cash flows	−393	−463	444	−267	119	−142
Cash from investing	−1,036	−934	−1,178	−904	−261	−1,048
Financing activities
Financing cash flow items	54.3	35.7	134	51.0	63.4	109
Cash dividends paid	−188	−163	−136	−97.6	−94.6	−104
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	486	137	648	369	−637	974
Cash from financing	352	9.8	646	322	−668	979
Foreign exchange effects	6.5	15.4	−1.7	−5.0	6.7	−2.3
Net change in cash	145	−592	500	126	−293	835
Free cash flow	181	−154	−588	76.2	249	1.3

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 1, 2026 after market close.