Overview
Construction

OBAYASHI CORPORATION

Obayashi Corporation is one of Japan's leading general contractors, providing construction services across domestic and international building and civil engineering segments, including large-scale commercial, residential, and infrastructure projects. The company also operates a real estate business encompassing property sales, leasing, and land development, as well as PFI/PPP project participation and renewable energy generation (solar, wind, biomass, geothermal). Its competitive strengths lie in its integrated group capabilities spanning construction, facility management, ICT, and clean energy, supported by a global presence in North America, Southeast Asia, the UK, and beyond.

Market Cap
¥2,006B
US$12.8B
EV
¥1,648B
US$10.5B
Stock¥2,917.5▲+0.36%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
6.6
x
LTM EV/EBIT
7.5
x
LTM PER
10.3
x
LTM PBR
1.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-9.1%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Nov 5, 25Earnings announcement, strong results
2Feb 9, 26Earnings announcement, dividend increase
MC → EV Bridge
2,006BUS$12.8BMarket Cap356BUS$2.27B+ Debt458BUS$2.92B− Cash311BUS$1.99B− Inv. Sec.55.3BUS$353M+ NCI1,648BUS$10.5BEV
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Performance & Balance
Revenue 5Y (¥B)
1,923US$12.3B'22/31,984US$12.7B'23/32,325US$14.8B'24/32,591US$16.5B'25/32,586US$16.5B'26/3
EBITDA 5Y (¥B)
61.7US$394M'22/3118US$751M'23/3106US$679M'24/3175US$1.12B'25/3231US$1.47B'26/3
Net Income 5Y (¥B)
39.1US$250M'22/377.7US$495M'23/375.1US$479M'24/3146US$931M'25/3174US$1.11B'26/3
Capital Structure
78%
22%
EquityD/E 0.29xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
603US$3.85B281US$1.79B'22/3726US$4.63B248US$1.58B'23/3762US$4.86B249US$1.59B'24/3706US$4.50B374US$2.38B'25/3770US$4.91B356US$2.27B'26/3
Shareholders
Top 10 hold 39.4%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
15.51%
2
Custody Bank of Japan, Ltd. (Trust Account)
7.26%
3
STATE STREET BANK AND TRUST COMPANY505001 (Standing Proxy: Mizuho Bank, Ltd.)
3.66%
4
STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)
2.60%
5
Takeo OBAYASHI
2.46%
6
Nippon Life Insurance Company
2.13%
7
Employee Stock Ownership Association
1.83%
8
JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)
1.35%
9
THE BANK OF NEW YORK MELLON 140042 (Standing Proxy: Mizuho Bank, Ltd.)
1.33%
10
Goldman Sachs Japan Co., Ltd. BNYM
1.30%
Management
15 officers
Takeo OBAYASHI
Director, Chairman of the Board and Chairman of the Board Meeting
Apr 1977 Joined the Company Jun 1983 Director of the Company Jun 1985 Managing Director of the Company Jun 1987 Senior Managing Director of the Company Jun 1989 Representative Director, Vice President of the Company Jun 1997 Representative Director, Vice Chairman of the Company Jun 2003 Representative Director, Chairman of the Company Jun 2007 Director of the Company Jun 2009 Representative Director, Chairman of the Company Apr 2023 Director, Chairman of the Board and Chairman of the Board Meeting of the Company (current)
1954-06-09
Toshimi SATO
Representative Director, President and CEO
Apr 1985 Joined the Company Jan 2011 Deputy General Manager, North America Regional Office, Overseas Branch, of the Company Apr 2013 General Manager, Finance Department, Head Office, of the Company May 2015 General Manager, Corporate Planning Office, Head Office, of the Company Apr 2017 Executive Officer of the Company Jun 2018 Director of the Company Apr 2019 Managing Executive Officer of the Company Apr 2022 Senior Managing Executive Officer of the Company Apr 2023 Executive Vice President and Executive Officer of the Company Apr 2024 Representative Director of the Company Apr 2025 Representative Director, President and CEO of the Company (current)
1960-04-06
Yoshihito SASAKI
Representative Director, Executive Vice President and Executive Officer
Apr 1984 Joined the Company Apr 2017 Executive Officer of the Company Mar 2018 General Manager, Civil Engineering Division, Osaka Head Office, of the Company Apr 2021 General Manager, Shikoku Branch, of the Company Apr 2022 Managing Executive Officer of the Company Apr 2023 General Manager, Civil Engineering Division of the Company Apr 2024 Senior Managing Executive Officer and Deputy General Manager, Safety Division, of the Company Apr 2025 Executive Vice President and Executive Officer of the Company (current) Jun 2025 Representative Director of the Company (current) Responsibilities: General civil engineering; General Manager, Civil Engineering Division
1959-08-25
Masako ORII
Director
Apr 1983 Joined Suntory Holdings Ltd. Apr 2012 Executive Officer, Suntory Holdings Ltd. Apr 2016 Senior Managing Director, Suntory Wellness Ltd. Apr 2019 Advisor, Suntory Holdings Ltd.; General Manager, Suntory Hall, Suntory Foundation for Arts Jun 2020 Outside Director of the Company (current) May 2021 Outside Director and Audit and Supervisory Committee Member, Toho Co., Ltd. (current) Apr 2025 Senior Advisor, Suntory Foundation for Arts
1960-10-10
Hiroyuki KATO
Director
Apr 1979 Joined Mitsui & Co., Ltd. Apr 2010 Executive Officer, Mitsui & Co., Ltd. Apr 2012 Managing Executive Officer, Mitsui & Co., Ltd. Jun 2014 Representative Director, Senior Managing Executive Officer, Mitsui & Co., Ltd. Apr 2016 Representative Director, Executive Vice President and Executive Officer, Mitsui & Co., Ltd. Apr 2018 Director, Mitsui & Co., Ltd. Jun 2018 Advisor, Mitsui & Co., Ltd. Jul 2020 Adviser, Mitsui & Co., Ltd. Jun 2021 Outside Director of the Company (current)
1956-04-28
Yukiko KURODA
Director
Apr 1986 Joined Sony Corporation (now Sony Group Corporation) Jan 1991 Representative Director, People Focus Consulting Inc. Jun 2010 Outside Audit & Supervisory Board Member, Astellas Pharma Inc. Mar 2011 Outside Director, CAC Corporation (now CAC Holdings Corporation) Apr 2012 Director and Founder, People Focus Consulting Inc. Jun 2013 Outside Director, Marubeni Corporation Jun 2015 Outside Director, Mitsui Chemicals, Inc. Jun 2018 Outside Director, Seven Bank, Ltd.; Outside Director, Terumo Corporation Jun 2022 Outside Director of the Company (current) Aug 2022 Outside Director, Oracle Corporation Japan (current) Mar 2024 Advisor and Founder, People Focus Consulting Inc. (current) Apr 2025 Outside Director, Sekisui House, Ltd. (current) Jun 2025 Outside Director, Santen Pharmaceutical Co., Ltd. (current)
1963-09-24
Hiroyuki SHIME
Director
Apr 1975 Joined Unitika Ltd. Apr 2003 Executive Officer, Unitika Ltd. Apr 2005 Managing Executive Officer, Unitika Ltd. Jun 2008 Director and Senior Executive Officer, Unitika Ltd. Jul 2012 Director and Managing Executive Officer, Unitika Ltd. Jun 2014 Representative Director, President and Executive Officer, Unitika Ltd. Jun 2019 Representative Director, Chairman, Unitika Ltd. Jun 2022 Outside Corporate Auditor, Daihen Corporation (current; scheduled to retire Jun 24, 2026) Jun 2023 Senior Advisor, Unitika Ltd. Jun 2024 Outside Director of the Company (current)
1952-02-10
Yoshihiro IKEGAWA
Director
Apr 1983 Joined Mitsubishi Chemical Industries Ltd. (now Mitsubishi Chemical Corporation) Apr 2005 President and Director, MCC PTA India Ltd. Apr 2014 Executive Officer, Mitsubishi Chemical Corporation (now Mitsubishi Chemical Corporation) Dec 2015 Executive Officer, Mitsubishi Chemical Holdings Corporation (now Mitsubishi Chemical Group Corporation) Apr 2018 Senior Executive Officer, Mitsubishi Chemical Holdings Corporation Apr 2019 Senior Executive Officer and Director, Mitsubishi Chemical Corporation Apr 2021 Representative Executive Officer and Senior Executive Officer, Mitsubishi Chemical Holdings Corporation Apr 2022 Executive Vice President and Executive Officer, Mitsubishi Chemical Holdings Corporation; Representative Director, Mitsubishi Chemical Corporation Jun 2023 Executive Consultant, Mitsubishi Chemical Corporation Jun 2024 Outside Director, Toyo Seikan Group Holdings, Ltd. (current); Outside Director of the Company (current)
1960-07-02
Yasuo MORITA
Director
Apr 1982 Joined the Company Mar 2018 Executive Officer of the Company Apr 2019 Deputy General Manager, Building Division, Tokyo Head Office, of the Company Apr 2021 General Manager, Tohoku Branch, of the Company Apr 2023 Managing Executive Officer and General Manager, Building Division, of the Company (current) Apr 2024 Senior Managing Executive Officer and General Manager, Safety Division, of the Company Apr 2025 Executive Vice President and Executive Officer of the Company (current)
Midori TOMITA
Director
Apr 1984 Joined Sony Corporation (now Sony Group Corporation) Jul 2011 Vice President, Sony Corporation Apr 2012 Senior Vice President, Strategy Division, Sony Mobile Communications Inc. Nov 2014 Vice President, UX, Product Strategy, and Sales & Marketing, Sony Corporation (now Sony Group Corporation) Apr 2016 Vice President, Brand Design Platform, Sony Corporation Nov 2016 Vice President, Brand Design Platform, Sony Corporation; Director, Frontage Inc. Mar 2017 Vice President, Brand Design Platform, Sony Corporation; Director, Frontage Inc.; Director, Sony Corporate Systems Inc. Jan 2021 Representative Director, Sony Pictures Entertainment Japan Inc.; Director, Animax Broadcast Japan Inc.; Director, Kids Station Inc. Apr 2022 Trustee, Sony Gakuen Shohoku Junior College (current)
Eiichiro OKANO
Full-time Corporate Auditor
Apr 1982 Joined the Company Apr 2019 General Manager, iPD Center, Building Division, of the Company Apr 2020 General Manager, Digital Promotion Office, Executive Officer, of the Company Feb 2022 General Manager, DX Division, of the Company Apr 2022 Managing Executive Officer of the Company Apr 2024 Advisor of the Company Jun 2024 Full-time Corporate Auditor of the Company (current)
1957-12-03
Shinya KUWAYAMA
Corporate Auditor
Apr 1977 Joined the Ministry of International Trade and Industry Jan 2000 Director, Economic Cooperation Division, Trade Policy Bureau, Ministry of International Trade and Industry Jan 2001 Director, Trade Finance and Economic Cooperation Division, Trade and Economic Cooperation Bureau, Ministry of Economy, Trade and Industry Jul 2002 Director, Secretariat Division, Minister's Secretariat, Ministry of Economy, Trade and Industry Aug 2004 Deputy Director-General, Minister's Secretariat (Trade and Economic Cooperation Bureau), Ministry of Economy, Trade and Industry Sep 2005 Councillor, Cabinet Secretariat (Assistant to Deputy Chief Cabinet Secretary) Jul 2008 Director-General for Regional Economy and Industry, Ministry of Economy, Trade and Industry Jul 2009 Retired from Ministry of Economy, Trade and Industry Aug 2009 Executive Officer, Sohgo Security Services Co., Ltd. (ALSOK) Apr 2010 Managing Executive Officer, Sohgo Security Services Co., Ltd. Jun 2011 Director and Managing Executive Officer, Sohgo Security Services Co., Ltd. Apr 2014 Representative Director, President, ALSOK Jochu Keibi Co., Ltd. Apr 2016 Senior Advisor, Sohgo Security Services Co., Ltd. Jun 2016 Chairman, Overseas Industrial Human Resources Development Association (general incorporated foundation) Jun 2023 Outside Corporate Auditor of the Company (current)
1954-06-22
Yoshiaki TAKADA
Corporate Auditor
Apr 1987 Joined the Company Apr 2013 General Manager, General Affairs Department, Tohoku Branch, of the Company Apr 2016 General Manager, Accounting Department, Head Office, of the Company Apr 2026 Advisor of the Company (current)
Yohei UEDA
Corporate Auditor
Apr 1984 Joined the Ministry of Construction Apr 1995 First Secretary, Embassy of Japan in Germany, Ministry of Foreign Affairs Jun 2003 Assistant Manager, Waterfront Development Promotion Division, Port and Harbor Bureau, Tokyo Metropolitan Government Aug 2004 Chief Manager, Coordination, Office of the Governor, Tokyo Metropolitan Government Jul 2006 Special Regional Development Officer, Urban and Regional Development Bureau, Ministry of Land, Infrastructure, Transport and Tourism Jul 2007 Director-General, Construction Policy Department, Kanto Regional Development Bureau, Ministry of Land, Infrastructure, Transport and Tourism Jul 2008 Director-General, General Affairs Department, Kyushu Regional Development Bureau, Ministry of Land, Infrastructure, Transport and Tourism Apr 2010 Counsellor, Office for Promotion of Private Finance Initiatives, Cabinet Office Oct 2012 Director, General Affairs Division, Land and Construction Industries Bureau, Ministry of Land, Infrastructure, Transport and Tourism Jul 2015 Deputy General Manager, Management Division, East Nippon Expressway Company Limited Jun 2016 Deputy Director-General, Kanto Regional Development Bureau, Ministry of Land, Infrastructure, Transport and Tourism Nov 2018 Managing Executive Director, Japan Federation of Construction Contractors Jun 2021 Executive Director, Japan Federation of Construction Contractors Jan 2024 Chairman, National Construction Training Center (general incorporated foundation) (current)
Sachiko TSUJINO
Corporate Auditor
Apr 1989 Joined Chemical Bank (now JPMorgan Chase Bank), Tokyo Branch Apr 1992 Joined Masuda Ejiri Law Office (now Asahi Law Offices) Oct 1994 Joined Century Audit Corporation (now Ernst & Young ShinNihon LLC) Apr 1998 Registered as Certified Public Accountant May 2009 Partner, Ernst & Young ShinNihon LLC Apr 2024 Specially Appointed Professor, Faculty of Commerce, Chuo University (current)
Large Shareholding Reports
BlackRock Fund Advisors
2026-09-09
2.24%→2.30%
BlackRock Fund Advisors
2026-07-06
2.09%→2.24%
Nomura Asset Management Co., Ltd.
2026-07-06
5.82%→5.24%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-09-19
3.29%→3.19%
BlackRock Japan Co., Ltd.
—
2.43%→2.23%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-09-09
Large Shareholding Report
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-06
Large Shareholding Report
EDINET
2026-07-06
Large Shareholding Report
EDINET
2026-06-24
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-05-28
株主総会招集通知
TDnet
2026-02-09
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-01-01
中期経営計画
EDINET
2025-11-06
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-09-19
Large Shareholding Report
EDINET
2025-09-18
Large Shareholding Report
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-19
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-10
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-12
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-06
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-28
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINETAmended
2024-05-13
中期経営計画
EDINET
2024-02-06
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-07
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-08
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-07
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-08
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-24
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-09
Quarterly Securities Report
EDINET
2021-08-06
Quarterly Securities Report
EDINETAmended
2021-07-05
Amended Annual Securities Report
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