Japan Metropolitan Fund Investment Corporation (JRFIF) fair value: what the stock is really worth
As of Nov 13, 2026: fair value (intrinsic value) of Japan Metropolitan Fund Investment Corporation stock $411, price $676, that is 39.1% below the price, quality 55 out of 100. Rating: strongly overvalued. Calculated from audited financials with 9 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 14, 2026.
How to read this chart
60‑month range $526.71 – $834.79 · fair‑value band $405.97 – $633.49 · the $675.77 price screens above the $411.23 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 14, 2026.
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Japan Metropolitan Fund Investment Corporation was established under the Law Concerning Investment Trusts and Investment Corporations of Japan. It was the first investment corporation in Japan to specifically target retail real estate assets.
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It was listed on the Real Estate Investment Trust (REIT) Section of the Tokyo Stock Exchange (securities code: 8953) on March 12, 2002.
After that, JMF effected an absorption-type merger (the Merger) effective on March 1, 2021, with JMF as the surviving corporation and MCUBS MidCity Investment Corporation as the dissolving corporation and changed the corporation name from Japan Retail Fund Investment Corporation to Japan Metropolitan Fund Investment Corporation.
JMF seeks to enhance its total return (Distribution Per Unit and Net Asset Value) by expanding its growth cycle driven by internal growth and return of gains on sales and acquired two properties and disposed of five properties (including partial dispositions) during the fiscal period ended August 31, 2025.
As a result, the total assets managed by JMF at the end of the 47th fiscal period (fiscal period ended on August 31, 2025) amounted to 1,262.0 billion yen (the total acquisition price for 145 properties).
The total acquisition price including investment securities such as the silent partnership interests and the investment units of domestic real estate investment corporation is 1,282.4 billion yen. Japan Metropolitan Fund Investment Corporation was incorporated in 2001 in Japan.
Stock analysis
Japan Metropolitan Fund Investment Corporation (JRFIF) currently trades at $675.77, while our model-based Fair Value estimate is $411.23, 39% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of $576.89 per share, and 1 of the 9 models we run sit above the $675.77 price.
Bear case: the Asset-Based group reads lowest at $368.38, and 8 of the 9 models stay below the price. Data coverage for this calculation is high.
Scenario range: $405.97 (bear) to $633.49 (bull), the price of $675.77 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Japan Metropolitan Fund Investment Corporation reported revenue of ¥95.6B in FY2026 versus ¥70.9B in FY2022, a compound +7.8%/yr. Reported net income was ¥41.5B in FY2026, compounding +13.0%/yr from FY2022.
Key figures
Market cap $4.9B Mid · P/E ratio 20.6 · P/S ratio 8.94 · EPS (TTM) $32.79 · Dividend yield 5.4% · Net margin 43.4% · Return on equity 7.1% · Return on assets (EBIT) 2.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 63 out of 100 (low confidence).
What moves the price
The share trades about 8% above its previous 52-week high, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −30% fair-value upside, at −39%, JRFIF screens richer than that median.
Fair Value models
Bear$405.97Fair Value $411.23Bull$633.49
Price $675.77 · Downside -39.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.45/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+17.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.8%
Start year 2021 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.8%
’19
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What shareholders gained per year (last 5 years), in JPY ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+10.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.8%
Dividend (yield on the price)5.4%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.46% → 49%
News mood ⓘNews mood, the average tone of recent news (4 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: The retail REIT sustains near-99-percent occupancy across properties as its core strength yet depends on asset sale gains to support distributions amid negative free cash flow and only modest earnings growth.
Main risk: Fading gains from selected asset sales would pressure the ability to maintain distributions while higher borrowing costs add further strain to cash flows.
Japan Metropolitan Fund keeps occupancy near 99 percent in its retail properties while underlying earnings per unit grow only modestly. Distributions hold above three thousand yen largely because of gains from selling selected assets that it recycles into others. Will rising rents from lease renewals cover the gap if sale gains fade, or will higher borrowing costs erode that buffer first?
Compare Japan Metropolitan Fund Investment Corporation with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Retail · 88 stocks
Beats the industry median on 1/13 measures
Overall it trails its industry peers.
Valuation
Quality Score55 · Below median
Fair Value upside−39.1% · Below median
Profitability
Return on equity (12 months)7.1% · Below median
Return on assets3.1% · Below median
Net margin (12 months)44.8% · Above median
Operating margin (12 months)50.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)4.4% · Below median
Dividend yield (12 months)5.4% · Below median
Balance sheet
Debt / equity0.80× · Above median
Valuation Multiplesvs REIT - Retail median · lower = cheaper
P/E (12 months)20.6× · Pricier than median
P/B1.19× · Pricier than median
P/S (12 months)7.49× · Pricier than median
EV/EBITDA18.3× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 17
FUTURE (revenue growth)22· sector 28
PAST (return on equity)28· sector 31
HEALTH (low debt)60· sector 68
DIVIDEND (yield)100· sector 100
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Japan Metropolitan Fund Investment Corporation Fair Value". https://www.fairvalue-calculator.com/stock/JRFIF
Frequently asked questions
Is Japan Metropolitan Fund Investment Corporation (JRFIF) overvalued or undervalued?
As of Nov 14, 2026, our model estimates a fair value of $411.23 versus a price of $675.77, about 39% lower (overvalued).
What is the fair value of JRFIF?
Our model-based fair value for Japan Metropolitan Fund Investment Corporation is $411.23 (as of Nov 14, 2026), built from audited fundamentals. The current price: $675.77.
What is the quality score of JRFIF?
Japan Metropolitan Fund Investment Corporation has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Japan Metropolitan Fund Investment Corporation (JRFIF)?
Our model-based price target is the fair value of $411.23 (as of Nov 14, 2026) from 9 valuation models. Cautious scenario $405.97, optimistic scenario $633.49. It is a calculation from audited fundamentals, not an analyst target.
What is the Japan Metropolitan Fund Investment Corporation stock forecast for 2026?
Our models put fair value at $411.23, about 39% lower versus a price of $675.77 (overvalued). Cautious scenario $405.97, optimistic scenario $633.49. The calculation is refreshed regularly with new filings.
What is the revenue of Japan Metropolitan Fund Investment Corporation (JRFIF)?
Japan Metropolitan Fund Investment Corporation reported trailing-twelve-month revenue of about ¥104B (latest available figure, as of Nov 14, 2026).
Does Japan Metropolitan Fund Investment Corporation pay a dividend?
Japan Metropolitan Fund Investment Corporation currently shows a dividend yield of 5.40% relative to its recent price (as of Nov 14, 2026).
How much is the dividend of Japan Metropolitan Fund Investment Corporation (JRFIF) and when is the ex-dividend date?
Japan Metropolitan Fund Investment Corporation pays a dividend of $36.49 per share a year, a dividend yield of 5.4%. The next ex-dividend date is Feb 25, 2027. A dividend has been paid every year since at least 2013. The payout ratio is 101% of earnings. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What is the intrinsic value of Japan Metropolitan Fund Investment Corporation (JRFIF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Japan Metropolitan Fund Investment Corporation it is $411.23 per share (as of Nov 14, 2026), against a price of $675.77. It is the blended result of 9 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Japan Metropolitan Fund Investment Corporation stock overvalued or undervalued in 2026?
As of Nov 14, 2026, JRFIF trades above its calculated fair value: price $675.77, fair value $411.23, a gap of about −39% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of JRFIF?
No. The price is what the market pays today ($675.77); the fair value is what the company's own numbers justify ($411.23). For Japan Metropolitan Fund Investment Corporation the two are $264.54 per share apart. That gap is exactly why we show both numbers side by side.
How much is Japan Metropolitan Fund Investment Corporation worth?
The market values Japan Metropolitan Fund Investment Corporation at about $4.9B (market capitalisation, as of Nov 14, 2026). Per share that is $675.77; our models calculate a fair value of $411.23 per share.
What do the bullish and bearish scenarios say about JRFIF?
Our models span a range for Japan Metropolitan Fund Investment Corporation: cautious scenario $405.97, base $411.23, optimistic $633.49 per share (as of Nov 14, 2026, price $675.77). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of JRFIF?
Japan Metropolitan Fund Investment Corporation trades at a price-to-earnings ratio of 20.6 (as of Nov 14, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $411.23 is built from several models across several years. Other multiples: P/B 1.2, P/S 7.5, EV/EBITDA 18.3.
How solid is the balance sheet of Japan Metropolitan Fund Investment Corporation (JRFIF)?
Balance-sheet figures for Japan Metropolitan Fund Investment Corporation (as of Nov 14, 2026): return on equity 7.1%, debt of 0.80 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is JRFIF from its 52-week high?
Japan Metropolitan Fund Investment Corporation trades at $675.77, about 8% above its previous 52-week high of $623.98 and 15% above the low of $586.30 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of $411.23 is for.
Which stocks are comparable to Japan Metropolitan Fund Investment Corporation?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Kimco Realty Corporation, Unibail-Rodamco-Westfield SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Japan Metropolitan Fund Investment Corporation stock attractive at the current price?
The data as of Nov 14, 2026: price $675.77, calculated fair value $411.23 (−39%), Quality Score 55/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of JRFIF calculated?
We run Japan Metropolitan Fund Investment Corporation through 9 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of $411.23 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1% above its aggregate fair value. Japan Metropolitan Fund Investment Corporation itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Japan Metropolitan Fund Investment Corporation (JRFIF)?
The closing price on Nov 13, 2026 was $675.77. Our model-based fair value is $411.23, about 39% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Japan Metropolitan Fund Investment Corporation right now?
The price sits above even our optimistic bull case ($633.49). The favourable scenario is already priced in. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Japan Metropolitan Fund Investment Corporation
How large is the market capitalisation of Japan Metropolitan Fund Investment Corporation (JRFIF)?
The market capitalisation of Japan Metropolitan Fund Investment Corporation is $4.9B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Japan Metropolitan Fund Investment Corporation (JRFIF)?
The price-to-sales ratio of Japan Metropolitan Fund Investment Corporation is 8.94 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Japan Metropolitan Fund Investment Corporation (JRFIF)?
Earnings per share at Japan Metropolitan Fund Investment Corporation are $32.79 (price ÷ EPS = P/E 20.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Japan Metropolitan Fund Investment Corporation (JRFIF)?
The dividend yield of Japan Metropolitan Fund Investment Corporation is 5.4% (payout 111%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Japan Metropolitan Fund Investment Corporation (JRFIF)?
The net margin of Japan Metropolitan Fund Investment Corporation is 43.4% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Japan Metropolitan Fund Investment Corporation (JRFIF)?
The return on equity (ROE) of Japan Metropolitan Fund Investment Corporation is 7.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Japan Metropolitan Fund Investment Corporation (JRFIF)?
On an EBIT basis the return on assets of Japan Metropolitan Fund Investment Corporation is 2.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Japan Metropolitan Fund Investment Corporation (JRFIF)?
The operating margin of Japan Metropolitan Fund Investment Corporation is 50.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Japan Metropolitan Fund Investment Corporation (JRFIF)?
Revenue at Japan Metropolitan Fund Investment Corporation is growing 4.4% versus a year earlier (3y avg +5.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Japan Metropolitan Fund Investment Corporation (JRFIF)?
Earnings per share at Japan Metropolitan Fund Investment Corporation are growing 4.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Japan Metropolitan Fund Investment Corporation (JRFIF) generate?
The free cash flow of Japan Metropolitan Fund Investment Corporation is −¥38.9B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Japan Metropolitan Fund Investment Corporation (JRFIF) carry?
The net debt of Japan Metropolitan Fund Investment Corporation is ¥549B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 14, 2026