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Japan Metropolitan Fund Investment Corporation (JRFIF) fair value: what the stock is really worth

As of Sep 18, 2026: fair value of Japan Metropolitan Fund Investment Corporation $414, price $624, upside -33.7%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Real Estate · US

JM Japan Metropolitan Fund Investment Corporation logo Some data Sep 24, 2026

Japan Metropolitan Fund Investment Corporation

JRFIF · US

Overvalued / MonitorQuality is not strong enough to offset the price risk.

!Fair value $413.66 · Overvalued (−34%)
!Quality 51/100
!Expensive Growth (revenue 5y +8.8 %/yr)
✓Highly profitable · 44.8% net margin (TTM)
!Moderate debt · negative free cash flow
!Trails peers (2/12)
!Moderate moat 63/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 28 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$728.50 $458.68 Fair Value $413.66 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range $458.68 – $728.50 · fair‑value band $408.38 – $637.24 · the $623.98 price screens above the $413.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

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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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. 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 $623.98, while our model-based Fair Value estimate is $413.66, implying the stock looks roughly 50.9% overvalued today.

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Valuation

How firm this estimate is: it rests on 16 models at a data quality of 96/100, which puts the evidence level at medium.

Scenario range: $408.38 (bear) to $637.24 (bull), the price of $623.98 sits inside 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 51/100 (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 $4.5B · P/E ratio 18.0 · P/S ratio 7.80 · EPS (TTM) $34.69 · Net margin 43.4% · Return on equity 7.0% · Return on assets (EBIT) 2.9% · Operating margin 44.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades at its 52-week high and 6% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at −27% fair-value upside, at −34%, JRFIF screens richer than that median.

Fair Value models

Bear $408.38 Fair Value $413.66 Bull $637.24
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then ($19.77 per share) are deliberately not added. 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. Evidence ⓘEvidence = 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.
Highest evidence
Residual Income $70,837 $73,175 $74,392 71
EV/EBITDA $38,630 $73,241 $107,852 64
EV/EBIT $41,260 $76,748 $112,237 63
All 7 models by family
Multiples
P/S Multiple $64,822 $86,429 $108,036 58
P/B Multiple $73,557 $98,076 $122,595 55
EV/EBIT $41,260 $76,748 $112,237 63
EV/EBITDA $38,630 $73,241 $107,852 64
EV/Revenue n/a $18,677 $43,841 50
Asset-Based
NCAV (Graham) $45,141 $60,489 $90,282 54
Economic Profit
Residual Income $70,837 $73,175 $74,392 71

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Quality Score breakdown

Overall quality 51/100

Of which business quality 49 · Market factors (momentum, volatility) 66

Profitability 35
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 58
Balance sheet, leverage, solvency risk
Investment 61
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 70
Distance to the 52-week high (market factor)
Net Issuance 62
Share count: buybacks or dilution?

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Revenue & earnings trend

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%
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.
+4.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.8%
Dividend (yield on the price)0.0%
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%

JRFIF screens 51% overvalued. Compare with Simon Property Group →

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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 · 93 stocks

Beats the industry median on 2/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 52 · Below median
Fair Value upside −34% · Below median
Profitability
Return on equity (TTM) 7% · Below median
Return on assets 2% · Bottom 25%
Net margin (TTM) 45% · Above median
Operating margin (TTM) 44% · Below median
Growth and dividend
Revenue growth 21% · Top 25%
Balance sheet
Debt / equity 0.80× · Above median

Valuation Multiplesvs REIT - Retail median · lower = cheaper

P/E (TTM) 18.0× · Pricier than median
P/B 1.10× · Pricier than median
P/S (TTM) 7.03× · Pricier than median
EV/EBITDA 18.7× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 9
FUTURE (revenue growth)100 · sector 23
PAST (return on equity)28 · sector 31
HEALTH (low debt)60 · sector 68
DIVIDEND (yield)0 · sector 100

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more REIT - Retail stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Simon Property Group SPG $205.95 $111.81 −46%
Realty Income Corporation O $56.53 $88.80 +57%
Unibail-Rodamco-Westfield SE URW €94.98 €69.38 −27%
Kimco Realty Corporation KIM $22.55 $17.11 −24%
CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U 2.24 SGD 1.39 SGD −38%
Regency Centers Corporation REG $73.53 $38.32 −48%
Scentre Group SCG A$3.44 A$3.48 +1%
Link Real Estate Investment Trust (Link REIT) 0823 HK$37.62 HK$38.58 +3%
Federal Realty Investment Trust FRT $110.46 $46.49 −58%
Brixmor Property Group BRX $27.96 $18.82 −33%

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Japan Metropolitan Fund Investment Corporation · Fair Value
$413.66 −51%Fair Value
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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 Sep 24, 2026, our model estimates a fair value of $413.66 versus a price of $623.98, about −34% upside (overvalued).
What is the fair value of JRFIF?
Our model-based fair value for Japan Metropolitan Fund Investment Corporation is $413.66 (as of Sep 24, 2026), built from audited fundamentals. The current price: $623.98.
What is the quality score of JRFIF?
Japan Metropolitan Fund Investment Corporation has a Quality Score of 51/100. 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 $413.66 (as of Sep 24, 2026) from 7 valuation models. Cautious scenario $408.38, optimistic scenario $637.24. 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 $413.66, about −34% upside versus a price of $623.98 (overvalued). Cautious scenario $408.38, optimistic scenario $637.24. 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 ¥101B (latest available figure, as of Sep 24, 2026).
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 $413.66 per share (as of Sep 24, 2026), against a price of $623.98. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Japan Metropolitan Fund Investment Corporation stock overvalued or undervalued in 2026?
As of Sep 24, 2026, JRFIF trades above its calculated fair value: price $623.98, fair value $413.66, a gap of about −34% (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 ($623.98); the fair value is what the company's own numbers justify ($413.66). For Japan Metropolitan Fund Investment Corporation the two are $210.32 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 $4.5B (market capitalisation, as of Sep 24, 2026). Per share that is $623.98; our models calculate a fair value of $413.66 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 $408.38, base $413.66, optimistic $637.24 per share (as of Sep 24, 2026, price $623.98). 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 18.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $413.66 is built from several models across several years. Other multiples: P/B 1.1, P/S 7.0, EV/EBITDA 18.7.
How solid is the balance sheet of Japan Metropolitan Fund Investment Corporation (JRFIF)?
Balance-sheet figures for Japan Metropolitan Fund Investment Corporation (as of Sep 24, 2026): return on equity 7.0%, debt of 0.80 per unit of equity. They feed the Quality Score of 51/100, 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 $623.98, at its 52-week high of $623.98 and 6% above the low of $586.32 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of $413.66 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, Unibail-Rodamco-Westfield SE, Kimco Realty Corporation, 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 Sep 24, 2026: price $623.98, calculated fair value $413.66 (−34%), Quality Score 51/100, from 7 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 7 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $413.66, 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 Sep 18, 2026 was $623.98. Our model-based fair value is $413.66, about −34% upside (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?
Solid but not exceptional quality (51/100) 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 $4.5B. 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 7.80 (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 $34.69 (price ÷ EPS = P/E 18.0). Earnings per share over the last twelve months: total profit spread across every single share.
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 7.0% (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 44.3% (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 +20.8% 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 +34.2% 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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