Kajima Corp (KAJMY) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Kajima Corp stock $38.82, price $29.09, upside +33.4%, quality 58 out of 100. Rating: undervalued. Calculated from audited financials with 25 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 9, 2026.
How to read this chart
60‑month range $7.44 – $48.78 · fair‑value band $23.09 – $57.05 · the $29.09 price screens below the $38.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Kajima Corporation engages in civil engineering, building construction, real estate development, architectural and civil design, and other businesses.
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It is involved in the construction of power stations, railways, roads, airports, and seaports, as well as water purification and wastewater treatment plants, steel works, and chemical production facilities; and research and development in various fields, including skyscrapers, nuclear power plants, long span bridges, and deep underground tunnels.
It also offers specialized technologies and services for production and R&D facilities, logistic facilities, plant factories, cell culture facilities, and other applications; and develops and maintains social infrastructure using various technologies related to zero energy bildings, green infrastructure, soil and underground water remediation, water and sewer treatment facilities, and final disposal sites, as well as wind power generators, other renewable energy facilities, biomass utilization, and waste reduction.
In addition, it provides design and construction; and engineering services. The company was founded in 1840 and is headquartered in Tokyo, Japan.
Stock analysis
Kajima Corp (KAJMY) currently trades at $29.09, while our model-based Fair Value estimate is $38.82, implying the stock looks roughly 25% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $48.96 per share, and 16 of the 25 models we run sit above the $29.09 price.
Bear case: the Asset-Based group reads lowest at $12.74, and 9 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: $23.09 (bear) to $57.05 (bull), the price of $29.09 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 58/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Kajima Corp ADR reported revenue of ¥3.3T in FY2026 versus ¥2.1T in FY2022, a compound +11.8%/yr. Reported net income was ¥188B in FY2026, compounding +16.0%/yr from FY2022.
Key figures
Market cap $13.5B Large · P/E ratio 11.5 · P/S ratio 0.67 · EPS (TTM) $2.52 · Dividend yield 3.2% · Net margin 5.8% · Return on equity 13.2% · Return on assets (EBIT) 5.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).
What moves the price
The share trades about 40% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at 33%, KAJMY screens cheaper than that median.
Fair Value models
Bear$23.09Fair Value $38.82Bull$57.05
Price $29.09 · Upside +33.4%
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. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then ($0.9759 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. 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.75/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+11.7%
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.
+10.8%
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.
+11.3%
Start year 2021 (pandemic). Over 10 years: +6.4% a year
Revenue growth 29 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.
+1.5%
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What shareholders gained per year (last 5 years), in JPY (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+11.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.7%
Dividend (yield on the price)3.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.15.0% vs 11.3%, picking up
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.7% → 8%
2026 sits 70% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+16.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about +13.9% a year for the price and +1.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (9 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.Positive
Recent news coverage is more positive than average.
AI conclusion: Automation pilots offer productivity and safety gains in engineering projects, yet moderate returns and scant evidence of a durable moat limit overall quality.
Main risk: Adaptation and execution hurdles when rolling out the automation system beyond Japan could impede productivity gains and international project expansion.
Kajima has begun piloting its A4CSEL automation system outside Japan in a Singapore project with JTC that targets a 50 percent cut in skilled operators for excavators and compactors. This step could raise productivity and safety across its engineering work, yet rolling out the technology reliably beyond its home market brings adaptation and execution hurdles. Does the automation push expand the core business model or test its limits in new settings?
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.Engineering & Construction · 791 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+33.4% · Above median
Profitability
Return on equity (12 months)13.2% · Above median
Return on assets5.2% · Above median
Net margin (12 months)5.9% · Above median
Operating margin (12 months)6.3% · Above median
Growth and dividend
Revenue growth (quarter YoY)−1.5% · Below median
Dividend yield (12 months)3.2% · Above median
Balance sheet
Debt / equity0.30× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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As of Nov 9, 2026, our model estimates a fair value of $38.82 versus a price of $29.09, about +33% upside (undervalued).
What is the fair value of KAJMY?
Our model-based fair value for Kajima Corp is $38.82 (as of Nov 9, 2026), built from audited fundamentals. The current price: $29.09.
What is the quality score of KAJMY?
Kajima Corp has a Quality Score of 58/100. 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 Kajima Corp (KAJMY)?
Our model-based price target is the fair value of $38.82 (as of Nov 9, 2026) from 25 valuation models. Cautious scenario $23.09, optimistic scenario $57.05. It is a calculation from audited fundamentals, not an analyst target.
What is the Kajima Corp ADR stock forecast for 2026?
Our models put fair value at $38.82, about +33% upside versus a price of $29.09 (undervalued). Cautious scenario $23.09, optimistic scenario $57.05. The calculation is refreshed regularly with new filings.
What is the revenue of Kajima Corp (KAJMY)?
Kajima Corp reported trailing-twelve-month revenue of about ¥3.1T (latest available figure, as of Nov 9, 2026).
Does Kajima Corp ADR pay a dividend?
Kajima Corp currently shows a dividend yield of 3.17% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Kajima Corp (KAJMY) and when is the ex-dividend date?
Kajima Corp pays a dividend of $0.923 per share a year, a dividend yield of 3.2%. The last ex-dividend date was Mar 31, 2026. A dividend has been paid every year since at least 2005. The payout ratio is 35.9% of earnings. Free cash flow covers the dividend 1.01 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Kajima Corp (KAJMY)?
For today's price to be fair in a discounted-cash-flow model, Kajima Corp would have to grow free cash flow by +16.3 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.3 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of KAJMY use?
Our models discount Kajima Corp at 8.1 %: a base by market capitalisation (large), damped by beta 0.36, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Kajima Corp that is +16.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has Kajima Corp (KAJMY) delivered so far?
Over the past 5 years revenue at Kajima Corp grew +11.3 % a year. The price currently implies free-cash-flow growth of +16.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Kajima Corp (KAJMY) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Kajima Corp (+16.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Kajima Corp (KAJMY)?
The free-cash-flow yield on the price is 3.18 %: that much free cash flow Kajima Corp produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Kajima Corp (KAJMY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kajima Corp it is $38.82 per share (as of Nov 9, 2026), against a price of $29.09. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Kajima Corp ADR stock overvalued or undervalued in 2026?
As of Nov 9, 2026, KAJMY trades below its calculated fair value: price $29.09, fair value $38.82, a gap of about +33% (undervalued). 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 KAJMY?
No. The price is what the market pays today ($29.09); the fair value is what the company's own numbers justify ($38.82). For Kajima Corp the two are $9.73 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kajima Corp ADR worth?
The market values Kajima Corp at about $13.5B (market capitalisation, as of Nov 9, 2026). Per share that is $29.09; our models calculate a fair value of $38.82 per share.
What do the bullish and bearish scenarios say about KAJMY?
Our models span a range for Kajima Corp: cautious scenario $23.09, base $38.82, optimistic $57.05 per share (as of Nov 9, 2026, price $29.09). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KAJMY?
Kajima Corp trades at a price-to-earnings ratio of 11.5 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $38.82 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2019 to 2026), reported earnings: 7.9. Other multiples: P/B 1.5, P/S 0.7, EV/EBITDA 7.8.
How solid is the balance sheet of Kajima Corp (KAJMY)?
Balance-sheet figures for Kajima Corp (as of Nov 9, 2026): return on equity 13.2%, debt of 0.30 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is KAJMY from its 52-week high?
Kajima Corp trades at $29.09, about 40% below its 52-week high of $48.78 and at the low of $29.09 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $38.82 is for.
Which stocks are comparable to Kajima Corp ADR?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, 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 Kajima Corp ADR stock attractive at the current price?
The data as of Nov 9, 2026: price $29.09, calculated fair value $38.82 (+33%), Quality Score 58/100, from 25 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 KAJMY calculated?
We run Kajima Corp through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $38.82 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 13.3% above its aggregate fair value. Kajima Corp currently trades 25% below its own fair value, and the market average says nothing about that. 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 Kajima Corp (KAJMY)?
The closing price on Nov 6, 2026 was $29.09. Our model-based fair value is $38.82, about +33% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kajima Corp ADR right now?
Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($23.09 to $57.05) leaves room in how you read the outcome.
Where does the earnings growth of Kajima Corp (KAJMY) come from?
Earnings per share at Kajima Corp grew +10.5 % a year from 2015 to 2026. Broken into its drivers: revenue per share +7.0 %, EBIT margin +1.6 %, tax rate +1.2 %, residual (interest, one-offs) +0.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Kajima Corp
How large is the market capitalisation of Kajima Corp (KAJMY)?
The market capitalisation of Kajima Corp is $13.5B. 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 Kajima Corp (KAJMY)?
The price-to-sales ratio of Kajima Corp is 0.67 (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 Kajima Corp (KAJMY)?
Earnings per share at Kajima Corp are $2.52 (price ÷ EPS = P/E 11.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Kajima Corp (KAJMY)?
The dividend yield of Kajima Corp is 3.2% (payout 36.6%). 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 Kajima Corp (KAJMY)?
The net margin of Kajima Corp is 5.8% (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 Kajima Corp (KAJMY)?
The return on equity (ROE) of Kajima Corp is 13.2% (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 Kajima Corp (KAJMY)?
On an EBIT basis the return on assets of Kajima Corp is 5.1% (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 Kajima Corp (KAJMY)?
The operating margin of Kajima Corp is 6.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kajima Corp (KAJMY)?
Revenue at Kajima Corp is growing −1.5% versus a year earlier (3y avg +10.8%). 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 Kajima Corp (KAJMY)?
Earnings per share at Kajima Corp are growing +17.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Kajima Corp (KAJMY) carry?
The net debt of Kajima Corp is ¥432B (fiscal year 2026, ≈ 6.4 yrs of FCF). 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 9, 2026