Industry map/Construction & Real Estate
Homebuilders industry map
Who earns the money in Homebuilders, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 61 companies · ¥14.3T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥14.3T
- Companies
- 61
- Avg. salary（parent only）
- ¥6.1M
- Industry weather
- Sunny
YoY +5.9%
Avg. age 41.4
Operating income +10.6%
Daiwa House Industry[1925]
Rental Housing + 1 more
- Revenue
- ¥2.76T▲10.0%
- Operating income
- ¥296.8B▲48.6%
Margin 10.8%
Whole company: Revenue ¥5.58T · Net income ¥350.6B
Avg. salary ¥11M · 40.7（parent only）
Sekisui House[1928]
Overseas + 3 more
- Revenue
- ¥2.51T▲1.3%
- Operating income
- ¥202.9B▼13.1%
Margin 8.1%
Whole company: Revenue ¥4.2T · Net income ¥232.1B
Avg. salary ¥9.1M · 43.5（parent only）
- Sekisui Chemical owns 2.2%
- Sekisui Chemical・Alliance
Sekisui Chemical[4204]
Housing
- Revenue
- ¥535.9B▲2.3%
- Operating income
- ¥37.1B▲17.9%
Margin 6.9%
Whole company: Revenue ¥1.31T · Net income ¥75.2B
Avg. salary ¥9.5M · 44.2（parent only）
- Sekisui House owns 2.0%
- Sekisui House・Alliance
Sumitomo Forestry[1911]
Construction and Real Estate Division + 1 more
- Revenue
- ¥1.99T▲12.0%
- Operating income
- ¥161B▼11.9%
Margin 8.1%
Whole company: Revenue ¥2.27T · Net income ¥106.7B
Avg. salary ¥9.8M · 44.1（parent only）
Iida Group Holdings[3291]
HAJIME CONSTRUCTION + 5 more
- Revenue
- ¥1.48T▲3.4%
- Operating income
- ¥110.1B▲29.3%
Margin 7.5%
Whole company: Revenue ¥1.51T · Net income ¥63.3B
Avg. salary ¥7.7M · 44.2（parent only）
Asahi Kasei[3407]
Homes
- Revenue
- ¥1.08T▲4.0%
- Operating income
- ¥99.8B▲4.0%
Margin 9.3%
Whole company: Revenue ¥3.07T · Net income ¥158.8B
Avg. salary ¥8.5M · 41.9（parent only）
Open House Group[3288]
Single-family homes related business
- Revenue
- ¥671.3B▲2.8%
- Operating income
- ¥69.5B▲36.9%
Margin 10.4%
Whole company: Revenue ¥1.34T · Net income ¥100.7B
Avg. salary ¥9.1M · 34.7（parent only）
Daito Trust Construction[1878]
Construction
- Revenue
- ¥544.3B▲0.6%
- Operating income
- ¥45.1B▼4.2%
Margin 8.3%
Whole company: Revenue ¥1.98T · Net income ¥99B
Avg. salary ¥9.7M · 44.0（parent only）
Nomura Real Estate Holdings[3231]
Residential Development Business
- Revenue
- ¥431.7B▲17.6%
- Operating income
- ¥60.6B▲26.5%
Margin 14.0%
Whole company: Revenue ¥942.5B · Net income ¥82.9B
Avg. salary ¥12.5M · 41.9（parent only）
Ki-Star Real Estate[3465]
Houses for Sale + 1 more
- Revenue
- ¥372.2B▲12.8%
- Operating income
- ¥27.7B▲43.4%
Margin 7.4%
Whole company: Revenue ¥393.9B · Net income ¥15.4B
Avg. salary ¥5.1M · 32.8（parent only）
Yamada Holdings[9831]
Housing Business
- Revenue
- ¥330.8B▲13.1%
- Operating income
- ¥10.3B▲9.4%
Margin 3.1%
Whole company: Revenue ¥1.69T · Net income ¥14.8B
Avg. salary ¥5.6M · 46.9（parent only）
Tama Home[1419]
Housing + 1 more
- Revenue
- ¥193.9B▼19.2%
- Operating income
- ¥2.75B▼75.3%
Margin 1.4%
Whole company: Revenue ¥200.8B · Net income ¥1.48B
Avg. salary ¥7M · 41.2（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Sumitomo Realty & Development · Katitas · Takamatsu Construction Group · starts · Fuji · Tomoku · Nice · property technologies · Grandy House · Arr Planner · Avantia · Sala · First Juken · Logos Holdings · VT Holdings · Nihon House Holdings · Agratio urban design · NAGAWA Co . · Tsuchiya Holdings · Sanyo Homes · STrust · Daieisangyo · Forlife · Home Position · Lib Work · Asahi Broadcasting Group Holdings · Mikikogyo · NAC Co . · R.c.core · HousefreedomCo. · Will · AMG Holdings · New Constructor's Network · CEL · Yamaichi Real Estate · Nittoh · Azuma House · Bunka Shutter · makoto construction · C.S. Lumber …+9
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | Daiwa House IndustryRental Housing + 1 more | ¥2.76T | 19.3% | 10.8% | +10.9% | -¥304.6B |
| 2 | Sekisui HouseOverseas + 3 more | ¥2.51T | 17.5% | 8.1% | +29.3% | ¥121.2B |
| 3 | Sumitomo ForestryConstruction and Real Estate Division + 1 more | ¥1.99T | 13.9% | 8.1% | — | ¥17.9B |
| 4 | Iida Group HoldingsHAJIME CONSTRUCTION + 5 more | ¥1.48T | 10.3% | 7.5% | +1.9% | — |
| 5 | Asahi KaseiHomes | ¥1.08T | 7.5% | 9.3% | +7.0% | ¥92.1B |
| 6 | Open House GroupSingle-family homes related business | ¥671.3B | 4.7% | 10.3% | +10.7% | ¥25.9B |
| 7 | Daito Trust ConstructionConstruction | ¥544.3B | 3.8% | 8.3% | +5.9% | ¥9.76B |
| 8 | Sekisui ChemicalHousing | ¥535.9B | 3.7% | 6.9% | +1.0% | -¥35.3B |
| 9 | Nomura Real Estate HoldingsResidential Development Business | ¥431.7B | 3.0% | 14.0% | +8.8% | -¥24.3B |
| 10 | Ki-Star Real EstateHouses for Sale + 1 more | ¥372.2B | 2.6% | 7.4% | +30.9% | -¥27.9B |
| 11 | Yamada HoldingsHousing Business | ¥330.8B | 2.3% | 3.1% | +5.9% | ¥5.04B |
| 12 | Tama HomeHousing + 1 more | ¥193.9B | 1.4% | 1.4% | -1.9% | ¥512M |
| 13 | Sumitomo Realty & DevelopmentHousing | ¥188.7B | 1.3% | 7.1% | — | -¥18.4B |
| 14 | Katitas | ¥151.9B | 1.1% | 12.0% | +10.7% | -¥5.3B |
| 15 | Takamatsu Construction GroupReal estate | ¥84.1B | 0.6% | 7.2% | +20.5% | -¥18.2B |
| 16 | startsConstruction business | ¥76.2B | 0.5% | 10.2% | +4.1% | ¥518M |
| 17 | FujiResidential Development + 1 more | ¥67.7B | 0.5% | 6.9% | -0.5% | -¥3.55B |
| 18 | TomokuHousing | ¥55.2B | 0.4% | 1.8% | -4.9% | ¥5.32B |
| 19▲2 | NiceHousing | ¥54.9B | 0.4% | 7.1% | +10.0% | -¥6.89B |
| 20▲2 | property technologies | ¥50.9B | 0.4% | 4.0% | +14.6% | -¥981M |
| 21▼1 | Grandy HouseReal estate sales | ¥49.7B | 0.3% | 2.5% | -0.6% | ¥801.3M |
| 22▲1 | Arr PlannerDetached houses | ¥48.3B | 0.3% | 10.0% | +15.3% | -¥1.43B |
| 23▼4 | AvantiaCustom detached houses | ¥45.6B | 0.3% | -0.3% | +5.4% | ¥921.9M |
| 24 | SalaHousing segments | ¥44.9B | 0.3% | 2.0% | +3.8% | ¥4.81B |
| 25 | First JukenDetached Housing | ¥41B | 0.3% | 7.6% | -0.4% | ¥1.74B |
| 26 | Logos Holdings | ¥36.3B | 0.3% | 1.3% | +13.8% | ¥1.5B |
| 27▲1 | VT HoldingsHousing Business | ¥31.5B | 0.2% | 6.5% | +18.4% | ¥4.23B |
| 28▲12 | Nihon House HoldingsHousing | ¥30.9B | 0.2% | 11.4% | -6.8% | ¥2.79B |
| 29 | Agratio urban designHousing | ¥30.4B | 0.2% | 10.8% | — | -¥1.86B |
| 30▼3 | NAGAWA Co .Modular building business | ¥29.1B | 0.2% | 12.6% | — | — |
| 31▼1 | Tsuchiya HoldingsHousing business + 1 more | ¥22.4B | 0.2% | -1.4% | -3.1% | -¥941.5M |
| 32 | Sanyo HomesHousing business | ¥20.5B | 0.1% | -1.1% | +0.8% | -¥1.62B |
| 33▲1 | STrustReal estate sale in lots business | ¥18.7B | 0.1% | 11.5% | +5.5% | -¥5.76B |
| 34▼3 | DaieisangyoHousing business | ¥18.6B | 0.1% | 4.1% | +4.0% | -¥6.91B |
| 35▲1 | ForlifeSales of spec homes + 2 more | ¥17.5B | 0.1% | 8.3% | +9.0% | -¥269.5M |
| 36▼3 | Home Position | ¥17.4B | 0.1% | 3.3% | +6.6% | -¥2.07B |
| 37▼2 | Lib Work | ¥16B | 0.1% | 5.2% | +14.2% | ¥936.7M |
| 38▼1 | Asahi Broadcasting Group HoldingsLifestyle | ¥13.8B | 0.1% | 1.8% | +0.2% | ¥5.07B |
| 39 | MikikogyoHousing | ¥13.3B | 0.1% | 4.5% | +5.0% | -¥2.68B |
| 40▼2 | NAC Co .Housing Sales | ¥11.7B | 0.1% | 2.4% | +2.3% | ¥811M |
| 41 | R.c.coreBP Company + 2 more | ¥10.5B | 0.1% | 2.5% | -10.4% | -¥433.1M |
| 42▲2 | HousefreedomCo.Revenue from detached housing + 1 more | ¥10.5B | 0.1% | 4.6% | +1.8% | ¥503.4M |
| 43 | WillSale on development business + 1 more | ¥10.5B | 0.1% | 6.9% | +12.9% | -¥469M |
| 44▼2 | AMG HoldingsConstruction | ¥10.2B | 0.1% | 7.2% | — | -¥567.7M |
| 45▲2 | New Constructor's Network | ¥8.41B | 0.1% | 1.8% | -0.5% | ¥284.1M |
| 46▼1 | CELConstruction business | ¥8.36B | 0.1% | 13.7% | — | -¥1.95B |
| 47▲4 | Yamaichi Real EstateReal estate development and sales | ¥8.29B | 0.1% | 25.5% | +8.5% | -¥10.3B |
| 48 | NittohConstruction work | ¥7.74B | 0.1% | 5.2% | +5.4% | ¥472.5M |
| 49▼3 | Azuma HouseReal estate and construction + 1 more | ¥6.96B | 0.0% | 2.1% | -7.2% | ¥462.2M |
| 50▼1 | Bunka ShutterRefurbishments | ¥6.94B | 0.0% | 1.7% | +4.9% | ¥6.55B |
Showing the top 50. See all 61 in the list below
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- Operating costs
- SG&A
- Operating profit
- Sumitomo Realty & Development64828
- Nomura Real Estate Holdings8515
- starts671914
- Katitas771112
- Daiwa House Industry781111
- Open House Group82711
- Sekisui House80128
- Asahi Kasei67258
- Sekisui Chemical68248
- Arr Planner82108
- Sumitomo Forestry77167
- Daito Trust Construction82117
- Ki-Star Real Estate8677
- Iida Group Holdings8212
- Fuji859
- First Juken8410
- Takamatsu Construction Group8510
- Tomoku8213
- property technologies8511
- Grandy House8511
- Sala7621
- Tama Home7523
- Nice8612
- Avantia8711
- Yamada Holdings7425
Showing the 25 largest companies by revenue.
Ownership links
From the major-shareholder section of annual securities reports.
- 西部ガスホールディングス株式会社Outside
- SubsidiarySTrust51.9%
- VT HoldingsIn industry
- AffiliateAMG Holdings43.4%
- StakeHousefreedomCo.14.5%
- 野村ホールディングス株式会社Outside
- AffiliateNomura Real Estate Holdings37.1%
- Ki-Star Real EstateIn industry
- AffiliateHome Position35.6%
- 株式会社ニトリホールディングスOutside
- AffiliateKatitas34.1%
- 株式会社ダスキンOutside
- AffiliateNAC Co .27.9%
- 株式会社ＬＩＸＩＬOutside
- AffiliateSanyo Homes24.3%
- Yamada HoldingsIn industry
- 技研ホールディングス株式会社Outside
- StakeNice16.7%
- 関西電力株式会社Outside
- StakeSanyo Homes12.0%
- セコム株式会社Outside
- StakeSanyo Homes10.2%
- 株式会社テレビ朝日ホールディングスOutside
- StakeAsahi Broadcasting Group Holdings9.3%
- オリックス株式会社Outside
- StakeSanyo Homes8.5%
- Sekisui HouseIn industry
- StakeTsuchiya Holdings6.2%
- 光通信株式会社Outside
- StakeDaito Trust Construction5.7%
- 丸紅㈱Outside
- StakeTomoku5.6%
- 住友金属鉱山株式会社Outside
- StakeSumitomo Forestry4.9%
- 株式会社北洋銀行Outside
- StakeTsuchiya Holdings4.8%
- StakeNAGAWA Co .4.4%
- 日本証券金融株式会社Outside
- StakeC.S. Lumber4.6%
- 日本製紙㈱Outside
- StakeTomoku4.3%
- ホッカンホールディングス㈱Outside
- StakeTomoku3.7%
- ソフトバンク株式会社Outside
- StakeYamada Holdings3.6%
- 特種東海製紙㈱Outside
- StakeTomoku3.3%
- ㈱シーラホールディングスOutside
- StakeNihon House Holdings3.2%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in Homebuilders (by revenue)
All 62 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Daiwa House Industry¥2.76T · 10.8%
- Sekisui House¥2.51T · 8.1%
- Sumitomo Forestry¥1.99T · 8.1%
- Iida Group Holdings¥1.48T · 7.5%
- Asahi Kasei¥1.08T · 9.3%
- Open House Group¥671.3B · 10.3%
- Daito Trust Construction¥544.3B · 8.3%
- Sekisui Chemical¥535.9B · 6.9%
- Nomura Real Estate Holdings¥431.7B · 14.0%
- Ki-Star Real Estate¥372.2B · 7.4%
- Yamada Holdings¥330.8B · 3.1%
- Tama Home¥190.8B · 1.3%
- Sumitomo Realty & Development¥188.7B · 7.1%
- Katitas¥151.9B · 12.0%
- Takamatsu Construction Group¥84.1B · 7.2%
- starts¥76.2B · 10.2%
- Fuji¥67.7B · 6.9%
- Tomoku¥55.2B · 1.8%
- Nice¥54.9B · 7.1%
- property technologies¥50.9B · 4.0%
- Grandy House¥49.7B · 2.5%
- Logos Holdings¥49.5B · 2.9%
- Arr Planner¥48.3B · 10.0%
- Avantia¥45.6B · -0.3%
- Sala¥44.9B · 2.0%
- First Juken¥41B · 7.6%
- VT Holdings¥31.5B · 6.5%
- Agratio urban design¥30.4B · 10.8%
- NAGAWA Co .¥29.1B · 12.6%
- Nihon House Holdings¥25.3B · 13.2%
- Tsuchiya Holdings¥22.4B · -1.4%
- Sanyo Homes¥20.5B · -1.1%
- STrust¥18.7B · 11.5%
- Daieisangyo¥18.6B · 4.1%
- Forlife¥17.5B · 8.3%
- Home Position¥17.4B · 3.3%
- Lib Work¥15.7B · 3.4%
- Asahi Broadcasting Group Holdings¥13.8B · 1.8%
- Mikikogyo¥13.3B · 4.5%
- NAC Co .¥11.7B · 2.4%
- R.c.core¥10.5B · 2.5%
- HousefreedomCo.¥10.5B · 4.6%
- Will¥10.5B · 6.9%
- AMG Holdings¥10.2B · 7.2%
- New Constructor's Network¥8.41B · 1.8%
- CEL¥8.36B · 13.7%
- Yamaichi Real Estate¥8.29B · 25.5%
- Nittoh¥7.74B · 5.2%
- Azuma House¥6.96B · 2.1%
- Bunka Shutter¥6.94B · 1.7%
- makoto construction¥6.19B
- C.S. Lumber¥5.59B · 6.0%
- Nissou¥5.08B · 1.2%
- Freesia Macross¥4.86B · 23.4%
- Grandes¥3.42B · 6.1%
- Nippon Grande¥2.86B · 3.4%
- Wadakohsan¥1.76B · 3.7%
- miratap¥1.63B · -7.2%
- Yamadai¥1.11B · -2.1%
- Fuji Japan¥895.7M · 4.7%
- Architects Studio Japan¥565.1M · 11.9%
- mbs¥188.1M · 1.4%
Revenue · Op. margin
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