Prices as of 2026/10/30 close
Company comparison · Mid-Tier Real Estate & Asset Managers
Nomura Real Estate is the largest by revenue at ¥942.5B, followed by Hulic (¥727.4B), Kasumigaseki Capital (¥163.8B) and Tosei (¥94.7B).
Hulic has the highest operating margin at 25.7%, 11.0 points above the lowest, Nomura Real Estate (14.7%).
Revenue growth in the latest results: Kasumigaseki Capital +69.7%, Nomura Real Estate +24.4%, Hulic +22.9%, Tosei +15.2%. For next year, Kasumigaseki Capital guides for the fastest operating profit growth (+47.1%).
Hulic pays the most on average (¥20.4M), ¥11.3M more than Tosei (¥9.04M).
Over the past year the shares moved Hulic +15.6%, Tosei +13.9%, Nomura Real Estate −2.2%, Kasumigaseki Capital −12.7%.
Head-to-head wins18 metrics
One win per metric for the company with the best value. Metrics with no better or worse (P/E, average age, employees) are excluded.
ScaleInvestors
Hulic aheadNomura Real Estate 1 : Hulic 2 : Kasumigaseki Capital 0 : Tosei 0
Revenue: Nomura Real Estate ¥942.5B / Hulic ¥727.4B / Kasumigaseki Capital ¥163.8B / Tosei ¥94.7B
ProfitabilityInvestors
Hulic aheadNomura Real Estate 0 : Hulic 3 : Kasumigaseki Capital 1 : Tosei 0
Operating margin: Nomura Real Estate 14.7% / Hulic 25.7% / Kasumigaseki Capital 17.0% / Tosei 23.6%
GrowthInvestors
Kasumigaseki Capital aheadNomura Real Estate 0 : Hulic 1 : Kasumigaseki Capital 4 : Tosei 0
Revenue growth (YoY): Nomura Real Estate +24.4% / Hulic +22.9% / Kasumigaseki Capital +69.7% / Tosei +15.2%
Stock & balance sheetInvestors
EvenNomura Real Estate 0 : Hulic 1 : Kasumigaseki Capital 1 : Tosei 1
Share price, 1 year: Nomura Real Estate −2.2% / Hulic +15.6% / Kasumigaseki Capital −12.7% / Tosei +13.9%
Pay & workforceJob seekers
Hulic aheadNomura Real Estate 1 : Hulic 2 : Kasumigaseki Capital 0 : Tosei 0
Average salary: Nomura Real Estate ¥11.8M / Hulic ¥20.4M / Kasumigaseki Capital ¥16.8M / Tosei ¥9.04M
| Metric | Nomura Real Estate | Hulic | Kasumigaseki Capital | Tosei |
|---|---|---|---|---|
| Revenue | ◎¥942.5B | ¥727.4B | ¥163.8B | ¥94.7B |
| Operating profit | ¥138.2B | ◎¥186.8B | ¥27.9B | ¥22.3B |
| Net income | ¥82.9B | ◎¥114.3B | ¥16.7B | ¥14.8B |
| Metric | Nomura Real Estate | Hulic | Kasumigaseki Capital | Tosei |
|---|---|---|---|---|
| Operating margin | 14.7% | ◎25.7% | 17.0% | 23.6% |
| Net margin | 8.8% | ◎15.7% | 10.2% | 15.6% |
| ROE | — | 13.0% | ◎27.2% | 15.3% |
| Revenue per employee | ¥2.3B | ◎¥3.1B | ¥469M | ¥336M |
| Metric | Nomura Real Estate | Hulic | Kasumigaseki Capital | Tosei |
|---|---|---|---|---|
| Revenue growth (YoY) | +24.4% | +22.9% | ◎+69.7% | +15.2% |
| Operating profit growth (YoY) | +16.2% | +14.3% | ◎+47.2% | +20.8% |
| Revenue CAGRlast 5 years | +10.2% | ◎+12.9% | — | +11.3% |
| Guidance: revenue growthnext FY plan | +14.6% | — | ◎+34.3% | +29.9% |
| Guidance: op. profit growthnext FY plan | +1.3% | +12.4% | ◎+47.1% | +10.2% |
| Metric | Nomura Real Estate | Hulic | Kasumigaseki Capital | Tosei |
|---|---|---|---|---|
| Share price, 1 year | −2.2% | ◎+15.6% | −12.7% | +13.9% |
| Share price, 3 months | −8.8% | −1.4% | −0.8% | ◎−0.2% |
| P/E (trailing)lower = cheaper | — | 12.0x | 10.3x | 12.1x |
| Equity ratio | — | 26.8% | ◎39.5% | 33.5% |
| Share price (close) | ¥887.1 | ¥1,804.5 | ¥7,330 | ¥1,842 |
◎ marks the best value for each metric. Revenue and profit are from the latest full-year earnings release; share prices are closing-price references; P/E = latest close ÷ trailing EPS. For banks and some other financials, revenue means ordinary income.
| Metric | Nomura Real Estate | Hulic | Kasumigaseki Capital | Tosei |
|---|---|---|---|---|
| Average salary | ¥11.8M | ◎¥20.4M | ¥16.8M | ¥9.04M |
| Starting salary (monthly) | ¥300,000 | ◎¥330,000 | — | ¥253,000 |
| Average tenure | ◎13.5 yrs | 6.8 yrs | 2.2 yrs | 5.7 yrs |
| Average age | 41.7 | 38.9 | 37.5 | 36.6 |
| Employees | 403 | 233 | 349 | 282 |
Average salary is for the reporting (parent) company and is affected by average age and job mix. Holding companies with few employees are left out of the salary comparison.
Close (Oct 30, 2026)
¥887.1-2.2% (1Y)
Nomura Real Estate -2.2% over 1Y. Compared: Hulic +15.6%, Kasumigaseki Capital -12.7%, Tosei +13.9%.
Reference chart of daily closing prices, not real-time quotes (split-adjusted; weekly closes before the last year). Each line shows the % change from the start of the period. Updated Oct 30, 2026.
Nomura Real Estate3 segments
Hulic4 segments
Kasumigaseki Capital1 segments
Tosei6 segments
AAverage annual salary from the securities filings: Hulic ¥20.4M, Kasumigaseki Capital ¥16.8M, Nomura Real Estate ¥11.8M, Tosei ¥9.04M. Hulic pays the most. Averages also depend on staff age and job mix, so check the average age too (Nomura Real Estate 41.7, Hulic 38.9, Kasumigaseki Capital 37.5, Tosei 36.6).
ARevenue in the latest results: Nomura Real Estate ¥942.5B, Hulic ¥727.4B, Kasumigaseki Capital ¥163.8B, Tosei ¥94.7B. Nomura Real Estate is the largest by revenue at ¥942.5B, followed by Hulic (¥727.4B), Kasumigaseki Capital (¥163.8B) and Tosei (¥94.7B).
AOperating margins: Hulic 25.7%, Tosei 23.6%, Kasumigaseki Capital 17.0%, Nomura Real Estate 14.7%. Hulic turns the highest share of sales into operating profit.
AShare price change over the past year (closing prices, for reference): Hulic +15.6%, Tosei +13.9%, Nomura Real Estate −2.2%, Kasumigaseki Capital −12.7%. Hulic has risen the most.
Comparing 4 companies (up to 4)
Sources: earnings releases (kessan tanshin), annual securities reports and other public information. Share prices are closing-price references, not real-time. Our data may contain errors; investment decisions are your own responsibility.
