Earnings quality
Compare earnings and operating cash flow for earnings quality.
JFE Holdings, Inc.
Ticker 5411 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-19 · Period end 2026-03-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 44.4%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio44.4%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
ＪＦＥホールディングス株式会社 is a Japanese listed company. Its reportable segments include Engineering Business, Steel Business, Trading Business, Total Of.
- Engineering Business
- Steel Business
- Trading Business
- Total Of
Segments Engineering Business · Steel Business · Trading Business · Total Of
Compare trends
No phone/email found in this filing · Filing date 2026-06-19
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥533.1B | ¥525.9B |
| Operating profit (loss) | ¥165.1B | ¥112.2B |
| Finance income | ¥5.7B | ¥5.6B |
| Finance costs | ¥26.5B | ¥30.4B |
| Income tax expense | ¥51.1B | ¥13.4B |
| Profit (loss) | ¥93.3B | ¥74.0B |
| Profit (loss) attributable to owners | ¥91.9B | ¥70.2B |
| Basic EPS (¥) | 144.43 | 110.30 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥172.8B | ¥167.8B |
| Current assets | ¥2.4T | ¥2.3T |
| Non-current assets | ¥3.3T | ¥3.6T |
| Total assets | ¥5.6T | ¥5.9T |
| Short-term borrowings | — | — |
| Current liabilities | ¥1.5T | ¥1.5T |
| Non-current liabilities* | ¥1.6T | ¥1.7T |
| Total liabilities | ¥3.1T | ¥3.2T |
| Equity attributable to owners | ¥2.5T | ¥2.6T |
| Total equity | ¥2.6T | ¥2.7T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥379.0B | ¥379.1B |
| Cash flows from investing activities | -¥283.2B | -¥452.8B |
| Cash flows from financing activities | -¥157.4B | ¥61.7B |
| Net increase (decrease) in cash | -¥70.2B | -¥5.0B |
| Cash at end of period | ¥172.8B | ¥167.8B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥4.4T | ¥5.3T | ¥5.2T | ¥4.9T | ¥4.5T | |
| Operating profit | — | — | — | ¥165.1B | ¥112.2B | |
| Profit to owners | ¥288.1B | ¥162.6B | ¥197.4B | ¥91.9B | ¥70.2B | |
| Total assets | ¥5.3T | ¥5.5T | ¥5.8T | ¥5.6T | ¥5.9T | |
| Cash & equivalents | ¥101.8B | ¥119.4B | ¥243.1B | ¥172.8B | ¥167.8B | |
| Owners’ equity | ¥2.0T | ¥2.1T | ¥2.5T | ¥2.5T | ¥2.6T |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from — to — (—), so the top line did not break. Gross profit only slipped from ¥533.1B to ¥525.9B, while operating profit swung from ¥165.1B to ¥112.2B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥379.1B (prior ¥379.0B), and cash on the balance sheet rose to ¥167.8B from ¥172.8B. When profits collapse but operating cash stays positive, read the notes for impairments and other non-cash charges before assuming the business stopped generating cash.
Goodwill on the balance sheet fell from ¥34.0B to ¥31.3B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥3.2T while owners’ equity fell to ¥2.6T. ROE moved from 3.7% to 2.7%, and the equity ratio from 44.8% to 44.4%. Employee count is 61,628 vs 61,296 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 44.8% to 44.4%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100YCUD
(ＪＦＥホールディングス株式会社), period end 2026-03-31.