JFE HoldingsJFE Holdings,Inc.5411東証プライム鉄鋼FY ending Mar 2026, consolidated, IFRS

JFE Holdings revenue and profit

Out of every ¥100 of sales, about ¥2 is left as operating profit. Revenue changed -6.6% from the prior year, operating profit -32.0%.

Five-year trend

Revenue¥4.54T
FY ending Mar 2022: ¥4.37T¥4.37TFY ending Mar 2023: ¥5.27T¥5.27TFY ending Mar 2024: ¥5.17T¥5.17TFY ending Mar 2025: ¥4.86T¥4.86TFY ending Mar 2026: ¥4.54T¥4.54TFY22FY23FY24FY25FY26
Operating income¥112.2B
FY ending Mar 2022: ¥400.2B¥400.2BFY ending Mar 2023: ¥225.1B¥225.1BFY ending Mar 2024: ¥287B¥287BFY ending Mar 2025: ¥165.1B¥165.1BFY ending Mar 2026: ¥112.2B¥112.2BFY22FY23FY24FY25FY26
Operating margin2.5%
FY ending Mar 2022: 9.2%9.2%FY ending Mar 2023: 4.3%4.3%FY ending Mar 2024: 5.5%5.5%FY ending Mar 2025: 3.4%3.4%FY ending Mar 2026: 2.5%2.5%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin1.5%
Asset turnover0.79×
ROA1.2%
ROA1.2%
Financial leverage2.24×
ROE2.7%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin1.5%
2022: 6.6%6.6%2023: 3.1%3.1%2024: 3.8%3.8%2025: 1.9%1.9%2026: 1.5%1.5%2223242526
Asset turnover0.79×
2022: 0.83×0.83×2023: 0.97×0.97×2024: 0.92×0.92×2025: 0.85×0.85×2026: 0.79×0.79×2223242526
ROA1.2%
2022: 5.4%5.4%2023: 3.0%3.0%2024: 3.5%3.5%2025: 1.6%1.6%2026: 1.2%1.2%2223242526
Financial leverage2.24×
2022: 2.66×2.66×2023: 2.63×2.63×2024: 2.46×2.46×2025: 2.28×2.28×2026: 2.24×2.24×2223242526
ROE2.7%
2022: 14.5%14.5%2023: 7.9%7.9%2024: 8.6%8.6%2025: 3.7%3.7%2026: 2.7%2.7%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20226.6%0.83×5.4%2.66×14.5%
20233.1%0.97×3.0%2.63×7.9%
20243.8%0.92×3.5%2.46×8.6%
20251.9%0.85×1.6%2.28×3.7%
20261.5%0.79×1.2%2.24×2.7%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue44.9%
2021: 54.9%54.9%2022: 42.4%42.4%2023: 35.9%35.9%2024: 37.6%37.6%2025: 40.4%40.4%2026: 44.9%44.9%212223242526
PPE ÷ total assets34.6%
2021: 38.1%38.1%2022: 35.0%35.0%2023: 34.2%34.2%2024: 33.9%33.9%2025: 34.8%34.8%2026: 34.6%34.6%212223242526
Goodwill ÷ parent equity1.2%
2021: 0.4%0.4%2022: 0.4%0.4%2023: 0.7%0.7%2024: 0.6%0.6%2025: 1.3%1.3%2026: 1.2%1.2%212223242526
Goodwill balance¥31.3B
2021: ¥6.2B¥6.2B2022: ¥8.17B¥8.17B2023: ¥14.9B¥14.9B2024: ¥15.4B¥15.4B2025: ¥34B¥34B2026: ¥31.3B¥31.3B212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥42.8B
2021: ¥36.2B¥36.2B2022: ¥39.7B¥39.7B2023: ¥43B¥43B2024: ¥43.8B¥43.8B2025: ¥43B¥43B2026: ¥42.8B¥42.8B212223242526
R&D / revenue0.9%
2021: 1.1%1.1%2022: 0.9%0.9%2023: 0.8%0.8%2024: 0.8%0.8%2025: 0.9%0.9%2026: 0.9%0.9%212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue4,365,1455,268,7945,174,6324,859,6474,539,270
Cost of revenue3,694,6904,659,3714,518,4474,326,5654,013,367
Gross profit670,454609,423656,185533,081525,903
SG&A360,415392,446408,682409,375431,062
Operating income400,192225,086287,003165,068112,203
Pretax income388,535210,282268,386144,31587,417
Income tax98,74143,53067,41451,06013,385
Net income attributable to owners288,058162,621197,42191,86770,165
Operating margin9.2%4.3%5.5%3.4%2.5%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

3%
Property, plant and equipment 35%
0%
Other assets 62%

Funding

Other liabilities 55%
Equity 45%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥101.8B¥119.4B¥243.1B¥172.8B¥167.8B
Total assets¥5.29T¥5.52T¥5.75T¥5.65T¥5.9T
Net assets¥2.07T¥2.19T¥2.54T¥2.59T¥2.68T
Share capital¥147.1B¥147.1B¥171.3B¥171.3B¥171.3B
Property, plant and equipment¥1.85T¥1.89T¥1.95T¥1.96T¥2.04T
Goodwill¥8.17B¥14.9B¥15.4B¥34B¥31.3B
Current assets¥2.39T¥2.56T¥2.63T¥2.37T¥2.3T
Total liabilities¥3.22T¥3.33T¥3.22T¥3.06T¥3.22T
Equity attributable to owners of parent¥1.99T¥2.12T¥2.46T¥2.53T¥2.62T
Retained earnings¥1.29T¥1.4T¥1.57T¥1.61T¥1.65T
Treasury stock-¥180.6B-¥156.4B-¥14.9B-¥13.7B-¥12.6B

Sources

Show source documents (6)
  • EDINET (FSA Japan)

    有価証券報告書-第24期(2025/04/01-2026/03/31)

    ID S100YCUD2026-06-19Open
  • EDINET (FSA Japan)

    有価証券報告書-第23期(2024/04/01-2025/03/31)

    ID S100VZW52025-06-25Open
  • EDINET (FSA Japan)

    有価証券報告書-第22期(2023/04/01-2024/03/31)

    ID S100TPCX2024-06-25Open
  • EDINET (FSA Japan)

    有価証券報告書-第21期(2022/04/01-2023/03/31)

    ID S100R3KR2023-06-27Open
  • EDINET (FSA Japan)

    有価証券報告書-第20期(令和3年4月1日-令和4年3月31日)

    ID S100OCG52022-06-24Open
  • EDINET (FSA Japan)

    有価証券報告書-第19期(令和2年4月1日-令和3年3月31日)

    ID S100LMEZ2021-06-25Open

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