# JFE Holdings,Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2025/04/01－2026/03/31) (S100YCUD)
> Page: https://vizora.meequs.com/en/company/jfe-holdings
> Retrieved: 2026-09-30T22:16:56.510Z

## Company

JFE Holdings, founded in 2002, is a company in Steel listed on TSE Prime. It has 61,628 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JFE Holdings, Inc. |
| Ticker | 5411 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5411.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区内幸町二丁目2番3号 |
| Representative (per filing) | 代表取締役社長 北野嘉久 |
| Founded | Sep 2002 |
| Share capital | ¥171.3B |
| Employees (consolidated) | 61,628 |
| Average salary (parent only) | ¥12.3M |
| Fiscal year end | March |
| Website | www.jfe-holdings.co.jp (https://www.jfe-holdings.co.jp/) |
| Corporate number | 6010001080308 |
| EDINET | E01264 |
| Industries (Vizora) | Steel, Plant Engineering & Building Services, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YCUD, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.2 | 33 |
| Profitability | 30 | 35 |
| Cash conversion | 85.5 | 31 |
| Efficiency | 64.3 | 35 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 61% of JFE Holdings's sales come from Steel business, with Trading business and Engineering business making up much of the rest.
- 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%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.54T |  |
| Operating income | ¥112.2B | Margin 2.5% |
| Net income | ¥70.2B | Margin 1.5% |
| Free cash flow | — |  |
| Largest business | Steel business | of segment revenue 60.7% |
| Employees (consolidated) | 61,628 |  |
| EPS | ¥110.3 |  |
| Diluted EPS | ¥105.47 |  |
| Book value per share | ¥1746.61 |  |
| Equity ratio | 44.4% | Derived from disclosed figures |
| Shares outstanding | 639,438,000 |  |
| Treasury shares | 2,443,700 |  |
| Shareholders | 305,781 |  |
| Average salary (parent only) | ¥12.3M | Filing company only |
| Cash ratio | 2.8% | Cash ÷ revenue 3.7% |
| Vs. industry median margin | -1 pp | Steel |
| ROE | 2.7% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.4× net income
- FY2026, parent-company salary changed +28% over five years
- FY2026, segment profit share differs by -24 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3227285000000 | ¥4539270000000 | +40.7% |
| Operating income | ¥7566000000 | ¥112203000000 | +1383.0% |
| Operating margin | 0.2% | 2.5% | +2.2 pp |
| Employees | 64,371 people | 61,628 people | -4.3% |
| Cash and equivalents | ¥142416000000 | ¥167807000000 | +17.8% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 鉄鋼事業 → 鉄鋼事業 | 60.1% |
| エンジニアリング事業 → エンジニアリング事業 | 12.9% |
| エンジニアリング事業 → 事業再編・廃止 | 1.9% |
| 商社事業 → 商社事業 | 25.2% |
| 新設・再編 → 鉄鋼事業 | 0.6% |
| 新設・再編 → 商社事業 | 1.2% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Steel business | 5 years | +7.3% | ¥2756616000000 | 1.4% | 2 |
| Trading business | 5 years | +8.1% | ¥1198996000000 | 3.4% | 2 |
| Engineering business | 5 years | +4.2% | ¥583657000000 | 4.1% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,539,270 | 100.0% | S100YCUD |
| Cost of revenue | 4,013,367 | 88.4% | S100YCUD |
| Gross profit | 525,903 | 11.6% | S100YCUD |
| SG&A | 431,062 | 9.5% | S100YCUD |
| Operating income | 112,203 | 2.5% | S100YCUD |
| Pretax income | 87,417 | 1.9% | S100YCUD |
| Income tax | 13,385 | 0.3% | S100YCUD |
| Net income | 74,032 | 1.6% | S100YCUD |
| Net income attributable to owners | 70,165 | 1.5% | S100YCUD |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 10 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 11.6% → Operating margin 2.5% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.6%; Core profit growth: -32.0%
Operating leverage (core profit growth ÷ revenue growth): 4.86×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,859,647 | 4,539,270 | -320,377 | -6.6% |
| Gross profit | 533,081 | 525,903 | -7,178 | -1.3% |
| Operating income | 165,068 | 112,203 | -52,865 | -32.0% |
| Net income attributable to owners | 91,867 | 70,165 | -21,702 | -23.6% |
| Operating cash flow | 378,968 | 379,081 | 113 | +0.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2018 | 3,627,248 | — | — | 97,635 | 328,358 | — | S100OCG5 |
| FY ending Mar 2019 | 3,873,662 | — | — | 163,509 | 268,251 | — | S100R3KR |
| FY ending Mar 2020 | 3,729,717 | -200,927 | -5.4% | -197,744 | 261,070 | — | S100LMEZ |
| FY ending Mar 2021 | 3,227,285 | 7,566 | 0.2% | -21,868 | 247,274 | — | S100OCG5 |
| FY ending Mar 2022 | 4,365,145 | 400,192 | 9.2% | 288,058 | 298,738 | — | S100R3KR |
| FY ending Mar 2023 | 5,268,794 | 225,086 | 4.3% | 162,621 | 395,797 | — | S100TPCX |
| FY ending Mar 2024 | 5,174,632 | 287,003 | 5.5% | 197,421 | 478,967 | — | S100VZW5 |
| FY ending Mar 2025 | 4,859,647 | 165,068 | 3.4% | 91,867 | 378,968 | — | S100YCUD |
| FY ending Mar 2026 | 4,539,270 | 112,203 | 2.5% | 70,165 | 379,081 | — | S100YCUD |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥73.7M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 64,296 | 64,241 | 62,218 | 61,296 | 61,628 |
| Average salary (parent company) | ¥9.6M | ¥12.4M | ¥11.7M | ¥12.6M | ¥12.3M |
| Average age (parent company) | 46.0 years | 46.1 years | 47.5 years | 47.0 years | 48.0 years |
| Average tenure (parent company) | 22.0 years | 21.8 years | 23.6 years | 22.9 years | 23.5 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) -6.6%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel business | 2,756,616 | 60.7% | 38,022 | 1.4% |
| Engineering business | 583,657 | 12.9% | 23,972 | 4.1% |
| Trading business | 1,198,996 | 26.4% | 40,202 | 3.4% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Steel business | 60.7% | 37.2% | -23.5 | 1.4% |
| Engineering business | 12.9% | 23.5% | 10.6 | 4.1% |
| Trading business | 26.4% | 39.3% | 12.9 | 3.4% |

Segment → industry: Steel business → Steel / Engineering business → Plant Engineering & Building Services / Trading business → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 379,081 | 8.4% | S100YCUD |
| Investing cash flow | -452,784 | -10.0% | S100YCUD |
| Financing cash flow | 61,681 | 1.4% | S100YCUD |
| Dividends paid | 57,334 | 1.3% | S100YCUD |
| Share buyback | 655 | 0.0% | S100YCUD |
| Change in cash | -5,034 | -0.1% | S100YCUD |
| Cash and equivalents | 167,807 | 3.7% | S100YCUD |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 101,773 | 119,391 | 243,079 | 172,841 | 167,807 | S100TPCX, S100VZW5, S100YCUD |
| Total assets | 5,287,909 | 5,524,040 | 5,754,964 | 5,647,637 | 5,895,238 | S100R3KR, S100TPCX, S100VZW5, S100YCUD |
| Net assets | 2,070,739 | 2,193,395 | 2,538,521 | 2,586,868 | 2,680,190 | S100TPCX, S100VZW5, S100YCUD |
| Share capital | 147,143 | 147,143 | 171,310 | 171,310 | 171,310 | S100R3KR, S100TPCX, S100VZW5, S100YCUD |
| Property, plant and equipment | 1,850,779 | 1,891,053 | 1,948,217 | 1,964,041 | 2,039,974 | S100R3KR, S100TPCX, S100VZW5, S100YCUD |
| Goodwill | 8,174 | 14,911 | 15,446 | 33,999 | 31,348 | S100R3KR, S100TPCX, S100VZW5, S100YCUD |
| Current assets | 2,392,629 | 2,558,615 | 2,627,020 | 2,368,785 | 2,304,738 | S100R3KR, S100TPCX, S100VZW5, S100YCUD |
| Total liabilities | 3,217,170 | 3,330,644 | 3,216,443 | 3,060,768 | 3,215,048 | S100R3KR, S100TPCX, S100VZW5, S100YCUD |
| Equity attributable to owners of parent | 1,988,268 | 2,120,322 | 2,464,128 | 2,529,578 | 2,619,535 | S100R3KR, S100TPCX, S100VZW5, S100YCUD |
| Retained earnings | 1,294,875 | 1,397,735 | 1,570,027 | 1,607,951 | 1,646,021 | S100R3KR, S100TPCX, S100VZW5, S100YCUD |
| Treasury stock | -180,580 | -156,408 | -14,938 | -13,736 | -12,608 | S100R3KR, S100TPCX, S100VZW5, S100YCUD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YCUD |
| Property, plant and equipment | 35% | S100YCUD |
| Intangibles and goodwill | 0% | — |
| Other assets | 62% | S100YCUD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100YCUD |
| Equity | 45% | S100YCUD |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,287,909 | 5,524,040 | 5,754,964 | 5,647,637 | 5,895,238 |
| Equity | 2,070,739 | 2,193,395 | 2,538,521 | 2,586,868 | 2,680,190 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 101,773 | 119,391 | 243,079 | 172,841 | 167,807 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 44.9% | S100YCUD |
| Fixed assets ÷ total assets | 34.6% | S100YCUD |
| Goodwill ÷ parent equity | 1.2% | S100YCUD |

Goodwill over 4 years: 8,174 → 31,348 JPY; total investing cash flow: -1,623,564 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 2.8% |
| Cash ÷ revenue | 3.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 337.9% |
| Cash vs. profit gap | 308,916 JPY mn (of net income 440.3%) |
| Shareholder returns / net income | 82.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 81.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 119.4% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.6% | 0.83× | 5.4% | 2.66× | 14.5% | S100R3KR |
| 2023 | 3.1% | 0.97× | 3.0% | 2.63× | 7.9% | S100TPCX |
| 2024 | 3.8% | 0.92× | 3.5% | 2.46× | 8.6% | S100VZW5 |
| 2025 | 1.9% | 0.85× | 1.6% | 2.28× | 3.7% | S100YCUD |
| 2026 | 1.5% | 0.79× | 1.2% | 2.24× | 2.7% | S100YCUD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 15.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.5% | 2026-03-31 |
| ＪＦＥ従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.7% | 2026-03-31 |
| ＪＦＥ取引先持株会 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |
| THE BANK OF NEW YORK, TREATY JASDEC ACCOUNT （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.1% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 came to ¥4.54T, down 6.6% from ¥4.86T.
- Operating income fell harder, from ¥165.1B to ¥112.2B (-32.0%), and net income attributable to owners slipped from ¥91.9B to ¥70.2B (-23.6%).
- Operating cash flow held steady at ¥379.1B.

### Drivers

- Weak steel demand at home and abroad and soft overseas prices pushed down both steel prices and shipment volumes.
- The trading business handled less steel as Japanese construction demand stayed weak and trade policies in several countries weighed on deals.
- Engineering grew, helped by progress on projects already won and by acquisitions, and posted record sales and orders.
- Net income was also hit by smaller gains from land sales than the year before.

### Risks

- Rising Chinese exports and new steelmaking capacity in emerging markets could make overseas competition tougher.
- Higher tariffs or other import restrictions abroad could limit the group's steel exports.
- If higher costs for iron ore, coking coal or electricity cannot be passed on in steel prices, profits will suffer.

Cited: Annual Securities Report (FY ending Mar 2026) (Management's analysis of financial position, results and cash flows); Annual Securities Report (FY ending Mar 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/04/01－2026/03/31) | S100YCUD | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCUD,, |
| 有価証券報告書－第23期(2024/04/01－2025/03/31) | S100VZW5 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZW5,, |
| 有価証券報告書－第22期(2023/04/01－2024/03/31) | S100TPCX | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPCX,, |
| 有価証券報告書－第21期(2022/04/01－2023/03/31) | S100R3KR | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3KR,, |
| 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) | S100OCG5 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCG5,, |
| 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) | S100LMEZ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMEZ,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).