# JGC HOLDINGS CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第130期(2025/04/01－2026/03/31) (S100YEFQ)
> Page: https://vizora.meequs.com/en/company/jgc-holdings
> Retrieved: 2026-09-30T21:50:15.225Z

## Company

JGC Holdings, founded in 1928, is a company in Chemicals listed on TSE Prime. It has 8,154 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JGC HOLDINGS CORPORATION |
| Ticker | 1963 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1963.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市西区みなとみらい2丁目3番1号 |
| Representative (per filing) | 代表取締役会長兼社長 CEO 佐藤 雅之 |
| Founded | Oct 1928 |
| Share capital | ¥24B |
| Employees (consolidated) | 8,154 |
| Average salary (parent only) | ¥9.7M |
| Fiscal year end | March |
| Website | www.jgc.com (https://www.jgc.com/) |
| Corporate number | 3010001008732 |
| EDINET | E01575 |
| Industries (Vizora) | Chemicals, Glass & Ceramics, Plant Engineering & Building Services |

> Profile source: annual securities report (S100YEFQ, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.6 | 72 |
| Profitability | 13.8 | 76 |
| Cash conversion | 96.6 | 74 |
| Efficiency | 41.4 | 76 |
| Financial strength | 94.4 | 9 |

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 91% of JGC Holdings's sales come from Engineering, with Functional Materials Manufacturing and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -13.1% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Engineering 91.2%、Functional Materials Manufacturing 7.6%、Other 1.2%
- Revenue → net income: ¥745280000000 → ¥41868000000
- Net income → operating cash flow: ¥41868000000 → ¥79898000000（difference ¥38030000000）
- Main uses of operating cash flow: CapEx ¥17725000000 / dividends ¥9641000000 / buybacks —
- Change in cash: ¥67708000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥745.3B |  |
| Operating income | ¥35.4B | Margin 4.7% |
| Net income | ¥41.8B | Margin 5.6% |
| Free cash flow | ¥62.2B |  |
| Largest business | Engineering | of segment revenue 91.2% |
| Employees (consolidated) | 8,154 |  |
| EPS | ¥-17.58 |  |
| Diluted EPS | ¥172.94 |  |
| Book value per share | ¥952.37 |  |
| Equity ratio | 51.2% |  |
| Shares outstanding | 244,293,000 |  |
| Treasury shares | 2,442,300 |  |
| Shareholders | 53,348 |  |
| Average salary (parent only) | ¥9.7M | Filing company only |
| Cash ratio | 47.7% | Net cash ¥366.1B · Cash ÷ revenue 53.7% |
| Vs. industry median margin | -4.3 pp | Plant Engineering & Building Services |
| ROE | 11.0% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 77% of positive segment profit
- FY2026, cash is 48% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥433970000000 | ¥745280000000 | +71.7% |
| Operating income | ¥22880000000 | ¥35399000000 | +54.7% |
| Operating margin | 5.3% | 4.7% | -0.5 pp |
| Employees | 7,371 people | 8,154 people | +10.6% |
| Cash and equivalents | ¥268281000000 | ¥400470000000 | +49.3% |

### 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 |
| --- | ---: |
| 総合エンジニアリング → 総合エンジニアリング | 89.5% |
| 機能材製造 → 機能材製造 | 7.6% |
| 機能材製造 → 事業再編・廃止 | 1.7% |
| その他 → その他 | 1.1% |
| 新設・再編 → 総合エンジニアリング | 1.6% |
| 新設・再編 → その他 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Engineering | 5 years | +11.8% | ¥679588000000 | 5.0% | 2 |
| Functional Materials Manufacturing | 5 years | +7.0% | ¥56995000000 | 13.5% | 2 |
| Other | 5 years | +13.3% | ¥8696000000 | 24.3% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 745,280 | 100.0% | S100YEFQ |
| Cost of revenue | 681,135 | 91.4% | S100YEFQ |
| Gross profit | 64,144 | 8.6% | S100YEFQ |
| SG&A | 28,745 | 3.9% | S100YEFQ |
| Operating income | 35,399 | 4.7% | S100YEFQ |
| Ordinary income | 58,188 | 7.8% | S100YEFQ |
| Pretax income | 60,769 | 8.2% | S100YEFQ |
| Income tax | 18,901 | 2.5% | S100YEFQ |
| Net income | 41,868 | 5.6% | S100YEFQ |
| Net income attributable to owners | 41,842 | 5.6% | S100YEFQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 4 |
| Operating income | 5 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 8.6% → Operating margin 4.7% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 858,082 | 745,280 | -112,802 | -13.1% |
| Gross profit | 18,926 | 64,144 | 45,218 | +238.9% |
| Operating income | -11,474 | 35,399 | 46,873 | — |
| Net income attributable to owners | -398 | 41,842 | 42,240 | — |
| Operating cash flow | 46,761 | 79,898 | 33,137 | +70.9% |
| Free cash flow | 32,350 | 62,173 | 29,823 | +92.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 480,809 | 20,234 | 4.2% | 4,117 | 92,442 | 85,774 | S100LTOE |
| FY ending Mar 2021 | 433,970 | 22,880 | 5.3% | 5,141 | 12,467 | 2,261 | S100OLAH |
| FY ending Mar 2022 | 428,401 | 20,688 | 4.8% | -35,551 | 19,311 | 9,505 | S100R865 |
| FY ending Mar 2023 | 606,890 | 36,699 | 6.0% | 30,665 | 110,769 | 98,631 | S100TVFX |
| FY ending Mar 2024 | 832,595 | -18,995 | -2.3% | -7,830 | 11,090 | -7,897 | S100W7L9 |
| FY ending Mar 2025 | 858,082 | -11,474 | -1.3% | -398 | 46,761 | 32,350 | S100YEFQ |
| FY ending Mar 2026 | 745,280 | 35,399 | 4.7% | 41,842 | 79,898 | 62,173 | S100YEFQ |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥91.4M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥5.1M |

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) | 7,275 | 7,876 | 8,865 | 8,365 | 8,154 |
| Average salary (parent company) | ¥8.5M | ¥8.4M | ¥10.8M | ¥9.3M | ¥9.7M |
| Average age (parent company) | 44.0 years | 43.0 years | 44.8 years | 43.7 years | 44.6 years |
| Average tenure (parent company) | 16.5 years | 14.8 years | 14.4 years | 12.3 years | 12.8 years |

Year over year: Employees (consolidated) -2.5% · Revenue (consolidated) -13.1%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Engineering | 679,588 | 91.2% | 33,641 | 5.0% |
| Functional Materials Manufacturing | 56,995 | 7.6% | 7,676 | 13.5% |
| Other | 8,696 | 1.2% | 2,113 | 24.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Engineering | 91.2% | 77.5% | -13.7 | 5.0% |
| Functional Materials Manufacturing | 7.6% | 17.7% | 10.0 | 13.5% |
| Other | 1.2% | 4.9% | 3.7 | 24.3% |

Segment → industry: Functional Materials Manufacturing → Chemicals / Functional Materials Manufacturing → Glass & Ceramics / Engineering → Plant Engineering & Building Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 79,898 | 10.7% | S100YEFQ |
| Capital expenditure | 17,725 | 2.4% | S100YEFQ |
| Free cash flow | 62,173 | 8.3% | 算出 |
| Investing cash flow | -14,822 | -2.0% | S100YEFQ |
| Financing cash flow | -10,979 | -1.5% | S100YEFQ |
| Dividends paid | 9,641 | 1.3% | S100YEFQ |
| Change in cash | 67,708 | 9.1% | S100YEFQ |
| Cash and equivalents | 400,470 | 53.7% | S100YEFQ |

## 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 | 288,009 | 332,755 | 324,507 | 332,761 | 400,470 | S100TVFX, S100W7L9, S100YEFQ |
| Total assets | 694,274 | 713,127 | 792,296 | 784,175 | 838,793 | S100R865, S100TVFX, S100W7L9, S100YEFQ |
| Net assets | 387,662 | 397,981 | 387,885 | 392,260 | 431,191 | S100TVFX, S100W7L9, S100YEFQ |
| Share capital | 23,672 | 23,733 | 23,798 | 23,885 | 23,994 | S100R865, S100TVFX, S100W7L9, S100YEFQ |
| Property, plant and equipment | 69,534 | 72,234 | 84,411 | 88,296 | 94,561 | S100R865, S100TVFX, S100W7L9, S100YEFQ |
| Intangible assets excluding goodwill | 9,676 | 11,025 | 13,328 | 14,234 | 14,911 | S100R865, S100TVFX, S100W7L9, S100YEFQ |
| Investment securities | 55,837 | 59,224 | 56,073 | 80,386 | 83,164 | S100R865, S100TVFX, S100W7L9, S100YEFQ |
| Current assets | 533,343 | 539,493 | 603,563 | 561,267 | 613,271 | S100R865, S100TVFX, S100W7L9, S100YEFQ |
| Current liabilities | 253,836 | 272,206 | 350,736 | 346,928 | 357,285 | S100R865, S100TVFX, S100W7L9, S100YEFQ |
| Short-term borrowings | 2,167 | 2,336 | 3,817 | 250 | 325 | S100R865, S100TVFX, S100W7L9, S100YEFQ |
| Long-term borrowings | 11,496 | 13,891 | 14,717 | 13,887 | 14,024 | S100R865, S100TVFX, S100W7L9, S100YEFQ |
| Bonds | 20,000 | 10,000 | 20,000 | 10,000 | 20,000 | S100R865, S100TVFX, S100W7L9, S100YEFQ |
| Interest-bearing debt | 33,663 | 26,227 | 38,534 | 24,137 | 34,349 | 算出 |
| Total liabilities | 306,612 | 315,145 | 404,410 | 391,914 | 407,601 | S100R865, S100TVFX, S100W7L9, S100YEFQ |
| Non-controlling interests | 517 | 637 | 1,730 | 1,604 | 1,772 | S100R865, S100TVFX, S100W7L9, S100YEFQ |
| Equity attributable to owners of parent | 384,901 | 391,889 | 374,202 | 364,353 | 396,572 | S100R865, S100TVFX, S100W7L9, S100YEFQ |
| Retained earnings | 342,198 | 369,066 | 350,511 | 340,488 | 372,491 | S100R865, S100TVFX, S100W7L9, S100YEFQ |
| Treasury stock | -6,740 | -26,741 | -25,485 | -25,486 | -3,367 | S100R865, S100TVFX, S100W7L9, S100YEFQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100YEFQ |
| Property, plant and equipment | 11% | S100YEFQ |
| Intangibles and goodwill | 2% | S100YEFQ |
| Investment securities | 10% | S100YEFQ |
| Other assets | 29% | S100YEFQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 4% | 算出 |
| Other liabilities | 45% | S100YEFQ |
| Equity | 51% | S100YEFQ |
| Other liabilities | 0% | S100YEFQ |

### 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 | 694,274 | 713,127 | 792,296 | 784,175 | 838,793 |
| Equity | 387,662 | 397,981 | 387,885 | 392,260 | 431,191 |
| Interest-bearing debt | 33,663 | 26,227 | 38,534 | 24,137 | 34,349 |
| Cash | 288,009 | 332,755 | 324,507 | 332,761 | 400,470 |

## 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) | 12.7% | S100YEFQ |
| Fixed assets ÷ total assets | 11.3% | S100YEFQ |
| Goodwill ÷ parent equity | — | —, S100YEFQ |

### 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) | 47.7% |
| Cash ÷ revenue | 53.7% |
| Net cash (cash − interest-bearing debt) | ¥366.1B |
| Net debt ÷ operating cash flow | -4.58× |
| Cash conversion (operating CF ÷ operating income) | 225.7% |
| Cash vs. profit gap | 38,056 JPY mn (of net income 91.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.0% |
| Shareholder payments — dividends / FCF | 15.5% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 18.6% |

## 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 | — | —× | -5.1% | —× | — | S100R865 |
| 2023 | 5.1% | 0.86× | 4.4% | 1.81× | 7.9% | S100TVFX |
| 2024 | — | —× | -1.0% | —× | — | S100W7L9 |
| 2025 | — | —× | -0.1% | —× | — | S100YEFQ |
| 2026 | 5.6% | 0.92× | 5.2% | 2.13× | 11.0% | S100YEFQ |

## 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 | 19.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 10.5% | 2026-03-31 |
| 日揮商事株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行) | Major shareholder | 3.6% | 2026-03-31 |
| 公益財団法人日揮・実吉奨学会基本財産口 | Major shareholder | 3.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505019 (常任代理人 株式会社みずほ銀行) | Major shareholder | 2.4% | 2026-03-31 |
| ゴールドマン・サックス証券株式会社 BNYM (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 2.2% | 2026-03-31 |
| BNYMSANV AS AGENT/CLIENTS LUX UCITS NON TREATY １ (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行) | Major shareholder | 1.3% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥745.3B, down -13.1% from ¥858.1B a year earlier.
- Gross profit still rose from ¥18.9B to ¥64.1B, and operating income turned from a loss of -¥11.5B to a profit of ¥35.4B.
- Net income attributable to owners went from -¥398M to ¥41.8B.
- Cash generation also improved: operating cash flow reached ¥79.9B (+70.9%) and free cash flow ¥62.2B (+92.2%).

### Drivers

- Sales fell because new engineering orders were pushed back and many projects were in their final stages
- Apart from a few troubled projects, large jobs in Japan and overseas progressed steadily and margins improved
- In functional materials, demand grew for refinery catalysts sold overseas and for semiconductor-related fine chemicals and ceramics

### Risks

- Projects under way in the Middle East have been disrupted by the conflict, and the booked impact assumes work there can proceed normally by the first half of next year
- Higher interest rates and building costs are leading some customers to delay investment decisions, especially for hydrogen, fuel ammonia and SAF plants
- Long, large projects can lose money if politics shift, clients change plans, or a joint-venture partner fails to deliver its share

Cited: Annual securities report (130th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (130th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第130期(2025/04/01－2026/03/31) | S100YEFQ | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEFQ,, |
| 有価証券報告書－第129期(2024/04/01－2025/03/31) | S100W7L9 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7L9,, |
| 有価証券報告書－第128期(2023/04/01－2024/03/31) | S100TVFX | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVFX,, |
| 有価証券報告書－第127期(2022/04/01－2023/03/31) | S100R865 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R865,, |
| 有価証券報告書－第126期(令和3年4月1日－令和4年3月31日) | S100OLAH | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLAH,, |
| 有価証券報告書－第125期(令和2年4月1日－令和3年3月31日) | S100LTOE | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTOE,, |

## 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).