# JX Advanced Metals Corporation: 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) (S100YINW)
> Page: https://vizora.meequs.com/en/company/jx-nmm
> Retrieved: 2026-09-30T21:37:50.413Z

## Company

JX Advanced Metals, founded in 1912, is a company in Oil, Gas & Mining listed on TSE Prime. It has 10,450 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JX Advanced Metals Corporation |
| Ticker | 5016 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5016.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門二丁目10番4号 |
| Representative (per filing) | 代表取締役社長 林 陽一 |
| Founded | Sep 1912 |
| Share capital | ¥75B |
| Employees (consolidated) | 10,450 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.jx-nmm.com (https://www.jx-nmm.com/) |
| Corporate number | 2010001133878 |
| EDINET | E01081 |
| Industries (Vizora) | Oil, Gas & Mining, Non-ferrous Metals & Wires, Semiconductor Materials, Electronic Components |

> Profile source: annual securities report (S100YINW, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Oil, Gas & Mining (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.1 | 7 |
| Profitability | 68.8 | 8 |
| Cash conversion | 31.3 | 8 |
| Efficiency | 43.8 | 8 |

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 44% of JX Advanced Metals's sales come from Metals and Recycling, with ICT materials and Semiconductor materials making up much of the rest.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +23.7% from the prior year, operating profit +55.5%.

## Company structure

- Segment revenue mix: Metals and Recycling 44.2%、ICT materials 35.6%、Semiconductor materials 20.0%、Other 0.3%
- Revenue → net income: ¥884638000000 → ¥128737000000
- Net income → operating cash flow: ¥128737000000 → ¥107544000000（difference ¥-21193000000）
- Main uses of operating cash flow: CapEx ¥75530000000 / dividends ¥22283000000 / buybacks ¥1500000000
- Change in cash: ¥7990000000
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 | ¥884.6B |  |
| Operating income | ¥175B | Margin 19.8% |
| Net income | ¥104.6B | Margin 11.8% |
| Free cash flow | ¥32B |  |
| Largest business | Metals and Recycling | of segment revenue 44.2% |
| Employees (consolidated) | 10,450 |  |
| EPS | ¥112.94 |  |
| Diluted EPS | ¥112.71 |  |
| Book value per share | ¥525.77 |  |
| Equity ratio | 48.3% | Derived from disclosed figures |
| Shares outstanding | 928,463,102 |  |
| Treasury shares | 100 |  |
| Shareholders | 293,460 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 4.4% | Cash ÷ revenue 7.5% |
| Vs. industry median margin | +8.3 pp | Oil, Gas & Mining |
| ROE | 15.6% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 66% of positive segment profit
- FY2026, segment profit share differs by 22 points
- FY2026, cash is 4% of total assets

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1638484000000 | ¥884638000000 | -46.0% |
| Employees | 10,431 people | 10,450 people | +0.2% |
| Cash and equivalents | ¥58024000000 | ¥66306000000 | +14.3% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → 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 |
| --- | ---: |
| 新設・再編 → 半導体材料 | 20.0% |
| 新設・再編 → 情報通信材料 | 35.6% |
| 新設・再編 → 基礎材料 | 44.2% |
| 新設・再編 → その他 | 0.3% |

Segment revenue source references: 4 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Metals and Recycling | 2 years | -43.0% | ¥390912000000 | 35.7% | 2 |
| ICT materials | 2 years | +30.0% | ¥314595000000 | 10.0% | 2 |
| Semiconductor materials | 2 years | +20.0% | ¥176565000000 | 22.4% | 2 |
| Other | 2 years | +3.9% | ¥2566000000 | 71.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 884,638 | 100.0% | S100YINW |
| Cost of revenue | 682,987 | 77.2% | S100YINW |
| Gross profit | 201,651 | 22.8% | S100YINW |
| SG&A | 107,450 | 12.1% | S100YINW |
| Operating income | 174,967 | 19.8% | S100YINW |
| Pretax income | 169,082 | 19.1% | S100YINW |
| Income tax | 40,345 | 4.6% | S100YINW |
| Net income | 128,737 | 14.6% | S100YINW |
| Net income attributable to owners | 104,645 | 11.8% | S100YINW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 12 |
| Other operating | -9 |
| Operating income | 20 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 22.8% → Operating margin 19.8% → Net margin 11.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.7%; Core profit growth: +55.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.34×
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 | 714,940 | 884,638 | 169,698 | +23.7% |
| Gross profit | 156,962 | 201,651 | 44,689 | +28.5% |
| Operating income | 112,484 | 174,967 | 62,483 | +55.5% |
| Net income attributable to owners | 68,271 | 104,645 | 36,374 | +53.3% |
| Operating cash flow | 215,431 | 107,544 | -107,887 | -50.1% |
| Free cash flow | 152,069 | 32,014 | -120,055 | -78.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 1,638,484 | — | — | 36,930 | 36,251 | — | S100YINW |
| FY ending Mar 2024 | 1,512,345 | 86,172 | 5.7% | 102,624 | 38,400 | -46,023 | S100YINW |
| FY ending Mar 2025 | 714,940 | 112,484 | 15.7% | 68,271 | 215,431 | 152,069 | S100YINW |
| FY ending Mar 2026 | 884,638 | 174,967 | 19.8% | 104,645 | 107,544 | 32,014 | S100YINW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥84.7M |
| Operating income per employee (consolidated) | ¥16.7M |
| Net income per employee (consolidated) | ¥10M |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 10,431 | 9,282 | 10,413 | 10,450 |
| Average salary (parent company) | — | — | ¥7.6M | ¥8.3M |
| Average age (parent company) | — | — | 41.0 years | 41.5 years |
| Average tenure (parent company) | — | — | 12.3 years | 12.9 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +23.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor materials | 176,565 | 20.0% | 39,492 | 22.4% |
| ICT materials | 314,595 | 35.6% | 31,477 | 10.0% |
| Metals and Recycling | 390,912 | 44.2% | 139,465 | 35.7% |
| Other | 2,566 | 0.3% | 1,821 | 71.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor materials | 20.0% | 18.6% | -1.4 | 22.4% |
| ICT materials | 35.6% | 14.8% | -20.7 | 10.0% |
| Metals and Recycling | 44.2% | 65.7% | 21.5 | 35.7% |
| Other | 0.3% | 0.9% | 0.6 | 71.0% |

Segment → industry: Metals and Recycling → Oil, Gas & Mining / Metals and Recycling → Non-ferrous Metals & Wires / ICT materials → Non-ferrous Metals & Wires / Semiconductor materials → Semiconductor Materials / ICT materials → Electronic Components

## 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 | 107,544 | 12.2% | S100YINW |
| Capital expenditure | 75,530 | 8.5% | S100YINW |
| Free cash flow | 32,014 | 3.6% | 算出 |
| Investing cash flow | -77,253 | -8.7% | S100YINW |
| Financing cash flow | -24,931 | -2.8% | S100YINW |
| Dividends paid | 22,283 | 2.5% | S100YINW |
| Share buyback | 1,500 | 0.2% | S100YINW |
| Change in cash | 7,990 | 0.9% | S100YINW |
| Cash and equivalents | 66,306 | 7.5% | S100YINW |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 58,024 | 36,779 | 58,316 | 66,306 | S100W9AH, S100YINW |
| Total assets | 1,831,557 | 1,325,887 | 1,283,002 | 1,505,337 | S100YINW, S100W9AH |
| Net assets | 602,492 | 720,802 | 711,754 | 838,258 | S100W9AH, S100YINW |
| Share capital | — | 75,000 | 75,000 | 75,000 | S100W9AH, S100YINW |
| Property, plant and equipment | — | 328,245 | 371,782 | 406,816 | S100W9AH, S100YINW |
| Goodwill | — | 12,546 | 8,198 | 8,477 | S100W9AH, S100YINW |
| Current assets | — | 501,187 | 494,235 | 623,194 | S100W9AH, S100YINW |
| Total liabilities | — | 605,085 | 571,248 | 667,079 | S100W9AH, S100YINW |
| Equity attributable to owners of parent | — | 627,388 | 615,297 | 726,488 | S100W9AH, S100YINW |
| Retained earnings | — | 446,945 | 432,121 | 518,498 | S100W9AH, S100YINW |
| Treasury stock | — | — | -1,000 | -2,219 | S100YINW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YINW |
| Property, plant and equipment | 27% | S100YINW |
| Intangibles and goodwill | 1% | — |
| Other assets | 68% | S100YINW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100YINW |
| Equity | 56% | S100YINW |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 1,831,557 | 1,325,887 | 1,283,002 | 1,505,337 |
| Equity | 602,492 | 720,802 | 711,754 | 838,258 |
| Interest-bearing debt | — | — | — | — |
| Cash | 58,024 | 36,779 | 58,316 | 66,306 |

## 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) | 46.0% | S100YINW |
| Fixed assets ÷ total assets | 27.0% | S100YINW |
| Goodwill ÷ parent equity | 1.2% | S100YINW |

### 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) | 4.4% |
| Cash ÷ revenue | 7.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 61.5% |
| Cash vs. profit gap | 2,899 JPY mn (of net income 2.8%) |
| Shareholder returns / net income | 22.7% |
| Shareholder returns / FCF | 74.3% |
| Shareholder payments — dividends / net income | 21.3% |
| Shareholder payments — dividends / FCF | 69.6% |
| CapEx intensity (capex ÷ revenue) | 8.5% |
| Investing CF relative to operating CF | 71.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 2.3% | 0.89× | 2.0% | 3.04× | 6.1% | S100YINW, S100W9AH |
| 2024 | 6.8% | 0.96× | 6.5% | 2.52× | 16.4% | S100W9AH, S100YINW |
| 2025 | 9.5% | 0.55× | 5.2% | 2.10× | 11.0% | S100YINW |
| 2026 | 11.8% | 0.63× | 7.5% | 2.08× | 15.6% | S100YINW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＥＮＥＯＳホールディングス㈱ | Major shareholder | 42.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 8.0% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 2.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 1.0% | 2026-03-31 |
| GIC PRIVATE LIMITED-C(常任代理人 ㈱三菱ＵＦＪ銀行) | Major shareholder | 0.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 0.8% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC(常任代理人 ㈱三菱ＵＦＪ銀行) | Major shareholder | 0.8% | 2026-03-31 |
| HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES(常任代理人 香港上海銀行東京支店) | Major shareholder | 0.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 0.6% | 2026-03-31 |
| GOVERNMENT OF NORWAY(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 0.6% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥884.6B, up 23.7% from ¥714.9B the year before.
- Profit grew faster than sales: operating income rose 55.5% to ¥175B, and net income attributable to owners rose 53.3% to ¥104.6B.
- Cash told a different story. Operating cash flow fell 50.1% to ¥107.5B, leaving free cash flow at ¥32B.

### Drivers

- Continued AI-related investment lifted sales of its main products, including sputtering targets for chips and rolled copper foil.
- Higher copper prices boosted Metals and Recycling, while a stronger yen held profits back.
- Operating cash flow was weighed down by larger receivables and inventories and by income tax payments.

### Risks

- Terms for buying copper concentrate have worsened sharply, and the group is considering cutting output at its smelters.
- If the chip market shrinks, the company could end up with excess production and inventory.
- Sudden, large swings in metal prices or exchange rates could hit results.

Cited: Annual Securities Report, 24th fiscal period (Apr 2025 – Mar 2026) (Management's Discussion and Analysis); Annual Securities Report, 24th fiscal period (Apr 2025 – 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) | S100YINW | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YINW,, |
| 訂正有価証券報告書－第23期(2024/04/01－2025/03/31) | S100W9AH | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9AH,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 三井金属 | Joint venture | 合弁会社PPCでの銅製錬事業の業務提携 | S100YINW |
| 丸紅 | Joint venture | 合弁会社PPCでの銅製錬事業の業務提携 | S100YINW |

## 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).