# MODEC,INC.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: USD millions
> Sources: 有価証券報告書－第40期(2025/01/01－2025/12/31) (S100XU6C)
> Page: https://vizora.meequs.com/en/company/modec
> Retrieved: 2026-09-30T20:57:44.350Z

## Company

Modec, founded in 1968, is a company in Shipbuilding listed on TSE Prime. It has 6,460 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MODEC, INC. |
| Ticker | 6269 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6269.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋二丁目3番10号 |
| Representative (per filing) | 代表取締役 社長執行役員 宮田裕彦 |
| Founded | Dec 1968 |
| Employees (consolidated) | 6,460 |
| Average salary (parent only) | ¥12M |
| Fiscal year end | December |
| Website | www.modec.com (https://www.modec.com/) |
| Corporate number | 8010001007886 |
| EDINET | E01725 |
| Industries (Vizora) | Shipbuilding |

> Profile source: annual securities report (S100XU6C, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Shipbuilding (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.3 | 8 |
| Profitability | 50 | 9 |
| Cash conversion | 31.3 | 8 |
| Efficiency | 72.2 | 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)

- Modec brought in $4.58B in revenue.
- Out of every $100 of sales, about $10 is left as operating profit.
- Revenue changed +9.4% from the prior year, operating profit +35.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: $4581232000 → $410675000
- Net income → operating cash flow: $410675000 → $244035000（difference $-166640000）
- Main uses of operating cash flow: CapEx $7350000 / dividends $50727000 / buybacks —
- Change in cash: $73673000
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 | $4.58B |  |
| Operating income | $437.6M | Margin 9.6% |
| Net income | $360.7M | Margin 7.9% |
| Free cash flow | $236.7M |  |
| Employees (consolidated) | 6,460 |  |
| Average salary (parent only) | $12M | Filing company only |
| Cash ratio | 27.9% | Cash ÷ revenue 29.0% |
| Vs. industry median margin | 0 pp | Shipbuilding |
| ROE | 27.0% | Equity approximated |
| ROA | 7.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 28% of total assets

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | $3899748000 | $4581232000 | +17.5% |
| Employees | 5,173 people | 6,460 people | +24.9% |
| Cash and equivalents | $810131000 | $1326950000 | +63.8% |

### Change in segment revenue mix

Span: FY ending Dec 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (USD mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,581 | 100.0% | S100XU6C |
| Cost of revenue | 4,023 | 87.8% | S100XU6C |
| Gross profit | 559 | 12.2% | S100XU6C |
| SG&A | 254 | 5.5% | S100XU6C |
| Operating income | 438 | 9.6% | S100XU6C |
| Pretax income | 508 | 11.1% | S100XU6C |
| Income tax | 98 | 2.1% | S100XU6C |
| Net income | 411 | 9.0% | S100XU6C |
| Net income attributable to owners | 361 | 7.9% | S100XU6C |

## Per $100 of revenue（FY ending Dec 2025）

| Part | USD |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 5 |
| Other operating | -3 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 12.2% → Operating margin 9.6% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.4%; Core profit growth: +35.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.77×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、USD mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,186 | 4,581 | 395 | +9.4% |
| Gross profit | 393 | 559 | 166 | +42.2% |
| Operating income | 323 | 438 | 115 | +35.5% |
| Net income attributable to owners | 220 | 361 | 140 | +63.6% |
| Operating cash flow | 561 | 244 | -317 | -56.5% |
| Free cash flow | 549 | 237 | -312 | -56.9% |

## History（USD mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 3,900 | — | — | -364 | 152 | — | S100XU6C |
| FY ending Dec 2022 | 2,740 | — | — | 37 | -209 | — | S100XU6C |
| FY ending Dec 2023 | 3,575 | — | — | 97 | 486 | — | S100XU6C |
| FY ending Dec 2024 | 4,186 | 323 | 7.7% | 220 | 561 | 549 | S100XU6C |
| FY ending Dec 2025 | 4,581 | 438 | 9.6% | 361 | 244 | 237 | S100XU6C |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | $709.2K |
| Operating income per employee (consolidated) | $67.7K |
| Net income per employee (consolidated) | $55.8K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,173 | 5,225 | 5,792 | 5,962 | 6,460 |
| Average salary (parent company) | — | — | — | — | $12M |
| Average age (parent company) | — | — | — | — | 41.7 years |
| Average tenure (parent company) | — | — | — | — | 7.5 years |

Year over year: Employees (consolidated) +8.4% · Revenue (consolidated) +9.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (USD mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 244 | 5.3% | S100XU6C |
| Capital expenditure | 7 | 0.2% | S100XU6C |
| Free cash flow | 237 | 5.2% | 算出 |
| Investing cash flow | 6 | 0.1% | S100XU6C |
| Financing cash flow | -194 | -4.2% | S100XU6C |
| Dividends paid | 51 | 1.1% | S100XU6C |
| Change in cash | 74 | 1.6% | S100XU6C |
| Cash and equivalents | 1,327 | 29.0% | S100XU6C |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 810 | 493 | 1,014 | 1,253 | 1,327 | S100XU6C |
| Total assets | 3,426 | 3,136 | 3,888 | 4,497 | 4,763 | S100XU6C |
| Net assets | 60,690 | — | 1,035 | 1,198 | 1,474 | S100XU6C |
| Share capital | — | — | — | 190 | — | S100XU6C |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,426 | 3,136 | 3,888 | 4,497 | 4,763 |
| Equity | 60,690 | — | 1,035 | 1,198 | 1,474 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 810 | 493 | 1,014 | 1,253 | 1,327 |

### 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) | 27.9% |
| Cash ÷ revenue | 29.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 55.8% |
| Cash vs. profit gap | -117 USD mn (of net income -32.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 14.1% |
| Shareholder payments — dividends / FCF | 21.4% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 2.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -10.6% | —× | — | S100XU6C |
| 2022 | — | —× | 1.1% | —× | — | S100XU6C |
| 2023 | 2.7% | 1.02× | 2.7% | 3.39× | 9.3% | S100XU6C |
| 2024 | 5.3% | 1.00× | 5.3% | 3.75× | 19.7% | S100XU6C |
| 2025 | 7.9% | 0.99× | 7.8% | 3.46× | 27.0% | S100XU6C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社商船三井 | Major shareholder | 15.0% | 2025-12-31 |
| 三井物産株式会社 | Major shareholder | 14.9% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 11.9% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 6.6% | 2025-12-31 |
| 株式会社三井Ｅ＆Ｓ | Major shareholder | 3.7% | 2025-12-31 |
| THE CHASE MANHATTAN BANK,N.A. LONDONSECSLENDING OMNIBUS ACCOUNT(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.1% | 2025-12-31 |
| J.P. MORGAN BANK LUXEMBOURG S.A. 384513(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.9% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505223(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.6% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.2% | 2025-12-31 |
| BNYM AS AGT/CLTS 10 PERCENT(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/01/01－2025/12/31) | S100XU6C | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU6C,, |

## Definitions

- Amounts are in USD millions (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).