JE Cleantech Holdings Limited (JCSE) AI Stock Analysis

• Market Cap: $8.26M
• Dividend Yield: 8.18%
• Average Volume (3M): 116.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.22
• Revenue Growth: -23.37%
• EPS Growth: -264.09%
• Country: US
• Employees: 103
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): N/A
• Shares Outstanding: 5,006,666
• 10 Day Avg. Volume: 20,139
• 30 Day Avg. Volume: 116,953
• PEG Ratio: -3.18
• Price to Book (P/B): 0.58
• Price to Sales (P/S): 0.49
• P/FCF Ratio: 11.93
• Enterprise Value/Market Cap: 1.23
• Enterprise Value/Revenue: 0.76
• Enterprise Value/Gross Profit: 2.87
• Enterprise Value/Ebitda: -27.62
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: $1.50 ▼(-24.62% Downside)

The score is held back primarily by weak financial performance (declining revenue, minimal profitability, and sharply deteriorating free cash flow), partially offset by constructive price momentum above major moving averages and a very high dividend yield (with a negative P/E limiting valuation clarity).

Positive Factors

Structural industry tailwinds

JCSE’s core focus on waste-to-energy and cleantech aligns with long-term regulatory and corporate demand for decarbonization and waste management. This structural market backdrop supports sustained project opportunities, long-duration contracts, and steady demand for its services over multiple years.

Manageable leverage

A debt-to-equity ratio around 0.61 indicates the company has not over-levered its balance sheet, preserving financial flexibility to fund project development or absorb cyclical shocks. Manageable leverage reduces refinancing risk and supports long-term project execution capability.

Asset monetization and capital returns

The completed sale of non-core property and subsequent special dividend demonstrate management’s ability to monetize assets and return capital, improving liquidity and signaling disciplined capital allocation. This provides a clearer balance sheet and optionality for reinvestment into core operations.

Negative Factors

Declining revenue and recent net loss

Material revenue decline and a shift to net loss reflect weakening underlying demand or contract timing that undermines earnings durability. Sustained top-line contraction limits reinvestment capacity, pressures margins long-term, and raises execution risk on multi-year project pipelines.

Severely deteriorated free cash flow

A dramatic fall in free cash flow growth and a low operating cash flow to net income ratio signal poor conversion of earnings into cash. Persistent cash generation weakness constrains capex for projects, limits debt servicing and dividends, and raises long-term liquidity concerns.

Customer concentration and non-recurring sales

Heavy reliance on a small number of customers and non-recurring transactions increases revenue volatility and renewal risk. Over time this hinders predictable cash flows, weakens bargaining power on contract terms, and elevates the risk that loss of a key client materially damages financial stability.

JE Cleantech Holdings Limited Business Overview & Revenue Model

Company Description

JE Cleantech Holdings Limited, an investment holding company, designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications in Singapore, Malaysia, and internationally. It provides various cleaning systems and other equipment, including aqueous washing systems, plating and cleaning systems, train cleaning systems, and filtration units. The company also offers centralized dishwashing services for food and beverage establishments, such as food courts, hawker centers, cookhouses, eldercare homes, and hospitals, as well as general cleaning services for food courts. In addition, it leases dishware washing equipment. The company was founded in 1999 and is headquartered in Singapore. JE Cleantech Holdings Limited is a subsidiary of JE Cleantech Global Limited.

How the Company Makes Money

JCSE generates revenue through multiple streams, primarily from the development and operation of waste-to-energy facilities that convert municipal and industrial waste into renewable energy. The company earns income by charging fees for waste processing services, selling electricity generated from its facilities, and entering into long-term power purchase agreements with utilities and large consumers. Additionally, JCSE may generate revenue through partnerships with government agencies and private sector companies focused on sustainability projects, thereby enabling it to leverage grants and incentives for renewable energy initiatives. The company's strategic alliances and investments in innovative technologies further enhance its revenue potential by expanding its portfolio and market reach.

JE Cleantech Holdings Limited Financial Statement Overview

Summary

Financials are weak: revenue declined (-3.41%), profitability is very thin (net margin 0.17%) with a negative EBIT margin, and cash generation deteriorated sharply (free cash flow growth -223.67% with low operating cash flow to net income at 0.20). Leverage is manageable (debt-to-equity 0.61), but returns to shareholders are very low (ROE 0.19%).

Income Statement

The income statement shows a declining trend in revenue with a negative growth rate of -3.41% in the latest year. Gross profit margin is moderate at 26.94%, but net profit margin is very low at 0.17%, indicating challenges in converting revenue into profit. EBIT margin is negative, reflecting operational inefficiencies, while EBITDA margin is slightly better at 9.22%.

Balance Sheet

The balance sheet reveals a moderate debt-to-equity ratio of 0.61, suggesting manageable leverage. However, return on equity is very low at 0.19%, indicating limited profitability for shareholders. The equity ratio is not explicitly calculated, but the company's equity position appears stable relative to its assets.

Cash Flow

Cash flow analysis indicates a significant decline in free cash flow growth at -223.67%, raising concerns about cash generation capabilities. The operating cash flow to net income ratio is low at 0.20, suggesting potential issues in converting earnings into cash. Free cash flow to net income ratio is moderate at 0.39, but overall cash flow performance is weak.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	13.44M	19.28M	18.03M	18.63M	14.76M	21.40M
Gross Profit	3.54M	5.19M	4.37M	5.13M	2.35M	5.90M
EBITDA	-367.96K	1.78M	1.84M	2.44M	833.00K	3.43M
Net Income	-1.19M	32.00K	519.00K	1.19M	62.00K	1.73M
Balance Sheet
Total Assets	25.64M	35.11M	35.49M	35.47M	18.44M	21.76M
Cash, Cash Equivalents and Short-Term Investments	3.95M	5.74M	5.14M	6.56M	1.11M	550.00K
Total Debt	7.28M	10.07M	9.56M	11.86M	12.95M	11.78M
Total Liabilities	13.31M	18.62M	18.78M	19.18M	15.42M	15.82M
Stockholders Equity	12.33M	16.49M	16.71M	16.28M	3.02M	5.95M
Cash Flow
Free Cash Flow	1.37M	800.00K	1.16M	-6.06M	2.58M	834.00K
Operating Cash Flow	2.59M	2.05M	1.38M	-5.24M	3.37M	1.11M
Investing Cash Flow	-1.17M	-1.50M	-211.00K	-797.00K	-717.00K	-280.00K
Financing Cash Flow	-1.06M	122.00K	-2.57M	11.49M	-2.08M	-1.18M

JE Cleantech Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.99
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JCSE, the sentiment is Positive. The current price of 1.99 is above the 20-day moving average (MA) of 1.34, above the 50-day MA of 1.04, and above the 200-day MA of 0.88, indicating a bullish trend. The MACD of 0.05 indicates Positive momentum. The RSI at 57.35 is Neutral, neither overbought nor oversold. The STOCH value of -2.41 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JCSE.

JE Cleantech Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GTEC	68 Neutral	$17.01M	0.98	21.29%	―	-1.36%	―
BWEN	65 Neutral	$74.01M	14.20	8.20%	―	-1.47%	52.65%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
JCSE	59 Neutral	$8.26M	-6.97	―	8.18%	-23.37%	-264.09%
CVV	55 Neutral	$36.56M	-193.73	-0.73%	―	19.84%	95.71%
CETY	42 Neutral	$3.82M	-0.62	-82.18%	―	-57.40%	52.85%
BURU	35 Underperform	$80.59M	-0.14	―	―	-98.20%	93.77%

JE Cleantech Holdings Limited Corporate Events

JE Cleantech Declares Special Cash Dividend After Profitable Property Sale

On January 5, 2026, JE Cleantech Holdings Limited announced that its board had approved a cash dividend of US$0.44 per ordinary share, funded by the recent sale of the company’s leasehold industrial property at 17 Woodlands Sector 1 in Singapore, which generated a net gain of approximately US$2.85 million over its net book value. The dividend, which underscores management’s move to return capital to shareholders following the asset disposal, is payable to shareholders of record as of the close of business on January 21, 2026, with payment expected on or around January 28, 2026, marking a notable distribution event that may influence investor perception of the company’s capital allocation and balance sheet flexibility.

The most recent analyst rating on (JCSE) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on JE Cleantech Holdings Limited stock, see the JCSE Stock Forecast page.

JE Cleantech Holds Annual General Meeting, Approves Key Resolutions

On November 18, 2025, JE Cleantech Holdings Limited held its Annual General Meeting in Singapore, where five directors were elected to serve until the next annual meeting. The meeting also approved a special resolution for the re-designation and reclassification of share capital and the adoption of a new memorandum and articles of association, as well as the appointment of WWC, P.C. as the independent registered public accounting firm for the fiscal year ending December 31, 2025.

The most recent analyst rating on (JCSE) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on JE Cleantech Holdings Limited stock, see the JCSE Stock Forecast page.

JE Cleantech Holdings Completes Sale of Singapore Property for $5.68 Million

On November 18, 2025, JE Cleantech Holdings Limited announced that its subsidiary, JCS-Echigo Pte Ltd, completed the sale of a leasehold industrial property in Singapore for approximately SGD$7.39 million (USD$5.68 million), resulting in a net gain of SGD$3.70 million (USD$2.85 million). This transaction, initially announced in December 2024, was made to an unaffiliated third party and is expected to optimize cost savings and operational benefits for the company.

The most recent analyst rating on (JCSE) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on JE Cleantech Holdings Limited stock, see the JCSE Stock Forecast page.

JE Cleantech Holdings Reports Revenue Decline and Net Loss for Mid-2025

JE Cleantech Holdings Limited reported a decline in revenue and a net loss for the six-month period ending June 30, 2025, compared to the same period in 2024. The company’s revenue decreased from SGD10.7 million in 2024 to SGD6.5 million in 2025, and it experienced a net loss of SGD0.8 million in 2025, down from a net income of SGD0.6 million in 2024. The company faces challenges due to its dependence on a few major customer groups, which accounted for a significant portion of its revenue. This reliance, coupled with the non-recurring nature of its sales, poses risks to its financial stability and growth prospects.