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JFE Holdings
(5411)
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Rating:60Neutral
Price Target:
¥1,959.00
▲(9.14% Upside)
Action:Reiterated
Date:08/09/26
The score is held back primarily by weakening financial performance (sharp revenue/earnings decline, margin compression, and less consistent free-cash-flow conversion) despite still-positive operating cash flow. Offsetting this, technicals indicate an upward trend with strong momentum, and valuation is supported by a solid dividend yield and a moderate P/E.
Positive Factors
Consistent operating cash flow
Operating cash flow has been reliably positive across cycles (~¥250B–¥480B), providing a durable internal funding source for working capital, debt service and capex. This consistent OCF underpins the group’s ability to operate through steel cycles and supports long-term financial flexibility.
Negative Factors
Sharp revenue and earnings decline
A severe decline in revenue and earnings materially reduces operating scale and bargaining leverage with suppliers and customers. Persistent lower top‑line weakens investment funding, exacerbates fixed‑cost absorption issues in steel, and heightens execution risk for engineering projects.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent operating cash flow
Operating cash flow has been reliably positive across cycles (~¥250B–¥480B), providing a durable internal funding source for working capital, debt service and capex. This consistent OCF underpins the group’s ability to operate through steel cycles and supports long-term financial flexibility.
Read all positive factors
JFE Holdings (5411) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.08T
Dividend Yield4.47%
Average Volume (3M)3.84M
Price to Earnings (P/E)12.1
Beta (1Y)0.81
Revenue Growth-3.75%
EPS Growth31.87%
CountryJP
Employees61,628
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)148.19
Shares Outstanding639,438,400
10 Day Avg. Volume3,695,720
30 Day Avg. Volume3,839,646
Financial Highlights & Ratios
PEG Ratio-0.70
Price to Book (P/B)0.44
Price to Sales (P/S)0.25
P/FCF Ratio20.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥1,788.57Price Target Upside-0.36% Downside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)200.74
Revenue Forecast (FY)¥4.86T
JFE Holdings Business Overview & Revenue Model
Company Description
JFE Holdings, Inc. is a prominent Japanese corporation with widespread international operations, primarily focused on its steel, engineering, and trading divisions. Its Steel segment is responsible for the production and sale of a broad spectrum o...
How the Company Makes Money
JFE Holdings makes money primarily through the operating results of its consolidated subsidiaries, with earnings generated mainly from (1) its steel business and (2) its engineering business.
1) Steel-related earnings (primary): The group’s steel...
JFE Holdings Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.59T | 4.54T | 4.86T | 5.17T | 5.27T | 4.37T |
| Gross Profit | 536.22B | 525.90B | 533.08B | 656.18B | 609.42B | 670.46B |
| EBITDA | 394.80B | 392.08B | 428.42B | 566.15B | 498.36B | 654.02B |
| Net Income | 94.27B | 70.17B | 91.87B | 197.42B | 162.62B | 288.06B |
Balance Sheet | ||||||
| Total Assets | 6.19T | 5.90T | 5.65T | 5.75T | 5.52T | 5.29T |
| Cash, Cash Equivalents and Short-Term Investments | 180.41B | 167.81B | 172.84B | 243.08B | 119.39B | 101.77B |
| Total Debt | 2.31T | 1.96T | 1.42T | 1.45T | 1.86T | 1.55T |
| Total Liabilities | 3.49T | 3.22T | 3.06T | 3.22T | 3.33T | 3.22T |
| Stockholders Equity | 2.64T | 2.62T | 2.53T | 2.46T | 2.12T | 1.99T |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 57.36B | 99.55B | 149.14B | 106.60B | -14.59B |
| Operating Cash Flow | 0.00 | 379.08B | 378.97B | 478.97B | 395.80B | 298.74B |
| Investing Cash Flow | 0.00 | -452.78B | -283.18B | -325.26B | -274.31B | -288.03B |
| Financing Cash Flow | 0.00 | 61.68B | -157.44B | -45.49B | -110.17B | -57.43B |
JFE Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | ¥778.36B | 11.64 | 7.80% | 4.03% | -3.45% | -50.06% | |
63 Neutral | ¥202.31B | 19.14 | 5.08% | 1.80% | 2.78% | 24.29% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | ¥491.42B | 13.72 | 7.28% | 2.99% | 4.19% | 31.79% | |
60 Neutral | ¥1.08T | 12.07 | 2.76% | 4.46% | -3.75% | 31.87% | |
60 Neutral | ¥189.36B | 18.33 | 4.46% | 2.87% | -12.89% | -45.51% | |
50 Neutral | ¥3.62T | 12.26 | 0.33% | 11.30% | 27.76% | ― |
* Basic Materials Sector Average
JP:5411
JFE Holdings
1,788.00
64.83
3.76%
JP:5471
Daido Steel Co
2,416.00
1,222.73
102.47%
JP:5406
Kobe Steel
1,986.00
280.59
16.45%
JP:5401
NIPPON STEEL
676.30
96.84
16.71%
JP:5423
Tokyo Steel Manufacturing Co
1,737.00
201.79
13.14%
JP:5482
Aichi Steel Corporation
3,240.00
852.71
35.72%
JFE Holdings Corporate Events
JFE Holdings Lifts First-Half Outlook and Confirms Stable Dividend Policy
Aug 5, 2026
JFE Holdings, Inc., a leading Japanese steel and industrial group, manufactures and sells steel products and delivers engineering and infrastructure solutions, giving it a central role in heavy industry and materials markets. Its diversified opera...
JFE Holdings Lowers Conversion Price on 2028 Zero Coupon Convertible Bonds
Jun 24, 2026
JFE Holdings, Inc. has adjusted the conversion price of its Zero Coupon Convertible Bonds due 2028, lowering it from ¥2,697.7 to ¥2,647.8 per share. The new conversion price became effective on April 1, 2026, reflecting a technical recal...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.