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Modec
(6269)
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Rating:73Outperform
Price Target:
¥11,507.00
▲(9.59% Upside)
Action:Upgraded
Date:08/09/26
The score is driven primarily by improved financial performance (strong profitability recovery, better leverage metrics, and high ROE), partially offset by softer recent free-cash-flow momentum and cyclical cash-flow volatility. Technicals are mixed with short-term strength but longer-term trend weakness, while valuation is supportive due to a reasonable P/E and a modest dividend yield.
Positive Factors
Stronger balance sheet / lower leverage
Material de-leveraging reduces refinancing and interest risk and increases financial flexibility to bid on large EPC contracts and fund operations through cycles. A lower D/E supports capital allocation for backlog conversion and cushions volatility in project cash flows over months to years.
Negative Factors
Volatile and weakening near-term free cash flow
Declining FCF and historical swings reflect lumpy project receipts and large upfront capital outlays. Persistent FCF volatility can constrain organic investment, limit dividend/return flexibility, and force reliance on external financing when project timing or cost overruns occur.
Read all positive and negative factors
Positive Factors
Negative Factors
Stronger balance sheet / lower leverage
Material de-leveraging reduces refinancing and interest risk and increases financial flexibility to bid on large EPC contracts and fund operations through cycles. A lower D/E supports capital allocation for backlog conversion and cushions volatility in project cash flows over months to years.
Read all positive factors
Modec (6269) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥697.69B
Dividend Yield1.71%
Average Volume (3M)3.74M
Price to Earnings (P/E)10.4
Beta (1Y)1.09
Revenue Growth16.80%
EPS Growth89.11%
CountryJP
Employees6,460
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)6.32
Shares Outstanding68,345,300
10 Day Avg. Volume2,347,940
30 Day Avg. Volume3,737,503
Financial Highlights & Ratios
PEG Ratio42.13
Price to Book (P/B)559.58
Price to Sales (P/S)185.93
P/FCF Ratio3.60K
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)899.95
Revenue Forecast (FY)¥723.26B
Modec Business Overview & Revenue Model
Company Description
MODEC, Inc. operates worldwide as a primary contractor, specializing in the entire process from engineering and procurement to construction and installation of advanced floating production systems. Its extensive portfolio encompasses a variety of ...
How the Company Makes Money
MODEC primarily makes money by providing floating offshore production systems and associated lifecycle services to oil and gas operators under long-term commercial arrangements. A major revenue stream comes from FPSO-related projects, which typica...
Modec Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.87B | 4.37B | 4.21B | 3.60B | 2.77B | 3.90B |
| Gross Profit | 689.87M | 533.31M | 394.81M | 251.88M | 69.01M | -225.36M |
| EBITDA | 615.15M | 563.00M | 208.75M | 105.59M | -12.04M | -305.44M |
| Net Income | 432.30M | 344.30M | 221.52M | 97.11M | 37.79M | -363.69M |
Balance Sheet | ||||||
| Total Assets | 5.10B | 4.76B | 4.51B | 3.93B | 3.19B | 3.43B |
| Cash, Cash Equivalents and Short-Term Investments | 1.92B | 1.33B | 1.25B | 1.02B | 501.10M | 811.09M |
| Total Debt | 422.89M | 420.36M | 570.86M | 593.14M | 460.06M | 449.24M |
| Total Liabilities | 3.41B | 3.29B | 3.31B | 2.89B | 2.33B | 2.87B |
| Stockholders Equity | 1.65B | 1.45B | 1.18B | 1.00B | 825.61M | 533.17M |
Cash Flow | ||||||
| Free Cash Flow | 537.10M | 225.94M | 528.59M | 480.88M | -218.80M | 117.38M |
| Operating Cash Flow | 546.68M | 232.95M | 540.42M | 488.38M | -211.82M | 145.43M |
| Investing Cash Flow | 3.89M | 5.28M | -157.65M | -211.62M | -54.09M | -210.68M |
| Financing Cash Flow | -129.05M | -185.42M | -139.93M | 242.39M | -53.25M | 254.07M |
Modec Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ¥4.43T | 10.21 | 8.06% | 2.77% | -7.57% | 2.16% | |
73 Outperform | ¥697.69B | 10.44 | 28.73% | 1.73% | 16.80% | 89.11% | |
72 Outperform | ¥3.46T | 5.04 | 8.16% | 2.57% | 2.30% | 437.64% | |
71 Outperform | ¥457.46B | 11.38 | 9.47% | 3.73% | -15.65% | -52.06% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | ¥1.57T | 4.14 | 9.71% | 2.78% | -2.72% | 3087.62% | |
59 Neutral | ¥667.77B | 4.17 | ― | 3.93% | -0.10% | 446.81% |
* Energy Sector Average
JP:6269
Modec
10,510.00
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Modec Corporate Events
Modec Posts Strong First-Half Earnings and Hikes Dividend Amid Stable Offshore Demand
Aug 7, 2026
Modec reported strong interim results for the six months to June 30, 2026, with revenue rising 18% year on year to $2.45 billion and operating profit surging 70% to $293 million, driven by robust offshore project activity. Profit attributable to o...
MODEC Delivers Strong Q1 2026 Earnings and Signals Higher Dividend
May 13, 2026
MODEC reported a strong start to 2026, with first-quarter revenue up 23.4% year on year to $1.08 billion and operating profit surging 63.2%, driving profit attributable to owners of the parent up 78.2% and lifting its equity ratio to 31.2%. Manage...
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.