Cash flow The Japan Steel Works, Ltd.

Equities

5631

JP3721400004

Industrial Machinery & Equipment

Delayed Japan Exchange Other stock markets 03:45:27 12/02/2026 GMT			5-day change	1st Jan Change
9,828.00 ^JPY	+0.86%		+12.20%	+27.58%

02-09	The Japan Steel Works, Ltd. Reports Earnings Results for the Nine Months Ended December 31, 2025	CI
01-19	Japan Steel Works to Absorb Wholly Owned Unit	MT

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Published financial data: THE JAPAN STEEL WORKS, LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	198B	214B	239B	253B	249B
Total Revenues	198B	214B	239B	253B	249B
Cost of Goods Sold, Total	156B	166B	189B	196B	188B
Gross Profit	42.28B	47.82B	49.38B	56.81B	60.99B
Selling General & Admin Expenses, Total	28.29B	28.21B	31.31B	34.16B	33.69B
R&D Expenses	3.77B	4.15B	4.22B	4.64B	4.48B
Other Operating Expenses, Total	32.06B	32.36B	35.53B	38.8B	38.17B
Operating Income	10.23B	15.46B	13.85B	18.01B	22.82B
Interest Expense, Total	-275M	-281M	-210M	-212M	-274M
Interest And Investment Income	539M	747M	678M	709M	840M
Net Interest Expenses	264M	466M	468M	497M	566M
Income (Loss) On Equity Invest.	-27M	29M	-2M	30M	16M
Currency Exchange Gains (Loss)	-	201M	-	839M	-277M
Other Non Operating Income (Expenses)	259M	614M	644M	563M	364M
EBT, Excl. Unusual Items	10.72B	16.77B	14.96B	19.94B	23.49B
Gain (Loss) On Sale Of Investments	164M	2.07B	222M	644M	1.11B
Gain (Loss) On Sale Of Assets	6M	1.27B	5.05B	1.08B	45M
Asset Writedown	-474M	-369M	-325M	-1.99B	-807M
Other Unusual Items	2.54B	-2M	-1.38B	-473M	-536M
EBT, Incl. Unusual Items	12.96B	19.74B	18.52B	19.2B	23.31B
Income Tax Expense	5.92B	5.61B	6.58B	4.75B	5.15B
Earnings From Continuing Operations	7.04B	14.12B	11.94B	14.45B	18.15B
Net Income to Company	7.04B	14.12B	11.94B	14.45B	18.15B
Minority Interest	-148M	-174M	34M	-170M	-192M
Net Income - (IS)	6.89B	13.95B	11.97B	14.28B	17.96B
Net Income to Common Incl Extra Items	6.89B	13.95B	11.97B	14.28B	17.96B
Net Income to Common Excl. Extra Items	6.89B	13.95B	11.97B	14.28B	17.96B
Per Share Items
Net EPS - Basic	93.75	189.63	162.74	194.02	244.03
Basic EPS - Continuing Operations	93.75	189.63	162.74	194.02	244.03
Basic Weighted Average Shares Outstanding	73.53M	73.56M	73.58M	73.59M	73.6M
Net EPS - Diluted	93.75	189.63	162.74	194.02	244.03
Diluted EPS - Continuing Operations	93.75	189.63	162.74	194.02	244.03
Diluted Weighted Average Shares Outstanding	73.53M	73.56M	73.58M	73.59M	73.6M
Normalized Basic EPS	89.13	140.14	127.52	167.06	196.89
Normalized Diluted EPS	89.13	140.14	127.52	167.06	196.89
Dividend Per Share	35	57	58	59	86
Payout Ratio	37.33	21.09	39.02	29.89	27.86
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	16.47B	21.81B	20.58B	25.92B	30.8B
EBITA	10.43B	15.63B	14.01B	18.18B	22.9B
EBIT	10.23B	15.46B	13.85B	18.01B	22.82B
Effective Tax Rate - (Ratio)	45.66	28.44	35.52	24.75	22.11
Normalized Net Income	6.55B	10.31B	9.38B	12.29B	14.49B
Non-Cash Pension Expense	331M	54M	144M	105M	-59M
Supplemental Operating Expense Items
Selling and Marketing Expenses	9.34B	10.66B	12.43B	12.58B	10.77B
Research And Development Expense From Footnotes	4.59B	4.91B	5.02B	5.66B	5.68B

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	89.44B	106B	87.29B	97.61B	75.9B
Total Cash And Short Term Investments	89.44B	106B	87.29B	97.61B	75.9B
Accounts Receivable, Total	56.62B	59.23B	71.83B	64.79B	67.89B
Total Receivables	56.62B	59.23B	71.83B	64.79B	67.89B
Inventory	65.7B	74.58B	90.75B	97.57B	131B
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	10.89B	12.04B	13.99B	14.23B	21.28B
Total Current Assets	223B	252B	264B	274B	296B
Net Property Plant And Equipment	46.2B	44.51B	44.58B	46.72B	55.62B
Long-term Investments	31.03B	26.33B	26.21B	34.5B	34.24B
Goodwill	573M	407M	242M	80M	-
Other Intangibles, Total	1.8B	1.54B	1.3B	1.58B	2.24B
Loans Receivable Long-Term	313M	303M	300M	300M	356M
Deferred Tax Assets Long-Term	13.68B	14.54B	11.87B	9.38B	10.07B
Other Long-Term Assets, Total	2M	1M	1M	3M	1M
Total Assets	316B	340B	348B	367B	398B
Liabilities
Accounts Payable, Total	50.52B	55.91B	69.2B	65.85B	59.19B
Accrued Expenses, Total	67M	59M	46M	44M	51M
Short-term Borrowings	10.15B	10.41B	10.9B	12.36B	12.47B
Current Portion of Long-Term Debt	1.95B	15.94B	2.52B	4.84B	10.3B
Current Portion of Leases	386M	340M	292M	387M	335M
Current Income Taxes Payable	2.48B	3.14B	1.6B	3.21B	4.6B
Other Current Liabilities	39.99B	48.62B	52.84B	57.21B	80.68B
Total Current Liabilities	106B	134B	137B	144B	168B
Long-Term Debt	44.78B	31.14B	29.12B	25.27B	19.44B
Long-Term Leases	775M	608M	581M	771M	980M
Pension & Other Post Retirement Benefits	12.45B	12.38B	11.22B	9.21B	7.83B
Deferred Tax Liability Non Current	362M	351M	352M	318M	306M
Other Non Current Liabilities	10.35B	9.75B	9.04B	8.68B	6.83B
Total Liabilities	174B	189B	188B	188B	203B
Common Stock, Total	19.76B	19.78B	19.8B	19.82B	19.84B
Additional Paid In Capital	5.49B	5.51B	5.53B	5.55B	5.57B
Retained Earnings	113B	124B	131B	141B	154B
Treasury Stock	-2.31B	-2.31B	-2.32B	-2.32B	-2.32B
Comprehensive Income and Other	4.68B	2.68B	4.99B	12.83B	16.07B
Total Common Equity	140B	149B	159B	177B	193B
Minority Interest	1.59B	1.64B	1.54B	1.63B	1.88B
Total Equity	142B	151B	161B	179B	195B
Total Liabilities And Equity	316B	340B	348B	367B	398B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	73.56M	73.57M	73.58M	73.6M	73.6M
ECS Total Common Shares Outstanding	73.56M	73.57M	73.58M	73.6M	73.6M
Book Value / Share	1.91K	2.03K	2.16K	2.4K	2.63K
Tangible Book Value	138B	147B	158B	175B	191B
Tangible Book Value Per Share	1.88K	2K	2.14K	2.38K	2.59K
Total Debt	58.04B	58.44B	43.42B	43.63B	43.53B
Net Debt	-31.4B	-47.8B	-43.87B	-53.98B	-32.37B
Debt Equivalent of Unfunded Proj. Benefit Obligation	9.6B	9.04B	7.78B	3.38B	1.62B
Minority Interest, Total (Incl. Fin. Div)	1.59B	1.64B	1.54B	1.63B	1.88B
Inventories - Raw Materials, Total	6.13B	6.98B	8.84B	9.99B	10.98B
Inventories - Work In Process, Total	57.02B	62.86B	76.24B	81.29B	114B
Inventories - Finished Goods, Total	2.55B	4.74B	5.67B	6.29B	5.89B
Full Time Employees	5.44K	5.33K	4.97K	5.12K	5.28K
Accumulated Allowance for Doubtful Accounts (Supple)	190M	333M	369M	198M	237M
Order Backlog	161B	215B	253B	335B	397B

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	12.96B	19.74B	18.52B	19.2B	23.31B
Depreciation & Amortization - CF	6.04B	6.18B	6.57B	7.74B	7.9B
Amortization of Goodwill and Intangible Assets - (CF)	207M	165M	164M	161M	80M
Depreciation & Amortization, Total	6.25B	6.35B	6.74B	7.9B	7.98B
(Gain) Loss From Sale Of Asset	468M	-897M	-4.72B	914M	763M
(Gain) Loss on Sale of Investments - (CF)	-163M	-2.07B	-71M	-644M	-1.11B
(Income) Loss On Equity Investments - (CF)	27M	-29M	2M	-30M	-16M
Other Operating Activities, Total	-1.17B	-4.66B	-6.07B	-3.59B	-5.34B
Change In Accounts Receivable	-7.13B	9.9B	-10.39B	8.37B	17.24B
Change In Inventories	6.57B	-8.46B	-15.5B	-6.23B	-32.28B
Change In Accounts Payable	2.01B	3.63B	11.81B	-2.98B	-11.5B
Change in Other Net Operating Assets	-5.1B	-1.17B	-1.31B	-1.2B	-3.62B
Cash from Operations	14.71B	22.32B	-986M	21.71B	-4.57B
Capital Expenditure	-8.28B	-8.8B	-6.11B	-9.86B	-15.11B
Sale of Property, Plant, and Equipment	11M	1.97B	6.13B	1.42B	-63M
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	150M	-	69M
Investment in Marketable and Equity Securities, Total	2.55B	3.84B	728M	1.51B	2.77B
Net (Increase) Decrease in Loans Originated / Sold - Investing	9M	9M	3M	-	-
Other Investing Activities, Total	2.46B	8M	39M	100M	60M
Cash from Investing	-3.24B	-2.98B	947M	-6.84B	-12.27B
Short Term Debt Issued, Total	99M	265M	493M	1.46B	113M
Long-Term Debt Issued, Total	11.04B	2.3B	500M	1B	4.5B
Total Debt Issued	11.14B	2.56B	993M	2.46B	4.61B
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-5.16B	-1.95B	-15.94B	-2.52B	-4.88B
Total Debt Repaid	-5.16B	-1.95B	-15.94B	-2.52B	-4.88B
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-2.57B	-2.94B	-4.67B	-4.27B	-5B
Common & Preferred Stock Dividends Paid	-2.57B	-2.94B	-4.67B	-4.27B	-5B
Other Financing Activities, Total	-644M	-533M	-494M	-561M	-456M
Cash from Financing	2.77B	-2.86B	-20.11B	-4.9B	-5.72B
Foreign Exchange Rate Adjustments	-46M	551M	752M	535M	812M
Miscellaneous Cash Flow Adjustments	91M	-	-	-	-1M
Net Change in Cash	14.28B	17.04B	-19.4B	10.5B	-21.75B
Supplemental Items
Cash Interest Paid	313M	280M	229M	212M	268M
Cash Income Tax Paid (Refund)	1.15B	4.66B	6.04B	3.58B	5.37B
Levered Free Cash Flow	9.21B	9.04B	-5.6B	11.77B	-17.93B
Unlevered Free Cash Flow	9.38B	9.21B	-5.46B	11.9B	-17.76B
Change In Net Working Capital	-5.02B	-2.01B	14.75B	-2.6B	24.89B
Net Debt Issued / Repaid	5.98B	615M	-14.95B	-70M	-263M

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.08	2.95	2.52	3.15	3.73
Return on Total Capital	3.32	4.72	4.19	5.28	6.19
Return On Equity %	5.13	9.64	7.66	8.52	9.71
Return on Common Equity	5.08	9.62	7.76	8.5	9.7
Margin Analysis
Gross Profit Margin %	21.35	22.37	20.69	22.5	24.54
SG&A Margin	14.28	13.19	13.12	13.53	13.55
EBITDA Margin %	8.32	10.2	8.62	10.26	12.39
EBITA Margin %	5.27	7.31	5.87	7.2	9.22
EBIT Margin %	5.16	7.23	5.8	7.13	9.18
Income From Continuing Operations Margin %	3.56	6.61	5	5.72	7.3
Net Income Margin %	3.48	6.52	5.02	5.65	7.23
Net Avail. For Common Margin %	3.48	6.52	5.02	5.65	7.23
Normalized Net Income Margin	3.31	4.82	3.93	4.87	5.83
Levered Free Cash Flow Margin	4.65	4.23	-2.34	4.66	-7.21
Unlevered Free Cash Flow Margin	4.74	4.31	-2.29	4.71	-7.14
Asset Turnover
Asset Turnover	0.65	0.65	0.69	0.71	0.65
Fixed Assets Turnover	4.64	4.71	5.36	5.53	4.86
Receivables Turnover (Average Receivables)	3.68	3.69	3.64	3.7	3.75
Inventory Turnover (Average Inventory)	2.26	2.37	2.29	2.08	1.64
Short Term Liquidity
Current Ratio	2.11	1.88	1.92	1.91	1.76
Quick Ratio	1.38	1.23	1.16	1.13	0.86
Operating Cash Flow to Current Liabilities	0.14	0.17	-0.01	0.15	-0.03
Days Sales Outstanding (Average Receivables)	99.3	98.89	100.19	99.01	97.42
Days Outstanding Inventory (Average Inventory)	161.76	154.25	159.36	176.11	221.94
Average Days Payable Outstanding	121.1	111.08	111.1	122.03	103.48
Cash Conversion Cycle (Average Days)	139.96	142.06	148.46	153.1	215.88
Long Term Solvency
Total Debt/Equity	40.88	38.68	27.03	24.43	22.31
Total Debt / Total Capital	29.02	27.89	21.28	19.63	18.24
LT Debt/Equity	32.09	21.02	18.49	14.58	10.47
Long-Term Debt / Total Capital	22.78	15.15	14.55	11.72	8.56
Total Liabilities / Total Assets	55.1	55.53	53.89	51.3	50.99
EBIT / Interest Expense	37.19	55.02	65.94	84.97	83.3
EBITDA / Interest Expense	59.91	77.61	98.02	122.25	112.41
(EBITDA - Capex) / Interest Expense	29.81	46.28	68.94	75.73	57.26
Total Debt / EBITDA	3.52	2.68	2.11	1.68	1.41
Net Debt / EBITDA	-1.91	-2.19	-2.13	-2.08	-1.05
Total Debt / (EBITDA - Capex)	7.08	4.49	3	2.72	2.77
Net Debt / (EBITDA - Capex)	-3.83	-3.68	-3.03	-3.36	-2.06
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-8.96	7.95	11.66	5.77	-1.56
Gross Profit, 1 Yr. Growth %	-15.9	13.09	3.27	15.05	7.36
EBITDA, 1 Yr. Growth %	-33.37	32.38	-5.62	25.91	18.84
EBITA, 1 Yr. Growth %	-45.06	49.76	-10.33	29.71	26.02
EBIT, 1 Yr. Growth %	-45.34	51.18	-10.43	30.08	26.71
Earnings From Cont. Operations, 1 Yr. Growth %	-26.14	100.57	-15.45	21	25.64
Net Income, 1 Yr. Growth %	-25.96	102.35	-14.15	19.24	25.79
Normalized Net Income, 1 Yr. Growth %	-46.36	57.28	-8.98	31.03	17.87
Diluted EPS Before Extra, 1 Yr. Growth %	-25.98	102.28	-14.18	19.22	25.78
Accounts Receivable, 1 Yr. Growth %	10.71	4.62	21.27	-9.79	4.78
Inventory, 1 Yr. Growth %	-9.21	13.53	21.68	7.52	33.77
Net Property, Plant and Equip., 1 Yr. Growth %	18.02	-3.66	0.17	4.8	19.05
Total Assets, 1 Yr. Growth %	6.42	7.42	2.54	5.29	8.55
Tangible Book Value, 1 Yr. Growth %	7.97	6.86	6.83	11.27	8.93
Common Equity, 1 Yr. Growth %	7.33	6.44	6.46	11.24	9.17
Cash From Operations, 1 Yr. Growth %	-22.4	51.75	-104.42	-2.3K	-121.04
Capital Expenditures, 1 Yr. Growth %	-35.46	6.39	-30.64	61.52	53.18
Levered Free Cash Flow, 1 Yr. Growth %	1.28K	-1.83	-161.91	-310.29	-252.37
Unlevered Free Cash Flow, 1 Yr. Growth %	1.04K	-1.76	-159.31	-317.77	-249.24
Dividend Per Share, 1 Yr. Growth %	-22.22	62.86	1.75	1.72	45.76
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-5.15	-0.86	9.79	8.68	2.04
Gross Profit, 2 Yr. CAGR %	-11.12	-2.48	8.07	9	11.14
EBITDA, 2 Yr. CAGR %	-24.54	-6.08	11.78	9.01	22.32
EBITA, 2 Yr. CAGR %	-34.75	-9.3	15.88	7.85	27.85
EBIT, 2 Yr. CAGR %	-35.11	-9.1	16.36	7.94	28.38
Earnings From Cont. Operations, 2 Yr. CAGR %	-40.94	21.71	30.22	1.15	23.3
Net Income, 2 Yr. CAGR %	-41.24	22.4	31.8	1.18	22.47
Normalized Net Income, 2 Yr. CAGR %	-38.33	-8.15	19.65	9.21	24.28
Diluted EPS Before Extra, 2 Yr. CAGR %	-41.26	22.36	31.75	1.15	22.46
Accounts Receivable, 2 Yr. CAGR %	-6.52	7.62	12.63	4.59	-2.78
Inventory, 2 Yr. CAGR %	-2.74	1.52	17.53	14.38	19.93
Net Property, Plant and Equip., 2 Yr. CAGR %	15.7	6.63	-1.77	2.46	11.7
Total Assets, 2 Yr. CAGR %	1.75	6.92	4.95	3.9	6.9
Tangible Book Value, 2 Yr. CAGR %	4.59	7.41	6.84	9.03	10.1
Common Equity, 2 Yr. CAGR %	4.56	6.89	6.45	8.83	10.2
Cash From Operations, 2 Yr. CAGR %	267.05	8.51	-74.11	-1.39	115.22
Capital Expenditures, 2 Yr. CAGR %	6.13	-17.14	-14.1	5.84	57.3
Levered Free Cash Flow, 2 Yr. CAGR %	119.43	267.79	-22.04	14.1	79
Unlevered Free Cash Flow, 2 Yr. CAGR %	130.96	234.43	-23.67	13.64	80.27
Dividend Per Share, 2 Yr. CAGR %	-20.23	12.55	28.73	1.74	21.77
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-2.39	-0.97	3.15	8.43	5.15
Gross Profit, 3 Yr. CAGR %	-5.12	-3.69	-0.6	10.35	8.45
EBITDA, 3 Yr. CAGR %	-13.7	-8.99	-5.93	16.31	12.19
EBITA, 3 Yr. CAGR %	-21.45	-13.93	-9.64	20.32	13.6
EBIT, 3 Yr. CAGR %	-21.72	-13.98	-9.54	20.77	13.87
Earnings From Cont. Operations, 3 Yr. CAGR %	-13.69	-11.23	7.79	27.07	8.73
Net Income, 3 Yr. CAGR %	-13.67	-11.27	8.75	27.47	8.79
Normalized Net Income, 3 Yr. CAGR %	-21.19	-15.74	-8.43	23.33	12.03
Diluted EPS Before Extra, 3 Yr. CAGR %	-13.68	-11.3	8.71	27.44	8.77
Accounts Receivable, 3 Yr. CAGR %	1.34	-2.94	11.99	4.6	4.65
Inventory, 3 Yr. CAGR %	1.86	2.41	7.84	14.09	20.51
Net Property, Plant and Equip., 3 Yr. CAGR %	11.82	8.85	4.43	0.38	7.71
Total Assets, 3 Yr. CAGR %	2.07	3.61	5.44	5.06	5.43
Tangible Book Value, 3 Yr. CAGR %	6.19	5.34	7.22	8.3	9
Common Equity, 3 Yr. CAGR %	6.26	5.19	6.75	8.02	8.94
Cash From Operations, 3 Yr. CAGR %	-18.03	173.44	-62.67	13.84	-41.08
Capital Expenditures, 3 Yr. CAGR %	8.11	6.22	-21.91	6.03	19.72
Levered Free Cash Flow, 3 Yr. CAGR %	-21.64	67.83	103.07	8.52	25.65
Unlevered Free Cash Flow, 3 Yr. CAGR %	-21.38	73.69	87.89	8.26	24.45
Dividend Per Share, 3 Yr. CAGR %	0	1.2	8.83	19.01	14.69
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-2.37	0.12	2.31	2.78	2.7
Gross Profit, 5 Yr. CAGR %	-0.84	2.74	-0.05	1.2	3.94
EBITDA, 5 Yr. CAGR %	-8.2	1.35	-4.29	-2.17	4.49
EBITA, 5 Yr. CAGR %	-6.5	4.5	-8.23	-5.8	3.82
EBIT, 5 Yr. CAGR %	-6.65	4.61	-8.27	-5.8	4.06
Earnings From Cont. Operations, 5 Yr. CAGR %	-15.57	23.31	1.75	-6.47	13.75
Net Income, 5 Yr. CAGR %	-16.12	22.93	2.25	-6.49	14.04
Normalized Net Income, 5 Yr. CAGR %	-5.37	6.41	-6.86	-6.53	3.47
Diluted EPS Before Extra, 5 Yr. CAGR %	-16.18	22.91	2.23	-6.51	14.02
Accounts Receivable, 5 Yr. CAGR %	1.52	3.75	5.72	0	5.83
Inventory, 5 Yr. CAGR %	-0.45	2.43	7.86	7.04	12.52
Net Property, Plant and Equip., 5 Yr. CAGR %	-1.05	6.67	6.18	6.24	7.28
Total Assets, 5 Yr. CAGR %	1.53	4.29	3.21	3.73	6.02
Tangible Book Value, 5 Yr. CAGR %	4.96	7.1	6.45	6.8	8.36
Common Equity, 5 Yr. CAGR %	5	7.05	6.33	6.63	8.12
Cash From Operations, 5 Yr. CAGR %	-5.69	13.18	-48.31	81.83	-24.77
Capital Expenditures, 5 Yr. CAGR %	-3.67	-7.98	-1.39	6.07	3.34
Levered Free Cash Flow, 5 Yr. CAGR %	-4.15	16.4	-21.8	43.83	93.08
Unlevered Free Cash Flow, 5 Yr. CAGR %	-4.16	17.82	-22.3	46.59	84.81
Dividend Per Share, 5 Yr. CAGR %	6.96	17.92	10.63	1.41	13.83