Latest Ratios: P/E Ratio 2.9x · EV/EBITDA 2.4x · ROE 17.8%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7M | $6M | $7M | $4M | $31M | — | — | — | — |
| Enterprise Value | $3M | $72238 | $11M | $8M | $36M | — | — | — | — |
| P/E Ratio → | 2.87 | 1.75 | 217.46 | 7.50 | 26.15 | — | — | — | — |
| P/S Ratio | 0.45 | 0.27 | 0.36 | 0.21 | 1.67 | — | — | — | — |
| P/B Ratio | 0.46 | 0.28 | 0.42 | 0.22 | 1.91 | — | — | — | — |
| P/FCF | 4.95 | 3.05 | 8.73 | 3.23 | — | — | — | — | — |
| P/OCF | 3.42 | 2.11 | 3.40 | 2.73 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.00 | 0.59 | 0.46 | 1.96 | — | — | — | — |
| EV / EBITDA | 2.38 | 0.05 | 11.91 | 4.81 | 14.97 | — | — | — | — |
| EV / EBIT | 5.65 | 0.02 | 14.18 | 7.21 | 20.68 | — | — | — | — |
| EV / FCF | — | 0.04 | 14.15 | 7.07 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.5% | 28.5% | 26.9% | 24.2% | 27.5% | 15.9% | 27.6% | 27.2% | 21.7% |
| Operating Margin | 3.1% | 3.1% | -0.2% | 5.6% | 9.5% | 0.4% | 16.5% | 12.7% | 3.9% |
| Net Profit Margin | 15.9% | 15.9% | 0.2% | 2.9% | 6.4% | 0.0% | 8.1% | 1.9% | 1.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.8% | 17.8% | 0.2% | 3.1% | 12.3% | 0.0% | 34.2% | 3.2% | 1.4% |
| ROA | 9.5% | 9.5% | 0.1% | 1.5% | 4.4% | 0.0% | 8.5% | 1.2% | 0.7% |
| ROIC | 2.7% | 2.7% | -0.1% | 3.5% | 7.3% | 0.3% | 16.1% | 7.7% | 1.8% |
| ROCE | 2.6% | 2.6% | -0.1% | 4.7% | 11.5% | 0.6% | 30.8% | 12.4% | 2.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.22 | 0.22 | 0.61 | 0.57 | 0.73 | 4.29 | 1.98 | 2.99 | 0.79 |
| Debt / EBITDA | 2.98 | 2.98 | 10.60 | 5.59 | 4.87 | 19.25 | 2.74 | 3.80 | 5.65 |
| Net Debt / Equity | — | -0.28 | 0.26 | 0.27 | 0.33 | 3.92 | 1.89 | 2.79 | 0.70 |
| Net Debt / EBITDA | -3.70 | -3.70 | 4.56 | 2.61 | 2.18 | 17.60 | 2.61 | 3.54 | 5.03 |
| Debt / FCF | — | -3.01 | 5.41 | 3.84 | — | 4.58 | 13.46 | 12.50 | 23.14 |
| Interest Coverage | 9.24 | 9.24 | 1.55 | 2.23 | 5.25 | 0.27 | 8.33 | 2.28 | 1.83 |
Net cash position: cash ($10M) exceeds total debt ($4M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.73 | 2.73 | 2.55 | 1.94 | 1.91 | 0.82 | 1.19 | 1.09 | 1.25 |
| Quick Ratio | 1.81 | 1.81 | 1.29 | 0.91 | 1.05 | 0.55 | 1.05 | 0.71 | 0.91 |
| Cash Ratio | 0.99 | 0.99 | 0.57 | 0.37 | 0.48 | 0.12 | 0.06 | 0.10 | 0.15 |
| Asset Turnover | — | 0.62 | 0.55 | 0.51 | 0.53 | 0.80 | 0.98 | 0.95 | 0.49 |
| Inventory Turnover | 1.58 | 1.58 | 1.11 | 0.97 | 1.14 | 4.86 | 11.23 | 4.28 | 4.07 |
| Days Sales Outstanding | — | 136.74 | 84.97 | 96.65 | 110.40 | 79.61 | 157.45 | 96.94 | 151.23 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 9.2% | — | — | — | — | — | — |
| Payout Ratio | — | — | 2009.4% | — | — | 145000.0% | — | 438.6% | 41.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 34.9% | 57.1% | 0.5% | 13.3% | 3.8% | — | — | — | — |
| FCF Yield | 20.2% | 32.8% | 11.4% | 31.0% | — | — | — | — | — |
| Buyback Yield | 0.1% | 0.2% | 0.7% | 0.5% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.1% | 0.2% | 9.9% | 0.5% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $5M | $5M | $5M | $14M | $15M | $15M | $15M | $0 |
Non-operating income dependency
Based on reported figures, JCSE trades at a P/E of 2.78 and a P/S of 0.43, suggesting that the market heavily discounts the company's earnings due to the high proportion of non-operating income and the inherent volatility of its project-based industrial machinery revenue streams.
The low valuation multiples appear to be a rational response to the discrepancy between headline net income and core operating performance. Investors should monitor whether the market's skepticism regarding the sustainability of these earnings is justified by future shifts in government grant reliance.
According to recent financial statements, JCSE's ROIC has fluctuated significantly, reaching 2.6% in 2025Q4 after periods of negative returns, which indicates that the company struggles to consistently generate value above its cost of capital across its diverse industrial and service-based business segments.
The erratic nature of these returns suggests that the company's capital allocation is heavily influenced by the timing of large-scale machinery contracts. The lack of a sustained upward trend in ROIC warrants further investigation into whether the service division can eventually provide a more stable return profile.
As reported in financial statements, JCSE's cash conversion cycle reached 169 days in 2025Q4, driven by an elevated days inventory outstanding of 137, which highlights significant inefficiencies in managing working capital relative to the company's industrial machinery and centralized dishwashing service delivery models.
The extended inventory cycle suggests that the company may be holding excessive hardware components or finished goods that are not moving efficiently through the sales pipeline. This inefficiency places unnecessary pressure on cash flow and limits the company's ability to reinvest in higher-growth service opportunities.
Based on JCSE's reported figures, the company has maintained a conservative debt-to-equity ratio of 0.22% as of 2025Q4, which provides a significant buffer against sector-specific downturns and mitigates the refinancing risks that often plague more highly leveraged industrial machinery and service-oriented firms.
This minimal debt load appears to be a strategic choice by management to navigate the inherent volatility of their revenue base. While this provides stability, it also raises questions about whether the company is under-utilizing its balance sheet to drive potential expansion or shareholder returns.
The net margin is the most commonly misapplied ratio for JCSE, as the 2025Q4 figure of 37.7% significantly overstates the company's true earning power by including substantial non-operating income, which obscures the underlying weakness of the core industrial cleaning and dishwashing service operations.
Analysts should prioritize the operating margin over the net margin to gain a clearer view of the company's fundamental profitability. Relying on net income metrics may lead to a false sense of security regarding the company's ability to generate sustainable cash flow from its primary business activities.
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Quick answers to the most common questions about buying JCSE stock.
JE Cleantech Holdings Limited's current P/E ratio is 2.9x. The historical average is 11.8x. This places it at the 33th percentile of its historical range.
JE Cleantech Holdings Limited's current EV/EBITDA is 2.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.9x.
JE Cleantech Holdings Limited's return on equity (ROE) is 17.8%. The historical average is 9.0%.
Based on historical data, JE Cleantech Holdings Limited is trading at a P/E of 2.9x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
JE Cleantech Holdings Limited has 28.5% gross margin and 3.1% operating margin.
JE Cleantech Holdings Limited's Debt/EBITDA ratio is 3.0x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.