Revenue growth remains highly volatile, swinging from a 41.8% contraction in 2025Q2 to a 25.3% expansion by 2025Q4, while operating margins remain constrained at 5.6%.
| Sales/Revenue | 20.3M | 19.28M | 18.03M | 18.63M | 14.76M | 21.4M | 18.22M | 17.89M |
| Revenue Growth % | 5.28% | 6.92% | -3.22% | 26.19% | -31% | 17.44% | 1.85% | - |
| Cost of Goods Sold | 14.52M | 14.09M | 13.67M | 13.5M | 12.42M | 15.49M | 13.27M | 14.01M |
| COGS % of Revenue | 71.55% | 73.06% | 75.79% | 72.48% | 84.1% | 72.41% | 72.83% | 78.32% |
| Gross Profit | 5.78M | 5.19M | 4.37M | 5.13M | 2.35M | 5.9M | 4.95M | 3.88M |
| Gross Margin % | 28.45% | 26.94% | 24.21% | 27.52% | 15.9% | 27.59% | 27.17% | 21.68% |
| Gross Profit Growth % | 11.19% | 18.96% | -14.86% | 118.4% | -60.23% | 19.25% | 27.64% | - |
| Operating Expenses | 5.15M | 5.22M | 3.36M | 3.36M | 2.29M | 2.37M | 2.64M | 3.18M |
| OpEx % of Revenue | 25.37% | 27.1% | 18.61% | 18.06% | 15.5% | 11.08% | 14.48% | 17.78% |
| Selling, General & Admin | 5.03M | 5.01M | 3.19M | 2.96M | 1.91M | 2.03M | 2.24M | 3.18M |
| SG&A % of Revenue | 24.79% | 26.01% | 17.71% | 15.86% | 12.94% | 9.49% | 12.29% | 17.78% |
| Research & Development | 432K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | 2.13% | - | - | - | - | - | - | - |
| Other Operating Expenses | -315K | 209K | 163K | 409K | 379K | 339K | 399K | 0 |
| Operating Income | 626K | -30K | 1.01M | 1.76M | 59K | 3.53M | 2.31M | 698.04K |
| Operating Margin % | 3.08% | -0.16% | 5.6% | 9.47% | 0.4% | 16.52% | 12.7% | 3.9% |
| Operating Income Growth % | 2186.67% | -102.97% | -42.74% | 2889.83% | -98.33% | 52.79% | 231.36% | - |
| EBITDA | 1.49M | 950K | 1.71M | 2.44M | 673K | 4.3M | 3.29M | 2.39M |
| EBITDA Margin % | 7.33% | 4.93% | 9.49% | 13.08% | 4.56% | 20.11% | 18.03% | 13.35% |
| EBITDA Growth % | 56.53% | -44.51% | -29.72% | 261.96% | -84.36% | 30.99% | 37.54% | - |
| D&A (Non-Cash Add-back) | 861K | 980K | 702K | 672K | 614K | 769K | 972K | 1.69M |
| EBIT | 3.81M | 798K | 1.14M | 1.76M | 59K | 2.67M | 1.04M | 698.04K |
| Net Interest Income | -276K | -322K | -360K | -372K | -239K | -348K | -475K | -380.47K |
| Interest Income | 136K | 194K | 151K | 336K | 217K | 320K | 458K | 0 |
| Interest Expense | 412K | 516K | 511K | 336K | 217K | 320K | 458K | 380.47K |
| Other Income/Expense | 2.77M | 312K | -380K | -337K | -57K | -1.19M | -1.73M | -187.7K |
| Pretax Income | 3.39M | 282K | 630K | 1.43M | 2K | 2.35M | 584K | 510.34K |
| Pretax Margin % | 16.72% | 1.46% | 3.49% | 7.66% | 0.01% | 10.96% | 3.21% | 2.85% |
| Income Tax | 157K | 250K | 111K | 235K | 0 | 618K | 242K | 266.84K |
| Effective Tax Rate % | 4.63% | 88.65% | 17.62% | 16.47% | 0% | 26.35% | 41.44% | 52.29% |
| Net Income | 3.24M | 32K | 519K | 1.19M | 2K | 1.73M | 342K | 243.5K |
| Net Margin % | 15.94% | 0.17% | 2.88% | 6.4% | 0.01% | 8.07% | 1.88% | 1.36% |
| Net Income Growth % | 10012.5% | -93.83% | -56.46% | 59500% | -99.88% | 404.97% | 40.45% | - |
| Net Income (Continuing) | 3.24M | 32K | 519K | 1.19M | 2K | 1.73M | 342K | 243.5K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.60 | 0.01 | 0.10 | 0.08 | 0.00 | 0.11 | 0.02 | 0.00 |
| EPS Growth % | - | -93.7% | 18.34% | - | -99.91% | 382.46% | - | - |
| EPS (Basic) | 0.60 | 0.01 | 0.10 | 0.08 | 0.00 | 0.11 | 0.02 | 0.00 |
| Diluted Shares Outstanding | 5.31M | 5.1M | 5.01M | 14.1M | 15M | 15M | 15M | 0 |
| Basic Shares Outstanding | 5.31M | 5.1M | 5.01M | 14.1M | 15M | 15M | 15M | 0 |
| Dividend Payout Ratio | - | 2009.38% | - | - | 145000% | - | 438.6% | 41.67% |
Non-operating income dependency
As reported in recent financial statements, JCSE experienced significant revenue volatility, with quarterly growth rates swinging from a 41.8% contraction in 2025Q2 to a 25.3% expansion by 2025Q4, highlighting the inherent lumpiness of project-based industrial machinery sales versus recurring service contracts.
The erratic revenue trajectory suggests that the company's reliance on large, project-based contracts creates significant quarter-over-quarter instability. Investors should monitor whether the service-based segment can eventually provide a more predictable revenue floor to offset the cyclical nature of the machinery division.
Based on reported figures, JCSE maintains a gross margin of approximately 29.6% as of 2025Q4, yet the operating margin remains thin at 5.6%, indicating that high variable costs in labor-intensive service delivery significantly constrain the company's ability to scale profitability.
The narrow spread between gross and operating margins suggests that the company struggles to achieve meaningful operating leverage. Any upward pressure on Singaporean labor costs or foreign worker levies may further erode these already fragile margins, warranting caution regarding the sustainability of core operational profitability.
According to recent SEC filings, the company's 2025Q4 net margin of 37.7% significantly outpaces its 5.6% operating margin, suggesting that a substantial portion of reported net income is derived from non-operating items rather than core industrial cleaning operations.
This wide divergence between operating and net income implies that the bottom line is heavily supported by one-time gains or government subsidies. Analysts should adjust valuation models to exclude these non-recurring items to better assess the true, underlying earnings power of the business.
As indicated by the income statement data, JCSE's SG&A expenses have fluctuated significantly, reaching $2.4M in 2025Q4, which reflects the company's ongoing struggle to manage overhead costs relative to the highly variable revenue generated by its industrial and service segments.
The lack of consistent expense discipline appears to be a primary driver of the company's periodic operating losses. Without a more stable cost structure, the company may remain vulnerable to operational shocks, particularly given the labor-intensive nature of its centralized dishwashing service model.
While the company reports a healthy cash position, the reliance on non-operating income to achieve positive net earnings, as seen in the 2025Q4 data, suggests that the current profitability profile may be unsustainable without continued external support or one-time financial gains.
Short-term investors should be wary of the potential for a sharp earnings decline if these non-operating income sources fail to materialize in future periods. The current valuation may be misaligned if the market fails to discount the high probability that core operations are not yet self-sustaining.
Quick answers to the most common questions about buying JCSE stock.
For fiscal year 2025, JE Cleantech Holdings Limited (JCSE) reported total revenue of $20.3M. This represents a 13.5% increase compared to $17.9M in 2018.
JE Cleantech Holdings Limited (JCSE) is profitable, generating $3.2M in net income for the fiscal year ending 2025 with a net profit margin of 15.9%.
JE Cleantech Holdings Limited (JCSE) reported an operating income of $0.6M, resulting in an operating profit margin of 3.1%. This margin reflects the operational efficiency of the business before interest and taxes.
JE Cleantech Holdings Limited (JCSE) generated $5.8M in gross profit for the year, representing a gross profit margin of 28.5%. This demonstrates the company's core pricing power and production efficiency.