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Japan's second-largest steelmaker, producing flat and long steel products for autos, construction, shipbuilding and energy pipe.
Japan's second-largest steelmaker, producing flat and long steel products for autos, construction, shipbuilding and energy pipe.
Sells steel to automakers, shipbuilders and construction firms, with prices to big customers negotiated periodically and often moved with iron-ore and coking-coal costs, so spreads matter more than volume. It was created in 2002 by merging Kawasaki Steel and NKK, and is shifting part of its production from blast furnaces to electric arc furnaces to cut carbon.
In one line: Japan's Nucor/US Steel.
Moat: narrow (scale, installed base). Large integrated blast-furnace scale but exposed to steel-price cycles and Chinese oversupply.
Headquarters: Tokyo, Japan · Founded: 2002 · Employees: 61,628
Size Jfe (5411.T) is a Japan Materials company (Steel) with a market value of $6.66B, the 192nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,747 on 6 Nov 2026.
Performance Over six months the shares gained 1.9%, against -8.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 3.8% over the last twelve months (peer median +9.8%); the operating margin is 2.2% (peer median 6.8%).
Valuation It trades at 8.4× forward earnings against a peer median of 13.4× (5th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +6 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.6 points below its cost of capital (5.0% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥4.59T | ¥4.54T | ¥4.86T | ¥5.17T | ¥5.27T |
| Revenue growth | — | -7% | -6% | -2% | — |
| Gross profit | ¥536B | ¥526B | ¥533B | ¥656B | ¥609B |
| EBITDA | ¥378B | ¥369B | ¥381B | ¥522B | ¥487B |
| Net income | ¥94.3B | ¥70.2B | ¥91.9B | ¥197B | ¥163B |
| Free cash flow | n/a | ¥57.4B | ¥99.6B | ¥149B | ¥107B |
| Capital expenditure | n/a | ¥322B | ¥279B | ¥330B | ¥289B |
| Total debt | ¥2.31T | ¥1.96T | ¥1.77T | ¥1.83T | ¥1.86T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Jfe 5411.T | $6.66B | +2% | -4% | 2% | 8.4× | 13.2% |
| Nippon Steel 5401.T | $22.3B | +15% | +28% | 4% | 11.2× | n/a |
| Kobe Steel 5406.T | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% |
| POSCO 005490.KS | $14.4B | -42% | +4% | 3% | 11.2× | n/a |
| Baoshan Iron & Steel 600019.SS | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 5411.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.4% | -5.5% | 3rd highest of 21 |
| 6-month return | +1.9% | -8.6% | 7th highest of 21 |
| Distance from 52-week high | -24.3% | -24.8% | 10th highest of 21 |
| Revenue growth (TTM) | -3.8% | +9.8% | 3rd lowest of 21 |
| Operating margin | 2.2% | 6.8% | 5th lowest of 21 |
| Forward P/E | 8.4× | 13.4× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 13.2% | 4.2% | 5th most demanding of 14 |
| Growth delivered (Del g) | +7.1% | +7.2% | 7th lowest of 14 |
| Hurdle (Req g minus delivered) | +6.2 pp | -5.9 pp | 3rd most demanding of 14 |
| ROIC minus cost of capital | -3.6 pp | -1.5 pp | 9th lowest of 21 |
| EV / EBITDA | 8.6× | 7.6× | 8th most expensive of 16 |
| Net debt / EBITDA | 5.6× | 0.9× | 3rd most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jfe 5411.T | Japan | $6.66B | +2% | -4% | 2% | 8.4× | 13.2% | +7.1% |
| Cleveland-Cliffs CLF | United States | $6.54B | +4% | +8% | -1% | 6.6× | n/a | n/a |
| Commercial Metals CMC | United States | $6.85B | -12% | +20% | 9% | 9.3× | 6.2% | +6.9% |
| APL Apollo Tubes APLAPOLLO.NS | India | $6.42B | +11% | +16% | 7% | 39.8× | 22.1% | +22.1% |
| Mineral Resources MIN.AX | Australia | $6.36B | -34% | +44% | 25% | 13.8× | 4.2% | +11.6% |
| Jindal Stainless JSL.NS | India | $6.10B | -9% | +12% | 10% | 16.9× | 21.0% | +28.7% |
| Steel Authority of India SAIL.NS | India | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% | +9.9% |
| Vallourec VK.PA | France | $5.51B | -31% | -7% | 14% | 15.5× | -7.6% | +3.3% |
| thyssenkrupp TKA.DE | Germany | $8.33B | +10% | -2% | 1% | n/a | n/a | n/a |
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | United States | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% | +8.0% |
| China Steel 2002.TW | Taiwan | $8.65B | 0% | -7% | 0% | 41.5× | n/a | n/a |
| Kobe Steel 5406.T | Japan | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% | +7.4% |
| Citic Pacific Special Steel 000708.SZ | China | $9.52B | -18% | 0% | 6% | 10.8× | -7.8% | +7.2% |
| Ternium S.A. Sponsored ADR TX | United States | $9.65B | +5% | -1% | 8% | 6.7× | n/a | n/a |
| Zhejiang Hailiang 002203.SZ | China | $4.53B | -23% | +10% | 2% | 17.6× | n/a | n/a |
| Tube Investments of India TIINDIA.NS | India | $4.47B | -28% | +18% | 7% | 42.7× | n/a | n/a |
| Grupo Simec SAB de CV Sponsored ADR SIM | United States | $4.22B | +4% | +17% | 16% | 14.1× | -9.2% | -1.1% |
| Lloyds Metals & Energy LLOYDSME.NS | India | $10.6B | +3% | +171% | 33% | 13.4× | n/a | n/a |
| Acerinox ACX.MC | Spain | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% | +4.4% |
| Nanjing Iron & Steel 600282.SS | China | $3.99B | -20% | +12% | 5% | 9.5× | -4.2% | +1.8% |
| Yamato Kogyo 5444.T | Japan | $3.88B | -13% | +1% | 2% | 10.3× | 24.2% | +3.4% |