Loading…
Japanese engineering firm that designs, builds, owns and operates FPSO vessels for offshore oil and gas production worldwide.
Japanese engineering firm that designs, builds, owns and operates FPSO vessels for offshore oil and gas production worldwide.
Wins contracts to build a floating production vessel, with profit recognised as the build proceeds, then operates it for the oil company under a charter lasting many years, earning day-rate and operating fees. A few very large projects shape each year. The trading house Mitsui is a major shareholder.
In one line: A specialist FPSO operator, similar to SBM Offshore.
Moat: narrow (process know-how, installed base). Engineering expertise and a track record operating complex FPSOs support long-term charter contracts.
Headquarters: Tokyo, Japan · Founded: 1968 · Employees: 6,460
Size Modec (6269.T) is a Japan Industrials company (Trucks/Construction/Farm Machinery) with a market value of $3.03B, the 366th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥6,990 on 6 Nov 2026.
Performance Over six months the shares fell 45.9%, against -12.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 16.8% over the last twelve months (peer median +10.8%); the operating margin is 8.6% (peer median 7.7%).
Valuation It trades at 7.7× forward earnings against a peer median of 13.5× (cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -21% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -40 pp: the price already allows for a slowdown.
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥765B | ¥685B | ¥634B | ¥503B | ¥360B |
| Revenue growth | — | +8% | +26% | +39% | — |
| Gross profit | ¥108B | ¥77.9B | ¥53.9B | ¥29.8B | ¥4.21B |
| EBITDA | ¥71.6B | ¥51.4B | ¥31.5B | ¥14.4B | -¥5.95B |
| Net income | ¥68.0B | ¥54.0B | ¥33.4B | ¥13.6B | ¥4.92B |
| Free cash flow | ¥87.0B | ¥35.4B | ¥83.1B | ¥67.3B | -¥28.4B |
| Capital expenditure | ¥1.51B | ¥1.10B | ¥1.86B | ¥1.05B | ¥905M |
| Total debt | ¥68.4B | ¥78.3B | ¥89.8B | ¥86.6B | ¥59.7B |
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 |
|---|---|---|---|---|---|---|
| Modec 6269.T | $3.03B | -46% | +17% | 9% | 7.7× | -21.3% |
| SBM Offshore SBMO.AS | $6.08B | -8% | +1% | 31% | 6.2× | -14.4% |
| BW Offshore BWO.OL | $747M | -25% | -17% | 23% | 8.5× | 5.5% |
| Saipem SPM.MI | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% |
| Seatrium 5E2.SI | $4.77B | -19% | +11% | 4% | 13.0× | 4.0% |
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 | 6269.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.9% | +1.4% | 3rd lowest of 21 |
| 6-month return | -45.9% | -12.8% | 3rd lowest of 21 |
| Distance from 52-week high | -58.2% | -26.7% | 3rd lowest of 21 |
| Revenue growth (TTM) | +16.8% | +10.8% | 8th highest of 21 |
| Operating margin | 8.6% | 7.7% | 9th highest of 21 |
| Forward P/E | 7.7× | 13.5× | cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -21.3% | 1.0% | least demanding of 14 |
| Growth delivered (Del g) | +18.6% | +5.7% | 2nd highest of 14 |
| Hurdle (Req g minus delivered) | -39.8 pp | -8.5 pp | least demanding of 14 |
| EV / EBITDA | 3.3× | 10.8× | cheapest of 12 |
| Net debt / EBITDA | -3.4× | 0.7× | 2nd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Modec 6269.T | Japan | $3.03B | -46% | +17% | 9% | 7.7× | -21.3% | +18.6% |
| Construcciones y Auxiliar de Ferrocarriles CAF.MC | Spain | $2.92B | +21% | +12% | 6% | 13.5× | 1.0% | +10.2% |
| CITIC Heavy Industries 601608.SS | China | $3.15B | -24% | +5% | 4% | 45.9× | 14.5% | +5.1% |
| Craftsman Automation CRAFTSMAN.NS | India | $2.90B | +21% | +36% | 10% | 44.5× | n/a | n/a |
| Sany Heavy Equipment International 0631.HK | Hong Kong | $2.82B | -46% | +19% | 6% | 8.9× | 1.4% | +26.1% |
| Hd Ce 267270.KS | South Korea | $2.80B | -56% | +115% | 8% | 8.6× | -9.6% | +9.6% |
| China Railway Construction Heavy Industry 688425.SS | China | $3.29B | -13% | -1% | 12% | 12.4× | 1.9% | +5.7% |
| Tiandi Science & Technology 600582.SS | China | $3.30B | -6% | -6% | 4% | 10.4× | n/a | n/a |
| Cochin Shipyard COCHINSHIP.NS | India | $3.40B | -33% | -1% | 13% | 34.3× | n/a | n/a |
| Hiab HIAB.HE | Finland | $3.52B | -5% | +6% | 12% | 16.9× | 15.5% | -13.7% |
| Garden Reach Shipbuilders & Engineers GRSE.NS | India | $2.60B | -31% | +40% | 10% | 26.5× | n/a | n/a |
| Guangxi Liugong Machinery 000528.SZ | China | $2.58B | -13% | +10% | 6% | 10.5× | -3.5% | +5.0% |
| Doosan Bobcat 241560.KS | South Korea | $3.64B | -28% | +11% | 9% | 9.0× | -13.3% | +15.5% |
| Cadeler A/S CADLR.OL | Norway | $2.41B | -14% | +53% | 36% | 9.4× | n/a | n/a |
| Stadler Rail SRAIL.SW | Switzerland | $3.84B | +38% | +26% | 5% | 19.8× | 0.2% | +3.6% |
| China Railway Hi-tech Industry 600528.SS | China | $2.37B | -9% | -8% | 5% | n/a | -4.0% | +2.6% |
| Bucher Industries BUCN.SW | Switzerland | $3.93B | +4% | -4% | 7% | 19.1× | -2.9% | +1.2% |
| Trinity Industries TRN | United States | $2.30B | -20% | -2% | 13% | 15.8× | n/a | n/a |
| CSSC Offshore & Marine Engineering (Group) 0317.HK | Hong Kong | $4.04B | -22% | +10% | 1% | 9.6× | 1.5% | +11.3% |
| ZHEJIANG ZHONGJIAN TECHNOLOGY 002779.SZ | China | $2.26B | +2% | +28% | -17% | 150.7× | n/a | n/a |
| Takeuchi Mfg.Co 6432.T | Japan | $2.21B | +4% | +12% | 16% | 10.6× | 4.0% | +14.9% |