Cash flow Japan Exchange Group, Inc.

Equities

8697

JP3183200009

Financial & Commodity Market Operators

Market Closed - Japan Exchange Other stock markets 12:00:00 11/07/2025 pm IST			5-day change	1st Jan Change
1,477.00 ^JPY	+0.07%		-1.20%	-16.55%

07/07	RUBBER-Japan futures track oil prices lower amid demand uncertainty	RE
01/07	The Tokyo Stock Exchange operator still undervalued relative to peers

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Published financial data: JAPAN EXCHANGE GROUP, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Revenues	13TCr	14TCr	13TCr	15TCr	16TCr
Total Revenues	13TCr	14TCr	13TCr	15TCr	16TCr
Gross Profit	13TCr	14TCr	13TCr	15TCr	16TCr
Selling General & Admin Expenses, Total	4.46TCr	4.57TCr	4.85TCr	5.33TCr	5.67TCr
Depreciation & Amortization - (IS)	1.68TCr	1.75TCr	1.9TCr	1.83TCr	1.84TCr
Other Operating Expenses	-35Cr	-19Cr	-44Cr	-469.9Cr	-192.9Cr
Other Operating Expenses, Total	6.1TCr	6.3TCr	6.71TCr	6.69TCr	7.31TCr
Operating Income	7.23TCr	7.24TCr	6.69TCr	8.6TCr	8.91TCr
Interest Expense, Total	-9.2Cr	-9.5Cr	-8.9Cr	-10Cr	-17Cr
Interest And Investment Income	27Cr	5.8Cr	4.9Cr	6.8Cr	33Cr
Net Interest Expenses	17Cr	-3.7Cr	-4Cr	-3.3Cr	16Cr
Income (Loss) On Equity Invest.	226.3Cr	106.7Cr	131.9Cr	142.7Cr	103.4Cr
Other Non Operating Income (Expenses)	-90L	-90L	-80L	-60L	-80L
EBT, Excl. Unusual Items	7.47TCr	7.34TCr	6.82TCr	8.74TCr	9.03TCr
EBT, Incl. Unusual Items	7.47TCr	7.34TCr	6.82TCr	8.74TCr	9.03TCr
Income Tax Expense	2.27TCr	2.26TCr	2.1TCr	2.55TCr	2.76TCr
Earnings From Continuing Operations	5.2TCr	5.08TCr	4.72TCr	6.2TCr	6.27TCr
Net Income to Company	5.2TCr	5.08TCr	4.72TCr	6.2TCr	6.27TCr
Minority Interest	-63Cr	-87Cr	-88Cr	-113.1Cr	-163.4Cr
Net Income - (IS)	5.14TCr	5TCr	4.63TCr	6.08TCr	6.11TCr
Net Income to Common Incl Extra Items	5.14TCr	5TCr	4.63TCr	6.08TCr	6.11TCr
Net Income to Common Excl. Extra Items	5.14TCr	5TCr	4.63TCr	6.08TCr	6.11TCr
Per Share Items
Net EPS - Basic	48	47.17	44.02	58.45	58.72
Basic EPS - Continuing Operations	48	47.17	44.02	58.45	58.72
Basic Weighted Average Shares Outstanding	107.06Cr	105.9Cr	105.28Cr	104.07Cr	104.04Cr
Net EPS - Diluted	48	47.17	44.02	58.45	58.72
Diluted EPS - Continuing Operations	48	47.17	44.02	58.45	58.72
Diluted Weighted Average Shares Outstanding	107.06Cr	105.9Cr	105.28Cr	104.07Cr	104.04Cr
Normalized Basic EPS	43.04	42.51	39.66	51.41	52.66
Normalized Diluted EPS	43.04	42.51	39.66	51.41	52.66
Dividend Per Share	29	28.5	26.5	35.5	35.5
Payout Ratio	58.45	72.6	82.12	58.47	79.51
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	8.91TCr	8.99TCr	8.59TCr	10TCr	11TCr
EBITA	7.23TCr	7.24TCr	6.69TCr	8.6TCr	8.91TCr
EBIT	7.23TCr	7.24TCr	6.69TCr	8.6TCr	8.91TCr
Effective Tax Rate - (Ratio)	30.39	30.78	30.77	29.12	30.52
Normalized Net Income	4.61TCr	4.5TCr	4.18TCr	5.35TCr	5.48TCr
Non-Cash Pension Expense	90L	-70L	-98Cr	-3.7Cr	10Cr

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	11TCr	9.34TCr	9.88TCr	13TCr	9.84TCr
Total Cash And Short Term Investments	11TCr	9.34TCr	9.88TCr	13TCr	9.84TCr
Accounts Receivable, Total	1.49TCr	1.53TCr	1.6TCr	1.96TCr	1.98TCr
Other Receivables	528.6Cr	202.2Cr	535.9Cr	737.4Cr	8Cr
Total Receivables	2.02TCr	1.73TCr	2.14TCr	2.69TCr	1.99TCr
Other Current Assets, Total	59,76500Cr	71,16900Cr	81,88000Cr	80,34600Cr	85,10100Cr
Total Current Assets	59,89400Cr	71,28000Cr	82,00100Cr	80,50100Cr	85,21900Cr
Net Property Plant And Equipment	1.07TCr	1.3TCr	1.1TCr	1.32TCr	909.5Cr
Long-term Investments	6.44TCr	6.31TCr	6.59TCr	5.77TCr	5.77TCr
Goodwill	6.74TCr	6.74TCr	7.2TCr	7.12TCr	6.94TCr
Other Intangibles, Total	3.6TCr	3.77TCr	3.61TCr	3.28TCr	3.5TCr
Deferred Tax Assets Long-Term	338.5Cr	230.3Cr	175.1Cr	653.9Cr	638.4Cr
Other Long-Term Assets, Total	50L	30L	40L	50L	40L
Total Assets	60,07600Cr	71,46300Cr	82,18700Cr	80,68300Cr	85,39700Cr
Liabilities
Accounts Payable, Total	413.2Cr	481.3Cr	888.3Cr	423.3Cr	581.3Cr
Short-term Borrowings	3.25TCr	3.25TCr	3.3TCr	3.25TCr	3.25TCr
Current Portion of Long-Term Debt	-	-	-	-	-
Current Income Taxes Payable	1.5TCr	380Cr	996.3Cr	1.71TCr	1.55TCr
Other Current Liabilities	59,66400Cr	71,06700Cr	81,78100Cr	80,25600Cr	84,96100Cr
Total Current Liabilities	59,71500Cr	71,10800Cr	81,83300Cr	80,31000Cr	85,01400Cr
Long-Term Debt	2TCr	2TCr	2TCr	2TCr	2TCr
Pension & Other Post Retirement Benefits	901.8Cr	898.5Cr	848.5Cr	846.2Cr	799.9Cr
Deferred Tax Liability Non Current	42Cr	10Cr	6.9Cr	-	1.1Cr
Other Non Current Liabilities	233.8Cr	236.3Cr	379.8Cr	583.7Cr	329.6Cr
Total Liabilities	59,74700Cr	71,14000Cr	81,86600Cr	80,34400Cr	85,04600Cr
Common Stock, Total	1.15TCr	1.15TCr	1.15TCr	1.15TCr	1.15TCr
Additional Paid In Capital	3.97TCr	3.88TCr	3.88TCr	3.88TCr	3.89TCr
Retained Earnings	27TCr	27TCr	28TCr	28TCr	29TCr
Treasury Stock	-182.5Cr	-191.2Cr	-1.36TCr	-383.9Cr	-430.5Cr
Comprehensive Income and Other	99Cr	44Cr	44Cr	52Cr	54Cr
Total Common Equity	32TCr	32TCr	31TCr	33TCr	34TCr
Minority Interest	737.8Cr	819.8Cr	907.5Cr	1.02TCr	1.03TCr
Total Equity	33TCr	32TCr	32TCr	34TCr	35TCr
Total Liabilities And Equity	60,07600Cr	71,46300Cr	82,18700Cr	80,68300Cr	85,39700Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	106.79Cr	105.51Cr	104.34Cr	104.06Cr	103.47Cr
ECS Total Common Shares Outstanding	107.06Cr	105.51Cr	104.34Cr	104.06Cr	104.04Cr
Book Value / Share	300.19	299.17	299.73	315.54	327.57
Tangible Book Value	22TCr	21TCr	20TCr	22TCr	24TCr
Tangible Book Value Per Share	203.66	199.55	196.08	215.65	227.23
Total Debt	5.25TCr	5.25TCr	5.3TCr	5.25TCr	5.25TCr
Net Debt	-5.57TCr	-4.09TCr	-4.58TCr	-7.55TCr	-4.59TCr
Debt Equivalent of Unfunded Proj. Benefit Obligation	81Cr	-5.1Cr	-154Cr	767.2Cr	770.3Cr
Minority Interest, Total (Incl. Fin. Div)	737.8Cr	819.8Cr	907.5Cr	1.02TCr	1.03TCr
Equity Method Investments, Total	1.67TCr	1.76TCr	1.86TCr	1.96TCr	2.02TCr
Full Time Employees	1.2T	1.19T	1.24T	1.25T	1.26T
Accumulated Allowance for Doubtful Accounts (Supple)	70L	70L	60L	70L	70L

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	7.47TCr	7.34TCr	6.82TCr	8.74TCr	9.03TCr
Depreciation & Amortization - CF	1.68TCr	1.75TCr	1.9TCr	1.83TCr	1.84TCr
Depreciation & Amortization, Total	1.68TCr	1.75TCr	1.9TCr	1.83TCr	1.84TCr
(Gain) Loss From Sale Of Asset	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-226.3Cr	-106.7Cr	-131.9Cr	-142.7Cr	-103.4Cr
Other Operating Activities, Total	-2.06TCr	-2.96TCr	-1.75TCr	-2.21TCr	-2.14TCr
Change In Accounts Receivable	175Cr	-37Cr	-65Cr	-352.6Cr	-24Cr
Change In Accounts Payable	-29Cr	30Cr	17Cr	-218.5Cr	100.3Cr
Change in Other Net Operating Assets	159.9Cr	-199.2Cr	-102.1Cr	310.2Cr	-80Cr
Cash from Operations	7.18TCr	5.82TCr	6.69TCr	7.96TCr	8.61TCr
Capital Expenditure	-288Cr	-234.4Cr	-56Cr	-655.1Cr	-171.6Cr
Sale of Property, Plant, and Equipment	-	-	-	770.4Cr	30L
Cash Acquisitions	-	-	-190.4Cr	-	-
Sale (Purchase) of Intangible assets	-1.26TCr	-1.26TCr	-1.07TCr	-904.3Cr	-1.34TCr
Investment in Marketable and Equity Securities, Total	1.38TCr	154.4Cr	560Cr	159Cr	-4.61TCr
Other Investing Activities, Total	11Cr	8.7Cr	-92Cr	-87Cr	2.7Cr
Cash from Investing	-151.3Cr	-1.33TCr	-852.2Cr	-716.6Cr	-6.12TCr
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Short Term Debt Repaid, Total	-	-	-	-	-
Total Debt Repaid	-	-	-	-	-
Repurchase of Common Stock	-37Cr	-2.03TCr	-1.2TCr	-336.7Cr	-73Cr
Common & Preferred Stock Dividends Paid	-3TCr	-3.63TCr	-3.81TCr	-3.56TCr	-4.86TCr
Common & Preferred Stock Dividends Paid	-3TCr	-3.63TCr	-3.81TCr	-3.56TCr	-4.86TCr
Other Financing Activities, Total	-353.1Cr	-313.9Cr	-283.5Cr	-426.6Cr	-519.8Cr
Cash from Financing	-3.39TCr	-5.97TCr	-5.29TCr	-4.32TCr	-5.45TCr
Foreign Exchange Rate Adjustments	1.9Cr	-	-	20L	-50L
Miscellaneous Cash Flow Adjustments	-	-	-10L	-	-
Net Change in Cash	3.63TCr	-1.49TCr	545.7Cr	2.92TCr	-2.96TCr
Supplemental Items
Cash Interest Paid	9.3Cr	9.6Cr	9Cr	10Cr	16Cr
Cash Income Tax Paid (Refund)	2.08TCr	2.99TCr	1.79TCr	2.25TCr	2.16TCr
Levered Free Cash Flow	5.01TCr	3.99TCr	5.89TCr	6.2TCr	1.58TCr
Unlevered Free Cash Flow	5.02TCr	3.99TCr	5.89TCr	6.2TCr	1.59TCr
Change In Net Working Capital	-362.4Cr	791.1Cr	-940.2Cr	-556.1Cr	4.3TCr
Net Debt Issued / Repaid	-	-	-	-	-

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	0.07	0.07	0.05	0.07	0.07
Return on Total Capital	12.23	11.95	11.14	14.04	14.01
Return On Equity %	16.41	15.58	14.63	18.76	18.19
Return on Common Equity	16.59	15.68	14.75	18.97	18.26
Margin Analysis
Gross Profit Margin %	100	100	100	100	100
SG&A Margin	33.47	33.76	36.22	34.84	34.96
EBITDA Margin %	66.81	66.4	64.11	68.24	66.23
EBITA Margin %	54.22	53.46	49.95	56.27	54.91
EBIT Margin %	54.22	53.46	49.95	56.27	54.91
Income From Continuing Operations Margin %	39.01	37.53	35.24	40.53	38.66
Net Income Margin %	38.54	36.89	34.59	39.79	37.66
Net Avail. For Common Margin %	38.54	36.89	34.59	39.79	37.66
Normalized Net Income Margin	34.56	33.24	31.16	34.99	33.77
Levered Free Cash Flow Margin	37.57	29.45	43.92	40.53	9.74
Unlevered Free Cash Flow Margin	37.62	29.49	43.96	40.57	9.81
Asset Turnover
Asset Turnover	0	0	0	0	0
Fixed Assets Turnover	10.46	11.42	11.13	12.61	14.55
Receivables Turnover (Average Receivables)	8.43	8.96	8.55	8.59	8.25
Short Term Liquidity
Current Ratio	1	1	1	1	1
Quick Ratio	0	0	0	0	0
Operating Cash Flow to Current Liabilities	0	0	0	0	0
Days Sales Outstanding (Average Receivables)	43.28	40.75	42.67	42.58	44.26
Long Term Solvency
Total Debt/Equity	15.96	16.2	16.46	15.5	14.95
Total Debt / Total Capital	13.76	13.94	14.13	13.42	13
LT Debt/Equity	6.07	6.17	6.21	5.9	5.69
Long-Term Debt / Total Capital	5.24	5.31	5.33	5.11	4.95
Total Liabilities / Total Assets	99.45	99.55	99.61	99.58	99.59
EBIT / Interest Expense	785.9	762.17	752.07	851.64	536.67
EBITDA / Interest Expense	968.33	946.64	965.22	1.03T	647.28
(EBITDA - Capex) / Interest Expense	937.02	921.97	958.88	967.95	636.95
Total Debt / EBITDA	0.59	0.58	0.62	0.5	0.49
Net Debt / EBITDA	-0.63	-0.45	-0.53	-0.72	-0.43
Total Debt / (EBITDA - Capex)	0.61	0.6	0.62	0.54	0.5
Net Debt / (EBITDA - Capex)	-0.65	-0.47	-0.54	-0.77	-0.43
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	7.81	1.57	-1.06	14.09	6.12
Gross Profit, 1 Yr. Growth %	7.81	1.57	-1.06	14.09	6.12
EBITDA, 1 Yr. Growth %	7.88	0.95	-4.48	21.43	3.01
EBITA, 1 Yr. Growth %	9.42	0.14	-7.56	28.51	3.57
EBIT, 1 Yr. Growth %	9.42	0.14	-7.56	28.51	3.57
Earnings From Cont. Operations, 1 Yr. Growth %	7.66	-2.28	-7.1	31.21	1.25
Net Income, 1 Yr. Growth %	7.94	-2.79	-7.23	31.25	0.44
Normalized Net Income, 1 Yr. Growth %	8.47	-2.3	-7.25	28.13	2.42
Diluted EPS Before Extra, 1 Yr. Growth %	7.97	-1.72	-6.69	32.78	0.47
Accounts Receivable, 1 Yr. Growth %	-10.49	2.47	4.69	22.01	1.23
Net Property, Plant and Equip., 1 Yr. Growth %	-27.71	21.8	-15.26	19.55	-31.09
Total Assets, 1 Yr. Growth %	-10.72	18.96	15.01	-1.83	5.84
Tangible Book Value, 1 Yr. Growth %	11.35	-3.44	-2.83	9.69	5.36
Common Equity, 1 Yr. Growth %	7.77	-1.79	-0.92	5	3.8
Cash From Operations, 1 Yr. Growth %	26.14	-18.9	14.93	18.97	8.26
Capital Expenditures, 1 Yr. Growth %	140.2	-18.61	-75.9	1.06T	-73.81
Levered Free Cash Flow, 1 Yr. Growth %	23	-20.4	47.57	5.29	-74.49
Unlevered Free Cash Flow, 1 Yr. Growth %	22.96	-20.38	47.49	5.3	-74.35
Dividend Per Share, 1 Yr. Growth %	7.41	-1.72	-7.02	33.96	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	4.92	4.64	0.24	6.24	10.03
Gross Profit, 2 Yr. CAGR %	4.92	4.64	0.24	6.24	10.03
EBITDA, 2 Yr. CAGR %	5.89	4.36	-1.8	7.7	11.84
EBITA, 2 Yr. CAGR %	3.68	4.68	-3.78	8.99	15.37
EBIT, 2 Yr. CAGR %	3.68	4.68	-3.78	8.99	15.37
Earnings From Cont. Operations, 2 Yr. CAGR %	2.48	2.57	-4.72	10.4	15.26
Net Income, 2 Yr. CAGR %	2.35	2.43	-5.04	10.34	14.82
Normalized Net Income, 2 Yr. CAGR %	2.61	2.94	-4.81	9.01	14.55
Diluted EPS Before Extra, 2 Yr. CAGR %	2.38	3.01	-4.24	11.31	15.5
Accounts Receivable, 2 Yr. CAGR %	14.45	-4.23	3.57	13.02	11.14
Net Property, Plant and Equip., 2 Yr. CAGR %	21.11	-6.17	1.6	0.65	-9.24
Total Assets, 2 Yr. CAGR %	5.41	3.06	16.96	6.25	1.93
Tangible Book Value, 2 Yr. CAGR %	8.8	3.69	-3.14	3.24	7.5
Common Equity, 2 Yr. CAGR %	6.19	2.88	-1.36	1.99	4.39
Cash From Operations, 2 Yr. CAGR %	16.6	1.14	-3.45	16.93	13.49
Capital Expenditures, 2 Yr. CAGR %	-16.62	39.82	-55.71	67.18	74.27
Levered Free Cash Flow, 2 Yr. CAGR %	135.59	-1.05	8.38	24.65	-48.18
Unlevered Free Cash Flow, 2 Yr. CAGR %	135.12	-1.05	8.37	24.62	-48.03
Dividend Per Share, 2 Yr. CAGR %	2.69	2.74	-4.41	11.61	15.74
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	3.37	3.79	2.7	4.66	6.2
Gross Profit, 3 Yr. CAGR %	3.37	3.79	2.7	4.66	6.2
EBITDA, 3 Yr. CAGR %	3.57	4.22	1.33	5.4	6.11
EBITA, 3 Yr. CAGR %	1.05	2.49	0.43	5.96	7.16
EBIT, 3 Yr. CAGR %	1.05	2.49	0.43	5.96	7.16
Earnings From Cont. Operations, 3 Yr. CAGR %	0.9	0.86	-0.76	6	7.26
Net Income, 3 Yr. CAGR %	0.59	0.61	-0.9	5.78	6.94
Normalized Net Income, 3 Yr. CAGR %	0.45	0.95	-0.57	5.1	6.77
Diluted EPS Before Extra, 3 Yr. CAGR %	0.65	1	-0.33	6.78	7.57
Accounts Receivable, 3 Yr. CAGR %	8.05	10.31	-1.34	9.39	8.94
Net Property, Plant and Equip., 3 Yr. CAGR %	27.11	21.34	-9.3	7.26	-11.29
Total Assets, 3 Yr. CAGR %	13.29	9.74	6.9	10.33	6.12
Tangible Book Value, 3 Yr. CAGR %	8.19	4.56	1.47	0.96	3.94
Common Equity, 3 Yr. CAGR %	5.49	3.46	1.6	0.72	2.59
Cash From Operations, 3 Yr. CAGR %	2.81	3.31	5.55	3.51	13.97
Capital Expenditures, 3 Yr. CAGR %	22.83	-17.29	-22.18	31.51	-9.87
Levered Free Cash Flow, 3 Yr. CAGR %	9.76	64.09	13.05	7.34	-26.54
Unlevered Free Cash Flow, 3 Yr. CAGR %	9.76	63.88	13.03	7.33	-26.42
Dividend Per Share, 3 Yr. CAGR %	0.58	1.2	-0.62	6.97	7.6
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	3.04	4.65	2.11	4.76	5.57
Gross Profit, 5 Yr. CAGR %	3.04	4.65	2.11	4.76	5.57
EBITDA, 5 Yr. CAGR %	3.16	5.25	1.39	5.6	5.41
EBITA, 5 Yr. CAGR %	1.99	4.59	-0.91	5.04	6.16
EBIT, 5 Yr. CAGR %	1.99	4.59	-0.91	5.04	6.16
Earnings From Cont. Operations, 5 Yr. CAGR %	2.86	3.71	-1.39	4.58	5.36
Net Income, 5 Yr. CAGR %	2.75	3.47	-1.7	4.39	5.11
Normalized Net Income, 5 Yr. CAGR %	1.84	3.65	-1.69	4.1	5.22
Diluted EPS Before Extra, 5 Yr. CAGR %	3.27	4.15	-1.34	5	5.72
Accounts Receivable, 5 Yr. CAGR %	8.15	9.38	6.24	11.39	3.47
Net Property, Plant and Equip., 5 Yr. CAGR %	12.17	20.45	16.21	12.6	-9.28
Total Assets, 5 Yr. CAGR %	15.25	11.6	14.75	8.33	4.88
Tangible Book Value, 5 Yr. CAGR %	6.55	5.65	3.51	4.03	3.84
Common Equity, 5 Yr. CAGR %	4.56	4.12	2.7	2.87	2.71
Cash From Operations, 5 Yr. CAGR %	3.28	4.16	0.26	8.56	8.65
Capital Expenditures, 5 Yr. CAGR %	12.14	16.1	-18.32	9.6	7.43
Levered Free Cash Flow, 5 Yr. CAGR %	21.12	12.65	9.21	47	-17.25
Unlevered Free Cash Flow, 5 Yr. CAGR %	21.12	12.68	9.2	46.88	-17.17
Dividend Per Share, 5 Yr. CAGR %	3.01	3.93	-1.44	5.24	5.63