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J & Friends Holdings Ltd (JF) stock

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NASDAQ: JF Nasdaq Interactive Media & Services

D Fundamentals grade

J & Friends Holdings Ltd is a US-listed company in the interactive media & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for J & Friends Holdings Ltd is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: noncontrolling ownership requires a separate cash-flow valuation. We'll show the comparison once resolved.

J & Friends Holdings Ltd valuation: adjust assumptions and compare models →

Value diary

Our note on each quarter J & Friends Holdings files

Where J & Friends stands after its latest Filing

J & Friends has little or no product revenue yet; it used $0m of cash in the twelve months. That puts it 63 of 63 for growth among the interactive media & services companies we cover. The diluted share count is up 4.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 5 financial-health checks.

Our model value for J & Friends Holdings is under review, so past values are not shown until it is resolved.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

J & Friends Holdings Ltd's trailing-twelve-month revenue fell 66.8% year on year, with a free-cash-flow margin of -2.8%. Where it stands out: stock pay as % of revenue of 0.9% ranks 6 of 61 interactive media & services companies we cover. Where it lags: revenue growth of -66.8% ranks 63 of 63 interactive media & services companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -66.8% (-31.5pp vs the prior quarter), the 2nd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in J & Friends Holdings Ltd's latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 66.8% over the last 12 months.
  • Growth slowing. The growth rate is 31.5 points lower than a quarter earlier.
  • Loss-making. Operating margin is -83.9%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 77.7 points on a year ago.
  • Burning cash. Free cash flow was -2.8% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 4.9% in a year.

Price chart

  • 1 day+3.3%
  • 1 week+3.3%
  • 1 month+2.2%
  • This year+3.3%
  • 1 year-9.6%
  • 5 years-79.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.6M
Operating margin
-83.9%
Net margin
-82.9%
EPS (TTM, diluted)
$-0.08

Growth

Revenue growth
−66.8%
Change in growth rate
−31.5 pts
Share count change
+4.9%

Cash

Free cash flow (TTM)
-$44,000
FCF margin
-2.8%
Stock pay % of revenue
0.9%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for JF from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

J & Friends Holdings Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: noncontrolling ownership requires a separate cash-flow valuation.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value J & Friends Holdings Ltd as an operating company, with every model that fits that kind of business. Cost of equity 8.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.73 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.0 ~$0.1–$0.3 Left out: out of range vs price (0.03x)
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: This model is withheld pending its input or assumption review.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare J & Friends Holdings Ltd with Interactive Media & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20182019202020212022202320242025
Share price$52.35$9.10$4.90$2.20$0.41$1.11$0.90$0.91
Market value$151m$73m$42m$19m$4m$16m$14m$15m
+ Net debt (− = net cash)−$31m$42m$22m$31m$15m−$6m−$3m$855000
Enterprise value$121m$115m$64m$50m$18m$10m$11m$16m
Multiples
Price / sales 1.0x0.4x0.7x0.7x0.3x2.1x3.0x9.5x
Price / earnings n/m———————
Price / free cash flow ————————
EV / EBITDA —————16.3x——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for J & Friends Holdings Ltd: too few analysts cover it.

Positioning

Short interest
0.1%
of tradable shares
Days to cover
2.2
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
1%
of shares
Held by insiders
2.9%
of shares
Employees
30
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
JF−55%−81%+171%−19%+1%+3%
Industry peers (median)−25%−54%−6%−21%−16%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
JF50%42%50%33%33%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
JF−83%−96%−41%−26%−27%−31%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 25, 2018: 100% from March 28, 2019 to September 30, 2022. Getting back needed a 23863% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.84 – $1.22
From 52-week high
−23.0%
vs 50-day average
−0.4%
vs 200-day average
−2.9%
Volatility (1 year)
55%
Beta vs S&P 500
0.42

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

J & Friends Holdings Ltd in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) J & Friends Holdings Ltd
$0 $50M $100M $150M $200M FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Revenue (TTM), FY18 Q4: $153.1M Revenue (TTM), FY19 Q4: $184.6M Revenue (TTM), FY20 Q4: $58M Revenue (TTM), FY21 Q4: $27.2M Revenue (TTM), FY22 Q4: $10.8M Revenue (TTM), FY23 Q4: $7.4M Revenue (TTM), FY24 Q4: $4.8M Revenue (TTM), FY25 Q4: $1.6M $1.6M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY18 Q4 $153.1M
FY19 Q4 $184.6M
FY20 Q4 $58M
FY21 Q4 $27.2M
FY22 Q4 $10.8M
FY23 Q4 $7.4M
FY24 Q4 $4.8M
FY25 Q4 $1.6M
Revenue growth, TTM YoY J & Friends Holdings Ltd
-100% -50% 0% 50% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue growth, TTM YoY, FY19 Q4: 20.6% Revenue growth, TTM YoY, FY20 Q4: -68.6% Revenue growth, TTM YoY, FY21 Q4: -53.1% Revenue growth, TTM YoY, FY22 Q4: -60.2% Revenue growth, TTM YoY, FY23 Q4: -31.2% Revenue growth, TTM YoY, FY24 Q4: -35.3% Revenue growth, TTM YoY, FY25 Q4: -66.8% -66.8%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY19 Q4 20.6%
FY20 Q4 -68.6%
FY21 Q4 -53.1%
FY22 Q4 -60.2%
FY23 Q4 -31.2%
FY24 Q4 -35.3%
FY25 Q4 -66.8%
Operating margin (TTM) J & Friends Holdings Ltd
-150% -100% -50% 0% 50% FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Operating margin (TTM), FY18 Q4: -1.0% Operating margin (TTM), FY19 Q4: -56.7% Operating margin (TTM), FY20 Q4: -54.7% Operating margin (TTM), FY21 Q4: -41.2% Operating margin (TTM), FY22 Q4: -109.3% Operating margin (TTM), FY23 Q4: 4.6% Operating margin (TTM), FY24 Q4: -6.1% Operating margin (TTM), FY25 Q4: -83.9% -83.9%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY18 Q4 -1.0%
FY19 Q4 -56.7%
FY20 Q4 -54.7%
FY21 Q4 -41.2%
FY22 Q4 -109.3%
FY23 Q4 4.6%
FY24 Q4 -6.1%
FY25 Q4 -83.9%
FCF margin (TTM) J & Friends Holdings Ltd
-30% -20% -10% 0% 10% 20% FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 FCF margin (TTM), FY18 Q4: 9.8% FCF margin (TTM), FY19 Q4: 12.7% FCF margin (TTM), FY20 Q4: 11.0% FCF margin (TTM), FY21 Q4: -25.7% FCF margin (TTM), FY22 Q4: -21.6% FCF margin (TTM), FY23 Q4: 12.7% FCF margin (TTM), FY25 Q4: -2.8% -2.8%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY18 Q4 9.8%
FY19 Q4 12.7%
FY20 Q4 11.0%
FY21 Q4 -25.7%
FY22 Q4 -21.6%
FY23 Q4 12.7%
FY25 Q4 -2.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 8 113 153 185 58 27 11 7 5 2
Gross profit −1 29 72 74 14 13 2 0 3 1
EBITDA −30 −7 −1 −103 −29 −9 −11 1 — −1
Operating income −30 −8 −1 −105 −32 −11 −12 0 −0 −1
Net income −30 −13 0 −130 −45 −16 −28 −11 −2 −1
Diluted EPS — — — −$16.10 −$5.25 −$1.75 −$3.15 — −$0.14 —
Growth (year on year)
Revenue — +>999% +35.5% +20.6% −68.6% −53.1% −60.2% −31.2% −35.3% −66.8%
Operating income — — — — — — — — −185.0% —
Margins
Gross margin −9.1% 25.7% 47.3% 40.1% 24.5% 48.2% 15.9% 0.6% 63.5% 71.5%
EBITDA margin −360.9% −6.5% −0.5% −55.7% −50.7% −34.0% −101.9% 8.2% — −72.0%
Operating margin −366.3% −7.0% −1.0% −56.7% −54.7% −41.2% −109.3% 4.6% −6.1% −83.9%
Net margin −365.4% −11.1% 0.2% −70.5% −77.7% −58.7% −255.0% −148.5% −44.6% −82.9%
Free-cash-flow margin — 21.2% — — — — — — — —
Cash flow
Cash from operations −19 24 16 25 9 −5 −2 1 −2 0
Capital spending — 0 — — — — — — — —
Free cash flow — 24 — — — — — — — —
Stock-based pay 4 5 19 3 2 1 1 −1 — 0
Free cash flow after stock pay — 19 — — — — — — — —
Balance sheet
Cash 8 57 66 16 59 32 36 6 4 1
Total debt — 72 35 57 81 63 51 — 0 2
Net debt (negative = net cash) −8 15 −31 42 22 31 15 −6 −3 1
Diluted shares — 2m 3m 8m 8m 9m 9m 14m 16m 17m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Older annual columns retain the reporting standard and currency used in those filings, translated separately to USD. Current filings replace overlapping periods. Reporting changes can affect comparability; older bases are not used to fill current valuation inputs.

Financial health

1 of 5 checks passed · December 31, 2025
What it owns · $9m
Short-term assets $2mLonger-term assets $8m
What it owes, and who funded it · $5m
Short-term liabilities $1mLonger-term liabilities $2mShareholders' equity $1m
  • Short-term assets cover short-term liabilities $2m of assets due within a year against $1m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2m short-term assets against $2m of longer-dated liabilities.
  • More cash than debt $945,000 of cash against $2m of debt.
  • Debt below 40% of shareholders' equity Debt is 121% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $146,000 of operating cash flow against $2m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From J & Friends Holdings Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+4.9%
year over year
R&D spending
6.5%
of revenue
Days sales outstanding
74 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in interactive media & services
Last 12 months unless stated JF VS CNET DJT IPDN SLE Median
Revenue, last 12 months $2m $2m $3m $5m $6m $12m $615m
Revenue growth, last 12 months −66.8% >999% −55.1% 21.6% −5.1% −14.3% 2.4%
Revenue growth, 3-year average — — −50.1% — −8.0% −16.5% 5.0%
Revenue growth, latest quarter — −91.3% 19.0% 89.0% −28.0% 0.3% 2.4%
Gross margin 71.5% 69.3% 6.4% 23.9% 37.9% 37.9% 60.4%
Operating margin −83.9% −98.5% −28.8% <−999% −144.3% −121.0% 0.3%
Operating margin, 3-year average — <−999% −32.3% <−999% −74.9% −111.6% −0.4%
Net margin −82.9% −78.4% −23.9% <−999% −143.9% −190.3% 3.8%
Cash from operations / revenue 9.1% −40.1% −29.9% 188.4% −36.9% −98.0% 11.4%
Free-cash-flow margin −2.8% — −29.9% 187.8% −36.9% −98.0% 7.5%
Free-cash-flow margin, 3-year average — — −16.7% −648.8% −38.6% −70.1% 7.2%
Stock pay / revenue 0.9% 3.7% 8.7% 962.7% 59.3% 31.1% 3.7%
Change in share count 4.9% 28.1% 43.3% 26.0% 20.8% 40.7% 2.0%

Median of all 63 companies we cover in interactive media & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

63 interactive media & services companies
Measure Company Peer median Rank
Revenue growth Growth -66.8% 2.4% 63 of 63
Change in growth rate Growth -31.5pp -0.2pp 63 of 63
Gross margin Profitability 71.5% 60.9% 23 of 54
Operating margin Profitability -83.9% 0.3% 56 of 63
Net margin Profitability -82.9% 3.8% 57 of 63
Free-cash-flow margin Cash generation -2.8% 8.9% 47 of 59
Stock pay as % of revenue Cash generation 0.9% 3.9% 6 of 61
Long-term debt as % of assets Balance sheet 19.3% 16.9% 19 of 32
Change in share count Balance sheet 4.9% 1.7% 33 of 55
Days sales outstanding Balance sheet 74 days 49 days 43 of 54

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on J & Friends Holdings Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

J & Friends Holdings Ltd in brief

What does J & Friends Holdings Ltd do?
J & Friends Holdings Ltd is a US-listed company in the interactive media & services industry. Its financial year ends in December.
What is J & Friends Holdings Ltd's stock ticker?
J & Friends Holdings Ltd trades under the ticker JF on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is J & Friends Holdings Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, J & Friends Holdings Ltd reported revenue of $1.6M, 66.8% lower than a year earlier, according to its SEC filings.
What is J & Friends Holdings Ltd's free cash flow?
J & Friends Holdings Ltd's free-cash-flow margin is -2.8% of revenue over the trailing twelve months, ranking 47 of the 59 interactive media & services companies we cover.
What is J & Friends Holdings Ltd's market cap?
On December 31, 2025, J & Friends Holdings Ltd's market capitalisation was about $15.1M and net debt of $855,000. Market figures come from third-party market data and may be delayed.
How much debt does J & Friends Holdings Ltd have?
J & Friends Holdings Ltd's debt-to-equity ratio is 120.8%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are J & Friends Holdings Ltd's competitors?
In our Interactive Media & Services peer group, the companies closest to J & Friends Holdings Ltd are Versus Systems Inc., ZW Data Action Technologies Inc., Trump Media & Technology Group Corp., Professional Diversity Network, Inc. and Super League Enterprise, Inc. The side-by-side comparison below sets their revenue, margins and growth against J & Friends Holdings Ltd's.