J & Friends Holdings Ltd key statistics and ratios

In fiscal 2025, J & Friends Holdings Ltd had an operating margin of -83.9%, debt equal to 120.8% of equity and a current ratio of 1.25. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

J & Friends Holdings Ltd: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	−9.1%	25.7%	47.3%	40.1%	24.5%	48.2%	15.9%	0.6%	63.5%	71.5%
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%	—	—	—	—	—	—	—	—
Return on equity	—	—	0.2%	−143.8%	—	—	—	—	—	—
Return on assets	—	—	0.1%	−45.8%	−24.1%	−11.9%	−28.1%	−23.9%	−14.2%	−11.3%
Asset turnover	—	—	0.44	0.65	0.31	0.20	0.11	0.16	0.32	0.14
Current ratio	—	—	1.73	1.07	1.38	1.30	0.74	0.22	0.19	1.25
Debt to equity	—	—	22.8%	211.1%	—	—	—	—	—	120.8%
Effective tax rate	—	—	72.5%	—	—	—	—	—	—	—
R&D as % of revenue	—	—	9.0%	6.2%	9.9%	13.1%	21.4%	0.2%	6.5%	—
Capital spending as % of revenue	—	0.4%	—	—	—	—	—	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from J & Friends Holdings Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to J & Friends Holdings Ltd.