J-star Holding Co., Ltd. key statistics and ratios

In fiscal 2025, J-star Holding Co., Ltd. had an operating margin of -207.7% and a current ratio of 0.43. 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-star Holding Co., Ltd.: financial ratios, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	12.3%	32.1%	54.1%
Operating margin	−3.7%	6.3%	−207.7%
Net margin	6.0%	6.3%	−203.2%
Free-cash-flow margin	29.2%	−17.6%	−33.9%
Return on equity	12.0%	8.9%	—
Return on assets	—	4.5%	−128.0%
Asset turnover	—	0.72	0.63
Current ratio	—	1.23	0.43
Debt to equity	0.0%	77.2%	—
Interest cover (operating income ÷ interest)	n/m	—	n/m
Effective tax rate	−37.0%	0.5%	—
R&D as % of revenue	3.1%	3.9%	8.9%
Capital spending as % of revenue	0.4%	0.1%	2.1%
Free cash flow ÷ net income	489.6%	−279.2%	—

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 · $7m

Short-term assets $6mLonger-term assets $2m

What it owes, and who funded it · $14m

Short-term liabilities $13mLonger-term liabilities $1mShareholders' equity $-7m

Short-term assets cover short-term liabilities $6m of assets due within a year against $13m of liabilities due within a year.
Short-term assets cover long-term liabilities $6m short-term assets against $1m of longer-dated liabilities.
More cash than debt $97,669 of cash against $13m of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
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 −$3m of operating cash flow against $13m of debt.
Operating profit covers interest at least five times over Operating income of −$21m against $12,611 of interest.

From J-star Holding Co., 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: Low.

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-star Holding Co., 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-star Holding Co., Ltd.