J-MAX Co., Ltd. (TSE/NSE: 3422), a manufacturer specialising in press-formed and stamped body structural components for Japanese automakers, disclosed FY2026 (April 2025 – March 2026) consolidated results under Japanese GAAP on May 13, 2026. The company delivered a sharp turnaround: consolidated revenues grew 10.2% year-on-year to ¥51,919 million while operating profit swung from a loss of approximately ¥98 million in FY2025 to a profit of ¥1,858 million. Ordinary profit similarly turned positive to ¥1,140 million (from ¥-535 million), and net profit attributable to owners of the parent reached ¥891 million — the first positive net income in at least two years. EPS recovered to ¥77.66 from ¥-286.34 per share. Comprehensive income was ¥1,454 million, reversing the ¥-1,990 million prior year.
The revenue recovery was broad-based, reflecting a rebound in Japanese automotive production volumes following the industry-wide disruptions of FY2025 — including the certification-test suspension at a major customer — which had suppressed J-MAX's output. With automaker schedules normalising and volumes recovering, J-MAX's press facilities operated at higher utilisation, improving cost absorption. Return on equity for FY2026 was 4.8% (versus -17.4% the prior year), and the ordinary profit-to-total-assets ratio recovered to 1.9% from -1.0%. The operating profit margin was 3.6%.
Balance sheet and cash flow strengthen markedly
Total consolidated assets expanded to ¥62,109 million from ¥55,724 million, and net assets rose to ¥20,950 million from ¥19,609 million. The equity ratio dipped slightly to 30.8% from 32.2%, reflecting balance-sheet growth. Net assets per share rose to ¥1,668.19 from ¥1,564.70. On the cash-flow statement, operating cash flow improved substantially to ¥5,275 million from ¥1,257 million, reflecting the profit swing and working-capital discipline. Investing cash outflow was ¥2,928 million (versus ¥6,457 million — a large capex year in FY2025), and financing outflow was ¥1,941 million (versus inflow of ¥5,386 million in FY2025 when the company drew on credit facilities to fund investment). Cash and cash equivalents at year-end stood at ¥7,322 million, up from ¥6,565 million.
Consolidation scope change: China JV added, US subsidiary removed
The period saw a material change in the scope of consolidation. Fujian Maruzyun New Energy Automotive Technologies Co., Ltd. (福建丸順新能源汽車科技有限公司) was newly included — a joint venture in Fujian, China, positioning J-MAX for the growing new-energy-vehicle supply chain in China. Conversely, Indiana Maruzyun Co., the company's US manufacturing subsidiary, was excluded from the consolidated scope. These moves signal a strategic pivot toward China's rapidly expanding NEV market and away from the US operation, likely reflecting differing demand trajectories and capital allocation priorities.
Dividend raised; FY2027 guidance calls for further profit growth
The Board declared a year-end dividend of ¥3.00 per share, bringing the full-year FY2026 dividend to ¥5.00 (¥2.00 interim + ¥3.00 year-end), up from ¥4.00 in FY2025. Total dividend outlay was ¥58 million against an attributable net profit of ¥891 million, implying a payout ratio of approximately 9.2%. For FY2027, the company has guided an annual dividend of ¥8.00 per share (¥4.00 interim expected). For FY2027 (ending March 2027), management guided consolidated revenues of ¥50,000 million (‑3.7% from FY2026), reflecting some moderation in customer volumes and the exit of the Indiana subsidiary from consolidation. However, operating profit is forecast to expand 29.1% to ¥2,400 million as the cost structure continues to improve, ordinary profit is guided at ¥1,600 million (+40.2%), and net profit is targeted at ¥1,000 million (+12.2%), equal to EPS of ¥87.14.
| Metric | FY2026 | FY2025 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 51,919 | 47,102 | +10.2% |
| Operating profit (¥ million) | 1,858 | — (loss) | Swing to profit |
| Ordinary profit (¥ million) | 1,140 | — (loss) | Swing to profit |
| Net profit attributable to owners (¥ million) | 891 | — (loss) | Swing to profit |
| EPS (¥) | 77.66 | −286.34 | Swing to profit |
| Operating margin | 3.6% | — | — |
| ROE | 4.8% | −17.4% | — |
| Total assets (¥ million) | 62,109 | 55,724 | +11.5% |
| Equity ratio | 30.8% | 32.2% | −1.4pp |
| Net assets per share (¥) | 1,668.19 | 1,564.70 | +6.6% |
| Operating cash flow (¥ million) | 5,275 | 1,257 | +319% |
| Cash & equivalents at year-end (¥ million) | 7,322 | 6,565 | +11.5% |
| Annual dividend per share (¥) | 5.00 | 4.00 | +25.0% |
| FY2027 guidance — revenue (¥ million) | 50,000 | — | — |
| FY2027 guidance — operating profit (¥ million) | 2,400 | — | — |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.