J-Star Holding Co., Ltd. Ordinary Shares

YMAT

Chemicals - Specialty · Basic Materials

Exchange

NASDAQ Global Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2024

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

J-Star Holding Co., Ltd. is a specialty chemicals company based in Japan. It develops and sells chemical materials used in industrial and manufacturing applications, with a focus on functional materials and specialty coatings. The company serves customers in sectors such as electronics, automotive, and general manufacturing.

J-Star generates revenue primarily through product sales of its specialty chemical formulations. It operates mainly in Japan, with a relatively small market presence. The company's gross margin of around 54% suggests decent pricing power on its products, but its deeply negative operating margin indicates that operating costs far exceed what the business currently earns. The key risk is that J-Star is spending significantly more than it brings in, which raises questions about its path to profitability and whether it can scale its business before running low on resources.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-3.8% YoY

Revenue declining

EPS Growth

-54.5% YoY

Earnings declining

Insider Activity

75.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~1 months

$552,802 cash & investments

Quarterly Free Cash Flow

Short runway — potential dilution ahead through share issuance

Cash watch

J-Star Holding Co., Ltd. Ordinary Shares has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

33.6%

Modest — 33.6% gross margin

Profit after running costs

Operating Margin

5.2%

Thin — 5.2% operating margin

Return on the money invested

ROCE

8.3%

Below par — 8.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

0/1 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

-277%

Weak — only -277% of profit becomes cash

Spare cash per sale

FCF Margin

-17.6%

Burning cash (-17.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

2.76x

Tight — interest eats into profit (2.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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