J-Star Holding Co., Ltd. (YMAT) AI Stock Analysis
YMAT AI stock analysis summary
AI ResearchJ-Star Holding Co., Ltd. (YMAT) manufactures bicycles, sports accessories, and carbon fiber composite products across Taiwan, China, and internationally. The company saw annual revenue fall 43.5% in FY2025 to $9.9M, posting net income of -$20.2M and negative shareholders' equity of -$6.8M as of March 31, 2026. Over the past year, YMAT shares have dropped 75.5% to close at $1.31 on October 16, 2026.
- Market cap
- $5.3M
- Revenue (TTM)
- $9.9M
- P/E
- —
- 1Y return
- -75.5% S&P 500 16.8%
- Avg. target
- —
Bull case
- Gross margin expanded to 54.1% in FY2025, up from 32.1% in FY2024 and 12.3% in FY2023.
- Quarterly revenue grew 30.7% year-over-year in the latest quarter ended September 30, 2025.
- The stock trades at a price-to-sales multiple of 0.5x, compared to the US-listed Basic Materials peer median of 1.8x.
Bear case
- Annual revenue fell 43.5% in FY2025 to $9.9M, contributing to a 5-year revenue CAGR of -14.9%.
- Net income fell to -$20.2M in FY2025, driving net margin to -203.2% and operating margin to -207.7%.
- The balance sheet carries negative shareholders' equity of -$6.8M and total debt of $12.7M against $552,802 in cash as of March 31, 2026.
What J-Star does
J-Star Holding Co., Ltd. manufactures and trades in bicycles, sports accessories, and carbon fiber composite products in Taiwan, China, and internationally. It offers bicycle parts for sports bicycles and electric bicycles, paddle rackets for tennis, badminton, squash, and beach tennis, and structural parts for automobiles, other sporting goods, and healthcare products. The company also maintains a strategic partnership with Patriot Green Energy Technology Co., Ltd. to develop made-in-USA polymer-based solid-state battery solutions. Founded in 1968, J-Star Holding Co., Ltd. is headquartered in Taichung, Taiwan.
Growth and profitability
Revenue has declined from $39.4M in FY2022 to $23.8M in FY2023, $17.6M in FY2024, and $9.9M in FY2025, representing a 5-year revenue CAGR of -14.9%. Despite revenue falling 43.5% in FY2025, gross margin expanded to 54.1% compared to 32.1% in FY2024. Operating margin dropped to -207.7% in FY2025, while net margin was -203.2% with net income of -$20.2M. In the latest quarter ended September 30, 2025, quarterly revenue growth was 30.7% year-over-year, while quarterly earnings growth was -56.4%.
Balance sheet and cash flow
As of March 31, 2026, J-Star Holding Co., Ltd. held $552,802 in cash and short-term investments against total debt of $12.7M, resulting in net debt of $12.2M. Total assets stood at $7.2M, with shareholders' equity at -$6.8M and a current ratio of 0.43. Operating cash flow in FY2025 was -$3.2M, while free cash flow was -$3.5M. Capital expenditures for FY2025 totaled $386,445, with no capital allocated to share repurchases or dividend payouts.
Valuation and performance
YMAT trades at an enterprise value of $17.7M and a market capitalization of $5.3M. The stock has a price-to-sales multiple of 0.5x, below the 1.8x median of its US-listed Basic Materials peers. Its EV to EBITDA ratio is 21.0x, above the peer median of 10.5x, while its EV to revenue stands at 1.8x. Over the past year, the stock fell 75.5%, trailing the S&P 500 (SPY) return of 16.8%, and trades 43.1% below its 200-day moving average.
What analysts expect
No analyst rating counts, consensus price targets, or forward earnings estimates are available for J-Star Holding Co., Ltd. The company does not have a scheduled next earnings release date or published earnings surprise track record. As of October 16, 2026, the stock traded at $1.31, down 43.8% year-to-date and 75.5% over the past year, within a 52-week trading range of $0.85 to $13.00.
Key risks and what to watch
- Shareholders' equity was negative at -$6.8M alongside a low current ratio of 0.43 as of March 31, 2026.
- Net debt totaled $12.2M as of March 31, 2026, with only $552,802 in cash and short-term investments.
- Free cash flow remained negative at -$3.5M in FY2025 following -$3.1M in FY2024.
- The stock fell 75.5% over the past 1-year period and trades 43.1% below its 200-day moving average.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this YMAT AI stock analysis
This page is an AI-written research summary of J-Star Holding Co., Ltd. (YMAT). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: YMAT income statement, YMAT balance sheet, YMAT key metrics, YMAT chart. See the YMAT stock overview for the latest quote and news.
YMAT AI stock analysis FAQ
What products does J-Star Holding Co., Ltd. manufacture?
J-Star Holding Co., Ltd. manufactures parts for sports and electric bicycles, paddle rackets for tennis, badminton, squash, and beach tennis, as well as structural parts for automobiles, sporting goods, and healthcare products.
What were YMAT's revenue and earnings in FY2025?
In FY2025, revenue was $9.9M, a decrease of 43.5% from FY2024, and net income was -$20.2M.
Does J-Star Holding Co., Ltd. pay a dividend?
No, J-Star Holding Co., Ltd. does not report any dividend distributions.
What is J-Star Holding's cash and debt position?
As of March 31, 2026, the company held $552,802 in cash and short-term investments against total debt of $12.7M, resulting in net debt of $12.2M and negative shareholders' equity of -$6.8M.
Who owns shares in J-Star Holding Co., Ltd.?
Company insiders own 48.6% of the shares, institutional investors hold 0.3%, and short interest represents 4.0% of the float.