JGC Corp (JGCCY) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of JGC Corp stock $48.75, price $25.21, upside +93.4%, quality 70 out of 100. Rating: strongly undervalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range $10.71 – $34.95 · fair‑value band $37.07 – $60.94 · the $25.21 price screens below the $48.75 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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JGC Holdings Corporation, together with its subsidiaries, provides engineering, procurement, and construction services. It operates in two segments, Comprehensive Engineering, and Functional Materials Manufacturing.
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The Total Engineering segment is involved in the planning, design, procurement, construction, and commissioning services of machinery, facilities and plants for petroleum, petroleum refining, petrochemicals, gas, liquefied natural gas, etc.
The Functional Materials Manufacturing segment manufacture and distributes products in catalyst, nanoparticle technology, hygiene and safety, electronic materials, and high-performance ceramic, and next generation energy sectors.
In addition, the company provides consulting, real estate management, and water desalination, as well as sells oil and gas. It serves in Japan, Southeast Asia, the Middle East, Africa, North America, and internationally.
The company was formerly known as JGC Corporation and changed its name to JGC Holdings Corporation in October 2019. JGC Holdings Corporation was incorporated in 1928 and is headquartered in Yokohama, Japan.
Stock analysis
JGC Corp (JGCCY) currently trades at $25.21, while our model-based Fair Value estimate is $48.75, implying the stock looks roughly 48% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $68.40 per share, and 20 of the 25 models we run sit above the $25.21 price.
Bear case: the Dividend Discount group reads lowest at $8.50, and 5 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: $37.07 (bear) to $60.94 (bull), the price of $25.21 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 70/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
JGC Corp reported revenue of ¥790B in FY2026 versus ¥428B in FY2022, a compound +16.5%/yr. Reported net income was ¥44.4B in FY2026.
Key figures
Market cap $3.1B Mid · P/E ratio 9.8 · P/S ratio 0.55 · EPS (TTM) $2.56 · Dividend yield 2.4% · Net margin 5.6% · Return on equity 11.9% · Return on assets (EBIT) 1.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 28% below its 52-week high and 25% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at 93%, JGCCY screens cheaper than that median.
Fair Value models
Bear$37.07Fair Value $48.75Bull$60.94
Price $25.21 · Upside +93.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then ($1.56 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−7.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.7%
Start year 2021 (pandemic). Over 10 years: −1.1% a year
Revenue growth 29 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.7%
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What shareholders gained per year (last 5 years), in JPY ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +60.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +58.4%
Dividend (yield on the price)2.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 58.4% / 3.8%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5% → 5%
⚠ Base effect: the rate starts in the earnings trough around 2021 (starting value 36.7 per share, median 161 in 2016 to 2019). It measures the recovery from the trough, not lasting growth.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−38.3%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about −39.6% a year for the price and +1.2% for the forecasts.
AI conclusion: The business benefits from substantial backlog secured through its joint venture role in the LNG Canada expansion, yet faces challenges from fluctuating margins in a competitive industry without a clear moat.
Main risk: The biggest risk lies in managing the scale and complexity of large energy projects, which could expose the company to margin pressure from overruns and timing shifts.
JGC's engineering and construction work on large energy projects has secured a major role in the LNG Canada Phase 2 expansion through its joint venture. This adds substantial backlog in a business where contracts arrive in lumps and delivery spans multiple years. Our models see the shares as undervalued, yet the real test lies in managing the scale and complexity ahead. Will disciplined project execution deliver steady cash generation or expose the company to margin pressure from overruns and timing shifts?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 791 stocks
Beats the industry median on 13/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+93.4% · Top 25%
Profitability
Return on equity (12 months)11.9% · Above median
Return on assets5.3% · Above median
Net margin (12 months)6.7% · Above median
Operating margin (12 months)7.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)−16.1% · Bottom 25%
Dividend yield (12 months)2.4% · Above median
Balance sheet
Debt / equity0.08× · Below median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)9.8× · Cheapest 25%
P/B1.12× · Cheaper than median
P/S (12 months)0.68× · Cheaper than median
Price / free cash flow (fiscal year)6.8× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "JGC Corp Fair Value". https://www.fairvalue-calculator.com/stock/JGCCY
Frequently asked questions
Is JGC Corp (JGCCY) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of $48.75 versus a price of $25.21, about +93% upside (undervalued).
What is the fair value of JGCCY?
Our model-based fair value for JGC Corp is $48.75 (as of Nov 3, 2026), built from audited fundamentals. The current price: $25.21.
What is the quality score of JGCCY?
JGC Corp has a Quality Score of 70/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for JGC Corp (JGCCY)?
Our model-based price target is the fair value of $48.75 (as of Nov 3, 2026) from 25 valuation models. Cautious scenario $37.07, optimistic scenario $60.94. It is a calculation from audited fundamentals, not an analyst target.
What is the JGC Corp stock forecast for 2026?
Our models put fair value at $48.75, about +93% upside versus a price of $25.21 (undervalued). Cautious scenario $37.07, optimistic scenario $60.94. The calculation is refreshed regularly with new filings.
What is the revenue of JGC Corp (JGCCY)?
JGC Corp reported trailing-twelve-month revenue of about ¥715B (latest available figure, as of Nov 3, 2026).
Does JGC Corp pay a dividend?
JGC Corp currently shows a dividend yield of 2.38% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of JGC Corp (JGCCY) and when is the ex-dividend date?
JGC Corp has a dividend yield of 2.4%. The last ex-dividend date was Mar 31, 2026. A dividend has been paid every year since at least 2011. The payout ratio is 25.9% of earnings. Free cash flow covers the dividend 6.18 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into JGC Corp (JGCCY)?
For today's price to be fair in a discounted-cash-flow model, JGC Corp would have to grow free cash flow by -38.3 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.7 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of JGCCY use?
Our models discount JGC Corp at 8.5 %: a base by market capitalisation (mid), damped by beta 0.10, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For JGC Corp that is -38.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has JGC Corp (JGCCY) delivered so far?
Over the past 5 years revenue at JGC Corp grew +12.7 % a year. The price currently implies free-cash-flow growth of -38.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of JGC Corp (JGCCY) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into JGC Corp (-38.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of JGC Corp (JGCCY)?
The free-cash-flow yield on the price is 14.70 %: that much free cash flow JGC Corp produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of JGC Corp (JGCCY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For JGC Corp it is $48.75 per share (as of Nov 3, 2026), against a price of $25.21. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is JGC Corp stock overvalued or undervalued in 2026?
As of Nov 3, 2026, JGCCY trades below its calculated fair value: price $25.21, fair value $48.75, a gap of about +93% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of JGCCY?
No. The price is what the market pays today ($25.21); the fair value is what the company's own numbers justify ($48.75). For JGC Corp the two are $23.54 per share apart. That gap is exactly why we show both numbers side by side.
How much is JGC Corp worth?
The market values JGC Corp at about $3.1B (market capitalisation, as of Nov 3, 2026). Per share that is $25.21; our models calculate a fair value of $48.75 per share.
What do the bullish and bearish scenarios say about JGCCY?
Our models span a range for JGC Corp: cautious scenario $37.07, base $48.75, optimistic $60.94 per share (as of Nov 3, 2026, price $25.21). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of JGCCY?
JGC Corp trades at a price-to-earnings ratio of 9.8 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $48.75 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2018 to 2026), reported earnings: 25.1. Other multiples: P/B 1.1, P/S 0.7, EV/EBITDA 2.3.
How solid is the balance sheet of JGC Corp (JGCCY)?
Balance-sheet figures for JGC Corp (as of Nov 3, 2026): return on equity 11.9%, debt of 0.08 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is JGCCY from its 52-week high?
JGC Corp trades at $25.21, about 28% below its 52-week high of $34.95 and 25% above the low of $20.16 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $48.75 is for.
Which stocks are comparable to JGC Corp?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is JGC Corp stock attractive at the current price?
The data as of Nov 3, 2026: price $25.21, calculated fair value $48.75 (+93%), Quality Score 70/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of JGCCY calculated?
We run JGC Corp through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $48.75 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. JGC Corp currently trades 48% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of JGC Corp (JGCCY)?
The closing price on Nov 6, 2026 was $25.21. Our model-based fair value is $48.75, about +93% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with JGC Corp right now?
The price is below even our cautious bear case ($37.07). The market is more pessimistic than our downside scenario. Solid quality (70/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of JGC Corp
How large is the market capitalisation of JGC Corp (JGCCY)?
The market capitalisation of JGC Corp is $3.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of JGC Corp (JGCCY)?
The price-to-sales ratio of JGC Corp is 0.55 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of JGC Corp (JGCCY)?
Earnings per share at JGC Corp are $2.56 (price ÷ EPS = P/E 9.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of JGC Corp (JGCCY)?
The dividend yield of JGC Corp is 2.4% (payout 23.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of JGC Corp (JGCCY)?
The net margin of JGC Corp is 5.6% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of JGC Corp (JGCCY)?
The return on equity (ROE) of JGC Corp is 11.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of JGC Corp (JGCCY)?
On an EBIT basis the return on assets of JGC Corp is 1.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of JGC Corp (JGCCY)?
The operating margin of JGC Corp is 7.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at JGC Corp (JGCCY)?
Revenue at JGC Corp is growing −16.1% versus a year earlier (3y avg +9.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at JGC Corp (JGCCY)?
Earnings per share at JGC Corp are growing +107% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does JGC Corp (JGCCY) hold?
JGC Corp holds more cash than debt, ¥367B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 3, 2026