J & Friends Holdings Ltd
JF Nasdaq Services-Computer Programming, Data Processing, Etc. Financials FY2018โFY2025
Revenue
Total sales reported in the income statement.
$1.6M
66.8%
vs prior year
Operating margin
Operating income as a share of revenue.
โ83.9%
77.7ย pts
Net income
Profit after all expenses, interest and tax.
โ$1.3M
Free cash flow
Cash from operations minus capital spending.
โ
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ45.1%
Market cap
Last close times the latest diluted share count, so it is approximate.
โ
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
What J & Friends Holdings Ltd does
No business description yet.
- Legal name
- J & Friends Holdings Ltd
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F ยท Apr 24, 2026
- Accession ยท CIK
- 0001104659-26-048056
0001716338
Revenue and margins
J & Friends Holdings Ltd had $1.6M of revenue in fiscal 2025, down 66.8% on the year before.
FY18
Revenue $153M
FY19
Revenue $185M
FY20
Revenue $58.0M
FY21
Revenue $27.2M
FY22
Revenue $10.8M
FY23
Revenue $7.4M
FY24
Revenue $4.8M
FY25
Revenue $1.6M
FY18
Gross 47.3%
Operating โ1.0%
Net 0.2%
FCF โ
FY19
Gross 40.1%
Operating โ56.7%
Net โ70.5%
FCF โ
FY20
Gross 24.5%
Operating โ54.7%
Net โ77.7%
FCF โ
FY21
Gross 48.2%
Operating โ41.2%
Net โ58.7%
FCF โ
FY22
Gross 15.9%
Operating โ109.3%
Net โ255.0%
FCF โ
FY23
Gross 0.6%
Operating 4.6%
Net โ148.5%
FCF โ
FY24
Gross 63.5%
Operating โ6.1%
Net โ44.6%
FCF โ
FY25
Gross 71.5%
Operating โ83.9%
Net โ82.9%
FCF โ
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income $0.3M
FY19
Net income โ$130M
FY20
Net income โ$45.0M
FY21
Net income โ$16.0M
FY22
Net income โ$27.6M
FY23
Net income โ$11.1M
FY24
Net income โ$2.1M
FY25
Net income โ$1.3M
FY18
Diluted EPS โ
FY19
Diluted EPS โ$0.46
FY20
Diluted EPS โ$0.15
FY21
Diluted EPS โ$0.05
FY22
Diluted EPS โ$0.09
FY23
Diluted EPS โ$0.02
FY24
Diluted EPS โ$0.00
FY25
Diluted EPS โ$0.00
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital โ0.8%
Return on equity 0.2%
Return on assets 0.1%
FY19
Return on capital โ136.6%
Return on equity โ143.8%
Return on assets โ45.8%
FY20
Return on capital โ
Return on equity โ1,001.5%
Return on assets โ24.1%
FY21
Return on capital โ
Return on equity โ
Return on assets โ11.9%
FY22
Return on capital โ
Return on equity โ
Return on assets โ28.1%
FY23
Return on capital โ
Return on equity โ
Return on assets โ23.9%
FY24
Return on capital โ
Return on equity โ
Return on assets โ14.2%
FY25
Return on capital โ45.1%
Return on equity โ
Return on assets โ11.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ in fiscal 2025, โ of revenue. Cash from operations minus capital spending.
FY18
Free cash flow โ
FY19
Free cash flow โ
FY20
Free cash flow โ
FY21
Free cash flow โ
FY22
Free cash flow โ
FY23
Free cash flow โ
FY24
Free cash flow โ
FY25
Free cash flow โ
FY18
Cash from operations $15.8M
Capital spending โ
FY19
Cash from operations $25.1M
Capital spending โ
FY20
Cash from operations $8.7M
Capital spending โ
FY21
Cash from operations โ$5.1M
Capital spending โ
FY22
Cash from operations โ$1.5M
Capital spending โ
FY23
Cash from operations $1.2M
Capital spending โ
FY24
Cash from operations โ$2.1M
Capital spending โ
FY25
Cash from operations $0.1M
Capital spending โ
Cash from operations
Capital spending
Dividends, buybacks and share count
J & Friends Holdings Ltd returned โ to shareholders in fiscal 2025. The diluted share count rose 4.9%.
FY18
Dividends โ
Buybacks โ
FY19
Dividends โ
Buybacks โ
FY20
Dividends โ
Buybacks โ
FY21
Dividends โ
Buybacks โ
FY22
Dividends โ
Buybacks โ
FY23
Dividends โ
Buybacks โ
FY24
Dividends โ
Buybacks โ
FY25
Dividends โ
Buybacks โ
Dividends
Buybacks
FY18
Diluted shares 0.10B
FY19
Diluted shares 0.28B
FY20
Diluted shares 0.30B
FY21
Diluted shares 0.30B
FY22
Diluted shares 0.30B
FY23
Diluted shares 0.49B
FY24
Diluted shares 0.55B
FY25
Diluted shares 0.58B
Balance sheet
Cash, debt and the ratios that show how comfortably J & Friends Holdings Ltd can carry it.
FY18
Cash $65.7M
Debt $35.1M
FY19
Cash $15.7M
Debt $49.1M
FY20
Cash $59.2M
Debt $19.9M
FY21
Cash $31.6M
Debt โ
FY22
Cash $36.4M
Debt โ
FY23
Cash $5.7M
Debt โ
FY24
Cash $3.7M
Debt $0.3M
FY25
Cash $0.9M
Debt $1.8M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $31.6M | $36.4M | $5.7M | $3.7M | $0.9M |
| Debt incl. finance leases | โ | โ | โ | $0.3M | $1.8M |
| Debt / equity | โ | โ | โ | โ | 1.2x |
| Current ratio | 1.3x | 0.7x | 0.2x | 0.2x | 1.3x |
| Quick ratio | 1.3x | 0.7x | 0.2x | 0.2x | 1.2x |
| Total assets | $119M | $76.7M | $16.0M | $14.2M | $9.3M |
| Total liabilities | $130M | $113M | $69.6M | $68.3M | $3.3M |
| Shareholders' equity | โ$35.3M | โ$58.3M | โ$55.5M | โ$56.0M | $1.5M |
| Net debt (โ = net cash) | โ | โ | โ | โ$3.4M | $0.9M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | 3 / 9 | 5 / 9 | 3 / 8 | 1 / 8 | 3 / 8 | 3 / 8 | 5 / 9 |
| Accruals ratio | โ4.5% | โ54.6% | โ28.7% | โ8.1% | โ26.6% | โ26.5% | โ0.5% | โ12.5% |
| Altman Z'' | 2.21 | โ6.53 | โ7.40 | โ9.53 | โ18.37 | โ95.08 | โ111.48 | โ129.34 |
8 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | $153M | $185M | $58.0M | $27.2M | $10.8M | $7.4M | $4.8M | $1.6M |
| Provision for credit losses | $10.2M | $4.9M | $6.9M | โ$0.3M | $3.2M | โ | โ | โ |
| Gross profit | $72.4M | $74.1M | $14.2M | $13.1M | $1.7M | $0.0M | $3.1M | $1.1M |
| Research and development | $13.8M | $11.4M | $5.8M | $3.6M | $2.3M | $0.0M | $0.3M | โ |
| Operating income | โ$1.5M | โ$105M | โ$31.7M | โ$11.2M | โ$11.8M | $0.3M | โ$0.3M | โ$1.3M |
| Pretax income | $1.1M | โ$130M | โ$37.8M | โ$16.0M | โ$28.1M | โ$5.7M | โ$0.3M | โ$0.8M |
| Income tax | $0.8M | $0.3M | $7.5M | $1.1M | $0.4M | โ$2.0M | $0.1M | โ$0.1M |
| Net income | $0.3M | โ$130M | โ$45.0M | โ$16.0M | โ$27.6M | โ$11.1M | โ$2.1M | โ$1.3M |
| Net income to common | โ$10.9M | โ$130M | โ$45.0M | โ$16.0M | โ$27.6M | โ$11.1M | โ$2.1M | โ |
| Diluted EPS | โ | โ$0.46 | โ$0.15 | โ$0.05 | โ$0.09 | โ$0.02 | โ$0.00 | โ$0.00 |
| Diluted shares | 0.10B | 0.28B | 0.30B | 0.30B | 0.30B | 0.49B | 0.55B | 0.58B |
| Cash flow | ||||||||
| Cash from operations | $15.8M | $25.1M | $8.7M | โ$5.1M | โ$1.5M | $1.2M | โ$2.1M | $0.1M |
| Depreciation and amortization | $0.7M | $1.8M | $2.3M | $1.9M | $0.8M | $0.3M | โ | $0.2M |
| Stock-based compensation | $19.1M | $2.6M | $1.8M | $0.6M | $0.7M | โ$1.0M | โ | $0.0M |
| Balance sheet | ||||||||
| Cash and short-term investments | $65.7M | $15.7M | $59.2M | $31.6M | $36.4M | $5.7M | $3.7M | $0.9M |
| Total debt | $35.1M | $49.1M | $19.9M | โ | โ | โ | $0.3M | $1.8M |
| Current assets | $322M | $167M | $110M | $82.7M | $56.4M | $15.3M | $12.9M | $1.8M |
| Current liabilities | $186M | $155M | $79.9M | $63.5M | $76.3M | $68.9M | $67.6M | $1.4M |
| Inventory | โ | โ | โ | โ | โ | โ | โ | $0.1M |
| Property and equipment, net | $1.1M | $2.1M | $16.4M | $15.0M | $13.0M | โ | โ | $0.0M |
| Goodwill | $3.7M | $5.1M | โ | โ | โ | โ | โ | $3.8M |
| Intangible assets | $0.8M | $7.2M | $2.6M | $1.6M | $1.4M | โ | โ | $3.7M |
| Total assets | $344M | $224M | $150M | $119M | $76.7M | $16.0M | $14.2M | $9.3M |
| Total liabilities | $191M | $173M | $143M | $130M | $113M | $69.6M | $68.3M | $3.3M |
| Shareholders' equity | $154M | $27.2M | โ$18.2M | โ$35.3M | โ$58.3M | โ$55.5M | โ$56.0M | $1.5M |
| Margins | ||||||||
| Gross margin | 47.3% | 40.1% | 24.5% | 48.2% | 15.9% | 0.6% | 63.5% | 71.5% |
| Operating margin | โ1.0% | โ56.7% | โ54.7% | โ41.2% | โ109.3% | 4.6% | โ6.1% | โ83.9% |
| EBITDA margin | โ0.5% | โ55.7% | โ50.7% | โ34.0% | โ101.9% | 8.2% | โ | โ72.0% |
| Net margin | 0.2% | โ70.5% | โ77.7% | โ58.7% | โ255.0% | โ148.5% | โ44.6% | โ82.9% |
| Returns | ||||||||
| Return on capital | โ0.8% | โ136.6% | โ | โ | โ | โ | โ | โ45.1% |
| Return on capital employed | โ0.9% | โ152.1% | โ45.3% | โ20.0% | โ2,821.2% | โ0.7% | 0.6% | โ17.0% |
| Return on equity | 0.2% | โ143.8% | โ1,001.5% | โ | โ | โ | โ | โ |
| Return on assets | 0.1% | โ45.8% | โ24.1% | โ11.9% | โ28.1% | โ23.9% | โ14.2% | โ11.3% |
| Return on tangible equity | โ7.3% | โ866.3% | โ | โ | โ | โ | โ | โ |
| Growth | ||||||||
| Revenue growth | โ | 20.6% | โ68.6% | โ53.1% | โ60.2% | โ31.2% | โ35.3% | โ66.8% |
| Net income growth | โ | โ41,409.8% | โ | โ | โ | โ | โ | โ |
| Share count change | โ | 179.1% | 5.4% | 0.8% | 0.1% | 64.8% | 12.1% | 4.9% |
| Financial health | ||||||||
| Debt / equity | 0.2x | 1.8x | โ | โ | โ | โ | โ | 1.2x |
| Current ratio | 1.7x | 1.1x | 1.4x | 1.3x | 0.7x | 0.2x | 0.2x | 1.3x |
| Quick ratio | 1.7x | 1.1x | 1.4x | 1.3x | 0.7x | 0.2x | 0.2x | 1.2x |
| Capital allocation | ||||||||
| Stock comp / revenue | 12.5% | 1.4% | 3.1% | 2.2% | 6.1% | โ13.1% | โ | 0.9% |
| Quality scores | ||||||||
| Piotroski F-score | โ | 3.0 | 5.0 | 3.0 | 1.0 | 3.0 | 3.0 | 5.0 |
| Altman Z'' | 2.2 | โ6.5 | โ7.4 | โ9.5 | โ18.4 | โ95.1 | โ111.5 | โ129.3 |
| Accruals ratio | โ4.5% | โ54.6% | โ28.7% | โ8.1% | โ26.6% | โ26.5% | โ0.5% | โ12.5% |
Source: SEC EDGAR XBRL filings (CIK 0001716338). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. The ADS ratio could not be read from the filing, so market cap and valuation are not shown. For information only โ not investment advice. Check the original filings before relying on any figure.