Jardine Matheson Holdings Limited JMHLY

IndustrialsConsumer Goods ConglomeratesBermuda

Last close 57.66 USD on Nov 1, 2026, −12.7% year to date

Quant rating

Quant rating D Rank 356 of 418 in Industrials

Growth D 341 of 418
Valuation B 155 of 418
Quality D 380 of 418
Revisions D 343 of 418
Momentum C 204 of 418

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 16.9B
Enterprise value: 51.0B
52-week range: 53.00 – 83.54
3-year range: 34.38 – 83.54
Dividend yield: 4.16%
Beta (5 years): 0.16
Shares outstanding: 293M
Next earnings: Mar 8, 2027

About the company

Jardine Matheson Holdings Ltd is a holding company with diversified businesses focused principally on Asia. The Company operates its business through the below seven segments: Jardine Pacific, Jardine Motors, Jardine Lloyd Thompson, Hongkong Land, Dairy Farm, Mandarin Oriental, Jardine Cycle & Carriage as well as Astra. The Company and its subsidiaries provide services in the fields of property investment and development, motor vehicles and related activities, retailing, restaurants, engineering and construction, transport services, insurance broking, hotel investment and management, financial services, heavy equipment, mining and agribusiness.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	34,217	35,779	36,049	37,496	35,862	–
Revenue growth	−4.4%	−0.7%	−3.9%	4.6%	9.8%	0.9%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	27.5%	27.6%	28.5%	27.2%	25.4%	27.2%
Net margin	3.2%	−1.3%	1.9%	0.9%	5.2%	2.0%
ROE	3.9%	−1.6%	2.4%	1.2%	6.4%	2.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	34,217	−4.4%	1.5x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Consumer Goods Conglomerates

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
JMHLY Jardine Matheson Holdings Limited	16.9B	–	3.2%	0.60x	–	–	–	–
BIP Brookfield Infrastructure Partners L.P.	17.1B	9.20x	1.8%	3.13x	52.5x	25.4x	23.1x	20.9x
BIP_u Brookfield Infrastructure Partners L.P.	17.1B	9.68x	1.8%	3.13x	39.9x	24.5x	23.1x	21.0x
KPELY Keppel Ltd.	14.4B	–	–	–	–	–	–	–
LFCBY Lifco AB (publ)	11.9B	1.24x	12.9%	5.74x	14.9x	13.5x	16.3x	15.1x
KWHIY Kawasaki Heavy Industries, Ltd.	11.8B	–	4.7%	1.98x	–	–	–	–
Mean		6.71x	4.9%	2.91x	35.8x	21.1x	20.8x	19.0x
Median		9.20x	3.2%	3.13x	39.9x	24.5x	23.1x	20.9x

Technical analysis

1M+1.7%
3M−9.3%
1Y−0.8%
3Y+68.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Jardine Matheson Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	34,217	35,779	36,049	37,496	35,862	32,647
Cost of revenue	24,798	25,896	25,775	27,310	26,755	24,349
Gross profit	9,419	9,883	10,274	10,186	9,107	8,298
Selling, general & administrative expenses	6,328	6,271	6,303	6,313	6,307	6,580
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−172	2,213	1,779	930	1,410	3,477
Unusual expense (income)	798	508	–	–	−107	−331
Other operating expenses	−453	233	−243	110	−1,535	−746
Operating income	2,918	658	2,435	2,833	3,032	−682
Net interest income (expense)	1,321	816	922	463	950	93.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−38.0	−43.0	−52.0	−73.0	−70.0	−89.0
Net income before taxes	4,201	1,431	3,305	3,223	3,912	−678
Provision for taxes	910	876	943	960	951	486
Minority interest	−2,182	−1,023	−1,676	−1,909	−1,080	770
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,109	−468	686	354	1,881	−394
Extraordinary items	–	–	–	–	–	–
Net income	1,109	−468	686	354	1,881	−394
EBIT, normalized	3,836	3,849	4,333	3,779	3,178	2,334
EBITDA, normalized	6,028	6,023	6,411	5,887	5,399	4,761
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Jardine Matheson Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	8,937	4,897	4,935	5,916	7,328	9,264
Receivables	7,227	6,975	6,850	6,955	7,100	6,911
Total inventory	3,105	3,332	3,664	3,513	2,793	2,849
Prepaid expenses	–	–	–	–	–	–
Other current assets	4,366	4,607	3,860	3,376	3,430	2,394
Total current assets	23,635	19,811	19,309	19,760	20,651	21,418
Property, plant & equipment	10,600	11,060	11,146	10,502	10,957	12,127
Goodwill	631	694	830	1,085	1,108	1,128
Intangibles	1,395	1,422	1,444	1,400	1,527	1,567
Long-term investments	45,461	49,304	53,269	52,470	53,735	53,758
Note receivable	3,761	3,895	3,833	3,269	2,961	3,032
Other long-term assets	653	593	652	592	550	496
Total assets	86,136	86,779	90,483	89,078	91,489	93,526
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	9,360	10,835	10,758	10,318	10,074	8,645
Accrued expenses	40.0	32.0	28.0	26.0	–	–
Short-term debt	0	0	16.0	19.0	0	0
Current portion of long-term debt	5,602	5,375	6,251	4,916	5,171	6,725
Other current liabilities	486	470	690	820	802	557
Total current liabilities	15,488	16,712	17,743	16,099	16,047	15,927
Long-term debt	12,549	14,027	14,099	15,024	15,321	12,862
Minority interest	25,614	25,440	26,921	27,410	28,587	33,456
Other liabilities	3,452	2,720	2,710	1,695	1,753	1,894
Total liabilities	57,103	58,899	61,473	60,228	61,708	64,139
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	74.0	73.0	72.0	73.0	179	181
Additional paid-in capital	4.0	0	0	0	0	0
Retained earnings (accumulated deficit)	30,424	28,195	29,031	28,937	34,951	33,528
Treasury stock	–	–	–	–	−6,223	−5,282
Other equity	−1,469	−388	−93.0	−160	874	960
Total equity	29,033	27,880	29,010	28,850	29,781	29,387
Total liabilities & shareholders' equity	86,136	86,779	90,483	89,078	91,489	93,526

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Jardine Matheson Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	3,716	1,166	2,435	2,833	3,032	−682
Depreciation, depletion & amortization	2,192	2,174	2,078	2,108	2,221	2,427
Deferred taxes	–	–	–	–	–	–
Non-cash items	352	3,125	2,114	1,654	452	3,488
Changes in working capital	−951	−1,466	−2,043	−1,770	−629	42.0
Cash from operations	5,309	4,999	4,584	4,825	5,076	5,275
Investing activities
Capital expenditures	−1,345	−1,376	−1,847	−1,260	−835	−862
Other investing cash flows	3,438	405	−616	−1,333	1,066	−272
Cash from investing	2,093	−971	−2,463	−2,593	231	−1,134
Financing activities
Financing cash flow items	−1,466	−1,932	−2,141	−1,739	−6,458	−828
Cash dividends paid	−461	−447	−455	−423	−353	−392
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,700	−1,459	−667	−1,113	−370	−1,099
Cash from financing	−3,627	−3,838	−3,263	−3,275	−7,181	−2,319
Foreign exchange effects	−43.0	−144	59.0	−356	−1.0	174
Net change in cash	3,732	46.0	−1,083	−1,399	−1,875	1,996
Free cash flow	3,964	3,623	2,737	3,565	4,241	4,413

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.