Modec Inc MDIKY

EnergyOil & Gas Related Equipment and ServicesJapan

Last close 61.38 USD on Nov 2, 2026, +80.5% year to date

Quant rating

Quant rating B Rank 33 of 113 in Energy

Growth B 19 of 113
Valuation C 63 of 113
Quality A 1 of 113
Revisions C 65 of 113
Momentum C 75 of 113

Wall Street consensus Buy (2.00)Average target 82.75 USD +34.8%

Historical valuation

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

Key data

Market cap: 3.5B
Enterprise value: 2.0B
52-week range: 61.38 – 102.00
3-year range: 30.24 – 102.00
Dividend yield: 1.06%
Beta (5 years): –
Shares outstanding: 68.3M
Next earnings: Nov 9, 2026

About the company

Modec Inc is a Japan-based company mainly engaged in the construction of floating oil production facilities and the provision of various related services. Its primary business is the provision of engineering, procurement, construction, and installation (EPCI) services and charter services (leasing and operation services) for floating production, storage, and offloading facilities, such as floating production, storage, and offloading (FPSO), floating storage, and offloading (FSO), and tension-moored platforms (TLP), used in the midstream of offshore oil and gas production. Its primary clients are government-affiliated and private oil and gas development companies overseas. It also provides after-sales services, such as parts supply and engineering support, for FPSOs and other facilities it builds and delivers to oil and gas development companies, as well as management and operational support to affiliates and joint ventures.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,581	4,186	3,575	2,740	3,900	–
Revenue growth	9.4%	17.1%	30.5%	−29.7%	42.5%	10.9%
EPS (basic, normalized)	5.18	3.20	1.45	0.66	−6.40	–
EPS growth	61.9%	121.0%	118.9%	–	–	–
Gross margin	12.2%	9.4%	7.0%	2.5%	−5.8%	5.1%
Net margin	7.9%	5.3%	2.7%	1.4%	−9.3%	1.6%
ROE	27.4%	20.3%	10.7%	5.6%	−52.7%	2.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,984
Current ratio	0.99x
Long-term debt (mil)	183
Net debt (mil)	−1,531
Total equity (mil)	1,647
Net debt / equity	−0.93x
Net debt / EBITDA	−4.21x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	4,581	+9.4%	0.4x	363	+6.3%	5.4x	5.18	+61.9%	11.9x
2026	4,580	0.0%	0.4x	538	+48.2%	3.6x	5.70	+10.1%	10.8x
2027	4,557	−0.5%	0.4x	565	+5.0%	3.5x	6.07	+6.4%	10.1x
2028	4,478	−1.7%	0.4x	557	−1.4%	3.5x	5.87	−3.2%	10.5x

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	4,580	−2.8%	−2.8%	+9.3%	5.70	−0.9%	−0.9%	+7.3%
2027	4,557	−4.8%	−4.8%	+4.0%	6.07	−0.9%	−0.9%	+2.0%
2028	4,478	0.0%	0.0%	+8.9%	5.87	0.0%	0.0%	+6.2%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	124,524	164,403	166,560	181,584	130,545	169,833	188,344	189,394	168,960	218,363
Sales mean (mil)	114,800	148,985	141,414	198,404	100,500	123,840	317,040	190,221	169,260	181,346
Surprise	+8.5%	+10.3%	+17.8%	−8.5%	+29.9%	+37.1%	−40.6%	−0.4%	−0.2%	+20.4%
EPS reported	138.54	140.28	65.19	110.18	121.79	185.72	216.70	259.56	227.46	291.46
EPS mean	23.28	59.45	59.59	–	107.45	112.37	205.51	255.63	193.89	196.08
Surprise	+495.2%	+136.0%	+9.4%	–	+13.3%	+65.3%	+5.4%	+1.5%	+17.3%	+48.6%

Peer comparison Oil & Gas Related Equipment and Services

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
MDIKY Modec Inc	3.5B	−4.21x	7.9%	2.12x	10.8x	10.1x	3.6x	3.5x
OII Oceaneering International Inc	3.8B	−0.61x	12.7%	3.11x	18.9x	19.5x	8.7x	8.5x
USAC USA Compression Partners LP (Texas)	3.7B	4.78x	10.3%	12.52x	20.1x	15.2x	8.5x	7.8x
ECO Okeanis Eco Tankers Corp.	3.6B	2.45x	31.4%	4.06x	5.7x	9.4x	5.8x	8.7x
TNK Teekay Tankers Ltd	3.3B	−4.10x	36.9%	1.39x	5.3x	8.4x	2.8x	4.2x
DKL Delek Logistics Partners, LP	3.2B	4.46x	17.4%	−42.33x	16.9x	12.5x	10.0x	9.4x
Mean		0.46x	19.4%	−3.19x	12.9x	12.5x	6.6x	7.0x
Median		0.92x	15.1%	2.61x	13.8x	11.3x	7.1x	8.1x

Technical analysis

1M–
3M0.0%
1Y+80.5%
3Y+103.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Modec Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,581	4,186	3,575	2,740	3,900	2,737
Cost of revenue	4,023	3,794	3,325	2,672	4,125	2,806
Gross profit	559	393	250	68.3	−226	−69.9
Selling, general & administrative expenses	193	187	150	117	112	110
Research & development	23.9	–	–	–	–	–
Depreciation/amortization	37.6	36.7	38.4	36.3	33.8	30.8
Interest expense (income), operating	−134	−154	−129	−127	−29.3	−56.8
Unusual expense (income)	−3.2	38.9	−0.2	19.0	69.7	9.3
Other operating expenses	0.7	0	−2.2	−32.6	−21.6	−11.0
Operating income	441	284	193	55.6	−390	−153
Net interest income (expense)	43.8	31.9	28.7	8.1	46.3	36.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	23.6	−8.0	−7.0	−8.8	−0.4	0.8
Net income before taxes	508	308	215	54.8	−344	−116
Provision for taxes	97.6	44.7	88.7	13.7	15.6	17.9
Minority interest	−50.0	−42.9	−29.4	−3.8	−4.1	1.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	361	220	96.5	37.4	−364	−132
Extraordinary items	–	–	–	–	–	–
Net income	361	220	96.5	37.4	−364	−132
EBIT, normalized	304	169	64.1	−52.2	−350	−200
EBITDA, normalized	343	208	105	−12.6	−313	−167
Basic EPS, normalized	5.18	3.20	1.45	0.66	−6.40	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Modec Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,387	1,305	1,072	530	824	660
Receivables	1,169	955	805	735	1,098	913
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	223	150	159	142	138	320
Total current assets	2,780	2,411	2,036	1,407	2,061	1,894
Property, plant & equipment	92.3	71.1	50.0	64.3	51.4	70.3
Goodwill	–	–	–	–	–	–
Intangibles	28.5	39.7	49.5	70.2	80.8	68.8
Long-term investments	1,592	1,603	1,387	1,128	752	690
Note receivable	222	307	349	365	399	367
Other long-term assets	48.1	65.3	16.9	102	81.7	87.1
Total assets	4,763	4,497	3,888	3,136	3,426	3,177
Liabilities
Accounts payable	1,004	1,185	938	750	1,137	1,058
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	238	55.5	57.8	19.1	427	84.5
Other current liabilities	1,723	1,494	1,248	996	1,101	896
Total current liabilities	2,965	2,735	2,244	1,764	2,665	2,039
Long-term debt	183	459	513	374	0.1	45.9
Minority interest	21.2	18.0	42.5	29.5	22.2	18.9
Other liabilities	141	104	95.6	156	206	224
Total liabilities	3,310	3,316	2,895	2,325	2,893	2,328
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	190	190	190	282	282	282
Additional paid-in capital	168	169	187	281	281	281
Retained earnings (accumulated deficit)	1,027	723	522	131	86.0	464
Treasury stock	−0.1	−1.1	−1.1	−1.1	−1.3	−1.6
Other equity	66.5	99.3	94.0	119	−115	−176
Total equity	1,453	1,180	993	812	533	849
Total liabilities & shareholders' equity	4,763	4,497	3,888	3,136	3,426	3,177

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Modec Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	508	308	215	54.8	−344	−116
Depreciation, depletion & amortization	39.2	38.8	40.7	39.6	41.2	36.8
Deferred taxes	–	–	–	–	–	–
Non-cash items	−195	−139	−167	−259	140	−141
Changes in working capital	−109	353	398	−44.4	315	522
Cash from operations	244	561	486	−209	152	302
Investing activities
Capital expenditures	−7.3	−12.3	−7.5	−6.9	−29.4	−37.1
Other investing cash flows	12.9	−110	−203	−50.0	−191	30.8
Cash from investing	5.5	−123	−211	−56.8	−221	−6.2
Financing activities
Financing cash flow items	−28.6	−79.8	−17.6	4.1	5.1	14.7
Cash dividends paid	−50.7	−22.5	0	0	−19.0	−24.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−115	−84.0	259	−53.1	280	−120
Cash from financing	−194	−186	241	−49.0	266	−130
Foreign exchange effects	18.3	−12.7	4.8	−2.8	−4.7	−22.2
Net change in cash	73.7	239	521	−318	193	144
Free cash flow	237	549	478	−216	123	265

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 2, 2026 after market close.