One-glance verdict
Undervalued
$24.70 our estimate vs market $1.55
94% below our estimate, below the bear case
Fundamentals snapshot
JE Cleantech Holdings Limited
JCSE · NCM · Industrials · Specialty Industrial Machinery
Current price
$1.55
52-week range
$0.77 - $2.50
Market cap
$8.14M
Balance sheet
Healthy
1.52x Concerning
Net cash $4.31M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 11.8% last year.
- Reward Returns 17.8% on equity, ahead of 60% of its peers.
- Risk Insider ownership is only 18.5% (peer median: 26.5%).
- Risk Operating margin compressed from 11.5% to 7.5% over 3 years.
What this company does
JE Cleantech Holdings Limited
JE Cleantech sells industrial cleaning systems to businesses and also provides large-scale dishwashing services for places like restaurants and food courts in Singapore and Malaysia. The company makes money from both one-time equipment sales and ongoing service contracts. This business mix matters because the service fees can provide a steady, repeating source of revenue (money the company can count on coming in regularly).
How the company got here
JE Cleantech Holdings Limited started in 1999 in Singapore. For many years, it focused on building and selling specialized cleaning systems for industrial companies. In 2013, the company expanded into a new area by offering centralized dishwashing services, washing dishes in a large, central facility for places like food courts and restaurants. This was followed by the addition of general cleaning services in 2015. A major turning point came in 2022 when the company became publicly listed on the Nasdaq stock exchange, allowing it to raise money to grow its business.
What it actually does
Think of JE Cleantech as a company with two main cleaning-related businesses. First, it designs and builds highly specialized cleaning machines for other companies. These aren't for home use; they are for industries that need extremely clean parts, like electronics or train maintenance. Second, it runs a large-scale dishwashing service for businesses that serve food, like restaurants, food courts, and airline caterers. They also offer general cleaning services for these types of establishments and lease out dishwashing equipment.
Sale of Cleaning Systems and Other Equipment
This is the company's original and largest business, making up a little over half of its sales. It designs, builds, and sells high-tech cleaning machines to other industrial businesses. These machines are used for very specific jobs, like cleaning sensitive electronic parts, train components, or equipment used in manufacturing. The customers are other companies, primarily in Singapore and Malaysia, that need to remove tiny, invisible contaminants from their products.
Provision of Centralized Dishwashing and Ancillary Services
This part of the company operates like a giant, outsourced kitchen cleaning crew for the food and beverage industry. Instead of washing dishes in their own kitchens, restaurants, food courts, and even airline caterers pay JE Cleantech to do it for them at a central facility. This segment, which makes up a significant portion of the business, also provides general cleaning services for these food establishments and leases dishwashing equipment. This helps food businesses manage their staffing and cleaning needs more efficiently.
What management is betting on now
The company's leadership is focused on a few key areas for growth. They are looking to expand their product offerings and move more into technology like automation and robotics to make cleaning more efficient. While they plan to grow by finding customers in new countries, they have stated that their home market of Singapore remains their top priority. The company is also investing in sustainability, for example by installing solar panels on its facilities to reduce its carbon footprint (the total amount of greenhouse gases generated by its actions).
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$586.00K
FY2025 Q4
$1.45M
Revenue
$15.78M
Net income
$2.52M
Diluted EPS
0.48
Operating cash flow
$2.09M
Free cash flow
$1.45M
Fetching…
Sources
Revenue
$14.11M
Net income
$25.00K
Diluted EPS
0.00
Operating cash flow
$1.50M
Free cash flow
$586.00K
Fetching…
Sources
Is it cheap or expensive?
Fair value $24.70 vs current price $1.55
Our most-likely fair value is $24.70 a share — about 1,493.9% above today's price of $1.55, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $4.3M - more cash than debt. Interest coverage 1.5x.
Net debt
$-4.31M
Interest coverage
1.52x
JE Cleantech Holdings Limited's profit covers its interest bill about 1.5 times over. which is stronger than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
JCSE
BASELINE
JE Cleantech Holdings Limited
Total debt $3.47M Interest coverage 1.52x This is the baseline the peer rows are being compared against.
Total debt $2.52M Interest coverage -13.72x -100% vs JCSE This peer has almost no interest-payment cushion compared with JCSE.
Total debt $0.00 Interest coverage -134.38x -100% vs JCSE This peer has almost no interest-payment cushion compared with JCSE.
Total debt $214.80M Interest coverage -0.91x -100% vs JCSE This peer has almost no interest-payment cushion compared with JCSE.
Total debt $0.00 Interest coverage 6.45x +325% vs JCSE Carries about 4.2x more debt cushion than JCSE.
What you should know
The case for and against JCSE
3 Rewards
2 Risks
Rewards
-
Revenue grew 11.8% last year.
-
Returns 17.8% on equity, ahead of 60% of its peers.
-
Free cash flow was positive in 4/10 years.
Risks
-
Insider ownership is only 18.5% (peer median: 26.5%).
-
Operating margin compressed from 11.5% to 7.5% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
3.16x
Forward P/E
—
P/B
0.52x
P/S
0.40x
EV/EBITDA
1.66x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
28.5%
Operating margin
7.5%
Net margin
15.9%
ROE
17.8%
ROA
1.1%
Health
Liquidity and balance-sheet strength
Debt / equity
0.22x
Current ratio
2.72x
Quick ratio
1.72x
Total debt
$3.47M
Total cash
$7.78M
Growth
How the business has been compounding
Revenue TTM
$57.46M
Revenue 5Y CAGR
9.6%
EPS TTM
0.49
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$730.00K
Free CF TTM
$1.45M
FCF margin
2.5%
Dividend
Shareholder payout
Yield
30.1%
Payout ratio
0.0%
Last ex-div date
2026-01-21