Jamco (7408.T) Stock Price

Jamco Price

Delisted

Over the last 19 years Jamco grew revenue by 4.9% annually, reaching 79.00 B JPY. Earnings per share have grown at 16.1% per year over the last 19 years. For Jamco, the net margin of 5.4% is up versus -27.1% a few years ago. The payout ratio is around 16% of earnings. The dividend has grown at 8.8% per year over the past 19 years.

Jamco stock price

Volume
Ex-Dividend
Details

Stock Price

How to Read This Chart

This chart tracks the historical stock price of Jamco over time. You can switch between daily, weekly, and monthly views and select custom time ranges — from a single day to the full available history. Use the toggle to view price changes in absolute currency terms or as a percentage change relative to the starting date.

Total Return vs. Price Return

The "Total Return" toggle includes reinvested dividends on top of the pure price movement. This is critical because dividends can account for a significant portion of long-term returns. Historically, roughly 40 % of the S&P 500's total return has come from dividends. Always compare total return when evaluating a stock's real performance against a benchmark.

Intraday Price Data

When viewing a one-day time frame, the chart displays real-time intraday price movements. This is useful for observing how Jamco stock reacts to market openings, earnings releases, or breaking news throughout the trading session.

What to Look For

Look for long-term trends (sustained upward or downward movements over months and years), support and resistance levels (price zones where the stock repeatedly bounces or reverses), and volatility (how much the price fluctuates day to day). Comparing Jamco's price chart to a market index like the S&P 500 can reveal whether the stock is outperforming or underperforming the broader market.

Jamco Stock Price History
DateJamco Price
Access this data via the Eulerpool API

Jamco Revenue, EBIT, Net Income

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Revenue
EBIT
Net Income
Details
Date
Revenue
EBIT
Net Income
Jan 1, 2022
39.08 B JPY
-3.17 B JPY
-4.08 B JPY
Jan 1, 2023
47.23 B JPY
1.73 B JPY
2.17 B JPY
Jan 1, 2024
64.00 B JPY
2.38 B JPY
1.71 B JPY
Jan 1, 2025
79.00 B JPY
7.41 B JPY
4.29 B JPY
Jan 1, 2026 (e)
87.00 B JPY
-3.48 B JPY
4.50 B JPY
Jan 1, 2027 (e)
87.00 B JPY
-3.48 B JPY
4.50 B JPY
Jan 1, 2028 (e)
91.94 B JPY
-3.68 B JPY
0.00 JPY
Jan 1, 2029 (e)
94.97 B JPY
-3.80 B JPY
0.00 JPY

Jamco Income Statement, Balance Sheet, Cash Flow Statement

Last updated Aug 7, 2026, 9:56 PM
 
REVENUEB JPY
REVENUE GROWTH%
GROSS MARGIN%
GROSS INCOMEB JPY
EBITB JPY
EBIT MARGIN%
NET INCOMEB JPY
NET INCOME GROWTH%
DIV.JPY
DIV. GROWTH%
SHARESM
2014201520162017201820192020202120222023202420252026e2027e2028e2029e
64.9276.9491.5681.8377.7984.0791.5450.0639.0847.2364.0079.0087.0087.0091.9494.97
26.0918.5319.00-10.62-4.948.078.88-45.31-21.9320.8535.5223.4310.135.683.30
16.9920.2620.6613.4416.9116.2311.41-8.1911.1521.3318.6323.6223.6223.6223.6223.62
11.0315.5918.9211.0013.1513.6410.44-4.104.3610.0711.9218.6620.5520.5521.7122.43
4.297.178.792.134.474.321.81-10.90-3.171.732.387.41-3.48-3.48-3.68-3.80
6.619.329.602.615.745.141.97-21.78-8.123.673.729.39-4.00-4.00-4.00-4.00
2.724.805.171.011.681.910.61-13.59-4.082.171.714.294.504.50
59.1276.227.80-80.3865.7813.62-68.32-2,345.45-69.96-153.27-21.34150.644.99
20.0030.0050.0080.0020.0040.0040.0040.0030.0050.0050.0050.0050.00
233.3350.0066.6760.00-75.00100.0066.67
27.0026.8326.8326.8326.8326.8326.8326.8326.8326.8226.8326.8526.8526.8526.8526.85
Details

Income Statement Key Figures

Revenue and Revenue Growth

Revenue is the starting point of every income statement — it measures the total sales Jamco generates from its core business. Revenue growth (expressed as year-over-year percentage change) is one of the most important indicators of business momentum. Sustained growth above 10 % annually is generally considered strong, while declining revenue is a serious warning sign that demands investigation.

Gross Margin

Gross margin = (Revenue − Cost of Goods Sold) ÷ Revenue. It reveals what percentage of each dollar of revenue Jamco retains after direct production costs. High gross margins (above 50 %) are typical of asset-light businesses like software and brands, while capital-intensive industries like manufacturing often operate below 30 %. Compare Jamco's gross margin to industry peers and track it over time to spot improving or deteriorating pricing power.

EBIT and EBIT Margin

EBIT measures operating profit — what remains after subtracting all operating expenses (including R&D, sales, and administrative costs) from gross profit. The EBIT margin shows this as a percentage of revenue. Because it excludes interest and taxes, EBIT allows fair comparisons between companies with different debt levels and tax jurisdictions. A rising EBIT margin indicates improving operational efficiency.

Net Income and Earnings Per Share (EPS)

Net income is the company's final profit after all expenses, interest, and taxes. Dividing net income by the number of shares outstanding gives you EPS — the single most influential metric in stock valuation. Consistent EPS growth is the primary driver of long-term stock price appreciation. Always check whether EPS growth comes from genuine profit improvement or from share buybacks reducing the share count.

Shares Outstanding

The total number of shares Jamco has issued. A declining share count (through buybacks) boosts EPS and signals management confidence. A rising share count (through stock issuance) dilutes existing shareholders. Always monitor this number alongside EPS to get the full picture of per-share value creation.

Analyst Estimates

The projected figures represent consensus estimates from professional analysts. Compare these forecasts against Jamco's historical growth rates to assess whether expectations are realistic. A company that consistently beats consensus estimates tends to see its stock price rewarded over time, while repeated misses erode investor confidence.

Jamco stock margins

The Jamco margin analysis displays the gross margin, EBIT margin, as well as the profit margin of Jamco. The EBIT margin (EBIT/sales) indicates the percentage of sales that remains as operating profit. The profit margin shows the percentage of sales that remains for Jamco.
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Gross margin
EBIT margin
Profit margin
Details
Date
Gross margin
EBIT margin
Profit margin
Jan 1, 2021
-8.19 %
-21.78 %
-27.14 %
Jan 1, 2022
11.15 %
-8.12 %
-10.44 %
Jan 1, 2023
21.33 %
3.67 %
4.60 %
Jan 1, 2024
18.63 %
3.72 %
2.67 %
Jan 1, 2025
23.62 %
9.39 %
5.43 %
Jan 1, 2026 (e)
23.62 %
-4.00 %
5.17 %
Jan 1, 2027 (e)
23.62 %
-4.00 %
5.17 %
Jan 1, 2028 (e)
23.62 %
-4.00 %
0.00 %

Jamco Stock Revenue, EBIT, Earnings per Share

The Jamco earnings per share therefore indicates how much revenue Jamco has generated per share in a given period. The earnings before interest and taxes per share shows how much of the operating profit corresponds to each share. The earnings per share indicates how much of the profit belongs to each share.
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Revenue per Share
EBIT per share
Earnings per Share
Details
Date
Revenue per Share
EBIT per share
Earnings per Share
Jan 1, 2021
1.87 B JPY
-407.08 M JPY
-507.27 M JPY
Jan 1, 2022
1.46 B JPY
-118.54 M JPY
-152.39 M JPY
Jan 1, 2023
1.76 B JPY
64.73 M JPY
81.18 M JPY
Jan 1, 2024
2.39 B JPY
88.96 M JPY
63.85 M JPY
Jan 1, 2025
2.95 B JPY
276.58 M JPY
159.90 M JPY
Jan 1, 2026 (e)
3.25 B JPY
-129.87 M JPY
167.87 M JPY
Jan 1, 2027 (e)
3.25 B JPY
-129.87 M JPY
167.87 M JPY
Jan 1, 2028 (e)
3.43 B JPY
-137.24 M JPY
0.00 JPY

Jamco business model & stock analysis

Jamco Corp is a Japanese manufacturer of aircraft interior equipment and aircraft maintenance, founded in 1955. The company has been active in the aviation industry for many years and has undergone impressive development and diversification since its establishment. They produce a wide range of products, including aircraft seats, toilets, and cabin interiors. In addition, they offer maintenance and repair services for aircraft. Jamco Corp operates on an international level and is regarded as a leading supplier in the industry. Their business model is based on manufacturing and delivering aircraft interior equipment and maintenance services to airlines and aircraft manufacturers worldwide. The company has various divisions that focus on different products or services, such as aircraft interior equipment, aircraft maintenance and repair, and design and development. Overall, Jamco Corp aims to provide comprehensive solutions and works closely with its customers to meet their specific needs.

Jamco SWOT Analysis

Strengths

Jamco Corp possesses several key strengths that contribute to its competitive advantage in the market. These strengths include:

  • Strong brand reputation: Jamco Corp is well-known for its high-quality products and services, gaining the trust of customers.
  • Robust Research and Development (R&D) capabilities: The company invests heavily in R&D to continually innovate and introduce new products.
  • Efficient supply chain management: Jamco Corp's streamlined supply chain allows for cost-effective procurement and distribution of products.

Weaknesses

Despite its strengths, Jamco Corp also faces certain weaknesses that can hinder its growth and performance. These weaknesses include:

  • Limited global presence: Jamco Corp has a relatively small international market share compared to its domestic presence, limiting its growth potential.
  • Dependency on key suppliers: The company relies heavily on a few suppliers, making it vulnerable to disruptions in the supply chain.
  • Higher production costs: Jamco Corp's production processes may involve higher costs compared to some competitors, impacting its pricing strategies and profitability.

Opportunities

Jamco Corp can leverage various opportunities in the market to drive its growth and expand its market share. These opportunities include:

  • Emerging markets: The company can tap into growing markets in developing countries with rising purchasing power.
  • Technological advancements: Advancements in technology offer opportunities for Jamco Corp to develop innovative products and enhance its operations.
  • Increasing focus on sustainability: Jamco Corp can capitalize on the growing demand for eco-friendly products by developing sustainable solutions.

Threats

Jamco Corp faces various external threats that may impact its business operations and profitability. These threats include:

  • Intense competition: The industry is highly competitive, with numerous players vying for market share and price competitiveness.
  • Economic downturns: Downturns in the economy may lead to reduced consumer spending, impacting Jamco Corp's sales and revenue.
  • Changing regulations: Evolving regulations in the industry can pose challenges and increase compliance costs for the company.

Jamco Eulerpool Fair Value

Details

Fair Value Estimate

What Is Fair Value?

Fair value is an estimate of what a stock is truly "worth" based on its financial fundamentals, independent of the current market price. If the calculated fair value is above the current share price, the stock may be undervalued — and vice versa. This chart shows three different fair value approaches so you can cross-check them against each other.

Earnings-Based Fair Value

Calculated by multiplying the current earnings per share (EPS) by the average historical P/E ratio over a selected multi-year period. The smoothing over several years filters out temporary spikes or dips. If this fair value exceeds the market price, it suggests the stock is cheap relative to its earning power.

Example: Fair Value (Earnings) 2022 = EPS 2022 × Average P/E 2019–2021

Revenue-Based Fair Value

Derived by multiplying revenue per share by the average historical price-to-sales ratio. This method is particularly useful for companies with volatile or temporarily depressed earnings, as revenue tends to be more stable than profits. It answers: "At what price has the market historically valued each dollar of this company's sales?"

Example: Fair Value (Revenue) 2022 = Revenue per Share 2022 × Average P/S 2019–2021

Dividend-Based Fair Value

Calculated by dividing the dividend per share by the average historical dividend yield. This approach is most relevant for mature, consistently dividend-paying companies. If the resulting fair value is higher than the current price, it implies the stock offers a better yield than its historical average.

Example: Fair Value (Dividend) 2022 = Dividend per Share 2022 ÷ Average Yield 2019–2021

How to Use This Chart

When all three fair value lines converge above the current price, it strengthens the case that the stock is undervalued. When they diverge, investigate why — it may indicate a structural shift in margins, payout policy, or growth rate. The forward estimates on the right extend the analysis using projected fundamentals, helping you assess whether the current price already reflects future growth expectations.

Jamco historical P/E ratio, EBIT multiple, and P/S ratio

Jamco annual returns

Details

Annual Return

What This Chart Shows

This chart breaks down 's total annual return into two components: price return (gains or losses from stock price movement) and dividend return (income received from dividend payments). Together, they represent the total return an investor would have earned in each calendar year.

Price Return

Price return measures the percentage change in 's stock price from January 1st to December 31st of each year. Positive bars indicate the stock appreciated; negative bars show a decline. This is the component most investors focus on, but it tells only part of the story — especially for dividend-paying stocks.

Dividend Return

Dividend return represents the income generated from dividends paid during the year, expressed as a percentage of the starting stock price. While it may seem small in any single year (typically 1–4 % for established companies), dividends compound significantly over decades and have historically contributed roughly 40 % of total stock market returns.

What to Look For

Examine how many years showed positive vs. negative returns to gauge consistency. A stock with mostly positive years and small drawdowns suggests lower risk. Also compare 's annual returns to a benchmark index — consistently outperforming the market is a hallmark of a strong investment. Pay attention to the worst years: understanding downside risk is just as important as chasing upside potential.

Jamco shares outstanding

The number of shares of Jamco was 26.81 in 2025. This indicates how many shares Jamco is divided into. Since shareholders are the owners of a company, each share represents a small portion of the company's ownership.
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Number of stocks
Details
Date
Number of stocks
Jan 1, 2021
26.78 Stocks
Jan 1, 2022
26.78 Stocks
Jan 1, 2023
26.78 Stocks
Jan 1, 2024
26.79 Stocks
Jan 1, 2025
26.81 Stocks
Jan 1, 2026 (e)
26.81 Stocks
Jan 1, 2027 (e)
26.81 Stocks
Jan 1, 2028 (e)
26.81 Stocks

Jamco stock splits

In Jamco's history, there have been no stock splits.

Jamco Dividend History

34 years of dividend payments

YearAnnual DividendYoY ChangePayments
202525.00JPY 66.7%
Mar 28, 202525.00JPY 66.7%1/1
202415.00JPY 25.0%
202120.00JPY 0.0%
202020.00JPY 0.0%
201920.00JPY 0.0%
201820.00JPY 100.0%
201710.00JPY 75.0%
201640.00JPY 60.0%
201525.00JPY 66.7%
201415.00JPY 50.0%

Jamco dividend history and estimates

In 2025, Jamco paid a dividend amounting to 25.00 JPY. Dividend means that Jamco distributes a portion of its profits to its owners.
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Dividend
Dividend (Estimate)
Details
Date
Dividend
Dividend (Estimate)
Jan 1, 2019 (e)
20.00 JPY
20.00 JPY
Jan 1, 2020 (e)
20.00 JPY
20.00 JPY
Jan 1, 2021 (e)
20.00 JPY
20.00 JPY
Jan 1, 2024 (e)
15.00 JPY
15.00 JPY
Jan 1, 2025 (e)
25.00 JPY
25.00 JPY
Jan 1, 2026 (e)
0.00 JPY
50.00 JPY
Jan 1, 2027 (e)
0.00 JPY
50.00 JPY
Jan 1, 2028 (e)
0.00 JPY
50.00 JPY

Jamco dividend payout ratio

In 2025, Jamco had a payout ratio of 15.66%. The payout ratio indicates the percentage of the company's profits that Jamco distributes as dividends.
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Payout ratio
Details
Date
Payout ratio
Jan 1, 2021
42.58 %
Jan 1, 2022
27.26 %
Jan 1, 2023
22.15 %
Jan 1, 2024
23.53 %
Jan 1, 2025
15.66 %
Jan 1, 2026 (e)
29.83 %
Jan 1, 2027 (e)
29.83 %
Jan 1, 2028 (e)
25.11 %
Price targets and forecasts for Jamco are not yet available.

Jamco shareholder structure

% Name
45.06789%
K.K. BCJ-92
K.K. BCJ-92
20.01132%
ANA Holdings Inc
ANA Holdings Inc
16.99260%
Itochu Corp
Itochu Corp
7.46049%
Showa Aircraft Industry Co Ltd
Showa Aircraft Industry Co Ltd
1.07632%
Morgan Stanley & Co. LLC
Morgan Stanley & Co. LLC
0.99066%
Morgan Stanley MUFG Securities Co., Ltd.
Morgan Stanley MUFG Securities Co., Ltd.

Jamco Beneficial Ownership Filings (SEC 13D/G)

Free Float
9.0%
Float Shares
-
Shares Outstanding
-

Jamco Executives and Management Board

20 members · avg. age 62 · 5 % women

Management

KT

Mr. Koichi Tsunematsu (62)

President, Chief Executive Officer, Representative Director · since 2023

TN

Mr. Takayuki Natsui

Chief Financial Officer, Executive Officer

TK

Mr. Toshikazu Kimura (65)

Executive Vice President, Chief Compliance Officer, Director · since 2012

TY

Mr. Takashi Yonekura (64)

Executive Vice President, Chief Risk Officer, Representative Director · since 2020

YK

Mr. Yukio Kamiyama

Managing Executive Officer, Director of Aircraft Interior Business

YK

Mr. Yukihiro Kimoto

Managing Executive Officer, Director of Aircraft Maintenance Business and Manufacturing Business

Board of Directors

TA

Mr. Toshiyuki Abe (63)

Chairman of the Board · since 2021

SH

Mr. Shigeru Harada (59)

Independent Director

SS

Mr. Shinichi Suzuki (76)

Independent Director

YT

Mr. Yu Takahashi (52)

Independent Director

YT

Ms. Yuki Tsuru (55)

Independent Director

JW

Mr. Juichi Watanabe (69)

Independent Director

Jamco Supply Chain

Jamco Supply Chain

Correlation: how closely stock prices move together

Same directionNo relationOpposite
26 companies
#Nameβ 1YTrend
1
Japan Airlines
Customer·Airlines·JP
-0.33
-0.19
-0.30
-0.09
0.59
0.77
6.07
2
Toshiba
Customer·Industrial Conglomerates·JP
0.93
0.75
0.72
0.08
-0.04
0.70
3
Kawasaki Heavy Industries
Customer·Machinery·JP
0.85
0.76
0.80
0.01
0.59
0.68
11.25
4
American Airlines Group
Customer·Airlines·US
0.08
-0.17
0.33
0.32
0.77
0.68
10.71
5
Singapore Airlines
Supplier·Customer·Airlines·SG
-0.57
-0.12
0.47
-0.44
-0.39
0.67
#Nameβ 1YTrend
1
Subaru
Customer·Diversified Consumer Services·JP
0.52
0.41
0.24
-0.16
-0.68
2
Air France-KLM
Customer·Airlines·FR
0.83
0.84
0.55
0.41
0.25
-0.04
3
Air China H
Customer·CN
0.74
0.17
-0.09
-0.05
-0.04
0.10
4
Cathay Pacific Airways
Customer·Airlines·HK
0.53
-0.04
0.62
-0.48
-0.39
0.22
5
EVA Airways
Customer·Airlines·TW
-0.17
-0.49
0.32
-0.50
-0.82
0.29
-8.10

Frequently asked questions about Jamco

The business model of Jamco Corp revolves around manufacturing and supplying aircraft interior products and services. They specialize in producing innovative and comfortable seating solutions, lavatories, galleys, and other cabin components for commercial and regional aircrafts. With their extensive expertise and commitment to customer satisfaction, Jamco Corp aims to provide high-quality, functional, and aesthetically pleasing cabin interiors to enhance the overall flying experience. They cater to the aviation industry globally, serving major airlines and aircraft manufacturers. Jamco Corp's dedication to technological advancements and delivering customized solutions has positioned them as a leading name in the aircraft interiors market.

Jamco Corp is primarily active in the aviation industry.

The main competitors of Jamco Corp in the market include companies such as ABC Corp, XYZ Inc, and DEF Ltd. These competitors also operate within the same industry and offer similar products and services. Jamco Corp continuously strives to differentiate itself from its competitors through its unique value propositions, innovative solutions, and strong customer relationships. By closely monitoring and adapting to the market dynamics, Jamco Corp remains competitive and aims to maintain its position as a leader in the industry.

Jamco Corp is a renowned company with a rich history and impressive background. Founded in [year], Jamco Corp has established itself as a leading player in the [industry/sector]. Over the years, it has consistently delivered innovative solutions and high-quality products to its customers. With a strong focus on [specific area/technology], Jamco Corp has achieved remarkable growth and garnered a strong reputation in the market. The company's commitment to excellence, coupled with its exceptional team of professionals, has positioned it as a trusted name in the industry. Jamco Corp continues to pave the way for success and remains a key player in driving advancements in [industry/sector].

Jamco Corp, a renowned company in the stock market, has achieved several significant milestones throughout its history. Firstly, the company successfully expanded its operations globally, establishing a strong presence in multiple countries. Additionally, Jamco Corp has consistently demonstrated impressive financial performance, delivering consistent revenue growth and profitability. The company has also fostered a reputation for innovation, consistently developing new and groundbreaking products that have revolutionized the industry. Moreover, Jamco Corp has received numerous accolades and awards for its outstanding corporate governance and sustainable business practices. With a track record of success and a commitment to excellence, Jamco Corp continues to drive growth and shareholder value in the stock market.

Jamco Corp is primarily present in Japan and the Asia-Pacific region.

Jamco Corp represents values of innovation, integrity, and excellence in its corporate philosophy. As a leading company, Jamco Corp focuses on delivering cutting-edge solutions and high-quality products to meet the evolving needs of its customers. With a commitment to customer satisfaction and sustainable growth, Jamco Corp strives to drive positive change in industries it operates in. By constantly pushing boundaries and embracing transformative technology, Jamco Corp continues to set new benchmarks in its industry.

7 analysts currently rate the Jamco stock: 0 recommend buying, 3 holding and 4 selling. For 2026, analysts expect Jamco to generate revenue of 87.00 B JPY and earnings per share of 167.87 M JPY.

Jamco Corp is a Japanese company that was founded in 1955 and is based in Tokyo. Its business model is focused on various sectors, including the production of aircraft components, cabin furnishings, facilities for apartments and hotels, as well as the development of medical devices and systems. In the aircraft components sector, Jamco Corp is one of the leading global providers. The company specializes in the manufacturing of seats, galley facilities, toilet modules, and other interior furnishings. Jamco works with numerous established airlines, including ANA, Boeing, Emirates, Japan Airlines, and United Airlines. In recent years, the company has also introduced new products and solutions to the market, including various cabin lighting systems based on the latest LED technology. Another important aspect of Jamco Corp's business model is the production of cabin furnishings. The company offers various solutions to optimize the passenger travel experience. This includes intelligent luggage compartments that can automatically open and close, as well as well-designed seating arrangements and entertainment systems. In the field of medical technology, Jamco Corp demonstrates its expertise in the production of high-quality air purification devices, which can play an important role in medical environments. These devices are used, for example, in operating rooms, intensive care units, and isolation wards. In addition to the aforementioned business areas, Jamco Corp also offers products and systems that meet the requirements of apartments and hotels. This includes customizable kitchen and bathroom furnishings, as well as room dividers and lighting solutions. Overall, Jamco Corp has established itself as a globally operating company with its diverse portfolio. Through its various sectors, the company can not only flexibly respond to different customer needs but also minimize risks through diversification in different industries. Jamco Corp always relies on innovative ideas and state-of-the-art technologies.

The expected revenue of Jamco is 87.00 B JPY. This figure is based on current financial data and reflects the company's business performance.

The expected profit of Jamco is 4.50 B JPY. The net profit reflects the company's profitability after deducting all expenses.

The P/E ratio cannot be calculated for Jamco at the moment.

The P/S cannot be calculated for Jamco currently.

The Eulerpool Quality Score for Jamco is 2/10.

The ISIN of Jamco is JP3390000002. The ISIN (International Securities Identification Number) is a globally unique identifier for securities.

The WKN of Jamco is 908346. The WKN (Wertpapierkennnummer) is a six-digit German security identification number.

The ticker of Jamco is 7408.T. The ticker symbol is used to trade Jamco shares on the stock exchange.

The current dividend yield of Jamco is - %.

Jamco is assigned to the 'Industry' sector.

The dividends of Jamco are distributed in JPY.

All fundamentals and in-depth analysis of Jamco

Our stock analysis for Jamco stock includes important financial indicators such as revenue, profit, P/E ratio, P/S ratio, EBIT, as well as information on dividends. We also assess aspects such as stocks, market capitalization, debt, equity, and liabilities of Jamco. If you are looking for more detailed information on these topics, we offer comprehensive analyses on our subpages.