Overview
Machinery

MODEC,INC.

MODEC is a global leading provider of floating production, storage, and offloading (FPSO) systems, as well as FSO and TLP facilities, serving the midstream segment of offshore oil and gas production. The company offers comprehensive EPCI (Engineering, Procurement, Construction, and Installation) services as well as charter services (lease and operations) to national and private oil and gas companies worldwide. Operating as a fabless engineering firm, MODEC specializes in project management without owning shipyards, leveraging a global network of 26 offices across 18 countries and a track record of 59 FPSO units across 20 countries.

Market Cap
¥526B
US$3.36B
EV
¥287B
US$1.83B
Stock¥7,701▼-2.00%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
2.9
x
LTM EV/EBIT
3.1
x
LTM PER
7.3
x
LTM PBR
2.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-37.8%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Nov 12, 25FY guidance raised significantly; operating cash flow improves
MC → EV Bridge
526BUS$3.36BMarket Cap68.4BUS$436M+ Debt311BUS$1.98B− Cash0.00BUS$0.00M− Inv. Sec.3.32BUS$21.2M+ NCI287BUS$1.83BEV
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Performance & Balance
Revenue 5Y (¥B)
449US$2.86B'21/12364US$2.32B'22/12507US$3.23B'23/12662US$4.22B'24/12717US$4.57B'25/12
EBITDA 5Y (¥B)
-31.8-US$203M'21/1215.3US$97.3M'22/1233.1US$211M'23/1257.2US$365M'24/1274.6US$476M'25/12
Net Income 5Y (¥B)
-41.9-US$267M'21/124.96US$31.6M'22/1213.7US$87.3M'23/1234.9US$222M'24/1256.5US$360M'25/12
Capital Structure
80%
20%
EquityD/E 0.25xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
93.2US$594M49.1US$313M'21/1265.4US$417M52.2US$333M'22/12144US$917M87.1US$556M'23/12198US$1.26B90.3US$576M'24/12208US$1.32B78.2US$498M'25/12
Shareholders
Top 10 hold 60.3%
1
Mitsui O.S.K.Lines,Ltd.
15.00%
2
MITSUI & CO.,LTD.
14.86%
3
The Master Trust Bank of Japan, Ltd. (Trust Account)
11.61%
4
Custody Bank of Japan, Ltd. (Trust Account)
7.84%
5
MITSUI E&S Co.,Ltd.
3.66%
6
JPMorgan Securities Japan Co., Ltd.
2.06%
7
J.P. MORGAN BANK LUXEMBOURG S.A. 384513 (Standing Proxy: Mizuho Bank, Ltd.)
1.66%
8
STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)
1.33%
9
MSIP CLIENT SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
1.31%
10
GOVERNMENT OF NORWAY (Standing Proxy: Citibank, N.A., Tokyo Branch)
1.01%
Management
10 officers
Hirohiko MIYATA
Representative Director, President and Executive Officer
Apr 1987 Joined Mitsui & Co., Ltd. Apr 2012 General Manager, Power Business Development Department, Project Division, Mitsui & Co., Ltd. Oct 2015 General Manager, Infrastructure Business Development Department, Project Division, Mitsui & Co., Ltd. Jan 2016 SVP & CAO, Mitsui & Co. (U.S.A.), Inc. (New York) Apr 2017 Executive Officer, General Manager, Business Management Division, Mitsui & Co., Ltd. Apr 2020 Managing Executive Officer, General Manager, Europe, Middle East & Africa Division, Mitsui & Co., Ltd.; President, Mitsui & Co. Europe PLC (London) Apr 2021 Managing Executive Officer, Chief Representative Europe, Mitsui & Co., Ltd.; President, Mitsui & Co. Europe PLC (London) Apr 2022 Senior Managing Executive Officer, Chief Representative Europe, CSO Europe Block and CSO Middle East & Africa Block, Mitsui & Co., Ltd.; President & CSO, Mitsui & Co. Europe PLC (London) Aug 2022 Senior Managing Executive Officer, Chief Representative Europe, Mitsui & Co., Ltd.; President, Mitsui & Co. Europe PLC (London) Apr 2023 Advisor, Mitsui & Co., Ltd. Jun 2023 Deputy President Executive Officer, Assistant to the President, the Company Jun 2023 Director, Deputy President Executive Officer, Assistant to the President, the Company Mar 2024 Representative Director, President and Executive Officer, the Company (current)
1962-11-17
Ryo SUZUKI
Director
Jul 1987 Joined The Mitsui Bank, Ltd. (now Sumitomo Mitsui Banking Corporation) Apr 2006 Senior Examiner, Structured Finance Credit Examination Department, Sumitomo Mitsui Banking Corporation Mar 2009 President, SMBC Securities, Inc. (New York) Feb 2012 General Manager, Americas Corporate Banking Department No. 4, Sumitomo Mitsui Banking Corporation (New York) Apr 2013 General Manager, Americas Credit Examination Department, Sumitomo Mitsui Banking Corporation (New York) Apr 2015 Executive Officer, Deputy Head, Americas Division, Sumitomo Mitsui Banking Corporation (New York) Sep 2017 Executive Officer, Deputy Head, Americas Division, Sumitomo Mitsui Banking Corporation; President, SMBC Nikko Securities America, Inc. (New York) Apr 2019 Executive Officer, Deputy Chief Officer, Wholesale Division and International Division, Sumitomo Mitsui Banking Corporation May 2020 Executive Officer, General Manager, Finance Department, the Company Mar 2024 Senior Managing Executive Officer, CFO, in charge of Accounting Department, Finance Department and Financial Planning Group, the Company; General Manager, Finance Department May 2024 Senior Managing Executive Officer, CFO, in charge of Accounting Department, Finance Department, Financial Planning Group and SPC Accounting Group, the Company; General Manager, Finance Department Jun 2024 Senior Managing Executive Officer, CFO, in charge of Accounting Department, Finance Department, Financial Planning Group and SPC Accounting Group, the Company Mar 2025 Director, Senior Managing Executive Officer, CFO, in charge of Accounting Department, Finance Department, Financial Planning Group and SPC Accounting Group, the Company Apr 2025 Director, Senior Managing Executive Officer, CFO, in charge of Accounting Department, Finance Department, Financial Planning Department and SPC Accounting Group, the Company (current)
1962-10-19
Yoshihiro TAKAMURA
Director (Full-time Audit and Supervisory Committee Member)
Apr 1984 Joined The Mitsui Bank, Ltd. (now Sumitomo Mitsui Banking Corporation) Dec 2002 Group Leader, Internal Audit Department, Sumitomo Mitsui Financial Group, Inc. Mar 2008 Seconded to The Manufacturers Bank, Executive Vice President (Planning and Human Resources); General Manager, Corporate Planning Department Jun 2013 Joined the Company; Deputy General Manager, Finance Department Oct 2013 General Manager, Finance Department, the Company Apr 2020 Executive Officer, General Manager, Finance Department, the Company May 2020 Executive Officer, General Manager, Internal Audit Department, the Company Apr 2021 Executive Officer, General Manager, Internal Audit Department; Head, Audit & Supervisory Office, the Company Mar 2022 Audit & Supervisory Board Member, the Company Mar 2024 Director (Full-time Audit and Supervisory Committee Member), the Company (current)
1961-09-30
Toshihiko FUJITA
Director (Audit and Supervisory Committee Member)
Apr 1981 Joined the Ministry of Finance Jul 2003 Budget Examiner (Defense), Budget Bureau, Ministry of Finance Feb 2004 Counselor to the Director-General for Economic and Fiscal Management, Cabinet Office Jul 2005 General Manager, General Affairs Department, Tokyo Regional Taxation Bureau Jul 2006 Director, Personnel Division, National Tax Agency Jul 2007 Director, General Affairs Division, National Tax Agency Jul 2009 Commissioner, Fukuoka Regional Taxation Bureau Jul 2010 Director, Investigation and Inspection Department, National Tax Agency Aug 2012 Director, Taxation Department, National Tax Agency Jun 2013 Deputy Commissioner, National Tax Agency Jul 2014 Commissioner, Tokyo Regional Taxation Bureau Feb 2016 Auditor, Bank of Japan Feb 2020 Director, Tsuji Hongo Tax Corporation Mar 2021 Audit & Supervisory Board Member, the Company Oct 2023 Registered Tax Accountant Mar 2024 Director (Audit and Supervisory Committee Member), the Company (current) Oct 2024 Managing Director, Tsuji Hongo Tax Corporation (current) Oct 2024 Outside Director, Ishida Co., Ltd. (current)
1958-06-18
Kazuki SHIMIZU
Director
Apr 1993 Joined Mitsui & Co., Ltd. Jan 2016 General Manager, Infrastructure Business Development Department, Mitsui & Co., Ltd. Apr 2019 Project Division S.V.P., Mitsui & Co. (U.S.A.), Inc.; Divisional Operating Officer, Americas Division Oct 2022 General Manager, Investment Strategy Office, Business Management Division, Mitsui & Co., Ltd. Apr 2024 Executive Officer, General Manager, Business Management Division, Mitsui & Co., Ltd. Mar 2025 Director, the Company (current) Apr 2025 Executive Officer, General Manager, Project Division, Mitsui & Co., Ltd. (current) Apr 2026 Executive Officer, General Manager, Digital & Power Solutions Division, Mitsui & Co., Ltd.
1967-01-15
Masayuki SUGIYAMA
Director
Apr 1993 Joined Mitsui O.S.K. Lines, Ltd. (now Mitsui O.S.K. Lines, Ltd.) Jun 2014 Leader, LNG Second Group, LNG Carrier Division, Mitsui O.S.K. Lines, Ltd. Jun 2016 Seconded to Mitsui O.S.K. Bulk Shipping (USA), LLC, Houston Office Apr 2019 General Manager, Coal & Energy Project Department, Mitsui O.S.K. Lines, Ltd. Apr 2020 General Manager, Coal & Renewable Energy Project Department, Mitsui O.S.K. Lines, Ltd. Apr 2021 General Manager, Wind Energy Business Division, Mitsui O.S.K. Lines, Ltd. Apr 2022 Head, Second Unit, Power & Wind Energy Business Group, Mitsui O.S.K. Lines, Ltd. Apr 2023 Executive Officer, Power & Wind Energy Business Group, in charge of First Unit (Power Solutions and Coal Shipping) and Second Unit (Wind Power), Mitsui O.S.K. Lines, Ltd. Apr 2024 Executive Officer, Carbon Solutions Business Group, in charge of Power Business Unit (Power Fuel Transportation excluding LNG), and Wind & Offshore Business Group, in charge of Wind Business Unit, Mitsui O.S.K. Lines, Ltd. Mar 2025 Director, the Company (current) Apr 2025 Managing Executive Officer, Deputy General Manager, Energy Business Division, in charge of Wind and Offshore Businesses, and assistant for Domestic Regional Strategy, Mitsui O.S.K. Lines, Ltd. (current) Apr 2026 Senior Managing Executive Officer, General Manager, Energy Business Division, Mitsui O.S.K. Lines, Ltd.
1970-08-28
Masato KOBAYASHI
Director
Apr 1986 Registered as attorney-at-law (Daiichi Tokyo Bar Association); joined Yuasa Hara Law & Patent Office (now Yuasa Hara Law & Patent Office) Jan 1996 Partner, Yuasa Hara Law & Patent Office Feb 1997 Outside Audit & Supervisory Board Member, Oracle Corporation Japan Jul 1997 Established Hirakawa Sato Kobayashi Law Office (now City-Yuwa Partners); Partner Feb 2003 Partner, City-Yuwa Partners (current) Jan 2020 Outside Audit & Supervisory Board Member, Tsukishima Kikai Co., Ltd. (now Tsukishima Holdings Co., Ltd.) Jun 2020 Outside Director, e-Book Initiative Japan Co., Ltd. Dec 2020 Outside Audit & Supervisory Board Member, Nihon Kyoso Platform Co., Ltd. (current) Mar 2021 Director, the Company (current) Nov 2025 Outside Audit & Supervisory Board Member, Misaki Investment Co., Ltd.
1960-04-05
Yuko MAEDA
Director
Apr 1984 Joined Bridgestone Corporation May 2013 Executive Officer, Bridgestone Corporation Apr 2014 Auditor, Japan Agency for Marine-Earth Science and Technology May 2014 Advisor, Headquarters for Ocean Policy, Cabinet Secretariat Jan 2017 Director, Cellbank Co., Ltd. (current) Mar 2019 Outside Audit & Supervisory Board Member, Chugai Pharmaceutical Co., Ltd. Jun 2020 Outside Director, Kose Corporation Jun 2021 Outside Director, Asahi Kasei Corporation (current) May 2023 Member, Intellectual Property Committee, Cross-ministerial Strategic Innovation Promotion Program (SIP) Phase 3 "Construction of Maritime Security Platform" (current) Mar 2025 Director, the Company (current)
1960-07-26
Yuki TANAKA
Director (Audit and Supervisory Committee Member)
Apr 1990 Joined the Ministry of Transport (now Ministry of Land, Infrastructure, Transport and Tourism) Jun 2011 Director, New York Office, Japan National Tourism Organization Jul 2015 Counselor for International Conferences, Tourism Agency, Ministry of Land, Infrastructure, Transport and Tourism Oct 2016 Director, International Tourism Division, Tourism Agency, Ministry of Land, Infrastructure, Transport and Tourism Jul 2017 Director, General Affairs Division, Maritime Bureau, Ministry of Land, Infrastructure, Transport and Tourism Jul 2018 Director, International Policy Division, Policy Bureau, Ministry of Land, Infrastructure, Transport and Tourism Jul 2019 Deputy Director-General, Secretariat, Headquarters for Local Revitalization, Cabinet Secretariat Jul 2020 Director, Secretariat, Minister's Secretariat, Ministry of Land, Infrastructure, Transport and Tourism Jul 2021 Director-General, Tohoku Regional Transport Bureau, Ministry of Land, Infrastructure, Transport and Tourism Jul 2023 Director-General for International Affairs, Ministry of Land, Infrastructure, Transport and Tourism Mar 2026 Director (Audit and Supervisory Committee Member), the Company (current)
1966-12-30
Koichi ISOBE
Director (Audit and Supervisory Committee Member)
Apr 1989 Joined The Export-Import Bank of Japan (now Japan Bank for International Cooperation) Oct 2014 General Manager, Ship, Aircraft & Financial Products Department, Industrial Finance Division, The Export-Import Bank of Japan Oct 2016 General Manager, Ship & Aerospace Department, Industrial Finance Division, The Export-Import Bank of Japan Jun 2017 Executive Officer, Corporate Planning Division (HR Office), The Export-Import Bank of Japan Jun 2019 Managing Executive Officer, Head of Industrial Finance Division, The Export-Import Bank of Japan Sep 2021 Senior Advisor, Daiwa Securities Co., Ltd. (current) Mar 2026 Director (Audit and Supervisory Committee Member), the Company (current)
1965-10-27
Large Shareholding Reports
J.P. Morgan Asset Management Co., Ltd.
2026-10-20
5.43%→5.41%
JPMorgan Asset Management (Japan) Ltd.
2026-09-18
5.15%→5.43%
J.P. Morgan Asset Management (Japan) Limited
2026-07-21
4.57%→5.15%
J.P. Morgan Asset Management (Japan) Limited
2026-07-03
5.12%→4.57%
J.P. Morgan Asset Management (Japan) Limited
2026-06-03
5.03%→5.12%
J.P. Morgan Asset Management (Japan) Limited
2026-05-20
5.45%→5.03%
J.P. Morgan Asset Management (Japan) Limited
2026-05-08
5.48%→5.45%
J.P. Morgan Asset Management (Japan) Limited
2026-04-20
5.46%→5.48%
J.P. Morgan Asset Management (Japan) Limited
2026-04-03
5.50%→5.46%
Asset Management One Co., Ltd.
2026-03-23
5.05%→4.14%
J.P. Morgan Asset Management (Japan) Limited
2026-03-18
4.98%→5.50%
J.P. Morgan Asset Management (Japan) Limited
2026-03-04
4.90%→4.98%
J.P. Morgan Asset Management (Japan) Limited
2026-02-18
5.08%→4.90%
J.P. Morgan Asset Management (Japan) Limited
2026-02-04
5.20%→5.08%
J.P. Morgan Asset Management (Japan) Limited
2026-01-20
5.19%→5.20%
J.P. Morgan Asset Management (Japan) Limited
2026-01-06
5.30%→5.19%
J.P. Morgan Asset Management (Japan) Limited
2025-11-19
4.45%→5.30%
J.P. Morgan Asset Management (Japan) Limited
2025-10-20
4.31%→4.45%
J.P. Morgan Asset Management (Japan) Limited
2025-10-03
4.28%→4.31%
J.P. Morgan Asset Management (Japan) Limited
2025-09-18
4.16%→4.28%
J.P. Morgan Asset Management (Japan) Limited
2025-09-03
2.83%→4.16%
J.P. Morgan Asset Management (Japan) Limited
2025-08-20
2.83%
Goldman Sachs Asset Management, L.P.
2025-08-07
3.64%→2.81%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-20
Large Shareholding Report
EDINET
2026-09-18
Large Shareholding Report
EDINET
2026-08-07
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-07
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-07-21
Large Shareholding Report
EDINET
2026-07-03
Large Shareholding Report
EDINET
2026-06-03
Large Shareholding Report
EDINET
2026-05-20
Large Shareholding Report
TDnet
2026-05-13
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-05-08
Large Shareholding Report
EDINET
2026-04-20
Large Shareholding Report
EDINET
2026-04-03
Large Shareholding Report
EDINET
2026-03-26
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-03-23
Large Shareholding Report
EDINET
2026-03-18
Large Shareholding Report
EDINET
2026-03-04
Large Shareholding Report
EDINET
2026-02-18
Large Shareholding Report
EDINET
2026-02-04
Large Shareholding Report
EDINET
2026-01-20
Large Shareholding Report
EDINET
2026-01-06
Large Shareholding Report
EDINET
2025-11-19
Large Shareholding Report
TDnet
2025-11-12
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-10-20
Large Shareholding Report
EDINET
2025-10-03
Large Shareholding Report
EDINET
2025-09-18
Large Shareholding Report
EDINET
2025-09-03
Large Shareholding Report
EDINET
2025-08-20
Large Shareholding Report
EDINET
2025-08-08
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2025-08-07
Large Shareholding Report
TDnet
2025-05-13
Q1 Earnings Flash
FY ending Dec 2025
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