1605
INPEX CORPORATION
株式会社INPEX
Mining
Inpex Corporation engages in the research, exploration, development, production, and sale of oil, natural gas, and other mineral resources in Japan and internationally. It is involved in investment and lending to companies engaged in mineral resources business. The company also transports natural gas, as well as oil; operates, manages, and maintains gas pipelines. In addition, it engages in gas, heat, and electricity supply business; manufacture, processing, and sale of drilling mud water conditioners and cement additives; development and management of geothermal projects; power generation and supply; real estate management, lease, brokerage, and sales; and contracting for excavation work of oil and geothermal wells, and diameter foundation works. The company was formerly known as Inpex Holdings, Inc. Inpex Corporation was founded in 1966 and is headquartered in Minato, Japan.
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Overview
Filings & Signals
Ownership
Financials
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Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
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FY 2021
EDINET ↗
Net Sales
¥2,011.4B
¥2,265.8B
¥2,164.5B
¥2,324.7B
¥1,244.4B
Cost of Sales
¥864.5B
¥915.3B
¥848.1B
¥943.4B
¥568.9B
Gross Profit
¥1,146.8B
¥1,350.5B
¥1,316.4B
¥1,381.2B
¥675.4B
SG&A
¥118.0B
¥134.5B
¥95.7B
¥105.6B
¥78.3B
Operating Income
¥1,135.4B
¥1,271.8B
¥1,114.2B
¥1,246.4B
¥590.7B
Non-Operating Income
¥120.2B
¥149.5B
¥217.3B
¥331.9B
¥112.2B
Dividend Income
—
—
—
¥9.5B
¥7.5B
Interest Income
—
—
—
¥64.7B
¥31.1B
Non-Operating Expenses
¥82.2B
¥122.5B
¥78.1B
¥140.1B
¥45.3B
Interest Expense
—
—
—
¥32.4B
¥13.7B
Ordinary Income
—
—
—
¥1,438.2B
¥657.6B
Pre-tax Income
¥1,173.5B
¥1,298.8B
¥1,253.4B
¥1,412.4B
¥643.5B
Income Taxes
—
—
—
¥970.5B
¥429.5B
Current Tax
—
—
—
¥953.0B
¥395.4B
Deferred Tax
—
—
—
¥17.6B
¥34.1B
Net Income (owners)
¥393.8B
¥427.3B
¥321.7B
¥438.3B
¥223.0B
Minority Interest
¥35.8B
¥6.9B
¥10.9B
¥3.6B
¥-9.1B
Comprehensive Income
¥166.2B
¥878.1B
¥616.9B
¥863.0B
¥495.4B
EBITDA
¥1,486.8B
¥1,631.0B
¥1,433.8B
¥1,547.9B
¥800.7B
Goodwill Amort. (J-GAAP)
—
—
—
¥9.0B
¥6.9B
EPS
¥330.82
¥345.31
¥287.05
¥320.69
¥153.87
Shares Outstanding
1.17B
1.20B
1.26B
1.31B
1.39B
Shares Issued (total)
1.26B
1.26B
1.39B
1.39B
1.46B
Treasury Shares
92.7M
60.7M
127.5M
79.8M
75.7M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥7,735.2B
¥7,380.9B
¥6,739.5B
¥6,262.3B
¥5,158.2B
Current Assets
¥1,109.1B
¥870.2B
¥838.4B
¥729.4B
¥518.9B
Cash & Deposits
¥168.4B
¥241.7B
¥201.1B
¥227.8B
¥201.8B
Trade Receivables
—
—
—
¥252.9B
—
Non-Current Assets
¥6,626.1B
¥6,510.7B
¥5,901.1B
¥5,532.9B
¥4,639.3B
PP&E
¥25.6B
¥28.9B
¥25.5B
¥2,473.1B
¥2,259.8B
Goodwill
¥46.6B
¥20.5B
¥20.5B
¥40.3B
¥29.6B
Intangible Assets
¥31.4B
¥17.0B
¥9.0B
¥482.7B
¥446.7B
Investment Securities
—
—
—
¥745.4B
¥403.4B
Deferred Tax Assets
¥62.1B
¥64.6B
¥73.0B
¥69.7B
¥21.7B
Total Liabilities
¥2,712.3B
¥2,243.0B
¥2,240.4B
¥2,223.9B
¥1,811.8B
Current Liabilities
¥839.7B
¥533.7B
¥572.2B
¥526.7B
¥348.9B
Accounts Payable
—
—
—
¥47.2B
¥14.9B
ST Debt
¥541.5B
¥193.8B
¥161.1B
¥75.9B
¥80.5B
Taxes Payable
—
—
—
¥126.7B
¥51.4B
Non-Current Liabilities
¥1,872.6B
¥1,709.4B
¥1,668.2B
¥1,697.2B
¥1,462.9B
Total LT Borrowings
¥703.3B
¥870.1B
¥895.9B
¥1,194.4B
¥1,099.7B
Pension Obligations
—
—
—
¥689M
¥7.0B
Deferred Tax Liab.
¥628.2B
¥388.2B
¥332.9B
¥179.0B
¥81.2B
Total Equity
¥5,022.9B
¥5,137.8B
¥4,499.0B
¥4,038.4B
¥3,346.4B
Capital Stock
—
—
—
¥290.8B
¥290.8B
Capital Surplus
¥454.0B
¥458.3B
¥679.1B
¥683.4B
¥681.4B
Retained Earnings
¥3,345.8B
¥3,073.5B
¥2,746.5B
¥2,066.4B
¥1,783.8B
Treasury Stock
¥-221.6B
¥-131.2B
¥-221.3B
¥-121.4B
¥-75.4B
AOCI
¥878.1B
¥1,130.4B
¥714.0B
¥857.6B
¥443.4B
Equity (owners)
¥4,747.2B
¥4,821.8B
¥4,209.1B
¥2,919.3B
¥2,680.6B
Minority Interests
¥275.7B
¥316.0B
¥289.9B
¥261.5B
¥222.3B
Total Interest-Bearing Debt ⓘ
¥1,244.7B
¥1,063.9B
¥1,057.0B
¥1,270.2B
¥1,180.2B
Net Cash ⓘ
¥-1,076.3B
¥-822.2B
¥-855.8B
¥-1,042.4B
¥-978.4B
NCAV ⓘ
¥-1,603.2B
¥-1,372.8B
¥-1,402.0B
¥-1,494.5B
¥-1,292.9B
NCAV/Share
¥-1,374
¥-1,146
¥-1,113
¥-1,144
¥-932
BV/Share
¥4,070
¥4,023
¥3,343
¥2,234
¥1,933
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥693.9B
¥654.7B
¥788.1B
¥751.3B
¥445.5B
Interest Paid
—
—
—
¥-20.0B
¥-11.5B
Interest Received
—
—
—
¥70.1B
¥15.4B
D&A
¥351.4B
¥359.2B
¥319.6B
¥292.6B
¥203.2B
Goodwill Amort.
—
—
—
¥9.0B
¥6.9B
Investing CF
¥-668.7B
¥-290.4B
¥-320.1B
¥-525.6B
¥-130.7B
CapEx
¥2.6B
¥9.0B
¥1.5B
¥187.1B
¥140.5B
Purchase Investments
—
—
—
¥-108.4B
¥-6.0B
Financing CF
¥-110.7B
¥-349.9B
¥-487.3B
¥-241.9B
¥-315.2B
Dividends Paid
—
—
—
¥-80.4B
¥-46.7B
Share Buybacks
—
—
—
¥-121.2B
¥-70.0B
LT Debt Repaid
—
—
—
¥-217.6B
¥-157.4B
Free Cash Flow
¥691.3B
¥645.8B
¥786.6B
¥564.2B
¥305.0B
Net Change in Cash
—
—
—
¥20.4B
¥18.8B
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
7.8%
8.9%
9.4%
12.7%
7.6%
ROA
5.2%
6.1%
4.9%
7.7%
4.3%
EPS
¥330.82
¥345.31
¥287.05
¥320.69
¥153.87
DPS
¥100.00
¥86.00
¥74.00
¥62.00
¥48.00
BPS
—
—
¥3,289.78
¥2,891.93
¥2,253.17
FCF/Share
¥593
¥539
¥625
¥432
¥220
NCAV/Share
¥-1,374
¥-1,146
¥-1,113
¥-1,144
¥-932
Payout Ratio
30.2%
24.9%
25.8%
19.3%
31.2%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 10
Date Activist Stake Event Flag Demands Source
2025-10-03
Nomura Securities Co.,Ltd.
5.13%
+0.5%
initial_5pct
Passive
—
2025-04-04
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
4.18%
-1.02%
change
Passive
—
2024-12-05
Nomura Securities Co.,Ltd.
4.63%
-0.38%
change
Passive
—
2024-05-08
Nomura Securities Co.,Ltd.
5.01%
-0.2%
change
Passive
—
2024-03-22
Nomura Securities Co.,Ltd.
5.21%
initial_5pct
Passive
—
2024-02-06
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
5.2%
+0.56%
initial_5pct
Passive
—
2023-09-22
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
4.64%
change
Passive
—
2023-09-22
Orbis Investment Management Limited
4.42%
-1.04%
change
Passive
—
2023-06-21
Orbis Investment Management Limited
5.46%
+0.12%
change
Passive
—
2023-06-16
Orbis Investment Management Limited
5.34%
initial_5pct
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 4
#
Shareholder
Shares (thou.)
% of Total
1
経済産業大臣(注)1
276,922,801
23.74%
2
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社(信託口)
145,001,800
12.43%
3
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
68,927,200
5.91%
4
Japan Petroleum Exploration Co., Ltd.
石油資源開発株式会社
26,723,300
2.29%
5
State Street Bank and Trust Company
ステート ストリート バンク アンド トラスト カンパニー 505001 (常任代理人 株式会社みずほ銀行決済営業部)
24,017,225
2.06%
6
Nomura Trust & Banking
野村信託銀行株式会社(投信口)
20,686,200
1.77%
7
Japan Securities Finance Co.,Ltd.
日本証券金融株式会社
17,446,100
1.50%
8
SMBC Nikko Securities
SMBC日興証券株式会社
17,282,901
1.48%
9
三菱UFJモルガン・スタンレー証券株式会社
14,935,777
1.28%
10
JPMorgan Chase Bank, N.A.
ジェーピー モルガン チェース バンク 385781 (常任代理人 株式会社みずほ銀行決済営業部)
12,990,294
1.11%
Domestic Nominees
18.3%
-0.1% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
3.2%
+0.3% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
32.1%
-0.2% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
経済産業大臣(注)1
21.99%
23.11%
23.74%
+0.63%
Japan Master Trust Bank
日本マスタートラスト信託銀行
14.01%
12.33%
12.43%
+0.10%
Japan Custody Bank
日本カストディ銀行
5.66%
6.15%
5.91%
-0.24%
Japan Petroleum Exploration Co., Ltd.
石油資源開発
4.24%
2.23%
2.29%
+0.06%
State Street
1.59%
2.89%
2.06%
-0.83%
Nomura Trust & Banking
野村信託銀行株式会社(投信口)
1.14%
1.50%
1.77%
+0.27%
Japan Securities Finance Co.,Ltd.
日本証券金融
2.69%
1.87%
1.50%
-0.37%
SMBC Nikko Securities
SMBC日興証券
2.68%
2.19%
1.48%
-0.71%
Morgan Stanley
—
1.33%
1.28%
-0.05%
JP Morgan
NEW ENTRY
—
—
—
1.11%
NEW
JPモルガン証券
last seen 2023
Exited Top 10
1.39%
—
—
三菱商事
last seen 2023
Exited Top 10
1.16%
—
—
Concentration (HHI)
ⓘ
751
750
773
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥6,594M
-45% since 2023
Holdings
4
+1 new
2 exited
Trend
1 building
vs 2023
Held Company
FY2025
¥6,594M total
FY2023
¥11,926M total
Book Val ¥M
Shares
Book Val ¥M
Shares
Japan Petroleum Exploration Co., Ltd.
石油資源開発㈱
5,597
+150.0%
↑
3,565,265
7,472
1,426,106
M
京葉瓦斯㈱*2
531
NEW
New
450,000
—
M
SHIZUOKA GAS CO., LTD.
静岡ガス㈱
360
300,000
307
300,000
M
K&O Energy Group Inc.
K&Oエナジーグループ㈱
106
28,000
62
28,000
TOKYO GAS CO.,LTD.
東京瓦斯㈱
—
−100%
Exit
—
3,687
1,138,952
M
KEIYO GAS CO., LTD.
京葉瓦斯㈱
—
−100%
Exit
—
398
150,000
M
Portfolio total
6,594
11,926
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding