# COSMO ENERGY HOLDINGS COMPANY, LIMITED: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2025/04/01－2026/03/31) (S100YI3A)
> Page: https://vizora.meequs.com/en/company/cosmo-energy
> Retrieved: 2026-09-30T20:26:48.111Z

## Company

Cosmo Energy Holdings, founded in 2015, is a company in Oil, Gas & Mining listed on TSE Prime. It has 6,675 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | COSMO ENERGY HOLDINGS COMPANY, LIMITED |
| Ticker | 5021 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5021.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋一丁目7番1号 |
| Representative (per filing) | 代表取締役社長 山田 茂 |
| Founded | Oct 2015 |
| Share capital | ¥46.4B |
| Employees (consolidated) | 6,675 |
| Average salary (parent only) | ¥11.9M |
| Fiscal year end | March |
| Website | www.cosmo-energy.co.jp (https://www.cosmo-energy.co.jp/) |
| Corporate number | 1010401120741 |
| EDINET | E31632 |
| Industries (Vizora) | Oil, Gas & Mining, Chemicals, Electric Power & Gas, Oil Refining & Fuels |

> Profile source: annual securities report (S100YI3A, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Oil Refining & Fuels (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.9 | 11 |
| Profitability | 80.8 | 13 |
| Cash conversion | 31.8 | 11 |
| Efficiency | 42.3 | 13 |
| Financial strength | 12.5 | 4 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 86% of Cosmo Energy Holdings's sales come from Petroleum business, with Petrochemicalbusiness and Oil exploration and production business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -4.4% from the prior year, operating profit +12.9%.

## Company structure

- Segment revenue mix: Petroleum business 85.9%、Petrochemicalbusiness 10.8%、Oil exploration and production business 1.7%、Other 1.1%、RenewableEnergyBusiness 0.6%
- Revenue → net income: ¥2677582000000 → ¥82243000000
- Net income → operating cash flow: ¥82243000000 → ¥213737000000（difference ¥131494000000）
- Main uses of operating cash flow: CapEx ¥83255000000 / dividends ¥27328000000 / buybacks ¥29695000000
- Change in cash: ¥46864000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.68T |  |
| Operating income | ¥144.8B | Margin 5.4% |
| Net income | ¥74B | Margin 2.8% |
| Free cash flow | ¥130.5B |  |
| Largest business | Petroleum business | of segment revenue 85.9% |
| Employees (consolidated) | 6,675 |  |
| EPS | ¥239.69 |  |
| Book value per share | ¥1251.99 |  |
| Equity ratio | 27.6% |  |
| Shares outstanding | 165,041,722 |  |
| Treasury shares | 5,368,500 |  |
| Shareholders | 29,046 |  |
| Average salary (parent only) | ¥11.9M | Filing company only |
| Cash ratio | 3.7% | Net cash -¥413B · Cash ÷ revenue 3.1% |
| Vs. industry median margin | +3 pp | Oil Refining & Fuels |
| ROE | 12.3% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income
- FY2026, buybacks were 1.1× dividends
- FY2026, parent-company salary changed +32% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2233250000000 | ¥2677582000000 | +19.9% |
| Operating income | ¥101289000000 | ¥144790000000 | +42.9% |
| Operating margin | 4.5% | 5.4% | +0.9 pp |
| Employees | 7,086 people | 6,675 people | -5.8% |
| Cash and equivalents | ¥44518000000 | ¥81770000000 | +83.7% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 石油事業 → 石油事業 | 85.4% |
| 石油化学事業 → 石油化学事業 | 10.8% |
| 石油化学事業 → 事業再編・廃止 | 1.2% |
| 石油開発事業 → 石油開発事業 | 1.0% |
| 再生可能 エネルギー 事業 → 再生可能 エネルギー 事業 | 0.5% |
| その他 → その他 | 1.1% |
| 新設・再編 → 石油事業 | 0.5% |
| 新設・再編 → 石油開発事業 | 0.7% |
| 新設・再編 → 再生可能 エネルギー 事業 | 0.1% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Petroleum business | 5 years | +3.8% | ¥2298768000000 | 3.3% | 2 |
| Petrochemicalbusiness | 5 years | +1.5% | ¥288277000000 | -1.1% | 2 |
| Oil exploration and production business | 5 years | +14.5% | ¥45224000000 | 144.3% | 2 |
| Other | 5 years | +4.2% | ¥29173000000 | 17.2% | 2 |
| RenewableEnergyBusiness | 5 years | +6.7% | ¥16138000000 | 17.0% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,677,582 | 100.0% | S100YI3A |
| Cost of revenue | 2,341,558 | 87.5% | S100YI3A |
| Gross profit | 336,024 | 12.5% | S100YI3A |
| SG&A | 191,233 | 7.1% | S100YI3A |
| Operating income | 144,790 | 5.4% | S100YI3A |
| Ordinary income | 149,247 | 5.6% | S100YI3A |
| Pretax income | 145,538 | 5.4% | S100YI3A |
| Income tax | 63,294 | 2.4% | S100YI3A |
| Net income | 82,243 | 3.1% | S100YI3A |
| Net income attributable to owners | 74,023 | 2.8% | S100YI3A |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 7 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 12.5% → Operating margin 5.4% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.4%; Core profit growth: +12.9%
Operating leverage (core profit growth ÷ revenue growth): -2.95×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,799,947 | 2,677,582 | -122,365 | -4.4% |
| Gross profit | 306,822 | 336,024 | 29,202 | +9.5% |
| Operating income | 128,249 | 144,790 | 16,541 | +12.9% |
| Net income attributable to owners | 57,671 | 74,023 | 16,352 | +28.4% |
| Operating cash flow | 137,118 | 213,737 | 76,619 | +55.9% |
| Free cash flow | 52,910 | 130,482 | 77,572 | +146.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,738,003 | 13,893 | 0.5% | -28,155 | 111,733 | 33,611 | S100MQXQ |
| FY ending Mar 2021 | 2,233,250 | 101,289 | 4.5% | 85,910 | 167,445 | 94,942 | S100OCUI |
| FY ending Mar 2022 | 2,440,452 | 235,303 | 9.6% | 138,890 | 108,361 | 62,986 | S100R1G7 |
| FY ending Mar 2023 | 2,791,872 | 163,780 | 5.9% | 67,935 | 8,122 | -41,466 | S100TOPM |
| FY ending Mar 2024 | 2,729,570 | 149,200 | 5.5% | 82,060 | 177,944 | 106,831 | S100W3P9 |
| FY ending Mar 2025 | 2,799,947 | 128,249 | 4.6% | 57,671 | 137,118 | 52,910 | S100YI3A |
| FY ending Mar 2026 | 2,677,582 | 144,790 | 5.4% | 74,023 | 213,737 | 130,482 | S100YI3A |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥401.1M |
| Operating income per employee (consolidated) | ¥21.7M |
| Net income per employee (consolidated) | ¥11.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 6,693 | 6,659 | 6,530 | 6,487 | 6,675 |
| Average salary (parent company) | ¥9M | ¥11M | ¥11.2M | ¥11.5M | ¥11.9M |
| Average age (parent company) | 43.0 years | 42.0 years | 43.0 years | 43.0 years | 42.0 years |
| Average tenure (parent company) | 18.0 years | 17.0 years | 16.0 years | 14.0 years | 13.0 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) -4.4%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Petroleum business | 2,298,768 | 85.9% | 76,262 | 3.3% |
| Petrochemicalbusiness | 288,277 | 10.8% | -3,084 | -1.1% |
| Oil exploration and production business | 45,224 | 1.7% | 65,274 | 144.3% |
| RenewableEnergyBusiness | 16,138 | 0.6% | 2,751 | 17.0% |
| Other | 29,173 | 1.1% | 5,014 | 17.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Petroleum business | 85.9% |
| Petrochemicalbusiness | 10.8% |
| Oil exploration and production business | 1.7% |
| RenewableEnergyBusiness | 0.6% |
| Other | 1.1% |

Segment → industry: Oil exploration and production business → Oil, Gas & Mining / Petrochemicalbusiness → Chemicals / RenewableEnergyBusiness → Electric Power & Gas / Petroleum business → Oil Refining & Fuels

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 213,737 | 8.0% | S100YI3A |
| Capital expenditure | 83,255 | 3.1% | S100YI3A |
| Free cash flow | 130,482 | 4.9% | 算出 |
| Investing cash flow | -84,699 | -3.2% | S100YI3A |
| Financing cash flow | -81,934 | -3.1% | S100YI3A |
| Dividends paid | 27,328 | 1.0% | S100YI3A |
| Share buyback | 29,695 | 1.1% | S100YI3A |
| Change in cash | 46,864 | 1.8% | S100YI3A |
| Cash and equivalents | 81,770 | 3.1% | S100YI3A |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 48,066 | 61,825 | 105,480 | 34,905 | 81,770 | S100TOPM, S100W3P9, S100YI3A |
| Total assets | 1,938,408 | 2,120,763 | 2,212,586 | 2,156,605 | 2,196,556 | S100R1G7, S100TOPM, S100W3P9, S100YI3A |
| Net assets | 583,971 | 663,380 | 727,415 | 707,477 | 735,761 | S100TOPM, S100W3P9, S100YI3A |
| Share capital | 40,000 | 46,435 | 46,435 | 46,435 | 46,435 | S100R1G7, S100TOPM, S100W3P9, S100YI3A |
| Property, plant and equipment | 846,616 | 846,264 | 850,239 | 871,374 | 904,035 | S100R1G7, S100TOPM, S100W3P9, S100YI3A |
| Intangible assets excluding goodwill | 44,185 | 43,216 | 42,094 | 43,559 | 44,479 | S100R1G7, S100TOPM, S100W3P9, S100YI3A |
| Investment securities | 118,719 | 127,897 | 131,147 | 98,538 | 101,708 | S100R1G7, S100TOPM, S100W3P9, S100YI3A |
| Current assets | 867,983 | 1,036,040 | 1,122,740 | 1,079,108 | 1,080,905 | S100R1G7, S100TOPM, S100W3P9, S100YI3A |
| Current liabilities | 954,675 | 1,012,579 | 1,007,628 | 945,465 | 994,885 | S100R1G7, S100TOPM, S100W3P9, S100YI3A |
| Trade payables | 325,780 | 330,923 | 346,805 | 360,446 | 362,488 | S100R1G7, S100TOPM, S100W3P9, S100YI3A |
| Short-term borrowings | 195,485 | 274,210 | 245,082 | 222,192 | 251,461 | S100R1G7, S100TOPM, S100W3P9, S100YI3A |
| Long-term borrowings | 242,873 | 253,708 | 263,669 | 264,936 | 190,500 | S100R1G7, S100TOPM, S100W3P9, S100YI3A |
| Bonds | 3,000 | 3,000 | 21,568 | 37,778 | 52,806 | S100R1G7, S100TOPM, S100W3P9, S100YI3A |
| Interest-bearing debt | 441,358 | 530,918 | 530,319 | 524,906 | 494,767 | 算出 |
| Total liabilities | 1,354,437 | 1,457,383 | 1,485,170 | 1,449,128 | 1,460,795 | S100R1G7, S100TOPM, S100W3P9, S100YI3A |
| Non-controlling interests | 127,771 | 135,485 | 126,253 | 122,694 | 129,540 | S100R1G7, S100TOPM, S100W3P9, S100YI3A |
| Equity attributable to owners of parent | 464,318 | 531,909 | 597,261 | 591,978 | 610,054 | S100R1G7, S100TOPM, S100W3P9, S100YI3A |
| Retained earnings | 343,377 | 396,361 | 459,186 | 490,634 | 507,861 | S100R1G7, S100TOPM, S100W3P9, S100YI3A |
| Treasury stock | -1,902 | -2,237 | -1,932 | -38,667 | -26,379 | S100R1G7, S100TOPM, S100W3P9, S100YI3A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YI3A |
| Property, plant and equipment | 41% | S100YI3A |
| Intangibles and goodwill | 2% | S100YI3A |
| Investment securities | 5% | S100YI3A |
| Other assets | 48% | S100YI3A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 17% | S100YI3A |
| Interest-bearing debt | 23% | 算出 |
| Other liabilities | 27% | S100YI3A |
| Equity | 33% | S100YI3A |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,938,408 | 2,120,763 | 2,212,586 | 2,156,605 | 2,196,556 |
| Equity | 583,971 | 663,380 | 727,415 | 707,477 | 735,761 |
| Interest-bearing debt | 441,358 | 530,918 | 530,319 | 524,906 | 494,767 |
| Cash | 48,066 | 61,825 | 105,480 | 34,905 | 81,770 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 33.8% | S100YI3A |
| Fixed assets ÷ total assets | 41.2% | S100YI3A |
| Goodwill ÷ parent equity | — | —, S100YI3A |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 3.7% |
| Cash ÷ revenue | 3.1% |
| Net cash (cash − interest-bearing debt) | -¥413B |
| Net debt ÷ operating cash flow | 1.93× |
| Cash conversion (operating CF ÷ operating income) | 147.6% |
| Cash vs. profit gap | 139,714 JPY mn (of net income 188.7%) |
| Shareholder returns / net income | 77.0% |
| Shareholder returns / FCF | 43.7% |
| Shareholder payments — dividends / net income | 36.9% |
| Shareholder payments — dividends / FCF | 20.9% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 39.6% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.7% | 1.26× | 7.2% | 4.17× | 29.9% | S100R1G7 |
| 2023 | 2.4% | 1.38× | 3.3% | 4.07× | 13.6% | S100TOPM |
| 2024 | 3.0% | 1.26× | 3.8% | 3.84× | 14.5% | S100W3P9 |
| 2025 | 2.1% | 1.28× | 2.6% | 3.67× | 9.7% | S100YI3A |
| 2026 | 2.8% | 1.23× | 3.4% | 3.62× | 12.3% | S100YI3A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岩谷産業㈱ | Major shareholder | 22.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 11.4% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 4.1% | 2026-03-31 |
| 関西電力㈱ | Major shareholder | 2.3% | 2026-03-31 |
| コスモエネルギーホールディングス取引先持株会 | Major shareholder | 2.2% | 2026-03-31 |
| ＪＰモルガン証券㈱ | Major shareholder | 2.0% | 2026-03-31 |
| あいおいニッセイ同和損害保険㈱ | Major shareholder | 2.0% | 2026-03-31 |
| 三井住友海上火災保険㈱ | Major shareholder | 1.6% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue slipped 4.4% to ¥2.68T, mostly because crude prices moved.
- Operating income rose 12.9% to ¥144.8B, but the petroleum segment's gain came from inventory valuation; without it, that segment was flat.
- Net income jumped 28.4% to ¥74B, and operating cash flow reached ¥213.7B.

### Drivers

- Cheaper crude cut profit at the oil exploration and production business.
- Petrochemicals lost money again as product markets stayed weak.
- New wind sites came online, so renewable energy sold and earned more.
- Smaller foreign exchange gains shrank non-operating income.

### Risks

- Crude prices and the yen move profit up and down; derivatives hedge only part of it.
- Domestic fuel demand is expected to keep falling as the population shrinks and hybrids burn less fuel.
- An accident at a refinery or depot could stop operations.

Cited: Annual securities report, 11th fiscal period (Apr 2025 – Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report, 11th fiscal period (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/04/01－2026/03/31) | S100YI3A | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI3A,, |
| 有価証券報告書－第10期(2024/04/01－2025/03/31) | S100W3P9 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3P9,, |
| 有価証券報告書－第9期(2023/04/01－2024/03/31) | S100TOPM | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOPM,, |
| 有価証券報告書－第8期(2022/04/01－2023/03/31) | S100R1G7 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1G7,, |
| 有価証券報告書－第7期(令和3年4月1日－令和4年3月31日) | S100OCUI | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCUI,, |
| 訂正有価証券報告書－第6期(令和2年4月1日－令和3年3月31日) | S100MQXQ | 2021-11-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MQXQ,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).