# ENEOS Holdings,Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2025/04/01－2026/03/31) (S100YF7I)
> Page: https://vizora.meequs.com/en/company/eneos-holdings
> Retrieved: 2026-09-30T17:56:57.708Z

## Company

ENEOS, founded in 2009, is a company in Oil, Gas & Mining listed on TSE Prime. It has 34,099 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ENEOS Holdings, Inc. |
| Ticker | 5020 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5020.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目1番2号 |
| Representative (per filing) | 代表取締役 社長執行役員 宮田 知秀 |
| Founded | Oct 2009 |
| Share capital | ¥100B |
| Employees (consolidated) | 34,099 |
| Average salary (parent only) | ¥11.4M |
| Fiscal year end | March |
| Website | www.hd.eneos.co.jp (https://www.hd.eneos.co.jp/) |
| Corporate number | 9010001131743 |
| EDINET | E24050 |
| Industries (Vizora) | Oil, Gas & Mining, Chemicals, Electric Power & Gas, Oil Refining & Fuels |

> Profile source: annual securities report (S100YF7I, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.4 | 11 |
| Profitability | 73.1 | 13 |
| Cash conversion | 13.6 | 11 |
| Efficiency | 50 | 13 |

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 88% of ENEOS's sales come from Petroleum Products, with Other and High Performance Materials making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -4.5% from the prior year, operating profit +339.8%.

## Company structure

- Segment revenue mix: Petroleum Products 87.9%、Other 4.2%、High Performance Materials 2.9%、Electricity 2.8%、Oil and Natural Gas Exploration and Production 1.8%
- Revenue → net income: ¥11765470000000 → ¥307221000000
- Net income → operating cash flow: ¥307221000000 → ¥619983000000（difference ¥312762000000）
- Main uses of operating cash flow: CapEx ¥256281000000 / dividends ¥80827000000 / buybacks ¥400000000
- Change in cash: ¥22584000000
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 | ¥11.8T |  |
| Operating income | ¥466.6B | Margin 4.0% |
| Net income | ¥258.7B | Margin 2.2% |
| Free cash flow | ¥363.7B |  |
| Largest business | Petroleum Products | of segment revenue 87.9% |
| Employees (consolidated) | 34,099 |  |
| EPS | ¥96.18 |  |
| Diluted EPS | ¥96 |  |
| Book value per share | ¥758.33 |  |
| Equity ratio | 37.1% | Derived from disclosed figures |
| Shares outstanding | 2,706,767,000 |  |
| Shareholders | 482,429 |  |
| Average salary (parent only) | ¥11.4M | Filing company only |
| Cash ratio | 9.6% | Cash ÷ revenue 7.5% |
| Vs. industry median margin | +1.6 pp | Oil Refining & Fuels |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2026, employees 0% while operating income rose 340%
- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 62% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7658011000000 | ¥11765470000000 | +53.6% |
| Operating income | ¥254175000000 | ¥466627000000 | +83.6% |
| Operating margin | 3.3% | 4.0% | +0.6 pp |
| Employees | 40,753 people | 34,099 people | -16.3% |
| Cash and equivalents | ¥417724000000 | ¥877295000000 | +110.0% |

### 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 |
| --- | ---: |
| エネルギー → 事業再編・廃止 | 78.3% |
| 石油・天然ガス開発 → 石油・天然ガス開発 | 1.5% |
| 金属 → 事業再編・廃止 | 14.2% |
| その他 → その他 | 4.2% |
| その他 → 事業再編・廃止 | 1.8% |
| 新設・再編 → 石油製品ほか | 87.9% |
| 新設・再編 → 石油・天然ガス開発 | 0.4% |
| 新設・再編 → 機能材 | 2.9% |
| 新設・再編 → 電気 | 2.8% |
| 新設・再編 → 再生可能エネルギー | 0.4% |

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 Products | 2 years | -3.3% | ¥10341787000000 | 2.8% | 2 |
| Other | 5 years | +1.3% | ¥491373000000 | 18.9% | 2 |
| High Performance Materials | 2 years | +4.9% | ¥336507000000 | 3.3% | 2 |
| Electricity | 2 years | +11.6% | ¥332198000000 | 6.6% | 2 |
| Oil and Natural Gas Exploration and Production | 5 years | +14.0% | ¥216744000000 | 23.5% | 2 |
| Renewable Energy | 2 years | +5.9% | ¥46861000000 | -2.0% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,765,470 | 100.0% | S100YF7I |
| Cost of revenue | 10,542,049 | 89.6% | S100YF7I |
| Gross profit | 1,223,421 | 10.4% | S100YF7I |
| SG&A | 872,351 | 7.4% | S100YF7I |
| Operating income | 466,627 | 4.0% | S100YF7I |
| Pretax income | 448,755 | 3.8% | S100YF7I |
| Income tax | 141,534 | 1.2% | S100YF7I |
| Net income | 307,221 | 2.6% | S100YF7I |
| Net income attributable to owners | 258,726 | 2.2% | S100YF7I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 7 |
| Other operating | -1 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 10.4% → Operating margin 4.0% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.5%; Core profit growth: +339.8%
Operating leverage (core profit growth ÷ revenue growth): -75.18×
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 | 12,322,494 | 11,765,470 | -557,024 | -4.5% |
| Gross profit | 1,103,765 | 1,223,421 | 119,656 | +10.8% |
| Operating income | 106,093 | 466,627 | 360,534 | +339.8% |
| Net income attributable to owners | 226,071 | 258,726 | 32,655 | +14.4% |
| Operating cash flow | 576,835 | 619,983 | 43,148 | +7.5% |
| Free cash flow | 273,462 | 363,702 | 90,240 | +33.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 7,025,062 | — | — | 150,008 | 225,781 | — | S100LOOZ |
| FY ending Mar 2018 | 10,301,072 | — | — | 361,922 | 707,106 | — | S100OH8G |
| FY ending Mar 2019 | 11,129,630 | — | — | 322,319 | 344,184 | — | S100R6CC |
| FY ending Mar 2020 | 10,011,774 | -113,061 | -1.1% | -187,946 | 510,734 | 249,876 | S100LOOZ |
| FY ending Mar 2021 | 7,658,011 | 254,175 | 3.3% | 113,998 | 679,094 | 420,042 | S100OH8G |
| FY ending Mar 2022 | 10,921,759 | 785,905 | 7.2% | 537,117 | 209,509 | -46,005 | S100R6CC |
| FY ending Mar 2023 | 15,016,554 | 281,285 | 1.9% | 143,766 | -110,246 | -428,975 | S100TT7B |
| FY ending Mar 2024 | 12,344,557 | 381,411 | 3.1% | 288,121 | 1,010,283 | 681,874 | S100W1E2 |
| FY ending Mar 2025 | 12,322,494 | 106,093 | 0.9% | 226,071 | 576,835 | 273,462 | S100YF7I |
| FY ending Mar 2026 | 11,765,470 | 466,627 | 4.0% | 258,726 | 619,983 | 363,702 | S100YF7I |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥345M |
| Operating income per employee (consolidated) | ¥13.7M |
| Net income per employee (consolidated) | ¥7.6M |

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) | 41,852 | 44,617 | 43,683 | 34,238 | 34,099 |
| Average salary (parent company) | ¥10.1M | ¥9.9M | ¥9.5M | ¥10.7M | ¥11.4M |
| Average age (parent company) | 45.0 years | 44.0 years | 44.0 years | 44.0 years | 43.0 years |
| Average tenure (parent company) | 19.0 years | 19.0 years | 18.0 years | 17.0 years | 17.0 years |

Year over year: Employees (consolidated) -0.4% · Revenue (consolidated) -4.5%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Petroleum Products | 10,341,787 | 87.9% | 292,362 | 2.8% |
| Oil and Natural Gas Exploration and Production | 216,744 | 1.8% | 50,833 | 23.5% |
| High Performance Materials | 336,507 | 2.9% | 11,076 | 3.3% |
| Electricity | 332,198 | 2.8% | 21,996 | 6.6% |
| Renewable Energy | 46,861 | 0.4% | -929 | -2.0% |
| Other | 491,373 | 4.2% | 92,759 | 18.9% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Petroleum Products | 87.9% | 62.3% | -25.6 | 2.8% |
| Oil and Natural Gas Exploration and Production | 1.8% | 10.8% | 9.0 | 23.5% |
| High Performance Materials | 2.9% | 2.4% | -0.5 | 3.3% |
| Electricity | 2.8% | 4.7% | 1.9 | 6.6% |
| Renewable Energy | 0.4% | — | — | -2.0% |
| Other | 4.2% | 19.8% | 15.6 | 18.9% |

Loss-making segment (excluded from profit shares): Renewable Energy -929 JPY mn

Segment → industry: Oil and Natural Gas Exploration and Production → Oil, Gas & Mining / High Performance Materials → Chemicals / Renewable Energy → Electric Power & Gas / Electricity → Electric Power & Gas / Petroleum Products → Oil Refining & Fuels

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 619,983 | 5.3% | S100YF7I |
| Capital expenditure | 256,281 | 2.2% | S100YF7I |
| Free cash flow | 363,702 | 3.1% | 算出 |
| Investing cash flow | -251,951 | -2.1% | S100YF7I |
| Financing cash flow | -361,034 | -3.1% | S100YF7I |
| Dividends paid | 80,827 | 0.7% | S100YF7I |
| Share buyback | 400 | 0.0% | S100YF7I |
| Change in cash | 22,584 | 0.2% | S100YF7I |
| Cash and equivalents | 877,295 | 7.5% | S100YF7I |

## 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 | 547,272 | 311,517 | 775,906 | 846,563 | 877,295 | S100R6CC, S100W1E2, S100YF7I |
| Total assets | 9,648,219 | 9,954,517 | 10,136,545 | 8,789,377 | 9,094,314 | S100R6CC, S100TT7B, S100W1E2, S100YF7I |
| Net assets | 3,234,079 | 3,287,578 | 3,703,818 | 3,470,563 | 3,758,201 | S100TT7B, S100W1E2, S100YF7I |
| Share capital | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 | S100R6CC, S100TT7B, S100W1E2, S100YF7I |
| Property, plant and equipment | 3,543,053 | 3,431,358 | 3,544,720 | 3,037,260 | 3,178,457 | S100R6CC, S100TT7B, S100W1E2, S100YF7I |
| Goodwill | 251,175 | 256,457 | 256,685 | 74,201 | 74,201 | S100R6CC, S100TT7B, S100W1E2, S100YF7I |
| Current assets | 4,308,586 | 4,887,708 | 4,666,495 | 4,207,538 | 4,292,856 | S100R6CC, S100TT7B, S100W1E2, S100YF7I |
| Total liabilities | 6,414,140 | 6,666,939 | 6,432,727 | 5,318,814 | 5,336,113 | S100R6CC, S100TT7B, S100W1E2, S100YF7I |
| Equity attributable to owners of parent | 2,860,797 | 2,859,832 | 3,227,213 | 3,100,660 | 3,369,775 | S100R6CC, S100TT7B, S100W1E2, S100YF7I |
| Retained earnings | 1,517,733 | 1,635,585 | 1,891,573 | 2,072,028 | 2,283,207 | S100R6CC, S100TT7B, S100W1E2, S100YF7I |
| Treasury stock | -8,557 | -8,311 | -25,652 | -257,659 | -9,821 | S100R6CC, S100TT7B, S100W1E2, S100YF7I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YF7I |
| Property, plant and equipment | 35% | S100YF7I |
| Intangibles and goodwill | 1% | — |
| Other assets | 54% | S100YF7I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100YF7I |
| Equity | 41% | S100YF7I |

### 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 | 9,648,219 | 9,954,517 | 10,136,545 | 8,789,377 | 9,094,314 |
| Equity | 3,234,079 | 3,287,578 | 3,703,818 | 3,470,563 | 3,758,201 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 547,272 | 311,517 | 775,906 | 846,563 | 877,295 |

## 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) | 27.0% | S100YF7I |
| Fixed assets ÷ total assets | 34.9% | S100YF7I |
| Goodwill ÷ parent equity | 2.2% | S100YF7I |

Goodwill over 4 years: 251,175 → 74,201 JPY; total investing cash flow: -828,022 JPY. This does not imply causation.

### 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) | 9.6% |
| Cash ÷ revenue | 7.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 132.9% |
| Cash vs. profit gap | 361,257 JPY mn (of net income 139.6%) |
| Shareholder returns / net income | 31.4% |
| Shareholder returns / FCF | 22.3% |
| Shareholder payments — dividends / net income | 31.2% |
| Shareholder payments — dividends / FCF | 22.2% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 40.6% |

## 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 | 4.9% | 1.13× | 5.6% | 3.37× | 18.8% | S100R6CC |
| 2023 | 1.0% | 1.53× | 1.5% | 3.43× | 5.0% | S100TT7B |
| 2024 | 2.3% | 1.23× | 2.9% | 3.30× | 9.5% | S100W1E2 |
| 2025 | 1.8% | 1.30× | 2.4% | 2.99× | 7.1% | S100YF7I |
| 2026 | 2.2% | 1.32× | 2.9% | 2.76× | 8.0% | S100YF7I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 15.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.7% | 2026-03-31 |
| 高知信用金庫 | Major shareholder | 1.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| BNYM AS AGT/CLTS 10 PERCENT （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.1% | 2026-03-31 |
| JP MORGAN CHASE BANK 385771 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.0% | 2026-03-31 |
| SMBC日興証券株式会社 | Major shareholder | 1.0% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥11.8T, down 4.5% from ¥12.3T.
- Operating income still rose sharply, from ¥106.1B to ¥466.6B.
- Net income attributable to owners grew 14.4% to ¥258.7B.
- Cash generation also improved: operating cash flow reached ¥620B and free cash flow ¥363.7B.

### Drivers

- Fewer refinery breakdowns let the plants run more, and higher exports lifted fuel sales volume.
- In Petroleum Products, inventory valuation losses tied to oil price moves were smaller than a year earlier, and the partial sale of the shipping business added a gain.
- Electricity earned more as the Goi thermal plant ran at full capacity and retail sales grew, while oil and gas production earned less on lower output and prices.

### Risks

- Tension in the Middle East has made crude supply less certain, and the group depends heavily on a few Middle Eastern sources.
- Swings in crude and product prices and in the yen can move margins a lot; when oil prices fall, inventory valuation drags on profit.
- Demand for fuel in Japan is expected to keep shrinking as cars get more efficient and users switch to electricity and gas.

Cited: Annual securities report: Management's analysis (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: Business risks (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/04/01－2026/03/31) | S100YF7I | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF7I,, |
| 有価証券報告書－第15期(2024/04/01－2025/03/31) | S100W1E2 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1E2,, |
| 有価証券報告書－第14期(2023/04/01－2024/03/31) | S100TT7B | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT7B,, |
| 有価証券報告書－第13期(2022/04/01－2023/03/31) | S100R6CC | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6CC,, |
| 有価証券報告書－第12期(令和3年4月1日－令和4年3月31日) | S100OH8G | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH8G,, |
| 有価証券報告書－第11期(令和2年4月1日－令和3年3月31日) | S100LOOZ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOOZ,, |

## 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).