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InpexINPEX CORPORATION1605東証プライム鉱業FY ending Dec 2025, consolidated, IFRS

Inpex revenue and profit

Out of every ¥100 of sales, about ¥56 is left as operating profit. Revenue changed -11.2% from the prior year, operating profit -10.7%.

Five-year trend

Revenue¥2.01T
FY ending Dec 2021: ¥1.24T¥1.24TFY ending Dec 2022: ¥2.32T¥2.32TFY ending Dec 2023: ¥2.16T¥2.16TFY ending Dec 2024: ¥2.27T¥2.27TFY ending Dec 2025: ¥2.01T¥2.01TFY21FY22FY23FY24FY25
Operating income¥1.14T
FY ending Dec 2021: ¥590.7B¥590.7BFY ending Dec 2022: ¥1.5T¥1.5TFY ending Dec 2023: ¥1.11T¥1.11TFY ending Dec 2024: ¥1.27T¥1.27TFY ending Dec 2025: ¥1.14T¥1.14TFY21FY22FY23FY24FY25
Operating margin56.5%
FY ending Dec 2021: 47.5%47.5%FY ending Dec 2022: 64.9%64.9%FY ending Dec 2023: 51.5%51.5%FY ending Dec 2024: 56.1%56.1%FY ending Dec 2025: 56.5%56.5%FY21FY22FY23FY24FY25

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin19.6%
Asset turnover0.27×
ROA5.2%
ROA5.2%
Financial leverage1.58×
ROE8.2%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin19.6%
2021: 17.9%17.9%2022: 21.5%21.5%2023: 14.9%14.9%2024: 18.9%18.9%2025: 19.6%19.6%2122232425
Asset turnover0.27×
2021: 0.24×0.24×2022: 0.39×0.39×2023: 0.33×0.33×2024: 0.32×0.32×2025: 0.27×0.27×2122232425
ROA5.2%
2021: 4.2%4.2%2022: 8.5%8.5%2023: 4.9%4.9%2024: 6.1%6.1%2025: 5.2%5.2%2122232425
Financial leverage1.58×
2021: 1.74×1.74×2022: 1.72×1.72×2023: 1.65×1.65×2024: 1.56×1.56×2025: 1.58×1.58×2122232425
ROE8.2%
2021: 7.4%7.4%2022: 14.6%14.6%2023: 8.0%8.0%2024: 9.5%9.5%2025: 8.2%8.2%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
202117.9%0.24×4.2%1.74×7.4%
202221.5%0.39×8.5%1.72×14.6%
202314.9%0.33×4.9%1.65×8.0%
202418.9%0.32×6.1%1.56×9.5%
202519.6%0.27×5.2%1.58×8.2%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue1.3%
2021: 2.2%2.2%2022: 1.2%1.2%2023: 1.2%1.2%2024: 1.3%1.3%2025: 1.3%1.3%2122232425
PPE ÷ total assets0.3%
2021: 0.5%0.5%2022: 0.4%0.4%2023: 0.4%0.4%2024: 0.4%0.4%2025: 0.3%0.3%2122232425
Goodwill ÷ parent equity1.0%
2021: 1.0%1.0%2022: 0.5%0.5%2023: 0.5%0.5%2024: 0.4%0.4%2025: 1.0%1.0%2122232425
Goodwill balance¥46.6B
2021: ¥29.6B¥29.6B2022: ¥19.7B¥19.7B2023: ¥20.5B¥20.5B2024: ¥20.5B¥20.5B2025: ¥46.6B¥46.6B2122232425

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥13.1B
2021: ¥409M¥409M2022: ¥1.91B¥1.91B2023: ¥3.56B¥3.56B2024: ¥35.6B¥35.6B2025: ¥13.1B¥13.1B2122232425
R&D / revenue0.7%
2021: 0.0%0.0%2022: 0.1%0.1%2023: 0.2%0.2%2024: 1.6%1.6%2025: 0.7%0.7%2122232425
Cash conversion cycle—
2021: 70d70d2122232425
Receivable days—
2021: 49d49d2122232425
Inventory days—
2021: 31d31d2022: 30d30d2122232425
Payable days—
2021: 10d10d2022: 21d21d2122232425

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Revenue1,244,3692,316,0862,164,5162,265,8372,011,351
Cost of revenue568,921818,130848,080915,310864,515
Gross profit675,4481,497,9561,316,4351,350,5271,146,836
SG&A78,34691,97595,747134,512118,032
Operating income590,6571,503,6671,114,1891,271,7891,135,440
Pretax income643,4571,445,3821,253,3841,298,8111,173,473
Income tax429,532959,427920,807864,573743,835
Net income attributable to owners223,048498,452321,708427,344393,836
Operating margin47.5%64.9%51.5%56.1%56.5%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

2%
0%
1%
Other assets 97%

Funding

Other liabilities 35%
Equity 65%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Cash and equivalents¥192.3B¥208.2B¥201.1B¥241.7B¥168.4B
Total assets¥5.29T¥6.45T¥6.74T¥7.38T¥7.74T
Net assets¥3.24T¥4.07T¥4.5T¥5.14T¥5.02T
Share capital¥290.8B¥290.8B¥290.8B¥290.8B¥290.8B
Trade receivables¥168.2B————
Inventories¥47.8B¥68.2B———
Property, plant and equipment¥27.8B¥27.4B¥25.5B¥28.9B¥25.6B
Intangible assets excluding goodwill¥446.7B¥482.7B———
Goodwill¥29.6B¥19.7B¥20.5B¥20.5B¥46.6B
Investment securities¥403.4B¥745.4B———
Current assets¥525.6B¥758.6B¥838.4B¥870.2B¥1.11T
Current liabilities¥348.9B¥526.7B———
Trade payables¥14.9B¥47.2B———
Short-term borrowings¥80.5B¥75.9B———
Long-term borrowings¥1.07T¥1.16T———
Bonds¥30B¥30B———
Interest-bearing debt¥1.18Tderived¥1.27Tderived———
Total liabilities¥2.04T¥2.38T¥2.24T¥2.24T¥2.71T
Non-controlling interests¥222.3B¥261.5B———
Equity attributable to owners of parent¥3.03T¥3.81T¥4.21T¥4.82T¥4.75T
Retained earnings¥2.18T¥2.52T¥2.75T¥3.07T¥3.35T
Treasury stock-¥75.4B-¥121.4B-¥221.3B-¥131.2B-¥221.6B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第20期(2025/01/01－2025/12/31)

    ID S100XU9L2026-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第19期(2024/01/01－2024/12/31)

    ID S100VIRD2025-03-31Open

  • EDINET (FSA Japan)

    有価証券報告書－第18期(2023/01/01－2023/12/31)

    ID S100T4RJ2024-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第17期(2022/01/01－2022/12/31)

    ID S100QH2B2023-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第16期(令和3年1月1日－令和3年12月31日)

    ID S100NQB52022-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第15期(令和2年1月1日－令和2年12月31日)

    ID S100L16P2021-03-26Open

Extracted from XBRL: 45 / Derived from other figures: 1

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