# INPEX CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/01/01－2025/12/31) (S100XU9L)
> Page: https://vizora.meequs.com/en/company/inpex
> Retrieved: 2026-09-30T19:00:24.383Z

## Company

Inpex, founded in 2006, is a company in Oil, Gas & Mining listed on TSE Prime. It has 3,720 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | INPEX CORPORATION |
| Ticker | 1605 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1605.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂五丁目3番1号 |
| Representative (per filing) | 代表取締役社長 上田 隆之 |
| Founded | Jan 2006 |
| Share capital | ¥290.8B |
| Employees (consolidated) | 3,720 |
| Average salary (parent only) | ¥13.2M |
| Fiscal year end | December |
| Corporate number | 7010401078520 |
| EDINET | E00043 |
| Industries (Vizora) | Oil, Gas & Mining |

> Profile source: annual securities report (S100XU9L, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Oil, Gas & Mining (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 93.8 | 8 |
| Cash conversion | 18.8 | 8 |
| Efficiency | 6.3 | 8 |

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 74% of Inpex's sales come from Other Projects, with Ichthys Project and Oil and Gas Japan making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Other Projects 73.9%、Ichthys Project 15.7%、Oil and Gas Japan 9.6%、Other 0.9%
- Revenue → net income: ¥2011351000000 → ¥429638000000
- Net income → operating cash flow: ¥429638000000 → ¥693893000000（difference ¥264255000000）
- Main uses of operating cash flow: CapEx ¥2620000000 / dividends ¥111412000000 / buybacks ¥90411000000
- Change in cash: ¥-73268000000
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 | ¥2.01T |  |
| Operating income | ¥1.14T | Margin 56.5% |
| Net income | ¥393.8B | Margin 19.6% |
| Free cash flow | ¥691.3B |  |
| Largest business | Other Projects | of segment revenue 73.9% |
| Employees (consolidated) | 3,720 |  |
| EPS | ¥330.82 |  |
| Diluted EPS | ¥330.56 |  |
| Book value per share | ¥1578.21 |  |
| Equity ratio | 61.4% | Derived from disclosed figures |
| Shares outstanding | 1,259,136,067 |  |
| Treasury shares | 92,730,100 |  |
| Shareholders | 403,409 |  |
| Average salary (parent only) | ¥13.2M | Filing company only |
| Cash ratio | 2.2% | Cash ÷ revenue 8.4% |
| Vs. industry median margin | +44.9 pp | Oil, Gas & Mining |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating income keeps 56 per ¥100 of revenue
- FY2025, parent-company salary changed +43% over five years
- FY2025, cash is 2% of total assets

## What changed in 5 years

Accounting standard changed in FY2021; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥771046000000 | ¥2011351000000 | — |
| Operating income | ¥248471000000 | ¥1135440000000 | — |
| Operating margin | 32.2% | 56.5% | +24.2 pp |
| Employees | 3,163 people | 3,720 people | — |
| Cash and equivalents | ¥172405000000 | ¥168407000000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 事業再編・廃止 | 15.0% |
| アジア・オセアニア → 事業再編・廃止 | 28.7% |
| ユーラシア（欧州・NIS諸国） → 事業再編・廃止 | 8.9% |
| 中東・アフリカ → 事業再編・廃止 | 45.7% |
| 米州 → 事業再編・廃止 | 1.7% |
| 新設・再編 → 国内石油・天然ガス | 9.6% |
| 新設・再編 → イクシスプロジェクト | 15.7% |
| 新設・再編 → その他のプロジェクト | 73.9% |
| 新設・再編 → その他 | 0.9% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Other Projects | 3 years | -4.6% | ¥1486928000000 | — | 2 |
| Ichthys Project | 3 years | -5.1% | ¥315069000000 | — | 2 |
| Oil and Gas Japan | 3 years | -3.6% | ¥192176000000 | — | 2 |
| Other | 3 years | -5.3% | ¥17176000000 | — | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,011,351 | 100.0% | S100XU9L |
| Cost of revenue | 864,515 | 43.0% | S100XU9L |
| Gross profit | 1,146,836 | 57.0% | S100XU9L |
| SG&A | 118,032 | 5.9% | S100XU9L |
| Operating income | 1,135,440 | 56.5% | S100XU9L |
| Pretax income | 1,173,473 | 58.3% | S100XU9L |
| Income tax | 743,835 | 37.0% | S100XU9L |
| Net income | 429,638 | 21.4% | S100XU9L |
| Net income attributable to owners | 393,836 | 19.6% | S100XU9L |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 6 |
| Other operating | -5 |
| Operating income | 56 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 57.0% → Operating margin 56.5% → Net margin 19.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -11.2%; Core profit growth: -10.7%
Operating leverage (core profit growth ÷ revenue growth): 0.95×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,265,837 | 2,011,351 | -254,486 | -11.2% |
| Gross profit | 1,350,527 | 1,146,836 | -203,691 | -15.1% |
| Operating income | 1,271,789 | 1,135,440 | -136,349 | -10.7% |
| Net income attributable to owners | 427,344 | 393,836 | -33,508 | -7.8% |
| Operating cash flow | 654,737 | 693,893 | 39,156 | +6.0% |
| Free cash flow | 645,758 | 691,273 | 45,515 | +7.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,000,005 | 498,641 | 49.9% | 123,550 | 274,730 | 163,772 | S100L16P |
| FY ending Dec 2020 | 771,046 | 248,471 | 32.2% | -111,699 | 292,915 | 159,790 | S100NQB5 |
| FY ending Dec 2021 | 1,244,369 | 590,657 | 47.5% | 223,048 | 445,457 | 302,225 | S100QH2B |
| FY ending Dec 2022 | 2,316,086 | 1,503,667 | 64.9% | 498,452 | 782,274 | 778,173 | S100T4RJ |
| FY ending Dec 2023 | 2,164,516 | 1,114,189 | 51.5% | 321,708 | 788,130 | 786,646 | S100VIRD |
| FY ending Dec 2024 | 2,265,837 | 1,271,789 | 56.1% | 427,344 | 654,737 | 645,758 | S100XU9L |
| FY ending Dec 2025 | 2,011,351 | 1,135,440 | 56.5% | 393,836 | 693,893 | 691,273 | S100XU9L |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥540.7M |
| Operating income per employee (consolidated) | ¥305.2M |
| Net income per employee (consolidated) | ¥105.9M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,189 | 3,364 | 3,531 | 3,679 | 3,720 |
| Average salary (parent company) | ¥9.3M | ¥9.7M | ¥11.2M | ¥11.7M | ¥13.2M |
| Average age (parent company) | 39.8 years | 39.9 years | 39.7 years | 39.4 years | 39.2 years |
| Average tenure (parent company) | 13.8 years | 13.7 years | 13.1 years | 11.6 years | 11.4 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) -11.2%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Oil and Gas Japan | 192,176 | 9.6% | — | — |
| Ichthys Project | 315,069 | 15.7% | — | — |
| Other Projects | 1,486,928 | 73.9% | — | — |
| Other | 17,176 | 0.9% | — | — |

### 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 |
| --- | ---: |
| Oil and Gas Japan | 9.6% |
| Ichthys Project | 15.7% |
| Other Projects | 73.9% |
| Other | 0.9% |

Segment → industry: Other Projects → Oil, Gas & Mining / Ichthys Project → Oil, Gas & Mining / Oil and Gas Japan → Oil, Gas & Mining

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 693,893 | 34.5% | S100XU9L |
| Capital expenditure | 2,620 | 0.1% | S100XU9L |
| Free cash flow | 691,273 | 34.4% | 算出 |
| Investing cash flow | -668,734 | -33.2% | S100XU9L |
| Financing cash flow | -110,730 | -5.5% | S100XU9L |
| Dividends paid | 111,412 | 5.5% | S100XU9L |
| Share buyback | 90,411 | 4.5% | S100XU9L |
| Change in cash | -73,268 | -3.6% | S100XU9L |
| Cash and equivalents | 168,407 | 8.4% | S100XU9L |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 192,254 | 208,238 | 201,149 | 241,675 | 168,407 | S100T4RJ, S100VIRD, S100XU9L |
| Total assets | 5,285,056 | 6,448,414 | 6,739,476 | 7,380,863 | 7,735,198 | S100T4RJ, S100VIRD, S100XU9L |
| Net assets | 3,244,904 | 4,068,560 | 4,499,033 | 5,137,833 | 5,022,903 | S100T4RJ, S100VIRD, S100XU9L |
| Share capital | 290,809 | 290,809 | 290,809 | 290,809 | 290,809 | S100T4RJ, S100VIRD, S100XU9L |
| Trade receivables | 168,224 | — | — | — | — | S100QH2B |
| Inventories | 47,817 | 68,154 | — | — | — | S100QH2B |
| Property, plant and equipment | 27,757 | 27,390 | 25,481 | 28,864 | 25,576 | S100T4RJ, S100VIRD, S100XU9L |
| Intangible assets excluding goodwill | 446,660 | 482,704 | — | — | — | S100QH2B |
| Goodwill | 29,550 | 19,706 | 20,471 | 20,515 | 46,551 | S100QH2B, S100T4RJ, S100VIRD, S100XU9L |
| Investment securities | 403,356 | 745,365 | — | — | — | S100QH2B |
| Current assets | 525,576 | 758,605 | 838,417 | 870,206 | 1,109,093 | S100T4RJ, S100VIRD, S100XU9L |
| Current liabilities | 348,888 | 526,740 | — | — | — | S100QH2B |
| Trade payables | 14,888 | 47,183 | — | — | — | S100QH2B |
| Short-term borrowings | 80,493 | 75,878 | — | — | — | S100QH2B |
| Long-term borrowings | 1,069,721 | 1,164,369 | — | — | — | S100QH2B |
| Bonds | 30,000 | 30,000 | — | — | — | S100QH2B |
| Interest-bearing debt | 1,180,214 | 1,270,247 | — | — | — | 算出 |
| Total liabilities | 2,040,151 | 2,379,854 | 2,240,442 | 2,243,029 | 2,712,295 | S100T4RJ, S100VIRD, S100XU9L |
| Non-controlling interests | 222,344 | 261,517 | — | — | — | S100QH2B |
| Equity attributable to owners of parent | 3,033,680 | 3,807,381 | 4,209,101 | 4,821,805 | 4,747,158 | S100T4RJ, S100VIRD, S100XU9L |
| Retained earnings | 2,180,837 | 2,521,998 | 2,746,530 | 3,073,530 | 3,345,830 | S100T4RJ, S100VIRD, S100XU9L |
| Treasury stock | -75,425 | -121,358 | -221,330 | -131,235 | -221,629 | S100T4RJ, S100VIRD, S100XU9L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100XU9L |
| Property, plant and equipment | 0% | S100XU9L |
| Intangibles and goodwill | 1% | — |
| Other assets | 97% | S100XU9L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100XU9L |
| Equity | 65% | S100XU9L |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,285,056 | 6,448,414 | 6,739,476 | 7,380,863 | 7,735,198 |
| Equity | 3,244,904 | 4,068,560 | 4,499,033 | 5,137,833 | 5,022,903 |
| Interest-bearing debt | 1,180,214 | 1,270,247 | — | — | — |
| Cash | 192,254 | 208,238 | 201,149 | 241,675 | 168,407 |

## 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) | 1.3% | S100XU9L |
| Fixed assets ÷ total assets | 0.3% | S100XU9L |
| Goodwill ÷ parent equity | 1.0% | S100XU9L |

Goodwill over 4 years: 29,550 → 46,551 JPY; total investing cash flow: -1,945,101 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) | 2.2% |
| Cash ÷ revenue | 8.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 61.1% |
| Cash vs. profit gap | 300,057 JPY mn (of net income 76.2%) |
| Shareholder returns / net income | 51.2% |
| Shareholder returns / FCF | 29.2% |
| Shareholder payments — dividends / net income | 28.3% |
| Shareholder payments — dividends / FCF | 16.1% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 96.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 17.9% | 0.24× | 4.2% | 1.74× | 7.4% | S100QH2B, S100T4RJ |
| 2022 | 21.5% | 0.39× | 8.5% | 1.72× | 14.6% | S100T4RJ |
| 2023 | 14.9% | 0.33× | 4.9% | 1.65× | 8.0% | S100VIRD |
| 2024 | 18.9% | 0.32× | 6.1% | 1.56× | 9.5% | S100XU9L |
| 2025 | 19.6% | 0.27× | 5.2% | 1.58× | 8.2% | S100XU9L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 経済産業大臣（注）１ | Major shareholder | 23.7% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.4% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.9% | 2025-12-31 |
| 石油資源開発株式会社 | Major shareholder | 2.3% | 2025-12-31 |
| 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） | Major shareholder | 2.1% | 2025-12-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.8% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| 三菱ＵＦＪモルガン・スタンレー証券株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| 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） | Major shareholder | 1.1% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥2.01T, down -11.2% from ¥2.27T.
- Operating income came to ¥1.14T (-10.7%) and net income attributable to owners to ¥393.8B (-7.8%).
- Cash moved the other way: operating cash flow rose to ¥693.9B (+6.0%) and free cash flow to ¥691.3B (+7.0%).

### Drivers

- The main cause was a lower average selling price for crude oil. The company sold more oil, but not enough to offset the price drop.
- A stronger yen on average during the year also reduced revenue in yen terms.
- Exploration costs fell sharply, and a one-off gain from a capital reduction at an Ichthys-related subsidiary helped, so profit fell less than revenue.

### Risks

- Sales and profit depend heavily on oil prices, and most of its overseas gas is also priced off oil.
- Overseas income and costs are mostly in US dollars, so a stronger yen lowers profit in yen.
- Most production comes from two regions, Australia/Southeast Asia and Abu Dhabi/Eurasia, so trouble there would hit results hard.

Cited: Annual Securities Report, FY ending Dec 2025 (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, FY ending Dec 2025 (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/01/01－2025/12/31) | S100XU9L | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU9L,, |
| 有価証券報告書－第19期(2024/01/01－2024/12/31) | S100VIRD | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIRD,, |
| 有価証券報告書－第18期(2023/01/01－2023/12/31) | S100T4RJ | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4RJ,, |
| 有価証券報告書－第17期(2022/01/01－2022/12/31) | S100QH2B | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH2B,, |
| 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) | S100NQB5 | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQB5,, |
| 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) | S100L16P | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L16P,, |

## 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).