# ITOCHU ENEX CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第66期(2025/04/01－2026/03/31) (S100YC4K)
> Page: https://vizora.meequs.com/en/company/itochu-enex
> Retrieved: 2026-09-30T19:07:53.439Z

## Company

Itochu Enex, founded in 1948, is a company in Electric Power & Gas listed on TSE Prime. It has 5,193 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ITOCHU ENEX CO.,LTD. |
| Ticker | 8133 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8133.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区霞が関三丁目2番5号 |
| Representative (per filing) | 代表取締役社長 田畑 信幸 |
| Founded | Apr 1948 |
| Share capital | ¥19.9B |
| Employees (consolidated) | 5,193 |
| Average salary (parent only) | ¥10M |
| Fiscal year end | March |
| Website | www.itcenex.com (https://www.itcenex.com/) |
| Corporate number | 9010401078551 |
| EDINET | E02643 |
| Industries (Vizora) | Electric Power & Gas, Oil Refining & Fuels, Specialty Trading & Wholesale, Car Dealers & Used Cars |

> Profile source: annual securities report (S100YC4K, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.9 | 18 |
| Profitability | 34.1 | 22 |
| Cash conversion | 92.5 | 20 |
| Efficiency | 61.4 | 22 |

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 69% of Itochu Enex's sales come from Car life division, with Industrial Business division and Home life division making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -7.9% from the prior year, operating profit -10.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥851.2B |  |
| Operating income | ¥24.1B | Margin 2.8% |
| Net income | ¥16.1B | Margin 1.9% |
| Free cash flow | — |  |
| Largest business | Car life division | of segment revenue 68.7% |
| Employees (consolidated) | 5,193 |  |
| EPS | ¥142.28 |  |
| Book value per share | ¥1008.53 |  |
| Equity ratio | 40.2% | Derived from disclosed figures |
| Shares outstanding | 116,881,000 |  |
| Treasury shares | 3,897,000 |  |
| Shareholders | 17,312 |  |
| Average salary (parent only) | ¥10M | Filing company only |
| Cash ratio | 4.8% | Cash ÷ revenue 2.6% |
| Vs. industry median margin | +0.5 pp | Oil Refining & Fuels |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, segment profit share differs by -26 points
- FY2026, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥739067000000 | ¥851235000000 | +15.2% |
| Operating income | ¥19346000000 | ¥24146000000 | +24.8% |
| Operating margin | 2.6% | 2.8% | +0.2 pp |
| Employees | 5,558 people | 5,193 people | -6.6% |
| Cash and equivalents | ¥34841000000 | ¥21924000000 | -37.1% |

### 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 |
| --- | ---: |
| カーライフ事業 → カーライフ事業 | 56.1% |
| 産業ビジネス事業 → 産業ビジネス事業 | 13.8% |
| 産業ビジネス事業 → 事業再編・廃止 | 8.0% |
| 電力・ユーティリティ事業 → 電力・ユーティリティ事業 | 8.4% |
| 電力・ユーティリティ事業 → 事業再編・廃止 | 3.1% |
| ホームライフ事業 → ホームライフ事業 | 9.1% |
| ホームライフ事業 → 事業再編・廃止 | 1.5% |
| 新設・再編 → カーライフ事業 | 12.6% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Car life division | 5 years | +7.1% | ¥584747000000 | 1.7% | 2 |
| Industrial Business division | 5 years | -6.1% | ¥117331000000 | 5.1% | 2 |
| Home life division | 5 years | -0.3% | ¥77774000000 | 3.7% | 2 |
| Power utility division | 5 years | -3.4% | ¥71383000000 | 6.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 851,235 | 100.0% | S100YC4K |
| Cost of revenue | 760,264 | 89.3% | S100YC4K |
| Gross profit | 90,971 | 10.7% | S100YC4K |
| SG&A | 69,351 | 8.1% | S100YC4K |
| Operating income | 24,146 | 2.8% | S100YC4K |
| Pretax income | 26,015 | 3.1% | S100YC4K |
| Income tax | 7,672 | 0.9% | S100YC4K |
| Net income | 18,343 | 2.2% | S100YC4K |
| Net income attributable to owners | 16,058 | 1.9% | S100YC4K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 8 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 10.7% → Operating margin 2.8% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -7.9%; Core profit growth: -10.2%
Operating leverage (core profit growth ÷ revenue growth): 1.29×
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 | 924,481 | 851,235 | -73,246 | -7.9% |
| Gross profit | 94,423 | 90,971 | -3,452 | -3.7% |
| Operating income | 26,896 | 24,146 | -2,750 | -10.2% |
| Net income attributable to owners | 17,102 | 16,058 | -1,044 | -6.1% |
| Operating cash flow | 31,709 | 45,071 | 13,362 | +42.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 695,060 | — | — | 10,405 | 17,831 | — | S100LJCT |
| FY ending Mar 2018 | 744,767 | — | — | 11,025 | 24,239 | — | S100OAYI |
| FY ending Mar 2019 | 1,007,086 | — | — | 11,559 | 25,403 | — | S100QXOD |
| FY ending Mar 2020 | 897,427 | 19,257 | 2.1% | 12,056 | 28,106 | — | S100LJCT |
| FY ending Mar 2021 | 739,067 | 19,346 | 2.6% | 12,168 | 40,214 | — | S100OAYI |
| FY ending Mar 2022 | 936,306 | 20,929 | 2.2% | 13,194 | 39,955 | — | S100QXOD |
| FY ending Mar 2023 | 1,012,018 | 21,368 | 2.1% | 13,832 | 34,799 | — | S100TNEQ |
| FY ending Mar 2024 | 963,302 | 23,587 | 2.4% | 13,887 | 34,538 | — | S100VYGF |
| FY ending Mar 2025 | 924,481 | 26,896 | 2.9% | 17,102 | 31,709 | — | S100YC4K |
| FY ending Mar 2026 | 851,235 | 24,146 | 2.8% | 16,058 | 45,071 | — | S100YC4K |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥163.9M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 5,641 | 5,461 | 5,365 | 5,191 | 5,193 |
| Average salary (parent company) | ¥9.4M | ¥9.5M | ¥9.9M | ¥9.9M | ¥10M |
| Average age (parent company) | 41.3 years | 41.7 years | 41.8 years | 41.0 years | 41.3 years |
| Average tenure (parent company) | 14.1 years | 15.7 years | 16.0 years | 14.8 years | 15.7 years |

Year over year: Employees (consolidated) +0.0% · Revenue (consolidated) -7.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Car life division | 584,747 | 68.7% | 9,851 | 1.7% |
| Industrial Business division | 117,331 | 13.8% | 6,005 | 5.1% |
| Power utility division | 71,383 | 8.4% | 4,435 | 6.2% |
| Home life division | 77,774 | 9.1% | 2,852 | 3.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Car life division | 68.7% | 42.6% | -26.1 | 1.7% |
| Industrial Business division | 13.8% | 25.9% | 12.2 | 5.1% |
| Power utility division | 8.4% | 19.2% | 10.8 | 6.2% |
| Home life division | 9.1% | 12.3% | 3.2 | 3.7% |

Segment → industry: Home life division → Electric Power & Gas / Power utility division → Electric Power & Gas / Car life division → Oil Refining & Fuels / Industrial Business division → Specialty Trading & Wholesale / Car life division → Car Dealers & Used Cars

## 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 | 45,071 | 5.3% | S100YC4K |
| Investing cash flow | -14,922 | -1.8% | S100YC4K |
| Financing cash flow | -22,188 | -2.6% | S100YC4K |
| Dividends paid | 7,344 | 0.9% | S100YC4K |
| Share buyback | 1 | 0.0% | S100YC4K |
| Change in cash | 7,993 | 0.9% | S100YC4K |
| Cash and equivalents | 21,924 | 2.6% | S100YC4K |

## 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 | 38,145 | 32,013 | 30,103 | 13,931 | 21,924 | S100TNEQ, S100VYGF, S100YC4K |
| Total assets | 447,017 | 433,024 | 444,304 | 442,150 | 452,690 | S100QXOD, S100TNEQ, S100VYGF, S100YC4K |
| Net assets | 171,198 | 180,328 | 192,209 | 202,747 | 210,535 | S100TNEQ, S100VYGF, S100YC4K |
| Share capital | 19,878 | 19,878 | 19,878 | 19,878 | 19,878 | S100QXOD, S100TNEQ, S100VYGF, S100YC4K |
| Property, plant and equipment | 160,492 | 149,920 | 130,475 | 129,771 | 131,285 | S100QXOD, S100TNEQ, S100VYGF, S100YC4K |
| Goodwill | 521 | 521 | 521 | 521 | 706 | S100QXOD, S100TNEQ, S100VYGF, S100YC4K |
| Current assets | 197,146 | 191,141 | 216,519 | 200,419 | 210,487 | S100QXOD, S100TNEQ, S100VYGF, S100YC4K |
| Total liabilities | 275,819 | 252,696 | 252,095 | 239,403 | 242,155 | S100QXOD, S100TNEQ, S100VYGF, S100YC4K |
| Equity attributable to owners of parent | 144,297 | 152,961 | 162,543 | 172,285 | 181,772 | S100QXOD, S100TNEQ, S100VYGF, S100YC4K |
| Retained earnings | 107,617 | 115,899 | 123,945 | 134,916 | 143,917 | S100QXOD, S100TNEQ, S100VYGF, S100YC4K |
| Treasury stock | -1,871 | -1,896 | -1,865 | -2,047 | -1,881 | S100QXOD, S100TNEQ, S100VYGF, S100YC4K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YC4K |
| Property, plant and equipment | 29% | S100YC4K |
| Intangibles and goodwill | 0% | — |
| Other assets | 66% | S100YC4K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100YC4K |
| Equity | 47% | S100YC4K |

### 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 | 447,017 | 433,024 | 444,304 | 442,150 | 452,690 |
| Equity | 171,198 | 180,328 | 192,209 | 202,747 | 210,535 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 38,145 | 32,013 | 30,103 | 13,931 | 21,924 |

## 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) | 15.4% | S100YC4K |
| Fixed assets ÷ total assets | 29.0% | S100YC4K |
| Goodwill ÷ parent equity | 0.4% | S100YC4K |

Goodwill over 4 years: 521 → 706 JPY; total investing cash flow: -72,162 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) | 4.8% |
| Cash ÷ revenue | 2.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 186.7% |
| Cash vs. profit gap | 29,013 JPY mn (of net income 180.7%) |
| Shareholder returns / net income | 45.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 33.1% |

## 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 | 1.4% | 2.09× | 3.0% | 3.10× | 9.1% | S100QXOD |
| 2023 | 1.4% | 2.30× | 3.1% | 2.96× | 9.3% | S100TNEQ |
| 2024 | 1.4% | 2.20× | 3.2% | 2.78× | 8.8% | S100VYGF |
| 2025 | 1.8% | 2.09× | 3.9% | 2.65× | 10.2% | S100YC4K |
| 2026 | 1.9% | 1.90× | 3.6% | 2.53× | 9.1% | S100YC4K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠商事株式会社 | Major shareholder | 55.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.1% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 3.9% | 2026-03-31 |
| 伊藤忠エネクス取引先持株会 | Major shareholder | 2.5% | 2026-03-31 |
| NORTHERN TRUST CO. （AVFC）RE FIDELITY FUNDS （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.4% | 2026-03-31 |
| 伊藤忠エネクス従業員持株会 | Major shareholder | 1.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.7% | 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 | 0.7% | 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 | 0.6% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥851.2B, down -7.9% from ¥924.5B.
- Operating income fell -10.2% from ¥26.9B to ¥24.1B, and net income attributable to owners fell -6.1% from ¥17.1B to ¥16.1B.
- Operating cash flow went the other way, rising +42.1% from ¥31.7B to ¥45.1B.

### Drivers

- Lower oil product prices pushed selling prices down, which was the main reason revenue fell
- The car dealerships sold fewer new and used cars and earned less gross profit per car
- Operating income also lost a one-off gain from solar plants booked the year before; cost cuts and asset sales partly offset this
- Working capital turned into a cash inflow instead of an outflow, lifting operating cash flow

### Risks

- The company expects fuel volumes to keep shrinking as Japan's population falls, energy use becomes more efficient and electric cars spread
- Big moves in the cost of oil, LP gas or electricity can swing profits, for example through inventory valuation
- Tighter environmental rules such as carbon taxes could limit or force changes to parts of the business

Cited: Annual securities report, 66th term (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, 66th term (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/04/01－2026/03/31) | S100YC4K | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC4K,, |
| 有価証券報告書－第65期(2024/04/01－2025/03/31) | S100VYGF | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYGF,, |
| 有価証券報告書－第64期(2023/04/01－2024/03/31) | S100TNEQ | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNEQ,, |
| 有価証券報告書－第63期(2022/04/01－2023/03/31) | S100QXOD | 2023-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QXOD,, |
| 有価証券報告書－第62期(令和3年4月1日－令和4年3月31日) | S100OAYI | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAYI,, |
| 有価証券報告書－第61期(令和2年4月1日－令和3年3月31日) | S100LJCT | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJCT,, |

## 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).