# Japan Petroleum Exploration Co., Ltd.: 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56期(2025/04/01－2026/03/31) (S100YERU)
> Page: https://vizora.meequs.com/en/company/japan-petroleum-exploration
> Retrieved: 2026-09-30T18:32:25.052Z

## Company

Japan Petroleum Exploration, founded in 1955, is a company in Oil, Gas & Mining listed on TSE Prime. It has 1,670 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Petroleum Exploration Co., Ltd. |
| Ticker | 1662 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1662.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目7番12号 |
| Representative (per filing) | 代表取締役社長 山下 通郎 |
| Founded | Dec 1955 |
| Share capital | ¥14.3B |
| Employees (consolidated) | 1,670 |
| Average salary (parent only) | ¥10.6M |
| Fiscal year end | March |
| Website | www.japex.co.jp (https://www.japex.co.jp/) |
| Corporate number | 3010001108219 |
| EDINET | E00041 |
| Industries (Vizora) | Oil, Gas & Mining, Electric Power & Gas |

> Profile source: annual securities report (S100YERU, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Oil, Gas & Mining (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 7 |
| Profitability | 43.8 | 8 |
| Cash conversion | 68.8 | 8 |
| Efficiency | 31.3 | 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 73% of Japan Petroleum Exploration's sales come from Japan, with North America and Middle East making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed -12.5% from the prior year, operating profit -37.2%.

## Company structure

- Segment revenue mix: Japan 72.9%、North America 15.4%、Middle East 9.3%、Eourope 2.4%
- Revenue → net income: ¥340336000000 → ¥55663000000
- Net income → operating cash flow: ¥55663000000 → ¥102976000000（difference ¥47313000000）
- Main uses of operating cash flow: CapEx ¥29243000000 / dividends ¥12839000000 / buybacks ¥0
- Change in cash: ¥-90977000000
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 | ¥340.3B |  |
| Operating income | ¥38.9B | Margin 11.4% |
| Net income | ¥53.4B | Margin 15.7% |
| Free cash flow | ¥73.7B |  |
| Largest business | Japan | of segment revenue 72.9% |
| Employees (consolidated) | 1,670 |  |
| EPS | ¥148.17 |  |
| Book value per share | ¥2112 |  |
| Equity ratio | 72.8% |  |
| Shares outstanding | 257,000,000 |  |
| Treasury shares | 242,700 |  |
| Shareholders | 82,405 |  |
| Average salary (parent only) | ¥10.6M | Filing company only |
| Cash ratio | 5.8% | Cash ÷ revenue 14.7% |
| Vs. industry median margin | -0.1 pp | Oil, Gas & Mining |
| ROE | 11.2% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥240078000000 | ¥340336000000 | +41.8% |
| Operating income | ¥4192000000 | ¥38915000000 | +828.3% |
| Operating margin | 1.7% | 11.4% | +9.7 pp |
| Employees | 1,780 people | 1,670 people | -6.2% |
| Cash and equivalents | ¥157963000000 | ¥49954000000 | -68.4% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 72.9% |
| 日本 → 事業再編・廃止 | 15.9% |
| 北米 → 北米 | 10.9% |
| 中東 → 中東 | 0.3% |
| 新設・再編 → 北米 | 4.5% |
| 新設・再編 → 欧州 | 2.4% |
| 新設・再編 → 中東 | 9.0% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +3.1% | ¥248194000000 | 12.4% | 2 |
| North America | 5 years | +15.0% | ¥52377000000 | 32.6% | 2 |
| Middle East | 5 years | +114.2% | ¥31692000000 | 9.4% | 2 |
| Eourope | 2 years | +75.9% | ¥8072000000 | 20.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 340,336 | 100.0% | S100YERU |
| Cost of revenue | 263,595 | 77.5% | S100YERU |
| Gross profit | 76,741 | 22.5% | S100YERU |
| SG&A | 35,860 | 10.5% | S100YERU |
| Operating income | 38,915 | 11.4% | S100YERU |
| Ordinary income | 61,556 | 18.1% | S100YERU |
| Pretax income | 63,557 | 18.7% | S100YERU |
| Income tax | 7,894 | 2.3% | S100YERU |
| Net income | 55,663 | 16.4% | S100YERU |
| Net income attributable to owners | 53,427 | 15.7% | S100YERU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 11 |
| Other operating | 1 |
| Operating income | 11 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 22.5% → Operating margin 11.4% → Net margin 15.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -12.5%; Core profit growth: -37.2%
Operating leverage (core profit growth ÷ revenue growth): 2.97×
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 | 389,082 | 340,336 | -48,746 | -12.5% |
| Gross profit | 99,157 | 76,741 | -22,416 | -22.6% |
| Operating income | 62,012 | 38,915 | -23,097 | -37.2% |
| Net income attributable to owners | 81,153 | 53,427 | -27,726 | -34.2% |
| Operating cash flow | 130,766 | 102,976 | -27,790 | -21.3% |
| Free cash flow | 39,919 | 73,733 | 33,814 | +84.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 318,822 | 14,283 | 4.5% | 26,815 | 69,895 | 62,218 | S100LRPB |
| FY ending Mar 2021 | 240,078 | 4,192 | 1.7% | -2,725 | 43,263 | 27,694 | S100QOLT |
| FY ending Mar 2022 | 249,140 | 19,809 | 8.0% | -30,988 | -1,052 | -17,620 | S100ROPC |
| FY ending Mar 2023 | 336,492 | 62,085 | 18.5% | 67,394 | 104,581 | 68,417 | S100V60Y |
| FY ending Mar 2024 | 325,863 | 55,247 | 17.0% | 53,661 | 90,564 | 24,323 | S100WCJK |
| FY ending Mar 2025 | 389,082 | 62,012 | 15.9% | 81,153 | 130,766 | 39,919 | S100YERU |
| FY ending Mar 2026 | 340,336 | 38,915 | 11.4% | 53,427 | 102,976 | 73,733 | S100YERU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥203.8M |
| Operating income per employee (consolidated) | ¥23.3M |
| Net income per employee (consolidated) | ¥32M |

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) | 1,634 | 1,617 | 1,641 | 1,653 | 1,670 |
| Average salary (parent company) | ¥8.5M | ¥8.6M | ¥9.6M | ¥10.3M | ¥10.6M |
| Average age (parent company) | 40.5 years | 40.5 years | 40.4 years | 40.1 years | 39.8 years |
| Average tenure (parent company) | 16.0 years | 15.7 years | 15.0 years | 14.7 years | 14.1 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) -12.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 248,194 | 72.9% | 30,869 | 12.4% |
| North America | 52,377 | 15.4% | 17,082 | 32.6% |
| Eourope | 8,072 | 2.4% | 1,626 | 20.1% |
| Middle East | 31,692 | 9.3% | 2,968 | 9.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 72.9% | 58.7% | -14.2 | 12.4% |
| North America | 15.4% | 32.5% | 17.1 | 32.6% |
| Eourope | 2.4% | 3.1% | 0.7 | 20.1% |
| Middle East | 9.3% | 5.6% | -3.7 | 9.4% |

Segment → industry: Middle East → Oil, Gas & Mining / Eourope → Oil, Gas & Mining / North America → Oil, Gas & Mining / Japan → Oil, Gas & Mining / Japan → Electric Power & Gas

## 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 | 102,976 | 30.3% | S100YERU |
| Capital expenditure | 29,243 | 8.6% | S100YERU |
| Free cash flow | 73,733 | 21.7% | 算出 |
| Investing cash flow | -200,494 | -58.9% | S100YERU |
| Financing cash flow | 6,007 | 1.8% | S100YERU |
| Dividends paid | 12,839 | 3.8% | S100YERU |
| Share buyback | 0 | 0.0% | S100YERU |
| Change in cash | -90,977 | -26.7% | S100YERU |
| Cash and equivalents | 49,954 | 14.7% | S100YERU |

## 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 | 144,513 | 186,166 | 152,598 | 140,931 | 49,954 | S100V60Y, S100WCJK, S100YERU |
| Total assets | 471,941 | 568,180 | 660,928 | 681,598 | 862,470 | S100ROPC, S100V60Y, S100WCJK, S100YERU |
| Net assets | 402,770 | 457,169 | 537,574 | 557,257 | 658,897 | S100V60Y, S100WCJK, S100YERU |
| Share capital | 14,288 | 14,288 | 14,288 | 14,288 | 14,288 | S100ROPC, S100V60Y, S100WCJK, S100YERU |
| Trade receivables | 47,158 | 47,993 | 40,790 | 43,441 | 39,324 | S100ROPC, S100V60Y, S100WCJK, S100YERU |
| Property, plant and equipment | 92,837 | 118,411 | 176,300 | 227,590 | 373,390 | S100ROPC, S100V60Y, S100WCJK, S100YERU |
| Intangible assets excluding goodwill | 5,802 | 5,569 | 5,265 | 5,095 | 5,537 | S100ROPC, S100V60Y, S100WCJK, S100YERU |
| Goodwill | — | — | — | — | 706 | S100YERU |
| Investment securities | 108,910 | 115,940 | 180,415 | 180,280 | 274,024 | S100ROPC, S100V60Y, S100WCJK, S100YERU |
| Current assets | 226,920 | 281,791 | 249,768 | 230,838 | 155,359 | S100ROPC, S100V60Y, S100WCJK, S100YERU |
| Current liabilities | 25,241 | 64,250 | 49,095 | 49,152 | 89,291 | S100ROPC, S100V60Y, S100WCJK, S100YERU |
| Trade payables | 11,479 | 26,489 | 9,520 | 11,150 | 3,398 | S100ROPC, S100V60Y, S100WCJK, S100YERU |
| Long-term borrowings | 510 | 250 | — | — | — | S100ROPC, S100V60Y |
| Total liabilities | 69,171 | 111,010 | 123,354 | 124,340 | 203,572 | S100ROPC, S100V60Y, S100WCJK, S100YERU |
| Non-controlling interests | 31,131 | 31,536 | 33,671 | 29,512 | 31,359 | S100ROPC, S100V60Y, S100WCJK, S100YERU |
| Equity attributable to owners of parent | 323,602 | 377,141 | 404,040 | 458,791 | 499,452 | S100ROPC, S100V60Y, S100WCJK, S100YERU |
| Retained earnings | 310,592 | 362,989 | 397,846 | 445,499 | 486,089 | S100ROPC, S100V60Y, S100WCJK, S100YERU |
| Treasury stock | -3,886 | -136 | -8,094 | -997 | -925 | S100ROPC, S100V60Y, S100WCJK, S100YERU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YERU |
| Receivables | 4% | S100YERU |
| Property, plant and equipment | 43% | S100YERU |
| Intangibles and goodwill | 1% | S100YERU |
| Investment securities | 32% | S100YERU |
| Other assets | 14% | S100YERU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YERU |
| Other liabilities | 23% | S100YERU |
| Equity | 77% | S100YERU |
| Other liabilities | 0% | S100YERU |

### 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 | 471,941 | 568,180 | 660,928 | 681,598 | 862,470 |
| Equity | 402,770 | 457,169 | 537,574 | 557,257 | 658,897 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 144,513 | 186,166 | 152,598 | 140,931 | 49,954 |

## 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) | 109.7% | S100YERU |
| Fixed assets ÷ total assets | 43.3% | S100YERU |
| Goodwill ÷ parent equity | 0.1% | S100YERU |

### 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) | 5.8% |
| Cash ÷ revenue | 14.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 264.6% |
| Cash vs. profit gap | 49,549 JPY mn (of net income 92.7%) |
| Shareholder returns / net income | 24.0% |
| Shareholder returns / FCF | 17.4% |
| Shareholder payments — dividends / net income | 24.0% |
| Shareholder payments — dividends / FCF | 17.4% |
| CapEx intensity (capex ÷ revenue) | 8.6% |
| Investing CF relative to operating CF | 194.7% |

## 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 | — | —× | -6.6% | —× | — | S100ROPC |
| 2023 | 20.0% | 0.65× | 13.0% | 1.48× | 19.2% | S100V60Y |
| 2024 | 16.5% | 0.53× | 8.7% | 1.57× | 13.7% | S100WCJK |
| 2025 | 20.9% | 0.58× | 12.1% | 1.56× | 18.8% | S100YERU |
| 2026 | 15.7% | 0.44× | 6.9% | 1.61× | 11.2% | S100YERU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 経済産業大臣 | Major shareholder | 37.8% | 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 | 8.5% | 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 | 2.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 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 | 2.3% | 2026-03-31 |
| JFEエンジニアリング株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社INPEX | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.2% | 2026-03-31 |
| 伊藤忠丸紅鉄鋼株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/JANUS HENDERSON HORIZON FUND （常任代理人 香港上海銀行東京支店） | Major shareholder | 0.9% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥340.3B, down from ¥389.1B (-12.5%).
- Profit fell harder: operating income went from ¥62B to ¥38.9B (-37.2%), and net income from ¥81.2B to ¥53.4B (-34.2%).
- Free cash flow moved the other way, rising from ¥39.9B to ¥73.7B (+84.7%).

### Drivers

- Lower selling prices for crude oil and natural gas, plus smaller LNG sales volumes
- In Japan, a stronger yen than a year earlier also hurt the margin on oil and gas sales
- In Europe, selling all shares of the UK subsidiary cut oil and gas volumes

### Risks

- Falling oil and gas prices reduce operating income and could lead to asset write-downs
- A stronger yen lowers the yen-based income from oil and gas sold in Japan
- Some projects are in higher-risk countries such as Iraq and Russia

Cited: Annual securities report (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 (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/04/01－2026/03/31) | S100YERU | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YERU,, |
| 訂正有価証券報告書－第55期(2024/04/01－2025/03/31) | S100WCJK | 2025-07-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WCJK,, |
| 訂正有価証券報告書－第54期(2023/04/01－2024/03/31) | S100V60Y | 2025-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V60Y,, |
| 訂正有価証券報告書－第53期(2022/04/01－2023/03/31) | S100ROPC | 2023-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ROPC,, |
| 訂正有価証券報告書－第52期(2021/04/01－2022/03/31) | S100QOLT | 2023-05-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QOLT,, |
| 有価証券報告書－第51期(令和2年4月1日－令和3年3月31日) | S100LRPB | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRPB,, |

## 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).