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Japan's largest oil and gas exploration and production company, with major LNG projects in Australia.
Japan's largest oil and gas exploration and production company, with major LNG projects in Australia.
Sells most of its LNG under long-term contracts to Japanese and Asian utilities, priced with a link to oil, so earnings follow oil prices with a lag. It operates the Ichthys LNG project off northern Australia, its largest asset. The Japanese government holds a golden share, a special share giving a veto over major decisions, as well as a direct stake.
In one line: A smaller, Japan-based ConocoPhillips/EOG hybrid focused on E&P and LNG.
Moat: narrow (scale, regulatory licence). Japan's largest upstream E&P firm with a government-backed strategic energy-security role and long-life LNG assets.
Headquarters: Tokyo, Japan · Founded: 1966 · Employees: 3,720
Size Inpex (1605.T) is a Japan Energy company (Integrated Oil) with a market value of $25.9B, the 66th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,413 on 6 Nov 2026.
Performance Over six months the shares fell 16.4%, against +3.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 7.6% over the last twelve months (peer median +17.7%); the operating margin is 49.1% (peer median 24.0%).
Valuation It trades at 7.4× forward earnings against a peer median of 7.8× (8th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -14% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is -36 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.0 points above its cost of capital (5.0% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.96T | ¥2.01T | ¥2.27T | ¥2.16T | ¥2.32T |
| Revenue growth | — | -11% | +5% | -7% | — |
| Gross profit | ¥1.09T | ¥1.10T | ¥1.27T | ¥1.27T | ¥1.46T |
| EBITDA | ¥1.34T | ¥1.36T | ¥1.52T | ¥1.53T | ¥1.72T |
| Net income | ¥433B | ¥394B | ¥427B | ¥322B | ¥498B |
| Free cash flow | n/a | ¥400B | ¥354B | ¥536B | ¥539B |
| Capital expenditure | n/a | ¥294B | ¥301B | ¥252B | ¥244B |
| Total debt | ¥1.32T | ¥1.24T | ¥1.06T | ¥1.06T | ¥1.27T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Inpex 1605.T | $25.9B | -16% | -8% | 49% | 7.4× | -14.4% |
| ExxonMobil XOM | $677B | +16% | +21% | 14% | 11.8× | -5.9% |
| Woodside Energy WDS.AX | $40.4B | 0% | -10% | 26% | 9.4× | n/a |
| Santos STO.AX | $19.2B | +11% | -8% | 21% | 8.1× | 11.7% |
| Mitsubishi 8058.T | $105B | -1% | +16% | 3% | 14.8× | 18.8% |
| Eneos 5020.T | $19.8B | -11% | +2% | 7% | 6.7× | -10.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1605.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.7% | -4.8% | 7th lowest of 21 |
| 6-month return | -16.4% | +3.7% | 2nd lowest of 21 |
| Distance from 52-week high | -30.0% | -17.2% | 3rd lowest of 21 |
| Revenue growth (TTM) | -7.6% | +17.7% | 4th lowest of 21 |
| Operating margin | 49.1% | 24.0% | 3rd highest of 21 |
| Forward P/E | 7.4× | 7.8× | 8th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -14.4% | -7.6% | 6th least demanding of 20 |
| Growth delivered (Del g) | +21.1% | +17.1% | 8th highest of 20 |
| Hurdle (Req g minus delivered) | -35.6 pp | -27.9 pp | 6th least demanding of 20 |
| ROIC minus cost of capital | +5.0 pp | +7.7 pp | 10th lowest of 21 |
| EV / EBITDA | 4.0× | 4.3× | 8th cheapest of 21 |
| Net debt / EBITDA | 0.8× | 0.7× | 8th most indebted of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Inpex 1605.T | Japan | $25.9B | -16% | -8% | 49% | 7.4× | -14.4% | +21.1% |
| Indian Oil IOC.NS | India | $21.9B | 0% | +23% | 7% | 20.8× | -2.3% | +16.4% |
| Oil & Natural Gas ONGC.NS | India | $30.8B | -18% | +7% | 9% | 5.6× | -12.6% | +14.9% |
| EQT EQT | United States | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% | +25.7% |
| Aker BP AKRBP.OL | Norway | $21.6B | -8% | +4% | 70% | 7.8× | -15.4% | +32.7% |
| Ecopetrol SA Sponsored ADR EC | United States | $32.6B | +23% | +6% | 22% | 6.5× | -6.7% | +15.9% |
| Expand Energy EXE | United States | $19.5B | -11% | +20% | 20% | 10.8× | -7.6% | +20.3% |
| Repsol REP.MC | Spain | $36.2B | +34% | +24% | 13% | 4.7× | -20.1% | +10.5% |
| Permian Resources PR | United States | $18.2B | +10% | +13% | 36% | 8.1× | -2.0% | +54.2% |
| YPF SA Sponsored ADR YPF | United States | $17.8B | -9% | -14% | 22% | 4.9× | n/a | n/a |
| Ovintiv OVV | United States | $16.3B | +5% | +14% | 29% | 7.1× | -10.9% | +9.4% |
| APA APA | United States | $15.6B | +26% | -12% | 41% | 7.5× | -20.0% | +15.0% |
| Devon Energy DVN | United States | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% | +31.5% |
| Whitecap Resources WCP.TO | Canada | $14.4B | +6% | +73% | 38% | 8.8× | -7.1% | +44.8% |
| Cenovus Energy CVE.TO | Canada | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% | +29.7% |
| Var Energi VAR.OL | Norway | $13.3B | +7% | +48% | 55% | 6.9× | -19.6% | +26.6% |
| Occidental Petroleum OXY | United States | $56.4B | +7% | -11% | 23% | 9.1× | -2.5% | +4.7% |
| Imperial Oil IMO.TO | Canada | $59.5B | +3% | +19% | 14% | 10.5× | -0.2% | +17.1% |
| EOG Resources EOG | United States | $77.2B | +13% | +17% | 35% | 8.3× | -13.5% | +17.9% |
| Suncor Energy SU.TO | Canada | $81.0B | +12% | +27% | 24% | 8.6× | -11.7% | +14.7% |
| Oil India OIL.NS | India | $7.60B | -2% | +20% | 29% | 7.7× | -1.1% | +13.7% |