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Japan's second-largest oil refiner and fuel retailer, also producing petrochemicals and lubricants.
Japan's second-largest oil refiner and fuel retailer, also producing petrochemicals and lubricants.
Combines refineries, a retail fuel network and a petrochemical business, so profit comes from refining margin and fuel sales, with lubricants and chemicals adding steadier lines. It merged with Showa Shell in 2019 after a family dispute over the earlier plan.
In one line: A smaller Japanese ExxonMobil/Chevron peer.
Moat: narrow (scale, distribution). Japan's #2 refiner with an established nationwide fuel-retail and petrochemical distribution network.
Headquarters: Tokyo, Japan · Founded: 1911 · Employees: 14,392
Size Idemitsu Kosan (5019.T) is a Japan Energy company (Oil Refining/Marketing) with a market value of $9.54B, the 144th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,230 on 6 Nov 2026.
Performance Over six months the shares fell 8.8%, against +4.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 2.7% over the last twelve months (peer median +16.4%); the operating margin is 6.3% (peer median 7.4%).
Valuation It trades at 7.1× forward earnings against a peer median of 6.9× (9th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -25 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥8.53T | ¥8.11T | ¥9.19T | ¥8.72T | ¥9.46T |
| Revenue growth | — | -12% | +5% | -8% | — |
| Gross profit | ¥1.09T | ¥754B | ¥689B | ¥847B | ¥794B |
| EBITDA | ¥671B | ¥317B | ¥267B | ¥455B | ¥396B |
| Net income | ¥384B | ¥172B | ¥104B | ¥229B | ¥254B |
| Free cash flow | n/a | ¥238B | ¥390B | ¥307B | -¥118B |
| Capital expenditure | n/a | ¥167B | ¥95.2B | ¥77.1B | ¥90.5B |
| Total debt | ¥2.30T | ¥1.40T | ¥1.24T | ¥1.34T | ¥1.50T |
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 |
|---|---|---|---|---|---|---|
| Idemitsu Kosan 5019.T | $9.54B | -9% | -3% | 6% | 7.1× | -12.8% |
| Eneos 5020.T | $19.8B | -11% | +2% | 7% | 6.7× | -10.6% |
| Cosmo Energy 5021.T | $3.74B | -10% | 0% | 9% | 7.0× | -18.5% |
| Chevron CVX | $415B | +18% | +22% | 15% | 11.4× | -3.0% |
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 | 5019.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.6% | -17.2% | 8th lowest of 21 |
| 6-month return | -8.8% | +4.9% | 7th lowest of 21 |
| Distance from 52-week high | -28.0% | -24.5% | 8th lowest of 21 |
| Revenue growth (TTM) | -2.7% | +16.4% | 2nd lowest of 21 |
| Operating margin | 6.3% | 7.4% | 8th lowest of 21 |
| Forward P/E | 7.1× | 6.9× | 9th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -12.8% | -8.9% | 6th least demanding of 15 |
| Growth delivered (Del g) | +12.2% | +13.2% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | -25.0 pp | -20.9 pp | 7th least demanding of 15 |
| ROIC minus cost of capital | +5.3 pp | +10.4 pp | 8th lowest of 21 |
| EV / EBITDA | 5.1× | 4.8× | 7th most expensive of 15 |
| Net debt / EBITDA | 2.9× | 1.3× | 4th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Idemitsu Kosan 5019.T | Japan | $9.54B | -9% | -3% | 6% | 7.1× | -12.8% | +12.2% |
| S-Oil 010950.KS | South Korea | $9.00B | -21% | +19% | 10% | 3.5× | n/a | n/a |
| Hindustan Petroleum HINDPETRO.NS | India | $8.67B | -2% | +17% | 0% | n/a | 24.7% | +13.6% |
| PBF Energy PBF | United States | $8.16B | +65% | +32% | 8% | 2.6× | n/a | n/a |
| SK Innovation 096770.KS | South Korea | $13.4B | -25% | +26% | 9% | 4.5× | n/a | n/a |
| Bharat Petroleum BPCL.NS | India | $14.7B | +4% | +22% | 3% | 23.1× | 5.7% | +14.5% |
| Ampol ALD.AX | Australia | $5.95B | +6% | +15% | 6% | 10.8× | -14.0% | +15.4% |
| HF Sinclair DINO | United States | $16.7B | +34% | +29% | 14% | 5.0× | -20.0% | +19.1% |
| Eneos 5020.T | Japan | $19.8B | -11% | +2% | 7% | 6.7× | -10.6% | +9.0% |
| Delek US DK | United States | $3.92B | +39% | +11% | 6% | 3.2× | -10.1% | +8.0% |
| Neste NESTE.HE | Finland | $23.6B | -5% | +15% | 14% | 6.9× | -6.5% | +10.0% |
| CVR Energy CVI | United States | $3.83B | +14% | +34% | 11% | 5.2× | -17.9% | +12.8% |
| Sinopec Shanghai Petrochemical 600688.SS | China | $3.75B | -5% | -4% | 0% | 59.0× | n/a | n/a |
| Cosmo Energy 5021.T | Japan | $3.74B | -10% | 0% | 9% | 7.0× | -18.5% | +3.7% |
| Formosa Petrochemical Corporati 6505.TW | Taiwan | $24.7B | +58% | +2% | 10% | 10.4× | -7.7% | +8.6% |
| Calumet CLMT | United States | $3.48B | +24% | +13% | 1% | 9.1× | 39.0% | +12.8% |
| Par Pacific PARR | United States | $3.41B | +6% | +29% | 13% | 3.4× | n/a | n/a |
| Icahn Enterprises L.P IEP | United States | $3.38B | -41% | +16% | -7% | 9.5× | n/a | n/a |
| Mangalore Refinery & Petrochemicals MRPL.NS | India | $3.26B | +13% | +38% | 6% | 4.6× | -6.0% | +22.9% |
| DOF DOFG.OL | Norway | $3.24B | -12% | +22% | 26% | 7.8× | 0.9% | +28.0% |
| Viva Energy VEA.AX | Australia | $3.04B | +19% | -2% | 4% | 7.8× | -15.1% | +18.2% |