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Japan's largest oil refiner and gas-station operator, also involved in petrochemicals and renewable energy.
Japan's largest oil refiner and gas-station operator, also involved in petrochemicals and renewable energy.
Profit depends on the gap between crude cost and fuel prices at its refineries, plus a retail network of service stations under the ENEOS name; petrochemicals and oil-and-gas production add income. Japanese fuel demand is in long decline. The group was formed by mergers of Japanese oil refiners, and its advanced-materials business was listed separately in 2025.
In one line: Japan's ExxonMobil/Marathon Petroleum (refining/marketing).
Moat: narrow (scale, distribution, installed base). Largest refining capacity and widest fuel-retail network in Japan, built through decades of consolidation.
Headquarters: Tokyo, Japan · Employees: 34,099
Size Eneos (5020.T) is a Japan Energy company (Oil Refining/Marketing) with a market value of $19.8B, the 83rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,174 on 6 Nov 2026.
Performance Over six months the shares fell 11.1%, against -2.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd lowest of 12 in its peer set.
Growth Revenue grew 2.3% over the last twelve months (peer median +16.9%); the operating margin is 6.5% (peer median 9.4%).
Valuation It trades at 6.7× forward earnings against a peer median of 6.1× (6th cheapest of 11).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.5 points above its cost of capital (5.2% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥12.3T | ¥11.8T | ¥12.3T | ¥12.3T | ¥15.0T |
| Revenue growth | — | -5% | 0% | -18% | — |
| Gross profit | ¥1.68T | ¥1.22T | ¥1.10T | ¥1.16T | ¥872B |
| EBITDA | ¥1.13T | ¥680B | ¥608B | ¥651B | ¥607B |
| Net income | ¥688B | ¥259B | ¥226B | ¥288B | ¥144B |
| Free cash flow | ¥234B | ¥380B | ¥294B | ¥706B | -¥403B |
| Capital expenditure | ¥314B | ¥293B | ¥348B | ¥375B | ¥347B |
| Total debt | ¥2.39T | ¥2.62T | ¥2.68T | ¥3.27T | ¥3.56T |
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 |
|---|---|---|---|---|---|---|
| Eneos 5020.T | $19.8B | -11% | +2% | 7% | 6.7× | -10.6% |
| Idemitsu Kosan 5019.T | $9.54B | -9% | -3% | 6% | 7.1× | -12.8% |
| Cosmo Energy 5021.T | $3.74B | -10% | 0% | 9% | 7.0× | -18.5% |
| ExxonMobil XOM | $677B | +16% | +21% | 14% | 11.8× | -5.9% |
| Marathon Petroleum MPC | $101B | +53% | +32% | 12% | 5.1× | -16.8% |
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 | 5020.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.9% | -18.1% | 4th highest of 12 |
| 6-month return | -11.1% | -2.4% | 3rd lowest of 12 |
| Distance from 52-week high | -23.5% | -24.9% | 4th highest of 12 |
| Revenue growth (TTM) | +2.3% | +16.9% | 4th lowest of 12 |
| Operating margin | 6.5% | 9.4% | 5th lowest of 12 |
| Forward P/E | 6.7× | 6.1× | 6th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | -10.6% | -7.7% | 4th least demanding of 9 |
| Growth delivered (Del g) | +9.0% | +14.0% | 2nd lowest of 9 |
| Hurdle (Req g minus delivered) | -19.5 pp | -20.8 pp | 5th least demanding of 9 |
| ROIC minus cost of capital | +3.5 pp | +11.5 pp | 3rd lowest of 12 |
| EV / EBITDA | 4.8× | 4.8× | 4th most expensive of 8 |
| Net debt / EBITDA | 1.7× | 0.7× | 5th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Eneos 5020.T | Japan | $19.8B | -11% | +2% | 7% | 6.7× | -10.6% | +9.0% |
| HF Sinclair DINO | United States | $16.7B | +34% | +29% | 14% | 5.0× | -20.0% | +19.1% |
| Neste NESTE.HE | Finland | $23.6B | -5% | +15% | 14% | 6.9× | -6.5% | +10.0% |
| Formosa Petrochemical Corporati 6505.TW | Taiwan | $24.7B | +58% | +2% | 10% | 10.4× | -7.7% | +8.6% |
| Bharat Petroleum BPCL.NS | India | $14.7B | +4% | +22% | 3% | 23.1× | 5.7% | +14.5% |
| SK Innovation 096770.KS | South Korea | $13.4B | -25% | +26% | 9% | 4.5× | n/a | n/a |
| ORLEN Spolka Akcyjna PKN.WA | Poland | $38.5B | -10% | +2% | 13% | 5.2× | -7.6% | +25.5% |
| 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 |
| Ampol ALD.AX | Australia | $5.95B | +6% | +15% | 6% | 10.8× | -14.0% | +15.4% |