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Japanese oil refiner and marketer operating refineries and a nationwide gas station network, expanding into renewables.
Japanese oil refiner and marketer operating refineries and a nationwide gas station network, expanding into renewables.
Buys crude, mostly from the Middle East, refines it and sells fuel through its own stations and to industrial users, so refining margins and inventory gains and losses drive results more than volumes. An oil-production business in Abu Dhabi and wind power give it income less tied to refining.
In one line: A smaller Japanese Valero/Marathon Petroleum.
Moat: narrow (scale, distribution, regulatory licence). Refining licences and a nationwide retail network are costly to replicate, though margins are thin/cyclical.
Headquarters: Tokyo, Japan · Founded: 1986 · Employees: 6,675
Size Cosmo Energy (5021.T) is a Japan Energy company (Oil Refining/Marketing) with a market value of $3.74B, the 306th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,597 on 6 Nov 2026.
Performance Over six months the shares fell 10.1%, against +4.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 0.1% over the last twelve months (peer median +17.0%); the operating margin is 9.4% (peer median 6.3%).
Valuation It trades at 7.0× forward earnings against a peer median of 7.4× (9th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -19% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.4 points above its cost of capital (5.0% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.79T | ¥2.68T | ¥2.80T | ¥2.73T | ¥2.79T |
| Revenue growth | — | -4% | +3% | -2% | — |
| Gross profit | ¥455B | ¥327B | ¥298B | ¥311B | ¥312B |
| EBITDA | ¥322B | ¥203B | ¥185B | ¥204B | ¥218B |
| Net income | ¥160B | ¥74.0B | ¥57.7B | ¥82.1B | ¥67.9B |
| Free cash flow | n/a | ¥121B | ¥43.4B | ¥96.4B | -¥45.1B |
| Capital expenditure | n/a | ¥99.7B | ¥102B | ¥86.9B | ¥68.6B |
| Total debt | ¥551B | ¥672B | ¥698B | ¥699B | ¥778B |
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 |
|---|---|---|---|---|---|---|
| Cosmo Energy 5021.T | $3.74B | -10% | 0% | 9% | 7.0× | -18.5% |
| 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% |
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 | 5021.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.9% | -17.2% | 9th highest of 21 |
| 6-month return | -10.1% | +4.9% | 6th lowest of 21 |
| Distance from 52-week high | -28.6% | -24.6% | 8th lowest of 21 |
| Revenue growth (TTM) | -0.1% | +17.0% | 5th lowest of 21 |
| Operating margin | 9.4% | 6.3% | 7th highest of 21 |
| Forward P/E | 7.0× | 7.4× | 9th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -18.5% | -8.0% | least demanding of 14 |
| Growth delivered (Del g) | +3.7% | +13.8% | lowest of 14 |
| Hurdle (Req g minus delivered) | -22.2 pp | -25.0 pp | 7th most demanding of 14 |
| ROIC minus cost of capital | +8.4 pp | +10.4 pp | 10th lowest of 21 |
| EV / EBITDA | 3.6× | 5.0× | 5th cheapest of 13 |
| Net debt / EBITDA | 1.3× | 1.7× | 8th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cosmo Energy 5021.T | Japan | $3.74B | -10% | 0% | 9% | 7.0× | -18.5% | +3.7% |
| Sinopec Shanghai Petrochemical 600688.SS | China | $3.75B | -5% | -4% | 0% | 59.0× | n/a | n/a |
| CVR Energy CVI | United States | $3.83B | +14% | +34% | 11% | 5.2× | -17.9% | +12.8% |
| Delek US DK | United States | $3.92B | +39% | +11% | 6% | 3.2× | -10.1% | +8.0% |
| 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% |
| Ampol ALD.AX | Australia | $5.95B | +6% | +15% | 6% | 10.8× | -14.0% | +15.4% |
| Chennai Petroleum CHENNPETRO.NS | India | $2.27B | +34% | +31% | 10% | 3.5× | -12.0% | +28.6% |
| Castrol India CASTROLIND.NS | India | $2.00B | +3% | +17% | 20% | 17.9× | 10.7% | +13.8% |
| PBF Energy PBF | United States | $8.16B | +65% | +32% | 8% | 2.6× | n/a | n/a |
| Hindustan Petroleum HINDPETRO.NS | India | $8.67B | -2% | +17% | 0% | n/a | 24.7% | +13.6% |
| S-Oil 010950.KS | South Korea | $9.00B | -21% | +19% | 10% | 3.5× | n/a | n/a |
| Idemitsu Kosan 5019.T | Japan | $9.54B | -9% | -3% | 6% | 7.1× | -12.8% | +12.2% |
| North Huajin Chemical Industries 000059.SZ | China | $1.10B | -20% | +3% | 1% | 14.1× | -8.0% | +4.6% |
| North Atlantic Energies NAE.PA | France | $1.09B | +30% | -23% | 3% | n/a | 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% |