Earnings quality
Compare earnings and operating cash flow for earnings quality.
INPEX Corporation
Ticker 1605 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-03-26 · Period end 2025-12-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 61.4%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio61.4%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
株式会社ＩＮＰＥＸ is a Japanese listed company. Its reportable segments include Total Of, Oil And Gas Japan, Ichthys Project, Other Projects.
- Total Of
- Oil And Gas Japan
- Ichthys Project
- Other Projects
- Operating Segments Not Included In
Segments Total Of · Oil And Gas Japan · Ichthys Project · Other Projects · Operating Segments Not Included In
Compare trends
Tel 03-5572-0750 · As of filing date 2026-03-26
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥1.4T | ¥1.1T |
| Operating profit (loss) | ¥1.3T | ¥1.1T |
| Finance income | ¥149.5B | ¥120.2B |
| Finance costs | ¥122.5B | ¥82.2B |
| Income tax expense | ¥864.6B | ¥743.8B |
| Profit (loss) | ¥434.2B | ¥429.6B |
| Profit (loss) attributable to owners | ¥427.3B | ¥393.8B |
| Basic EPS (¥) | 345.31 | 330.82 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash and cash equivalents | ¥241.7B | ¥168.4B |
| Current assets | ¥870.2B | ¥1.1T |
| Non-current assets | ¥6.5T | ¥6.6T |
| Total assets | ¥7.4T | ¥7.7T |
| Short-term borrowings | — | — |
| Current liabilities | ¥533.7B | ¥839.7B |
| Non-current liabilities* | ¥1.7T | ¥1.9T |
| Total liabilities | ¥2.2T | ¥2.7T |
| Equity attributable to owners | ¥4.8T | ¥4.7T |
| Total equity | ¥5.1T | ¥5.0T |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash flows from operating activities | ¥654.7B | ¥693.9B |
| Cash flows from investing activities | -¥290.4B | -¥668.7B |
| Cash flows from financing activities | -¥349.9B | -¥110.7B |
| Net increase (decrease) in cash | — | — |
| Cash at end of period | ¥241.7B | ¥168.4B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | ¥1.2T | ¥2.3T | ¥2.2T | ¥2.3T | ¥2.0T | |
| Operating profit | ¥657.6B | ¥1.4T | ¥1.4T | ¥1.3T | ¥1.1T | |
| Profit to owners | — | ¥498.5B | ¥321.7B | ¥427.3B | ¥393.8B | |
| Total assets | ¥5.3T | ¥6.4T | ¥6.7T | ¥7.4T | ¥7.7T | |
| Cash & equivalents | ¥192.3B | ¥208.2B | ¥201.1B | ¥241.7B | ¥168.4B | |
| Owners’ equity | ¥3.0T | ¥3.8T | ¥4.2T | ¥4.8T | ¥4.7T |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from — to — (—), so the top line did not break. Gross profit only slipped from ¥1.4T to ¥1.1T, while operating profit swung from ¥1.3T to ¥1.1T — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥693.9B (prior ¥654.7B), and cash on the balance sheet rose to ¥168.4B from ¥241.7B. When profits collapse but operating cash stays positive, read the notes for impairments and other non-cash charges before assuming the business stopped generating cash.
The balance sheet got heavier on leverage. Total liabilities rose to ¥2.7T while owners’ equity fell to ¥4.7T. ROE moved from 9.5% to 8.2%, and the equity ratio from 65.3% to 61.4%. Employee count is 3,720 vs 3,679 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 65.3% to 61.4%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100XU9L
(株式会社ＩＮＰＥＸ), period end 2025-12-31.