Idemitsu Kosan Co Ltd IDKOY

EnergyOil & GasJapan

Last close 19.99 USD on Nov 1, 2026, +32.6% year to date

Quant rating

Quant rating A Rank 15 of 113 in Energy

Growth C 64 of 113
Valuation B 31 of 113
Quality B 37 of 113
Revisions A 6 of 113
Momentum B 36 of 113

Wall Street consensus Buy (2.29)Average target 9.84 USD −50.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 11.8B
Enterprise value: 23.4B
52-week range: 13.45 – 22.79
3-year range: 8.57 – 22.79
Dividend yield: 1.71%
Beta (5 years): 0.11
Shares outstanding: 1,223M
Next earnings: Nov 11, 2026

About the company

Idemitsu Kosan Co Ltd is Japan-based company primarily engaged in fossil fuel-related businesses. The Company operates five business segments. The Fuel Oil segment is engaged in the production, sales, import & export, and trading of refined petroleum products. The Basic Chemicals Segment is engaged in the production and sale of olefins and aromatics products. The High Functional Materials segment is engaged in lubricants, functional chemicals, electronic materials, functional pavement materials, and agribio products. The Power & Renewable Energy segment is engaged in power generation (includes thermal, solar, wind), power sales, and solar cell operations. The Resources segment is engaged in exploration, development, production, and sales of energy resources such as crude oil, natural gas, and coal. The Company also conducts insurance and intra-group service businesses.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	51,074	61,289	57,625	71,212	54,963	–
Revenue growth	−16.7%	6.4%	−19.1%	29.6%	33.5%	4.4%
EPS (basic, normalized)	0.89	0.53	1.03	1.26	1.44	–
EPS growth	68.8%	−48.8%	−18.3%	−12.4%	–	–
Gross margin	9.3%	7.5%	9.7%	8.4%	13.2%	9.6%
Net margin	2.1%	1.1%	2.6%	2.7%	4.2%	2.5%
ROE	10.8%	5.9%	13.4%	16.8%	21.8%	13.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,971
Current ratio	1.17x
Long-term debt (mil)	4,947
Net debt (mil)	11,344
Total equity (mil)	10,130
Net debt / equity	1.12x
Net debt / EBITDA	5.64x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	51,074	−16.7%	0.5x	2,012	−12.8%	11.7x	0.89	+68.8%	22.4x
2027	61,351	+20.1%	0.4x	2,768	+37.5%	8.5x	1.09	+22.6%	18.3x
2028	56,805	−7.4%	0.4x	2,522	−8.9%	9.3x	1.04	−5.1%	19.3x
2029	56,942	+0.2%	0.4x	2,463	−2.3%	9.5x	1.11	+6.7%	18.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	61,351	+1.4%	+2.1%	0.0%	1.09	+20.4%	+38.3%	−3.9%
2028	56,805	+0.8%	+3.3%	−1.9%	1.04	+5.8%	+19.5%	+10.8%
2029	56,942	+1.0%	+3.1%	+3.7%	1.11	+3.4%	+17.1%	+9.1%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	FQ-8	FQ-7	FQ-6	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,316,937	2,260,289	2,243,736	2,372,439	2,313,761	1,843,035	1,962,618	2,138,937	2,161,301	2,271,753
Sales mean (mil)	2,228,000	1,825,500	1,990,300	2,031,650	2,072,200	1,671,100	1,895,200	1,782,400	2,516,200	2,151,200
Surprise	+4.0%	+23.8%	+12.7%	+16.8%	+11.7%	+10.3%	+3.6%	+20.0%	−14.1%	+5.6%
EPS reported	−7.60	–	–	–	−18.02	4.28	25.18	13.48	97.45	179.63
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
IDKOY Idemitsu Kosan Co Ltd	11.8B	5.64x	2.1%	1.10x	18.3x	19.3x	8.5x	9.3x
MGYOY MOL Magyar Olaj es Gazipari Nyrt	12.5B	1.11x	3.4%	0.77x	–	–	–	–
MGYXY MOL Magyar Olaj es Gazipari Nyrt	12.5B	0.89x	3.4%	0.78x	1.6x	1.9x	3.3x	3.8x
KEY Keyera Corp.	11.6B	6.82x	6.3%	3.08x	23.9x	17.2x	15.8x	11.1x
KEYRY Keyera Corp.	11.6B	6.52x	6.3%	3.08x	10.9x	7.9x	15.8x	11.1x
PTRRY Prio S.A.	11.6B	2.84x	14.4%	2.02x	6.6x	6.7x	4.6x	4.1x
Mean		3.97x	6.0%	1.81x	12.3x	10.6x	9.6x	7.9x
Median		4.24x	4.9%	1.56x	10.9x	7.9x	8.5x	9.3x

Technical analysis

1M−0.8%
3M+37.9%
1Y+35.6%
3Y+137.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Idemitsu Kosan Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	51,074	61,289	57,625	71,212	54,963	41,162
Cost of revenue	46,320	56,691	52,026	65,233	47,695	36,112
Gross profit	4,754	4,598	5,599	5,980	7,268	5,050
Selling, general & administrative expenses	3,225	3,290	3,119	3,675	3,483	3,600
Research & development	192	226	190	178	214	185
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	82.1	405	427	324	712	504
Other operating expenses	0	0	0	0	0	0
Operating income	1,255	677	1,862	1,803	2,859	761
Net interest income (expense)	115	321	248	255	194	−339
Gain (loss) on sale of assets	18.4	28.0	15.4	521	97.6	108
Other non-operating income (expense)	11.5	30.5	34.2	43.9	39.4	53.4
Net income before taxes	1,400	1,056	2,160	2,623	3,190	583
Provision for taxes	359	376	660	734	914	265
Minority interest	42.9	13.6	11.1	21.6	22.2	−2.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,083	694	1,510	1,910	2,297	315
Extraordinary items	–	–	–	–	–	–
Net income	1,083	694	1,510	1,910	2,297	315
EBIT, normalized	1,337	1,082	2,289	2,127	3,571	1,265
EBITDA, normalized	1,999	1,782	3,006	2,985	4,510	2,239
Basic EPS, normalized	0.89	0.53	1.03	1.26	1.44	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Idemitsu Kosan Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	3,122	1,105	921	792	1,153	1,186
Receivables	7,570	7,419	8,067	8,740	9,143	5,430
Total inventory	8,556	8,449	9,106	9,854	8,714	6,274
Prepaid expenses	–	–	–	–	–	–
Other current assets	357	698	1,184	1,188	454	2,155
Total current assets	19,605	17,672	19,277	20,574	19,465	15,045
Property, plant & equipment	9,325	9,163	9,005	10,468	11,818	13,748
Goodwill	309	829	867	1,058	1,230	1,436
Intangibles	752	869	931	1,128	1,306	1,448
Long-term investments	2,762	2,039	1,760	1,843	2,146	2,161
Note receivable	–	377	288	180	101	341
Other long-term assets	447	899	998	1,389	1,753	1,543
Total assets	33,200	31,848	33,126	36,640	37,820	35,722
Liabilities
Accounts payable	–	5,498	5,246	5,251	6,911	4,794
Payable/accrued	8,119	–	–	–	–	–
Accrued expenses	–	111	110	129	115	103
Short-term debt	0	3,729	3,847	5,077	4,289	4,207
Current portion of long-term debt	6,741	822	685	908	819	778
Other current liabilities	2,061	3,826	4,602	4,932	4,808	4,764
Total current liabilities	16,922	13,987	14,490	16,296	16,943	14,646
Long-term debt	5,151	3,697	4,341	5,337	6,110	6,838
Minority interest	170	116	83.5	111	201	580
Other liabilities	1,742	2,575	2,316	2,736	2,959	3,261
Total liabilities	23,985	20,375	21,231	24,481	26,213	25,325
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,061	1,123	1,113	1,268	1,384	1,521
Additional paid-in capital	1,754	2,365	2,580	3,401	3,785	4,170
Retained earnings (accumulated deficit)	6,242	7,411	6,858	6,393	5,304	3,619
Treasury stock	−480	−932	−72.7	−111	−15.5	−18.1
Other equity	639	1,506	1,418	1,208	1,149	1,105
Total equity	9,215	11,473	11,895	12,158	11,607	10,397
Total liabilities & shareholders' equity	33,200	31,848	33,126	36,640	37,820	35,722

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Idemitsu Kosan Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	1,400	1,056	2,160	2,623	3,190	583
Depreciation, depletion & amortization	661	701	717	858	939	974
Deferred taxes	–	–	–	–	–	–
Non-cash items	−18.2	182	171	−336	307	715
Changes in working capital	364	1,312	−553	−3,392	−3,231	−728
Cash from operations	2,407	3,251	2,494	−247	1,205	1,544
Investing activities
Capital expenditures	−1,051	−635	−510	−681	−883	−1,200
Other investing cash flows	−786	−155	74.8	1,209	−34.3	208
Cash from investing	−1,838	−790	−435	528	−918	−992
Financing activities
Financing cash flow items	16.8	−13.4	−46.0	−175	−224	6.3
Cash dividends paid	−278	−308	−266	−381	−294	−377
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−399	−1,969	−1,542	−124	271	−138
Cash from financing	−661	−2,290	−1,854	−681	−247	−508
Foreign exchange effects	46.9	12.3	18.1	130	25.7	−29.2
Net change in cash	−45.1	182	224	−271	66.4	14.6
Free cash flow	1,355	2,616	1,985	−929	322	344

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.