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ENEOS Holdings
(5020)
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Rating:72Outperform
Price Target:
¥1,532.00
▲(16.68% Upside)
Action:Upgraded
Date:08/10/26
The score is driven primarily by solid financial performance (strong profitability and improving leverage) tempered by weaker cash-flow consistency and conversion. Technicals are supportive with price above major moving averages and positive momentum. Valuation is a clear positive due to a very low P/E and a moderate dividend yield.
Positive Factors
Strong profitability and returns
Improved margins and a notably high return on equity indicate that ENEOS is converting its operating base into substantial shareholder returns. If profitability remains above recent annual levels, the company should retain greater capacity to reinvest, reduce debt, and withstand normal industry fluctuations.
Negative Factors
Weakening cash-flow conversion
Cash generation is positive but has not kept pace consistently with reported earnings. The sharp free-cash-flow decline, moderate conversion, and low operating-cash-flow coverage of debt could constrain internally funded investment and debt reduction, making earnings quality less dependable over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and returns
Improved margins and a notably high return on equity indicate that ENEOS is converting its operating base into substantial shareholder returns. If profitability remains above recent annual levels, the company should retain greater capacity to reinvest, reduce debt, and withstand normal industry fluctuations.
Read all positive factors
ENEOS Holdings (5020) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥3.68T
Dividend Yield2.49%
Average Volume (3M)9.23M
Price to Earnings (P/E)5.4
Beta (1Y)0.88
Revenue Growth2.30%
EPS Growth437.64%
CountryJP
Employees34,099
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)256.22
Shares Outstanding2,706,766,600
10 Day Avg. Volume10,054,830
30 Day Avg. Volume9,228,190
Financial Highlights & Ratios
PEG Ratio0.72
Price to Book (P/B)1.13
Price to Sales (P/S)0.32
P/FCF Ratio9.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥1,715.00Price Target Upside30.62% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)171.38
Revenue Forecast (FY)¥13.06T
ENEOS Holdings Business Overview & Revenue Model
Company Description
ENEOS Holdings, Inc. is a diverse global enterprise with operations spanning Japan, China, and various international locations. Through its subsidiaries, the company primarily focuses on the energy sector, oil and natural gas exploration and produ...
How the Company Makes Money
ENEOS Holdings makes money primarily through a portfolio of energy and materials businesses that generate revenue from product sales, service margins, and resource/commodity-linked earnings.
1) Petroleum products (refining, supply, and marketing)...
ENEOS Holdings Earnings Call Summary
Earnings Call Date:Nov 13, 2024
(Q2-2024)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The earnings call highlights strong performance in the Energy segment and an upward revision of the operating income forecast, alongside improvements in cash flow and renewable energy profits. However, challenges remain in the oil and natural gas E&P and Metals segments, with expected declines in second-half net income.Positive Updates
Energy Segment Profit Increase
The Energy segment saw a significant increase in profit, resulting in a group consolidated profit increase of JPY 152.5 billion. This was due to improved margins, including chemicals and improved selling prices in the electricity business.
Negative Updates
Decline in Oil and Natural Gas E&P Business
Operating income for the oil and natural gas E&P business decreased by JPY 8.7 billion year-on-year due to a decline in resource prices.
Read all updates
Q2-2024 Updates
Positive
Negative
Energy Segment Profit Increase
The Energy segment saw a significant increase in profit, resulting in a group consolidated profit increase of JPY 152.5 billion. This was due to improved margins, including chemicals and improved selling prices in the electricity business.
Read all positive updates
Company Guidance
During the second quarter earnings call for fiscal 2024, ENEOS Group executives reported several key metrics and guidance. Operating income decreased by JPY 103.3 billion to JPY 291.5 billion due to reduced inventory impact from crude oil price fluctuations. Despite this, the energy segment showed significant profit growth, contributing to a JPY 152.5 billion increase in consolidated group profits. Forecasts for the full year have been revised, with expected operating income of JPY 420 billion, up by JPY 80 billion, and operating income excluding inventory valuation projected at JPY 370 billion, an increase of JPY 30 billion. Net income is anticipated to reach JPY 200 billion, revised upward by JPY 20 billion. Additionally, the company highlighted progress in business process reengineering and energy transition efforts, aiming for improved returns on equity (ROE) and an enhanced management structure.ENEOS Holdings Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
68
Positive
Cash Flow
53
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.30T | 11.77T | 12.32T | 13.86T | 15.02T | 10.92T |
| Gross Profit | 1.68T | 1.22T | 1.10T | 1.34T | 1.21T | 1.58T |
| EBITDA | 1.16T | 816.60B | 627.48B | 735.34B | 626.29B | 1.02T |
| Net Income | 688.22B | 258.73B | 226.07B | 288.12B | 143.77B | 537.12B |
Balance Sheet | ||||||
| Total Assets | 9.63T | 9.09T | 8.79T | 10.14T | 9.95T | 9.65T |
| Cash, Cash Equivalents and Short-Term Investments | 470.13B | 877.29B | 846.56B | 775.91B | 311.52B | 547.27B |
| Total Debt | 2.39T | 2.62T | 2.96T | 3.55T | 3.94T | 3.63T |
| Total Liabilities | 5.49T | 5.34T | 5.32T | 6.43T | 6.67T | 6.41T |
| Stockholders Equity | 3.75T | 3.37T | 3.10T | 3.23T | 2.86T | 2.86T |
Cash Flow | ||||||
| Free Cash Flow | 234.23B | 379.68B | 294.01B | 681.87B | -428.98B | -46.01B |
| Operating Cash Flow | 496.11B | 619.98B | 576.84B | 1.01T | -110.25B | 209.51B |
| Investing Cash Flow | -356.94B | -251.28B | 131.54B | -238.20B | -113.55B | -310.93B |
| Financing Cash Flow | -557.26B | -361.71B | -631.19B | -333.81B | -15.70B | 187.05B |
ENEOS Holdings Technical Analysis
Neutral
1313.00
Price Trends
1342.12
Positive
1295.99
Positive
1294.22
Positive
Market Momentum
3.75
Positive
48.79
Neutral
37.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:5020, the sentiment is Neutral. The current price of 1313 is below the 20-day moving average (MA) of 1399.08, below the 50-day MA of 1342.12, and above the 200-day MA of 1294.22, indicating a neutral trend. The MACD of 3.75 indicates Positive momentum. The RSI at 48.79 is Neutral, neither overbought nor oversold. The STOCH value of 37.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:5020.
ENEOS Holdings Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥22.93B | 17.04 | ― | 5.41% | 4.47% | 57.49% | |
74 Outperform | ¥247.10B | 11.46 | ― | 3.15% | -3.25% | 28.06% | |
72 Outperform | ¥3.68T | 5.37 | 20.51% | 2.49% | 2.30% | 437.64% | |
71 Outperform | ¥1.84T | 4.87 | 21.79% | 2.39% | -2.72% | 3087.62% | |
71 Outperform | ¥131.38B | 14.85 | ― | 2.81% | -0.31% | -25.03% | |
67 Neutral | ¥71.56B | 14.93 | ― | 1.66% | -2.76% | 56.84% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
JP:5020
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ENEOS Holdings Corporate Events
ENEOS to Cancel 39.6 Million Treasury Shares After Buyback
Sep 28, 2026
ENEOS Holdings has approved the cancellation of 39,633,900 treasury shares, representing about 1.5% of its outstanding stock, following completion of a previously announced share repurchase program. The cancellation, scheduled for October 16, 2026...
ENEOS Nears Full Utilization of ¥50 Billion Share Buyback Program
Sep 16, 2026
ENEOS Holdings has reported the completion of a portion of its share buyback program authorized by its board in May 2026, repurchasing 1,781,100 common shares for about ¥2.43 billion between September 1 and 15 via market purchases. This trans...
ENEOS Nears Ceiling of ¥50 Billion Share Buyback Program
Sep 1, 2026
ENEOS Holdings has disclosed interim progress on its ongoing share buyback program, reporting the repurchase of 5,807,300 common shares for approximately ¥7.49 billion between August 1 and August 31, 2026. The buyback is being executed throug...
ENEOS Buys TPC to Build North American C4 Chemicals Platform
Aug 7, 2026
ENEOS Holdings has agreed to acquire U.S.-based TPC Holdings through its American subsidiary, in a deal that will make TPC a wholly owned, consolidated unit in ENEOS’s High Performance Materials segment. The merger, expected to close in Octo...
ENEOS Sets FY2026 Q1 Agenda Around Portfolio and Structural Reform
Aug 7, 2026
ENEOS Group outlined its FY2026 Q1 agenda focused on executing the Fourth Medium-Term Management Plan, emphasizing portfolio restructuring and transformation toward a more robust management structure. The release signals continued strategic reposi...
ENEOS profit surges in Q1 as full-year forecast and dividend plan held steady
Aug 7, 2026
ENEOS Holdings reported a sharp rebound in performance for the first quarter of fiscal 2026, with revenue up 18.7% year-on-year to ¥3.41 trillion and operating profit surging nearly ninefold to ¥482.6 billion. Profit attributable to owne...
ENEOS Advances Large-Scale Share Buyback, Reaches ¥40 Billion in Repurchases
Aug 3, 2026
ENEOS Holdings reported interim progress on its ongoing share repurchase program, buying back 7,182,400 common shares for approximately ¥8.9 billion between July 1 and July 31, 2026 through market purchases under a treasury share entrustment ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.