Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
National RefineryKAR:NRL +5.41%68 Debt-to-Equity is 0.92 as of Mar. 2026, which is 15% above its 10-year median of 0.80. GuruFocus rates KAR:NRL with a GF Score™ of 68/100 and a GF Value™ of ₨334.80 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 806 Oil & Gas companies, National Refinery ranks worse than 71.96% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for National Refinery's Debt-to-Equity or its related term are showing as below:
KAR:NRL'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0.01 Med: 0.8 Max: 12.64
Current: 0.92
During the past 13 years, the highest Debt-to-Equity Ratio of National Refinery was 12.64. The lowest was 0.01. And the median was 0.80.
KAR:NRL's Debt-to-Equity is ranked worse than 71.96% of 806
companies
in the Oil & Gas industry
Industry Median: 0.44
vs KAR:NRL: 0.92
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
National Refinery Debt-to-Equity Related Terms
National Refinery Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for National Refinery's Debt-to-Equity can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
KAR:NRL vs MPC, VLO, PSX: Debt-to-Equity Comparison
For the Oil & Gas Refining & Marketing subindustry, National Refinery's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
National Refinery Debt-to-Equity vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, National Refinery's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where National Refinery's Debt-to-Equity falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
National Refinery (KAR:NRL) has a Debt-to-Equity of 0.92 as of Mar. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on National Refinery and its competitors. This is 15% above median its historical median of 0.80. Over the past decade, National Refinery's Debt-to-Equity has ranged from 0.01 to 12.64. According to the industry distribution chart, National Refinery ranks #580 out of 806 companies in the Oil & Gas industry, placing it in the top 72%.
Is National Refinery's Debt-to-Equity too high?
National Refinery's current Debt-to-Equity of 0.92 is 15% above median its 10-year median of 0.80. Over the past 10 years, this metric has ranged from a low of 0.01 to a high of 12.64. The Oil & Gas industry median Debt-to-Equity is 0.44. National Refinery's value of 0.92 is 109.1% above this industry median. Based on the distribution chart, National Refinery ranks #580 out of 806 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, National Refinery has a GF Score™ of 68/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does National Refinery's Debt-to-Equity compare to MPC and VLO?
According to the Oil & Gas industry distribution chart, National Refinery ranks #580 out of 806 companies for Debt-to-Equity. This places National Refinery in the lower half of its industry. The industry median Debt-to-Equity is 0.44. National Refinery's value of 0.92 is 109.1% above this benchmark. Historically, National Refinery's own Debt-to-Equity has ranged from 0.01 to 12.64 over the past decade. While the company's 10-year median is 0.80 vs. the industry median of 0.44, National Refinery has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for an Oil & Gas company?
The median Debt-to-Equity among Oil & Gas companies is 0.44, based on 806 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Refinery's current Debt-to-Equity of 0.92 is 109.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on National Refinery and its competitors. For the Oil & Gas industry, the median Debt-to-Equity is 0.44 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Refinery's current Debt-to-Equity is 0.92, which is 15% above median its own 10-year median of 0.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Refinery stock overvalued right now?
Based on GuruFocus' analysis, National Refinery (KAR:NRL) is currently considered Significantly Overvalued. The stock's GF Value™ is ₨334.80, compared to a current price of ₨501.89 — trading 49.9% above its estimated fair value. The current Debt-to-Equity is 0.92, which is 15% above median its 10-year median of 0.80 and 109.1% above the Oil & Gas industry median of 0.44. National Refinery's overall GF Score™ is 68/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For National Refinery (KAR:NRL), the current Debt-to-Equity is 0.92 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is National Refinery (KAR:NRL) Overvalued in 2026?
Based on GuruFocus' analysis, National Refinery stock appears to be overvalued.
The current stock price of ₨501.89 is trading 49.9% above its estimated GF Value™ of ₨334.80.
GuruFocus considers National Refinery to be Significantly Overvalued.
Key valuation signals for KAR:NRL:
Debt-to-Equity: 0.92 (15% above median its 10-year median of 0.80)
GF Value™: ₨334.80 vs. price of ₨501.89 (49.9% above fair value)
Industry Position: 109.1% above the Oil & Gas median (#580 of 806)
No single metric tells the full story. See the KAR:NRL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Refinery Ltd is a Pakistan-based company engaged in manufacturing and supplying fuel products, lubes, BTX, asphalts and specialty products for domestic consumption and export. It is also involved in the crude oil refining business. The company operates through two segments namely Fuel and Lube. The Fuel segment, which is the key revenue driver, is engaged in the production of high-speed diesel, naphtha, motor gasoline, liquefied petroleum gas, jet fuels, and furnace oil. The Lube segment produces multiple grades of lube base oils, bitumen, waxes and rubber process oil and some quantities of other fuel products. It derives maximum revenue from Fuel Segment.
68GF Score
Get the complete analysis for KAR:NRL
Debt-to-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
KAR:NRL has been successfully added to your 
