Inpex (IPXHY) Beneish M-Score: -2.21 (As of Jun. 26, 2026)

What is Inpex Beneish M-Score?

Inpex IPXHY -1.58% 67 Beneish M-Score is -2.21 as of Jun. 26, 2026. GuruFocus rates IPXHY with a GF Score™ of 67/100 and a GF Value™ of $13.58 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 822 Oil & Gas companies, Inpex ranks worse than 76.76% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Inpex's Beneish M-Score or its related term are showing as below:

IPXHY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.87 Med: -2.64 Max: -1.51
Current: -2.21

During the past 13 years, the highest Beneish M-Score of Inpex was -1.51. The lowest was -2.87. And the median was -2.64.

Inpex Beneish M-Score Related Terms

Inpex Beneish M-Score Historical Data

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The historical data trend for Inpex's Beneish M-Score 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.

Inpex Beneish M-Score Chart

Inpex Annual Data

Trend

Mar16

Mar17

Mar18

Mar19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.72

-1.51

-2.75

-2.31

-2.21

Inpex Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.40	-2.44	-2.19	-2.21	0.00

IPXHY vs COP, EOG, OXY: Beneish M-Score Comparison

For the Oil & Gas E&P subindustry, Inpex's Beneish M-Score, along with its competitors' market caps and Beneish M-Score 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.

Inpex Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Inpex's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Inpex's Beneish M-Score falls into.

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67GF Score

Inpex Corp IPXHY

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Inpex Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Inpex for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1131

0.528 * 1.0442

0.404 * 0.9851

0.892 * 0.8983

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9798

4.679 * 0.053152

0.327 * 1.0488

-2.21

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $2,035 Mil.
Revenue was 3147.253 + 3190.658 + 3543.436 + 3601.957 = $13,483 Mil.
Gross Profit was 1675.695 + 1814.16 + 2059.896 + 2144.822 = $7,695 Mil.
Total Current Assets was $7,113 Mil.
Total Assets was $49,612 Mil.
Property, Plant and Equipment(Net PPE) was $25,107 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $788 Mil.
Total Current Liabilities was $5,385 Mil.
Long-Term Debt & Capital Lease Obligation was $4,511 Mil.
Net Income was 644.107 + 472.62 + 672.976 + 847.276 = $2,637 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = $0 Mil.

Total Receivables was $2,036 Mil.
Revenue was 3369.518 + 3894.232 + 3763.214 + 3983.484 = $15,010 Mil.
Gross Profit was 1981.045 + 2295.368 + 2276.701 + 2391.439 = $8,945 Mil.
Total Current Assets was $5,658 Mil.
Total Assets was $47,986 Mil.
Property, Plant and Equipment(Net PPE) was $25,252 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,226 Mil.
Selling, General, & Admin. Expense(SGA) was $895 Mil.
Total Current Liabilities was $3,470 Mil.
Long-Term Debt & Capital Lease Obligation was $5,657 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(2035.468 / 13483.304)	/	(2035.799 / 15010.448)
	=	0.150962	/	0.135625
	=	1.1131

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(8944.553 / 15010.448)	/	(7694.573 / 13483.304)
	=	0.595888	/	0.570674
	=	1.0442

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (7113.446 + 25107.001) / 49611.635)	/	(1 - (5657.51 + 25251.813) / 47985.545)
	=	0.350547	/	0.355862
	=	0.9851

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	13483.304	/	15010.448
	=	0.8983

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(1225.947 / (1225.947 + 25251.813))	/	(0 / (0 + 25107.001))
	=	0.046301	/	0
	=	1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(787.909 / 13483.304)	/	(895.221 / 15010.448)
	=	0.058436	/	0.05964
	=	0.9798

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((4510.56 + 5385.389) / 49611.635)	/	((5656.587 + 3469.528) / 47985.545)
	=	0.199468	/	0.190185
	=	1.0488

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(2636.979 - 0	-	0)	/	49611.635
	=	0.053152

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Inpex has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.21 mean?

Inpex (IPXHY) has a Beneish M-Score of -2.21 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Inpex and its competitors. According to the industry distribution chart, Inpex ranks #631 out of 822 companies in the Oil & Gas industry, placing it in the top 76.8%.

Is Inpex's Beneish M-Score too high?

Inpex's current Beneish M-Score is -2.21. Based on the distribution chart, Inpex ranks #631 out of 822 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Inpex has a GF Score™ of 67/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Inpex's Beneish M-Score compare to COP and EOG?

According to the Oil & Gas industry distribution chart, Inpex ranks #631 out of 822 companies for Beneish M-Score. This places Inpex in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Inpex and its competitors. Inpex's current Beneish M-Score is -2.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Inpex stock overvalued right now?

Based on GuruFocus' analysis, Inpex (IPXHY) is currently considered Significantly Overvalued. The stock's GF Value™ is $13.58, compared to a current price of $20.53 — trading 51.2% above its estimated fair value. The current Beneish M-Score is -2.21. Inpex's overall GF Score™ is 67/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Inpex (IPXHY), the current Beneish M-Score is -2.21 as of Jun. 26, 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 Inpex (IPXHY) Overvalued in 2026?

Based on GuruFocus' analysis, Inpex stock appears to be overvalued. The current stock price of $20.53 is trading 51.2% above its estimated GF Value™ of $13.58. GuruFocus considers Inpex to be Significantly Overvalued.

Key valuation signals for IPXHY:

Beneish M-Score: -2.21
GF Value™: $13.58 vs. price of $20.53 (51.2% above fair value)
GF Score™: 67/100 with 3 warning signs

No single metric tells the full story. See the IPXHY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Inpex Business Description

Industry Energy Oil & Gas

Comparable Companies TSE:1662 HKSE:00883 COP TSX:CNQ EOG OXY FANG DVN ASX:WDS EQT TPL OSL:AKRBP EXE ASX:STO TSX:TOU BKK:PTTEP PR OVV TSX:WCP APA

Other Exchanges IPXHF:USA 1605N:Mexico 1605:Japan I8U:Germany

Address 3-1 Akasaka 5-chome, Akasaka Biz Tower, Minato-ku, Tokyo, JPN, 107-6332

Website https://www.inpex.com

Headquartered in Tokyo, Inpex was founded in 2008 through a merger with Teikoku Oil. The precursor Inpex began life in 1966 as North Sumatra Offshore Petroleum Exploration and discovered the Attaka field in Indonesia in 1970 before acquiring the ADMA Block offshore the United Arab Emirates in 1973 and then discovering the Kashagan oilfield in Kazakhstan and Ichthys and Abadi gasfields in the Timor Sea in 2000. Teikoku Oil was founded in 1941 as a semigovernment entity and discovered Japan's largest natural gas reserves in Minami-Nagaoka in 1979. Inpex is Japan's largest hydrocarbon producer, with oil and gas projects across multiple continents. It produces around 230 million barrels of oil equivalent per year and has 6.2 billion barrels of oil equivalent in proven and probable reserves.

67GF Score

Get the complete analysis for IPXHY

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$20.53

Price

$13.58

GF Value

View IPXHY Analysis

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