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.
InpexIPXHF 67 Net-Net Working Capital is $-11.62 as of Dec. 2025. GuruFocus rates IPXHF with a GF Score™ of 67/100 and a GF Value™ of $10.78 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 191 Oil & Gas companies, Inpex ranks worse than 523559.69% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Inpex's Net-Net Working Capital for the quarter that ended in Dec. 2025 was $-11.62.
The industry rank for Inpex's Net-Net Working Capital or its related term are showing as below:
IPXHF's Price-to-Net-Net-Working-Capital is not ranked *
in the Oil & Gas industry.
Industry Median: 6.66 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Inpex (OTCPK:IPXHF) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Inpex Net-Net Working Capital Related Terms
Inpex Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Inpex's Net-Net Working Capital 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.
IPXHF vs COP, EOG, FANG: Net-Net Working Capital Comparison
For the Oil & Gas E&P subindustry, Inpex's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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 Price-to-Net-Net-Working-Capital vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Inpex's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Inpex's Price-to-Net-Net-Working-Capital 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $-11.62 mean?
Inpex (IPXHF) has a Net-Net Working Capital of $-11.62 as of Dec. 2025. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Inpex According to the industry distribution chart, Inpex ranks #999999 out of 191 companies in the Oil & Gas industry.
Is Inpex's Net-Net Working Capital too high?
Inpex's current Net-Net Working Capital is $-11.62. Based on the distribution chart, Inpex ranks #999999 out of 191 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 Net-Net Working Capital compare to COP and EOG?
According to the Oil & Gas industry distribution chart, Inpex ranks #999999 out of 191 companies for Net-Net Working Capital. This places Inpex in the lower half of its industry. The industry median Net-Net Working Capital is 6.66. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for an Oil & Gas company?
The median Net-Net Working Capital among Oil & Gas companies is 6.66, based on 191 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital 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 Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Inpex For the Oil & Gas industry, the median Net-Net Working Capital is 6.66 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Inpex's current Net-Net Working Capital is $-11.62. 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 (IPXHF) is currently considered Significantly Overvalued. The stock's GF Value™ is $10.78, compared to a current price of $19.76 — trading 83.3% above its estimated fair value. The current Net-Net Working Capital is $-11.62. 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 Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Inpex (IPXHF), the current Net-Net Working Capital is $-11.62 as of Dec. 2025. 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 (IPXHF) Overvalued in 2026?
Based on GuruFocus' analysis, Inpex stock appears to be overvalued.
The current stock price of $19.76 is trading 83.3% above its estimated GF Value™ of $10.78.
GuruFocus considers Inpex to be Significantly Overvalued.
Key valuation signals for IPXHF:
Net-Net Working Capital: $-11.62
GF Value™: $10.78 vs. price of $19.76 (83.3% above fair value)
No single metric tells the full story. See the IPXHF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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 IPXHF
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
IPXHF has been successfully added to your 
