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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
National Refinery's Sloan Ratio for the quarter that ended in Mar. 2026 was 1.75%.
As of Mar. 2026, National Refinery has a Sloan Ratio of 1.75%, indicating the company is in the safe zone and there is no funny business with accruals.
National Refinery (KAR:NRL) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Mar. 2026, National Refinery has a Sloan Ratio of 1.75%, indicating the company is in the safe zone and there is no funny business with accruals.
National Refinery Sloan Ratio % Related Terms
National Refinery Sloan Ratio % Historical Data
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The historical data trend for National Refinery's Sloan Ratio % 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: Sloan Ratio % Comparison
For the Oil & Gas Refining & Marketing subindustry, National Refinery's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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 Sloan Ratio % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, National Refinery's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where National Refinery's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
National Refinery's Sloan Ratio for the fiscal year that ended in Jun. 2025 is calculated as
National Refinery's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was -376.682 (Jun. 2025 ) + 1025.086 (Sep. 2025 ) + 740.176 (Dec. 2025 ) + 7301.836 (Mar. 2026 ) = ₨8,690 Mil.
National Refinery's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was -1185.085 (Jun. 2025 ) + 1760.658 (Sep. 2025 ) + -5831.382 (Dec. 2025 ) + 11140.611 (Mar. 2026 ) = ₨5,885 Mil.
National Refinery's Cash Flow from Investing for the trailing twelve months (TTM) ended in Mar. 2026 was -313.798 (Jun. 2025 ) + -112.043 (Sep. 2025 ) + -313.483 (Dec. 2025 ) + -266.031 (Mar. 2026 ) = ₨-1,005 Mil.
* 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 Sloan Ratio % of 1.75% as of Mar. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on National Refinery and its competitors.
Is National Refinery's Sloan Ratio % too high?
National Refinery's current Sloan Ratio % is 1.75%. 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 Sloan Ratio % compare to MPC and VLO?
National Refinery's Sloan Ratio % of 1.75% can be compared against companies in the Oil & Gas industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for an Oil & Gas company?
A good Sloan Ratio % depends on the Oil & Gas industry context. However, Sloan Ratio % 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 Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on National Refinery and its competitors. National Refinery's current Sloan Ratio % is 1.75%. 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 ₨334.86, compared to a current price of ₨549.83 — trading 64.2% above its estimated fair value. The current Sloan Ratio % is 1.75%. 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 Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For National Refinery (KAR:NRL), the current Sloan Ratio % is 1.75% 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 ₨549.83 is trading 64.2% above its estimated GF Value™ of ₨334.86.
GuruFocus considers National Refinery to be Significantly Overvalued.
Key valuation signals for KAR:NRL:
Sloan Ratio %: 1.75%
GF Value™: ₨334.86 vs. price of ₨549.83 (64.2% above fair value)
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
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