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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.
Nippon Gas Co's Sloan Ratio for the quarter that ended in Jun. 2026 was -4.68%.
As of Jun. 2026, Nippon Gas Co has a Sloan Ratio of -4.68%, indicating the company is in the safe zone and there is no funny business with accruals.
Nippon Gas Co (OTCPK:NPNGY) 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 Jun. 2026, Nippon Gas Co has a Sloan Ratio of -4.68%, indicating the company is in the safe zone and there is no funny business with accruals.
Nippon Gas Co Sloan Ratio % Related Terms
Nippon Gas Co Sloan Ratio % Historical Data
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The historical data trend for Nippon Gas Co'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.
For the Utilities - Regulated Gas subindustry, Nippon Gas Co'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.
Nippon Gas Co Sloan Ratio % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Nippon Gas Co's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Nippon Gas Co'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.
Nippon Gas Co's Sloan Ratio for the fiscal year that ended in Mar. 2026 is calculated as
Nippon Gas Co's Net Income for the trailing twelve months (TTM) ended in Jun. 2026 was 5.465 (Sep. 2025 ) + 26.854 (Dec. 2025 ) + 45.304 (Mar. 2026 ) + 16.129 (Jun. 2026 ) = $94 Mil.
Nippon Gas Co's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2026 was 42.776 (Sep. 2025 ) + 32.588 (Dec. 2025 ) + 92.278 (Mar. 2026 ) + 14.331 (Jun. 2026 ) = $182 Mil.
Nippon Gas Co's Cash Flow from Investing for the trailing twelve months (TTM) ended in Jun. 2026 was -12.072 (Sep. 2025 ) + -7.299 (Dec. 2025 ) + -15.257 (Mar. 2026 ) + -9.846 (Jun. 2026 ) = $-44 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.
Nippon Gas Co (NPNGY) has a Sloan Ratio % of -4.68% as of Jun. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Nippon Gas Co and its competitors.
Is Nippon Gas Co's Sloan Ratio % too high?
Nippon Gas Co's current Sloan Ratio % is -4.68%. Overall, Nippon Gas Co has a GF Score™ of 86/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Nippon Gas Co's Sloan Ratio % compare to ATO and NI?
Nippon Gas Co's Sloan Ratio % of -4.68% can be compared against companies in the Utilities - Regulated 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 Utilities - Regulated company?
A good Sloan Ratio % depends on the Utilities - Regulated 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 Nippon Gas Co and its competitors. Nippon Gas Co's current Sloan Ratio % is -4.68%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nippon Gas Co stock overvalued right now?
Based on GuruFocus' analysis, Nippon Gas Co (NPNGY) is currently considered Fairly Valued. The stock's GF Value™ is $8.40, compared to a current price of $8.67 — trading 3.2% above its estimated fair value. The current Sloan Ratio % is -4.68%. Nippon Gas Co's overall GF Score™ is 86/100 with 5 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 Nippon Gas Co (NPNGY), the current Sloan Ratio % is -4.68% as of Jun. 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 Nippon Gas Co (NPNGY) Overvalued in 2026?
Based on GuruFocus' analysis, Nippon Gas Co stock appears to be overvalued.
The current stock price of $8.67 is trading 3.2% above its estimated GF Value™ of $8.40.
GuruFocus considers Nippon Gas Co to be Fairly Valued.
Key valuation signals for NPNGY:
Sloan Ratio %: -4.68%
GF Value™: $8.40 vs. price of $8.67 (3.2% above fair value)
No single metric tells the full story. See the NPNGY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nippon Gas Co Ltd, or Nichigas, is a Japanese supplier of gas primarily in the Kanto region of Japan. The company segments its operations into LP Gas, City Gas, Electricity, and Life Products Businesses. LP Gas and City Gas are Nichigas' core segments, which engage in the distribution and sale of liquefied petroleum gas, or LPG, and city gas for consumer usage. The company's total revenue is split between sales of LPG and city gas, with LPG generating slightly more. Roughly half of Nichigas' customers are residential consumers in terms of sales volume, while the other half are commercial entities. With its subsidiaries, the company is also involved in the distribution and sale of liquefied natural gas, high-pressure gas, and gas appliances.
86GF Score
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