Mitsubishi Corporation: The Rival Worth MoreNarrow moat

ITOCHU (8001) — moat facet

Mitsubishi is worth more than ITOCHU on slightly less profit, because the market pays for its scale in resources.

Mitsubishi Corporation is the largest trading house by market value, at ¥17.62 trillion1, against ITOCHU's ¥15.5 trillion2. Its trailing net income of ¥895.86 billion3 is slightly below ITOCHU's ¥910.1 billion4. The market pays more for Mitsubishi's profit.

September 2026 (¥ bn)910.1ITOCHU trailing profit895.9Mitsubishi trailing profitstockanalysis; ITOCHU figure is a Moat Explorer calculation
ITOCHU earns slightly more; Mitsubishi is valued higher.

The two compete most directly in convenience stores, where Mitsubishi owns half of Lawson with KDDI, a chain of about 22,500 stores including overseas5, against FamilyMart's about 16,4006. They also compete for consumer and industrial acquisitions in Japan.

Mitsubishi's profit is more exposed to coal, copper and LNG. That makes the comparison between the two a test of which strategy the market prefers at any moment.

The two houses' shares have both re-rated sharply over the decade. ITOCHU's market value at March 2026 was ¥13,802 billion7, up from ¥3,342 billion at March 20208.

The measure is the gap in market value. It narrowing while profits stay similar would say the market is rewarding ITOCHU's steadier mix.

Moat trajectory: Holding steady

Profits are similar; Mitsubishi's valuation remains higher.

The number that tests this moat
Reported
Market value against Mitsubishi Corporation
about ¥15.5tn against ¥17.62tn

Similar profits, different valuations; convergence would show the market rewarding the consumer mix.

Source: Mitsubishi Corporation market data (stockanalysis) ↗
References
  1. ReportedMitsubishi Corporation is the largest trading house by market value, at ¥17.62 trillion, against ITOCHU's ¥15.5 trillion.
    Mitsubishi Corporation (TYO: 8058) market data - market capitalisation 17.62T yen and trailing net income 895.86B yen, September 2026. — September 2026 · publ. September 2026 · source ↗
  2. Moat Explorer calcMitsubishi Corporation is the largest trading house by market value, at ¥17.62 trillion, against ITOCHU's ¥15.5 trillion.
    Moat Explorer calculation from ITOCHU's reported figures. Trailing twelve months to June 2026: net profit 900.3 - 283.9 + 293.8 = 910.1; revenue 14,823.1 - 3,558.9 + 3,875.9 = 15,140.1; EPS 128.00 - 40.10 + 42.02 = 129.92. Market value at 24 September 2026: 6,993,053,267 shares x ¥2,220.5 = ¥15.53 trillion. P/E at March year-end: market value over net profit, e.g. 13,802 / 900.3 = 15.3 (2026), 6,090 / 820.3 = 7.4 (2022), 3,046 / 500.5 = 6.1 (2019). Non-resource share of profit: 774.7 / (774.7 + 133.3) = 85%. Segment net profit over segment assets, year to March 2026: Machinery 155.6 / 2,603.5 = 6.0%; Metals & Minerals 143.5 / 1,793.4 = 8.0%; ICT & Financial 93.0 / 1,577.2 = 5.9%; Food 92.1 / 2,403.4 = 3.8%; Energy & Chemicals 69.3 / 1,819.4 = 3.8%; General Products & Realty 60.8 / 1,628.7 = 3.7%; The 8th 45.0 / 2,197.3 = 2.0%; Textile 43.3 / 751.9 = 5.8%. Segment net margin on revenue: Food 92.1 / 5,134.2 = 1.8%; Energy & Chemicals 69.3 / 3,069.6 = 2.3%; Machinery 155.6 / 1,500.6 = 10.4%; Metals & Minerals 143.5 / 1,231.5 = 11.7%. Berkshire's market value over cost: 8,886 / 4,165 = 2.13 times; dividend on cost 181 / 4,165 = 4.3%. Self-tender: 82,735,750 x ¥1,813 = about ¥150.0 billion. Net profit growth since the year to March 2016: 900.3 / 240.4 = 3.7 times. Dividend growth: 42.0 / 10.0 = 4.2 times (split-adjusted). ROE spread over the company's cost of capital: 14.6 - 8 = 6.6 points. Equity growth: 6,590.0 / 5,755.1 = 1.15. Stake in DENTSU SOKEN at the tender price: ¥215.2 billion for 38%. ACG profit target over investment: ¥50 billion is the aerospace target, about ¥310 billion the ACG investment. Berkshire's stake at ¥2,220.5: 704,799,500 x 2,220.5 = about ¥1.565 trillion. ITOCHU over Marubeni net profit: 900.3 / 543.9 = 1.66. 8% hurdle on the CSN Mineração additional investment: 0.08 x 119.2 = 9.5. 8% hurdle on ¥215.2 billion: about ¥17.2 billion. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in ITOCHU's financial statements, results decks and market data; operands shown in the source line.
  3. ReportedIts trailing net income of ¥895.86 billion is slightly below ITOCHU's ¥910.1 billion.
    Mitsubishi Corporation (TYO: 8058) market data - market capitalisation 17.62T yen and trailing net income 895.86B yen, September 2026. — September 2026 · publ. September 2026 · source ↗
  4. Moat Explorer calcIts trailing net income of ¥895.86 billion is slightly below ITOCHU's ¥910.1 billion.
    Moat Explorer calculation from ITOCHU's reported figures. Trailing twelve months to June 2026: net profit 900.3 - 283.9 + 293.8 = 910.1; revenue 14,823.1 - 3,558.9 + 3,875.9 = 15,140.1; EPS 128.00 - 40.10 + 42.02 = 129.92. Market value at 24 September 2026: 6,993,053,267 shares x ¥2,220.5 = ¥15.53 trillion. P/E at March year-end: market value over net profit, e.g. 13,802 / 900.3 = 15.3 (2026), 6,090 / 820.3 = 7.4 (2022), 3,046 / 500.5 = 6.1 (2019). Non-resource share of profit: 774.7 / (774.7 + 133.3) = 85%. Segment net profit over segment assets, year to March 2026: Machinery 155.6 / 2,603.5 = 6.0%; Metals & Minerals 143.5 / 1,793.4 = 8.0%; ICT & Financial 93.0 / 1,577.2 = 5.9%; Food 92.1 / 2,403.4 = 3.8%; Energy & Chemicals 69.3 / 1,819.4 = 3.8%; General Products & Realty 60.8 / 1,628.7 = 3.7%; The 8th 45.0 / 2,197.3 = 2.0%; Textile 43.3 / 751.9 = 5.8%. Segment net margin on revenue: Food 92.1 / 5,134.2 = 1.8%; Energy & Chemicals 69.3 / 3,069.6 = 2.3%; Machinery 155.6 / 1,500.6 = 10.4%; Metals & Minerals 143.5 / 1,231.5 = 11.7%. Berkshire's market value over cost: 8,886 / 4,165 = 2.13 times; dividend on cost 181 / 4,165 = 4.3%. Self-tender: 82,735,750 x ¥1,813 = about ¥150.0 billion. Net profit growth since the year to March 2016: 900.3 / 240.4 = 3.7 times. Dividend growth: 42.0 / 10.0 = 4.2 times (split-adjusted). ROE spread over the company's cost of capital: 14.6 - 8 = 6.6 points. Equity growth: 6,590.0 / 5,755.1 = 1.15. Stake in DENTSU SOKEN at the tender price: ¥215.2 billion for 38%. ACG profit target over investment: ¥50 billion is the aerospace target, about ¥310 billion the ACG investment. Berkshire's stake at ¥2,220.5: 704,799,500 x 2,220.5 = about ¥1.565 trillion. ITOCHU over Marubeni net profit: 900.3 / 543.9 = 1.66. 8% hurdle on the CSN Mineração additional investment: 0.08 x 119.2 = 9.5. 8% hurdle on ¥215.2 billion: about ¥17.2 billion. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in ITOCHU's financial statements, results decks and market data; operands shown in the source line.
  5. ReportedThe two compete most directly in convenience stores, where Mitsubishi owns half of Lawson with KDDI, a chain of about 22,500 stores including overseas, against FamilyMart's about 16,400.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 - Lawson's network of about 22,500 stores and the 50-50 ownership with KDDI. — FY to March 2026 · publ. 1 May 2026 · source ↗
  6. ReportedThe two compete most directly in convenience stores, where Mitsubishi owns half of Lawson with KDDI, a chain of about 22,500 stores including overseas, against FamilyMart's about 16,400.
    ITOCHU Corporation, Financial Information Report 2026 - the audited financial statements, segment information, the customer statement, goodwill including FamilyMart, CITIC and the risk factors. — FY to March 2026 · publ. 12 June 2026 · source ↗
  7. ReportedITOCHU's market value at March 2026 was ¥13,802 billion, up from ¥3,342 billion at March 2020.
    ITOCHU Corporation, Financial Information Report 2026 - the six-year financial summary, ROE, employees and market capitalisation. — FY to March 2026 · publ. 12 June 2026 · source ↗
  8. ReportedITOCHU's market value at March 2026 was ¥13,802 billion, up from ¥3,342 billion at March 2020.
    ITOCHU Corporation, Financial Section 2021 - the six-year summary for the years to March 2016-2021, including FamilyMart's consolidation and fixed-asset impairments. — FY to March 2016-2021 · publ. 2021 · source ↗
Sources
Generated September 24, 2026