General Products & RealtyThin moat

ITOCHU (8001) — moat facet

General Products & Realty is a collection of mid-sized businesses whose largest single exposure is American housing.

General Products & Realty earned ¥66.2 billion in the year to March 2024, ¥69.7 billion in 2025 and ¥60.8 billion in 202612. Its revenue was ¥1,541.2 billion3, and its assets of ¥1,628.7 billion earned about 3.7%4. Its equity earnings were a loss of ¥3.0 billion5.

General Products & Realty contributors, yr to Mar 2026 (¥ bn)N. American construction materials14.8IFL (pulp)9.0ETEL (tyres)5.6ITOCHU Property Development5.1DAIKEN3.8ITOCHU results presentation, May 2026
American building materials lead a varied division.

Forest products, general merchandise and logistics earned ¥35.3 billion and construction and real estate ¥25.6 billion6. The North American construction materials business contributed ¥14.8 billion, IFL (pulp) ¥9.0 billion, ETEL (tyres) ¥5.6 billion, ITOCHU Property Development ¥5.1 billion, DAIKEN ¥3.8 billion and Nishimatsu Construction, 21.9% owned, ¥3.6 billion7.

The division added Sun Frontier Fudousan in the current year8. Its plan is ¥63.0 billion9, and the first quarter earned ¥13.9 billion against ¥11.2 billion10.

The measure is the North American building materials business, which depends on American housing construction.

Moat trajectory: Holding steady

Profit fell in the latest year and is planned to recover slightly.

The number that tests this moat
Reported
General Products & Realty net profit
¥60.8bn against ¥69.7bn

A diversified division; North American building materials is the largest piece.

Source: ITOCHU financial results, year to March 2026 ↗
References
  1. ReportedGeneral Products & Realty earned ¥66.2 billion in the year to March 2024, ¥69.7 billion in 2025 and ¥60.8 billion in 2026.
    ITOCHU Corporation, Financial Information Report 2025 - segment information for the years to March 2025 and 2024, and the DESCENTE tender offer. — FY to March 2025 · publ. 2025 · source ↗
  2. ReportedGeneral Products & Realty earned ¥66.2 billion in the year to March 2024, ¥69.7 billion in 2025 and ¥60.8 billion in 2026.
    ITOCHU Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - statements of comprehensive income, financial position and cash flows, the segment information by eight division companies, the share split, dividends, the buyback plan and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedIts revenue was ¥1,541.2 billion, and its assets of ¥1,628.7 billion earned about 3.7%.
    ITOCHU Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - statements of comprehensive income, financial position and cash flows, the segment information by eight division companies, the share split, dividends, the buyback plan and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. Moat Explorer calcIts revenue was ¥1,541.2 billion, and its assets of ¥1,628.7 billion earned about 3.7%.
    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. ReportedIts equity earnings were a loss of ¥3.0 billion.
    ITOCHU Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - statements of comprehensive income, financial position and cash flows, the segment information by eight division companies, the share split, dividends, the buyback plan and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  6. ReportedForest products, general merchandise and logistics earned ¥35.3 billion and construction and real estate ¥25.6 billion.
    ITOCHU Corporation, FY2025 Business Results and FY2026 Management Plan - net profit, core profit and extraordinary items by segment, investment and exit, and the management plan for the year to March 2027. — FY to March 2026 · publ. 14 May 2026 · source ↗
  7. ReportedThe North American construction materials business contributed ¥14.8 billion, IFL (pulp) ¥9.0 billion, ETEL (tyres) ¥5.6 billion, ITOCHU Property Development ¥5.1 billion, DAIKEN ¥3.8 billion and Nishimatsu Construction, 21.9% owned, ¥3.6 billion.
    ITOCHU Corporation, FY2025 Business Results and FY2026 Management Plan - results of major group companies by segment, with ownership, including FamilyMart, CTC, DESCENTE, NIPPON ACCESS, IMEA and Orchid (CITIC). — FY to March 2026 · publ. 14 May 2026 · source ↗
  8. ReportedThe division added Sun Frontier Fudousan in the current year.
    ITOCHU Corporation, FY2026 first-quarter business results summary - core profit, extraordinary items, group-company results, investments, the Aviation Capital Group agreement and the revised segment plan. — April-June 2026 · publ. 7 August 2026 · source ↗
  9. ReportedIts plan is ¥63.0 billion, and the first quarter earned ¥13.9 billion against ¥11.2 billion.
    ITOCHU Corporation, FY2026 first-quarter business results summary - core profit, extraordinary items, group-company results, investments, the Aviation Capital Group agreement and the revised segment plan. — April-June 2026 · publ. 7 August 2026 · source ↗
  10. ReportedIts plan is ¥63.0 billion, and the first quarter earned ¥13.9 billion against ¥11.2 billion.
    ITOCHU Corporation, Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenues, trading income, equity earnings, net profit, segment results, the balance sheet and the ¥300 billion buyback. — April-June 2026 · publ. 6 August 2026 · source ↗
Sources
Generated September 24, 2026