TextileNarrow moat

ITOCHU (8001) — moat facet

ITOCHU's oldest business earns 5.8% on its assets after taking DESCENTE private.

Textile earned ¥27.0 billion in the year to March 2024, ¥73.8 billion in 2025 and ¥43.3 billion in 202612. The 2025 figure included the ¥50.0 billion revaluation gain on consolidating DESCENTE3. Its revenue was ¥686.4 billion4, and its assets of ¥751.9 billion earned about 5.8%5.

Textile (¥ bn, years to March)27.0Net profit 202473.8 (incl. 50.0)Net profit 202543.3Net profit 202652.02027 planITOCHU results, FIR 2025 and first-quarter summary
A revaluation spike and then steady growth.

DESCENTE, now wholly owned, contributed ¥13.2 billion6; EDWIN ¥0.5 billion; and the brand and trading businesses the rest7. The division's core profit rose from ¥28.3 billion to ¥41.3 billion8.

The plan for the current year is ¥52.0 billion9, and the first quarter earned ¥14.4 billion against ¥8.9 billion10.

Textiles were ITOCHU's original business, from its founding as a linen trader in 185811. The division's revival through DESCENTE is the take-private method applied to the company's oldest line.

The measure is core profit growth. From ¥28.3 billion to ¥41.3 billion in a year is the effect of full ownership; sustaining it would confirm it.

Moat trajectory: Widening

Core profit rose from ¥28.3 billion to ¥41.3 billion and the plan is ¥52.0 billion.

The number that tests this moat
Reported
Textile core profit
¥41.3bn against ¥28.3bn

The DESCENTE effect on the oldest division; sustaining it confirms the take-private.

Source: ITOCHU business results and management plan, May 2026 ↗
References
  1. ReportedTextile earned ¥27.0 billion in the year to March 2024, ¥73.8 billion in 2025 and ¥43.3 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. ReportedTextile earned ¥27.0 billion in the year to March 2024, ¥73.8 billion in 2025 and ¥43.3 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. ReportedThe 2025 figure included the ¥50.0 billion revaluation gain on consolidating DESCENTE.
    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 ↗
  4. ReportedIts revenue was ¥686.4 billion, and its assets of ¥751.9 billion earned about 5.8%.
    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 ↗
  5. Moat Explorer calcIts revenue was ¥686.4 billion, and its assets of ¥751.9 billion earned about 5.8%.
    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.
  6. ReportedDESCENTE, now wholly owned, contributed ¥13.2 billion; EDWIN ¥0.5 billion; and the brand and trading businesses the rest.
    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 ↗
  7. ReportedDESCENTE, now wholly owned, contributed ¥13.2 billion; EDWIN ¥0.5 billion; and the brand and trading businesses the rest.
    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's core profit rose from ¥28.3 billion to ¥41.3 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 ↗
  9. ReportedThe plan for the current year is ¥52.0 billion, and the first quarter earned ¥14.4 billion against ¥8.9 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. ReportedThe plan for the current year is ¥52.0 billion, and the first quarter earned ¥14.4 billion against ¥8.9 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 ↗
  11. ReportedTextiles were ITOCHU's original business, from its founding as a linen trader in 1858.
    ITOCHU Corporation, company history - founding in 1858, the 1949 separation of Daiken, the 1998 FamilyMart investment, the 2001 Marubeni-Itochu Steel joint venture, the Brand-new Deal plans and the 2015 CITIC and CP alliance. — 1858-2026 · publ. 2026 · source ↗
Sources
Generated September 24, 2026