Returns: Forty Per Cent PayoutNarrow moat

Marubeni (8002) — moat facet

Marubeni has promised never to cut its dividend again, and at a third of earnings it can probably keep the promise.

Marubeni's dividend per share has gone from ¥21 in the year to March 2016 to ¥107.5 in the year to March 20261, and the company guides ¥115 for the year to March 20272. The GC2027 plan commits to a progressive dividend and a total payout ratio of around 40%3.

Dividend per share, ¥ (years to March)212016312018352020622022852024107.52026Marubeni Integrated Report 2026
Five times the dividend in ten years.

In the latest year it paid ¥176.5 billion in dividends and bought back ¥55.0 billion of shares4. In August 2026 it raised the plan's shareholder returns from ¥700 billion to ¥900 billion and added a buyback of up to ¥100 billion5.

A progressive dividend is a promise not to cut, and a trading house with resource exposure has cut before: the dividend fell from ¥26 to ¥21 in the year to March 20166.

The payout policy has been raised twice. The GC2021 plan set a consolidated dividend payout ratio of 25% or more; GC2024 set a total payout ratio of around 30% to 35%; GC2027 raised it to around 40%7. Total dividends paid rose from ¥157,575 million to ¥176,539 million in the latest year8.

The measure is dividend cover. At ¥115 against guided EPS of ¥356.759, the payout is about a third; it can survive a large profit fall without a cut.

Moat trajectory: Widening

Dividend per share rose every year since the year to March 2016's cut, and planned returns were raised in August 2026.

The number that tests this moat
Reported
Dividend per share
¥107.5 for the year to March 2026, ¥115 guided

A progressive policy at about a third of earnings; a flat year would signal strain.

Source: Marubeni Integrated Report 2026, corporate data ↗
⚠ Threats to the moat
⚠ THREAT 01
Buying Back Shares at a High Multiple
Marubeni began buying back shares seriously after its valuation more than doubled, which is the wrong order.
References
  1. ReportedMarubeni's dividend per share has gone from ¥21 in the year to March 2016 to ¥107.5 in the year to March 2026, and the company guides ¥115 for the year to March 2027.
    Marubeni Integrated Report 2026, Section 6 Corporate Data - the twelve-year financial summary (revenue, gross trading profit, operating profit, share of associates, net profit, adjusted net profit, EPS, dividends, ROE, ROA, net D/E, cash flows, total assets and equity), shareholder composition, employees and gross risk exposure by country. — FY to March 2015 - FY to March 2026 · publ. 2026 · source ↗
  2. ReportedMarubeni's dividend per share has gone from ¥21 in the year to March 2016 to ¥107.5 in the year to March 2026, and the company guides ¥115 for the year to March 2027.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - capital allocation, divestments and investments, shareholder returns, dividends and buybacks, credit ratings, and the share price and market value milestones. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedThe GC2027 plan commits to a progressive dividend and a total payout ratio of around 40%.
    Marubeni Corporation, Summary of Consolidated Financial Results for the fiscal year ended March 31, 2026 (IFRS) - consolidated statements of profit or loss, financial position and cash flows, the segment note on the ten operating segments with revenue, gross trading profit, operating profit, share of profit of associates, net profit and segment assets, the investments in associates by segment, the one-time items including the Daiichi Life real-estate valuation gain, the dividend and buyback record, and the forecast for the year to March 2027 with its assumptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. ReportedIn the latest year it paid ¥176.5 billion in dividends and bought back ¥55.0 billion of shares.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - capital allocation, divestments and investments, shareholder returns, dividends and buybacks, credit ratings, and the share price and market value milestones. — FY to March 2026 · publ. 1 May 2026 · source ↗
  5. ReportedIn August 2026 it raised the plan's shareholder returns from ¥700 billion to ¥900 billion and added a buyback of up to ¥100 billion.
    Marubeni Corporation, Summary of Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenue, operating profit and net profit, segment results, progress against the full-year forecast, the balance sheet at 30 June 2026, and the revised GC2027 capital allocation and new share buyback. — April-June 2026 · publ. 3 August 2026 · source ↗
  6. ReportedA progressive dividend is a promise not to cut, and a trading house with resource exposure has cut before: the dividend fell from ¥26 to ¥21 in the year to March 2016.
    Marubeni Integrated Report 2026, Section 6 Corporate Data - the twelve-year financial summary (revenue, gross trading profit, operating profit, share of associates, net profit, adjusted net profit, EPS, dividends, ROE, ROA, net D/E, cash flows, total assets and equity), shareholder composition, employees and gross risk exposure by country. — FY to March 2015 - FY to March 2026 · publ. 2026 · source ↗
  7. ReportedThe GC2021 plan set a consolidated dividend payout ratio of 25% or more; GC2024 set a total payout ratio of around 30% to 35%; GC2027 raised it to around 40%.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - capital allocation, divestments and investments, shareholder returns, dividends and buybacks, credit ratings, and the share price and market value milestones. — FY to March 2026 · publ. 1 May 2026 · source ↗
  8. ReportedTotal dividends paid rose from ¥157,575 million to ¥176,539 million in the latest year.
    Marubeni Corporation, Summary of Consolidated Financial Results for the fiscal year ended March 31, 2026 (IFRS) - consolidated statements of profit or loss, financial position and cash flows, the segment note on the ten operating segments with revenue, gross trading profit, operating profit, share of profit of associates, net profit and segment assets, the investments in associates by segment, the one-time items including the Daiichi Life real-estate valuation gain, the dividend and buyback record, and the forecast for the year to March 2027 with its assumptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  9. ReportedAt ¥115 against guided EPS of ¥356.75, the payout is about a third; it can survive a large profit fall without a cut.
    Marubeni Corporation, Summary of Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenue, operating profit and net profit, segment results, progress against the full-year forecast, the balance sheet at 30 June 2026, and the revised GC2027 capital allocation and new share buyback. — April-June 2026 · publ. 3 August 2026 · source ↗
Sources
Generated September 24, 2026