Half the Profit From Companies It Does Not RunNarrow moat

Marubeni (8002) — moat facet

Marubeni's largest profit line is its share of companies it does not operate, which buys access to assets it could never build alone and gives up the vote on what happens to them.

Marubeni's most important line is one most readers skip. In the year to March 2026 its share of the profit of associates and joint ventures was ¥338.3 billion1, larger than the ¥256.7 billion of operating profit its own consolidated businesses produced2. About half of profit before tax came from companies Marubeni owns part of and does not run3.

Year to March 2026, ¥ billions256.7Operating profit338.3Share of associates220.9Dividends receivedMarubeni financial results and Integrated Report 2026
The associates out-earn Marubeni's own operations, and about two-thirds of what they earn arrives as cash.

That is a deliberate shape. The investments in associates stood at ¥3,504,176 million at March 20264, a third of total assets5, and the largest pieces are the ones that produced the largest profits: ¥1,159,685 million in Metals & Mineral Resources and ¥920,946 million in Finance, Leasing & Real Estate6. Metals made ¥134.3 billion of net profit on ¥26.5 billion of operating profit7. Finance, Leasing & Real Estate made ¥162.0 billion while reporting an operating loss8.

The advantage in this is access. Antofagasta runs the Chilean copper mines, Hancock Prospecting runs Roy Hill and the Jellinbah Group runs the coal9. What Marubeni brings is capital, offtake and seventy years of being a reliable minority partner, which is why the same partners keep coming back. A partner that would rather sell 30% of a mine to a Japanese trading house than to a fund is choosing a counterparty that will not force a sale.

The cost is control and cash. Equity-method income is an accounting share; what arrives is the dividend, and dividends received were ¥220,930 million against the ¥338.3 billion recognised1011. And when the partner's asset is worth less, Marubeni writes it down without having had a vote on the decision that made it so: the Chilean copper stake cost ¥60.3 billion after tax in the year to March 202012.

The series shows how much the model has come to depend on this line. Share of associates' profit was ¥89.9 billion in the year to March 2015, ¥31.8 billion the year after, a loss of ¥55.2 billion in the year to March 2020, and ¥338.3 billion in the latest year13. It is the most volatile line in the accounts and the largest.

Cash is also moving the wrong way. Dividends received fell from ¥247,815 million to ¥220,930 million in the year to March 202614, while the income booked from the same companies rose. The share received fell to about 65%15.

The number that tests this facet is the gap between recognised and received. If dividends from associates fall well below two-thirds of the income booked from them for several years, the profit is increasingly a claim rather than a payment.

Moat trajectory: Holding steady

Equity-method income rose from ¥292.9 billion to ¥338.3 billion in a year, but the rise came mostly from one copper business and one real-estate transaction. The structure is not changing; the partners are the same ones as a decade ago.

The number that tests this moat
Reported
Share of profit of associates against operating profit
¥338.3bn against ¥256.7bn, year to March 2026

When the associates earn more than the consolidated businesses, the company's profit depends on partners' decisions; the gap closing from operating strength would be healthier than it closing from falling associate income.

Source: Marubeni Integrated Report 2026, corporate data ↗
Aspects of the moat
DIG DEEPER 01
Copper With Antofagasta
Marubeni's copper profit nearly tripled in a year on flat volume, which makes it a copper price with a partner attached.
DIG DEEPER 02
Roy Hill: Fifteen Per Cent of an Iron Ore Mine
A founding stake in a Pilbara mine earns about a tenth of its book value a year even in a soft iron ore market.
DIG DEEPER 03
Aircastle: Bought Out, Written Down, Kept
Marubeni took Aircastle private just before the pandemic, wrote it down, and kept it; it now earns more than it did before.
DIG DEEPER 04
Real Estate Folded Into Daiichi Life
Marubeni gave away control of its real-estate business and was paid ¥76.5 billion for the privilege of half of a bigger one.
⚠ Threats to the moat
⚠ THREAT 01
Equity Income Is Not Cash
Associates' profit is recorded when it is earned and paid when somebody else decides, and last year a third of it stayed behind.
⚠ THREAT 02
Minority Stakes Can Be Written Down Without a Vote
The stakes that earn most in good years were the ones written down in 2020, and a minority partner cannot act to stop it.
References
  1. ReportedIn the year to March 2026 its share of the profit of associates and joint ventures was ¥338.3 billion, larger than the ¥256.7 billion of operating profit its own consolidated businesses produced.
    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. ReportedIn the year to March 2026 its share of the profit of associates and joint ventures was ¥338.3 billion, larger than the ¥256.7 billion of operating profit its own consolidated businesses produced.
    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 ↗
  3. Moat Explorer calcAbout half of profit before tax came from companies Marubeni owns part of and does not run.
    Moat Explorer calculation from Marubeni's reported figures. Equity-method share of profit before tax: 338.3 / 664.5 = 50.9%. Resources share of adjusted net profit: 147.0 / 480.0 = 30.6%. Investments in associates as a share of total assets: 3,504.2 / 10,531.8 = 33.3%. Segment net profit over segment assets, year to March 2026: Food & Agri 81.5 / 2,700.6 = 3.0%; Metals & Mineral Resources 134.3 / 1,647.6 = 8.2%; Finance, Leasing & Real Estate 162.0 / 1,021.0 = 15.9%; Power & Infrastructure 53.6 / 1,776.1 = 3.0%; Aerospace & Mobility 47.8 / 838.6 = 5.7%; Energy & Chemicals 23.2 / 1,147.6 = 2.0%; Lifestyle 25.9 / 667.6 = 3.9%. Food & Agri net margin on revenue: 81.5 / 3,720.5 = 2.2%. Total payout: (176.5 + 55.0) / 543.9 = 42.6%. Trailing twelve months to June 2026: net profit 543.9 + 186.4 - 154.4 = 575.9; revenue 8,265.8 + 2,609.2 - 2,163.7 = 8,711.3. Net profit growth from the year to March 2016: 543.9 / 62.3 = 8.7 times. Share of the Food & Agri segment's profit from Helena: 37.3 / 81.5 = 45.8%. Dividends received against equity-method income: 220.9 / 338.3 = 65.3%. Berkshire's gain on cost: 4,468 / 1,572 = 2.84 times. Equity growth from currency translation: 345.8 of 734.5 = 47.1%. Market value against the ¥26 trillion that ranked 100th in the world at March 2026: 8.09 / 26 = 31%. Other segments, year to March 2026: IT Solutions 5.4 + Next Generation Business Development 19.6 - Next Generation Corporate Development 1.7 - Other 7.7 = 15.6; with Lifestyle 25.9 the chart's last band is 41.5, and for the year to March 2025 29.5 + 3.5 + 4.7 - 2.2 + 17.3 = 52.8. Trailing P/E: 8.09 / 0.5759 = 14.0. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Marubeni's financial results, integrated report and IR presentations; operands shown in the source line.
  4. ReportedThe investments in associates stood at ¥3,504,176 million at March 2026, a third of total assets, and the largest pieces are the ones that produced the largest profits: ¥1,159,685 million in Metals & Mineral Resources and ¥920,946 million in Finance, Leasing & Real Estate.
    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 ↗
  5. Moat Explorer calcThe investments in associates stood at ¥3,504,176 million at March 2026, a third of total assets, and the largest pieces are the ones that produced the largest profits: ¥1,159,685 million in Metals & Mineral Resources and ¥920,946 million in Finance, Leasing & Real Estate.
    Moat Explorer calculation from Marubeni's reported figures. Equity-method share of profit before tax: 338.3 / 664.5 = 50.9%. Resources share of adjusted net profit: 147.0 / 480.0 = 30.6%. Investments in associates as a share of total assets: 3,504.2 / 10,531.8 = 33.3%. Segment net profit over segment assets, year to March 2026: Food & Agri 81.5 / 2,700.6 = 3.0%; Metals & Mineral Resources 134.3 / 1,647.6 = 8.2%; Finance, Leasing & Real Estate 162.0 / 1,021.0 = 15.9%; Power & Infrastructure 53.6 / 1,776.1 = 3.0%; Aerospace & Mobility 47.8 / 838.6 = 5.7%; Energy & Chemicals 23.2 / 1,147.6 = 2.0%; Lifestyle 25.9 / 667.6 = 3.9%. Food & Agri net margin on revenue: 81.5 / 3,720.5 = 2.2%. Total payout: (176.5 + 55.0) / 543.9 = 42.6%. Trailing twelve months to June 2026: net profit 543.9 + 186.4 - 154.4 = 575.9; revenue 8,265.8 + 2,609.2 - 2,163.7 = 8,711.3. Net profit growth from the year to March 2016: 543.9 / 62.3 = 8.7 times. Share of the Food & Agri segment's profit from Helena: 37.3 / 81.5 = 45.8%. Dividends received against equity-method income: 220.9 / 338.3 = 65.3%. Berkshire's gain on cost: 4,468 / 1,572 = 2.84 times. Equity growth from currency translation: 345.8 of 734.5 = 47.1%. Market value against the ¥26 trillion that ranked 100th in the world at March 2026: 8.09 / 26 = 31%. Other segments, year to March 2026: IT Solutions 5.4 + Next Generation Business Development 19.6 - Next Generation Corporate Development 1.7 - Other 7.7 = 15.6; with Lifestyle 25.9 the chart's last band is 41.5, and for the year to March 2025 29.5 + 3.5 + 4.7 - 2.2 + 17.3 = 52.8. Trailing P/E: 8.09 / 0.5759 = 14.0. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Marubeni's financial results, integrated report and IR presentations; operands shown in the source line.
  6. ReportedThe investments in associates stood at ¥3,504,176 million at March 2026, a third of total assets, and the largest pieces are the ones that produced the largest profits: ¥1,159,685 million in Metals & Mineral Resources and ¥920,946 million in Finance, Leasing & Real Estate.
    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 ↗
  7. ReportedMetals made ¥134.3 billion of net profit on ¥26.5 billion of operating profit.
    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 ↗
  8. ReportedFinance, Leasing & Real Estate made ¥162.0 billion while reporting an operating loss.
    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. ReportedAntofagasta runs the Chilean copper mines, Hancock Prospecting runs Roy Hill and the Jellinbah Group runs the coal.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - resource asset table (stakes, capacities, partners and exposures), equity volumes, sensitivities to commodity prices and currencies, and the Middle East risk scenarios and risk-management framework. — FY to March 2026 · publ. 1 May 2026 · source ↗
  10. ReportedEquity-method income is an accounting share; what arrives is the dividend, and dividends received were ¥220,930 million against the ¥338.3 billion recognised.
    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 ↗
  11. Moat Explorer calcEquity-method income is an accounting share; what arrives is the dividend, and dividends received were ¥220,930 million against the ¥338.3 billion recognised.
    Moat Explorer calculation from Marubeni's reported figures. Equity-method share of profit before tax: 338.3 / 664.5 = 50.9%. Resources share of adjusted net profit: 147.0 / 480.0 = 30.6%. Investments in associates as a share of total assets: 3,504.2 / 10,531.8 = 33.3%. Segment net profit over segment assets, year to March 2026: Food & Agri 81.5 / 2,700.6 = 3.0%; Metals & Mineral Resources 134.3 / 1,647.6 = 8.2%; Finance, Leasing & Real Estate 162.0 / 1,021.0 = 15.9%; Power & Infrastructure 53.6 / 1,776.1 = 3.0%; Aerospace & Mobility 47.8 / 838.6 = 5.7%; Energy & Chemicals 23.2 / 1,147.6 = 2.0%; Lifestyle 25.9 / 667.6 = 3.9%. Food & Agri net margin on revenue: 81.5 / 3,720.5 = 2.2%. Total payout: (176.5 + 55.0) / 543.9 = 42.6%. Trailing twelve months to June 2026: net profit 543.9 + 186.4 - 154.4 = 575.9; revenue 8,265.8 + 2,609.2 - 2,163.7 = 8,711.3. Net profit growth from the year to March 2016: 543.9 / 62.3 = 8.7 times. Share of the Food & Agri segment's profit from Helena: 37.3 / 81.5 = 45.8%. Dividends received against equity-method income: 220.9 / 338.3 = 65.3%. Berkshire's gain on cost: 4,468 / 1,572 = 2.84 times. Equity growth from currency translation: 345.8 of 734.5 = 47.1%. Market value against the ¥26 trillion that ranked 100th in the world at March 2026: 8.09 / 26 = 31%. Other segments, year to March 2026: IT Solutions 5.4 + Next Generation Business Development 19.6 - Next Generation Corporate Development 1.7 - Other 7.7 = 15.6; with Lifestyle 25.9 the chart's last band is 41.5, and for the year to March 2025 29.5 + 3.5 + 4.7 - 2.2 + 17.3 = 52.8. Trailing P/E: 8.09 / 0.5759 = 14.0. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Marubeni's financial results, integrated report and IR presentations; operands shown in the source line.
  12. ReportedAnd when the partner's asset is worth less, Marubeni writes it down without having had a vote on the decision that made it so: the Chilean copper stake cost ¥60.3 billion after tax in the year to March 2020.
    Marubeni Corporation, Summary of Consolidated Financial Results for the fiscal year ended March 31, 2020 - the net loss and the after-tax impairments on Gulf of Mexico oil and gas, Chilean copper, the UK North Sea, Aircastle and Gavilon. — FY to March 2020 · publ. 7 May 2020 · source ↗
  13. ReportedShare of associates' profit was ¥89.9 billion in the year to March 2015, ¥31.8 billion the year after, a loss of ¥55.2 billion in the year to March 2020, and ¥338.3 billion in the latest year.
    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 ↗
  14. ReportedDividends received fell from ¥247,815 million to ¥220,930 million in the year to March 2026, while the income booked from the same companies rose.
    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 ↗
  15. Moat Explorer calcThe share received fell to about 65%.
    Moat Explorer calculation from Marubeni's reported figures. Equity-method share of profit before tax: 338.3 / 664.5 = 50.9%. Resources share of adjusted net profit: 147.0 / 480.0 = 30.6%. Investments in associates as a share of total assets: 3,504.2 / 10,531.8 = 33.3%. Segment net profit over segment assets, year to March 2026: Food & Agri 81.5 / 2,700.6 = 3.0%; Metals & Mineral Resources 134.3 / 1,647.6 = 8.2%; Finance, Leasing & Real Estate 162.0 / 1,021.0 = 15.9%; Power & Infrastructure 53.6 / 1,776.1 = 3.0%; Aerospace & Mobility 47.8 / 838.6 = 5.7%; Energy & Chemicals 23.2 / 1,147.6 = 2.0%; Lifestyle 25.9 / 667.6 = 3.9%. Food & Agri net margin on revenue: 81.5 / 3,720.5 = 2.2%. Total payout: (176.5 + 55.0) / 543.9 = 42.6%. Trailing twelve months to June 2026: net profit 543.9 + 186.4 - 154.4 = 575.9; revenue 8,265.8 + 2,609.2 - 2,163.7 = 8,711.3. Net profit growth from the year to March 2016: 543.9 / 62.3 = 8.7 times. Share of the Food & Agri segment's profit from Helena: 37.3 / 81.5 = 45.8%. Dividends received against equity-method income: 220.9 / 338.3 = 65.3%. Berkshire's gain on cost: 4,468 / 1,572 = 2.84 times. Equity growth from currency translation: 345.8 of 734.5 = 47.1%. Market value against the ¥26 trillion that ranked 100th in the world at March 2026: 8.09 / 26 = 31%. Other segments, year to March 2026: IT Solutions 5.4 + Next Generation Business Development 19.6 - Next Generation Corporate Development 1.7 - Other 7.7 = 15.6; with Lifestyle 25.9 the chart's last band is 41.5, and for the year to March 2025 29.5 + 3.5 + 4.7 - 2.2 + 17.3 = 52.8. Trailing P/E: 8.09 / 0.5759 = 14.0. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Marubeni's financial results, integrated report and IR presentations; operands shown in the source line.
Sources
Generated September 24, 2026