The Farm Belt BusinessNarrow moat

Marubeni (8002) — moat facet

Marubeni's food segment is 45% of revenue at a 2% margin, and the half of its profit that matters comes from one American farm retailer.

Marubeni's largest segment by revenue sells things farmers need and things people eat. Food & Agri Business had revenue of ¥3,720,523 million in the year to March 2026, 45% of the company's ¥8,265,841 million, and earned net profit of ¥81,461 million1. That is a margin of about 2.2%2.

Food & Agri, year to March 2026 (¥ bn)3,720.5Revenue469.3Gross trading profit81.5Net profitMarubeni segment note; Helena earned 37.3 of the 81.5
Close to half of all Marubeni revenue, and about 2% of it reaches net profit.

The profit comes mostly from one place. Helena Agri-Enterprises, the American agricultural inputs retailer Marubeni bought in 19873, earned ¥37.3 billion4, close to half the segment5. Helena ranks second among American agricultural retailers, behind Nutrien Ag Solutions6, and it lends to its customers: short-term loans to farmers were about ¥61 billion of capital spending in the April-June 2026 quarter alone7.

The rest is scale in the Japanese food chain. Marubeni says it handles about 20% of Japan's grain and oilseed imports8, and it holds stakes in the companies that process them, including 16.9% of Nisshin OilliO9.

What it does not have any more is Gavilon's grain business, bought for $2.7 billion in 201310, written down by ¥78.3 billion in 202011 and sold to Viterra in 2022 for $1.125 billion plus working capital12. The sale took about a fifth off reported revenue the following year1314, and the segment is better for it.

The segment was created by merging three: Food I, Food II and Agri Business15. Its gross trading profit of ¥469,261 million16 is the largest in the company and absorbs the largest share of selling costs; its operating profit was ¥106,685 million17, again the largest. What it lacks is equity-method income: ¥11,217 million18, against ¥128,666 million in metals. It is the one large segment where Marubeni's profit comes almost entirely from businesses it runs.

It is also where the company is buying. It added Gemsa, an American olive oil producer, and Bubbies, an American ice cream maker, and sold Rangers Valley, an Australian cattle business, in October 202519.

The measure is Helena's profit. It fell from ¥39.1 billion to ¥37.3 billion20; if the retailer stops growing, this segment is a large, thin-margin distribution business.

Moat trajectory: Holding steady

Segment profit rose from ¥68.9 billion to ¥81.5 billion, but Helena, the core, slipped from ¥39.1 billion to ¥37.3 billion, and the April-June quarter fell to ¥31.4 billion from ¥35.5 billion.

The number that tests this moat
Reported
Food & Agri Business net profit
¥81.5bn on revenue of ¥3,720.5bn, year to March 2026

A 2.2% margin on 45% of the company's revenue; profit growth that outpaces Helena's would mean the rest of the segment is finally earning.

Source: Marubeni financial results, year to March 2026 ↗
Aspects of the moat
DIG DEEPER 01
Helena, Second in America
Helena earns the most dependable profit Marubeni has outside Japan, at a return just short of what the company says it wants.
DIG DEEPER 02
A Fifth of Japan's Grain
Handling a fifth of Japan's grain gives Marubeni a place in the food supply that pays little in calm years and matters in bad ones.
DIG DEEPER 03
Gavilon: The Lesson Marubeni Paid For
Gavilon taught Marubeni that buying scale in a commodity business it did not know is expensive, and the fertiliser half it kept now earns ¥10 billion…
DIG DEEPER 04
Chicken, Beef and Coffee
Marubeni's food factories earn 5% on the capital in them, and beef swung from profit to loss in a year.
⚠ Threats to the moat
⚠ THREAT 01
A Thin Margin on the Largest Line
Food & Agri holds more assets than the mining segment and earns less than two-thirds as much on them.
⚠ THREAT 02
The American Farm Economy
Helena lends to the farmers it sells to, so a bad harvest reaches Marubeni twice.
References
  1. ReportedFood & Agri Business had revenue of ¥3,720,523 million in the year to March 2026, 45% of the company's ¥8,265,841 million, and earned net profit of ¥81,461 million.
    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 ↗
  2. Moat Explorer calcThat is a margin of about 2.2%.
    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.
  3. ReportedHelena Agri-Enterprises, the American agricultural inputs retailer Marubeni bought in 1987, earned ¥37.3 billion, close to half the segment.
    Marubeni Integrated Report 2026, introduction and At a Glance - the company history from 1858 and the market positions the company states for its businesses. — 2026 · publ. 2026 · source ↗
  4. ReportedHelena Agri-Enterprises, the American agricultural inputs retailer Marubeni bought in 1987, earned ¥37.3 billion, close to half the segment.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - net profit of major group companies by segment, with ownership and business descriptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  5. Moat Explorer calcHelena Agri-Enterprises, the American agricultural inputs retailer Marubeni bought in 1987, earned ¥37.3 billion, close to half the segment.
    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. Third-party estimateHelena ranks second among American agricultural retailers, behind Nutrien Ag Solutions, and it lends to its customers: short-term loans to farmers were about ¥61 billion of capital spending in the April-June 2026 quarter alone.
    CropLife, 'Top 10 U.S. Ag Retailers That Led the Fertilizer Market in 2025' - Nutrien Ag Solutions ranked first and Helena Agri-Enterprises second. — 2025 · publ. 2026 · source ↗
  7. ReportedHelena ranks second among American agricultural retailers, behind Nutrien Ag Solutions, and it lends to its customers: short-term loans to farmers were about ¥61 billion of capital spending in the April-June 2026 quarter alone.
    Marubeni Corporation, IR presentation for the three months ended June 30, 2026 - adjusted net profit, core operating cash flow, one-time items, capital allocation, major group company results and the share buyback plan. — April-June 2026 · publ. 3 August 2026 · source ↗
  8. ReportedMarubeni says it handles about 20% of Japan's grain and oilseed imports, and it holds stakes in the companies that process them, including 16.9% of Nisshin OilliO.
    Marubeni Integrated Report 2026, introduction and At a Glance - the company history from 1858 and the market positions the company states for its businesses. — 2026 · publ. 2026 · source ↗
  9. ReportedMarubeni says it handles about 20% of Japan's grain and oilseed imports, and it holds stakes in the companies that process them, including 16.9% of Nisshin OilliO.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - net profit of major group companies by segment, with ownership and business descriptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  10. ReportedWhat it does not have any more is Gavilon's grain business, bought for $2.7 billion in 2013, written down by ¥78.3 billion in 2020 and sold to Viterra in 2022 for $1.125 billion plus working capital.
    World Grain, 'Viterra completes Gavilon purchase' - the completion of the sale and Marubeni's 2013 purchase price of $2.7 billion. — 2023 · publ. 2023 · source ↗
  11. ReportedWhat it does not have any more is Gavilon's grain business, bought for $2.7 billion in 2013, written down by ¥78.3 billion in 2020 and sold to Viterra in 2022 for $1.125 billion plus working capital.
    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 ↗
  12. ReportedWhat it does not have any more is Gavilon's grain business, bought for $2.7 billion in 2013, written down by ¥78.3 billion in 2020 and sold to Viterra in 2022 for $1.125 billion plus working capital.
    Viterra, 'Viterra completes its acquisition of Gavilon' - purchase price of US$1.125 billion plus working capital. — 2023 · publ. 2023 · source ↗
  13. ReportedThe sale took about a fifth off reported revenue the following year, and the segment is better for it.
    Marubeni Corporation, Summary of Consolidated Financial Results for the fiscal year ended March 31, 2024 - including the revenue decline attributed to the sale of Gavilon's grain business. — FY to March 2024 · publ. 2 May 2024 · source ↗
  14. ReportedThe sale took about a fifth off reported revenue the following year, and the segment is better for it.
    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 ↗
  15. ReportedThe segment was created by merging three: Food I, Food II and Agri Business.
    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 ↗
  16. ReportedIts gross trading profit of ¥469,261 million is the largest in the company and absorbs the largest share of selling costs; its operating profit was ¥106,685 million, again the largest.
    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 ↗
  17. ReportedIts gross trading profit of ¥469,261 million is the largest in the company and absorbs the largest share of selling costs; its operating profit was ¥106,685 million, again the largest.
    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 ↗
  18. ReportedWhat it lacks is equity-method income: ¥11,217 million, against ¥128,666 million in metals.
    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 ↗
  19. ReportedIt added Gemsa, an American olive oil producer, and Bubbies, an American ice cream maker, and sold Rangers Valley, an Australian cattle business, in October 2025.
    Marubeni Integrated Report 2026, Section 5 Business Portfolio - the businesses inside each segment, recent acquisitions and disposals, and the issues each segment names for itself. — 2026 · publ. 2026 · source ↗
  20. ReportedIt fell from ¥39.1 billion to ¥37.3 billion; if the retailer stops growing, this segment is a large, thin-margin distribution business.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - net profit of major group companies by segment, with ownership and business descriptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026