The Revenue LinesNarrow moat

Marubeni (8002) — moat facet

Marubeni's revenue is mostly food and its profit is mostly metals and finance, so the revenue chart and the profit chart describe different companies.

Marubeni reports ten operating segments, and the revenue and profit tables tell different stories. In the year to March 2026 Food & Agri Business was ¥3,720.5 billion of the company's ¥8,265.8 billion of revenue, 45%, and earned ¥81.5 billion of net profit1. Finance, Leasing & Real Estate had revenue of just ¥24.6 billion and earned ¥162.0 billion2. Metals & Mineral Resources earned ¥134.3 billion, mostly through its share of associates' profits3.

Revenue against net profit by segment, yr to Mar 2026 (¥ bn)Food revenue3,720.5Food profit81.5Finance revenue24.6Finance profit162.0Marubeni segment note
The largest revenue segment earns half as much as a segment with almost no revenue.

For that reason these pages follow net profit by segment rather than revenue. The chart has seven bands: the six largest profit segments, each with its own page, and a band for Lifestyle, IT Solutions, the two Next Generation segments and corporate items. Lifestyle, which includes textiles, paper, B-Quik car maintenance and the docomo shop agency, earned ¥25.9 billion; IT Solutions ¥5.4 billion; Next Generation Business Development ¥19.6 billion, largely pharmaceuticals; Next Generation Corporate Development a loss of ¥1.7 billion; and Other a loss of ¥7.7 billion4. Together, including Lifestyle, they were ¥41.5 billion in the latest year once the corporate losses are netted5.

The segments were reorganised from sixteen to ten from the year to March 2026, with the prior year restated6. The year to March 2024 exists only on the old basis, so only two years are comparable.

The measure that ties the pages together is net profit over segment assets. It ranges from about 2% in Energy & Chemicals to about 16% in Finance, Leasing & Real Estate in a year flattered by a gain7, and the company's growth depends on which end of that range the new capital goes to.

Moat trajectory: Holding steady

Two comparable years only; the mix shifted toward finance through a one-off gain and toward metals through copper prices.

The number that tests this moat
Reported
Net profit by segment, largest
Finance, Leasing & Real Estate ¥162.0bn on revenue of ¥24.6bn

Profit and revenue barely correlate across segments; the finance segment's profit falling to the forecast ¥76.0 billion would restore the usual order.

Source: Marubeni financial results, year to March 2026 ↗
Dig deeper
DIG DEEPER 01
Finance, Leasing & Real Estate
The finance segment's record was a real-estate gain, and its ordinary profit is about 7% on the assets it holds.
DIG DEEPER 02
Metals & Mineral Resources
Marubeni's most profitable segment earns 8% on its assets through mines other companies run.
DIG DEEPER 03
Food & Agri Business
Food & Agri is the largest segment by revenue and by assets, and among the least profitable per yen invested.
DIG DEEPER 04
Power & Infrastructure Services
Marubeni's power plants carried the segment while its power retailer ran at a loss.
DIG DEEPER 05
Aerospace & Mobility
Aerospace & Mobility is a mix of cyclical ships and machinery around a high-return aircraft-parts business.
DIG DEEPER 06
Energy & Chemicals
Energy & Chemicals earns about 2% on its assets and swings with trading margins and one-off gains.
References
  1. ReportedIn the year to March 2026 Food & Agri Business was ¥3,720.5 billion of the company's ¥8,265.8 billion of revenue, 45%, and earned ¥81.5 billion of net 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 ↗
  2. ReportedFinance, Leasing & Real Estate had revenue of just ¥24.6 billion and earned ¥162.0 billion.
    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 ↗
  3. ReportedMetals & Mineral Resources earned ¥134.3 billion, mostly through its share of associates' profits.
    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. ReportedLifestyle, which includes textiles, paper, B-Quik car maintenance and the docomo shop agency, earned ¥25.9 billion; IT Solutions ¥5.4 billion; Next Generation Business Development ¥19.6 billion, largely pharmaceuticals; Next Generation Corporate Development a loss of ¥1.7 billion; and Other a loss of ¥7.7 billion.
    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 calcTogether, including Lifestyle, they were ¥41.5 billion in the latest year once the corporate losses are netted.
    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 segments were reorganised from sixteen to ten from the year to March 2026, with the prior year restated.
    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. Moat Explorer calcIt ranges from about 2% in Energy & Chemicals to about 16% in Finance, Leasing & Real Estate in a year flattered by a gain, and the company's growth depends on which end of that range the new capital goes to.
    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