Aerospace & MobilityNarrow moat

Marubeni (8002) — moat facet

Aerospace & Mobility is a mix of cyclical ships and machinery around a high-return aircraft-parts business.

Aerospace & Mobility had revenue of ¥691,291 million and net profit of ¥47,823 million in the year to March 2026, down from ¥51,354 million1. Its segment assets were ¥838,588 million2, giving a return of about 5.7%3.

Aerospace & Mobility, selected businesses (¥ bn)15.2Ships 20256.7Ships 202615.8Machinery 202510.6Machinery 2026Years to March; Marubeni IR presentation, May 2026
Shipping and construction machinery both fell by a third or more.

It combines the old Aerospace & Ship segment with construction, industrial machinery and mobility4. The aviation aftermarket business earned ¥5.0 billion through Marubeni Aviation Asset Investment; ship owning and operating fell from ¥15.2 billion to ¥6.7 billion; construction machinery from ¥15.8 billion to ¥10.6 billion5. It also holds an equity stake in Gearbulk, which Marubeni describes as the world's largest open-hatch shipping operator6.

The adjusted profit rose from ¥50 billion to ¥54 billion7, and the forecast for the year to March 2027 is ¥55.0 billion8.

In April-June 2026 the segment's profit doubled to ¥22.8 billion from ¥11.5 billion, including a revaluation gain of about ¥6 billion when DASI became wholly owned910.

The measure is the aviation aftermarket's share of the segment. It is the part with the highest return; the more of the segment's profit it produces, the better the segment's return on assets.

Moat trajectory: Holding steady

Reported profit fell slightly; adjusted profit rose; the latest quarter was helped by a revaluation gain.

The number that tests this moat
Reported
Aerospace & Mobility net profit
¥47.8bn against ¥51.4bn; ¥55.0bn forecast

Ships and machinery fell; the aviation aftermarket is the growing part.

Source: Marubeni financial results, year to March 2026 ↗
References
  1. ReportedAerospace & Mobility had revenue of ¥691,291 million and net profit of ¥47,823 million in the year to March 2026, down from ¥51,354 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. ReportedIts segment assets were ¥838,588 million, giving a return of about 5.7%.
    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. Moat Explorer calcIts segment assets were ¥838,588 million, giving a return of about 5.7%.
    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. ReportedIt combines the old Aerospace & Ship segment with construction, industrial machinery and mobility.
    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. ReportedThe aviation aftermarket business earned ¥5.0 billion through Marubeni Aviation Asset Investment; ship owning and operating fell from ¥15.2 billion to ¥6.7 billion; construction machinery from ¥15.8 billion to ¥10.6 billion.
    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 ↗
  6. ReportedIt also holds an equity stake in Gearbulk, which Marubeni describes as the world's largest open-hatch shipping operator.
    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 ↗
  7. ReportedThe adjusted profit rose from ¥50 billion to ¥54 billion, and the forecast for the year to March 2027 is ¥55.0 billion.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - adjusted net profit by segment and by resources and non-resources, and the one-time items. — FY to March 2026 · publ. 1 May 2026 · source ↗
  8. ReportedThe adjusted profit rose from ¥50 billion to ¥54 billion, and the forecast for the year to March 2027 is ¥55.0 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 ↗
  9. ReportedIn April-June 2026 the segment's profit doubled to ¥22.8 billion from ¥11.5 billion, including a revaluation gain of about ¥6 billion when DASI became wholly owned.
    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 ↗
  10. ReportedIn April-June 2026 the segment's profit doubled to ¥22.8 billion from ¥11.5 billion, including a revaluation gain of about ¥6 billion when DASI became wholly owned.
    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 ↗
Sources
Generated September 24, 2026