CompetitorsNarrow moat

Mitsubishi Corporation (8058) — moat facet

Mitsubishi is the largest trading house by market value but no longer by profit, and its closest rivals are also its partners in the same projects.

Mitsubishi Corporation is the largest Japanese trading house by market value, at ¥17.62 trillion1, ahead of ITOCHU at ¥15.94 trillion, Mitsui & Co. at ¥14.63 trillion, Sumitomo at ¥8.51 trillion, Marubeni at ¥8.09 trillion and Toyota Tsusho at ¥7.00 trillion2. Size is not the same as profit: Mitsui's trailing net income of ¥936.38 billion3 and ITOCHU's ¥900.3 billion for the year to March 20264 both exceed Mitsubishi's ¥800.5 billion for that year5.

Market value, September 2026 (¥ tn)Mitsubishi Corp.17.62ITOCHU15.94Mitsui & Co.14.63Sumitomo8.51Marubeni8.09Toyota Tsusho7.00stockanalysis
The largest of the six by value, by a smaller margin than a few years ago.

The competitive relationships are unusual because rivals are also partners. Mitsui owns 12.5% of Sakhalin 2 beside Mitsubishi's 10%6. BHP is Mitsubishi's 50-50 partner in BMA7. Shell holds 40% of LNG Canada beside Mitsubishi's 15%8, and the two were reported to be exploring sales of their stakes together9. KDDI owns half of Lawson10.

What the rivals compete for is assets and capital. A copper stake, an LNG offtake or a consumer business comes up rarely, and the trading house with the lowest cost of capital and the longest relationships wins it. Mitsubishi's S&P rating of A11 and its size are advantages in those contests.

The market also values the houses differently. Mitsubishi trades at about 20 times trailing earnings and 1.70 times book1213; Mitsui, with higher trailing earnings on a lower value14, trades at a lower multiple. The premium is partly Berkshire's endorsement and partly the ¥1 trillion buyback.

The measure is Mitsubishi's profit against the two houses that now earn more. A gap that widens would say scale no longer brings the best assets.

Moat trajectory: Holding steady

Mitsubishi remains largest by value; Mitsui and ITOCHU earned more in the latest year.

The number that tests this moat
Reported
Market value against the next two houses
¥17.62tn against ¥15.94tn (ITOCHU) and ¥14.63tn (Mitsui)

Scale buys access to the largest deals; a narrowing gap in profit is already visible.

Source: Mitsubishi Corporation market-cap history (stockanalysis) ↗
Dig deeper
DIG DEEPER 01
Mitsui: The Rival in the Same Projects
Mitsui shares Mitsubishi's Russian LNG stake and now earns more on a smaller market value.
DIG DEEPER 02
ITOCHU: The Consumer Rival
ITOCHU runs its convenience-store chain alone and earns more than Mitsubishi, which shares Lawson with a phone company.
DIG DEEPER 03
BHP: Partner in the World's Largest Coal Business
BHP is Mitsubishi's partner in coal and its rival almost everywhere else.
DIG DEEPER 04
Shell and the LNG Majors
Mitsubishi partners with Shell and the other majors in LNG, and brings the Japanese buyers they want.
References
  1. ReportedMitsubishi Corporation is the largest Japanese trading house by market value, at ¥17.62 trillion, ahead of ITOCHU at ¥15.94 trillion, Mitsui & Co. at ¥14.63 trillion, Sumitomo at ¥8.51 trillion, Marubeni at ¥8.09 trillion and Toyota Tsusho at ¥7.00 trillion.
    Mitsubishi Corporation (TYO: 8058) market data - share price, market capitalisation 17.62T yen, trailing revenue, net income and EPS, P/E, forward P/E, dividend and yield, September 2026. — September 2026 · publ. 24 September 2026 · source ↗
  2. ReportedMitsubishi Corporation is the largest Japanese trading house by market value, at ¥17.62 trillion, ahead of ITOCHU at ¥15.94 trillion, Mitsui & Co. at ¥14.63 trillion, Sumitomo at ¥8.51 trillion, Marubeni at ¥8.09 trillion and Toyota Tsusho at ¥7.00 trillion.
    Mitsubishi Corporation (TYO: 8058) market-cap history and peer comparison - December year-end market values and the market values of ITOCHU, Mitsui & Co., Sumitomo, Marubeni and Toyota Tsusho. — 2021-2026 · publ. September 2026 · source ↗
  3. ReportedSize is not the same as profit: Mitsui's trailing net income of ¥936.38 billion and ITOCHU's ¥900.3 billion for the year to March 2026 both exceed Mitsubishi's ¥800.5 billion for that year.
    Mitsui & Co. (TYO: 8031) market data - market capitalisation 14.63T yen and trailing net income 936.38B yen, September 2026. — September 2026 · publ. September 2026 · source ↗
  4. ReportedSize is not the same as profit: Mitsui's trailing net income of ¥936.38 billion and ITOCHU's ¥900.3 billion for the year to March 2026 both exceed Mitsubishi's ¥800.5 billion for that year.
    ITOCHU Corporation, Financial Information Report 2026 - net profit of ¥900.3 billion and the FamilyMart network of about 16,400 stores. — FY to March 2026 · publ. June 2026 · source ↗
  5. ReportedSize is not the same as profit: Mitsui's trailing net income of ¥936.38 billion and ITOCHU's ¥900.3 billion for the year to March 2026 both exceed Mitsubishi's ¥800.5 billion for that year.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, the eight-segment note, dividends and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  6. ReportedMitsui owns 12.5% of Sakhalin 2 beside Mitsubishi's 10%.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - net income by segment and of major subsidiaries and affiliates, with ownership, and the forecast by segment. — FY to March 2026 · publ. 1 May 2026 · source ↗
  7. ReportedBHP is Mitsubishi's 50-50 partner in BMA.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the notes on significant investments: MDP and BMA, Lawson, Eneco, LNG Canada, Anglo American Sur and Quellaveco, with book values and ownership. — FY to March 2026 · publ. 1 May 2026 · source ↗
  8. ReportedShell holds 40% of LNG Canada beside Mitsubishi's 15%, and the two were reported to be exploring sales of their stakes together.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - the LNG, copper and steelmaking coal portfolios with stakes, capacities and production volumes, data centre capacity, the Thai and Indonesian automotive businesses, and Cermaq's salmon volumes. — FY to March 2026 · publ. 1 May 2026 · source ↗
  9. ReportedShell holds 40% of LNG Canada beside Mitsubishi's 15%, and the two were reported to be exploring sales of their stakes together.
    BOE Report (Reuters), 16 January 2026 - Shell and Mitsubishi exploring sale options for their stakes in LNG Canada. — January 2026 · publ. 16 January 2026 · source ↗
  10. ReportedKDDI owns half of Lawson.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the notes on significant investments: MDP and BMA, Lawson, Eneco, LNG Canada, Anglo American Sur and Quellaveco, with book values and ownership. — FY to March 2026 · publ. 1 May 2026 · source ↗
  11. ReportedMitsubishi's S&P rating of A and its size are advantages in those contests.
    Mitsubishi Corporation, FY2024 results presentation - the review of Midterm Corporate Strategy 2024, the Enhance programmes covering all 244 operating companies, capital recycling, and the credit ratings. — FY to March 2025 · publ. 2 May 2025 · source ↗
  12. ReportedMitsubishi trades at about 20 times trailing earnings and 1.70 times book; Mitsui, with higher trailing earnings on a lower value, trades at a lower multiple.
    Mitsubishi Corporation (TYO: 8058) market data - share price, market capitalisation 17.62T yen, trailing revenue, net income and EPS, P/E, forward P/E, dividend and yield, September 2026. — September 2026 · publ. 24 September 2026 · source ↗
  13. ReportedMitsubishi trades at about 20 times trailing earnings and 1.70 times book; Mitsui, with higher trailing earnings on a lower value, trades at a lower multiple.
    Mitsubishi Corporation (TYO: 8058) statistics - price-to-book, the 52-week range, enterprise value and analysts' target price. — September 2026 · publ. September 2026 · source ↗
  14. ReportedMitsubishi trades at about 20 times trailing earnings and 1.70 times book; Mitsui, with higher trailing earnings on a lower value, trades at a lower multiple.
    Mitsui & Co. (TYO: 8031) market data - market capitalisation 14.63T yen and trailing net income 936.38B yen, September 2026. — September 2026 · publ. September 2026 · source ↗
Sources
Generated September 24, 2026