Mitsui: The Rival in the Same ProjectsNarrow moat

Mitsubishi Corporation (8058) — moat facet

Mitsui shares Mitsubishi's Russian LNG stake and now earns more on a smaller market value.

Mitsui & Co. is the trading house most like Mitsubishi in its resource mix, and the two share assets. In Sakhalin 2 Mitsui holds 12.5% and Mitsubishi 10%, beside Gazprom's 77.5%1. The two often appear on the same side of a project and on opposite sides of the next.

Trailing net income, September 2026 (¥ bn)936.38Mitsui & Co.895.9Mitsubishi Corp.stockanalysis; Mitsubishi figure is a Moat Explorer calculation
Mitsui earns a little more; the market values Mitsubishi a fifth higher.

In the latest period Mitsui earned more. Its trailing net income was ¥936.38 billion, on a market value of ¥14.63 trillion2; Mitsubishi's trailing net income was ¥895.9 billion3 on ¥17.62 trillion4. The market pays more for each yen of Mitsubishi's profit.

The difference is partly coal. Mitsubishi's largest resource profit collapsed with coking coal5, while Mitsui's resource profits come more from other commodities.

The two companies also meet in Chile. Mitsubishi's 20.4% of Anglo American Sur sits beside a stake held by a joint venture of Codelco and Mitsui6, so the two trading houses are co-owners there too.

The measure is the profit gap. If Mitsubishi's guidance of ¥1.1 trillion is met7, it will again earn more; if not, the market will have to decide whether its premium is justified.

Moat trajectory: Narrowing

Mitsui's trailing profit exceeds Mitsubishi's; Mitsubishi's guidance would restore the lead.

The number that tests this moat
Reported
Trailing net income against Mitsui
¥895.9bn against ¥936.38bn

Mitsui earns more on a smaller market value; the gap closing is what Mitsubishi's premium requires.

Source: Mitsui & Co. market data (stockanalysis) ↗
References
  1. ReportedIn Sakhalin 2 Mitsui holds 12.5% and Mitsubishi 10%, beside Gazprom's 77.5%.
    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 ↗
  2. ReportedIts trailing net income was ¥936.38 billion, on a market value of ¥14.63 trillion; Mitsubishi's trailing net income was ¥895.9 billion on ¥17.62 trillion.
    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 ↗
  3. Moat Explorer calcIts trailing net income was ¥936.38 billion, on a market value of ¥14.63 trillion; Mitsubishi's trailing net income was ¥895.9 billion on ¥17.62 trillion.
    Moat Explorer calculation from Mitsubishi Corporation's reported figures. Equity-method profit over net profit: 467.9 / 800.5 = 58.5%. Mineral Resources plus Environmental Energy over segment total: (204.5 + 160.9) / 752.1 = 48.6%. Energy & Power (Environmental Energy plus Power Solution): 238.8 + 97.9 = 336.7 (year to March 2024), 198.6 - 15.6 = 183.0 (2025), 160.9 + 43.4 = 204.3 (2026). Other and adjustments: 51.2 - 9.2 = 42.0 (2025), 51.8 - 3.5 = 48.3 (2026). Trailing twelve months to June 2026: net profit 800.5 + 298.5 - 203.1 = 895.9; revenue 19,878.3; EPS 210.92 + 81.53 - 51.59 = 240.86. Progress against guidance: 298.5 / 1,100.0 = 27.1%. Share price change since March: 4,811 / 5,317 - 1 = -9.5%. Berkshire's market value over cost: 9,207 / 4,248 = 2.17 times; dividend on cost 273 / 4,248 = 6.4%. Mitsubishi Development profit: 190.2, 132.9, 8.3. Copper profit growth: 149.9 / 63.8 = 2.35 times. Segment profit over segment assets, year to March 2026: Mineral Resources 204.5 / 5,995.2 = 3.4%; Energy & Power 204.3 / 6,079.0 = 3.4%; Smart-Life Creation 91.0 / 2,745.5 = 3.3%; Food Industry 83.3 / 2,334.1 = 3.6%; Urban Development & Infrastructure 85.1 / 2,173.8 = 3.9%; Mobility 57.6 / 1,942.7 = 3.0%; Materials Solution 26.3 / 1,971.4 = 1.3%. Adjusted net income growth implied by guidance: (1,100.0 - 280.0) / 703.7 = 1.17. Split-adjusted dividend growth: 125 / 44 = 2.8 times. Buyback share of shares: 318.4 / 4,028.9 = 7.9%. Data-centre capacity growth: 168 / 29 = 5.8 times. Average buyback price: about ¥1,000,000 million / 318.4 million shares = about ¥3,141. Lawson return on carrying value: 28.8 / 502.6 = 5.7%. Copper profit excluding the Anglo American Sur reversal: 149.9 - 53.2 = 96.7. Interest cost of one percentage point on ¥5,746.9 billion: about ¥57 billion. Eneco goodwill cover: 167.0 / 31.0 = 5.4 years of profit. Aethon expected return: ¥50-60 billion on about ¥800 billion = 6-8%. Oil assumption effect: (78 - 70) x ¥2.4 billion = about ¥19 billion. Market value over adjusted net income: 17,620 / 703.7 = 25 times. Dividends paid: 408,458 / 289,692 = 1.41 (up 41%) while net income 800.5 / 964.0 = 0.83 (down 17%). MDP return on plant: 8.3 / 1,160.6 = 0.7%. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Mitsubishi Corporation's results, presentations and market data; operands shown in the source line.
  4. ReportedIts trailing net income was ¥936.38 billion, on a market value of ¥14.63 trillion; Mitsubishi's trailing net income was ¥895.9 billion on ¥17.62 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 ↗
  5. ReportedMitsubishi's largest resource profit collapsed with coking coal, while Mitsui's resource profits come more from other commodities.
    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 ↗
  6. ReportedMitsubishi's 20.4% of Anglo American Sur sits beside a stake held by a joint venture of Codelco and Mitsui, so the two trading houses are co-owners there too.
    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 ↗
  7. ReportedIf Mitsubishi's guidance of ¥1.1 trillion is met, it will again earn more; if not, the market will have to decide whether its premium is justified.
    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 ↗
Sources
Generated September 24, 2026