No Customer Worth NamingWide moat

Mitsubishi Corporation (8058) — moat facet

Mitsubishi has no customer large enough to disclose and owns shares in many of the ones it has.

Mitsubishi's results contain no customer concentration table. What they contain instead is a statement that the company owned ¥1,440.6 billion of marketable securities at market value at March 2026, mostly equity issued by customers, suppliers and affiliates1, and that these investments expose it to stock price risk2.

Mitsubishi's customer disclosureCustomer concentrationnot disclosedMarketable securities, March 2026¥1,440.6bnIssuersmostly customers, suppliers, affiliatesOperating companies244Mitsubishi Corporation results, May 2026; presentation, May 2025
No concentration, and a trillion-yen web of shareholdings.

The holdings are the Japanese version of a long-term supply contract: a customer whose shares you own, and who may own yours, is one you have a reason to keep. They also tie up capital that earns only a dividend.

The company's customers are spread across its 244 operating companies3 and eight segments4. That diversity is a strength that needs no disclosure.

The stock price risk is disclosed alongside the holdings5: a fall in Japanese equities reduces the value of the securities and, through other comprehensive income, Mitsubishi's equity.

The measure is the size of the holdings. A company reducing cross-shareholdings is choosing capital efficiency over relationship insurance.

Moat trajectory: Holding steady

No concentration and large cross-holdings, unchanged.

The number that tests this moat
Reported
Operating companies
244

The spread of the customer base across businesses; no single one is material.

Source: Mitsubishi Corporation results presentation, May 2025 ↗
References
  1. ReportedWhat they contain instead is a statement that the company owned ¥1,440.6 billion of marketable securities at market value at March 2026, mostly equity issued by customers, suppliers and affiliates, and that these investments expose it to stock price risk.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the risk disclosures: commodity and currency sensitivities, floating-rate debt, marketable securities and the Middle East. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. ReportedWhat they contain instead is a statement that the company owned ¥1,440.6 billion of marketable securities at market value at March 2026, mostly equity issued by customers, suppliers and affiliates, and that these investments expose it to stock price risk.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the risk disclosures: commodity and currency sensitivities, floating-rate debt, marketable securities and the Middle East. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedThe company's customers are spread across its 244 operating companies and eight segments.
    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 ↗
  4. ReportedThe company's customers are spread across its 244 operating companies and eight segments.
    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 ↗
  5. ReportedThe stock price risk is disclosed alongside the holdings: a fall in Japanese equities reduces the value of the securities and, through other comprehensive income, Mitsubishi's equity.
    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