The Trillion-Yen BuybackNarrow moat

Mitsubishi Corporation (8058) — moat facet

Mitsubishi bought back 7.9% of itself at around ¥3,100 a share, and the shares now trade at about ¥4,800.

From April 2025 to March 2026 Mitsubishi bought back 318,397,611 of its own shares for about ¥1 trillion, 7.9% of the shares outstanding, and cancelled them on 30 April 20261. At the end of June 2026 it had 3,710,528,742 shares issued2.

Shares issued (millions)4,028.9March 20263,710.5June 2026318.4 million shares cancelled on 30 April 2026; Mitsubishi results
A 7.9% smaller share count in one cancellation.

It was the largest buyback in the company's history, and it was paid for partly with the proceeds of capital recycling. The buyback's average price was about ¥3,140 a share3; the shares closed at ¥5,317 at the end of March 20264 and ¥4,811 in September5.

A buyback at a low price concentrates future profit on fewer shares. Earnings per share for the current year are guided at ¥300.426, against ¥210.92 in the latest year7.

The buyback reduced shares issued from 4,374,907,053 in March 2023 to 3,710,528,742 in June 202689, including earlier programmes. The company held 47,834,615 shares in treasury at the end of June 202610.

The measure is EPS growth relative to net income growth. The guided EPS rise of 42% against a net income rise of 37%11 is the buyback's contribution.

Moat trajectory: Widening

The buyback is complete and cancelled; the share count has fallen by 7.9%.

The number that tests this moat
Reported
Shares issued after cancellation
3,710,528,742 at June 2026, from 4,028,926,353

The buyback's effect; EPS growth faster than profit growth is the payoff.

Source: Mitsubishi Corporation results, April-June 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
Buybacks Need Cash
The trillion-yen buyback was funded partly with debt, which limits how many more there can be.
References
  1. ReportedFrom April 2025 to March 2026 Mitsubishi bought back 318,397,611 of its own shares for about ¥1 trillion, 7.9% of the shares outstanding, and cancelled them on 30 April 2026.
    Globe and Mail (TipRanks), completion of Mitsubishi Corporation's ¥1 trillion share buyback - 318,397,611 shares, 7.9% of shares outstanding, cancelled on 30 April 2026. — March-April 2026 · publ. March 2026 · source ↗
  2. ReportedAt the end of June 2026 it had 3,710,528,742 shares issued.
    Mitsubishi Corporation, Financial Highlights for the three months ended June 30, 2026 (IFRS) - revenues, profit, segment results on seven segments, cash flows, the balance sheet and share count after the buyback cancellation. — April-June 2026 · publ. 6 August 2026 · source ↗
  3. Moat Explorer calcThe buyback's average price was about ¥3,140 a share; the shares closed at ¥5,317 at the end of March 2026 and ¥4,811 in September.
    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. ReportedThe buyback's average price was about ¥3,140 a share; the shares closed at ¥5,317 at the end of March 2026 and ¥4,811 in September.
    Mitsubishi Corporation (TYO: 8058) ratios - market capitalisation, P/E, P/S and P/B at each March year-end, 2022-2026. — March 2022-March 2026 · publ. September 2026 · source ↗
  5. ReportedThe buyback's average price was about ¥3,140 a share; the shares closed at ¥5,317 at the end of March 2026 and ¥4,811 in September.
    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 ↗
  6. ReportedEarnings per share for the current year are guided at ¥300.42, against ¥210.92 in the latest 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 ↗
  7. ReportedEarnings per share for the current year are guided at ¥300.42, against ¥210.92 in the latest 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 ↗
  8. ReportedThe buyback reduced shares issued from 4,374,907,053 in March 2023 to 3,710,528,742 in June 2026, including earlier programmes.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2025 (IFRS) - including the eight-segment note with the year to March 2024 restated and the three-for-one share split of 1 January 2024. — FY to March 2025 · publ. 2 May 2025 · source ↗
  9. ReportedThe buyback reduced shares issued from 4,374,907,053 in March 2023 to 3,710,528,742 in June 2026, including earlier programmes.
    Mitsubishi Corporation, Financial Highlights for the three months ended June 30, 2026 (IFRS) - revenues, profit, segment results on seven segments, cash flows, the balance sheet and share count after the buyback cancellation. — April-June 2026 · publ. 6 August 2026 · source ↗
  10. ReportedThe company held 47,834,615 shares in treasury at the end of June 2026.
    Mitsubishi Corporation, Financial Highlights for the three months ended June 30, 2026 (IFRS) - revenues, profit, segment results on seven segments, cash flows, the balance sheet and share count after the buyback cancellation. — April-June 2026 · publ. 6 August 2026 · source ↗
  11. ReportedThe guided EPS rise of 42% against a net income rise of 37% is the buyback's contribution.
    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