Smart-Life CreationNarrow moat

Mitsubishi Corporation (8058) — moat facet

Smart-Life Creation turned from a consolidated retailer into a set of stakes when Lawson was shared with KDDI.

Smart-Life Creation earned ¥102.7 billion in the year to March 2024, ¥185.0 billion in 2025 and ¥91.0 billion in 202612. The middle year included the ¥122.5 billion Lawson revaluation gain3. Its revenue was ¥2,514.1 billion in the latest year4, and its gross profit ¥233.5 billion, down from ¥538.5 billion when Lawson was consolidated5.

Smart-Life Creation gross profit (¥ bn, years to March)806.12024538.52025233.52026Gross profit fell as Lawson was deconsolidated; Mitsubishi results
Gross profit fell by more than two-thirds as Lawson left consolidation.

The segment holds half of Lawson, carried at ¥502.6 billion6; Mitsubishi Shokuhin, now wholly owned; 25.6% of Life Corporation, a supermarket chain; 18.0% of Mitsubishi HC Capital; and 80% of MC Healthcare7. Its equity-method profit was ¥98.6 billion8, most of its profit, because Lawson is no longer consolidated.

Its assets were ¥2,745.5 billion9, earning about 3.3%10. The forecast for the current year is ¥120.0 billion11. In the April-June 2026 quarter it earned ¥20.5 billion against ¥27.8 billion12.

The measure is the ¥120.0 billion forecast. The first quarter fell; the rest of the year has to make up the difference.

Moat trajectory: Holding steady

Profit returned to about ¥91 billion after the one-time gain; the forecast is higher.

The number that tests this moat
Reported
Smart-Life Creation net income
¥91.0bn against ¥185.0bn (incl. ¥122.5bn gain)

Excluding the Lawson gain, profit rose; the forecast of ¥120.0 billion needs the first quarter's fall reversed.

Source: Mitsubishi Corporation results, year to March 2026 ↗
References
  1. ReportedSmart-Life Creation earned ¥102.7 billion in the year to March 2024, ¥185.0 billion in 2025 and ¥91.0 billion in 2026.
    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 ↗
  2. ReportedSmart-Life Creation earned ¥102.7 billion in the year to March 2024, ¥185.0 billion in 2025 and ¥91.0 billion in 2026.
    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 ↗
  3. ReportedThe middle year included the ¥122.5 billion Lawson revaluation gain.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - capital recycling and one-time items and adjusted consolidated net income. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. Third-party estimateIts revenue was ¥2,514.1 billion in the latest year, and its gross profit ¥233.5 billion, down from ¥538.5 billion when Lawson was consolidated.
    Mitsubishi Corporation (TYO: 8058) annual financials - revenue by segment for the years to March 2024, 2025 and 2026, and capital expenditure. — FY to March 2024-2026 · publ. September 2026 · source ↗
  5. ReportedIts revenue was ¥2,514.1 billion in the latest year, and its gross profit ¥233.5 billion, down from ¥538.5 billion when Lawson was consolidated.
    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 ↗
  6. ReportedThe segment holds half of Lawson, carried at ¥502.6 billion; Mitsubishi Shokuhin, now wholly owned; 25.6% of Life Corporation, a supermarket chain; 18.0% of Mitsubishi HC Capital; and 80% of MC Healthcare.
    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. ReportedThe segment holds half of Lawson, carried at ¥502.6 billion; Mitsubishi Shokuhin, now wholly owned; 25.6% of Life Corporation, a supermarket chain; 18.0% of Mitsubishi HC Capital; and 80% of MC Healthcare.
    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 ↗
  8. ReportedIts equity-method profit was ¥98.6 billion, most of its profit, because Lawson is no longer consolidated.
    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 ↗
  9. ReportedIts assets were ¥2,745.5 billion, earning about 3.3%.
    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 ↗
  10. Moat Explorer calcIts assets were ¥2,745.5 billion, earning about 3.3%.
    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.
  11. ReportedThe forecast for the current year is ¥120.0 billion.
    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 ↗
  12. ReportedIn the April-June 2026 quarter it earned ¥20.5 billion against ¥27.8 billion.
    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 ↗
Sources
Generated September 24, 2026