CompetitorsNarrow moat

Mitsui & Co. (8031) — moat facet

Mitsui earns the most of Japan's trading houses and is valued third, because the market discounts profit that comes from iron ore.

Mitsui competes with the other large Japanese trading houses for assets, partners and people, and with nobody for customers in the ordinary sense, because most of what it earns comes from stakes rather than sales. By market value it ranks third of the five: Mitsubishi Corporation ¥18.12 trillion, ITOCHU ¥15.94 trillion, Mitsui ¥14.63 trillion, Sumitomo ¥8.51 trillion and Marubeni ¥8.09 trillion1. By trailing net income it ranks first, at ¥936.38 billion2, against ITOCHU's ¥910.11 billion and Mitsubishi's ¥895.86 billion34.

Market value, September 2026 (¥ tn)Mitsubishi Corp.18.12ITOCHU15.94Mitsui & Co.14.63Sumitomo Corp.8.51Marubeni8.09stockanalysis market-cap comparison, September 2026
Third by value among the five, and first by profit.

The company's own description of the competition is modest: other Japanese global investment and trading companies, and other competitors in similar fields, may have stronger business associations5. What that means in practice is that the rivalry is fought over who gets invited into the next mine, gas field or take-private, and the invitation depends on history and balance sheet.

The rivalry is unusual in that the rivals are frequently partners. Mitsui and Mitsubishi co-own Australian LNG through a 50:50 company and sit together in Sakhalin II6. Mitsui and ITOCHU are both minority partners in BHP's new Ministers North mine7. And the companies Mitsui depends on most, Rio Tinto, BHP and Vale, are the operators of its iron ore and, in Vale's case, a company it partly owns89.

What separates Mitsui from its rivals is the weight of resources in its profit. Mineral & Metal Resources and Energy produced 50.1% of its net profit in the latest year10, which makes it more exposed to commodity prices than ITOCHU and gives it a larger iron ore business than any of the others.

The two smaller houses earn less and are valued less. Sumitomo Corporation's trailing net income was ¥619.05 billion on a market value of ¥8.51 trillion11; Marubeni's ¥575.88 billion on ¥8.09 trillion12. Mitsui earns at least half as much again as either, and is worth 70-80% more13.

The measure is Mitsui's profit relative to the other houses through the commodity cycle. It leads now, with iron ore weak; a year in which it fell behind ITOCHU as well as Mitsubishi would show the resource weighting costing it.

Moat trajectory: Holding steady

The three largest houses earn within a few percent of each other.

The number that tests this moat
Reported
Trailing net income against the two largest rivals
¥936.38bn against ¥910.11bn (ITOCHU) and ¥895.86bn (Mitsubishi)

Mitsui earns most and is valued third; the gap measures the market's discount for resources.

Source: Mitsui & Co. market data (stockanalysis) ↗
Dig deeper
DIG DEEPER 01
Mitsubishi Corporation: The Rival That Shares Its LNG
Mitsubishi is worth more than Mitsui on less profit, and the two own Russian and Australian gas together.
DIG DEEPER 02
ITOCHU: The Rival Inside the Same Mine
ITOCHU and Mitsui compete everywhere except in BHP's newest mine, where each owns a sliver.
DIG DEEPER 03
Rio Tinto and BHP: The Operators It Depends On
Rio Tinto and BHP run the mines that produce a third of Mitsui's profit, and keep inviting it into new ones.
DIG DEEPER 04
Vale: The Competitor It Owns 6.71% Of
Mitsui owns a slice of the Brazilian iron ore producer that competes with its own Australian mines.
References
  1. ReportedBy market value it ranks third of the five: Mitsubishi Corporation ¥18.12 trillion, ITOCHU ¥15.94 trillion, Mitsui ¥14.63 trillion, Sumitomo ¥8.51 trillion and Marubeni ¥8.09 trillion.
    Mitsui & Co. (TYO: 8031) market-cap history and peers - December year-end values and the market values of Mitsubishi, ITOCHU, Sumitomo and Marubeni. — 2021-2026 · publ. September 2026 · source ↗
  2. ReportedBy trailing net income it ranks first, at ¥936.38 billion, against ITOCHU's ¥910.11 billion and Mitsubishi's ¥895.86 billion.
    Mitsui & Co. (TYO: 8031) market data - share price, market capitalisation 14.63T yen, trailing revenue and net income, P/E, forward P/E, dividend, analysts' target, September 2026. — September 2026 · publ. 24 September 2026 · source ↗
  3. ReportedBy trailing net income it ranks first, at ¥936.38 billion, against ITOCHU's ¥910.11 billion and Mitsubishi's ¥895.86 billion.
    ITOCHU Corporation (TYO: 8001) market data - market capitalisation 15.94T yen, trailing net income 910.11B yen, September 2026. — September 2026 · publ. 24 September 2026 · source ↗
  4. ReportedBy trailing net income it ranks first, at ¥936.38 billion, against ITOCHU's ¥910.11 billion and Mitsubishi's ¥895.86 billion.
    Mitsubishi Corporation (TYO: 8058) market data - market capitalisation 17.62T yen, trailing net income 895.86B yen, September 2026. — September 2026 · publ. 24 September 2026 · source ↗
  5. ReportedThe company's own description of the competition is modest: other Japanese global investment and trading companies, and other competitors in similar fields, may have stronger business associations.
    Mitsui & Co., Annual Securities Report for the year to March 2026 (English) - company history, employees, share price history, total shareholder return, equity production, the revenue of the Singapore trading subsidiary, competition and the Arctic LNG 2 guarantees. — FY to March 2026 · publ. 12 August 2026 · source ↗
  6. ReportedMitsui and Mitsubishi co-own Australian LNG through a 50:50 company and sit together in Sakhalin II.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  7. ReportedMitsui and ITOCHU are both minority partners in BHP's new Ministers North mine.
    Mitsui & Co. release, 16 July 2026 - final investment decision on Ministers North with BHP and ITOCHU. — July 2026 · publ. 16 July 2026 · source ↗
  8. ReportedAnd the companies Mitsui depends on most, Rio Tinto, BHP and Vale, are the operators of its iron ore and, in Vale's case, a company it partly owns.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  9. ReportedAnd the companies Mitsui depends on most, Rio Tinto, BHP and Vale, are the operators of its iron ore and, in Vale's case, a company it partly owns.
    Mitsui & Co. Integrated Report 2026, data section - the major affiliates by segment with ownership and share of profit. — FY to March 2022-2026 · publ. 2026 · source ↗
  10. Moat Explorer calcMineral & Metal Resources and Energy produced 50.1% of its net profit in the latest year, which makes it more exposed to commodity prices than ITOCHU and gives it a larger iron ore business than any of the others.
    Moat Explorer calculation from Mitsui & Co.'s reported figures. Resource share of profit: (253.6 + 164.2) / 834.0 = 50.1% (2026), 51.0% (2025), 58.0% (2024). Iron ore business share: 262.2 / 834.0 = 31.4%. Trailing twelve months to June 2026: net income 833,971 - 191,647 + 294,052 = 936,376; revenue 13,995.2 - 3,299.9 + 4,347.6 = 15,042.9; EPS 291.12 - 66.68 + 103.73 = 328.17. P/S at March year-ends: 5,340.8 / 11,757.6 = 0.45 (2022), 0.44 (2023), 0.80 (2024), 0.55 (2025), 16,969.0 / 13,995.2 = 1.21 (2026). Share price change since March: 5,033 / 5,959 - 1 = -15.5%. Shares issued, split-adjusted: 3,284.7 million (March 2022) to 2,864.7 million (March 2026) = -12.8%. Equity-method profit and dividend income: 447.4 + 178.7 = 626.1, 57.6% of profit before tax of 1,087.1. Segment profit over segment assets, year to March 2026: Mineral & Metal Resources 253.6 / 4,313.2 = 5.9%; Machinery & Infrastructure 225.9 / 4,427.3 = 5.1%; Energy 164.2 / 4,181.4 = 3.9%; Chemicals 67.5 / 2,241.8 = 3.0%; Lifestyle 52.0 / 3,091.1 = 1.7%; Innovation & Corporate Development 59.0 / 2,655.3 = 2.2%; Iron & Steel Products 18.9 / 862.4 = 2.2%. Innovation & Corporate Development including other and adjustments: 59.0 + 20.7 - 27.7 = 51.9 (2026), 87.3 - 42.8 + 21.5 = 65.9 (2025), 53.8 + 5.6 - 5.9 = 53.6 (2024). A $10 move in iron ore: 10 x ¥3.0 billion = ¥30 billion, 3.3% of the ¥920 billion forecast. Berkshire's market value over cost: 8,785 / 3,490 = 2.52 times; dividend on cost 201 / 3,490 = 5.8%. Progress against guidance: 294.1 / 920.0 = 32.0%. Profit growth since the year to March 2016's loss: from -83.4 to 834.0. Resource profits: 335.1 + 281.7 = 616.8 (2024) and 253.6 + 164.2 = 417.8 (2026). Three largest segments: (253.6 + 225.9 + 164.2) / 841.1 = 76.5%. Energy Trading Singapore: 1,986,458 / 13,995,222 = 14.2%. First-quarter one-time gains: (44.2 + 10.2) / 294.1 = 18.5%. Innovation & Corporate Development first quarter against plan: 65.2 / 70.0 = 93%. Arctic LNG 2 provision change: 66,109 - 57,759 = 8,350. A $1 move in US gas: 10 x ¥1.2 billion = ¥12 billion. Vale dividend: 35.0 / 59.6 - 1 = -41%; 43.5 / 35.0 - 1 = +24%. Truck leasing holding: 19.8 / 28.4 - 1 = -30%; 18.8 / 19.8 - 1 = -5%. Profit to the 2029 target: 1,100 / 834.0 = 1.32; to the 2031 vision: 1,400 / 834.0 = 1.68. Berkshire value over cost 2.52 and dividend yield on cost 5.8%. Ministers North at full production: 7% x 20 Mt = 1.4 Mt. Mainstream charges: 15.1 + 15.9 + 28.05 = 59.05. Vale dividend fall against segment profit: (59.6 - 35.0) / 285.4 = 8.6%. Mitsui against smaller houses: profit 936.4 / 619.1 = 1.51 and 936.4 / 575.9 = 1.63; value 14.63 / 8.51 = 1.72 and 14.63 / 8.09 = 1.81. Trailing P/E: 14.63 trillion / 936.4 billion = 15.6; P/S 14.63 / 15.043 = 0.97. Dividend growth: 115 / 27.5 = 4.2 times. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Mitsui & Co.'s results, integrated report, securities report and market data; operands shown in the source line.
  11. ReportedSumitomo Corporation's trailing net income was ¥619.05 billion on a market value of ¥8.51 trillion; Marubeni's ¥575.88 billion on ¥8.09 trillion.
    Sumitomo Corporation (TYO: 8053) market data - market capitalisation 8.51T yen, trailing net income 619.05B yen, September 2026. — September 2026 · publ. 24 September 2026 · source ↗
  12. ReportedSumitomo Corporation's trailing net income was ¥619.05 billion on a market value of ¥8.51 trillion; Marubeni's ¥575.88 billion on ¥8.09 trillion.
    Marubeni Corporation (TYO: 8002) market data - market capitalisation 8.09T yen, trailing net income 575.88B yen, September 2026. — September 2026 · publ. 24 September 2026 · source ↗
  13. Moat Explorer calcMitsui earns at least half as much again as either, and is worth 70-80% more.
    Moat Explorer calculation from Mitsui & Co.'s reported figures. Resource share of profit: (253.6 + 164.2) / 834.0 = 50.1% (2026), 51.0% (2025), 58.0% (2024). Iron ore business share: 262.2 / 834.0 = 31.4%. Trailing twelve months to June 2026: net income 833,971 - 191,647 + 294,052 = 936,376; revenue 13,995.2 - 3,299.9 + 4,347.6 = 15,042.9; EPS 291.12 - 66.68 + 103.73 = 328.17. P/S at March year-ends: 5,340.8 / 11,757.6 = 0.45 (2022), 0.44 (2023), 0.80 (2024), 0.55 (2025), 16,969.0 / 13,995.2 = 1.21 (2026). Share price change since March: 5,033 / 5,959 - 1 = -15.5%. Shares issued, split-adjusted: 3,284.7 million (March 2022) to 2,864.7 million (March 2026) = -12.8%. Equity-method profit and dividend income: 447.4 + 178.7 = 626.1, 57.6% of profit before tax of 1,087.1. Segment profit over segment assets, year to March 2026: Mineral & Metal Resources 253.6 / 4,313.2 = 5.9%; Machinery & Infrastructure 225.9 / 4,427.3 = 5.1%; Energy 164.2 / 4,181.4 = 3.9%; Chemicals 67.5 / 2,241.8 = 3.0%; Lifestyle 52.0 / 3,091.1 = 1.7%; Innovation & Corporate Development 59.0 / 2,655.3 = 2.2%; Iron & Steel Products 18.9 / 862.4 = 2.2%. Innovation & Corporate Development including other and adjustments: 59.0 + 20.7 - 27.7 = 51.9 (2026), 87.3 - 42.8 + 21.5 = 65.9 (2025), 53.8 + 5.6 - 5.9 = 53.6 (2024). A $10 move in iron ore: 10 x ¥3.0 billion = ¥30 billion, 3.3% of the ¥920 billion forecast. Berkshire's market value over cost: 8,785 / 3,490 = 2.52 times; dividend on cost 201 / 3,490 = 5.8%. Progress against guidance: 294.1 / 920.0 = 32.0%. Profit growth since the year to March 2016's loss: from -83.4 to 834.0. Resource profits: 335.1 + 281.7 = 616.8 (2024) and 253.6 + 164.2 = 417.8 (2026). Three largest segments: (253.6 + 225.9 + 164.2) / 841.1 = 76.5%. Energy Trading Singapore: 1,986,458 / 13,995,222 = 14.2%. First-quarter one-time gains: (44.2 + 10.2) / 294.1 = 18.5%. Innovation & Corporate Development first quarter against plan: 65.2 / 70.0 = 93%. Arctic LNG 2 provision change: 66,109 - 57,759 = 8,350. A $1 move in US gas: 10 x ¥1.2 billion = ¥12 billion. Vale dividend: 35.0 / 59.6 - 1 = -41%; 43.5 / 35.0 - 1 = +24%. Truck leasing holding: 19.8 / 28.4 - 1 = -30%; 18.8 / 19.8 - 1 = -5%. Profit to the 2029 target: 1,100 / 834.0 = 1.32; to the 2031 vision: 1,400 / 834.0 = 1.68. Berkshire value over cost 2.52 and dividend yield on cost 5.8%. Ministers North at full production: 7% x 20 Mt = 1.4 Mt. Mainstream charges: 15.1 + 15.9 + 28.05 = 59.05. Vale dividend fall against segment profit: (59.6 - 35.0) / 285.4 = 8.6%. Mitsui against smaller houses: profit 936.4 / 619.1 = 1.51 and 936.4 / 575.9 = 1.63; value 14.63 / 8.51 = 1.72 and 14.63 / 8.09 = 1.81. Trailing P/E: 14.63 trillion / 936.4 billion = 15.6; P/S 14.63 / 15.043 = 0.97. Dividend growth: 115 / 27.5 = 4.2 times. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Mitsui & Co.'s results, integrated report, securities report and market data; operands shown in the source line.
Sources
Generated September 24, 2026