Ninety Percent From Outside JapanNarrow moat

Mitsui & Co. (8031) — moat facet

Mitsui is a Japanese company that earns nine-tenths of its profit abroad.

Mitsui is a Japanese company that earns most of its profit elsewhere. In the latest year the Americas produced 41% of profit, Asia Pacific 39%, Japan 10% and Europe and other regions 10%1. It has 120 offices in 62 countries and regions2, and 206 of its 278 consolidated subsidiaries are overseas3.

Overseas share of consolidated subsidiaries (number)206Overseas72JapanMitsui results, year to March 2026
Three-quarters of the subsidiaries are outside Japan.

The regional split follows the assets. Asia Pacific includes the Australian iron ore and LNG; the Americas include Penske, the US gas and LNG businesses and Brazil. Japan contributes mostly through trading and domestic businesses such as food and retail.

The consequence for shareholders is currency. Net profit changes by ¥4.6 billion for every yen move against the dollar and ¥1.8 billion against the Australian dollar4. A weaker yen has helped Mitsui's reported profits; a stronger one would reverse it.

The measure is the Americas' share. Rising with the Penske take-private and US gas would make Mitsui more American than Asian by profit.

Moat trajectory: Holding steady

The regional split is steady; the Penske proposal would raise the Americas' share.

The number that tests this moat
Reported
Share of profit from outside Japan, latest year
90% (Americas 41%, Asia Pacific 39%)

Where the profit is earned; the Americas' share would rise with Penske.

Source: Mitsui & Co. Integrated Report 2026, At a Glance ↗
References
  1. ReportedIn the latest year the Americas produced 41% of profit, Asia Pacific 39%, Japan 10% and Europe and other regions 10%.
    Mitsui & Co. Integrated Report 2026, At a Glance - consolidated subsidiaries and equity-method investees, offices, share of profit by region and market positions. — 2026 · publ. 2026 · source ↗
  2. ReportedIt has 120 offices in 62 countries and regions, and 206 of its 278 consolidated subsidiaries are overseas.
    Mitsui & Co. Integrated Report 2026, At a Glance - consolidated subsidiaries and equity-method investees, offices, share of profit by region and market positions. — 2026 · publ. 2026 · source ↗
  3. ReportedIt has 120 offices in 62 countries and regions, and 206 of its 278 consolidated subsidiaries are overseas.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, segment information, dividends, buybacks and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. ReportedNet profit changes by ¥4.6 billion for every yen move against the dollar and ¥1.8 billion against the Australian dollar.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, segment information, dividends, buybacks and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026