Machinery & InfrastructureNarrow moat

Mitsui & Co. (8031) — moat facet

Mitsui's machinery segment is a portfolio of American vehicles, contracted power and pipes, and it barely moves.

Machinery & Infrastructure earned ¥248.7 billion in the year to March 2024, ¥232.9 billion in 2025 and ¥225.9 billion in 202612. Its revenue was ¥1,523.2 billion3 and its assets ¥4,427.3 billion4, a return of about 5.1%5. Its equity-method profit of ¥239.8 billion was larger than its net profit6.

Machinery & Infrastructure (¥ bn, years to March)248.72024232.92025225.92026240.02027 plan, new basisThe plan includes power moved from Energy; Mitsui results, May 2026
Steady, and larger on the new basis.

The segment is a collection of stakes. Penske Automotive contributed ¥27.1 billion and Penske Truck Leasing's holding company ¥18.8 billion, and the Americas motor vehicle and truck businesses as a whole ¥48.4 billion; IPP businesses ¥28.8 billion; construction and industrial machinery ¥27.7 billion; shipping ¥21.5 billion; FPSO and FSO leasing ¥20.2 billion; and gas infrastructure ¥17.7 billion7. In Peru, Komatsu-Mitsui Maquinarias holds a market share of over 60%8.

From April 2026 the segment took in the power business from Energy and was renamed Mobility, Digital & Infrastructure9; restated, the latest year's profit becomes ¥232.3 billion. Its plan for the current year is ¥240.0 billion10, and the first quarter earned ¥73.0 billion against ¥49.4 billion11.

The measure is the Penske take-private. If it completes, the segment's largest contributor grows, and so does its exposure to American car retail.

Moat trajectory: Holding steady

Profit has held between ¥226 billion and ¥249 billion.

The number that tests this moat
Reported
Mobility, Digital & Infrastructure profit, April-June 2026
¥73.0bn against ¥49.4bn

The renamed segment's first quarter, including power, against a ¥240.0 billion plan.

Source: Mitsui & Co. results, April-June 2026 ↗
References
  1. ReportedMachinery & Infrastructure earned ¥248.7 billion in the year to March 2024, ¥232.9 billion in 2025 and ¥225.9 billion in 2026.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2025 (IFRS) - including segment information for the years to March 2025 and 2024. — FY to March 2025 · publ. May 2025 · source ↗
  2. ReportedMachinery & Infrastructure earned ¥248.7 billion in the year to March 2024, ¥232.9 billion in 2025 and ¥225.9 billion in 2026.
    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 ↗
  3. ReportedIts revenue was ¥1,523.2 billion and its assets ¥4,427.3 billion, a return of about 5.1%.
    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. ReportedIts revenue was ¥1,523.2 billion and its assets ¥4,427.3 billion, a return of about 5.1%.
    Mitsui & Co. Integrated Report 2026, data section - results by operating segment: gross profit, equity-method profit, dividend income, core operating cash flow and total assets. — FY to March 2022-2026 · publ. 2026 · source ↗
  5. Moat Explorer calcIts revenue was ¥1,523.2 billion and its assets ¥4,427.3 billion, a return of about 5.1%.
    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.
  6. ReportedIts equity-method profit of ¥239.8 billion was larger than its net profit.
    Mitsui & Co. Integrated Report 2026, data section - results by operating segment: gross profit, equity-method profit, dividend income, core operating cash flow and total assets. — FY to March 2022-2026 · publ. 2026 · source ↗
  7. ReportedPenske Automotive contributed ¥27.1 billion and Penske Truck Leasing's holding company ¥18.8 billion, and the Americas motor vehicle and truck businesses as a whole ¥48.4 billion; IPP businesses ¥28.8 billion; construction and industrial machinery ¥27.7 billion; shipping ¥21.5 billion; FPSO and FSO leasing ¥20.2 billion; and gas infrastructure ¥17.7 billion.
    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 ↗
  8. ReportedIn Peru, Komatsu-Mitsui Maquinarias holds a market share of over 60%.
    Mitsui & Co. Integrated Report 2026, Our Edge - profit of the iron ore, LNG, mobility and protein and healthcare businesses, the iron ore and LNG growth paths, IHH's hospitals and market positions. — 2026 · publ. 2026 · source ↗
  9. ReportedFrom April 2026 the segment took in the power business from Energy and was renamed Mobility, Digital & Infrastructure; restated, the latest year's profit becomes ¥232.3 billion.
    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 ↗
  10. ReportedIts plan for the current year is ¥240.0 billion, and the first quarter earned ¥73.0 billion against ¥49.4 billion.
    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 ↗
  11. ReportedIts plan for the current year is ¥240.0 billion, and the first quarter earned ¥73.0 billion against ¥49.4 billion.
    Mitsui & Co., Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenue, profit, segment results on the new basis, core operating cash flow and the balance sheet. — April-June 2026 · publ. 4 August 2026 · source ↗
Sources
Generated September 24, 2026