Major ClientsNarrow moat

Sumitomo Corporation (8053) — moat facet

Sumitomo has no customer worth naming and a third of its revenue from Japan.

Sumitomo does not disclose any customer accounting for 10% or more of its revenue. Its annual financial report frames concentration risk by country, sector and business partner instead: the group's business and investment could concentrate its exposure in specific countries, sectors or business partners1.

Revenue by region, year to March 2026 (¥ bn)Japan — 39%United States — 19%Europe & CIS — 13%Asia Pacific — 11%Other Americas — 9%Middle East, Africa, East Asia — 10%Sumitomo Annual Financial Report 2026
Japan the largest, the United States second.

Its revenue is spread widely. In the latest year Japan provided ¥2,840,605 million, the United States ¥1,391,341 million, Europe and the CIS ¥986,146 million, Asia Pacific ¥774,305 million, other parts of the Americas ¥641,452 million, the Middle East and Africa ¥365,372 million and East Asia ¥338,038 million2. Japan is 38.7% and the United States 19.0%3.

It sells through 327 consolidated subsidiaries and 192 equity-accounted companies4, from steel service centres to supermarkets. It has offices in 123 locations in 62 countries and regions5.

The customer mix has changed with the portfolio. Leasing's customers are airlines; SCSK's are Japanese companies; the power plants' are utilities; JCOM's and Summit's are Japanese households.

The revenue mix by type shows what kind of seller Sumitomo is. Of ¥7,337,259 million of revenue, ¥6,508,037 million came from selling goods and ¥829,222 million from services and other sources6. Most of its customers buy physical products, from steel sheet to supermarket groceries.

The measure is revenue from the Middle East and Africa, which fell from ¥485,892 million to ¥365,372 million in a year7. It is the region where the company's customers are most exposed to the current conflict.

Moat trajectory: Holding steady

Diversification unchanged; the Middle East shrank.

The number that tests this moat
Reported
Japan's share of revenue, latest year
38.7% (¥2,840.6bn)

The home market's share; the US is 19.0%.

Source: Sumitomo Corporation Annual Financial Report 2026 ↗
Dig deeper
DIG DEEPER 01
No Customer Above Ten Percent
No customer is large enough for Sumitomo to name.
DIG DEEPER 02
Japan Is 39% of Revenue
Nearly two-fifths of Sumitomo's revenue comes from Japan, more than from anywhere else.
DIG DEEPER 03
The Middle East Customers
Sumitomo's Middle Eastern customers bought a quarter less last year, and the war has made this year uncertain.
DIG DEEPER 04
Airlines, Through the Lessors
Airlines are among Sumitomo's most important customers, reached through lessors it partly owns.
References
  1. ReportedIts annual financial report frames concentration risk by country, sector and business partner instead: the group's business and investment could concentrate its exposure in specific countries, sectors or business partners.
    Sumitomo Corporation, Annual Financial Report for the year to March 2026 - business risks, including concentration, country and commodity risks and the Strait of Hormuz. — FY to March 2026 · publ. June 2026 · source ↗
  2. ReportedIn the latest year Japan provided ¥2,840,605 million, the United States ¥1,391,341 million, Europe and the CIS ¥986,146 million, Asia Pacific ¥774,305 million, other parts of the Americas ¥641,452 million, the Middle East and Africa ¥365,372 million and East Asia ¥338,038 million.
    Sumitomo Corporation, Annual Financial Report for the year to March 2026 - segment information and revenue by geography and type. — FY to March 2026 · publ. June 2026 · source ↗
  3. Moat Explorer calcJapan is 38.7% and the United States 19.0%.
    Moat Explorer calculation from Sumitomo Corporation's reported figures. Per-share figures divided by four for the 1 July 2026 split: EPS 499.09 / 4 = 124.77, 463.66 / 4 = 115.92; DPS 150 / 4 = 37.5. Trailing twelve months to June 2026: profit 600.3 - 170.9 + 190.1 = 619.5; revenue 7,337.3 - 1,787.9 + 1,949.4 = 7,498.8; EPS 124.77 - 35.29 + 39.95 = 129.43. Market value at March year-ends (close x shares issued, including treasury shares): 1,118.5 x 1,250.6m = ¥1,399bn (2016), 5,780 x 1,211.4m = ¥7,002bn (2026); P/E 1,399 / 74.5 = 18.8 and 7,002 / 600.3 = 11.7. Trailing P/E 8.51 trillion / 619.5 billion = 13.7; P/S 8.51 / 7.4988 = 1.13. Revenue by region, year to March 2026: Japan 2,840,605 / 7,337,259 = 38.7%; United States 1,391,341 / 7,337,259 = 19.0%. Equity-method profit over profit before tax: 266.7 / 702.0 = 38%. Mineral share of underlying profit: 99 / 524 = 19%. Profit growth over two years: 600.3 / 386.4 = 1.55. Profit against the plan target: 630.0 / 650.0 = 97%. Lifestyle and corporate band: 14.1 - 4.5 = 9.6 (2025) and -3.6 + 33.5 = 29.9 (2026). Largest four segments, year to March 2026: 102.4 + 88.9 + 82.3 + 81.5 = 355.1, 59% of 600.3. Berkshire market value over cost: 4,022 / 1,907 = 2.1 times; dividends on cost 102 / 1,907 = 5.3%. SCSK premium: 5,700 / 4,359 - 1 = 30.8%. Share count since 2013: 1,195.1m pre-split equivalent against 1,250.6m = -4.4%. Buyback: 47.65m shares against 4,780.5m issued = 1.0%. Q1 progress: 190.1 / 630.0 = 30%. Segment return on assets, year to March 2026: Energy Transformation 102.4 / 1,977.8 = 5.2%; Steel 74.3 / 1,199.5 = 6.2%; Automotive 63.2 / 861.7 = 7.3%; Transportation & Construction Systems 88.9 / 1,874.9 = 4.7%; Diverse Urban Development 81.5 / 1,792.9 = 4.5%; Media & Digital 51.2 / 1,492.7 = 3.4%; Mineral Resources 82.3 / 2,463.7 = 3.3%; Chemical Solutions 26.5 / 942.7 = 2.8%. Dividend per share, split-adjusted: 70 / 4 = 17.5 (2021) to 150 / 4 = 37.5 (2026) and 40 forecast; 37.5 / 17.5 = 2.1 times. Commercial Aviation underlying: 38.7 / 19.7 = 1.96 times. Eight growth areas: 382.7 / 279.9 - 1 = 36.7%. Low-ROIC capital: ¥3.0 bn / ¥1 trillion = 0.3%. Commercial Aviation forecast increase: 38.7 - 19.7 = 19.0; 19.0 / 330 = 5.8%. SCSK charge against comprehensive income: 722.7 / 1,029.6 = 70%. SCSK price rise: (5,700 - 5,050) x 154.7m = ¥100.6bn. Construction systems margin: 18.8 / 718.3 = 2.6%. Planned investment raised from 1.8 to 3.0 trillion = +67%. Low-return plus asset-turnover capital: (1.0 + 0.7) / 9.44 = 18%. Eight growth areas forecast increase: 382.7 - 305.0 = 77.7, against 15.0 added in the latest year. Forecast dividends over forecast profit: 191.0 / 630.0 = 30.3%. Value against the big three: 8.51 / 17.62 = 0.48, 8.51 / 14.63 = 0.58; their value over Sumitomo's 1.72-2.07; profit 619.05 / 936.38 = 0.66 and 619.05 / 895.86 = 0.69. Low-ROIC capital against total invested capital: 1.0 / 9.44 = 10.6%. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Sumitomo Corporation's results, presentations, annual financial report and market data; operands shown in the source line.
  4. ReportedIt sells through 327 consolidated subsidiaries and 192 equity-accounted companies, from steel service centres to supermarkets.
    Sumitomo Corporation company profile - establishment date, employees, offices, consolidated subsidiaries and associated companies. — March 2026 · publ. 2026 · source ↗
  5. ReportedIt has offices in 123 locations in 62 countries and regions.
    Sumitomo Corporation company profile - establishment date, employees, offices, consolidated subsidiaries and associated companies. — March 2026 · publ. 2026 · source ↗
  6. ReportedOf ¥7,337,259 million of revenue, ¥6,508,037 million came from selling goods and ¥829,222 million from services and other sources.
    Sumitomo Corporation, Annual Financial Report for the year to March 2026 - segment information and revenue by geography and type. — FY to March 2026 · publ. June 2026 · source ↗
  7. ReportedThe measure is revenue from the Middle East and Africa, which fell from ¥485,892 million to ¥365,372 million in a year.
    Sumitomo Corporation, Annual Financial Report for the year to March 2026 - segment information and revenue by geography and type. — FY to March 2026 · publ. June 2026 · source ↗
Sources
Generated September 24, 2026