CompetitorsNarrow moat

ITOCHU (8001) — moat facet

ITOCHU is the consumer-heavy house among resource-heavy rivals, and its rivalry with them is sharpest in convenience stores.

ITOCHU competes with the other large Japanese trading houses for assets, partners and people, and with specific rivals in each business. Its market value of about ¥15.5 trillion1 ranks second to Mitsubishi Corporation's ¥17.62 trillion and ahead of Mitsui & Co.'s ¥14.63 trillion23. By trailing net income, ITOCHU's ¥910.1 billion4 sits between Mitsubishi's ¥895.86 billion and Mitsui's ¥936.38 billion56.

Trailing net income, September 2026 (¥ bn)Mitsui & Co.936.4ITOCHU910.1Mitsubishi Corp.895.9stockanalysis; ITOCHU figure is a Moat Explorer calculation
Three houses within a few percent of each other.

The houses differ in what they own. Mitsubishi and Mitsui earn much of their profit from resources; ITOCHU's non-resource share is about 85%7. That makes the rivalry most direct in consumer businesses, where Mitsubishi owns half of Lawson8 and ITOCHU owns FamilyMart.

One rival is a relative. Marubeni and ITOCHU both trace their founding to Chubei Itoh in 1858910, and in 1949 Daiken Co. separated into C. Itoh & Co., Marubeni Co. and two other companies11. They still own Marubeni-Itochu Steel together12.

ITOCHU's historical ambition was stated plainly in its 2013 plan: to be the number one trading company in non-resource sectors13. By its own profit split it has achieved that.

The houses also compete for Berkshire's attention. Berkshire holds more than 10% of each of the five largest, and ITOCHU's disclosure shows it as ITOCHU's largest shareholder14.

The measure is ITOCHU's profit relative to the resource-heavy houses through a commodity cycle. In a strong commodity year they earn more; in a weak one, ITOCHU should lead.

Moat trajectory: Holding steady

The three largest houses earn similar amounts; ITOCHU's mix is the most stable.

The number that tests this moat
Reported
Trailing net income against the two largest rivals
¥910.1bn against ¥895.86bn (Mitsubishi) and ¥936.38bn (Mitsui)

Three houses of similar profit and very different mixes; ITOCHU leading in a commodity downturn would prove the strategy.

Source: Mitsui & Co. market data (stockanalysis) ↗
Dig deeper
DIG DEEPER 01
Mitsubishi Corporation: The Rival Worth More
Mitsubishi is worth more than ITOCHU on slightly less profit, because the market pays for its scale in resources.
DIG DEEPER 02
Mitsui & Co.: The Rival That Earns Most
Mitsui earns the most of the three largest houses and competes with ITOCHU in iron ore.
DIG DEEPER 03
Marubeni: The Sibling
Marubeni is ITOCHU's sibling, steel partner and smaller rival.
DIG DEEPER 04
Lawson: The Rival Chain
Lawson is FamilyMart's direct rival, owned half by ITOCHU's largest trading-house competitor.
References
  1. Moat Explorer calcIts market value of about ¥15.5 trillion ranks second to Mitsubishi Corporation's ¥17.62 trillion and ahead of Mitsui & Co.'s ¥14.63 trillion.
    Moat Explorer calculation from ITOCHU's reported figures. Trailing twelve months to June 2026: net profit 900.3 - 283.9 + 293.8 = 910.1; revenue 14,823.1 - 3,558.9 + 3,875.9 = 15,140.1; EPS 128.00 - 40.10 + 42.02 = 129.92. Market value at 24 September 2026: 6,993,053,267 shares x ¥2,220.5 = ¥15.53 trillion. P/E at March year-end: market value over net profit, e.g. 13,802 / 900.3 = 15.3 (2026), 6,090 / 820.3 = 7.4 (2022), 3,046 / 500.5 = 6.1 (2019). Non-resource share of profit: 774.7 / (774.7 + 133.3) = 85%. Segment net profit over segment assets, year to March 2026: Machinery 155.6 / 2,603.5 = 6.0%; Metals & Minerals 143.5 / 1,793.4 = 8.0%; ICT & Financial 93.0 / 1,577.2 = 5.9%; Food 92.1 / 2,403.4 = 3.8%; Energy & Chemicals 69.3 / 1,819.4 = 3.8%; General Products & Realty 60.8 / 1,628.7 = 3.7%; The 8th 45.0 / 2,197.3 = 2.0%; Textile 43.3 / 751.9 = 5.8%. Segment net margin on revenue: Food 92.1 / 5,134.2 = 1.8%; Energy & Chemicals 69.3 / 3,069.6 = 2.3%; Machinery 155.6 / 1,500.6 = 10.4%; Metals & Minerals 143.5 / 1,231.5 = 11.7%. Berkshire's market value over cost: 8,886 / 4,165 = 2.13 times; dividend on cost 181 / 4,165 = 4.3%. Self-tender: 82,735,750 x ¥1,813 = about ¥150.0 billion. Net profit growth since the year to March 2016: 900.3 / 240.4 = 3.7 times. Dividend growth: 42.0 / 10.0 = 4.2 times (split-adjusted). ROE spread over the company's cost of capital: 14.6 - 8 = 6.6 points. Equity growth: 6,590.0 / 5,755.1 = 1.15. Stake in DENTSU SOKEN at the tender price: ¥215.2 billion for 38%. ACG profit target over investment: ¥50 billion is the aerospace target, about ¥310 billion the ACG investment. Berkshire's stake at ¥2,220.5: 704,799,500 x 2,220.5 = about ¥1.565 trillion. ITOCHU over Marubeni net profit: 900.3 / 543.9 = 1.66. 8% hurdle on the CSN Mineração additional investment: 0.08 x 119.2 = 9.5. 8% hurdle on ¥215.2 billion: about ¥17.2 billion. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in ITOCHU's financial statements, results decks and market data; operands shown in the source line.
  2. ReportedIts market value of about ¥15.5 trillion ranks second to Mitsubishi Corporation's ¥17.62 trillion and ahead of Mitsui & Co.'s ¥14.63 trillion.
    Mitsubishi Corporation (TYO: 8058) market data - market capitalisation 17.62T yen and trailing net income 895.86B yen, September 2026. — September 2026 · publ. September 2026 · source ↗
  3. ReportedIts market value of about ¥15.5 trillion ranks second to Mitsubishi Corporation's ¥17.62 trillion and ahead of Mitsui & Co.'s ¥14.63 trillion.
    Mitsui & Co. (TYO: 8031) market data - market capitalisation 14.63T yen and trailing net income 936.38B yen, September 2026. — September 2026 · publ. September 2026 · source ↗
  4. Moat Explorer calcBy trailing net income, ITOCHU's ¥910.1 billion sits between Mitsubishi's ¥895.86 billion and Mitsui's ¥936.38 billion.
    Moat Explorer calculation from ITOCHU's reported figures. Trailing twelve months to June 2026: net profit 900.3 - 283.9 + 293.8 = 910.1; revenue 14,823.1 - 3,558.9 + 3,875.9 = 15,140.1; EPS 128.00 - 40.10 + 42.02 = 129.92. Market value at 24 September 2026: 6,993,053,267 shares x ¥2,220.5 = ¥15.53 trillion. P/E at March year-end: market value over net profit, e.g. 13,802 / 900.3 = 15.3 (2026), 6,090 / 820.3 = 7.4 (2022), 3,046 / 500.5 = 6.1 (2019). Non-resource share of profit: 774.7 / (774.7 + 133.3) = 85%. Segment net profit over segment assets, year to March 2026: Machinery 155.6 / 2,603.5 = 6.0%; Metals & Minerals 143.5 / 1,793.4 = 8.0%; ICT & Financial 93.0 / 1,577.2 = 5.9%; Food 92.1 / 2,403.4 = 3.8%; Energy & Chemicals 69.3 / 1,819.4 = 3.8%; General Products & Realty 60.8 / 1,628.7 = 3.7%; The 8th 45.0 / 2,197.3 = 2.0%; Textile 43.3 / 751.9 = 5.8%. Segment net margin on revenue: Food 92.1 / 5,134.2 = 1.8%; Energy & Chemicals 69.3 / 3,069.6 = 2.3%; Machinery 155.6 / 1,500.6 = 10.4%; Metals & Minerals 143.5 / 1,231.5 = 11.7%. Berkshire's market value over cost: 8,886 / 4,165 = 2.13 times; dividend on cost 181 / 4,165 = 4.3%. Self-tender: 82,735,750 x ¥1,813 = about ¥150.0 billion. Net profit growth since the year to March 2016: 900.3 / 240.4 = 3.7 times. Dividend growth: 42.0 / 10.0 = 4.2 times (split-adjusted). ROE spread over the company's cost of capital: 14.6 - 8 = 6.6 points. Equity growth: 6,590.0 / 5,755.1 = 1.15. Stake in DENTSU SOKEN at the tender price: ¥215.2 billion for 38%. ACG profit target over investment: ¥50 billion is the aerospace target, about ¥310 billion the ACG investment. Berkshire's stake at ¥2,220.5: 704,799,500 x 2,220.5 = about ¥1.565 trillion. ITOCHU over Marubeni net profit: 900.3 / 543.9 = 1.66. 8% hurdle on the CSN Mineração additional investment: 0.08 x 119.2 = 9.5. 8% hurdle on ¥215.2 billion: about ¥17.2 billion. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in ITOCHU's financial statements, results decks and market data; operands shown in the source line.
  5. ReportedBy trailing net income, ITOCHU's ¥910.1 billion sits between Mitsubishi's ¥895.86 billion and Mitsui's ¥936.38 billion.
    Mitsubishi Corporation (TYO: 8058) market data - market capitalisation 17.62T yen and trailing net income 895.86B yen, September 2026. — September 2026 · publ. September 2026 · source ↗
  6. ReportedBy trailing net income, ITOCHU's ¥910.1 billion sits between Mitsubishi's ¥895.86 billion and Mitsui's ¥936.38 billion.
    Mitsui & Co. (TYO: 8031) market data - market capitalisation 14.63T yen and trailing net income 936.38B yen, September 2026. — September 2026 · publ. September 2026 · source ↗
  7. ReportedMitsubishi and Mitsui earn much of their profit from resources; ITOCHU's non-resource share is about 85%.
    ITOCHU Corporation, FY2025 Business Results and FY2026 Management Plan - resource and non-resource profit, equity production volumes and sensitivities. — FY to March 2026 · publ. 14 May 2026 · source ↗
  8. ReportedThat makes the rivalry most direct in consumer businesses, where Mitsubishi owns half of Lawson and ITOCHU owns FamilyMart.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 - Lawson's network of about 22,500 stores and the 50-50 ownership with KDDI. — FY to March 2026 · publ. 1 May 2026 · source ↗
  9. ReportedMarubeni and ITOCHU both trace their founding to Chubei Itoh in 1858, and in 1949 Daiken Co. separated into C. Itoh & Co., Marubeni Co. and two other companies.
    ITOCHU Corporation, company history - founding in 1858, the 1949 separation of Daiken, the 1998 FamilyMart investment, the 2001 Marubeni-Itochu Steel joint venture, the Brand-new Deal plans and the 2015 CITIC and CP alliance. — 1858-2026 · publ. 2026 · source ↗
  10. ReportedMarubeni and ITOCHU both trace their founding to Chubei Itoh in 1858, and in 1949 Daiken Co. separated into C. Itoh & Co., Marubeni Co. and two other companies.
    Marubeni Integrated Report 2026, At a Glance and history - founded in 1858 by Chubei Itoh, and net profit of ¥543.9 billion. — 2026 · publ. 2026 · source ↗
  11. ReportedMarubeni and ITOCHU both trace their founding to Chubei Itoh in 1858, and in 1949 Daiken Co. separated into C. Itoh & Co., Marubeni Co. and two other companies.
    ITOCHU Corporation, company history - founding in 1858, the 1949 separation of Daiken, the 1998 FamilyMart investment, the 2001 Marubeni-Itochu Steel joint venture, the Brand-new Deal plans and the 2015 CITIC and CP alliance. — 1858-2026 · publ. 2026 · source ↗
  12. ReportedThey still own Marubeni-Itochu Steel together.
    ITOCHU Corporation, company history - founding in 1858, the 1949 separation of Daiken, the 1998 FamilyMart investment, the 2001 Marubeni-Itochu Steel joint venture, the Brand-new Deal plans and the 2015 CITIC and CP alliance. — 1858-2026 · publ. 2026 · source ↗
  13. ReportedITOCHU's historical ambition was stated plainly in its 2013 plan: to be the number one trading company in non-resource sectors.
    ITOCHU Corporation, company history - founding in 1858, the 1949 separation of Daiken, the 1998 FamilyMart investment, the 2001 Marubeni-Itochu Steel joint venture, the Brand-new Deal plans and the 2015 CITIC and CP alliance. — 1858-2026 · publ. 2026 · source ↗
  14. ReportedBerkshire holds more than 10% of each of the five largest, and ITOCHU's disclosure shows it as ITOCHU's largest shareholder.
    ITOCHU Corporation, change of major shareholder, 2 March 2026 - National Indemnity holds 704,799,500 shares, 10.07% of voting rights, the largest shareholder. — March 2026 · publ. 2 March 2026 · source ↗
Sources
Generated September 24, 2026