Mitsui & Co.: The Rival That Earns MostNarrow moat

ITOCHU (8001) — moat facet

Mitsui earns the most of the three largest houses and competes with ITOCHU in iron ore.

Mitsui & Co. earned ¥936.38 billion of trailing net income on a market value of ¥14.63 trillion1, the most of the three largest houses. Much of its profit comes from iron ore and energy, which puts it in the same markets as ITOCHU's resource business.

Market value, September 2026 (¥ tn)17.62Mitsubishi15.53ITOCHU14.63Mitsuistockanalysis; ITOCHU a Moat Explorer calculation
ITOCHU sits between the two resource-heavy houses.

In iron ore the two are rivals for the same Asian buyers. ITOCHU's equity iron ore sales were 31.1 million tonnes in the latest year2.

Outside resources, Mitsui's businesses in healthcare, mobility and infrastructure compete with ITOCHU's for acquisitions and partners.

ITOCHU's own iron ore sensitivity is about ¥1.85 billion per dollar a tonne3; a rival with a larger share of profit from resources would be more exposed to the same price.

The measure is the ratio of the two houses' profits in a weak iron ore year. ITOCHU's smaller exposure should narrow the gap then.

Moat trajectory: Holding steady

Mitsui leads on trailing profit.

The number that tests this moat
Reported
Mitsui trailing net income
¥936.38bn on ¥14.63tn of market value

The profit leader; ITOCHU closing the gap in a weak commodity year would show its mix working.

Source: Mitsui & Co. market data (stockanalysis) ↗
References
  1. ReportedMitsui & Co. earned ¥936.38 billion of trailing net income on a market value of ¥14.63 trillion, the most of the three largest houses.
    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 ↗
  2. ReportedITOCHU's equity iron ore sales were 31.1 million tonnes in the latest year.
    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 ↗
  3. ReportedITOCHU's own iron ore sensitivity is about ¥1.85 billion per dollar a tonne; a rival with a larger share of profit from resources would be more exposed to the same price.
    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 ↗
Sources
Generated September 24, 2026