Eleven Years Ahead of TOPIXNarrow moat

ITOCHU (8001) — moat facet

ITOCHU has beaten the Japanese market every year for eleven years, and the price now reflects it.

ITOCHU says it is the only TOPIX constituent to have outperformed the index for eleven consecutive years1. Its shares have risen 7.6 times since the end of March 2015, against 3.2 times for the S&P 500 and 2.3 times for TOPIX2.

Market value at March year-end (¥ bn)2,05720153,34220206,09020229,304202413,8022026ITOCHU Financial Sections 2016 and 2021; FIR 2026
Almost seven times the market value in eleven years.

The market value at March year-ends shows the path: ¥2,057 billion in 2015, ¥3,342 billion in 2020, ¥6,090 billion in 2022, ¥9,304 billion in 2024 and ¥13,802 billion in 2026345. The multiple roughly doubled and the profit roughly tripled.

Chairman and CEO Masahiro Okafuji has been named best CEO for fourteen consecutive years6; he has been a representative director for 21 years7.

The dividend has risen in each of the last eleven years, and the company has set a minimum of ¥44 for the current one, which would be the twelfth89. Split-adjusted, it was ¥10.0 in the year to March 2016 and ¥42.0 in the year to March 20261011.

The measure is whether the run continues. A year of underperformance would end the record; the multiple of about 17 times12 leaves less room than the 6-8 times of the past.

Moat trajectory: Holding steady

The run continues; the valuation is higher than at any time in the period.

The number that tests this moat
Reported
Share price multiple since March 2015
7.6 times, against 2.3 times for TOPIX

The record; a year of underperformance would end it.

Source: ITOCHU business results and management plan, May 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
A Record That Makes the Price
The more the market pays for ITOCHU's record, the harder it is to repeat.
References
  1. ReportedITOCHU says it is the only TOPIX constituent to have outperformed the index for eleven consecutive years.
    ITOCHU Corporation, FY2025 Business Results and FY2026 Management Plan - shareholder returns (dividends, buybacks and payout), ROE, leverage and share-price performance against TOPIX. — FY to March 2026 · publ. 14 May 2026 · source ↗
  2. ReportedIts shares have risen 7.6 times since the end of March 2015, against 3.2 times for the S&P 500 and 2.3 times for TOPIX.
    ITOCHU Corporation, FY2025 Business Results and FY2026 Management Plan - shareholder returns (dividends, buybacks and payout), ROE, leverage and share-price performance against TOPIX. — FY to March 2026 · publ. 14 May 2026 · source ↗
  3. ReportedThe market value at March year-ends shows the path: ¥2,057 billion in 2015, ¥3,342 billion in 2020, ¥6,090 billion in 2022, ¥9,304 billion in 2024 and ¥13,802 billion in 2026.
    ITOCHU Corporation, Financial Section 2016 - results for the years to March 2015 and 2016, including the CITIC acquisition and the Australian coal impairment. — FY to March 2015-2016 · publ. 2016 · source ↗
  4. ReportedThe market value at March year-ends shows the path: ¥2,057 billion in 2015, ¥3,342 billion in 2020, ¥6,090 billion in 2022, ¥9,304 billion in 2024 and ¥13,802 billion in 2026.
    ITOCHU Corporation, Financial Section 2021 - the six-year summary for the years to March 2016-2021, including FamilyMart's consolidation and fixed-asset impairments. — FY to March 2016-2021 · publ. 2021 · source ↗
  5. ReportedThe market value at March year-ends shows the path: ¥2,057 billion in 2015, ¥3,342 billion in 2020, ¥6,090 billion in 2022, ¥9,304 billion in 2024 and ¥13,802 billion in 2026.
    ITOCHU Corporation, Financial Information Report 2026 - the six-year financial summary, ROE, employees and market capitalisation. — FY to March 2026 · publ. 12 June 2026 · source ↗
  6. ReportedChairman and CEO Masahiro Okafuji has been named best CEO for fourteen consecutive years; he has been a representative director for 21 years.
    ITOCHU Corporation, FY2025 Business Results and FY2026 Management Plan - net profit, core profit and extraordinary items by segment, investment and exit, and the management plan for the year to March 2027. — FY to March 2026 · publ. 14 May 2026 · source ↗
  7. ReportedChairman and CEO Masahiro Okafuji has been named best CEO for fourteen consecutive years; he has been a representative director for 21 years.
    ITOCHU Integrated Report 2025 - directors, their tenure and careers. — 2025 · publ. 2025 · source ↗
  8. ReportedThe dividend has risen in each of the last eleven years, and the company has set a minimum of ¥44 for the current one, which would be the twelfth.
    ITOCHU Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - statements of comprehensive income, financial position and cash flows, the segment information by eight division companies, the share split, dividends, the buyback plan and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  9. ReportedThe dividend has risen in each of the last eleven years, and the company has set a minimum of ¥44 for the current one, which would be the twelfth.
    ITOCHU Corporation, FY2025 Business Results and FY2026 Management Plan - shareholder returns (dividends, buybacks and payout), ROE, leverage and share-price performance against TOPIX. — FY to March 2026 · publ. 14 May 2026 · source ↗
  10. ReportedSplit-adjusted, it was ¥10.0 in the year to March 2016 and ¥42.0 in the year to March 2026.
    ITOCHU Corporation, Financial Section 2021 - the six-year summary for the years to March 2016-2021, including FamilyMart's consolidation and fixed-asset impairments. — FY to March 2016-2021 · publ. 2021 · source ↗
  11. ReportedSplit-adjusted, it was ¥10.0 in the year to March 2016 and ¥42.0 in the year to March 2026.
    ITOCHU Corporation, Financial Information Report 2026 - the audited financial statements, segment information, the customer statement, goodwill including FamilyMart, CITIC and the risk factors. — FY to March 2026 · publ. 12 June 2026 · source ↗
  12. ReportedA year of underperformance would end the record; the multiple of about 17 times leaves less room than the 6-8 times of the past.
    ITOCHU (TYO: 8001) market data - share price, trailing net income, P/E, forward P/E, dividend and yield, 52-week range and analysts' target, September 2026. — September 2026 · publ. 24 September 2026 · source ↗
Sources
Generated September 24, 2026