The Revenue LinesNarrow moat

ITOCHU (8001) — moat facet

ITOCHU's profit is spread across eight divisions more evenly than any rival's, with machinery and metals the largest and CITIC outside them.

ITOCHU reports eight division companies, and these pages follow each one's net profit, because revenue says little: Food had revenue of ¥5,134.2 billion and net profit of ¥92.1 billion in the year to March 2026, while Metals & Minerals earned ¥143.5 billion on ¥1,231.5 billion1.

Net profit by division, yr to Mar 2026 (¥ bn)Machinery155.6Metals & Minerals143.5ICT & Financial93.0Food92.1Energy & Chemicals69.3General Products & Realty60.8The 8th45.0Textile43.3ITOCHU results; excludes Others (¥197.6bn)
No division earns more than a fifth of the total.

In the latest year Machinery earned ¥155.6 billion, Metals & Minerals ¥143.5 billion, ICT & Financial Business ¥93.0 billion, Food ¥92.1 billion, Energy & Chemicals ¥69.3 billion, General Products & Realty ¥60.8 billion, The 8th ¥45.0 billion and Textile ¥43.3 billion2. The chart has a ninth band, Others, Adjustments and Eliminations, which earned ¥197.6 billion3: it holds the CITIC stake through Orchid Alliance, which contributed ¥116.2 billion, and in the latest year the ¥88.0 billion gain on selling C.P. Pokphand4. CITIC is discussed on its own threat page.

All three years, the years to March 2024, 2025 and 2026, are on the same eight-division basis56. From the year to March 2027 FamilyMart moves from The 8th to Food, with 70% of its profit still allocated to The 8th7.

The divisions earned between about 2% and 8% on their assets8. The measure that ties them together is the revised plan for the current year: Machinery ¥220.0 billion, Metals & Minerals ¥172.0 billion and Energy & Chemicals ¥111.5 billion lead it9.

Moat trajectory: Holding steady

The spread is unchanged; the current year's plan raises Machinery and Energy & Chemicals.

The number that tests this moat
Reported
Largest division by net profit
Machinery, ¥155.6bn

Machinery overtook Metals & Minerals in the latest year; the plan raises it to ¥220.0 billion.

Source: ITOCHU financial results, year to March 2026 ↗
Dig deeper
DIG DEEPER 01
Machinery
Machinery became ITOCHU's largest division and is where most of this year's investment is going.
DIG DEEPER 02
Metals & Minerals
Metals & Minerals earns the best return on assets in ITOCHU and has halved its profit in two years with iron ore.
DIG DEEPER 03
ICT & Financial Business
ICT & Financial Business has grown every year since CTC was taken private.
DIG DEEPER 04
Food
Food is ITOCHU's largest line of revenue and one of its thinnest margins.
DIG DEEPER 05
Energy & Chemicals
Energy & Chemicals has declined for two years, and this year's jump is mostly one sale.
DIG DEEPER 06
General Products & Realty
General Products & Realty is a collection of mid-sized businesses whose largest single exposure is American housing.
DIG DEEPER 07
The 8th
The 8th holds FamilyMart and earns the lowest return on assets in ITOCHU.
DIG DEEPER 08
Textile
ITOCHU's oldest business earns 5.8% on its assets after taking DESCENTE private.
References
  1. ReportedITOCHU reports eight division companies, and these pages follow each one's net profit, because revenue says little: Food had revenue of ¥5,134.2 billion and net profit of ¥92.1 billion in the year to March 2026, while Metals & Minerals earned ¥143.5 billion on ¥1,231.5 billion.
    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 ↗
  2. ReportedIn the latest year Machinery earned ¥155.6 billion, Metals & Minerals ¥143.5 billion, ICT & Financial Business ¥93.0 billion, Food ¥92.1 billion, Energy & Chemicals ¥69.3 billion, General Products & Realty ¥60.8 billion, The 8th ¥45.0 billion and Textile ¥43.3 billion.
    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 ↗
  3. ReportedThe chart has a ninth band, Others, Adjustments and Eliminations, which earned ¥197.6 billion: it holds the CITIC stake through Orchid Alliance, which contributed ¥116.2 billion, and in the latest year the ¥88.0 billion gain on selling C.P. Pokphand.
    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 ↗
  4. ReportedThe chart has a ninth band, Others, Adjustments and Eliminations, which earned ¥197.6 billion: it holds the CITIC stake through Orchid Alliance, which contributed ¥116.2 billion, and in the latest year the ¥88.0 billion gain on selling C.P. Pokphand.
    ITOCHU Corporation, FY2025 Business Results and FY2026 Management Plan - results of major group companies by segment, with ownership, including FamilyMart, CTC, DESCENTE, NIPPON ACCESS, IMEA and Orchid (CITIC). — FY to March 2026 · publ. 14 May 2026 · source ↗
  5. ReportedAll three years, the years to March 2024, 2025 and 2026, are on the same eight-division basis.
    ITOCHU Corporation, Financial Information Report 2025 - segment information for the years to March 2025 and 2024, and the DESCENTE tender offer. — FY to March 2025 · publ. 2025 · source ↗
  6. ReportedAll three years, the years to March 2024, 2025 and 2026, are on the same eight-division basis.
    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 ↗
  7. ReportedFrom the year to March 2027 FamilyMart moves from The 8th to Food, with 70% of its profit still allocated to The 8th.
    ITOCHU Corporation, Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenues, trading income, equity earnings, net profit, segment results, the balance sheet and the ¥300 billion buyback. — April-June 2026 · publ. 6 August 2026 · source ↗
  8. Moat Explorer calcThe divisions earned between about 2% and 8% on their assets.
    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.
  9. ReportedThe measure that ties them together is the revised plan for the current year: Machinery ¥220.0 billion, Metals & Minerals ¥172.0 billion and Energy & Chemicals ¥111.5 billion lead it.
    ITOCHU Corporation, FY2026 first-quarter business results summary - core profit, extraordinary items, group-company results, investments, the Aviation Capital Group agreement and the revised segment plan. — April-June 2026 · publ. 7 August 2026 · source ↗
Sources
Generated September 24, 2026