MarubeniNarrow moat

8002 — overall economic moat

Investment snapshot
Narrow moat→ Holding steadyConfidenceMediumValuationFair
Strongest advantageA decade of partnerships in world-class assets it could not afford to own outright, earning more than its own operations
Greatest threatCommodity prices and one-off gains carried the record year while operating profit fell
Key metricAdjusted net profit (¥480.0bn; ¥540bn implied for the year to March 2027)
Verdict: A narrow moat built on being the partner operators want: half of Marubeni's pre-tax profit comes from stakes in copper, iron ore, leasing and lending businesses other companies run, and its own operations are led by the second-largest farm retailer in America. A repaired balance sheet and an A- rating keep its cost of capital competitive, but four other Japanese houses offer the same thing, and two of them are twice its size. At 14 times earnings and 1.8 times book, after an elevenfold rise in market value since 2020, the price assumes the record year was a level rather than a peak.
📈 8002 valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Marubeni is a Japanese trading house that makes most of its money in two ways that have little to do with trading. It owns stakes in businesses other companies run — Chilean copper mines, an Australian iron ore mine, an American aircraft lessor and an American used-car lender among them — and it runs a smaller set of operating businesses of its own, the largest being Helena, the second-largest farm retailer in the United States12.

Net profit by segment, year to March 2026 (¥ bn)Finance, Leasing & RE — 30%Metals & Mineral Res. — 25%Food & Agri — 15%Power & Infrastructure — 10%Aerospace & Mobility — 9%Lifestyle — 5%Energy & Chemicals — 4%Other segments, net — 3%Marubeni segment note; total ¥543.9bn
Finance and metals earn more than half of the profit; food, with 45% of revenue, earns 15%.

The accounts show it. In the year to March 2026 Marubeni reported revenue of ¥8,265.8 billion and gross trading profit of ¥1,182.7 billion3. Its operating profit was ¥256.7 billion; its share of the profit of associates and joint ventures was ¥338.3 billion; and its net profit was a record ¥543.9 billion4. About half of profit before tax came from companies it does not operate5.

The businesses split roughly two to one between non-resources and resources. Of ¥480.0 billion of adjusted net profit, ¥328.0 billion came from non-resources and ¥147.0 billion from resources6. By segment, Finance, Leasing & Real Estate earned ¥162.0 billion, Metals & Mineral Resources ¥134.3 billion, and Food & Agri Business, which has 45% of revenue, ¥81.5 billion7.

Ten years ago this was a fragile company. In the year to March 2016 it earned ¥62.3 billion with net debt of 2.10 times equity8, and in the year to March 2020 it lost ¥197.5 billion on write-downs across oil and gas, copper, aircraft leasing and Gavilon910. Since then net profit has risen almost ninefold11 and net debt has fallen to 0.43 times equity12.

The market noticed late. Marubeni's market value was ¥0.9 trillion at the end of March 2020 and reached ¥10 trillion on 10 February 202613; it is ¥8.09 trillion now, at 14.2 times earnings14. Berkshire Hathaway crossed 10% of the shares on 7 May 202615.

The company's own history explains the shape. Marubeni began as a linen trader in 185816, and non-textile sales passed half of the total only in 196117. It entered independent power production in 1994, founded SmartestEnergy in Britain in 2001, bought into Centinela copper in 2008 and Roy Hill iron ore in 2012, and invested in Aircastle and bought Gavilon in 201318. Each of those decisions added a stake or a platform rather than a trading flow, and the trading flows that remain are the low-margin part of the business. Today it employs 52,658 people in the group and 4,225 in the parent company19, and foreign investors own 43.60% of its shares20.

The cash is healthier than the profit line suggests. Core operating cash flow was ¥575.1 billion in the year to March 2026 and free cash flow ¥417.4 billion21, because divestments of ¥291.2 billion more than paid for new investments of ¥255.2 billion22. The company plans to reverse that balance in the current year, investing ¥670 billion against ¥660 billion of core operating cash flow and ¥230 billion of divestments23.

The moat is narrow: a cost of capital and a reputation that make Marubeni the partner operators want, against four other Japanese houses that offer the same thing. Return on equity was 13.6%24, below the company's 15% target25. The number that would falsify the thesis is adjusted net profit: guidance implies about ¥540 billion for the year to March 202726, and a fall back below ¥480 billion would say the record was prices and gains rather than a better company.

The number that tests this moat
Reported
Revenue, and where it comes from
¥8,265.8bn, of which Food & Agri ¥3,720.5bn

Revenue is dominated by food and says little about profit: net profit of ¥543.9 billion came mostly from finance, metals and associates. Watch adjusted net profit (¥480.0 billion) rather than revenue.

Source: Marubeni Integrated Report 2026, corporate data ↗
Moat scorecardHow ratings work →
Switching costs5/10
Network effects3/10
Pricing power3/10
Hard to replicate6/10
Disruption resistance6/10
Overall durability6/10

Switching costs are moderate: partners stay because Marubeni is patient and funds its share, not because leaving is costly. Pricing power is weak almost everywhere: copper, coal, fertiliser, power and grain are priced by markets, and the platforms compete on service. What is hard to replicate is the portfolio itself, assembled over decades of partnerships in assets that rarely come up for sale. Disruption resistance is middling because the model is financial rather than technological. Durability sits in the narrow band: the company survived a ¥197.5 billion loss in 2020 and rebuilt, but its returns have fallen for three years.

Dig deeper
DIG DEEPER 01
The Revenue Lines
Marubeni's revenue is mostly food and its profit is mostly metals and finance, so the revenue chart and the profit chart describe different companies.
DIG DEEPER 02
The Moat
Marubeni's advantage is being the partner operators want, which earns a respectable return and does not stop four other trading houses doing the same.
DIG DEEPER 03
Competitors
Marubeni competes for assets and partners rather than customers, and against houses twice its size its advantage is being the patient minority…
DIG DEEPER 04
Major Clients
Marubeni has no client large enough to name, and its exposure is to whole categories of buyer turning together.
✦ Future bets — beyond today's moat
✦ FUTURE BET 01
The Future Bets
Marubeni's growth over the next three years is mostly copper from one expansion, plus smaller platforms that have to grow several-fold.
⚠ Threats to the moat
⚠ THREAT 01
Copper, Coal and the Middle East
A third of Marubeni's profit is set by commodity prices and a Middle East conflict it can model but not influence.
⚠ THREAT 02
Operating Profit Fell While Net Profit Rose
Marubeni's record year was carried by associates and one-off gains while its own operations earned less.
◆ What the market may be missing
◆ THE VARIANT VIEW
What the Market Isn't Pricing In
Berkshire bought Marubeni at under eight times earnings, financed it at 1.2%, and was paid 6.7% on its cost; the market has since re-rated, but the…
◆ THE VARIANT VIEW
Inside the Latest Quarter (April-June 2026)
Marubeni's first quarter beat its pace on commodity prices and trading, and the company used the moment to loosen its own rule on borrowing for…
References
  1. ReportedIt owns stakes in businesses other companies run — Chilean copper mines, an Australian iron ore mine, an American aircraft lessor and an American used-car lender among them — and it runs a smaller set of operating businesses of its own, the largest being Helena, the second-largest farm retailer in the United States.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - capital allocation, divestments and investments, shareholder returns, dividends and buybacks, credit ratings, and the share price and market value milestones. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. Third-party estimateIt owns stakes in businesses other companies run — Chilean copper mines, an Australian iron ore mine, an American aircraft lessor and an American used-car lender among them — and it runs a smaller set of operating businesses of its own, the largest being Helena, the second-largest farm retailer in the United States.
    CropLife, 'Top 10 U.S. Ag Retailers That Led the Fertilizer Market in 2025' - Nutrien Ag Solutions ranked first and Helena Agri-Enterprises second. — 2025 · publ. 2026 · source ↗
  3. ReportedIn the year to March 2026 Marubeni reported revenue of ¥8,265.8 billion and gross trading profit of ¥1,182.7 billion.
    Marubeni Integrated Report 2026, Section 6 Corporate Data - the twelve-year financial summary (revenue, gross trading profit, operating profit, share of associates, net profit, adjusted net profit, EPS, dividends, ROE, ROA, net D/E, cash flows, total assets and equity), shareholder composition, employees and gross risk exposure by country. — FY to March 2015 - FY to March 2026 · publ. 2026 · source ↗
  4. ReportedIts operating profit was ¥256.7 billion; its share of the profit of associates and joint ventures was ¥338.3 billion; and its net profit was a record ¥543.9 billion.
    Marubeni Integrated Report 2026, Section 6 Corporate Data - the twelve-year financial summary (revenue, gross trading profit, operating profit, share of associates, net profit, adjusted net profit, EPS, dividends, ROE, ROA, net D/E, cash flows, total assets and equity), shareholder composition, employees and gross risk exposure by country. — FY to March 2015 - FY to March 2026 · publ. 2026 · source ↗
  5. Moat Explorer calcAbout half of profit before tax came from companies it does not operate.
    Moat Explorer calculation from Marubeni's reported figures. Equity-method share of profit before tax: 338.3 / 664.5 = 50.9%. Resources share of adjusted net profit: 147.0 / 480.0 = 30.6%. Investments in associates as a share of total assets: 3,504.2 / 10,531.8 = 33.3%. Segment net profit over segment assets, year to March 2026: Food & Agri 81.5 / 2,700.6 = 3.0%; Metals & Mineral Resources 134.3 / 1,647.6 = 8.2%; Finance, Leasing & Real Estate 162.0 / 1,021.0 = 15.9%; Power & Infrastructure 53.6 / 1,776.1 = 3.0%; Aerospace & Mobility 47.8 / 838.6 = 5.7%; Energy & Chemicals 23.2 / 1,147.6 = 2.0%; Lifestyle 25.9 / 667.6 = 3.9%. Food & Agri net margin on revenue: 81.5 / 3,720.5 = 2.2%. Total payout: (176.5 + 55.0) / 543.9 = 42.6%. Trailing twelve months to June 2026: net profit 543.9 + 186.4 - 154.4 = 575.9; revenue 8,265.8 + 2,609.2 - 2,163.7 = 8,711.3. Net profit growth from the year to March 2016: 543.9 / 62.3 = 8.7 times. Share of the Food & Agri segment's profit from Helena: 37.3 / 81.5 = 45.8%. Dividends received against equity-method income: 220.9 / 338.3 = 65.3%. Berkshire's gain on cost: 4,468 / 1,572 = 2.84 times. Equity growth from currency translation: 345.8 of 734.5 = 47.1%. Market value against the ¥26 trillion that ranked 100th in the world at March 2026: 8.09 / 26 = 31%. Other segments, year to March 2026: IT Solutions 5.4 + Next Generation Business Development 19.6 - Next Generation Corporate Development 1.7 - Other 7.7 = 15.6; with Lifestyle 25.9 the chart's last band is 41.5, and for the year to March 2025 29.5 + 3.5 + 4.7 - 2.2 + 17.3 = 52.8. Trailing P/E: 8.09 / 0.5759 = 14.0. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Marubeni's financial results, integrated report and IR presentations; operands shown in the source line.
  6. ReportedOf ¥480.0 billion of adjusted net profit, ¥328.0 billion came from non-resources and ¥147.0 billion from resources.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - adjusted net profit by segment and by resources and non-resources, and the one-time items. — FY to March 2026 · publ. 1 May 2026 · source ↗
  7. ReportedBy segment, Finance, Leasing & Real Estate earned ¥162.0 billion, Metals & Mineral Resources ¥134.3 billion, and Food & Agri Business, which has 45% of revenue, ¥81.5 billion.
    Marubeni Corporation, Summary of Consolidated Financial Results for the fiscal year ended March 31, 2026 (IFRS) - consolidated statements of profit or loss, financial position and cash flows, the segment note on the ten operating segments with revenue, gross trading profit, operating profit, share of profit of associates, net profit and segment assets, the investments in associates by segment, the one-time items including the Daiichi Life real-estate valuation gain, the dividend and buyback record, and the forecast for the year to March 2027 with its assumptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  8. ReportedIn the year to March 2016 it earned ¥62.3 billion with net debt of 2.10 times equity, and in the year to March 2020 it lost ¥197.5 billion on write-downs across oil and gas, copper, aircraft leasing and Gavilon.
    Marubeni Integrated Report 2026, Section 6 Corporate Data - the twelve-year financial summary (revenue, gross trading profit, operating profit, share of associates, net profit, adjusted net profit, EPS, dividends, ROE, ROA, net D/E, cash flows, total assets and equity), shareholder composition, employees and gross risk exposure by country. — FY to March 2015 - FY to March 2026 · publ. 2026 · source ↗
  9. ReportedIn the year to March 2016 it earned ¥62.3 billion with net debt of 2.10 times equity, and in the year to March 2020 it lost ¥197.5 billion on write-downs across oil and gas, copper, aircraft leasing and Gavilon.
    Marubeni Integrated Report 2026, Section 6 Corporate Data - the twelve-year financial summary (revenue, gross trading profit, operating profit, share of associates, net profit, adjusted net profit, EPS, dividends, ROE, ROA, net D/E, cash flows, total assets and equity), shareholder composition, employees and gross risk exposure by country. — FY to March 2015 - FY to March 2026 · publ. 2026 · source ↗
  10. ReportedIn the year to March 2016 it earned ¥62.3 billion with net debt of 2.10 times equity, and in the year to March 2020 it lost ¥197.5 billion on write-downs across oil and gas, copper, aircraft leasing and Gavilon.
    Marubeni Corporation, Summary of Consolidated Financial Results for the fiscal year ended March 31, 2020 - the net loss and the after-tax impairments on Gulf of Mexico oil and gas, Chilean copper, the UK North Sea, Aircastle and Gavilon. — FY to March 2020 · publ. 7 May 2020 · source ↗
  11. Moat Explorer calcSince then net profit has risen almost ninefold and net debt has fallen to 0.43 times equity.
    Moat Explorer calculation from Marubeni's reported figures. Equity-method share of profit before tax: 338.3 / 664.5 = 50.9%. Resources share of adjusted net profit: 147.0 / 480.0 = 30.6%. Investments in associates as a share of total assets: 3,504.2 / 10,531.8 = 33.3%. Segment net profit over segment assets, year to March 2026: Food & Agri 81.5 / 2,700.6 = 3.0%; Metals & Mineral Resources 134.3 / 1,647.6 = 8.2%; Finance, Leasing & Real Estate 162.0 / 1,021.0 = 15.9%; Power & Infrastructure 53.6 / 1,776.1 = 3.0%; Aerospace & Mobility 47.8 / 838.6 = 5.7%; Energy & Chemicals 23.2 / 1,147.6 = 2.0%; Lifestyle 25.9 / 667.6 = 3.9%. Food & Agri net margin on revenue: 81.5 / 3,720.5 = 2.2%. Total payout: (176.5 + 55.0) / 543.9 = 42.6%. Trailing twelve months to June 2026: net profit 543.9 + 186.4 - 154.4 = 575.9; revenue 8,265.8 + 2,609.2 - 2,163.7 = 8,711.3. Net profit growth from the year to March 2016: 543.9 / 62.3 = 8.7 times. Share of the Food & Agri segment's profit from Helena: 37.3 / 81.5 = 45.8%. Dividends received against equity-method income: 220.9 / 338.3 = 65.3%. Berkshire's gain on cost: 4,468 / 1,572 = 2.84 times. Equity growth from currency translation: 345.8 of 734.5 = 47.1%. Market value against the ¥26 trillion that ranked 100th in the world at March 2026: 8.09 / 26 = 31%. Other segments, year to March 2026: IT Solutions 5.4 + Next Generation Business Development 19.6 - Next Generation Corporate Development 1.7 - Other 7.7 = 15.6; with Lifestyle 25.9 the chart's last band is 41.5, and for the year to March 2025 29.5 + 3.5 + 4.7 - 2.2 + 17.3 = 52.8. Trailing P/E: 8.09 / 0.5759 = 14.0. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Marubeni's financial results, integrated report and IR presentations; operands shown in the source line.
  12. ReportedSince then net profit has risen almost ninefold and net debt has fallen to 0.43 times equity.
    Marubeni Integrated Report 2026, Section 6 Corporate Data - the twelve-year financial summary (revenue, gross trading profit, operating profit, share of associates, net profit, adjusted net profit, EPS, dividends, ROE, ROA, net D/E, cash flows, total assets and equity), shareholder composition, employees and gross risk exposure by country. — FY to March 2015 - FY to March 2026 · publ. 2026 · source ↗
  13. ReportedMarubeni's market value was ¥0.9 trillion at the end of March 2020 and reached ¥10 trillion on 10 February 2026; it is ¥8.09 trillion now, at 14.2 times earnings.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - capital allocation, divestments and investments, shareholder returns, dividends and buybacks, credit ratings, and the share price and market value milestones. — FY to March 2026 · publ. 1 May 2026 · source ↗
  14. ReportedMarubeni's market value was ¥0.9 trillion at the end of March 2020 and reached ¥10 trillion on 10 February 2026; it is ¥8.09 trillion now, at 14.2 times earnings.
    Marubeni (TYO: 8002) market data - share price, market capitalisation, trailing and forward price/earnings, dividend and yield, and the 52-week range, 24 September 2026. — September 2026 · publ. 24 September 2026 · source ↗
  15. ReportedBerkshire Hathaway crossed 10% of the shares on 7 May 2026.
    Hedge Fund Alpha, 'Berkshire Crosses 10% In All Five Japanese Trading Houses Under Greg Abel' - Marubeni moved from 9.32% to 10.10% on 7 May 2026. — May 2026 · publ. May 2026 · source ↗
  16. ReportedMarubeni began as a linen trader in 1858, and non-textile sales passed half of the total only in 1961.
    Marubeni Integrated Report 2026, introduction and At a Glance - the company history from 1858 and the market positions the company states for its businesses. — 2026 · publ. 2026 · source ↗
  17. ReportedMarubeni began as a linen trader in 1858, and non-textile sales passed half of the total only in 1961.
    Marubeni Integrated Report 2026, introduction and At a Glance - the company history from 1858 and the market positions the company states for its businesses. — 2026 · publ. 2026 · source ↗
  18. ReportedIt entered independent power production in 1994, founded SmartestEnergy in Britain in 2001, bought into Centinela copper in 2008 and Roy Hill iron ore in 2012, and invested in Aircastle and bought Gavilon in 2013.
    Marubeni Integrated Report 2026, introduction and At a Glance - the company history from 1858 and the market positions the company states for its businesses. — 2026 · publ. 2026 · source ↗
  19. ReportedToday it employs 52,658 people in the group and 4,225 in the parent company, and foreign investors own 43.60% of its shares.
    Marubeni Integrated Report 2026, Section 6 Corporate Data - the twelve-year financial summary (revenue, gross trading profit, operating profit, share of associates, net profit, adjusted net profit, EPS, dividends, ROE, ROA, net D/E, cash flows, total assets and equity), shareholder composition, employees and gross risk exposure by country. — FY to March 2015 - FY to March 2026 · publ. 2026 · source ↗
  20. ReportedToday it employs 52,658 people in the group and 4,225 in the parent company, and foreign investors own 43.60% of its shares.
    Marubeni Integrated Report 2026, Section 6 Corporate Data - the twelve-year financial summary (revenue, gross trading profit, operating profit, share of associates, net profit, adjusted net profit, EPS, dividends, ROE, ROA, net D/E, cash flows, total assets and equity), shareholder composition, employees and gross risk exposure by country. — FY to March 2015 - FY to March 2026 · publ. 2026 · source ↗
  21. ReportedCore operating cash flow was ¥575.1 billion in the year to March 2026 and free cash flow ¥417.4 billion, because divestments of ¥291.2 billion more than paid for new investments of ¥255.2 billion.
    Marubeni Integrated Report 2026, Section 6 Corporate Data - the twelve-year financial summary (revenue, gross trading profit, operating profit, share of associates, net profit, adjusted net profit, EPS, dividends, ROE, ROA, net D/E, cash flows, total assets and equity), shareholder composition, employees and gross risk exposure by country. — FY to March 2015 - FY to March 2026 · publ. 2026 · source ↗
  22. ReportedCore operating cash flow was ¥575.1 billion in the year to March 2026 and free cash flow ¥417.4 billion, because divestments of ¥291.2 billion more than paid for new investments of ¥255.2 billion.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - capital allocation, divestments and investments, shareholder returns, dividends and buybacks, credit ratings, and the share price and market value milestones. — FY to March 2026 · publ. 1 May 2026 · source ↗
  23. ReportedThe company plans to reverse that balance in the current year, investing ¥670 billion against ¥660 billion of core operating cash flow and ¥230 billion of divestments.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - capital allocation, divestments and investments, shareholder returns, dividends and buybacks, credit ratings, and the share price and market value milestones. — FY to March 2026 · publ. 1 May 2026 · source ↗
  24. ReportedReturn on equity was 13.6%, below the company's 15% target.
    Marubeni Integrated Report 2026, Section 6 Corporate Data - the twelve-year financial summary (revenue, gross trading profit, operating profit, share of associates, net profit, adjusted net profit, EPS, dividends, ROE, ROA, net D/E, cash flows, total assets and equity), shareholder composition, employees and gross risk exposure by country. — FY to March 2015 - FY to March 2026 · publ. 2026 · source ↗
  25. ReportedReturn on equity was 13.6%, below the company's 15% target.
    Marubeni Corporation, Mid-Term Management Strategy GC2027 (5 February 2025) - the review of GC2024 against its targets and the GC2027 targets for net profit, core operating cash flow, ROE, payout and capital allocation. — FY to March 2026 - FY to March 2028 · publ. 5 February 2025 · source ↗
  26. ReportedThe number that would falsify the thesis is adjusted net profit: guidance implies about ¥540 billion for the year to March 2027, and a fall back below ¥480 billion would say the record was prices and gains rather than a better company.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - adjusted net profit by segment and by resources and non-resources, and the one-time items. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026