Itochu: The Same Founder and Half a Steel CompanyNarrow moat

Marubeni (8002) — moat facet

Itochu is Marubeni's sibling, its steel partner and the clearest picture of what Marubeni's non-resource strategy is trying to become.

Marubeni and Itochu tell the same founding story. Marubeni's integrated report says its founder, Chubei Itoh, began selling Ohmi linen in 18581; Itochu's history says its founder, Chubei Itoh, began linen trading in the same year2. In 1949 a wartime merger, Daiken Co., was separated into C. Itoh & Co., Marubeni Co. and two others3.

Net profit, year to March 2026 (¥ bn)900.3Itochu543.9Marubeni20.2Their steel JV (to Marubeni)ITOCHU Financial Information Report 2026; Marubeni Integrated Report 2026
Same founder, same year, and Itochu now earns two-thirds more.

They remain partners as well as rivals. Marubeni-Itochu Steel, established in 2001, is owned 50-50 and contributed ¥20.2 billion to Marubeni in the year to March 2026, down from ¥25.7 billion4. Each company is, in a small way, a shareholder in the other's performance.

In most other respects they have diverged. Itochu runs a consumer business Marubeni has no equivalent of, the FamilyMart chain of about 16,400 convenience stores5, and it reported ¥900.3 billion of net profit in the year to March 20266, against Marubeni's ¥543.9 billion7. That gap is the most useful benchmark Marubeni has: a company from the same root, in many of the same markets, two-thirds larger by profit.

Both companies list on the Tokyo exchange and count Berkshire Hathaway as a shareholder above 10%8. They compete for Japanese graduates, for partners in foreign resource projects and for consumer and food businesses in Japan and Asia; they cooperate in steel products through the joint venture.

The measure is the profit gap. Marubeni's non-resource businesses earning ¥328.0 billion9 have to grow faster than Itochu's for the gap to close.

Moat trajectory: Holding steady

The joint steel business earned less this year, and the profit gap between the two houses did not narrow.

The number that tests this moat
Reported
Marubeni-Itochu Steel share of profit
¥20.2bn against ¥25.7bn, year to March 2026

The joint business the two siblings still share; it follows the steel cycle rather than either parent's strategy.

Source: Marubeni full-year IR presentation, May 2026 ↗
References
  1. ReportedMarubeni's integrated report says its founder, Chubei Itoh, began selling Ohmi linen in 1858; Itochu's history says its founder, Chubei Itoh, began linen trading in the same year.
    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 ↗
  2. ReportedMarubeni's integrated report says its founder, Chubei Itoh, began selling Ohmi linen in 1858; Itochu's history says its founder, Chubei Itoh, began linen trading in the same year.
    ITOCHU Corporation, company history - founded in 1858 when Chubei Itoh began linen trading, and the 1949 separation of Daiken Co. into C. Itoh & Co., Marubeni Co. and others. — 1858-2026 · publ. 2026 · source ↗
  3. ReportedIn 1949 a wartime merger, Daiken Co., was separated into C. Itoh & Co., Marubeni Co. and two others.
    ITOCHU Corporation, company history - founded in 1858 when Chubei Itoh began linen trading, and the 1949 separation of Daiken Co. into C. Itoh & Co., Marubeni Co. and others. — 1858-2026 · publ. 2026 · source ↗
  4. ReportedMarubeni-Itochu Steel, established in 2001, is owned 50-50 and contributed ¥20.2 billion to Marubeni in the year to March 2026, down from ¥25.7 billion.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - net profit of major group companies by segment, with ownership and business descriptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  5. ReportedItochu runs a consumer business Marubeni has no equivalent of, the FamilyMart chain of about 16,400 convenience stores, and it reported ¥900.3 billion of net profit in the year to March 2026, against Marubeni's ¥543.9 billion.
    ITOCHU Corporation, Financial Information Report 2026 - net profit attributable to ITOCHU of ¥900.3 billion for the year to March 2026, and the FamilyMart convenience-store network of about 16,400 stores. — FY to March 2026 · publ. June 2026 · source ↗
  6. ReportedItochu runs a consumer business Marubeni has no equivalent of, the FamilyMart chain of about 16,400 convenience stores, and it reported ¥900.3 billion of net profit in the year to March 2026, against Marubeni's ¥543.9 billion.
    ITOCHU Corporation, Financial Information Report 2026 - net profit attributable to ITOCHU of ¥900.3 billion for the year to March 2026, and the FamilyMart convenience-store network of about 16,400 stores. — FY to March 2026 · publ. June 2026 · source ↗
  7. ReportedItochu runs a consumer business Marubeni has no equivalent of, the FamilyMart chain of about 16,400 convenience stores, and it reported ¥900.3 billion of net profit in the year to March 2026, against Marubeni's ¥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 ↗
  8. ReportedBoth companies list on the Tokyo exchange and count Berkshire Hathaway as a shareholder above 10%.
    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 ↗
  9. ReportedMarubeni's non-resource businesses earning ¥328.0 billion have to grow faster than Itochu's for the gap to close.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - net profit of major group companies by segment, with ownership and business descriptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026