⚠ ROE Below Its Own TargetModerate threat

Marubeni (8002) — threat to the moat

Marubeni's equity grew faster than its profit, partly because the yen fell, and ROE has declined for three years.

Marubeni's return on equity was 23.0% in the year to March 2022, 22.4% the year after, then 15.2%, 14.2% and 13.6%1. The GC2027 plan's target is 15%2, and the company's own guidance for the year to March 2027 is around 13-14%3.

Return on equity against the 15% target, years to March23.0%202222.4%202315.2%202414.2%202513.6%202615%TargetMarubeni Integrated Report 2026; GC2027 target
Three years of decline since the peak, now under the company's own target.

The cause is arithmetic. Equity grew by ¥734.5 billion in the latest year4, and nearly half of that, ¥345.8 billion, was foreign currency translation from a weaker yen56. Profit cannot keep pace with equity that grows because of the exchange rate.

Return on assets tells a similar story, flatter: 5.6%, 5.6% and 5.5% across the last three years7. Total assets grew from ¥8,923.6 billion to ¥10,531.8 billion over those years8; profit grew more slowly.

The measure is ROE after buybacks. If the ¥900 billion of planned shareholder returns9 does not lift ROE above 14%, the target needs a different lever.

References
  1. ReportedMarubeni's return on equity was 23.0% in the year to March 2022, 22.4% the year after, then 15.2%, 14.2% and 13.6%.
    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 ↗
  2. ReportedThe GC2027 plan's target is 15%, and the company's own guidance for the year to March 2027 is around 13-14%.
    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 ↗
  3. ReportedThe GC2027 plan's target is 15%, and the company's own guidance for the year to March 2027 is around 13-14%.
    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 ↗
  4. ReportedEquity grew by ¥734.5 billion in the latest year, and nearly half of that, ¥345.8 billion, was foreign currency translation from a weaker yen.
    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. ReportedEquity grew by ¥734.5 billion in the latest year, and nearly half of that, ¥345.8 billion, was foreign currency translation from a weaker yen.
    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 ↗
  6. Moat Explorer calcEquity grew by ¥734.5 billion in the latest year, and nearly half of that, ¥345.8 billion, was foreign currency translation from a weaker yen.
    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.
  7. ReportedReturn on assets tells a similar story, flatter: 5.6%, 5.6% and 5.5% across the last three years.
    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. ReportedTotal assets grew from ¥8,923.6 billion to ¥10,531.8 billion over those years; profit grew more slowly.
    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. ReportedIf the ¥900 billion of planned shareholder returns does not lift ROE above 14%, the target needs a different lever.
    Marubeni Corporation, Summary of Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenue, operating profit and net profit, segment results, progress against the full-year forecast, the balance sheet at 30 June 2026, and the revised GC2027 capital allocation and new share buyback. — April-June 2026 · publ. 3 August 2026 · source ↗
Sources
Generated September 24, 2026