Aircraft Parts at a Thirty-Three Per Cent ReturnNarrow moat

Marubeni (8002) — moat facet

Marubeni's best platform sells used aircraft parts into a market short of new ones, and earns a third of its capital each year.

The best return among Marubeni's platforms comes from aircraft parts. The aviation aftermarket platform, built around Magellan Aviation and DASI, earned adjusted net profit of ¥22.0 billion in the year to March 2026, up from ¥13.0 billion, on a return on invested capital of 33%1. In the April-June quarter Marubeni took DASI, a Miami-based parts supplier, to full ownership2.

Aviation aftermarket platform (¥ bn)13.0Yr to Mar 202522.0Yr to Mar 202624.0ForecastROIC 33%; Marubeni IR presentation, May 2026
Profit up by two-thirds in a year, at the highest return in the portfolio.

The business trades used serviceable material: parts recovered from retired aircraft and resold to airlines and repair shops. With new engines and aircraft in short supply, older aircraft fly longer and need more parts, and a supplier with inventory is in a strong position.

The advantage fits the trading house: buying aircraft for their parts, holding inventory and selling to many customers is logistics and financing, not manufacturing.

The business is part of the Aerospace & Mobility segment, which also holds shipping, construction machinery and automotive aftermarket businesses3. Marubeni Aviation Asset Investment, which holds the aircraft parts business Magellan, contributed ¥5.0 billion in the year to March 2026 against ¥6.0 billion4; the platform's growth came from DASI.

The measure is the platform's return as it grows. At 33% on a small base, the question is whether it holds as the company adds capital.

Moat trajectory: Widening

Profit rose from ¥13.0 billion to ¥22.0 billion and the company forecasts ¥24.0 billion; DASI is now wholly owned.

The number that tests this moat
Reported
Aviation aftermarket platform adjusted net profit
¥22.0bn at a 33% ROIC

The highest-returning platform; its return as capital is added is the test of whether it is a niche or a business.

Source: Marubeni full-year IR presentation, May 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
A Revaluation Gain Is Not Growth
Half of the aviation segment's jump in the latest quarter was an accounting gain from buying the rest of DASI.
References
  1. ReportedThe aviation aftermarket platform, built around Magellan Aviation and DASI, earned adjusted net profit of ¥22.0 billion in the year to March 2026, up from ¥13.0 billion, on a return on invested capital of 33%.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - Core Strategic Platform Businesses: adjusted net profit, ROIC, forecasts and growth rates of each platform, and the portfolio ROIC by resources and non-resources. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. ReportedIn the April-June quarter Marubeni took DASI, a Miami-based parts supplier, to full ownership.
    Marubeni Corporation, IR presentation for the three months ended June 30, 2026 - adjusted net profit, core operating cash flow, one-time items, capital allocation, major group company results and the share buyback plan. — April-June 2026 · publ. 3 August 2026 · source ↗
  3. ReportedThe business is part of the Aerospace & Mobility segment, which also holds shipping, construction machinery and automotive aftermarket businesses.
    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. ReportedMarubeni Aviation Asset Investment, which holds the aircraft parts business Magellan, contributed ¥5.0 billion in the year to March 2026 against ¥6.0 billion; the platform's growth came from DASI.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - Core Strategic Platform Businesses: adjusted net profit, ROIC, forecasts and growth rates of each platform, and the portfolio ROIC by resources and non-resources. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026