IT at Forty-One Per Cent, on Five BillionThin moat

Marubeni (8002) — moat facet

Marubeni's IT platform earns 41% on its capital, and it is so small that the return barely registers.

Marubeni's IT and digital solutions platform earned ¥5.0 billion of adjusted net profit in the year to March 2026, at a return on invested capital of 41%1. It includes Marubeni I-DIGIO Holdings, which earned ¥5.0 billion, and a two-thirds stake in ARTERIA Networks, which earned ¥2.5 billion2. The IT Solutions segment as a whole had revenue of ¥202.9 billion and net profit of ¥5.4 billion3.

IT and digital (¥ bn, year to March 2026)202.9Segment revenue5.4Segment net profitROIC 41%; Marubeni segment note and IR presentation
¥203 billion of revenue produces ¥5 billion of profit.

The return is high because the capital is small: IT services need people more than assets. That also limits how much the business can grow by adding capital, which is what a trading house knows how to do.

Marubeni Logistics, also in the segment, earned ¥1.5 billion against ¥1.2 billion4. The segment's gross trading profit was ¥51,220 million and its operating profit ¥11,363 million5 — a services business whose costs are mostly people.

The measure is profit growth. The company forecasts ¥5.0 billion again for the year to March 20276; a business earning 41% on capital that is not growing is not being fed.

Moat trajectory: Holding steady

Profit of ¥5.0 billion is forecast flat for the next year.

The number that tests this moat
Reported
IT and digital platform ROIC
41%, on adjusted net profit of ¥5.0bn

The best return in the portfolio on a profit under 1% of the company's; growth would matter more than the ratio.

Source: Marubeni full-year IR presentation, May 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
Too Small to Matter
The IT segment's excellent return is on a profit so small it cannot change what Marubeni is.
References
  1. ReportedMarubeni's IT and digital solutions platform earned ¥5.0 billion of adjusted net profit in the year to March 2026, at a return on invested capital of 41%.
    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. ReportedIt includes Marubeni I-DIGIO Holdings, which earned ¥5.0 billion, and a two-thirds stake in ARTERIA Networks, which earned ¥2.5 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 ↗
  3. ReportedThe IT Solutions segment as a whole had revenue of ¥202.9 billion and net profit of ¥5.4 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 ↗
  4. ReportedMarubeni Logistics, also in the segment, earned ¥1.5 billion against ¥1.2 billion.
    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 ↗
  5. ReportedThe segment's gross trading profit was ¥51,220 million and its operating profit ¥11,363 million — a services business whose costs are mostly people.
    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. ReportedThe company forecasts ¥5.0 billion again for the year to March 2027; a business earning 41% on capital that is not growing is not being fed.
    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