⚠ Seven Per Cent on the Non-Resource CapitalHigh threat

Marubeni (8002) — threat to the moat

The businesses Marubeni wants more of earn half the return of the ones it wants less of.

Marubeni's own figures put the return on invested capital of its non-resource businesses at 7%, against 14% for resources and 8% for the whole company1. Its stated aim is a non-resource ROIC above 10%2.

ROIC by portfolio, year to March 202614%Resources8%Whole company7%Non-resourcesover 10%Non-resource targetROIC = adjusted net profit / (net debt + equity); Marubeni IR presentation
The part of the portfolio the strategy favours is the part below target.

This is the central tension of the strategy. Non-resources are ¥328.0 billion of adjusted profit3 and the part the company wants to grow, because they are steadier than copper and coal. They also earn half the return.

The company measures ROIC as adjusted net profit over invested capital, defined as term-end net interest-bearing debt plus shareholders' equity4. On that basis invested capital was about ¥6.2 trillion, of which about ¥5.1 trillion in non-resources and ¥1.1 trillion in resources5. Four-fifths of the capital earns about half the return of the other fifth.

The measure is the non-resource ROIC. If it does not reach 10% by the end of the plan, the steadier businesses are also the less profitable ones, and the market will value them that way.

References
  1. ReportedMarubeni's own figures put the return on invested capital of its non-resource businesses at 7%, against 14% for resources and 8% for the whole company.
    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. ReportedIts stated aim is a non-resource ROIC above 10%.
    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 ↗
  3. ReportedNon-resources are ¥328.0 billion of adjusted profit and the part the company wants to grow, because they are steadier than copper and coal.
    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 ↗
  4. ReportedThe company measures ROIC as adjusted net profit over invested capital, defined as term-end net interest-bearing debt plus shareholders' equity.
    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 ↗
  5. ReportedOn that basis invested capital was about ¥6.2 trillion, of which about ¥5.1 trillion in non-resources and ¥1.1 trillion in resources.
    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