Finance, Leasing & Real EstateNarrow moat

Marubeni (8002) — moat facet

The finance segment's record was a real-estate gain, and its ordinary profit is about 7% on the assets it holds.

Finance, Leasing & Real Estate is the segment where revenue means least. It reported revenue of ¥24,585 million, an operating loss of ¥5,247 million, a share of associates' profit of ¥90,373 million, and net profit of ¥162,030 million in the year to March 20261. Its investments in associates were ¥920,946 million2 and its segment assets ¥1,021,012 million3.

Finance, Leasing & RE, year to March 2026 (¥ bn)24.6Revenue90.4Share of associates162.0Net profit (reported)72Adjusted profitMarubeni segment note and IR presentation
Almost no revenue, a large share of associates' profit, and a one-off gain.

Inside it are stakes rather than operations: 21.6% of Nowlake, the American used-car lender; 20.0% of Wheels, the fleet manager; 20.2% of Mizuho Leasing; 75.0% of Aircastle on the equity method; and half of Daiichi Life Marubeni Real Estate4. Their shares of profit were ¥31.5 billion, ¥4.3 billion, ¥9.6 billion, ¥22.0 billion and ¥4.1 billion5.

The segment's profit nearly tripled from ¥59.1 billion6, and most of the increase was the ¥76.5 billion real-estate valuation gain7. The company's own adjusted figure rose from ¥56 billion to ¥72 billion8, and it forecasts ¥76.0 billion for the year to March 20279.

The April-June 2026 quarter fell to ¥17.9 billion from ¥30.9 billion, without the prior year's railcar sale gain and with Nowlake lower10.

On assets of ¥1,021.0 billion, the adjusted profit is about 7%; the reported profit, 15.9%11. The first is the one to judge it by. Profit below the ¥76.0 billion forecast would say the North American credit businesses are weakening.

Moat trajectory: Holding steady

Adjusted profit rose from ¥56 billion to ¥72 billion; the quarter to June 2026 fell with Nowlake lower.

The number that tests this moat
Reported
Finance, Leasing & Real Estate adjusted net profit
¥72bn against ¥56bn; ¥76.0bn forecast

Reported profit was ¥162.0 billion including a one-off gain; the adjusted figure is the business.

Source: Marubeni full-year IR presentation, May 2026 ↗
References
  1. ReportedIt reported revenue of ¥24,585 million, an operating loss of ¥5,247 million, a share of associates' profit of ¥90,373 million, and net profit of ¥162,030 million in the year to March 2026.
    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 ↗
  2. ReportedIts investments in associates were ¥920,946 million and its segment assets ¥1,021,012 million.
    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 ↗
  3. ReportedIts investments in associates were ¥920,946 million and its segment assets ¥1,021,012 million.
    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. ReportedInside it are stakes rather than operations: 21.6% of Nowlake, the American used-car lender; 20.0% of Wheels, the fleet manager; 20.2% of Mizuho Leasing; 75.0% of Aircastle on the equity method; and half of Daiichi Life Marubeni Real Estate.
    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. ReportedTheir shares of profit were ¥31.5 billion, ¥4.3 billion, ¥9.6 billion, ¥22.0 billion and ¥4.1 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 ↗
  6. ReportedThe segment's profit nearly tripled from ¥59.1 billion, and most of the increase was the ¥76.5 billion real-estate valuation gain.
    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 ↗
  7. ReportedThe segment's profit nearly tripled from ¥59.1 billion, and most of the increase was the ¥76.5 billion real-estate valuation gain.
    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 ↗
  8. ReportedThe company's own adjusted figure rose from ¥56 billion to ¥72 billion, and it forecasts ¥76.0 billion for the year to March 2027.
    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 ↗
  9. ReportedThe company's own adjusted figure rose from ¥56 billion to ¥72 billion, and it forecasts ¥76.0 billion for the year to March 2027.
    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 ↗
  10. ReportedThe April-June 2026 quarter fell to ¥17.9 billion from ¥30.9 billion, without the prior year's railcar sale gain and with Nowlake lower.
    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 ↗
  11. Moat Explorer calcOn assets of ¥1,021.0 billion, the adjusted profit is about 7%; the reported profit, 15.9%.
    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.
Sources
Generated September 24, 2026