Food & Agri BusinessNarrow moat

Marubeni (8002) — moat facet

Food & Agri is the largest segment by revenue and by assets, and among the least profitable per yen invested.

Food & Agri Business had revenue of ¥3,720,523 million in the year to March 2026, 45% of Marubeni's total, gross trading profit of ¥469,261 million and net profit of ¥81,461 million, up from ¥68,921 million1. Its segment assets were ¥2,700,620 million2, the largest in the company.

Food & Agri, largest businesses, yr to Mar 2026 (¥ bn)37.3Helena10.4MacroSource7.1Wellfam Foods3.7Adubos RealSegment net profit ¥81.5bn; Marubeni IR presentation
Helena is close to half of the segment's profit.

The segment combines three old ones: Food I, Food II and Agri Business3. Its largest contributor is Helena, the American agri-inputs retailer, at ¥37.3 billion; then MacroSource, the fertiliser wholesaler, at ¥10.4 billion; Wellfam Foods at ¥7.1 billion; Adubos Real in Brazil at ¥3.7 billion; and a set of food manufacturers and grain businesses, some profitable and some not4.

The margin is thin by design. Net profit was about 2.2% of revenue and 3.0% of segment assets5. Revenue fell sharply in the year to March 2024 when Gavilon's grain business was sold6, which improved the ratios without changing the profit much.

The adjusted profit rose from ¥71 billion to ¥78 billion7, and the forecast for the year to March 2027 is ¥88.0 billion8. The April-June 2026 quarter fell to ¥31.4 billion from ¥35.5 billion on weaker American beef9.

The measure is return on segment assets. The segment holds more capital than any other and earns about 3% on it; moving above 4% would be the evidence that the portfolio changes are working.

Moat trajectory: Holding steady

Profit rose to ¥81.5 billion; the latest quarter fell on beef.

The number that tests this moat
Moat Explorer calc
Food & Agri Business return on segment assets
about 3.0% (¥81.5bn on ¥2,700.6bn)

The most capital-heavy segment earns the least on it; above 4% would show the portfolio changes working.

How it's calculated: Arithmetic on figures reported in Marubeni's financial results, integrated report and IR presentations; operands shown in the source line.
Source: Moat Explorer calculation from Marubeni's filings ↗
References
  1. ReportedFood & Agri Business had revenue of ¥3,720,523 million in the year to March 2026, 45% of Marubeni's total, gross trading profit of ¥469,261 million and net profit of ¥81,461 million, up from ¥68,921 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 ↗
  2. ReportedIts segment assets were ¥2,700,620 million, the largest in the company.
    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. ReportedThe segment combines three old ones: Food I, Food II and Agri Business.
    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. ReportedIts largest contributor is Helena, the American agri-inputs retailer, at ¥37.3 billion; then MacroSource, the fertiliser wholesaler, at ¥10.4 billion; Wellfam Foods at ¥7.1 billion; Adubos Real in Brazil at ¥3.7 billion; and a set of food manufacturers and grain businesses, some profitable and some not.
    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. Moat Explorer calcNet profit was about 2.2% of revenue and 3.0% of segment assets.
    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.
  6. ReportedRevenue fell sharply in the year to March 2024 when Gavilon's grain business was sold, which improved the ratios without changing the profit much.
    Marubeni Corporation, Summary of Consolidated Financial Results for the fiscal year ended March 31, 2024 - including the revenue decline attributed to the sale of Gavilon's grain business. — FY to March 2024 · publ. 2 May 2024 · source ↗
  7. ReportedThe adjusted profit rose from ¥71 billion to ¥78 billion, and the forecast for the year to March 2027 is ¥88.0 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 ↗
  8. ReportedThe adjusted profit rose from ¥71 billion to ¥78 billion, and the forecast for the year to March 2027 is ¥88.0 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 ↗
  9. ReportedThe April-June 2026 quarter fell to ¥31.4 billion from ¥35.5 billion on weaker American beef.
    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