A Dividend Almost Three Times HigherNarrow moat

Mitsubishi Corporation (8058) — moat facet

Mitsubishi's dividend has nearly tripled since 2020 and now takes half of profit.

Mitsubishi's dividend, adjusted for the January 2024 three-for-one split, was ¥44 for the year to March 2020, ¥50 for 2022, ¥70 for 2024, ¥100 for 2025, ¥110 for 2026, and ¥125 is guided for the year to March 202712. The company describes a progressive dividend scheme under which dividends are increased in line with sustained profit growth3.

Dividend per share, split-adjusted (¥, years to March)442020502022702024100202511020261252027 guideMitsubishi Corporation results and presentation, May 2026
Almost three times the dividend in seven years.

Total dividends paid were ¥408,458 million in the year to March 2026, a payout ratio of 52.2%4, up from 30.4% two years earlier5. The higher ratio reflects both the higher dividend and lower profit.

The company's shareholders include Berkshire Hathaway, which received $273 million of dividends from its Mitsubishi stake in 20256.

The company raised the dividend even as profit fell in the year to March 2026, from ¥100 to ¥1107, which is what a progressive policy requires.

The measure is the payout ratio. At 52.2% on a falling profit, a further profit fall would push the ratio toward levels that constrain the progressive policy.

Moat trajectory: Widening

The dividend is guided to rise again, to ¥125.

The number that tests this moat
Reported
Dividend per share
¥110 for the year to March 2026, ¥125 guided

Progressive policy; the payout ratio of 52.2% leaves less room if profit falls again.

Source: Mitsubishi Corporation results, year to March 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
Half of Profit Paid Out
A progressive dividend is easy when profit rises and expensive when it does not.
References
  1. ReportedMitsubishi's dividend, adjusted for the January 2024 three-for-one split, was ¥44 for the year to March 2020, ¥50 for 2022, ¥70 for 2024, ¥100 for 2025, ¥110 for 2026, and ¥125 is guided for the year to March 2027.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - Corporate Strategy 2027 targets, the three-year cash flow plan, divestitures, shareholder returns and leverage policy. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. ReportedMitsubishi's dividend, adjusted for the January 2024 three-for-one split, was ¥44 for the year to March 2020, ¥50 for 2022, ¥70 for 2024, ¥100 for 2025, ¥110 for 2026, and ¥125 is guided for the year to March 2027.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, the eight-segment note, dividends and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedThe company describes a progressive dividend scheme under which dividends are increased in line with sustained profit growth.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, the eight-segment note, dividends and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. ReportedTotal dividends paid were ¥408,458 million in the year to March 2026, a payout ratio of 52.2%, up from 30.4% two years earlier.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, the eight-segment note, dividends and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  5. ReportedTotal dividends paid were ¥408,458 million in the year to March 2026, a payout ratio of 52.2%, up from 30.4% two years earlier.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2025 (IFRS) - including the eight-segment note with the year to March 2024 restated and the three-for-one share split of 1 January 2024. — FY to March 2025 · publ. 2 May 2025 · source ↗
  6. ReportedThe company's shareholders include Berkshire Hathaway, which received $273 million of dividends from its Mitsubishi stake in 2025.
    Berkshire Hathaway 2025 shareholder letter - Mitsubishi at 10.8%, cost $4,248 million, market value $9,207 million, and yen borrowing at an average cost of 1.2%. — 2025 · publ. February 2026 · source ↗
  7. ReportedThe company raised the dividend even as profit fell in the year to March 2026, from ¥100 to ¥110, which is what a progressive policy requires.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, the eight-segment note, dividends and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026