⚠ Half of Profit Paid OutLow threat

Mitsubishi Corporation (8058) — threat to the moat

A progressive dividend is easy when profit rises and expensive when it does not.

The payout ratio was 30.4% for the year to March 2024, 42.2% for 2025 and 52.2% for 202612. The dividend rose while profit fell.

Dividend payout ratio (years to March)30.4%202442.2%202552.2%2026Mitsubishi Corporation results
The payout rose by more than twenty points in two years.

A progressive policy promises not to cut. If profit falls further, the payout ratio rises until the promise becomes expensive.

Total dividends were ¥289,692 million, ¥397,714 million and ¥408,458 million across the last three years34: up 41% while net income fell 17%5.

The measure is the payout at the guided profit: ¥125 on EPS of ¥300.426 is about 42%, which restores room if the guidance is met.

References
  1. ReportedThe payout ratio was 30.4% for the year to March 2024, 42.2% for 2025 and 52.2% for 2026.
    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 ↗
  2. ReportedThe payout ratio was 30.4% for the year to March 2024, 42.2% for 2025 and 52.2% for 2026.
    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 ↗
  3. ReportedTotal dividends were ¥289,692 million, ¥397,714 million and ¥408,458 million across the last three years: up 41% while net income fell 17%.
    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 were ¥289,692 million, ¥397,714 million and ¥408,458 million across the last three years: up 41% while net income fell 17%.
    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 ↗
  5. Moat Explorer calcTotal dividends were ¥289,692 million, ¥397,714 million and ¥408,458 million across the last three years: up 41% while net income fell 17%.
    Moat Explorer calculation from Mitsubishi Corporation's reported figures. Equity-method profit over net profit: 467.9 / 800.5 = 58.5%. Mineral Resources plus Environmental Energy over segment total: (204.5 + 160.9) / 752.1 = 48.6%. Energy & Power (Environmental Energy plus Power Solution): 238.8 + 97.9 = 336.7 (year to March 2024), 198.6 - 15.6 = 183.0 (2025), 160.9 + 43.4 = 204.3 (2026). Other and adjustments: 51.2 - 9.2 = 42.0 (2025), 51.8 - 3.5 = 48.3 (2026). Trailing twelve months to June 2026: net profit 800.5 + 298.5 - 203.1 = 895.9; revenue 19,878.3; EPS 210.92 + 81.53 - 51.59 = 240.86. Progress against guidance: 298.5 / 1,100.0 = 27.1%. Share price change since March: 4,811 / 5,317 - 1 = -9.5%. Berkshire's market value over cost: 9,207 / 4,248 = 2.17 times; dividend on cost 273 / 4,248 = 6.4%. Mitsubishi Development profit: 190.2, 132.9, 8.3. Copper profit growth: 149.9 / 63.8 = 2.35 times. Segment profit over segment assets, year to March 2026: Mineral Resources 204.5 / 5,995.2 = 3.4%; Energy & Power 204.3 / 6,079.0 = 3.4%; Smart-Life Creation 91.0 / 2,745.5 = 3.3%; Food Industry 83.3 / 2,334.1 = 3.6%; Urban Development & Infrastructure 85.1 / 2,173.8 = 3.9%; Mobility 57.6 / 1,942.7 = 3.0%; Materials Solution 26.3 / 1,971.4 = 1.3%. Adjusted net income growth implied by guidance: (1,100.0 - 280.0) / 703.7 = 1.17. Split-adjusted dividend growth: 125 / 44 = 2.8 times. Buyback share of shares: 318.4 / 4,028.9 = 7.9%. Data-centre capacity growth: 168 / 29 = 5.8 times. Average buyback price: about ¥1,000,000 million / 318.4 million shares = about ¥3,141. Lawson return on carrying value: 28.8 / 502.6 = 5.7%. Copper profit excluding the Anglo American Sur reversal: 149.9 - 53.2 = 96.7. Interest cost of one percentage point on ¥5,746.9 billion: about ¥57 billion. Eneco goodwill cover: 167.0 / 31.0 = 5.4 years of profit. Aethon expected return: ¥50-60 billion on about ¥800 billion = 6-8%. Oil assumption effect: (78 - 70) x ¥2.4 billion = about ¥19 billion. Market value over adjusted net income: 17,620 / 703.7 = 25 times. Dividends paid: 408,458 / 289,692 = 1.41 (up 41%) while net income 800.5 / 964.0 = 0.83 (down 17%). MDP return on plant: 8.3 / 1,160.6 = 0.7%. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Mitsubishi Corporation's results, presentations and market data; operands shown in the source line.
  6. ReportedThe measure is the payout at the guided profit: ¥125 on EPS of ¥300.42 is about 42%, which restores room if the guidance is met.
    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