Lawson, Salmon and the Consumer BusinessNarrow moat

Mitsubishi Corporation (8058) — moat facet

Mitsubishi's consumer businesses are a half-share of Lawson, a salmon farmer and a food wholesaler, and their best recent year was a revaluation gain.

Mitsubishi's non-resource consumer businesses sit in two segments. Smart-Life Creation holds Lawson, the convenience-store chain, and Mitsubishi Shokuhin, the food wholesaler; Food Industry holds Cermaq, the salmon farmer, and stakes in food processors. Together they earned ¥174.3 billion in the year to March 202612.

Smart-Life Creation net income (¥ bn, years to March)102.72024185.0 (incl. 122.5 Lawson gain)202591.02026Mitsubishi Corporation results, May 2025 and May 2026
The segment's best year was a revaluation gain on Lawson.

Lawson is the centrepiece. Since KDDI's tender offer completed in April 2024, Mitsubishi and KDDI have each owned 50%3, and Mitsubishi carries its stake at ¥502.6 billion4. At the end of February 2026 Lawson had about 14,700 stores in Japan and 7,800 overseas, about 22,500 in total5. The restructuring produced a revaluation gain of ¥122.5 billion in the year to March 20256.

That gain is why Smart-Life Creation's profit fell from ¥185.0 billion to ¥91.0 billion7. Lawson's own contribution rose from ¥25.5 billion to ¥28.8 billion8.

The history is not all gains. In the year to March 2021 Mitsubishi impaired ¥83.6 billion of Lawson goodwill and intangible assets9, and in the year to March 2024 the Food Industry segment lost ¥25.3 billion, with Cermaq losing ¥20.3 billion1011.

The Food Industry segment's history is more volatile than its products suggest. It lost ¥25.3 billion in the year to March 2024, earned ¥92.4 billion in 2025 and ¥83.3 billion in 20261213. Smart-Life Creation earned ¥102.7 billion, ¥185.0 billion and ¥91.0 billion over the same three years1415. Neither segment has yet had two similar years in a row.

The measure is the recurring profit from Lawson, Mitsubishi Shokuhin and Cermaq together. It was about ¥77 billion in the latest year, including a one-time gain at Cermaq16; growth without such gains would say these are compounding businesses rather than a series of transactions.

Moat trajectory: Holding steady

Lawson's contribution grew and Mitsubishi Shokuhin was taken private; Cermaq recovered from its loss.

The number that tests this moat
Reported
Lawson share of profit
¥28.8bn against ¥25.5bn

The largest consumer business, now owned 50-50 with KDDI; growth here is the recurring part of the segment.

Source: Mitsubishi Corporation results presentation, May 2026 ↗
Aspects of the moat
DIG DEEPER 01
Lawson, Fifty-Fifty With KDDI
Mitsubishi owns half of Lawson's 22,500 stores and earns under 6% on what it paid for them.
DIG DEEPER 02
Mitsubishi Shokuhin, Taken Private
Mitsubishi paid ¥138 billion for the rest of a food wholesaler whose profit then nearly doubled.
DIG DEEPER 03
Cermaq and the Salmon Farms
Mitsubishi owns one of the larger salmon farmers and is buying more licences in a business where licences are the moat.
DIG DEEPER 04
Olam, Itoham and the Food Ingredient Stakes
Mitsubishi's food ingredient stakes are small individually and together make the food segment less dependent on salmon.
⚠ Threats to the moat
⚠ THREAT 01
A Revaluation Gain Made 2025
Lawson's best year in Mitsubishi's accounts was the one in which it gave away control.
⚠ THREAT 02
Salmon Farming Is a Biological Business
Mitsubishi is expanding a salmon business that lost ¥20 billion two years ago.
References
  1. ReportedTogether they earned ¥174.3 billion in the year to March 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. Moat Explorer calcTogether they earned ¥174.3 billion in the year to March 2026.
    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.
  3. ReportedSince KDDI's tender offer completed in April 2024, Mitsubishi and KDDI have each owned 50%, and Mitsubishi carries its stake at ¥502.6 billion.
    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. ReportedSince KDDI's tender offer completed in April 2024, Mitsubishi and KDDI have each owned 50%, and Mitsubishi carries its stake at ¥502.6 billion.
    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. ReportedAt the end of February 2026 Lawson had about 14,700 stores in Japan and 7,800 overseas, about 22,500 in total.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the notes on significant investments: MDP and BMA, Lawson, Eneco, LNG Canada, Anglo American Sur and Quellaveco, with book values and ownership. — FY to March 2026 · publ. 1 May 2026 · source ↗
  6. ReportedThe restructuring produced a revaluation gain of ¥122.5 billion in the year to March 2025.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - capital recycling and one-time items and adjusted consolidated net income. — FY to March 2026 · publ. 1 May 2026 · source ↗
  7. ReportedThat gain is why Smart-Life Creation's profit fell from ¥185.0 billion to ¥91.0 billion.
    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 ↗
  8. ReportedLawson's own contribution rose from ¥25.5 billion to ¥28.8 billion.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - net income by segment and of major subsidiaries and affiliates, with ownership, and the forecast by segment. — FY to March 2026 · publ. 1 May 2026 · source ↗
  9. ReportedIn the year to March 2021 Mitsubishi impaired ¥83.6 billion of Lawson goodwill and intangible assets, and in the year to March 2024 the Food Industry segment lost ¥25.3 billion, with Cermaq losing ¥20.3 billion.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2021 - the impairment of Lawson goodwill and intangible assets and the fall in profit. — FY to March 2021 · publ. May 2021 · source ↗
  10. ReportedIn the year to March 2021 Mitsubishi impaired ¥83.6 billion of Lawson goodwill and intangible assets, and in the year to March 2024 the Food Industry segment lost ¥25.3 billion, with Cermaq losing ¥20.3 billion.
    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 ↗
  11. ReportedIn the year to March 2021 Mitsubishi impaired ¥83.6 billion of Lawson goodwill and intangible assets, and in the year to March 2024 the Food Industry segment lost ¥25.3 billion, with Cermaq losing ¥20.3 billion.
    Mitsubishi Corporation, FY2024 results presentation - the review of Midterm Corporate Strategy 2024, the Enhance programmes covering all 244 operating companies, capital recycling, and the credit ratings. — FY to March 2025 · publ. 2 May 2025 · source ↗
  12. ReportedIt lost ¥25.3 billion in the year to March 2024, earned ¥92.4 billion in 2025 and ¥83.3 billion in 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 ↗
  13. ReportedIt lost ¥25.3 billion in the year to March 2024, earned ¥92.4 billion in 2025 and ¥83.3 billion in 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 ↗
  14. ReportedSmart-Life Creation earned ¥102.7 billion, ¥185.0 billion and ¥91.0 billion over the same three years.
    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 ↗
  15. ReportedSmart-Life Creation earned ¥102.7 billion, ¥185.0 billion and ¥91.0 billion over the same three years.
    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 ↗
  16. ReportedIt was about ¥77 billion in the latest year, including a one-time gain at Cermaq; growth without such gains would say these are compounding businesses rather than a series of transactions.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - the LNG, copper and steelmaking coal portfolios with stakes, capacities and production volumes, data centre capacity, the Thai and Indonesian automotive businesses, and Cermaq's salmon volumes. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026