Mineral ResourcesNarrow moat

Mitsubishi Corporation (8058) — moat facet

Mitsubishi's mining profit fell by a third in two years as coal collapsed and copper rose.

Mineral Resources earned ¥295.5 billion in the year to March 2024, ¥227.8 billion in 2025 and ¥204.5 billion in 202612. Its revenue was ¥4,083.3 billion in the latest year3, its gross profit ¥175.2 billion and its equity-method profit ¥123.0 billion4. Its assets were ¥5,995.2 billion5, the largest of any segment, and it earned about 3.4% on them6.

Mineral Resources net income (¥ bn, years to March)295.52024227.82025204.52026180.02027 forecastMitsubishi Corporation results and presentation
Three years of decline, and a forecast for a fourth.

Inside, coal and copper moved in opposite directions. MDP, holding half of BMA, fell from ¥132.9 billion to ¥8.3 billion; copper businesses rose from ¥63.8 billion to ¥149.9 billion, including a ¥53.2 billion impairment reversal; Iron Ore Company of Canada turned to a loss of ¥2.4 billion; resource trading rose to ¥39.5 billion7.

The company forecasts ¥180.0 billion for the current year8. In the April-June 2026 quarter the segment earned ¥86.6 billion, against ¥27.5 billion a year earlier9, including gains related to sales in the Australian steelmaking coal business10.

The measure is copper profit without the reversal. At about ¥97 billion, it is what Mitsubishi's mining earns when coal earns nothing.

Moat trajectory: Narrowing

Down from ¥295.5 billion to ¥204.5 billion over two years; the first quarter of the current year was strong.

The number that tests this moat
Reported
Mineral Resources net income
¥204.5bn against ¥227.8bn and ¥295.5bn

Two years of decline as coal fell; the first quarter's ¥86.6 billion suggests a turn.

Source: Mitsubishi Corporation results, year to March 2026 ↗
References
  1. ReportedMineral Resources earned ¥295.5 billion in the year to March 2024, ¥227.8 billion in 2025 and ¥204.5 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 ↗
  2. ReportedMineral Resources earned ¥295.5 billion in the year to March 2024, ¥227.8 billion in 2025 and ¥204.5 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 ↗
  3. Third-party estimateIts revenue was ¥4,083.3 billion in the latest year, its gross profit ¥175.2 billion and its equity-method profit ¥123.0 billion.
    Mitsubishi Corporation (TYO: 8058) annual financials - revenue by segment for the years to March 2024, 2025 and 2026, and capital expenditure. — FY to March 2024-2026 · publ. September 2026 · source ↗
  4. ReportedIts revenue was ¥4,083.3 billion in the latest year, its gross profit ¥175.2 billion and its equity-method profit ¥123.0 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 ↗
  5. ReportedIts assets were ¥5,995.2 billion, the largest of any segment, and it earned about 3.4% on them.
    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 ↗
  6. Moat Explorer calcIts assets were ¥5,995.2 billion, the largest of any segment, and it earned about 3.4% on them.
    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.
  7. ReportedMDP, holding half of BMA, fell from ¥132.9 billion to ¥8.3 billion; copper businesses rose from ¥63.8 billion to ¥149.9 billion, including a ¥53.2 billion impairment reversal; Iron Ore Company of Canada turned to a loss of ¥2.4 billion; resource trading rose to ¥39.5 billion.
    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 ↗
  8. ReportedThe company forecasts ¥180.0 billion for the current year.
    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 April-June 2026 quarter the segment earned ¥86.6 billion, against ¥27.5 billion a year earlier, including gains related to sales in the Australian steelmaking coal business.
    Mitsubishi Corporation, Financial Highlights for the three months ended June 30, 2026 (IFRS) - revenues, profit, segment results on seven segments, cash flows, the balance sheet and share count after the buyback cancellation. — April-June 2026 · publ. 6 August 2026 · source ↗
  10. ReportedIn the April-June 2026 quarter the segment earned ¥86.6 billion, against ¥27.5 billion a year earlier, including gains related to sales in the Australian steelmaking coal business.
    Mitsubishi Corporation, Financial Highlights for the three months ended June 30, 2026 (IFRS) - revenues, profit, segment results on seven segments, cash flows, the balance sheet and share count after the buyback cancellation. — April-June 2026 · publ. 6 August 2026 · source ↗
Sources
Generated September 24, 2026