⚠ Twenty Times Earnings for a Trading HouseModerate threat

Mitsubishi Corporation (8058) — threat to the moat

Mitsubishi is priced at about twenty times earnings, a multiple that assumes this year's ¥1.1 trillion guidance is delivered.

Mitsubishi's shares traded at 7.25 times earnings at the end of March 2022, 5.77 at March 2023, 14.88 at March 2024, 10.99 at March 2025, and 24.31 at the end of March 20261. The last figure was the highest in the series, on profit that had fallen 15.8%2. The price-to-book ratio went from 0.87 to 1.90 over the same years3.

Price to earnings at March year-end7.2520225.77202314.88202410.99202524.312026stockanalysis ratios
Four times the multiple in three years, on lower earnings.

The re-rating followed Berkshire Hathaway's investment, the ¥1 trillion buyback and a broader revaluation of Japanese companies. It priced in a recovery that the guidance promises: ¥1.1 trillion of net income for the year to March 20274. The shares have since fallen from ¥5,317 to ¥4,81156, and the trailing multiple is about 207.

A trading house's earnings are cyclical, and a high multiple on cyclical earnings leaves less margin for disappointment. The guidance includes ¥280.0 billion of capital recycling and one-time items8.

The market's expectations are visible in the forward multiple: 14.79 times forward earnings9 against about 20 trailing. The analysts' average target price is ¥5,310.8310, above the September price of ¥4,81111, and the 52-week range is ¥3,427 to ¥6,01212.

The measure is the multiple on adjusted earnings. On adjusted net income of ¥703.7 billion13, the market value of ¥17.62 trillion14 is about 25 times.

The number that tests this threat
Reported
Trailing price to earnings
about 20 (24.3 at March 2026, 5.8 at March 2023)

A ten-year high in March; the guidance has to be met for the multiple to hold.

Source: Mitsubishi Corporation valuation ratios (stockanalysis) ↗
References
  1. ReportedMitsubishi's shares traded at 7.25 times earnings at the end of March 2022, 5.77 at March 2023, 14.88 at March 2024, 10.99 at March 2025, and 24.31 at the end of March 2026.
    Mitsubishi Corporation (TYO: 8058) ratios - market capitalisation, P/E, P/S and P/B at each March year-end, 2022-2026. — March 2022-March 2026 · publ. September 2026 · source ↗
  2. ReportedThe last figure was the highest in the series, on profit that had fallen 15.8%.
    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 price-to-book ratio went from 0.87 to 1.90 over the same years.
    Mitsubishi Corporation (TYO: 8058) ratios - market capitalisation, P/E, P/S and P/B at each March year-end, 2022-2026. — March 2022-March 2026 · publ. September 2026 · source ↗
  4. ReportedIt priced in a recovery that the guidance promises: ¥1.1 trillion of net income 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 ↗
  5. ReportedThe shares have since fallen from ¥5,317 to ¥4,811, and the trailing multiple is about 20.
    Mitsubishi Corporation (TYO: 8058) ratios - market capitalisation, P/E, P/S and P/B at each March year-end, 2022-2026. — March 2022-March 2026 · publ. September 2026 · source ↗
  6. ReportedThe shares have since fallen from ¥5,317 to ¥4,811, and the trailing multiple is about 20.
    Mitsubishi Corporation (TYO: 8058) market data - share price, market capitalisation 17.62T yen, trailing revenue, net income and EPS, P/E, forward P/E, dividend and yield, September 2026. — September 2026 · publ. 24 September 2026 · source ↗
  7. ReportedThe shares have since fallen from ¥5,317 to ¥4,811, and the trailing multiple is about 20.
    Mitsubishi Corporation (TYO: 8058) market data - share price, market capitalisation 17.62T yen, trailing revenue, net income and EPS, P/E, forward P/E, dividend and yield, September 2026. — September 2026 · publ. 24 September 2026 · source ↗
  8. ReportedThe guidance includes ¥280.0 billion of capital recycling and one-time items.
    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 ↗
  9. ReportedThe market's expectations are visible in the forward multiple: 14.79 times forward earnings against about 20 trailing.
    Mitsubishi Corporation (TYO: 8058) market data - share price, market capitalisation 17.62T yen, trailing revenue, net income and EPS, P/E, forward P/E, dividend and yield, September 2026. — September 2026 · publ. 24 September 2026 · source ↗
  10. ReportedThe analysts' average target price is ¥5,310.83, above the September price of ¥4,811, and the 52-week range is ¥3,427 to ¥6,012.
    Mitsubishi Corporation (TYO: 8058) statistics - price-to-book, the 52-week range, enterprise value and analysts' target price. — September 2026 · publ. September 2026 · source ↗
  11. ReportedThe analysts' average target price is ¥5,310.83, above the September price of ¥4,811, and the 52-week range is ¥3,427 to ¥6,012.
    Mitsubishi Corporation (TYO: 8058) market data - share price, market capitalisation 17.62T yen, trailing revenue, net income and EPS, P/E, forward P/E, dividend and yield, September 2026. — September 2026 · publ. 24 September 2026 · source ↗
  12. ReportedThe analysts' average target price is ¥5,310.83, above the September price of ¥4,811, and the 52-week range is ¥3,427 to ¥6,012.
    Mitsubishi Corporation (TYO: 8058) statistics - price-to-book, the 52-week range, enterprise value and analysts' target price. — September 2026 · publ. September 2026 · source ↗
  13. ReportedOn adjusted net income of ¥703.7 billion, the market value of ¥17.62 trillion is about 25 times.
    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 ↗
  14. ReportedOn adjusted net income of ¥703.7 billion, the market value of ¥17.62 trillion is about 25 times.
    Mitsubishi Corporation (TYO: 8058) market data - share price, market capitalisation 17.62T yen, trailing revenue, net income and EPS, P/E, forward P/E, dividend and yield, September 2026. — September 2026 · publ. 24 September 2026 · source ↗
Sources
Generated September 24, 2026