Mitsubishi Corporation: The Rival That Shares Its LNGNarrow moat

Mitsui & Co. (8031) — moat facet

Mitsubishi is worth more than Mitsui on less profit, and the two own Russian and Australian gas together.

Mitsubishi Corporation is worth ¥18.12 trillion against Mitsui's ¥14.63 trillion1, though its trailing net income of ¥895.86 billion2 is below Mitsui's ¥936.38 billion3. The market pays more for Mitsubishi's profit than for Mitsui's.

Sakhalin II ownershipGazprom77.5%Mitsui (through MIT SEL)12.5%Mitsubishi Corporation10%Capacity9.6 Mt a yearMitsui results presentation, May 2026
Two rivals holding the same Russian project.

The two are rivals for assets and partners in several of them. In Sakhalin II, Gazprom owns 77.5%, Mitsubishi 10% and Mitsui 12.5%4. In the North West Shelf project in Australia, their interests are held through a company owned 50:505. When the Russian project's future was in question, both faced the same decision.

The rivalry is sharpest in Australia's resources and in mobility and infrastructure outside Japan, where the two bid for similar stakes. Mitsubishi's larger market value gives it more room to use its own shares or borrow against them.

The two companies' Australian LNG interests are held through MIMI, which the two own equally6. The same company held the Browse LNG interest on which Mitsui recorded a ¥40.3 billion impairment in the year to March 20167. In LNG, the two rivals have shared both gains and losses.

The measure is the valuation gap. It narrowing while Mitsui's profit stays higher would say the market is warming to Mitsui's mix.

Moat trajectory: Holding steady

The valuation gap is wide; the partnerships continue.

The number that tests this moat
Reported
Market value against Mitsubishi Corporation
¥14.63tn against ¥18.12tn

The discount on higher profit; convergence would show the market rewarding Mitsui's portfolio.

Source: Mitsui & Co. market-cap history (stockanalysis) ↗
References
  1. ReportedMitsubishi Corporation is worth ¥18.12 trillion against Mitsui's ¥14.63 trillion, though its trailing net income of ¥895.86 billion is below Mitsui's ¥936.38 billion.
    Mitsui & Co. (TYO: 8031) market-cap history and peers - December year-end values and the market values of Mitsubishi, ITOCHU, Sumitomo and Marubeni. — 2021-2026 · publ. September 2026 · source ↗
  2. ReportedMitsubishi Corporation is worth ¥18.12 trillion against Mitsui's ¥14.63 trillion, though its trailing net income of ¥895.86 billion is below Mitsui's ¥936.38 billion.
    Mitsubishi Corporation (TYO: 8058) market data - market capitalisation 17.62T yen, trailing net income 895.86B yen, September 2026. — September 2026 · publ. 24 September 2026 · source ↗
  3. ReportedMitsubishi Corporation is worth ¥18.12 trillion against Mitsui's ¥14.63 trillion, though its trailing net income of ¥895.86 billion is below Mitsui's ¥936.38 billion.
    Mitsui & Co. (TYO: 8031) market data - share price, market capitalisation 14.63T yen, trailing revenue and net income, P/E, forward P/E, dividend, analysts' target, September 2026. — September 2026 · publ. 24 September 2026 · source ↗
  4. ReportedIn Sakhalin II, Gazprom owns 77.5%, Mitsubishi 10% and Mitsui 12.5%.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  5. ReportedIn the North West Shelf project in Australia, their interests are held through a company owned 50:50.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  6. ReportedThe two companies' Australian LNG interests are held through MIMI, which the two own equally.
    Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗
  7. ReportedThe same company held the Browse LNG interest on which Mitsui recorded a ¥40.3 billion impairment in the year to March 2016.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2016 - the net loss and the impairments in Chilean copper, Valepar, Browse LNG and power. — FY to March 2016 · publ. May 2016 · source ↗
Sources
Generated September 24, 2026