◆ Inside the Latest Quarter (April-June 2026)

Mitsui & Co. (8031) — the variant view

Mitsui's record first quarter was a fifth one-off gains and four-fifths growth in its main businesses.

📈 8031 valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Mitsui's April-June 2026 quarter was its best first quarter ever. Revenue rose 31.7% to ¥4,347,565 million and net profit 53.4% to ¥294,052 million1, a record for the first quarter2. Earnings per share were ¥103.73 against ¥66.683.

Profit by segment, April-June (¥ bn)Mobility, Digital & Infra. 202673.0 (49.4)Innovation & Corp. Dev. 202665.2 (10.3)Mineral & Metal 202661.2 (51.5)Energy 202634.4 (20.2)Chemicals 202626.6 (30.9)Wellness Ecosystem 202618.4 (14.8)Prior-year quarter restated to the new basis in brackets; Mitsui results, April-June 2026
Every large segment up except Chemicals; the corporate segment up on one-offs.

Two one-off items explain part of it. Restructuring the company's interest in CIM Group, an American real estate business, produced a gain of ¥44.2 billion, and the listing of Quantinuum, a quantum computing company, a fair-value gain of ¥10.2 billion4. Together they were about 18.5% of the quarter's profit5. An energy business outside Japan also listed, producing further fair-value gains6.

Underneath, the businesses grew. Core operating cash flow was ¥280.9 billion against ¥216.3 billion7. On the new segment basis, Mineral & Metal Resources earned ¥61.2 billion against ¥51.5 billion, Energy ¥34.4 billion against ¥20.2 billion and Mobility, Digital & Infrastructure ¥73.0 billion against ¥49.4 billion; Chemicals fell to ¥26.6 billion from ¥30.9 billion, partly because methanol could not be shipped from the Middle East89.

Operating cash flow was weaker at ¥42.3 billion, after working capital absorbed cash10, and net debt to equity rose to 0.4911. The company announced a new share buyback of up to ¥200 billion and 60 million shares12.

The measure for the rest of the year is progress against the ¥920 billion forecast. At 32.0% after one quarter13, the forecast looks conservative, which is why the company raised the possibility of revising it14.

References
  1. ReportedRevenue rose 31.7% to ¥4,347,565 million and net profit 53.4% to ¥294,052 million, a record for the first quarter.
    Mitsui & Co., Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenue, profit, segment results on the new basis, core operating cash flow and the balance sheet. — April-June 2026 · publ. 4 August 2026 · source ↗
  2. ReportedRevenue rose 31.7% to ¥4,347,565 million and net profit 53.4% to ¥294,052 million, a record for the first quarter.
    Mitsui & Co., narration of the first-quarter results, August 2026. — April-June 2026 · publ. 4 August 2026 · source ↗
  3. ReportedEarnings per share were ¥103.73 against ¥66.68.
    Mitsui & Co., Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenue, profit, segment results on the new basis, core operating cash flow and the balance sheet. — April-June 2026 · publ. 4 August 2026 · source ↗
  4. ReportedRestructuring the company's interest in CIM Group, an American real estate business, produced a gain of ¥44.2 billion, and the listing of Quantinuum, a quantum computing company, a fair-value gain of ¥10.2 billion.
    Mitsui & Co., first-quarter presentation for the year to March 2027 - one-time items including the CIM Group restructuring and the Quantinuum IPO gain, and the power portfolio. — April-June 2026 · publ. 4 August 2026 · source ↗
  5. Moat Explorer calcTogether they were about 18.5% of the quarter's profit.
    Moat Explorer calculation from Mitsui & Co.'s reported figures. Resource share of profit: (253.6 + 164.2) / 834.0 = 50.1% (2026), 51.0% (2025), 58.0% (2024). Iron ore business share: 262.2 / 834.0 = 31.4%. Trailing twelve months to June 2026: net income 833,971 - 191,647 + 294,052 = 936,376; revenue 13,995.2 - 3,299.9 + 4,347.6 = 15,042.9; EPS 291.12 - 66.68 + 103.73 = 328.17. P/S at March year-ends: 5,340.8 / 11,757.6 = 0.45 (2022), 0.44 (2023), 0.80 (2024), 0.55 (2025), 16,969.0 / 13,995.2 = 1.21 (2026). Share price change since March: 5,033 / 5,959 - 1 = -15.5%. Shares issued, split-adjusted: 3,284.7 million (March 2022) to 2,864.7 million (March 2026) = -12.8%. Equity-method profit and dividend income: 447.4 + 178.7 = 626.1, 57.6% of profit before tax of 1,087.1. Segment profit over segment assets, year to March 2026: Mineral & Metal Resources 253.6 / 4,313.2 = 5.9%; Machinery & Infrastructure 225.9 / 4,427.3 = 5.1%; Energy 164.2 / 4,181.4 = 3.9%; Chemicals 67.5 / 2,241.8 = 3.0%; Lifestyle 52.0 / 3,091.1 = 1.7%; Innovation & Corporate Development 59.0 / 2,655.3 = 2.2%; Iron & Steel Products 18.9 / 862.4 = 2.2%. Innovation & Corporate Development including other and adjustments: 59.0 + 20.7 - 27.7 = 51.9 (2026), 87.3 - 42.8 + 21.5 = 65.9 (2025), 53.8 + 5.6 - 5.9 = 53.6 (2024). A $10 move in iron ore: 10 x ¥3.0 billion = ¥30 billion, 3.3% of the ¥920 billion forecast. Berkshire's market value over cost: 8,785 / 3,490 = 2.52 times; dividend on cost 201 / 3,490 = 5.8%. Progress against guidance: 294.1 / 920.0 = 32.0%. Profit growth since the year to March 2016's loss: from -83.4 to 834.0. Resource profits: 335.1 + 281.7 = 616.8 (2024) and 253.6 + 164.2 = 417.8 (2026). Three largest segments: (253.6 + 225.9 + 164.2) / 841.1 = 76.5%. Energy Trading Singapore: 1,986,458 / 13,995,222 = 14.2%. First-quarter one-time gains: (44.2 + 10.2) / 294.1 = 18.5%. Innovation & Corporate Development first quarter against plan: 65.2 / 70.0 = 93%. Arctic LNG 2 provision change: 66,109 - 57,759 = 8,350. A $1 move in US gas: 10 x ¥1.2 billion = ¥12 billion. Vale dividend: 35.0 / 59.6 - 1 = -41%; 43.5 / 35.0 - 1 = +24%. Truck leasing holding: 19.8 / 28.4 - 1 = -30%; 18.8 / 19.8 - 1 = -5%. Profit to the 2029 target: 1,100 / 834.0 = 1.32; to the 2031 vision: 1,400 / 834.0 = 1.68. Berkshire value over cost 2.52 and dividend yield on cost 5.8%. Ministers North at full production: 7% x 20 Mt = 1.4 Mt. Mainstream charges: 15.1 + 15.9 + 28.05 = 59.05. Vale dividend fall against segment profit: (59.6 - 35.0) / 285.4 = 8.6%. Mitsui against smaller houses: profit 936.4 / 619.1 = 1.51 and 936.4 / 575.9 = 1.63; value 14.63 / 8.51 = 1.72 and 14.63 / 8.09 = 1.81. Trailing P/E: 14.63 trillion / 936.4 billion = 15.6; P/S 14.63 / 15.043 = 0.97. Dividend growth: 115 / 27.5 = 4.2 times. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Mitsui & Co.'s results, integrated report, securities report and market data; operands shown in the source line.
  6. ReportedAn energy business outside Japan also listed, producing further fair-value gains.
    Mitsui & Co., narration of the first-quarter results, August 2026. — April-June 2026 · publ. 4 August 2026 · source ↗
  7. ReportedCore operating cash flow was ¥280.9 billion against ¥216.3 billion.
    Mitsui & Co., Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenue, profit, segment results on the new basis, core operating cash flow and the balance sheet. — April-June 2026 · publ. 4 August 2026 · source ↗
  8. ReportedOn the new segment basis, Mineral & Metal Resources earned ¥61.2 billion against ¥51.5 billion, Energy ¥34.4 billion against ¥20.2 billion and Mobility, Digital & Infrastructure ¥73.0 billion against ¥49.4 billion; Chemicals fell to ¥26.6 billion from ¥30.9 billion, partly because methanol could not be shipped from the Middle East.
    Mitsui & Co., Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenue, profit, segment results on the new basis, core operating cash flow and the balance sheet. — April-June 2026 · publ. 4 August 2026 · source ↗
  9. ReportedOn the new segment basis, Mineral & Metal Resources earned ¥61.2 billion against ¥51.5 billion, Energy ¥34.4 billion against ¥20.2 billion and Mobility, Digital & Infrastructure ¥73.0 billion against ¥49.4 billion; Chemicals fell to ¥26.6 billion from ¥30.9 billion, partly because methanol could not be shipped from the Middle East.
    Mitsui & Co., Q&A of the first-quarter results meeting, August 2026 - including the possibility of an upward revision and the Middle East methanol effect. — April-June 2026 · publ. August 2026 · source ↗
  10. ReportedOperating cash flow was weaker at ¥42.3 billion, after working capital absorbed cash, and net debt to equity rose to 0.49.
    Mitsui & Co., Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenue, profit, segment results on the new basis, core operating cash flow and the balance sheet. — April-June 2026 · publ. 4 August 2026 · source ↗
  11. ReportedOperating cash flow was weaker at ¥42.3 billion, after working capital absorbed cash, and net debt to equity rose to 0.49.
    Mitsui & Co., Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenue, profit, segment results on the new basis, core operating cash flow and the balance sheet. — April-June 2026 · publ. 4 August 2026 · source ↗
  12. ReportedThe company announced a new share buyback of up to ¥200 billion and 60 million shares.
    Mitsui & Co. release, 4 August 2026 - share buyback of up to ¥200 billion and 60 million shares. — August 2026 · publ. 4 August 2026 · source ↗
  13. Moat Explorer calcAt 32.0% after one quarter, the forecast looks conservative, which is why the company raised the possibility of revising it.
    Moat Explorer calculation from Mitsui & Co.'s reported figures. Resource share of profit: (253.6 + 164.2) / 834.0 = 50.1% (2026), 51.0% (2025), 58.0% (2024). Iron ore business share: 262.2 / 834.0 = 31.4%. Trailing twelve months to June 2026: net income 833,971 - 191,647 + 294,052 = 936,376; revenue 13,995.2 - 3,299.9 + 4,347.6 = 15,042.9; EPS 291.12 - 66.68 + 103.73 = 328.17. P/S at March year-ends: 5,340.8 / 11,757.6 = 0.45 (2022), 0.44 (2023), 0.80 (2024), 0.55 (2025), 16,969.0 / 13,995.2 = 1.21 (2026). Share price change since March: 5,033 / 5,959 - 1 = -15.5%. Shares issued, split-adjusted: 3,284.7 million (March 2022) to 2,864.7 million (March 2026) = -12.8%. Equity-method profit and dividend income: 447.4 + 178.7 = 626.1, 57.6% of profit before tax of 1,087.1. Segment profit over segment assets, year to March 2026: Mineral & Metal Resources 253.6 / 4,313.2 = 5.9%; Machinery & Infrastructure 225.9 / 4,427.3 = 5.1%; Energy 164.2 / 4,181.4 = 3.9%; Chemicals 67.5 / 2,241.8 = 3.0%; Lifestyle 52.0 / 3,091.1 = 1.7%; Innovation & Corporate Development 59.0 / 2,655.3 = 2.2%; Iron & Steel Products 18.9 / 862.4 = 2.2%. Innovation & Corporate Development including other and adjustments: 59.0 + 20.7 - 27.7 = 51.9 (2026), 87.3 - 42.8 + 21.5 = 65.9 (2025), 53.8 + 5.6 - 5.9 = 53.6 (2024). A $10 move in iron ore: 10 x ¥3.0 billion = ¥30 billion, 3.3% of the ¥920 billion forecast. Berkshire's market value over cost: 8,785 / 3,490 = 2.52 times; dividend on cost 201 / 3,490 = 5.8%. Progress against guidance: 294.1 / 920.0 = 32.0%. Profit growth since the year to March 2016's loss: from -83.4 to 834.0. Resource profits: 335.1 + 281.7 = 616.8 (2024) and 253.6 + 164.2 = 417.8 (2026). Three largest segments: (253.6 + 225.9 + 164.2) / 841.1 = 76.5%. Energy Trading Singapore: 1,986,458 / 13,995,222 = 14.2%. First-quarter one-time gains: (44.2 + 10.2) / 294.1 = 18.5%. Innovation & Corporate Development first quarter against plan: 65.2 / 70.0 = 93%. Arctic LNG 2 provision change: 66,109 - 57,759 = 8,350. A $1 move in US gas: 10 x ¥1.2 billion = ¥12 billion. Vale dividend: 35.0 / 59.6 - 1 = -41%; 43.5 / 35.0 - 1 = +24%. Truck leasing holding: 19.8 / 28.4 - 1 = -30%; 18.8 / 19.8 - 1 = -5%. Profit to the 2029 target: 1,100 / 834.0 = 1.32; to the 2031 vision: 1,400 / 834.0 = 1.68. Berkshire value over cost 2.52 and dividend yield on cost 5.8%. Ministers North at full production: 7% x 20 Mt = 1.4 Mt. Mainstream charges: 15.1 + 15.9 + 28.05 = 59.05. Vale dividend fall against segment profit: (59.6 - 35.0) / 285.4 = 8.6%. Mitsui against smaller houses: profit 936.4 / 619.1 = 1.51 and 936.4 / 575.9 = 1.63; value 14.63 / 8.51 = 1.72 and 14.63 / 8.09 = 1.81. Trailing P/E: 14.63 trillion / 936.4 billion = 15.6; P/S 14.63 / 15.043 = 0.97. Dividend growth: 115 / 27.5 = 4.2 times. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Mitsui & Co.'s results, integrated report, securities report and market data; operands shown in the source line.
  14. ReportedAt 32.0% after one quarter, the forecast looks conservative, which is why the company raised the possibility of revising it.
    Mitsui & Co., Q&A of the first-quarter results meeting, August 2026 - including the possibility of an upward revision and the Middle East methanol effect. — April-June 2026 · publ. August 2026 · source ↗
Sources
Generated September 24, 2026