No Customer Above Ten PercentWide moat

Mitsui & Co. (8031) — moat facet

Mitsui sells to so many buyers that none is worth naming.

Mitsui's securities report contains no statement that any customer accounts for 10% or more of revenue1. Across 278 consolidated subsidiaries and 168 equity-method investees2, selling metals, energy, chemicals, food and machinery, no buyer is large enough to name.

Mitsui group companies (number)278Consolidated subsidiaries168Equity-method investees120OfficesMitsui Integrated Report 2026, At a Glance
Hundreds of businesses and no customer above 10%.

That is the same pattern as the other Japanese trading houses, and the opposite of the chip companies elsewhere in this collection, where a single buyer can be a fifth of revenue or more. A trading house's revenue is spread across thousands of counterparties.

The diversification is real but narrower than it looks. Mitsui's profit is concentrated in a few commodities, iron ore, LNG and oil, whose prices are set by the same global markets regardless of who buys.

The trading book is spread too. Mitsui trades about 12 million tonnes of LNG and about 8 million tonnes of ammonia a year34, without any single buyer large enough to require disclosure.

The measure is whether a customer disclosure ever appears. The first name above 10% would signal a concentration the business has never had.

Moat trajectory: Holding steady

No customer disclosure in any recent year.

The number that tests this moat
Reported
Consolidated subsidiaries and equity-method investees
278 and 168

The breadth behind the absence of a customer table.

Source: Mitsui & Co. Integrated Report 2026, At a Glance ↗
References
  1. ReportedMitsui's securities report contains no statement that any customer accounts for 10% or more of revenue.
    Mitsui & Co., Annual Securities Report for the year to March 2026 (English) - company history, employees, share price history, total shareholder return, equity production, the revenue of the Singapore trading subsidiary, competition and the Arctic LNG 2 guarantees. — FY to March 2026 · publ. 12 August 2026 · source ↗
  2. ReportedAcross 278 consolidated subsidiaries and 168 equity-method investees, selling metals, energy, chemicals, food and machinery, no buyer is large enough to name.
    Mitsui & Co. Integrated Report 2026, At a Glance - consolidated subsidiaries and equity-method investees, offices, share of profit by region and market positions. — 2026 · publ. 2026 · source ↗
  3. ReportedMitsui trades about 12 million tonnes of LNG and about 8 million tonnes of ammonia a year, without any single buyer large enough to require disclosure.
    Mitsui & Co. Integrated Report 2026, Our Edge - profit of the iron ore, LNG, mobility and protein and healthcare businesses, the iron ore and LNG growth paths, IHH's hospitals and market positions. — 2026 · publ. 2026 · source ↗
  4. ReportedMitsui trades about 12 million tonnes of LNG and about 8 million tonnes of ammonia a year, without any single buyer large enough to require disclosure.
    Mitsui & Co. Integrated Report 2026, At a Glance - consolidated subsidiaries and equity-method investees, offices, share of profit by region and market positions. — 2026 · publ. 2026 · source ↗
Sources
Generated September 24, 2026