The Investees Who Pay MitsuiNarrow moat

Mitsui & Co. (8031) — moat facet

The companies that pay Mitsui most are the ones it partly owns.

Mitsui's largest source of cash is not a customer but its own investments. It received ¥550.6 billion of cash dividends in the latest year, including dividends from equity-method investees1. Its share of those investees' profit was ¥447.4 billion and its dividend income ¥178.7 billion23.

Year to March 2026 (¥ bn)550.6Cash dividends received447.4Equity-method profit178.7Dividend incomeMitsui results, year to March 2026
The investees send most of what they earn back as cash.

That structure changes what customer concentration means. The investees that matter most are the iron ore ventures, the LNG projects, Penske and IHH Healthcare; their own customers are steel mills, utilities, car buyers and patients. Mitsui's exposure to any one end buyer is small, but its exposure to a few investees is large.

It also changes the risk. An investee can cut its dividend, as Vale did when its payment to Mitsui fell from ¥59.6 billion to ¥35.0 billion4, without any customer being lost.

The measure is cash dividends received against equity-method profit. Cash well below the accounting profit would say the investees are keeping more of what they earn.

Moat trajectory: Holding steady

Cash dividends remain large relative to equity-method profit.

The number that tests this moat
Reported
Cash dividends received, latest year
¥550.6bn

The cash from investees; compare with the ¥447.4 billion equity-method profit.

Source: Mitsui & Co. results, year to March 2026 ↗
References
  1. ReportedIt received ¥550.6 billion of cash dividends in the latest year, including dividends from equity-method investees.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, segment information, dividends, buybacks and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. ReportedIts share of those investees' profit was ¥447.4 billion and its dividend income ¥178.7 billion.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2025 (IFRS) - including segment information for the years to March 2025 and 2024. — FY to March 2025 · publ. May 2025 · source ↗
  3. ReportedIts share of those investees' profit was ¥447.4 billion and its dividend income ¥178.7 billion.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, segment information, dividends, buybacks and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. ReportedAn investee can cut its dividend, as Vale did when its payment to Mitsui fell from ¥59.6 billion to ¥35.0 billion, without any customer being lost.
    Mitsui & Co. Integrated Report 2026, data section - the major affiliates by segment with ownership and share of profit. — FY to March 2022-2026 · publ. 2026 · source ↗
Sources
Generated September 24, 2026