Penske Truck Leasing: About 390,000 TrucksNarrow moat

Mitsui & Co. (8031) — moat facet

Mitsui owns part of America's largest truck lessor, and its profit has fallen by a third with freight.

Mitsui holds its interest in Penske Truck Leasing through a wholly owned subsidiary, MBK USA Commercial Vehicles, which contributed ¥28.4 billion, ¥19.8 billion and ¥18.8 billion over the last three years1. The business leases and rents approximately 390,000 trucks2, and Mitsui describes it as the largest truck leasing business in the United States3.

MBK USA Commercial Vehicles contribution (¥ bn, years to March)28.4202419.8202518.82026Holds Mitsui's Penske Truck Leasing interest; Mitsui Integrated Report 2026
A third lower as American freight slowed.

Truck leasing earns from long-term contracts with fleet operators, from rental and from maintenance. It is tied to American freight volumes, which have been weak since the pandemic boom.

The combination with the dealership stake gives Mitsui its mobility business, which it estimates earned approximately ¥180 billion in the latest year4, including other vehicle businesses in the Americas that together contributed ¥48.4 billion5.

Mitsui estimates the mobility business as a whole, including its trucks, cars and other vehicle businesses, earned about ¥180 billion6. It also runs construction and industrial machinery businesses, including a dealership in Peru whose market share is over 60%7; those contributed ¥27.7 billion8.

The measure is the truck leasing contribution. A recovery from ¥18.8 billion toward the ¥28.4 billion of two years ago would follow a freight recovery.

Moat trajectory: Narrowing

Contribution fell from ¥28.4 billion to ¥18.8 billion with the freight cycle.

The number that tests this moat
Reported
Penske Truck Leasing holding contribution, latest year
¥18.8bn against ¥28.4bn two years earlier

The freight cycle in Mitsui's accounts; a recovery would follow truck demand.

Source: Mitsui & Co. Integrated Report 2026, data ↗
⚠ Threats to the moat
⚠ THREAT 01
The Freight Recession
America's freight slowdown has cut Mitsui's truck leasing profit by a third.
References
  1. ReportedMitsui holds its interest in Penske Truck Leasing through a wholly owned subsidiary, MBK USA Commercial Vehicles, which contributed ¥28.4 billion, ¥19.8 billion and ¥18.8 billion over the last three years.
    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 ↗
  2. ReportedThe business leases and rents approximately 390,000 trucks, and Mitsui describes it as the largest truck leasing business in the United States.
    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. ReportedThe business leases and rents approximately 390,000 trucks, and Mitsui describes it as the largest truck leasing business in the United States.
    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 ↗
  4. ReportedThe combination with the dealership stake gives Mitsui its mobility business, which it estimates earned approximately ¥180 billion in the latest year, including other vehicle businesses in the Americas that together contributed ¥48.4 billion.
    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 ↗
  5. ReportedThe combination with the dealership stake gives Mitsui its mobility business, which it estimates earned approximately ¥180 billion in the latest year, including other vehicle businesses in the Americas that together contributed ¥48.4 billion.
    Mitsui & Co. Integrated Report 2026, data section - results by operating segment: gross profit, equity-method profit, dividend income, core operating cash flow and total assets. — FY to March 2022-2026 · publ. 2026 · source ↗
  6. ReportedMitsui estimates the mobility business as a whole, including its trucks, cars and other vehicle businesses, earned about ¥180 billion.
    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 ↗
  7. ReportedIt also runs construction and industrial machinery businesses, including a dealership in Peru whose market share is over 60%; those contributed ¥27.7 billion.
    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 ↗
  8. ReportedIt also runs construction and industrial machinery businesses, including a dealership in Peru whose market share is over 60%; those contributed ¥27.7 billion.
    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