The Revenue LinesNarrow moat

Mitsui & Co. (8031) — moat facet

Three of Mitsui's seven segments earn three-quarters of its profit, and two of them are commodities.

Mitsui reports seven operating segments, and these pages follow each one's net profit rather than its revenue, because revenue at a trading house measures flow. In the latest year Lifestyle had revenue of ¥3,409.6 billion and earned ¥52.0 billion; Mineral & Metal Resources had ¥1,921.6 billion and earned ¥253.6 billion1.

Net profit by segment, yr to Mar 2026 (¥ bn)Mineral & Metal Resources253.6Machinery & Infrastructure225.9Energy164.2Chemicals67.5Innovation & Corp. Dev.59.0Lifestyle52.0Iron & Steel Products18.9Mitsui results; excludes all other and adjustments (-7.1)
Three large segments and four small ones.

In the year to March 2026 Mineral & Metal Resources earned ¥253.6 billion, Machinery & Infrastructure ¥225.9 billion, Energy ¥164.2 billion, Chemicals ¥67.5 billion, Innovation & Corporate Development ¥59.0 billion, Lifestyle ¥52.0 billion and Iron & Steel Products ¥18.9 billion2. The chart folds the company's small "all other" line and its adjustments and eliminations, ¥20.7 billion and minus ¥27.7 billion3, into the Innovation & Corporate Development band, so that the bands sum to net profit.

All three years shown are on the same seven-segment basis45. From April 2026 power moved from Energy to Machinery & Infrastructure, which was renamed Mobility, Digital & Infrastructure, and Lifestyle was renamed Wellness Ecosystem6; the pages describe the old segments and note the new plans.

The segments earn very different returns on their assets: from 5.9% in Mineral & Metal Resources to 1.7% in Lifestyle78. The three largest produced 77% of the seven segments' profit9.

Revenue as a whole is not a useful growth series. IFRS 15 added about ¥2,054.7 billion to revenue in the year to March 2019, when trading began to be recorded gross in some businesses10, and the year after was restated upward again when Mitsui changed the presentation of certain transactions. Net profit by segment is the consistent measure.

The measure that ties them together is the plan for the current year, on the new basis: Mineral & Metal Resources ¥250.0 billion, Mobility, Digital & Infrastructure ¥240.0 billion and Energy ¥200.0 billion11.

Moat trajectory: Holding steady

The spread is unchanged; the current year's plan raises Energy after the power transfer.

The number that tests this moat
Reported
Largest segment by net profit
Mineral & Metal Resources, ¥253.6bn

The iron ore segment has led for three years; its plan is ¥250.0 billion.

Source: Mitsui & Co. results, year to March 2026 ↗
Dig deeper
DIG DEEPER 01
Mineral & Metal Resources
Mitsui's largest segment earns its best return on assets, and its profit has fallen a quarter in two years with iron ore.
DIG DEEPER 02
Machinery & Infrastructure
Mitsui's machinery segment is a portfolio of American vehicles, contracted power and pipes, and it barely moves.
DIG DEEPER 03
Energy
Mitsui's energy profit has fallen by two-fifths in two years and is planned to recover with prices, not volume.
DIG DEEPER 04
Chemicals
Mitsui's chemicals business doubled its profit in one year and then gave part of it back.
DIG DEEPER 05
Innovation & Corporate Development
Mitsui's corporate segment is where fraud losses and listing gains land, and it has already earned its year's plan.
DIG DEEPER 06
Lifestyle
Mitsui's consumer and healthcare segment has the most revenue and the lowest return, and its best asset is a Malaysian hospital group.
DIG DEEPER 07
Iron & Steel Products
Mitsui's steel segment is its smallest, growing and earning 2% on its assets.
References
  1. ReportedIn the latest year Lifestyle had revenue of ¥3,409.6 billion and earned ¥52.0 billion; Mineral & Metal Resources had ¥1,921.6 billion and earned ¥253.6 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 ↗
  2. ReportedIn the year to March 2026 Mineral & Metal Resources earned ¥253.6 billion, Machinery & Infrastructure ¥225.9 billion, Energy ¥164.2 billion, Chemicals ¥67.5 billion, Innovation & Corporate Development ¥59.0 billion, Lifestyle ¥52.0 billion and Iron & Steel Products ¥18.9 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 ↗
  3. ReportedThe chart folds the company's small "all other" line and its adjustments and eliminations, ¥20.7 billion and minus ¥27.7 billion, into the Innovation & Corporate Development band, so that the bands sum to net profit.
    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. ReportedAll three years shown are on the same seven-segment basis.
    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 ↗
  5. ReportedAll three years shown are on the same seven-segment basis.
    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 ↗
  6. ReportedFrom April 2026 power moved from Energy to Machinery & Infrastructure, which was renamed Mobility, Digital & Infrastructure, and Lifestyle was renamed Wellness Ecosystem; the pages describe the old segments and note the new plans.
    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 ↗
  7. ReportedThe segments earn very different returns on their assets: from 5.9% in Mineral & Metal Resources to 1.7% in Lifestyle.
    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 ↗
  8. Moat Explorer calcThe segments earn very different returns on their assets: from 5.9% in Mineral & Metal Resources to 1.7% in Lifestyle.
    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.
  9. Moat Explorer calcThe three largest produced 77% of the seven segments' 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.
  10. ReportedIFRS 15 added about ¥2,054.7 billion to revenue in the year to March 2019, when trading began to be recorded gross in some businesses, and the year after was restated upward again when Mitsui changed the presentation of certain transactions.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2019 - the effect of IFRS 15 on revenue. — FY to March 2019 · publ. April 2019 · source ↗
  11. ReportedThe measure that ties them together is the plan for the current year, on the new basis: Mineral & Metal Resources ¥250.0 billion, Mobility, Digital & Infrastructure ¥240.0 billion and Energy ¥200.0 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 ↗
Sources
Generated September 24, 2026