ChemicalsThin moat

Mitsui & Co. (8031) — moat facet

Mitsui's chemicals business doubled its profit in one year and then gave part of it back.

Chemicals earned ¥39.2 billion in the year to March 2024, ¥75.9 billion in 2025 and ¥67.5 billion in 202612. Its revenue was ¥2,933.6 billion3, mostly trading, and its assets ¥2,241.8 billion, a return of about 3.0%45. Unlike the resource segments, most of its gross profit comes from its own operations: ¥251.7 billion against ¥21.7 billion of equity-method profit6.

Chemicals (¥ bn, years to March)39.2202475.9202567.5202675.02027 planMitsui results, years to March 2025-2026
A doubling, a dip and a flat plan.

The largest named contributors are Intercontinental Terminals Company, a tank terminal business, at ¥11.7 billion, overseas crop protection at ¥9.0 billion and MMTX, a US methanol producer, at ¥6.3 billion7. Mitsui trades about 8 million tonnes of ammonia a year8.

The segment is where Middle East disruption reached Mitsui first. In the first quarter of the current year the company said it had been unable to ship methanol from the Middle East, and that its US operations had more than offset the loss9. The segment still earned ¥26.6 billion against ¥30.9 billion10.

The plan for the current year is ¥75.0 billion11. The measure is whether US methanol and terminal profits keep offsetting the Middle East: at ¥26.6 billion after one quarter, the segment is ahead of the pace it needs.

Moat trajectory: Holding steady

Profit fell from ¥75.9 billion to ¥67.5 billion; the plan is ¥75.0 billion.

The number that tests this moat
Reported
Chemicals segment profit, April-June 2026
¥26.6bn against ¥30.9bn

The Middle East shipping problem and the US offset; a ¥75.0 billion plan.

Source: Mitsui & Co. results, April-June 2026 ↗
References
  1. ReportedChemicals earned ¥39.2 billion in the year to March 2024, ¥75.9 billion in 2025 and ¥67.5 billion in 2026.
    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 ↗
  2. ReportedChemicals earned ¥39.2 billion in the year to March 2024, ¥75.9 billion in 2025 and ¥67.5 billion in 2026.
    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. ReportedIts revenue was ¥2,933.6 billion, mostly trading, and its assets ¥2,241.8 billion, a return of about 3.0%.
    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. ReportedIts revenue was ¥2,933.6 billion, mostly trading, and its assets ¥2,241.8 billion, a return of about 3.0%.
    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 ↗
  5. Moat Explorer calcIts revenue was ¥2,933.6 billion, mostly trading, and its assets ¥2,241.8 billion, a return of about 3.0%.
    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. ReportedUnlike the resource segments, most of its gross profit comes from its own operations: ¥251.7 billion against ¥21.7 billion of equity-method profit.
    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 ↗
  7. ReportedThe largest named contributors are Intercontinental Terminals Company, a tank terminal business, at ¥11.7 billion, overseas crop protection at ¥9.0 billion and MMTX, a US methanol producer, at ¥6.3 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 ↗
  8. ReportedMitsui trades about 8 million tonnes of ammonia a year.
    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 ↗
  9. ReportedIn the first quarter of the current year the company said it had been unable to ship methanol from the Middle East, and that its US operations had more than offset the loss.
    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. ReportedThe segment still earned ¥26.6 billion against ¥30.9 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 ↗
  11. ReportedThe plan for the current year is ¥75.0 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