Mitsubishi Heavy IndustriesMitsubishi Heavy Industries,Ltd.7011東証プライム機械FY ending Mar 2026, consolidated, IFRS

Mitsubishi Heavy Industries revenue and profit

Out of every ¥100 of sales, about ¥9 is left as operating profit. Revenue changed +14.1% from the prior year.

Five-year trend

Revenue¥4.97T
FY ending Mar 2022: ¥3.86T¥3.86TFY ending Mar 2023: ¥4.2T¥4.2TFY ending Mar 2024: ¥4.66T¥4.66TFY ending Mar 2025: ¥4.36T¥4.36TFY ending Mar 2026: ¥4.97T¥4.97TFY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin6.7%
Asset turnover0.67×
ROA4.4%
ROA4.4%
Financial leverage2.75×
ROE12.2%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin6.7%
2022: 2.9%2.9%2023: 3.1%3.1%2024: 4.8%4.8%2025: 5.6%5.6%2026: 6.7%6.7%2223242526
Asset turnover0.67×
2022: 0.75×0.75×2023: 0.79×0.79×2024: 0.79×0.79×2025: 0.68×0.68×2026: 0.67×0.67×2223242526
ROA4.4%
2022: 2.2%2.2%2023: 2.5%2.5%2024: 3.8%3.8%2025: 3.8%3.8%2026: 4.4%4.4%2223242526
Financial leverage2.75×
2022: 3.25×3.25×2023: 3.19×3.19×2024: 2.94×2.94×2025: 2.81×2.81×2026: 2.75×2.75×2223242526
ROE12.2%
2022: 7.2%7.2%2023: 7.9%7.9%2024: 11.1%11.1%2025: 10.7%10.7%2026: 12.2%12.2%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20222.9%0.75×2.2%3.25×7.2%
20233.1%0.79×2.5%3.19×7.9%
20244.8%0.79×3.8%2.94×11.1%
20255.6%0.68×3.8%2.81×10.7%
20266.7%0.67×4.4%2.75×12.2%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue16.0%
2021: 21.1%21.1%2022: 20.5%20.5%2023: 20.0%20.0%2024: 19.5%19.5%2025: 21.4%21.4%2026: 16.0%16.0%212223242526
PPE ÷ total assets9.6%
2021: 16.2%16.2%2022: 15.4%15.4%2023: 15.3%15.3%2024: 14.5%14.5%2025: 14.0%14.0%2026: 9.6%9.6%212223242526
Goodwill ÷ parent equity3.4%
2021: 9.1%9.1%2022: 8.2%8.2%2023: 7.5%7.5%2024: 7.7%7.7%2025: 7.4%7.4%2026: 3.4%3.4%212223242526
Goodwill balance¥106.4B
2021: ¥124.5B¥124.5B2022: ¥128.7B¥128.7B2023: ¥131.2B¥131.2B2024: ¥172.5B¥172.5B2025: ¥172.9B¥172.9B2026: ¥106.4B¥106.4B212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥289.1B
2021: ¥125.7B¥125.7B2022: ¥113.7B¥113.7B2023: ¥127.4B¥127.4B2024: ¥178.4B¥178.4B2025: ¥218.7B¥218.7B2026: ¥289.1B¥289.1B212223242526
R&D / revenue5.8%
2021: 3.4%3.4%2022: 2.9%2.9%2023: 3.0%3.0%2024: 3.8%3.8%2025: 5.0%5.0%2026: 5.8%5.8%212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue3,860,2834,202,7974,657,1474,361,1274,974,168
Cost of revenue3,204,3713,437,7793,727,0343,490,0083,891,494
Gross profit655,911765,017930,112871,1191,082,674
SG&A556,727623,638695,342584,085632,810
Operating income—————
Pretax income173,684191,126315,187352,073474,694
Income tax48,02944,81871,622106,409116,306
Net income attributable to owners113,541130,451222,023245,447332,129
Operating margin—————

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 16%
Property, plant and equipment 10%
1%
Other assets 73%

Funding

Other liabilities 61%
Equity 39%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥314.3B¥347.7B¥431.3B¥657.8B¥1.33T
Total assets¥5.12T¥5.47T¥6.26T¥6.66T¥8.27T
Net assets¥1.66T¥1.83T¥2.36T¥2.47T¥3.23T
Share capital¥265.6B¥265.6B¥265.6B¥265.6B¥265.6B
Property, plant and equipment¥790.2B¥839.8B¥908.4B¥935.1B¥794.5B
Goodwill¥128.7B¥131.2B¥172.5B¥172.9B¥106.4B
Current assets¥2.8T¥3.04T¥3.42T¥3.91T¥5.44T
Total liabilities¥3.45T¥3.64T¥3.9T¥4.19T¥5.04T
Equity attributable to owners of parent¥1.58T¥1.74T¥2.24T¥2.35T¥3.09T
Retained earnings¥1.1T¥1.24T¥1.43T¥1.59T¥1.88T
Treasury stock-¥5.95B-¥5.38B-¥4.83B-¥16.5B-¥12.9B

Sources

Show source documents (6)
  • EDINET (FSA Japan)

    有価証券報告書

    ID S100YHZG2026-06-24Open
  • EDINET (FSA Japan)

    有価証券報告書

    ID S100W6XE2025-06-27Open
  • EDINET (FSA Japan)

    有価証券報告書

    ID S100TU2K2024-06-27Open
  • EDINET (FSA Japan)

    有価証券報告書

    ID S100R7E92023-06-29Open
  • EDINET (FSA Japan)

    有価証券報告書

    ID S100OKCL2022-06-29Open
  • EDINET (FSA Japan)

    有価証券報告書

    ID S100LUPR2021-06-29Open

Extracted from XBRL: 45 / Derived from other figures: 1

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