# Mitsubishi Heavy Industries,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書 (S100YHZG)
> Page: https://vizora.meequs.com/en/company/mitsubishi-heavy-industries
> Retrieved: 2026-09-30T21:13:34.073Z

## Company

Mitsubishi Heavy Industries, founded in 1884, is a company in Electrical Equipment listed on TSE Prime. It has 78,793 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mitsubishi Heavy Industries, Ltd. |
| Ticker | 7011 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7011.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内三丁目2番3号 |
| Representative (per filing) | 取締役社長 伊藤栄作 |
| Founded | Jul 1884 |
| Share capital | ¥265.6B |
| Employees (consolidated) | 78,793 |
| Average salary (parent only) | ¥10.7M |
| Fiscal year end | March |
| Website | www.mhi.com (https://www.mhi.com/) |
| Corporate number | 8010401050387 |
| EDINET | E02126 |
| Industries (Vizora) | Electrical Equipment, Aerospace, Plant Engineering & Building Services, Shipbuilding, Industrial Machinery, Air Conditioning, Defense |

> Profile source: annual securities report (S100YHZG, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Aerospace (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.7 | 11 |
| Efficiency | 73.1 | 13 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 42% of Mitsubishi Heavy Industries's sales come from Energy Systems, with Aircraft, Defense and Space and Plants and Infrastructure Systems making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +14.1% from the prior year.

## Company structure

- Segment revenue mix: Energy Systems 42.0%、Aircraft, Defense and Space 28.5%、Plants and Infrastructure Systems 16.7%、Logistics, Thermal and Drive Systems 12.8%
- Revenue → net income: ¥4974168000000 → ¥345942000000
- Net income → operating cash flow: ¥345942000000 → ¥942619000000（difference ¥596677000000）
- Main uses of operating cash flow: CapEx ¥181064000000 / dividends ¥80481000000 / buybacks ¥184000000
- Change in cash: ¥698407000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.97T |  |
| Operating income | — | Margin — |
| Net income | ¥332.1B | Margin 6.7% |
| Free cash flow | ¥761.6B |  |
| Largest business | Energy Systems | of segment revenue 42.0% |
| Employees (consolidated) | 78,793 |  |
| EPS | ¥98.86 |  |
| Diluted EPS | ¥98.84 |  |
| Book value per share | ¥403.27 |  |
| Equity ratio | 37.3% | Derived from disclosed figures |
| Shares outstanding | 3,373,647,000 |  |
| Treasury shares | 4,262,200 |  |
| Shareholders | 591,968 |  |
| Average salary (parent only) | ¥10.7M | Filing company only |
| Cash ratio | 16.1% | Cash ÷ revenue 26.8% |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3699946000000 | ¥4974168000000 | +34.4% |
| Employees | 79,974 people | 78,793 people | -1.5% |
| Cash and equivalents | ¥245421000000 | ¥1334874000000 | +443.9% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| エナジー → エナジー | 41.6% |
| プラント・インフラ → プラント・インフラ | 16.2% |
| 物流・冷熱・ドライブシステム → 物流・冷熱・ドライブシステム | 12.8% |
| 物流・冷熱・ドライブシステム → 事業再編・廃止 | 10.4% |
| 航空・防衛・宇宙 → 航空・防衛・宇宙 | 19.0% |
| 新設・再編 → エナジー | 0.4% |
| 新設・再編 → プラント・インフラ | 0.5% |
| 新設・再編 → 航空・防衛・宇宙 | 9.5% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Energy Systems | 5 years | +6.0% | ¥2053956000000 | — | 2 |
| Aircraft, Defense and Space | 5 years | +14.7% | ¥1392898000000 | — | 2 |
| Plants and Infrastructure Systems | 5 years | +6.4% | ¥814757000000 | — | 2 |
| Logistics, Thermal and Drive Systems | 5 years | -6.1% | ¥624860000000 | — | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,974,168 | 100.0% | S100YHZG |
| Cost of revenue | 3,891,494 | 78.2% | S100YHZG |
| Gross profit | 1,082,674 | 21.8% | S100YHZG |
| SG&A | 632,810 | 12.7% | S100YHZG |
| Pretax income | 474,694 | 9.5% | S100YHZG |
| Income tax | 116,306 | 2.3% | S100YHZG |
| Net income | 345,942 | 7.0% | S100YHZG |
| Net income attributable to owners | 332,129 | 6.7% | S100YHZG |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 13 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 21.8% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,361,127 | 4,974,168 | 613,041 | +14.1% |
| Gross profit | 871,119 | 1,082,674 | 211,555 | +24.3% |
| Net income attributable to owners | 245,447 | 332,129 | 86,682 | +35.3% |
| Operating cash flow | 530,459 | 942,619 | 412,160 | +77.7% |
| Free cash flow | 289,767 | 761,555 | 471,788 | +162.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2018 | 4,085,679 | — | — | -7,320 | 405,752 | — | S100OKCL |
| FY ending Mar 2019 | 4,078,344 | — | — | 110,271 | 420,349 | — | S100R7E9 |
| FY ending Mar 2020 | 4,041,376 | — | — | 87,123 | 452,564 | 206,273 | S100LUPR |
| FY ending Mar 2021 | 3,699,946 | — | — | 40,639 | -94,948 | -241,160 | S100OKCL |
| FY ending Mar 2022 | 3,860,283 | — | — | 113,541 | 285,563 | 156,307 | S100R7E9 |
| FY ending Mar 2023 | 4,202,797 | — | — | 130,451 | 80,888 | -51,017 | S100TU2K |
| FY ending Mar 2024 | 4,657,147 | — | — | 222,023 | 331,186 | 170,700 | S100W6XE |
| FY ending Mar 2025 | 4,361,127 | — | — | 245,447 | 530,459 | 289,767 | S100YHZG |
| FY ending Mar 2026 | 4,974,168 | — | — | 332,129 | 942,619 | 761,555 | S100YHZG |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.1M |
| Net income per employee (consolidated) | ¥4.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 77,991 | 76,859 | 77,697 | 77,274 | 78,793 |
| Average salary (parent company) | ¥8.6M | ¥9.2M | ¥9.7M | ¥10.2M | ¥10.7M |
| Average age (parent company) | 41.6 years | 42.1 years | 42.4 years | 42.5 years | 42.3 years |
| Average tenure (parent company) | 18.5 years | 18.8 years | 19.0 years | 18.9 years | 18.5 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) +14.1%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Energy Systems | 2,053,956 | 42.0% | — | — |
| Plants and Infrastructure Systems | 814,757 | 16.7% | — | — |
| Logistics, Thermal and Drive Systems | 624,860 | 12.8% | — | — |
| Aircraft, Defense and Space | 1,392,898 | 28.5% | — | — |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Energy Systems | 42.0% |
| Plants and Infrastructure Systems | 16.7% |
| Logistics, Thermal and Drive Systems | 12.8% |
| Aircraft, Defense and Space | 28.5% |

Segment → industry: Energy Systems → Electrical Equipment / Energy Systems → Aerospace / Plants and Infrastructure Systems → Plant Engineering & Building Services / Plants and Infrastructure Systems → Shipbuilding / Logistics, Thermal and Drive Systems → Industrial Machinery / Logistics, Thermal and Drive Systems → Air Conditioning / Aircraft, Defense and Space → Defense / Aircraft, Defense and Space → Aerospace

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 942,619 | 19.0% | S100YHZG |
| Capital expenditure | 181,064 | 3.6% | S100YHZG |
| Free cash flow | 761,555 | 15.3% | 算出 |
| Investing cash flow | -49,175 | -1.0% | S100YHZG |
| Financing cash flow | -274,553 | -5.5% | S100YHZG |
| Dividends paid | 80,481 | 1.6% | S100YHZG |
| Share buyback | 184 | 0.0% | S100YHZG |
| Change in cash | 698,407 | 14.0% | S100YHZG |
| Cash and equivalents | 1,334,874 | 26.8% | S100YHZG |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 314,257 | 347,663 | 431,287 | 657,816 | 1,334,874 | S100TU2K, S100W6XE, S100YHZG |
| Total assets | 5,116,340 | 5,474,812 | 6,256,259 | 6,658,924 | 8,269,711 | S100R7E9, S100TU2K, S100W6XE, S100YHZG |
| Net assets | 1,662,529 | 1,833,984 | 2,360,654 | 2,469,823 | 3,228,400 | S100TU2K, S100W6XE, S100YHZG |
| Share capital | 265,608 | 265,608 | 265,608 | 265,608 | 265,608 | S100R7E9, S100TU2K, S100W6XE, S100YHZG |
| Property, plant and equipment | 790,204 | 839,813 | 908,448 | 935,096 | 794,467 | S100R7E9, S100TU2K, S100W6XE, S100YHZG |
| Goodwill | 128,690 | 131,181 | 172,493 | 172,947 | 106,394 | S100R7E9, S100TU2K, S100W6XE, S100YHZG |
| Current assets | 2,803,126 | 3,042,302 | 3,419,942 | 3,911,632 | 5,440,426 | S100R7E9, S100TU2K, S100W6XE, S100YHZG |
| Total liabilities | 3,453,810 | 3,640,827 | 3,895,604 | 4,189,101 | 5,041,310 | S100R7E9, S100TU2K, S100W6XE, S100YHZG |
| Equity attributable to owners of parent | 1,576,611 | 1,740,974 | 2,244,620 | 2,346,702 | 3,088,566 | S100R7E9, S100TU2K, S100W6XE, S100YHZG |
| Retained earnings | 1,099,158 | 1,243,565 | 1,433,267 | 1,588,643 | 1,880,339 | S100R7E9, S100TU2K, S100W6XE, S100YHZG |
| Treasury stock | -5,946 | -5,385 | -4,828 | -16,452 | -12,915 | S100R7E9, S100TU2K, S100W6XE, S100YHZG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YHZG |
| Property, plant and equipment | 10% | S100YHZG |
| Intangibles and goodwill | 1% | — |
| Other assets | 73% | S100YHZG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100YHZG |
| Equity | 39% | S100YHZG |
| Other liabilities | 0% | S100YHZG |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,116,340 | 5,474,812 | 6,256,259 | 6,658,924 | 8,269,711 |
| Equity | 1,662,529 | 1,833,984 | 2,360,654 | 2,469,823 | 3,228,400 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 314,257 | 347,663 | 431,287 | 657,816 | 1,334,874 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 16.0% | S100YHZG |
| Fixed assets ÷ total assets | 9.6% | S100YHZG |
| Goodwill ÷ parent equity | 3.4% | S100YHZG |

Goodwill over 4 years: 128,690 → 106,394 JPY; total investing cash flow: -397,206 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 16.1% |
| Cash ÷ revenue | 26.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 610,490 JPY mn (of net income 183.8%) |
| Shareholder returns / net income | 24.3% |
| Shareholder returns / FCF | 10.6% |
| Shareholder payments — dividends / net income | 24.2% |
| Shareholder payments — dividends / FCF | 10.6% |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 5.2% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.9% | 0.75× | 2.2% | 3.25× | 7.2% | S100R7E9 |
| 2023 | 3.1% | 0.79× | 2.5% | 3.19× | 7.9% | S100TU2K |
| 2024 | 4.8% | 0.79× | 3.8% | 2.94× | 11.1% | S100W6XE |
| 2025 | 5.6% | 0.68× | 3.8% | 2.81× | 10.7% | S100YHZG |
| 2026 | 6.7% | 0.67× | 4.4% | 2.75× | 12.2% | S100YHZG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 15.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.2% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON AS DEPOSITARY BANK FOR DEPOSITARY RECEIPT HOLDERS （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.2% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON AS DEPOSITARY BANK FOR DR HOLDERS （常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.7% | 2026-03-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2026-03-31 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| BNYM AS AGT/CLTS 10 PERCENT （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.2% | 2026-03-31 |
| 三菱重工持株会 | Major shareholder | 1.0% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Missiles, gas turbines and nuclear work lifted revenue +14.1% to ¥4.97T in FY ending Mar 2026.
- Profit rose faster: net income attributable to owners was up +35.3% to ¥332.1B.
- The cash story is bigger still. Customers paid more up front on new orders, so operating cash flow reached ¥942.6B (+77.7%) and free cash flow ¥761.6B (+162.8%).

### Drivers

- Defense work drove the Aircraft, Defense and Space segment: missiles and defense aircraft sold more, and so did commercial aircraft.
- Data centers need power, and that helped GTCC gas turbine plants grow in Energy Systems. Nuclear power systems grew too.
- Advance payments on a larger order book (contract liabilities) added to operating cash flow on top of higher pretax income.

### Risks

- Late or over-budget projects, from design changes or supplier trouble, can turn into cost overruns and damage claims.
- Higher prices for materials and shipping, plus swings in currency and interest rates, can raise production costs.
- A cut in budget at a key customer the company depends on could hit sales.

Cited: Annual Securities Report (Management's Analysis of Financial Position, Operating Results and Cash Flows); Annual Securities Report (Business Risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書 | S100YHZG | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHZG,, |
| 有価証券報告書 | S100W6XE | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6XE,, |
| 有価証券報告書 | S100TU2K | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU2K,, |
| 有価証券報告書 | S100R7E9 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7E9,, |
| 有価証券報告書 | S100OKCL | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKCL,, |
| 有価証券報告書 | S100LUPR | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUPR,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).