# MITSUBISHI MOTORS CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書 (S100YCMC)
> Page: https://vizora.meequs.com/en/company/mitsubishi-motors
> Retrieved: 2026-09-30T21:13:31.163Z

## Company

Mitsubishi Motors, founded in 1970, is a company in Automobiles listed on TSE Prime. It has 27,695 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MITSUBISHI MOTORS CORPORATION |
| Ticker | 7211 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7211.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝浦三丁目1番21号 |
| Representative (per filing) | 代表執行役CEO 加藤 隆雄 |
| Founded | Apr 1970 |
| Share capital | ¥284.4B |
| Employees (consolidated) | 27,695 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.mitsubishi-motors.com (https://www.mitsubishi-motors.com/) |
| Corporate number | 7010401029044 |
| EDINET | E02213 |
| Industries (Vizora) | Automobiles, Leasing |

> Profile source: annual securities report (S100YCMC, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Automobiles (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.9 | 7 |
| Profitability | 56.3 | 8 |
| Cash conversion | 21.4 | 7 |
| Efficiency | 81.3 | 8 |

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 99% of Mitsubishi Motors's sales come from Car business, with Financial business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit -45.6%.

## Company structure

- Segment revenue mix: Car business 98.6%、Financial business 1.4%
- Revenue → net income: ¥2896536000000 → ¥21157000000
- Net income → operating cash flow: ¥21157000000 → ¥35755000000（difference ¥14598000000）
- Main uses of operating cash flow: CapEx ¥122897000000 / dividends ¥16728000000 / buybacks ¥0
- Change in cash: ¥-17964000000
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 | ¥2.9T |  |
| Operating income | ¥75.5B | Margin 2.6% |
| Net income | ¥10B | Margin 0.3% |
| Free cash flow | -¥87.1B |  |
| Largest business | Car business | of segment revenue 98.6% |
| Employees (consolidated) | 27,695 |  |
| EPS | ¥34.01 |  |
| Diluted EPS | ¥34 |  |
| Book value per share | ¥460.17 |  |
| Equity ratio | 38.0% |  |
| Shares outstanding | 1,460,476,000 |  |
| Treasury shares | 119,995,400 |  |
| Shareholders | 209,365 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 18.1% | Cash ÷ revenue 15.2% |
| Vs. industry median margin | +0.8 pp | Automobiles |
| ROE | 1.1% | Derived from disclosed figures |
| ROA | 0.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.6× net income
- FY2026, one segment accounts for 96% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1455476000000 | ¥2896536000000 | +99.0% |
| Operating income | ¥-95321000000 | ¥75517000000 | — |
| Operating margin | -6.5% | 2.6% | +9.2 pp |
| Employees | 30,091 people | 27,695 people | -8.0% |
| Cash and equivalents | ¥444619000000 | ¥438860000000 | -1.3% |

### 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 |
| --- | ---: |
| 自動車 → 自動車 | 97.8% |
| 金融 → 金融 | 1.4% |
| 金融 → 事業再編・廃止 | 0.8% |
| 新設・再編 → 自動車 | 0.8% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,896,536 | 100.0% | S100YCMC |
| Cost of revenue | 2,447,418 | 84.5% | S100YCMC |
| Gross profit | 449,117 | 15.5% | S100YCMC |
| SG&A | 373,600 | 12.9% | S100YCMC |
| Operating income | 75,517 | 2.6% | S100YCMC |
| Ordinary income | 78,908 | 2.7% | S100YCMC |
| Pretax income | 57,331 | 2.0% | S100YCMC |
| Income tax | 36,173 | 1.2% | S100YCMC |
| Net income | 21,157 | 0.7% | S100YCMC |
| Net income attributable to owners | 10,015 | 0.3% | S100YCMC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 13 |
| Operating income | 3 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 15.5% → Operating margin 2.6% → Net margin 0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.9%; Core profit growth: -45.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -11.74×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,788,232 | 2,896,536 | 108,304 | +3.9% |
| Gross profit | 536,703 | 449,117 | -87,586 | -16.3% |
| Operating income | 138,826 | 75,517 | -63,309 | -45.6% |
| Net income attributable to owners | 40,987 | 10,015 | -30,972 | -75.6% |
| Operating cash flow | 174,734 | 35,755 | -138,979 | -79.5% |
| Free cash flow | 63,559 | -87,142 | -150,701 | -237.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,906,632 | 5,118 | 0.3% | -198,524 | -45,829 | -113,833 | S100DA0S |
| FY ending Mar 2018 | 2,192,389 | 98,201 | 4.5% | 107,619 | 119,624 | 35,876 | S100G4HC |
| FY ending Mar 2019 | 2,514,594 | 111,815 | 4.4% | 132,871 | 146,053 | 7,490 | S100J0NG |
| FY ending Mar 2020 | 2,270,276 | 12,788 | 0.6% | -25,779 | 18,786 | -110,593 | S100LPLR |
| FY ending Mar 2021 | 1,455,476 | -95,321 | -6.5% | -312,317 | -41,537 | -133,397 | S100OG4J |
| FY ending Mar 2022 | 2,038,909 | 87,331 | 4.3% | 74,037 | 118,114 | 30,923 | S100R3AQ |
| FY ending Mar 2023 | 2,458,141 | 190,495 | 7.7% | 168,730 | 173,576 | 93,934 | S100U4FH |
| FY ending Mar 2024 | 2,789,589 | 190,971 | 6.8% | 154,709 | 140,806 | 13,961 | S100VZMJ |
| FY ending Mar 2025 | 2,788,232 | 138,826 | 5.0% | 40,987 | 174,734 | 63,559 | S100YCMC |
| FY ending Mar 2026 | 2,896,536 | 75,517 | 2.6% | 10,015 | 35,755 | -87,142 | S100YCMC |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥104.6M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥361.6K |

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) | 28,796 | 28,428 | 28,982 | 28,572 | 27,695 |
| Average salary (parent company) | ¥6.6M | ¥7.4M | ¥7.9M | ¥8.1M | ¥7.9M |
| Average age (parent company) | 41.5 years | 41.9 years | 42.1 years | 42.3 years | 42.4 years |
| Average tenure (parent company) | 15.4 years | 15.3 years | 15.3 years | 15.5 years | 16.0 years |

Year over year: Employees (consolidated) -3.1% · Revenue (consolidated) +3.9%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Car business | 2,854,548 | 98.6% | 72,492 | 2.5% |
| Financial business | 41,988 | 1.4% | 2,820 | 6.7% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Car business | 98.6% | 96.3% | -2.3 | 2.5% |
| Financial business | 1.4% | 3.7% | 2.3 | 6.7% |

Segment → industry: Car business → Automobiles / Financial business → Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 35,755 | 1.2% | S100YCMC |
| Capital expenditure | 122,897 | 4.2% | S100YCMC |
| Free cash flow | -87,142 | -3.0% | 算出 |
| Investing cash flow | -122,444 | -4.2% | S100YCMC |
| Financing cash flow | 46,900 | 1.6% | S100YCMC |
| Dividends paid | 16,728 | 0.6% | S100YCMC |
| Share buyback | 0 | 0.0% | S100YCMC |
| Change in cash | -17,964 | -0.6% | S100YCMC |
| Cash and equivalents | 438,860 | 15.2% | S100YCMC |

## 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 | 511,473 | 595,930 | 674,204 | 450,111 | 438,860 | S100U4FH, S100VZMJ, S100YCMC |
| Total assets | 1,928,443 | 2,201,524 | 2,454,470 | 2,245,920 | 2,418,145 | S100R3AQ, S100U4FH, S100VZMJ, S100YCMC |
| Net assets | 630,301 | 830,376 | 1,044,456 | 973,565 | 963,318 | S100U4FH, S100VZMJ, S100YCMC |
| Share capital | 284,382 | 284,382 | 284,382 | 284,382 | 284,382 | S100R3AQ, S100U4FH, S100VZMJ, S100YCMC |
| Property, plant and equipment | 429,455 | 454,603 | 498,135 | 524,369 | 551,183 | S100R3AQ, S100U4FH, S100VZMJ, S100YCMC |
| Intangible assets excluding goodwill | 38,273 | 40,003 | 44,904 | 51,168 | 49,415 | S100R3AQ, S100U4FH, S100VZMJ, S100YCMC |
| Investment securities | 98,433 | 95,361 | 104,094 | 102,736 | 52,235 | S100R3AQ, S100U4FH, S100VZMJ, S100YCMC |
| Current assets | 1,255,920 | 1,474,959 | 1,627,849 | 1,391,131 | 1,609,869 | S100R3AQ, S100U4FH, S100VZMJ, S100YCMC |
| Current liabilities | 1,084,173 | 1,007,389 | 1,175,202 | 1,003,936 | 1,166,513 | S100R3AQ, S100U4FH, S100VZMJ, S100YCMC |
| Trade payables | 324,091 | 369,495 | 337,434 | 350,954 | 447,143 | S100R3AQ, S100U4FH, S100VZMJ, S100YCMC |
| Short-term borrowings | 21,778 | 31,330 | 68,053 | 22,651 | 69,901 | S100R3AQ, S100U4FH, S100VZMJ, S100YCMC |
| Long-term borrowings | 95,768 | 248,048 | 127,781 | 130,460 | 140,749 | S100R3AQ, S100U4FH, S100VZMJ, S100YCMC |
| Total liabilities | 1,298,142 | 1,371,148 | 1,410,014 | 1,272,355 | 1,454,827 | S100R3AQ, S100U4FH, S100VZMJ, S100YCMC |
| Non-controlling interests | 23,334 | 29,208 | 34,219 | 39,157 | 43,849 | S100R3AQ, S100U4FH, S100VZMJ, S100YCMC |
| Equity attributable to owners of parent | 652,531 | 821,438 | 960,518 | 914,388 | 864,866 | S100R3AQ, S100U4FH, S100VZMJ, S100YCMC |
| Retained earnings | 169,694 | 338,424 | 478,239 | 500,609 | 451,014 | S100R3AQ, S100U4FH, S100VZMJ, S100YCMC |
| Treasury stock | -1,382 | -989 | -1,688 | -56,383 | -56,310 | S100R3AQ, S100U4FH, S100VZMJ, S100YCMC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YCMC |
| Property, plant and equipment | 23% | S100YCMC |
| Intangibles and goodwill | 2% | S100YCMC |
| Investment securities | 2% | S100YCMC |
| Other assets | 55% | S100YCMC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 18% | S100YCMC |
| Other liabilities | 42% | S100YCMC |
| Equity | 40% | S100YCMC |

### 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 | 1,928,443 | 2,201,524 | 2,454,470 | 2,245,920 | 2,418,145 |
| Equity | 630,301 | 830,376 | 1,044,456 | 973,565 | 963,318 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 511,473 | 595,930 | 674,204 | 450,111 | 438,860 |

## 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) | 19.0% | S100YCMC |
| Fixed assets ÷ total assets | 22.8% | S100YCMC |
| Goodwill ÷ parent equity | — | —, S100YCMC |

### 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) | 18.1% |
| Cash ÷ revenue | 15.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 47.3% |
| Cash vs. profit gap | 25,740 JPY mn (of net income 257.0%) |
| Shareholder returns / net income | 167.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 167.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 342.5% |

## 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 | 3.6% | 1.06× | 3.8% | 2.96× | 11.3% | S100R3AQ |
| 2023 | 6.9% | 1.19× | 8.2% | 2.80× | 22.9% | S100U4FH |
| 2024 | 5.5% | 1.20× | 6.6% | 2.61× | 17.4% | S100VZMJ |
| 2025 | 1.5% | 1.19× | 1.7% | 2.51× | 4.4% | S100YCMC |
| 2026 | 0.3% | 1.24× | 0.4% | 2.62× | 1.1% | S100YCMC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日産自動車株式会社 | Major shareholder | 26.7% | 2026-03-31 |
| 三菱商事株式会社 | Major shareholder | 22.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.3% | 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 | 2.7% | 2026-03-31 |
| 三菱重工業株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| BROWN BROTHERS HARRIMAN（LUXEMBOURG）SCA CUSTODIAN FOR ARCUS FUND SICAV - ARCUS JAPAN FUND （常任代理人：株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| THE BANK OF NEW YORK, TREATY JASDEC ACCOUNT （常任代理人：株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.9% | 2026-03-31 |
| MAN INTERNATIONAL ICVC - MAN JAPAN COREALPHA FUND （常任代理人：株式会社みずほ銀行決済営業部） | Major shareholder | 0.9% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥2.9T, up +3.9% from ¥2.79T.
- Profit went the other way: operating income dropped from ¥138.8B to ¥75.5B (-45.6%), and net income from ¥41B to ¥10B (-75.6%).
- Operating cash flow shrank from ¥174.7B to ¥35.8B, and free cash flow swung to -¥87.1B.

### Drivers

- US tariffs, more exports from Chinese automakers and changing emissions rules cut into profit.
- New models such as the Destinator got off to a solid start, lifting second-half operating income above the prior year.
- Cash from operations fell because pretax profit dropped while receivables and dealer/customer finance loans grew.

### Risks

- Tension in the Middle East is pushing up energy and shipping costs and hurting demand there and in Southeast Asia; a long conflict could disrupt parts supply and production.
- Most sales are made outside Japan, so big currency swings change profit once converted to yen.
- Tougher competition, including Chinese brands expanding abroad, could slow new model launches and efforts to earn more per car.

Cited: Annual Securities Report (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書 | S100YCMC | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCMC,, |
| 有価証券報告書 | S100VZMJ | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZMJ,, |
| 訂正有価証券報告書 | S100U4FH | 2024-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4FH,, |
| 有価証券報告書 | S100R3AQ | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3AQ,, |
| 有価証券報告書 | S100OG4J | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG4J,, |
| 有価証券報告書 | S100LPLR | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPLR,, |
| 有価証券報告書 | S100J0NG | 2020-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100J0NG,, |
| 有価証券報告書 | S100G4HC | 2019-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100G4HC,, |
| 有価証券報告書 | S100DA0S | 2018-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100DA0S,, |
| 有価証券報告書 | S100AJQ9 | 2017-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100AJQ9,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 日産 | Capital alliance | 資本参加を含む自動車事業全般の提携 | S100YH2B |
| プジョー・シトロエン・オートモビルズ・エス・エイ | Joint venture | ロシアでの車両生産の合弁 | S100YCMC |
| PT Krama Yudha | Joint venture | インドネシアでの車両生産の合弁（三菱商事も参加） | S100YCMC |
| 三菱商事 | Joint venture | インドネシアでの車両生産の合弁（PT Krama Yudhaも参加） | S100YCMC |
| ダイムラーAG | Alliance | 自動車事業の戦略的協力（ルノー・日産を含む） | S100YCMC |
| ルノー | Alliance | 自動車事業の戦略的協力（ダイムラー・日産を含む） | S100YCMC |

## 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).