# MITSUI & CO., LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第107期(2025/04/01－2026/03/31) (S100YAVT)
> Page: https://vizora.meequs.com/en/company/mitsui-and
> Retrieved: 2026-09-30T17:49:18.320Z

## Company

Mitsui & Co., founded in 1947, is a company in General Trading Companies listed on TSE Prime. It has 55,463 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MITSUI & CO., LTD. |
| Ticker | 8031 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8031.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目2番1号 |
| Representative (per filing) | 代表取締役社長 堀 健一 |
| Founded | Jul 1947 |
| Share capital | ¥344.2B |
| Employees (consolidated) | 55,463 |
| Average salary (parent only) | ¥20.6M |
| Fiscal year end | March |
| Website | www.mitsui.com (https://www.mitsui.com/) |
| Corporate number | 1010001008767 |
| EDINET | E02513 |
| Industries (Vizora) | General Trading Companies |

> Profile source: annual securities report (S100YAVT, filed 2026-06-12). As of filing

## Five-axis industry profile

Primary industry: General Trading Companies (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 7 |
| Efficiency | 21.4 | 7 |

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 24% of Mitsui & Co.'s sales come from Lifestyle, with Energy and Chemicals making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -4.6% from the prior year.

## Company structure

- Segment revenue mix: Lifestyle 24.4%、Energy 23.1%、Chemicals 21.0%、Mineral and Metal Resources 13.7%、Machinery and Infrastructure 10.9%
- Revenue → net income: ¥13995222000000 → ¥864321000000
- Net income → operating cash flow: ¥864321000000 → ¥952912000000（difference ¥88591000000）
- Main uses of operating cash flow: CapEx ¥1108399000000 / dividends ¥301817000000 / buybacks —
- Change in cash: ¥5366000000
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 | ¥14T |  |
| Operating income | — | Margin — |
| Net income | ¥834B | Margin 6.0% |
| Free cash flow | -¥155.5B |  |
| Largest business | Lifestyle | of segment revenue 24.4% |
| Employees (consolidated) | 55,463 |  |
| EPS | ¥291.12 |  |
| Diluted EPS | ¥290.86 |  |
| Book value per share | ¥991.97 |  |
| Equity ratio | 42.1% | Derived from disclosed figures |
| Shares outstanding | 2,864,667,000 |  |
| Treasury shares | 17,279,600 |  |
| Shareholders | 343,634 |  |
| Average salary (parent only) | ¥20.6M | Filing company only |
| Cash ratio | 4.7% | Cash ÷ revenue 7.0% |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +33% over five years
- FY2026, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8010235000000 | ¥13995222000000 | +74.7% |
| Employees | 44,509 people | 55,463 people | +24.6% |
| Cash and equivalents | ¥1063150000000 | ¥982722000000 | -7.6% |

### 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 |
| --- | ---: |
| 金属資源 → 金属資源 | 13.7% |
| 金属資源 → 事業再編・廃止 | 3.7% |
| エネルギー → エネルギー | 10.5% |
| 機械・インフラ → 機械・インフラ | 9.9% |
| 化学品 → 化学品 | 21.0% |
| 化学品 → 事業再編・廃止 | 3.2% |
| 鉄鋼製品 → 鉄鋼製品 | 4.5% |
| 鉄鋼製品 → 事業再編・廃止 | 1.0% |
| 生活産業 → 生活産業 | 24.4% |
| 生活産業 → 事業再編・廃止 | 5.3% |
| 次世代・機能推進 → 次世代・機能推進 | 2.5% |
| 次世代・機能推進 → 事業再編・廃止 | 0.5% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → エネルギー | 12.6% |
| 新設・再編 → 機械・インフラ | 1.0% |

Segment revenue source references: 16 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Lifestyle | 5 years | +7.5% | ¥3409644000000 | — | 2 |
| Energy | 5 years | +31.0% | ¥3230684000000 | — | 2 |
| Chemicals | 5 years | +8.7% | ¥2933647000000 | — | 2 |
| Mineral and Metal Resources | 5 years | +6.6% | ¥1921641000000 | — | 2 |
| Machinery and Infrastructure | 5 years | +14.0% | ¥1523232000000 | — | 2 |
| Iron and Steel Products | 5 years | +7.5% | ¥626845000000 | — | 2 |
| Innovation and Corporate Development | 5 years | +8.0% | ¥347472000000 | — | 2 |
| Other | 5 years | -7.0% | ¥2057000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,995,222 | 100.0% | S100YAVT |
| Cost of revenue | 12,667,069 | 90.5% | 算出 |
| Gross profit | 1,328,153 | 9.5% | S100YAVT |
| SG&A | 902,130 | 6.4% | S100YAVT |
| Pretax income | 1,087,056 | 7.8% | S100YAVT |
| Income tax | 222,735 | 1.6% | S100YAVT |
| Net income | 864,321 | 6.2% | S100YAVT |
| Net income attributable to owners | 833,971 | 6.0% | S100YAVT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 6 |
| Operating income | 3 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 9.5% → Net margin 6.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,662,620 | 13,995,222 | -667,398 | -4.6% |
| Gross profit | 1,288,366 | 1,328,153 | 39,787 | +3.1% |
| Net income attributable to owners | 900,342 | 833,971 | -66,371 | -7.4% |
| Operating cash flow | 1,017,518 | 952,912 | -64,606 | -6.3% |
| Free cash flow | 671,371 | -155,487 | -826,858 | -123.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,484,130 | — | — | 391,513 | 526,376 | 238,537 | S100U0FD |
| FY ending Mar 2021 | 8,010,235 | — | — | 335,458 | 772,696 | 557,006 | S100VYNR |
| FY ending Mar 2022 | 11,757,559 | — | — | 914,722 | 806,896 | 621,371 | S100YAVT |
| FY ending Mar 2023 | 14,306,402 | — | — | 1,130,630 | 1,047,537 | 819,472 | S100YAVT |
| FY ending Mar 2024 | 13,324,942 | — | — | 1,063,684 | 864,419 | 569,648 | S100YAVT |
| FY ending Mar 2025 | 14,662,620 | — | — | 900,342 | 1,017,518 | 671,371 | S100YAVT |
| FY ending Mar 2026 | 13,995,222 | — | — | 833,971 | 952,912 | -155,487 | S100YAVT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥252.3M |
| Net income per employee (consolidated) | ¥15M |

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) | 44,336 | 46,811 | 53,602 | 56,400 | 55,463 |
| Average salary (parent company) | ¥15.5M | ¥17.8M | ¥19M | ¥20M | ¥20.6M |
| Average age (parent company) | 42.1 years | 42.3 years | 42.3 years | 42.2 years | 42.0 years |
| Average tenure (parent company) | 18.0 years | 18.1 years | 17.9 years | 17.7 years | 17.4 years |

Year over year: Employees (consolidated) -1.7% · Revenue (consolidated) -4.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mineral and Metal Resources | 1,921,641 | 13.7% | — | — |
| Energy | 3,230,684 | 23.1% | — | — |
| Machinery and Infrastructure | 1,523,232 | 10.9% | — | — |
| Chemicals | 2,933,647 | 21.0% | — | — |
| Iron and Steel Products | 626,845 | 4.5% | — | — |
| Lifestyle | 3,409,644 | 24.4% | — | — |
| Innovation and Corporate Development | 347,472 | 2.5% | — | — |
| Other | 2,057 | 0.0% | — | — |

### 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 |
| --- | ---: |
| Mineral and Metal Resources | 13.7% |
| Energy | 23.1% |
| Machinery and Infrastructure | 10.9% |
| Chemicals | 21.0% |
| Iron and Steel Products | 4.5% |
| Lifestyle | 24.4% |
| Innovation and Corporate Development | 2.5% |
| Other | 0.0% |

## 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 | 952,912 | 6.8% | S100YAVT |
| Capital expenditure | 1,108,399 | 7.9% | S100YAVT |
| Free cash flow | -155,487 | -1.1% | 算出 |
| Investing cash flow | -1,033,522 | -7.4% | S100YAVT |
| Financing cash flow | 26,896 | 0.2% | S100YAVT |
| Dividends paid | 301,817 | 2.2% | S100YAVT |
| Change in cash | 5,366 | 0.0% | S100YAVT |
| Cash and equivalents | 982,722 | 7.0% | S100YAVT |

## 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 | 1,127,868 | 1,390,130 | 898,204 | 977,356 | 982,722 | S100U0FD, S100VYNR, S100YAVT |
| Total assets | 14,923,290 | 15,380,916 | 16,899,502 | 16,811,509 | 20,821,528 | S100QZZ4, S100U0FD, S100VYNR, S100YAVT |
| Net assets | 5,795,416 | 6,565,148 | 7,769,943 | 7,762,632 | 9,017,921 | S100U0FD, S100VYNR, S100YAVT |
| Share capital | 342,384 | 342,560 | 343,062 | 343,442 | 344,163 | S100QZZ4, S100U0FD, S100VYNR, S100YAVT |
| Property, plant and equipment | 2,190,902 | 2,300,607 | 2,401,492 | 2,469,558 | 3,721,772 | S100QZZ4, S100U0FD, S100VYNR, S100YAVT |
| Goodwill | 71,881 | 87,493 | 188,687 | 226,683 | 265,261 | S100QZZ4, S100U0FD, S100VYNR, S100YAVT |
| Current assets | 5,716,683 | 5,674,833 | 5,768,148 | 5,686,941 | 7,056,043 | S100QZZ4, S100U0FD, S100VYNR, S100YAVT |
| Total liabilities | 9,127,874 | 8,815,768 | 9,129,559 | 9,048,877 | 11,803,607 | S100QZZ4, S100U0FD, S100VYNR, S100YAVT |
| Equity attributable to owners of parent | 5,605,205 | 6,367,750 | 7,541,848 | 7,546,615 | 8,767,744 | S100QZZ4, S100U0FD, S100VYNR, S100YAVT |
| Retained earnings | 4,165,962 | 4,840,510 | 5,551,736 | 5,801,064 | 6,140,218 | S100QZZ4, S100U0FD, S100VYNR, S100YAVT |
| Treasury stock | -107,098 | -66,152 | -68,627 | -79,234 | -97,749 | S100QZZ4, S100U0FD, S100VYNR, S100YAVT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YAVT |
| Property, plant and equipment | 18% | S100YAVT |
| Intangibles and goodwill | 1% | — |
| Other assets | 76% | S100YAVT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100YAVT |
| Equity | 43% | S100YAVT |

### 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 | 14,923,290 | 15,380,916 | 16,899,502 | 16,811,509 | 20,821,528 |
| Equity | 5,795,416 | 6,565,148 | 7,769,943 | 7,762,632 | 9,017,921 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,127,868 | 1,390,130 | 898,204 | 977,356 | 982,722 |

## 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) | 26.6% | S100YAVT |
| Fixed assets ÷ total assets | 17.9% | S100YAVT |
| Goodwill ÷ parent equity | 3.0% | S100YAVT |

Goodwill over 4 years: 71,881 → 265,261 JPY; total investing cash flow: -1,982,589 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) | 4.7% |
| Cash ÷ revenue | 7.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 118,941 JPY mn (of net income 14.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.9% |
| Investing CF relative to operating CF | 108.5% |

## 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 | 7.8% | 0.79× | 6.1% | 2.66× | 16.3% | S100QZZ4, S100YAVT |
| 2023 | 7.9% | 0.94× | 7.5% | 2.53× | 18.9% | S100U0FD, S100YAVT |
| 2024 | 8.0% | 0.83× | 6.6% | 2.32× | 15.3% | S100VYNR, S100YAVT |
| 2025 | 6.1% | 0.87× | 5.3% | 2.23× | 11.9% | S100YAVT |
| 2026 | 6.0% | 0.74× | 4.4% | 2.31× | 10.2% | S100YAVT |

## 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 | 16.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505104 (常任代理人 株式会社みずほ銀行) | Major shareholder | 10.4% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 6.3% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.9% | 2026-03-31 |
| NATSCUMCO （常任代理人 株式会社三井住友銀行） | Major shareholder | 1.5% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT (常任代理人 株式会社みずほ銀行) | Major shareholder | 1.3% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| GOVERNMENT OF NORWAY (常任代理人 シティバンク,エヌ・エイ) | Major shareholder | 1.1% | 2026-03-31 |
| 大樹生命保険株式会社 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.0% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥14T, down -4.6% from ¥14.7T a year earlier.
- Gross profit rose +3.1% to ¥1.33T, but net income attributable to owners slipped -7.4% to ¥834B.
- Operating cash flow dropped -6.3% to ¥952.9B while capital expenditure reached ¥1.11T, so free cash flow swung from ¥671.4B to -¥155.5B.

### Drivers

- Lower revenue came mainly from the energy segment.
- In metals, falling iron ore and coking coal prices cut gross profit; in energy, higher US gas prices helped, and in lifestyle, newly consolidated subsidiaries added gross profit.
- Affiliate JA Mitsui Leasing took a loss tied to a US factoring business, and last year's one-off gains from selling businesses such as Paiton did not repeat.

### Risks

- A prolonged Middle East conflict, including limits on passage through the Strait of Hormuz, could hit results through swings in energy and resource prices and disrupted shipping.
- Iron ore, oil and gas prices have a large effect on profit.
- Returns on investments depend partly on joint-venture partners and on operators of resource projects, which Mitsui does not fully control.

Cited: Annual Securities Report, 107th fiscal term (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, 107th fiscal term (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第107期(2025/04/01－2026/03/31) | S100YAVT | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YAVT,, |
| 有価証券報告書－第106期(2024/04/01－2025/03/31) | S100VYNR | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYNR,, |
| 訂正有価証券報告書－第105期(2023/04/01－2024/03/31) | S100U0FD | 2024-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U0FD,, |
| 有価証券報告書－第104期(2022/04/01－2023/03/31) | S100QZZ4 | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZZ4,, |
| 有価証券報告書－第103期(令和3年4月1日－令和4年3月31日) | S100OBDU | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBDU,, |
| 訂正有価証券報告書－第102期(令和2年4月1日－令和3年3月31日) | S100MDHA | 2021-09-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MDHA,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| アイスタイル | Capital alliance | 業務資本提携（株主である三井物産との引受契約） | S100Z3T5 |

## 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).