# MITSUI E&S Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第123期(2025/04/01－2026/03/31) (S100YKIO)
> Page: https://vizora.meequs.com/en/company/mitsui-e-and-s
> Retrieved: 2026-09-30T20:24:32.830Z

## Company

Mitsui E&S, founded in 1937, is a company in Shipbuilding listed on TSE Prime. It has 5,998 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MITSUI E&S Co., Ltd. |
| Ticker | 7003 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7003.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区築地五丁目6番4号 |
| Representative (per filing) | 代表取締役社長 高橋 岳之 |
| Founded | Jul 1937 |
| Share capital | ¥8.85B |
| Employees (consolidated) | 5,998 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.mes.co.jp (https://www.mes.co.jp/) |
| Corporate number | 9010001034946 |
| EDINET | E02123 |
| Industries (Vizora) | Shipbuilding, Plant Engineering & Building Services, Industrial Machinery |

> Profile source: annual securities report (S100YKIO, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Shipbuilding (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.3 | 8 |
| Profitability | 61.1 | 9 |
| Cash conversion | 43.8 | 8 |
| Efficiency | 38.9 | 9 |

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 Mitsui E&S's sales come from Marine Propulsion Systems, with Peripheral Businesses and Logistics Systems making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +12.1% from the prior year, operating profit +62.7%.

## Company structure

- Segment revenue mix: Marine Propulsion Systems 42.4%、Peripheral Businesses 26.7%、Logistics Systems 18.5%、New Business Development 12.4%、Other 0.1%
- Revenue → net income: ¥353196000000 → ¥38885000000
- Net income → operating cash flow: ¥38885000000 → ¥28419000000（difference ¥-10466000000）
- Main uses of operating cash flow: CapEx ¥9096000000 / dividends ¥3505000000 / buybacks —
- Change in cash: ¥21254000000
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 | ¥353.2B |  |
| Operating income | ¥37.6B | Margin 10.7% |
| Net income | ¥38.5B | Margin 10.9% |
| Free cash flow | ¥19.3B |  |
| Largest business | Marine Propulsion Systems | of segment revenue 42.4% |
| Employees (consolidated) | 5,998 |  |
| EPS | ¥315.18 |  |
| Diluted EPS | ¥315.1 |  |
| Book value per share | ¥1695.46 |  |
| Equity ratio | 46.3% |  |
| Shares outstanding | 103,098,000 |  |
| Treasury shares | 2,196,400 |  |
| Shareholders | 57,163 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 11.0% | Cash ÷ revenue 15.5% |
| Vs. industry median margin | +1.1 pp | Shipbuilding |
| ROE | 29.4% | Derived from disclosed figures |
| ROA | 8.1% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -25 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥644686000000 | ¥353196000000 | -45.2% |
| Operating income | ¥-12243000000 | ¥37641000000 | — |
| Operating margin | -1.9% | 10.7% | +12.6 pp |
| Employees | 12,703 people | 5,998 people | -52.8% |
| Cash and equivalents | ¥135482000000 | ¥54589000000 | -59.7% |

### 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 |
| --- | ---: |
| 船舶 → 事業再編・廃止 | 9.3% |
| 機械 → 事業再編・廃止 | 24.7% |
| エンジニアリング → 事業再編・廃止 | 5.9% |
| 海洋開発 → 事業再編・廃止 | 45.1% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 14.9% |
| 新設・再編 → 成長事業推進 | 12.4% |
| 新設・再編 → 舶用推進システム | 42.4% |
| 新設・再編 → 物流システム | 18.5% |
| 新設・再編 → 周辺サービス | 26.7% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Marine Propulsion Systems | 3 years | +15.3% | ¥149737000000 | 9.7% | 2 |
| Peripheral Businesses | 3 years | +18.0% | ¥94333000000 | 0.9% | 2 |
| Logistics Systems | 3 years | +16.1% | ¥65185000000 | 21.4% | 2 |
| New Business Development | 3 years | +7.9% | ¥43757000000 | 20.0% | 2 |
| Other | 5 years | -71.5% | ¥182000000 | -203.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 353,196 | 100.0% | S100YKIO |
| Cost of revenue | 283,732 | 80.3% | S100YKIO |
| Gross profit | 69,463 | 19.7% | S100YKIO |
| SG&A | 31,821 | 9.0% | S100YKIO |
| Operating income | 37,641 | 10.7% | S100YKIO |
| Ordinary income | 44,892 | 12.7% | S100YKIO |
| Pretax income | 40,046 | 11.3% | S100YKIO |
| Income tax | 1,161 | 0.3% | S100YKIO |
| Net income | 38,885 | 11.0% | S100YKIO |
| Net income attributable to owners | 38,456 | 10.9% | S100YKIO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 9 |
| Operating income | 11 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 19.7% → Operating margin 10.7% → Net margin 10.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.1%; Core profit growth: +62.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.19×
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 | 315,112 | 353,196 | 38,084 | +12.1% |
| Gross profit | 51,571 | 69,463 | 17,892 | +34.7% |
| Operating income | 23,130 | 37,641 | 14,511 | +62.7% |
| Net income attributable to owners | 39,074 | 38,456 | -618 | -1.6% |
| Operating cash flow | 14,852 | 28,419 | 13,567 | +91.3% |
| Free cash flow | 5,225 | 19,323 | 14,098 | +269.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 786,477 | -62,079 | -7.9% | -86,210 | -37,213 | -52,839 | S100LRF1 |
| FY ending Mar 2021 | 644,686 | -12,243 | -1.9% | 134 | 7,478 | -5,241 | S100OO4M |
| FY ending Mar 2022 | 579,363 | -10,029 | -1.7% | -21,825 | -20,265 | -29,245 | S100RVSP |
| FY ending Mar 2023 | 262,301 | 9,376 | 3.6% | 15,554 | -15,043 | -22,436 | S100TRWV |
| FY ending Mar 2024 | 301,875 | 19,630 | 6.5% | 25,051 | -34,435 | -41,643 | S100W3WO |
| FY ending Mar 2025 | 315,112 | 23,130 | 7.3% | 39,074 | 14,852 | 5,225 | S100YKIO |
| FY ending Mar 2026 | 353,196 | 37,641 | 10.7% | 38,456 | 28,419 | 19,323 | S100YKIO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58.9M |
| Operating income per employee (consolidated) | ¥6.3M |
| Net income per employee (consolidated) | ¥6.4M |

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) | 6,665 | 5,747 | 5,952 | 5,966 | 5,998 |
| Average salary (parent company) | ¥8.1M | ¥8.4M | ¥7M | ¥7M | ¥8M |
| Average age (parent company) | 47.0 years | 47.3 years | 38.4 years | 39.9 years | 40.2 years |
| Average tenure (parent company) | 21.0 years | 20.6 years | 14.9 years | 15.9 years | 16.3 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +12.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| New Business Development | 43,757 | 12.4% | 8,772 | 20.0% |
| Marine Propulsion Systems | 149,737 | 42.4% | 14,474 | 9.7% |
| Logistics Systems | 65,185 | 18.5% | 13,939 | 21.4% |
| Peripheral Businesses | 94,333 | 26.7% | 826 | 0.9% |
| Other | 182 | 0.1% | -370 | -203.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| New Business Development | 12.4% | 23.1% | 10.7 | 20.0% |
| Marine Propulsion Systems | 42.4% | 38.1% | -4.3 | 9.7% |
| Logistics Systems | 18.5% | 36.7% | 18.2 | 21.4% |
| Peripheral Businesses | 26.7% | 2.2% | -24.5 | 0.9% |
| Other | 0.1% | — | — | -203.3% |

Loss-making segment (excluded from profit shares): Other -370 JPY mn

Segment → industry: Marine Propulsion Systems → Shipbuilding / Peripheral Businesses → Plant Engineering & Building Services / Logistics Systems → Industrial Machinery / New Business Development → Industrial Machinery

## 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 | 28,419 | 8.0% | S100YKIO |
| Capital expenditure | 9,096 | 2.6% | S100YKIO |
| Free cash flow | 19,323 | 5.5% | 算出 |
| Investing cash flow | 2,552 | 0.7% | S100YKIO |
| Financing cash flow | -10,417 | -2.9% | S100YKIO |
| Dividends paid | 3,505 | 1.0% | S100YKIO |
| Change in cash | 21,254 | 6.0% | S100YKIO |
| Cash and equivalents | 54,589 | 15.5% | S100YKIO |

## 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 | 50,818 | 43,468 | 33,516 | 33,376 | 54,589 | S100TRWV, S100W3WO, S100YKIO |
| Total assets | 409,150 | 439,959 | 467,140 | 449,212 | 494,554 | S100RVSP, S100TRWV, S100W3WO, S100YKIO |
| Net assets | 62,949 | 110,686 | 146,510 | 174,154 | 233,819 | S100TRWV, S100W3WO, S100YKIO |
| Share capital | 44,384 | 3,829 | 8,846 | 8,846 | 8,846 | S100RVSP, S100TRWV, S100W3WO, S100YKIO |
| Property, plant and equipment | 118,338 | 115,767 | 115,987 | 116,149 | 108,247 | S100RVSP, S100TRWV, S100W3WO, S100YKIO |
| Intangible assets excluding goodwill | 16,042 | 15,502 | 15,607 | 14,138 | 13,793 | S100RVSP, S100TRWV, S100W3WO, S100YKIO |
| Goodwill | 7,995 | 7,626 | 7,532 | 6,477 | 6,196 | S100RVSP, S100TRWV, S100W3WO, S100YKIO |
| Investment securities | 43,280 | 68,802 | 76,136 | 29,674 | 55,005 | S100RVSP, S100TRWV, S100W3WO, S100YKIO |
| Current assets | 201,822 | 212,628 | 223,237 | 239,646 | 246,241 | S100RVSP, S100TRWV, S100W3WO, S100YKIO |
| Current liabilities | 288,510 | 286,980 | 280,364 | 200,792 | 197,324 | S100RVSP, S100TRWV, S100W3WO, S100YKIO |
| Trade payables | 48,705 | 54,939 | 51,054 | 45,610 | 45,557 | S100RVSP, S100TRWV, S100W3WO, S100YKIO |
| Short-term borrowings | 94,615 | 115,245 | 149,785 | 47,854 | 49,040 | S100RVSP, S100TRWV, S100W3WO, S100YKIO |
| Long-term borrowings | 19,657 | 11,927 | 10,817 | 43,829 | 37,449 | S100RVSP, S100TRWV, S100W3WO, S100YKIO |
| Bonds | 5,000 | — | — | — | — | S100RVSP |
| Interest-bearing debt | 119,272 | — | — | — | — | 算出 |
| Total liabilities | 346,200 | 329,273 | 320,630 | 275,058 | 260,734 | S100RVSP, S100TRWV, S100W3WO, S100YKIO |
| Non-controlling interests | 5,733 | 4,148 | 4,411 | 4,303 | 4,714 | S100RVSP, S100TRWV, S100W3WO, S100YKIO |
| Equity attributable to owners of parent | 24,575 | 52,042 | 83,083 | 111,543 | 150,132 | S100RVSP, S100TRWV, S100W3WO, S100YKIO |
| Retained earnings | -33,278 | 42,292 | 67,056 | 104,494 | 143,060 | S100RVSP, S100TRWV, S100W3WO, S100YKIO |
| Treasury stock | -4,663 | -4,632 | -4,624 | -4,590 | -4,566 | S100RVSP, S100TRWV, S100W3WO, S100YKIO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YKIO |
| Property, plant and equipment | 22% | S100YKIO |
| Intangibles and goodwill | 4% | S100YKIO |
| Investment securities | 11% | S100YKIO |
| Other assets | 52% | S100YKIO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YKIO |
| Other liabilities | 44% | S100YKIO |
| Equity | 47% | S100YKIO |
| Other liabilities | 0% | S100YKIO |

### 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 | 409,150 | 439,959 | 467,140 | 449,212 | 494,554 |
| Equity | 62,949 | 110,686 | 146,510 | 174,154 | 233,819 |
| Interest-bearing debt | 119,272 | — | — | — | — |
| Cash | 50,818 | 43,468 | 33,516 | 33,376 | 54,589 |

## 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) | 30.6% | S100YKIO |
| Fixed assets ÷ total assets | 21.9% | S100YKIO |
| Goodwill ÷ parent equity | 4.1% | S100YKIO |

Goodwill over 4 years: 7,995 → 6,196 JPY; total investing cash flow: -10,822 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) | 11.0% |
| Cash ÷ revenue | 15.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 75.5% |
| Cash vs. profit gap | -10,037 JPY mn (of net income -26.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 9.1% |
| Shareholder payments — dividends / FCF | 18.1% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 9.0% |

## 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 | — | —× | -5.3% | —× | — | S100RVSP |
| 2023 | 5.9% | 0.62× | 3.7% | 11.08× | 40.6% | S100TRWV |
| 2024 | 8.3% | 0.67× | 5.5% | 6.71× | 37.1% | S100W3WO |
| 2025 | 12.4% | 0.69× | 8.5% | 4.71× | 40.2% | S100YKIO |
| 2026 | 10.9% | 0.75× | 8.1% | 3.61× | 29.4% | S100YKIO |

## 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 | 13.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.2% | 2026-03-31 |
| 今治造船株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.8% | 2026-03-31 |
| 三井物産株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.5% | 2026-03-31 |
| J.P. MORGAN BANK LUXEMBOURG S.A. 384513 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 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 | 1.6% | 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決済営業部） | 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 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥353.2B, up +12.1% from ¥315.1B.
- Operating income grew much faster, rising +62.7% from ¥23.1B to ¥37.6B.
- Net income attributable to owners edged down -1.6% to ¥38.5B.
- Operating cash flow rose +91.3% to ¥28.4B, and free cash flow came in at ¥19.3B.

### Drivers

- Marine Propulsion Systems sold more large engines and dual-fuel engines, and its after-sales service business did well
- In Logistics Systems, large crane projects progressed on schedule and became more profitable
- Net income dipped because gains from selling shares in affiliated companies were smaller than the year before

### Risks

- Many projects take a long time from contract to delivery, so actual costs can drift from the original estimates
- Sharp rises in steel or oil prices could raise costs and delay production
- US tariff policy and the worsening situation in the Middle East could affect the business through supply chains

Cited: Annual Securities Report (123rd fiscal period) (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 (123rd fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第123期(2025/04/01－2026/03/31) | S100YKIO | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKIO,, |
| 有価証券報告書－第122期(2024/04/01－2025/03/31) | S100W3WO | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3WO,, |
| 有価証券報告書－第121期(2023/04/01－2024/03/31) | S100TRWV | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRWV,, |
| 訂正有価証券報告書－第120期(2022/04/01－2023/03/31) | S100RVSP | 2023-09-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RVSP,, |
| 訂正有価証券報告書－第119期(令和3年4月1日－令和4年3月31日) | S100OO4M | 2022-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OO4M,, |
| 有価証券報告書－第118期(令和2年4月1日－令和3年3月31日) | S100LRF1 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRF1,, |

## 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).