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Mitsui O.S.K. LinesMitsui O.S.K. Lines, Ltd.9104東証プライム海運業FY ending Mar 2026, consolidated, J-GAAP

Mitsui O.S.K. Lines revenue and profit

Out of every ¥100 of sales, about ¥7 is left as operating profit. Revenue changed +2.8% from the prior year, operating profit -15.8%.

Five-year trend

Revenue¥1.83T
FY ending Mar 2022: ¥1.27T¥1.27TFY ending Mar 2023: ¥1.61T¥1.61TFY ending Mar 2024: ¥1.63T¥1.63TFY ending Mar 2025: ¥1.78T¥1.78TFY ending Mar 2026: ¥1.83T¥1.83TFY22FY23FY24FY25FY26
Operating income¥127B
FY ending Mar 2022: ¥55B¥55BFY ending Mar 2023: ¥108.7B¥108.7BFY ending Mar 2024: ¥103.1B¥103.1BFY ending Mar 2025: ¥150.9B¥150.9BFY ending Mar 2026: ¥127B¥127BFY22FY23FY24FY25FY26
Operating margin7.0%
FY ending Mar 2022: 4.3%4.3%FY ending Mar 2023: 6.7%6.7%FY ending Mar 2024: 6.3%6.3%FY ending Mar 2025: 8.5%8.5%FY ending Mar 2026: 7.0%7.0%FY22FY23FY24FY25FY26

What drives ROE

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

Net margin11.7%
Asset turnover0.33×
ROA3.9%
ROA3.9%
Financial leverage2.53×
ROE9.9%

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

Net margin11.7%
2022: 55.8%55.8%2023: 49.4%49.4%2024: 16.1%16.1%2025: 24.0%24.0%2026: 11.7%11.7%2223242526
Asset turnover0.33×
2022: 0.47×0.47×2023: 0.52×0.52×2024: 0.42×0.42×2025: 0.39×0.39×2026: 0.33×0.33×2223242526
ROA3.9%
2022: 26.4%26.4%2023: 25.5%25.5%2024: 6.8%6.8%2025: 9.3%9.3%2026: 3.9%3.9%2223242526
Financial leverage2.53×
2022: 2.28×2.28×2023: 2.22×2.22×2024: 2.19×2.19×2025: 2.28×2.28×2026: 2.53×2.53×2223242526
ROE9.9%
2022: 60.2%60.2%2023: 56.6%56.6%2024: 14.9%14.9%2025: 21.3%21.3%2026: 9.9%9.9%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
202255.8%0.47×26.4%2.28×60.2%
202349.4%0.52×25.5%2.22×56.6%
202416.1%0.42×6.8%2.19×14.9%
202524.0%0.39×9.3%2.28×21.3%
202611.7%0.33×3.9%2.53×9.9%

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 ÷ revenue152.7%
2021: 110.9%110.9%2022: 87.5%87.5%2023: 83.3%83.3%2024: 101.6%101.6%2025: 128.7%128.7%2026: 152.7%152.7%212223242526
PPE ÷ total assets46.7%
2021: 52.5%52.5%2022: 41.4%41.4%2023: 37.7%37.7%2024: 40.1%40.1%2025: 45.8%45.8%2026: 46.7%46.7%212223242526
Goodwill ÷ parent equity6.1%
2021: 0.4%0.4%2022: 0.2%0.2%2023: 0.3%0.3%2024: 1.7%1.7%2025: 1.6%1.6%2026: 6.1%6.1%212223242526
Goodwill balance¥133.9B
2021: ¥2.18B¥2.18B2022: ¥2.17B¥2.17B2023: ¥4.81B¥4.81B2024: ¥30.9B¥30.9B2025: ¥33.8B¥33.8B2026: ¥133.9B¥133.9B212223242526

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¥1.26B
2021: ¥818M¥818M2022: ¥1.26B¥1.26B2023: ¥1.69B¥1.69B2024: ¥1.65B¥1.65B2025: ¥1.9B¥1.9B2026: ¥1.26B¥1.26B212223242526
R&D / revenue0.1%
2021: 0.1%0.1%2022: 0.1%0.1%2023: 0.1%0.1%2024: 0.1%0.1%2025: 0.1%0.1%2026: 0.1%0.1%212223242526
Inventory days15d
2021: 12d12d2022: 15d15d2023: 13d13d2024: 15d15d2025: 14d14d2026: 15d15d212223242526

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
Revenue1,269,3101,611,9841,627,9121,775,4701,825,098
Cost of revenue1,117,4051,376,5041,378,9651,457,8051,497,506
Gross profit151,905235,479248,947317,665327,591
SG&A96,899126,770145,814166,813200,588
Operating income55,005108,709103,132150,851127,002
Pretax income732,993819,160295,417452,735239,005
Income tax18,83920,91732,54426,26425,144
Net income attributable to owners708,819796,060261,651425,492213,260
Operating margin4.3%6.7%6.3%8.5%7.0%

Balance sheet (reported items)

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

Assets

3%
1%
Property, plant and equipment 47%
7%
Investment securities 32%
Other assets 10%

Funding

Interest-bearing debt 38%
Other liabilities 13%
Equity 49%

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¥97.1B¥91B¥115.5B¥156B¥201.5B
Total assets¥2.69T¥3.56T¥4.12T¥4.98T¥5.96T
Net assets¥1.33T¥1.94T¥2.37T¥2.72T¥2.93T
Share capital¥65.4B¥65.6B¥66B¥66.6B¥66.7B
Inventories¥46.1B¥50.8B¥55.9B¥56.4B¥63B
Property, plant and equipment¥1.11T¥1.34T¥1.65T¥2.28T¥2.79T
Intangible assets excluding goodwill¥36.6B¥36.7B¥63.8B¥72.2B¥264.1B
Goodwill¥2.17B¥4.81B¥30.9B¥33.8B¥133.9B
Investment securities¥978.8B¥1.43T¥1.68T¥1.78T¥1.9T
Current assets¥351.5B¥438.5B¥468.7B¥570B¥669.9B
Current liabilities¥414B¥669.2B¥644.9B¥523.3B¥656.2B
Short-term borrowings¥192.2B¥339.4B¥244B¥202B¥293B
Long-term borrowings¥575.1B¥524.8B¥711.9B¥1.27T¥1.72T
Bonds¥189.5B¥159.5B¥156.6B¥186.2B¥250.8B
Interest-bearing debt¥956.8Bderived¥1.02Tderived¥1.11Tderived¥1.66Tderived¥2.27Tderived
Total liabilities¥1.35T¥1.63T¥1.75T¥2.26T¥3.03T
Non-controlling interests¥59.5B¥11.7B¥15.5B¥37.5B¥54.7B
Equity attributable to owners of parent¥1.18T¥1.64T¥1.87T¥2.12T¥2.21T
Retained earnings¥1.09T¥1.57T¥1.69T¥2.01T¥2.13T
Treasury stock-¥2.27B-¥558M-¥88M-¥70.1B-¥99.3B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書

    ID S100YI2T2026-06-23Open

  • EDINET (FSA Japan)

    有価証券報告書

    ID S100W1NC2025-06-23Open

  • EDINET (FSA Japan)

    訂正有価証券報告書

    ID S100ULJW2024-10-30Open

  • EDINET (FSA Japan)

    訂正有価証券報告書

    ID S100RAW42023-06-30Open

  • EDINET (FSA Japan)

    有価証券報告書

    ID S100OAA82022-06-21Open

  • EDINET (FSA Japan)

    有価証券報告書

    ID S100LL1R2021-06-22Open

Extracted from XBRL: 56 / Derived from other figures: 2

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