Marubeni Corporation
8002・Prime Market・Wholesale Trade
Business
Marubeni Corporation traces its origins to its founding in 1858 and was established as a company in 1949; it is a major general trading company (sogo shosha). The group comprises 477 companies in total, including 324 consolidated subsidiaries and 153 affiliated companies, and conducts business across 10 segments: Lifestyle, Food & Agri Business, Metals & Mineral Resources, Energy & Chemicals, Power & Infrastructure Services, Finance, Leasing & Real Estate, Aerospace & Mobility, Information Solutions, Next Generation Business Development, and Next Generation Corporate Development. In addition to domestic and international import/export, third-country trade, and domestic transactions, the company engages in a wide range of diversified operations including various service businesses, business investments, and resource development, with revenue reaching ¥8,265,841 million in FY2026 (ending March 2026).
Business Model
Adopts a hybrid business model that combines trading functions—import/export and cross-border transactions of goods—with investment in and management participation in domestic and overseas operating companies (consolidated subsidiaries and equity-method affiliates). In addition to gross profit, equity in earnings of affiliates (¥338.3 billion in FY2026 (ending March 2026)) forms an important pillar of profit. Using core operating cash flow (¥575.1 billion in FY2026 (ending March 2026)) as a funding source, the company carries out growth investments and shareholder returns, continuously enhancing portfolio quality through the upgrading and replacement of assets.
Company Strengths
The company holds Helena Agri-Enterprises (U.S. agricultural materials retail), MacroSource (fertilizer wholesale), Iguaçu de Café Solúvel (instant coffee manufacturing), Creekstone Holding (animal protein), and other subsidiaries, completing an integrated supply chain spanning North America, South America, and Asia—from agricultural materials to food manufacturing and sales—entirely within its own group. In FY2026 (ending March 2026), profit attributable to owners of the parent in the Food & Agri segment reached ¥81.5 billion, an increase of ¥12.5 billion year on year.
Through the Centinela copper mine in Chile (an expansion project progressing smoothly toward increased production starting in 2027), Australian coking coal interests (additional stake acquired in June 2025), Pan Pacific Copper, and others, the company holds a metals value chain spanning mine development through smelting and recycling. In FY2026 (ending March 2026), profit attributable to owners of the parent in the Metals segment reached ¥134.3 billion, the largest among all segments. The company is structured to directly benefit from rising copper prices through its own equity interests.
With a business structure diversified across 10 segments—including Food & Agri, Metals, Energy & Chemicals, Financial Services, Leasing & Real Estate, and Aerospace & Mobility—the company reduces dependence on specific products or regions. From FY2022 (ended March 2022) to FY2026 (ending March 2026), profit attributable to owners of the parent rose from ¥424,320 million to ¥543,852 million, maintaining a level above ¥400,000 million for five consecutive fiscal years. The net DE ratio stands at a high level of financial soundness at 0.43x.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2026) came to ¥8,265,841 million (up 6.1% year on year), marking two consecutive years of revenue growth. However, operating profit was ¥256,670 million (down 5.7% year on year), weighed down by an increase in selling, general and administrative expenses. On the other hand, equity in earnings of affiliates expanded to ¥338,300 million (versus ¥292,880 million in the previous period, up 15.5%), and gains/losses on securities also rose sharply to ¥115,753 million (versus ¥30,658 million in the previous period). With the addition of one-time factors such as a ¥76.5 billion (after tax) valuation gain from the real estate business integration with the Dai-ichi Life Group, profit attributable to owners of parent reached ¥543,852 million (up 8.1% year on year), updating the record high. As external factors, rising copper prices (LME at $10,584/ton) and yen depreciation (average rate of ¥150.77 during the period) boosted earnings in the resources and overseas businesses. On the financial front, the net debt-to-equity ratio improved to 0.43x, and net assets per share rose substantially to ¥2,663.18 (versus ¥2,187.73 in the previous period).
Growth Strategy
Aiming for consolidated net income of ¥620,000 million and market capitalization exceeding ¥10 trillion under GC2027
Accelerating geographic expansion into North America, South America, Europe, and Asia centered on Helena Agri-Enterprises (Agricultural Materials Retail Business, US) and MacroSource (Fertilizer Wholesale Business). Profit attributable to owners of the parent for the Food & Agri Business reached ¥81,461 million in FY2026 (ending March 2026), up 18% year on year, with further expansion to ¥88,000 million planned for FY2027 (ending March 2027).
Production is scheduled to begin in 2027 under the Centinela copper mine expansion project. The Metals segment aims to expand profitability through the synergy of sustained high copper prices (outlook of $12,000/ton for FY2027 (ending March 2027)) and increased production volume. Profit attributable to owners of the parent for Metals reached ¥134,291 million in FY2026 (ending March 2026), up 8.7% year on year.
Through global expansion of the pharmaceutical sales business (Middle East, Thailand, Japan) and the acquisition of electronic components-related businesses (including gain on negative goodwill), profit attributable to owners of the parent in FY2026 (ending March 2026) surged approximately fourfold to ¥19,632 million from ¥4,721 million in the previous fiscal year. The FY2027 (ending March 2027) forecast is ¥14,000 million, aiming to establish a stable earnings base once one-time factors subside.
Under the medium-term management strategy GC2027 (FY2026 (ending March 2026) to FY2028 (ending March 2028)), progressive dividends will be implemented, with share buybacks conducted flexibly targeting a total payout ratio of approximately 40%. The dividend for FY2026 (ending March 2026) was ¥107.50 (up from ¥95.00 in the previous fiscal year), with the FY2027 (ending March 2027) forecast at ¥115.00. The share buyback limit was increased to ¥60.0 billion and a maximum of 20 million shares effective May 1, 2026.
Equity in earnings of affiliates reached ¥71,990 million (up from ¥48,939 million in the previous fiscal year) through the accumulation of the domestic battery storage business, offshore wind power, and overseas power IPP projects (including wind power in Saudi Arabia). The forecast for FY2027 (ending March 2027) is to maintain a high level of ¥71,000 million. While declining profits in the power wholesale and retail business remain a challenge, the company plans to offset this through expanded profit contribution from renewable energy businesses.
Last updated: July 19, 2026