Mitsubishi HC Capital Inc.
8593・Prime Market・Other Financing Business
Business
Mitsubishi HC Capital is a comprehensive leasing and finance company with Mitsubishi Corporation and Mitsubishi UFJ Financial Group as its major shareholders. It operates across seven segments: Customer Solutions for domestic corporations and public institutions; Overseas Customers covering the Americas, Europe, and Asia; Environment & Energy focused on renewable energy; Aviation for aircraft and engine leasing; Logistics for marine containers and railcars; Real Estate finance and investment; and Mobility for auto leasing. With 469 subsidiaries and 87 affiliated companies, it forms a global asset finance group with total assets of ¥13,895,00 million.
Business Model
The company adopts an asset-rotation business model centered on financing functions such as leasing, installment sales, and lending, repeatedly acquiring, managing, and selling assets. It maximizes profitability by combining income gains such as lease payments and interest with gains from the sale of held assets (asset-related gains/losses). In FY2026 (ending March 2026), gross profit was ¥500,100 million and net income attributable to owners of the parent was ¥162,206 million, marking the fourth consecutive year of record-high profit.
Company Strengths
In FY2026 (ending March 2026), the company recorded segment profit of ¥54,538 million in Aviation (up 15.5% year on year), ¥26,176 million in Real Estate (up 114.3% year on year), and ¥29,313 million in Logistics (up 26.3% year on year). Highly specialized global asset businesses are leading company-wide profit growth, with the business foundations of overseas subsidiaries such as Engine Lease Finance Corporation and CAI International forming a competitive advantage.
With Mitsubishi Corporation and Mitsubishi UFJ Financial Group as major shareholders, the company maintains an A-grade external credit rating. It has established diverse funding methods combining financial institution borrowings (indirect finance) with corporate bonds, commercial paper, and lease receivable securitization (direct finance), securing an unused commitment line balance of ¥788,300 million. Low-cost funding at an average interest rate of 1.49% (as of the end of FY2026, ending March 2026) supports profitability.
The company holds a business portfolio diversified across 7 segments, ranging from domestic finance to Aviation, marine containers, and renewable energy. With total assets of ¥13,089.5 billion and new business volume of ¥3,361.5 billion (FY2026, ending March 2026), the company boasts a large scale that reduces dependence on any specific segment. Through its asset-turnover model, it achieves stable profit growth driven by both income gains and gains on Asset Sales.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive fiscal periods, from ¥1,765,559 million in FY2022 (ended March 2022) to ¥2,215,384 million in FY2026 (ending March 2026), representing a CAGR of approximately 5.8% over the period. Operating profit more than doubled from ¥114,092 million in FY2022 (ended March 2022) to ¥240,428 million in FY2026 (ending March 2026), with FY2026 (ending March 2026) in particular showing accelerated growth of 28.5% year on year. Profit attributable to owners of the parent also reached ¥162,206 million (up 20.0% year on year), marking a record profit for the fourth consecutive fiscal period. The main drivers of profit growth were an increase in lease income in the Aviation segment (supported by the external tailwind of recovering aviation demand), gains on large-scale Asset Sales in the Real Estate segment, a decrease in credit-related expenses from Overseas Customers, and a one-time profit boost of ¥22,820 million resulting from a change in a subsidiary's fiscal year-end. Return on equity improved to 8.6% (from 7.8% in the prior period). Total assets also grew steadily, reaching ¥13,089,557 million (up 11.3% year on year).
Growth Strategy
Pursuing sustainable profit growth through the stacking of asset accumulation and new business creation
In the Aviation segment, future assets are being built up through initiatives such as the direct purchase agreement with CFM International for 50 new engines. Logistics is driving high utilization and improved profitability in marine container leasing and North American railcar leasing. In FY2026 (ending March 2026), total segment assets continued to expand, increasing 12.1% and 1.9% year on year, respectively.
The declining trend in credit-related expenses in the Americas business has continued, with segment profit in FY2026 (ending March 2026) recovering 213.8% year on year to ¥8,384 million. The European business was weighed down by provisions for compensation losses related to the UK motor finance commission issue, but a recovery in performance is expected in the FY2027 (ending March 2026) forecast. Exchange rate assumptions are 1 USD = ¥150 and 1 GBP = ¥205.
Progress continues on building the business foundation, including the start of e-methanol supply by European Energy A/S, the commencement of construction of grid-scale battery storage facilities, and certification as a long-term stable qualified solar power generation operator. The FY2030 GHG emissions (Scope 1 and 2) reduction target (55% reduction versus FY2019) was achieved ahead of schedule in FY2024. Although a loss was recorded in FY2026 (ending March 2026), asset balances continued to accumulate, reaching ¥512,495 million (up 5.4% year on year).
Through the Innovation Investment Fund, with a total investment capacity of ¥10 billion that began operating in April 2023, investments have been executed in six startups in fields such as AI autonomous driving, GPU data centers, space, and robotic warehousing. In-house entrepreneurship systems have also been established, including the founding of the MHC Incubation Center and the passing of the third round of screening for the Founder Program. Revenue contribution from new businesses is a medium- to long-term growth driver.
The forecast annual dividend per share for FY2027 (ending March 2026) is ¥51 (an increase of ¥5 year on year), planned to mark 28 consecutive years of dividend increases. While maintaining a payout ratio of 45.8%, return on equity improved to 8.6% (FY2026, ending March 2026). Net assets per share increased to ¥1,385.22 (from ¥1,246.64 in the previous fiscal year), maintaining a balance between shareholder returns and retained earnings.
Last updated: July 19, 2026