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Japanese heavy-machinery maker producing marine diesel engines, cranes and industrial machinery after exiting commercial shipbuilding.
Japanese heavy-machinery maker producing marine diesel engines, cranes and industrial machinery after exiting commercial shipbuilding.
Builds engines and cranes to order, booking revenue as work progresses, then earns steadier aftermarket income from spare parts and servicing the engines and cranes it has already installed. Its marine engines are made under licence from MAN, and the company no longer builds commercial ships.
In one line: An industrial engine and crane maker, similar to a marine-focused Caterpillar unit.
Moat: narrow (process know-how, installed base). Licensed marine-engine technology and an installed base of cranes support aftermarket parts/service revenue.
Headquarters: Tokyo, Japan · Founded: 1937 · Employees: 5,998
Size Mitsui ES (7003.T) is a Japan Industrials company (Trucks/Construction/Farm Machinery) with a market value of $1.98B, the 487th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,092 on 6 Nov 2026.
Performance Over six months the shares fell 44.9%, against -9.2% for the median peer and +1.8% for the Japan market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 11.5% over the last twelve months (peer median +11.2%); the operating margin is 10.7% (peer median 6.7%).
Valuation It trades at 8.7× forward earnings against a peer median of 11.6× (cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is -11%, so the hurdle is +27 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.3 points below its cost of capital (15.1% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥364B | ¥353B | ¥315B | ¥302B | ¥262B |
| Revenue growth | — | +12% | +4% | +15% | — |
| Gross profit | ¥72.0B | ¥69.5B | ¥51.6B | ¥47.2B | ¥36.9B |
| EBITDA | ¥48.2B | ¥46.0B | ¥31.7B | ¥28.0B | ¥17.3B |
| Net income | ¥39.4B | ¥38.5B | ¥39.1B | ¥25.1B | ¥15.6B |
| Free cash flow | ¥3.59B | ¥19.3B | ¥5.22B | -¥41.6B | -¥22.4B |
| Capital expenditure | ¥8.91B | ¥9.10B | ¥9.63B | ¥7.21B | ¥7.39B |
| Total debt | ¥80.5B | ¥98.6B | ¥105B | ¥171B | ¥150B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Mitsui ES 7003.T | $1.98B | -45% | +12% | 11% | 8.7× | 16.0% |
| Mitsubishi Heavy Industries 7011.T | $62.1B | -37% | -3% | 10% | 22.3× | 9.0% |
| Kawasaki Heavy Industries 7012.T | $10.9B | -39% | +9% | 6% | 13.8× | 20.2% |
| Hd Hyundai Heavy Industries 329180.KS | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 7003.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.5% | -2.0% | 4th lowest of 21 |
| 6-month return | -44.9% | -9.2% | lowest of 21 |
| Distance from 52-week high | -63.4% | -31.8% | lowest of 21 |
| Revenue growth (TTM) | +11.5% | +11.2% | 11th highest of 21 |
| Operating margin | 10.7% | 6.7% | 7th highest of 21 |
| Forward P/E | 8.7× | 11.6× | cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 16.0% | 1.8% | 4th most demanding of 17 |
| Growth delivered (Del g) | -11.3% | +7.1% | lowest of 17 |
| Hurdle (Req g minus delivered) | +27.3 pp | -5.9 pp | 2nd most demanding of 17 |
| ROIC minus cost of capital | -5.3 pp | -0.7 pp | 4th lowest of 21 |
| EV / EBITDA | 7.4× | 8.5× | 4th cheapest of 9 |
| Net debt / EBITDA | 0.9× | 1.1× | 5th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mitsui ES 7003.T | Japan | $1.98B | -45% | +12% | 11% | 8.7× | 16.0% | -11.3% |
| First Tractor 601038.SS | China | $1.95B | +2% | +12% | 6% | 17.5× | -1.6% | +7.5% |
| Beijing Jiuzhouyigui Environmental Technology 688485.SS | China | $1.91B | +29% | +9% | 2% | n/a | n/a | n/a |
| Shantui Construction Machinery 000680.SZ | China | $2.06B | -22% | +14% | 10% | 9.8× | -4.4% | +15.6% |
| Anhui Heli 600761.SS | China | $2.06B | -14% | +13% | 7% | 10.9× | -6.7% | +9.2% |
| NFI NFI.TO | Canada | $2.06B | +13% | +15% | 2% | 11.0× | 12.0% | +9.3% |
| CIMC Vehicles (Group) 301039.SZ | China | $2.07B | -18% | +6% | 4% | 16.6× | -4.3% | -5.2% |
| Nisshinbo 3105.T | Japan | $1.87B | -9% | +2% | 7% | 11.5× | 3.6% | +1.9% |
| Sumec 600710.SS | China | $2.18B | -9% | +14% | 4% | 9.8× | -17.2% | +3.6% |
| Takeuchi Mfg.Co 6432.T | Japan | $2.21B | +4% | +12% | 16% | 10.6× | 4.0% | +14.9% |
| Deutz DEZ.DE | Germany | $1.74B | -13% | +11% | 5% | 11.4× | 19.8% | +9.5% |
| ZHEJIANG ZHONGJIAN TECHNOLOGY 002779.SZ | China | $2.26B | +2% | +28% | -17% | 150.7× | n/a | n/a |
| BEML BEML.NS | India | $1.72B | -2% | +13% | 6% | 39.1× | n/a | n/a |
| Xiangyang Changyuandonggu Industry 603950.SS | China | $1.72B | -36% | -8% | 17% | 22.8× | 22.1% | +6.1% |
| JiangSu Changling Hydraulic 605389.SS | China | $1.72B | -32% | +19% | 12% | n/a | 36.1% | +4.4% |
| CoCreation Grass 605099.SS | China | $1.72B | -41% | +10% | 21% | 15.4× | 2.2% | +12.3% |
| Wacker Neuson WAC.DE | Germany | $1.71B | +20% | +14% | 7% | 13.4× | 1.5% | +6.6% |
| Trinity Industries TRN | United States | $2.30B | -20% | -2% | 13% | 15.8× | n/a | n/a |
| China Railway Hi-tech Industry 600528.SS | China | $2.37B | -9% | -8% | 5% | n/a | -4.0% | +2.6% |
| Alamo ALG | United States | $1.63B | -18% | +2% | 7% | 11.6× | 7.0% | +6.6% |
| Namura Shipbuilding 7014.T | Japan | $1.62B | -9% | +7% | 19% | 9.9× | -3.1% | +10.1% |