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Diversified heavy-industry maker of power plants (gas/nuclear turbines), aircraft/defense systems, and ships.
Diversified heavy-industry maker of power plants (gas/nuclear turbines), aircraft/defense systems, and ships.
Earns from large, multi-year contracts, so revenue lags orders by years: gas turbines and other power equipment for utilities, defense work led by the Japanese government, plus ships and machinery. It ended its SpaceJet passenger-airliner program in 2023 after years of losses.
In one line: A mix of GE Vernova, Lockheed Martin and a shipbuilder.
Moat: narrow (scale, IP / patents, regulatory licence). Deep engineering know-how and defense-sector licences, but competes globally with GE and Siemens Energy on turbines.
Headquarters: Tokyo, Japan · Founded: 1884 · Employees: 78,793
Size Mitsubishi Heavy Industries (7011.T) is a Japan Industrials company (Electrical Products) with a market value of $62.1B, the 26th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,912 on 6 Nov 2026.
Performance Over six months the shares fell 36.9%, against -21.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue fell 2.6% over the last twelve months (peer median +15.2%); the operating margin is 9.8% (peer median 13.5%).
Valuation It trades at 22.3× forward earnings against a peer median of 21.4× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +3 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 4.5 points above its cost of capital (9.1% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥4.97T | ¥4.97T | ¥4.36T | ¥4.66T | ¥4.20T |
| Revenue growth | — | +14% | -6% | +11% | — |
| Gross profit | ¥1.10T | ¥1.06T | ¥852B | ¥906B | ¥740B |
| EBITDA | ¥689B | ¥660B | ¥447B | ¥391B | ¥290B |
| Net income | ¥399B | ¥332B | ¥245B | ¥222B | ¥130B |
| Free cash flow | ¥966B | ¥762B | ¥290B | ¥171B | -¥51.0B |
| Capital expenditure | ¥171B | ¥181B | ¥241B | ¥160B | ¥132B |
| Total debt | ¥854B | ¥876B | ¥1.13T | ¥1.14T | ¥1.19T |
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 |
|---|---|---|---|---|---|---|
| Mitsubishi Heavy Industries 7011.T | $62.1B | -37% | -3% | 10% | 22.3× | 9.0% |
| GE Vernova GEV | $205B | -26% | +17% | 7% | 32.2× | 24.9% |
| Siemens Energy ENR.DE | $111B | -33% | +9% | 9% | 26.4× | 17.3% |
| Kawasaki Heavy Industries 7012.T | $10.9B | -39% | +9% | 6% | 13.8× | 20.2% |
| Ihi 7013.T | $15.4B | -20% | +8% | 10% | 12.7× | 16.7% |
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 | 7011.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.1% | -14.3% | 4th lowest of 21 |
| 6-month return | -36.9% | -21.5% | 4th lowest of 21 |
| Distance from 52-week high | -43.9% | -34.0% | 6th lowest of 21 |
| Revenue growth (TTM) | -2.6% | +15.2% | 3rd lowest of 21 |
| Operating margin | 9.8% | 13.5% | 8th lowest of 21 |
| Forward P/E | 22.3× | 21.4× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 9.0% | 15.7% | 5th least demanding of 18 |
| Growth delivered (Del g) | +6.1% | +10.3% | 4th lowest of 18 |
| Hurdle (Req g minus delivered) | +2.9 pp | +6.1 pp | 8th least demanding of 18 |
| ROIC minus cost of capital | +4.5 pp | +4.3 pp | 10th highest of 20 |
| EV / EBITDA | 13.1× | 17.6× | 4th cheapest of 13 |
| Net debt / EBITDA | -1.2× | 0.7× | 3rd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mitsubishi Heavy Industries 7011.T | Japan | $62.1B | -37% | -3% | 10% | 22.3× | 9.0% | +6.1% |
| Mitsubishi Electric 6503.T | Japan | $59.9B | -28% | +12% | 10% | 17.1× | 13.2% | +7.1% |
| LG Energy Solution 373220.KS | South Korea | $58.2B | -27% | +25% | 1% | n/a | n/a | n/a |
| Ametek AME | United States | $52.4B | -1% | +14% | 27% | 24.8× | 18.5% | +10.3% |
| Rockwell Automation ROK | United States | $41.7B | -17% | +11% | 14% | 25.0× | 27.2% | +5.7% |
| BYD 002594.SZ | China | $96.6B | -17% | -4% | 4% | 21.2× | n/a | n/a |
| Siemens Energy ENR.DE | Germany | $111B | -33% | +9% | 9% | 26.4× | 17.3% | +7.3% |
| Prysmian PRY.MI | Italy | $33.9B | -35% | +17% | 8% | 20.2× | 13.1% | +14.4% |
| Fujikura 5803.T | Japan | $33.0B | -50% | +28% | 19% | 14.3× | 28.9% | +12.9% |
| Vestas Wind Systems A/S VWS.CO | Denmark | $31.0B | +8% | +10% | 7% | 21.3× | 0.5% | +4.9% |
| Eaton ETN | United States | $133B | -15% | +20% | 19% | 21.4× | 19.1% | +9.0% |
| NARI Technology 600406.SS | China | $28.6B | -8% | +12% | 13% | 21.7× | 2.5% | +11.4% |
| Samsung Sdi 006400.KS | South Korea | $26.8B | -33% | +21% | 0% | 45.9× | n/a | n/a |
| ABB ABBN.SW | Switzerland | $147B | -17% | +1% | 18% | 24.5× | 4.3% | +2.3% |
| Shengyi Technology 600183.SS | China | $25.7B | -8% | +56% | 22% | 20.3× | 20.5% | +14.1% |
| Schneider Electric SU.PA | France | $151B | -16% | +7% | 18% | 22.2× | 18.0% | +9.8% |
| Sungrow Power Supply 300274.SZ | China | $25.3B | -40% | -24% | 12% | 14.9× | 12.1% | +35.8% |
| Hubbell HUBB | United States | $22.7B | -13% | +16% | 21% | 19.1× | 10.5% | +9.7% |
| Contemporary Amperex Technology 300750.SZ | China | $179B | -42% | +51% | 14% | 13.0× | 1.6% | +53.1% |
| Yangtze Optical Fibre & Cable Joint Stock 601869.SS | China | $19.8B | -32% | +68% | 34% | 23.8× | 15.7% | +11.6% |
| GE Vernova GEV | United States | $205B | -26% | +17% | 7% | 32.2× | 24.9% | +16.8% |