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Japanese sogo shosha trading and investing across grain/food, energy, power, chemicals and machinery worldwide.
Japanese sogo shosha trading and investing across grain/food, energy, power, chemicals and machinery worldwide.
Like other Japanese trading houses it earns thin margins on goods it brokers and larger returns from stakes in operating businesses, such as power plants and grain handling. Gavilon, the US grain handler bought in 2012, gives it storage and export capacity in the US farm belt. Its power business has been tilting toward renewables.
In one line: A Japanese conglomerate merchant-bank-meets-Cargill.
Moat: narrow (scale, distribution, installed base). Global logistics/trading networks and long-term supply contracts are hard to replicate quickly.
Headquarters: Tokyo, Japan · Founded: 1858 · Employees: 52,658
Size Marubeni (8002.T) is a Japan Industrials company (Agricultural Commodities/Milling) with a market value of $49.7B, the 30th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,726 on 6 Nov 2026.
Performance Over six months the shares fell 22.2%, against -0.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 14.1% over the last twelve months (peer median +9.8%); the operating margin is 3.6% (peer median 10.0%).
Valuation It trades at 12.3× forward earnings against a peer median of 15.3× (5th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +12 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 4.1 points below its cost of capital (7.6% WACC).
Credit Marubeni has 1 bond outstanding ($500M), rated A- by the agencies and trading like A- at a weighted spread of 84 bp.
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥9.24T | ¥8.27T | ¥7.79T | ¥7.25T | ¥9.19T |
| Revenue growth | — | +6% | +7% | -21% | — |
| Gross profit | ¥1.33T | ¥1.18T | ¥1.15T | ¥1.07T | ¥1.05T |
| EBITDA | ¥555B | ¥466B | ¥472B | ¥454B | ¥497B |
| Net income | ¥576B | ¥544B | ¥503B | ¥470B | ¥540B |
| Free cash flow | ¥432B | ¥382B | ¥420B | ¥289B | ¥502B |
| Capital expenditure | ¥156B | ¥153B | ¥178B | ¥153B | ¥104B |
| Total debt | ¥2.61T | ¥2.66T | ¥2.78T | ¥2.68T | ¥2.49T |
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 |
|---|---|---|---|---|---|---|
| Marubeni 8002.T | $49.7B | -22% | +14% | 4% | 12.3× | 17.7% |
| Mitsubishi 8058.T | $105B | -1% | +16% | 3% | 14.8× | 18.8% |
| Mitsui & 8031.T | $82.4B | -22% | +10% | 3% | 12.7× | n/a |
| Itochu 8001.T | $111B | +16% | +6% | 5% | 15.8× | 18.1% |
| Sumitomo 8053.T | $47.7B | +9% | +6% | 5% | 11.3× | 15.2% |
| Sojitz 2768.T | $5.77B | -19% | +27% | 3% | 7.6× | n/a |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 8002.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.9% | -7.7% | 7th highest of 21 |
| 6-month return | -22.2% | -0.3% | 6th lowest of 21 |
| Distance from 52-week high | -24.6% | -21.2% | 9th lowest of 21 |
| Revenue growth (TTM) | +14.1% | +9.8% | 5th highest of 21 |
| Operating margin | 3.6% | 10.0% | 3rd lowest of 21 |
| Forward P/E | 12.3× | 15.3× | 5th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 17.7% | 9.8% | 5th most demanding of 18 |
| Growth delivered (Del g) | +5.5% | +8.8% | 3rd lowest of 18 |
| Hurdle (Req g minus delivered) | +12.2 pp | +5.6 pp | 3rd most demanding of 18 |
| ROIC minus cost of capital | -4.1 pp | -1.5 pp | 3rd lowest of 21 |
| EV / EBITDA | 18.0× | 11.0× | 6th most expensive of 21 |
| Net debt / EBITDA | 3.6× | 1.7× | 7th most indebted of 21 |
| Bond spread | 84 bp | 77 bp | 2nd widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Marubeni 8002.T | Japan | $49.7B | -22% | +14% | 4% | 12.3× | 17.7% | +5.5% |
| Sumitomo 8053.T | Japan | $47.7B | +9% | +6% | 5% | 11.3× | 15.2% | +9.5% |
| Mitsubishi Electric 6503.T | Japan | $59.9B | -28% | +12% | 10% | 17.1× | 13.2% | +7.1% |
| Daikin Industries 6367.T | Japan | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% | +15.0% |
| Mitsubishi Heavy Industries 7011.T | Japan | $62.1B | -37% | -3% | 10% | 22.3× | 9.0% | +6.1% |
| Toyota Tsusho 8015.T | Japan | $36.8B | +2% | +25% | 5% | 13.0× | 9.8% | +12.9% |
| Fujikura 5803.T | Japan | $33.0B | -50% | +28% | 19% | 14.3× | 28.9% | +12.9% |
| Komatsu 6301.T | Japan | $32.2B | -12% | +9% | 13% | 13.1× | 9.5% | +13.6% |
| Fanuc 6954.T | Japan | $31.2B | -23% | +13% | 23% | 22.0× | 16.9% | +9.2% |
| Mitsui & 8031.T | Japan | $82.4B | -22% | +10% | 3% | 12.7× | n/a | n/a |
| East Japan Railway 9020.T | Japan | $27.4B | +13% | +9% | 14% | 15.8× | n/a | n/a |
| Central Japan Railway 9022.T | Japan | $25.1B | +11% | +5% | 40% | 8.0× | -6.8% | +19.5% |
| Fujifilm 4901.T | Japan | $24.9B | +14% | +7% | 10% | 14.1× | n/a | n/a |
| Mitsubishi 8058.T | Japan | $105B | -1% | +16% | 3% | 14.8× | 18.8% | +8.0% |
| Kyocera 6971.T | Japan | $23.4B | +3% | +7% | 6% | 22.5× | 21.3% | +6.3% |
| Itochu 8001.T | Japan | $111B | +16% | +6% | 5% | 15.8× | 18.1% | +7.5% |
| Smc 6273.T | Japan | $21.9B | -27% | +16% | 24% | 15.9× | 16.2% | +8.8% |
| Hitachi 6501.T | Japan | $130B | -7% | +14% | 12% | 20.9× | 9.5% | +3.9% |
| Secom 9735.T | Japan | $18.8B | +16% | +4% | 13% | 22.7× | -0.3% | +3.9% |
| Kubota 6326.T | Japan | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% | +10.3% |
| Nippon Yusen Kabushiki Kaisha 9101.T | Japan | $16.8B | +17% | 0% | 6% | 9.0× | 7.8% | +8.5% |
Marubeni has 1 bond outstanding with $500M face value. The agencies rate it A-; its bonds trade like A-. Weighted yield 5.64%, a spread of 84 bp over government bonds.