# Mitsubishi Motors (7211.JP)

Canonical: https://gigainvestors.com/s/7211.JP

Analysis as of: 2026-10-15T07:11:16.047Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 346.40 per share; close as of 2026-10-15.

Estimated value: low JPY 1,143.17 per share, central JPY 1,261.56 per share, high JPY 1,419.16 per share. Buy at or below the central value JPY 1,261.56 per share. Valuation as of 2026-10-15T07:11:16.047Z; scenarios are not confidence intervals.

Expected annual return: 127.0% at the stated quote. About 127.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 3

- Operating margin variation: 1.31×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.00×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.01×

- FY2021: -0.07×

- FY2022: 0.04×

- FY2023: 0.08×

- FY2024: 0.07×

- FY2025: 0.05×

- FY2026: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.0%

- ROIC, second-lowest year: 1.2%

- Typical minus recent gross margin: 2.5 pp

- Typical gross margin (annual median): 18.0%

- Recent gross margin (lower of latest and 3-year median): 15.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.3%

- ROIC including acquisitions, ten-year median: 6.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 2.7%

- FY2018: 41.5%

- FY2019: 18.6%

- FY2020: 1.2%

- FY2021: -14.1%

- FY2022: 12.7%

- FY2023: 30.1%

- FY2024: 20.5%

- FY2025: 11.3%

- FY2026: 5.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.87×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 392B

- Net income, five-year total: JPY 448B

- Return on incremental invested capital: -8.5%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 8.9 pp

- Working capital / revenue, final three-year average: 6.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 0.09×

- FY2026: -0.96×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 18.6% vs 11.3%

- Per-share earnings: 72.23 to 28.70 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.1%

- Ordinary dilution, 5-year annual growth: -2.1%

- Market cap gain: JPY -398B

- Cumulative retained earnings: JPY 174B

- Diluted shares, 10-year annual growth: 3.1%

- Diluted shares, 5-year annual growth: -2.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -10.9%

- Per-share value change: JPY -43.53

- Per-share value, starting three-year median: JPY 72.23

- Per-share value, ending three-year median: JPY 28.70

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 5.9%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 50B

- Cumulative net income, 10 years: JPY 152B

- ROIC, first three-year median: 18.6%

- ROIC, last three-year median: 11.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY -164.11

- FY2018: JPY 72.23

- FY2019: JPY 89.26

- FY2020: JPY -17.32

- FY2021: JPY -209.88

- FY2022: JPY 49.76

- FY2023: JPY 113.38

- FY2024: JPY 103.97

- FY2025: JPY 28.70

- FY2026: JPY 7.48

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -1.1%

- Receivables to sales index (DSRI): 1.55×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.57×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -10.3%

- FY2018: -0.7%

- FY2019: -0.7%

- FY2020: -2.3%

- FY2021: -14.6%

- FY2022: -2.3%

- FY2023: -0.2%

- FY2024: 0.6%

- FY2025: -6.0%

- FY2026: -1.1%

## Holders

## Price story

Down 47% since Sep 2023 · sales +3.9%

Story as of 2026-10-16T10:00:14.602Z; price observation 2026-10-15.

Price needs cash profits to shrink 39.3% a year for ten years

### Sales · FY2025–2026

sales +3.9%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YCMC.pdf; observed 2026-06-16.

- FY2017: JPY 1.91T 

- FY2018: JPY 2.19T 

- FY2019: JPY 2.51T 

- FY2020: JPY 2.27T 

- FY2021: JPY 1.46T 

- FY2022: JPY 2.04T 

- FY2023: JPY 2.46T 

- FY2024: JPY 2.79T 

- FY2025: JPY 2.79T 

- FY2026: JPY 2.90T 

### Gross margin · FY2026

gross margin 15.5%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YCMC.pdf; observed 2026-06-16.

- FY2017: 17.1% 

- FY2018: 21.1% 

- FY2019: 18.2% 

- FY2020: 14.9% 

- FY2021: 10.7% 

- FY2022: 17.8% 

- FY2023: 21.3% 

- FY2024: 20.4% 

- FY2025: 19.2% 

- FY2026: 15.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are JPY 2.9 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YCMC.pdf (filed 2026-06-16); FY2026: revenue 2896536000000; grossProfit 449117000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 15.5% to 20.4% during 2024–26; it earns 12% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2024: grossProfit / revenue = 20.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2025: grossProfit / revenue = 19.2%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YCMC.pdf (filed 2026-06-16); FY2026: grossProfit / revenue = 15.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); 10-year return on capital observations [[2017,0.026734861208458416],[2018,0.4147474585362351],[2019,0.18578395128394712],[2020,0.012361178031181778],[2021,-0.1406195367806197],[2022,0.12677880483399903],[2023,0.30072238412017843],[2024,0.20470520882269905],[2025,0.11326603747296597],[2026,0.05603487935378332]]; median 0.1200224211534825. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2018: growth capex 31197000000; upkeep 52551000000; owner earnings 107619000000. Growth capex / owner earnings = 0.289883756585733.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2019: growth capex 53521281454.82553; upkeep 85041718545.17447; owner earnings 110008281454.82553. Growth capex / owner earnings = 0.48652047597710935.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2022: growth capex 33561000000; upkeep 53630000000; owner earnings 74037000000. Growth capex / owner earnings = 0.45330037683860774.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2023: growth capex 19510000000; upkeep 60132000000; owner earnings 168730000000. Growth capex / owner earnings = 0.11562851893557755.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2024: growth capex 59108000000; upkeep 67737000000; owner earnings 154709000000. Growth capex / owner earnings = 0.38205922085980776.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); FY2025: growth capex 0; upkeep 111175000000; owner earnings 3804000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Dividend observations: [[2017,12755000000],[2018,17938000000],[2019,29750000000],[2020,29738000000],[2021,35000000],[2022,21000000],[2023,16000000],[2024,14845000000],[2025,18583000000],[2026,16728000000]]. Zero only counted when supported by a complete cash-flow statement.

### What could break it

US import tariffs could raise product costs.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YCMC.pdf (filed 2026-06-16); クスフォース (HEV)/アウトランダースポーツ(HEV)--エクスパンダー(HEV)--エクスパンダー クロス(HEV)-eKクロス EV--ミニキャブ EVL100 EV--エクリプス クロス(EV)●-グランディス(HEV)●-ASX (HEV)●-コルト(HEV)●SUV・ピックアップ-RVR/アウトランダースポーツ/ASX-エクリプス クロス同左--アウトランダー-トライトントライトン/L200--パジェロスポーツ/モンテロスポーツ--デスティネーター--エクスフォース/アウトランダースポーツ--グランディス●-ASX●乗用車・ミニバン-ミラージュ/スペーススター--アトラージュ/ミラージュG4-デリカD:5---エクスパンダー--エクスパンダー クロス-デリカD:2-●-コルト●軽自動車eKクロス--eKワゴン--eKスペース--デリカミニ--タウンボックス-●ミニキャブ トラック-●ミニキャブ バン-●商用車-L300--ヴァーサ バン●

１【経営方針、経営環境及び対処すべき課題等】 足許の環境変化を踏まえた経営課題の認識と、今後の経営戦略の考え方は次のとおりです。なお、文中の将来に関する事項は、本有価証券報告書提出日現在において当社グループが判断したものであり、不確実性を内包しているため、将来生じうる実際の結果と異なる可能性がありますので、ご留意ください。 米国の関税率引き上げ、各国・地域での環境規制の見直し、SDV（ソフトウェア定義型車両）やAI活用による自動車の知能化の加速、中国メーカーのグローバル展開による販売競争の一層の激化等、自動車業界は、事業環境の構造的変化と不確実性の増大に直面しております。加えて、インフレによるコスト上昇、為替変動等により、足許の収益もマイナス影響を強く受けております。 当社グループは2023年３月に中期経営計画「Challenge 2025」を発表し、実施済の構造改革により強化された経営体質を基盤とし、当社グループの強みのあるアセアン地域を軸に成長と収益力の強化を図り、また、販売価格の最適化による収益性改善を推進することで、安定的な収益基盤を強化することに取り組みました。 しかしながら、外部環境が大きく変化した影響もあり、「Challenge 2025」の一部の施策は期待した進捗に達しておらず、経営戦略をアップデートし、成長力・収益力を強化していくことを重要な課題と考えております。 これらを踏まえ、当社グループは2026年５月に、2026年度から2030年代に向けた新中長期ビジョンを発表しました。 当社グループを取り巻く事業環境は、地政学リスクの拡大や環境規制対応の見直しなど、不確実性が継続的に高まっています。このような事業環境の中、従来の中期計画の延長線にとどまることなく、より中長期的な方向性として、「尖った商品・ブランドの強化でお客様満足と企業価値を向上」を掲げました。この方針のもと、ブランドを軸とした「成長戦略」と、収益体質強靭化を目的とした「構造転換」を同時に推進することで、不確実性の高い事業環境下においても本ビジョンの着実な実現を図ります。成長戦略においては、当社グループのブランドを体現する商品および技術の強化に加え、ブランドの優位性のある市場への重点投資、当社グループの特長を活かしたバリューチェーン事業の拡大を通じて収益力の向上を図ります。また、構造転換では、コスト競争力の強化に加え、事業規模に応じた損益分岐点の最適化と、AI/DX活用による生産性向上を推し進め、より一層の柔軟性と強靭性を備えた収益体質の構築に取り組みます。 本ビジョンのもと、当社グループは以下の施策の実現を目指します。● 三菱自動車らしさを体現するパジェロを2026年度に投入するとともに、将来に向けたシリーズ展開を図る● 商品戦略においては、当社グループの強みを最も発揮できるアセアン商品群とオフロード商品群に経営資源を集中、2031年度までの６年間で13車種を投入● 価値訴求の更なる進化として「収益アップ戦略2.0」を推進● 地域戦略は、成長が著しいフィリピン、ベトナム、日本を重点国と位置付け、成長投資を重点的に配分するとともに、市場ポテンシャルの高い中東・中南米については、当社グループのブランド力を活かして育成を図る● 新車販売に加え、中古車販売、販売金融、アフターサービス、用品等のバリューチェーン事業を強化し、クルマ１台当たりの価値を最大化● 部品・コンポーネントの共用最適化やグローバル調達戦略の推進によりコスト競争力を強化するとともに、生産能力や固定費構造の見直しを進め、損益分岐点を最適化● 既存および新規のアライアンスや協業を活用、商品ラインナップを補完し成長を加速 これらの取り組みにより、2029年度に営業利益1,600億円、営業利益率4.5％、ROE10％の達成を目標とします。また、2030年度以降に営業利益2,000～2,500億円、営業利益率5.5％以上、ROE12％以上を目指します。そして、2029年度までの４年間で、約１兆円の成長投資を行うとともに、総額1,000億円規模の株主還元を行うことを予定しております。 今後も、「モビリティの可能性を追求し、活力ある社会をつくります」という当社グループビジョンのもと、お客様や株主様をはじめとしたすべてのステークホルダーの期待を超える価値創造を目指し、持続的な成長と企業価値向上に取り組んでまいります。

### What the price says

The price assumes cash profits shrink 39.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Ten-year compound average after fade. Initial solved rate -0.5327187007217793. Price 346.3999938964844; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 69.60488180507208 → FY2026 -7.184425985367723. Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 529.00 per share

- 2016-12: JPY 666.00 per share

- 2017-01: JPY 613.00 per share

- 2017-02: JPY 727.00 per share

- 2017-03: JPY 669.00 per share

- 2017-04: JPY 713.00 per share

- 2017-05: JPY 718.00 per share

- 2017-06: JPY 740.00 per share

- 2017-07: JPY 798.00 per share

- 2017-08: JPY 812.00 per share

- 2017-09: JPY 890.00 per share

- 2017-10: JPY 901.00 per share

- 2017-11: JPY 785.00 per share

- 2017-12: JPY 814.00 per share

- 2018-01: JPY 809.00 per share

- 2018-02: JPY 849.00 per share

- 2018-03: JPY 761.00 per share

- 2018-04: JPY 816.00 per share

- 2018-05: JPY 824.00 per share

- 2018-06: JPY 883.00 per share

- 2018-07: JPY 850.00 per share

- 2018-08: JPY 792.00 per share

- 2018-09: JPY 802.00 per share

- 2018-10: JPY 711.00 per share

- 2018-11: JPY 696.00 per share

- 2018-12: JPY 602.00 per share

- 2019-01: JPY 673.00 per share

- 2019-02: JPY 625.00 per share

- 2019-03: JPY 588.00 per share

- 2019-04: JPY 623.00 per share

- 2019-05: JPY 512.00 per share

- 2019-06: JPY 516.00 per share

- 2019-07: JPY 482.00 per share

- 2019-08: JPY 444.00 per share

- 2019-09: JPY 469.00 per share

- 2019-10: JPY 498.00 per share

- 2019-11: JPY 490.00 per share

- 2019-12: JPY 458.00 per share

- 2020-01: JPY 413.00 per share

- 2020-02: JPY 359.00 per share

- 2020-03: JPY 306.00 per share

- 2020-04: JPY 305.00 per share

- 2020-05: JPY 304.00 per share

- 2020-06: JPY 266.00 per share

- 2020-07: JPY 206.00 per share

- 2020-08: JPY 255.00 per share

- 2020-09: JPY 231.00 per share

- 2020-10: JPY 190.00 per share

- 2020-11: JPY 188.00 per share

- 2020-12: JPY 217.00 per share

- 2021-01: JPY 237.00 per share

- 2021-02: JPY 302.00 per share

- 2021-03: JPY 315.00 per share

- 2021-04: JPY 296.00 per share

- 2021-05: JPY 304.00 per share

- 2021-06: JPY 312.00 per share

- 2021-07: JPY 306.00 per share

- 2021-08: JPY 281.00 per share

- 2021-09: JPY 307.00 per share

- 2021-10: JPY 363.00 per share

- 2021-11: JPY 366.00 per share

- 2021-12: JPY 321.00 per share

- 2022-01: JPY 325.00 per share

- 2022-02: JPY 300.00 per share

- 2022-03: JPY 331.00 per share

- 2022-04: JPY 327.00 per share

- 2022-05: JPY 385.00 per share

- 2022-06: JPY 459.00 per share

- 2022-07: JPY 460.00 per share

- 2022-08: JPY 559.00 per share

- 2022-09: JPY 518.00 per share

- 2022-10: JPY 500.00 per share

- 2022-11: JPY 636.00 per share

- 2022-12: JPY 510.00 per share

- 2023-01: JPY 499.00 per share

- 2023-02: JPY 537.00 per share

- 2023-03: JPY 522.00 per share

- 2023-04: JPY 515.00 per share

- 2023-05: JPY 459.00 per share

- 2023-06: JPY 501.10 per share

- 2023-07: JPY 571.60 per share

- 2023-08: JPY 572.70 per share

- 2023-09: JPY 651.40 per share

- 2023-10: JPY 482.60 per share

- 2023-11: JPY 481.40 per share

- 2023-12: JPY 449.00 per share

- 2024-01: JPY 470.90 per share

- 2024-02: JPY 461.80 per share

- 2024-03: JPY 507.50 per share

- 2024-04: JPY 498.40 per share

- 2024-05: JPY 437.10 per share

- 2024-06: JPY 443.20 per share

- 2024-07: JPY 439.10 per share

- 2024-08: JPY 416.70 per share

- 2024-09: JPY 384.50 per share

- 2024-10: JPY 460.00 per share

- 2024-11: JPY 392.00 per share

- 2024-12: JPY 532.60 per share

- 2025-01: JPY 461.50 per share

- 2025-02: JPY 416.80 per share

- 2025-03: JPY 408.90 per share

- 2025-04: JPY 395.20 per share

- 2025-05: JPY 435.70 per share

- 2025-06: JPY 408.50 per share

- 2025-07: JPY 399.80 per share

- 2025-08: JPY 406.30 per share

- 2025-09: JPY 402.00 per share

- 2025-10: JPY 377.10 per share

- 2025-11: JPY 372.30 per share

- 2025-12: JPY 371.00 per share

- 2026-01: JPY 379.60 per share

- 2026-02: JPY 429.10 per share

- 2026-03: JPY 307.20 per share

- 2026-04: JPY 306.20 per share

- 2026-05: JPY 371.50 per share

- 2026-06: JPY 312.10 per share

- 2026-07: JPY 368.10 per share

- 2026-08: JPY 393.40 per share

- 2026-09: JPY 351.10 per share

- 2026-10: JPY 349.30 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 741.19 per share, central JPY 810.57 per share, high JPY 902.93 per share

- FY2022: low JPY 860.26 per share, central JPY 935.25 per share, high JPY 1,035.08 per share

- FY2023: low JPY 1,023.02 per share, central JPY 1,113.41 per share, high JPY 1,233.74 per share

- FY2024: low JPY 1,159.69 per share, central JPY 1,262.28 per share, high JPY 1,398.85 per share

- FY2025: low JPY 1,052.71 per share, central JPY 1,159.55 per share, high JPY 1,301.78 per share

- FY2026: low JPY 1,143.17 per share, central JPY 1,261.56 per share, high JPY 1,419.16 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YCMC.pdf); period 2026-03-31, filed 2026-06-16.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations