# Mitsubishi (8058.JP)

Canonical: https://gigainvestors.com/s/8058.JP

Analysis as of: 2026-10-15T07:11:38.778Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

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

Share price: JPY 4,674.00 per share; close as of 2026-10-15.

Estimated value: low JPY 2,821.09 per share, central JPY 3,156.90 per share, high JPY 3,603.93 per share. Buy at or below the central value JPY 3,156.90 per share. Valuation as of 2026-10-15T07:11:38.778Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.12×

- FY2019: 0.06×

- FY2020: 0.05×

- FY2021: 0.02×

- FY2022: 0.08×

- FY2023: 0.08×

- FY2024: 0.08×

- FY2025: 0.08×

- FY2026: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.6%

- ROIC, second-lowest year: 3.6%

- Typical minus recent gross margin: 3.5 pp

- Typical gross margin (annual median): 12.2%

- Recent gross margin (lower of latest and 3-year median): 8.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.2%

- ROIC including acquisitions, ten-year median: 5.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 3.6%

- FY2018: 7.4%

- FY2019: 7.7%

- FY2020: 7.5%

- FY2021: 2.2%

- FY2022: 10.0%

- FY2023: 12.6%

- FY2024: 9.4%

- FY2025: 9.4%

- FY2026: 7.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 4.15T

- Net income, five-year total: JPY 4.83T

- Return on incremental invested capital: 161.6%

- Working capital / revenue, annual change: -0.9 pp

- Working capital / revenue, change between three-year averages: -5.5 pp

- Working capital / revenue, final three-year average: 16.4%

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

- FY2022: 0.87×

- FY2023: 0.86×

- FY2024: 0.78×

- FY2025: 0.88×

- FY2026: 0.91×

### management: pass

- 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: 7.4% vs 9.4%

- Per-share earnings: 92.60 to 230.10 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.3%

- Ordinary dilution, 5-year annual growth: -3.0%

- Market cap gain: JPY 16.37T

- Cumulative retained earnings: JPY 3.33T

- Diluted shares, 10-year annual growth: -2.3%

- Diluted shares, 5-year annual growth: -3.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 12.1%

- Per-share value change: JPY 137.50

- Per-share value, starting three-year median: JPY 92.60

- Per-share value, ending three-year median: JPY 230.10

- Buybacks concentrated in cheaper years (correlation): -0.02

- Average buyback yield: 2.6%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 1.27T

- Cumulative net income, 10 years: JPY 7.13T

- ROIC, first three-year median: 7.4%

- ROIC, last three-year median: 9.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 92.60

- FY2018: JPY 117.76

- FY2019: JPY 124.13

- FY2020: JPY 116.17

- FY2021: JPY 38.95

- FY2022: JPY 211.69

- FY2023: JPY 269.76

- FY2024: JPY 230.10

- FY2025: JPY 236.97

- FY2026: JPY 210.92

### accounting: pass

- Sloan accruals: -2.9%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.86×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.9%

- FY2018: -1.1%

- FY2019: -0.4%

- FY2020: -1.7%

- FY2021: -4.5%

- FY2022: -0.5%

- FY2023: -3.4%

- FY2024: -1.6%

- FY2025: -3.3%

- FY2026: -2.9%

## Holders

## Price story

Price needs cash profits to grow 6.4% a year for ten years · sales +1.6%

Story as of 2026-10-16T10:00:14.711Z; price observation 2026-10-15.

Price needs cash profits to grow 6.4% a year for ten years

### Sales · FY2025–2026

sales +1.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YB25.pdf; observed 2026-06-12.

- FY2017: JPY 6.43T 

- FY2018: JPY 7.57T 

- FY2019: JPY 16.10T 

- FY2020: JPY 14.78T 

- FY2021: JPY 12.88T 

- FY2022: JPY 17.26T 

- FY2023: JPY 21.57T 

- FY2024: JPY 19.57T 

- FY2025: JPY 18.62T 

- FY2026: JPY 18.92T 

### Gross margin · FY2026

gross margin 8.7%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YB25.pdf; observed 2026-06-12.

- FY2017: 20.7% 

- FY2018: 24.9% 

- FY2019: 12.3% 

- FY2020: 12.1% 

- FY2021: 12.5% 

- FY2022: 12.5% 

- FY2023: 11.9% 

- FY2024: 12.1% 

- FY2025: 9.9% 

- FY2026: 8.7% 

## Owner memo

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

### How it makes money

Operates in conglomerates; annual sales are JPY 18.9 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YB25.pdf (filed 2026-06-12); FY2026: revenue 18915995000000; grossProfit 1655074000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 8.7% to 12.1% during 2024–26; it earns 7.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2024: grossProfit / revenue = 12.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2025: grossProfit / revenue = 9.9%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YB25.pdf (filed 2026-06-12); FY2026: grossProfit / revenue = 8.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); 10-year return on capital observations [[2017,0.03604144854227993],[2018,0.07422815147526994],[2019,0.07684768319948042],[2020,0.07497295913357092],[2021,0.021998075542236095],[2022,0.10036212848409247],[2023,0.1260067410061064],[2024,0.09390488500488572],[2025,0.09418703658713763],[2026,0.07612223686897475]]; median 0.07648496003422758. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 12% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YB25.pdf (filed 2026-06-12); Gross margin observations: [[2021,0.12457630361268378],[2022,0.12457488716366014],[2023,0.11867074003847493]]; range within 2 percentage points.

### Where the cash goes

Reinvests 10% of cash earnings; earns over 100% on new investment.

- Source: https://eodhd.com/api/fundamentals/MBI.F.json#2017-03-31 (filed 2026-06-12); FY2017: growth capex 0; upkeep 160055000000; owner earnings 531078000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2018: growth capex 23418000000; upkeep 254038000000; cash acquisitions 32264000000; owner earnings 560173000000. Growth capex plus acquisitions / owner earnings = 0.09940143491385697.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2019: growth capex 65005000000; upkeep 250509000000; cash acquisitions 31386000000; owner earnings 539494921334.37805. Growth capex plus acquisitions / owner earnings = 0.17866896645030142.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2020: growth capex 0; upkeep 326014000000; cash acquisitions 319364000000; owner earnings 396326902048.6329. Growth capex plus acquisitions / owner earnings = 0.8058095434581707.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2022: growth capex 0; upkeep 393833000000; cash acquisitions 45154000000; owner earnings 817522256423.6072. Growth capex plus acquisitions / owner earnings = 0.05523274705392609.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2023: growth capex 0; upkeep 454954000000; cash acquisitions 25734000000; owner earnings 1012986105173.5. Growth capex plus acquisitions / owner earnings = 0.02540409968959287.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2024: growth capex 0; upkeep 520542000000; cash acquisitions 12715000000; owner earnings 755869750775.2294. Growth capex plus acquisitions / owner earnings = 0.016821681231401757.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); FY2025: growth capex 0; upkeep 384292000000; cash acquisitions 15343000000; owner earnings 832307000000. Growth capex plus acquisitions / owner earnings = 0.01843430368842266.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YB25.pdf (filed 2026-06-12); FY2026: growth capex 0; upkeep 352947000000; cash acquisitions 73080000000; owner earnings 729190000000. Growth capex plus acquisitions / owner earnings = 0.10022079293462609.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); Incremental return on capital 1.6160678656703227, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); Dividend observations: [[2017,87170000000],[2018,153806000000],[2019,198276000000],[2020,197704000000],[2021,199853000000],[2022,203737000000],[2023,228829000000],[2024,293433000000],[2025,342247000000],[2026,405973000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YB25.pdf (filed 2026-06-12); FY2026: cash repurchases 1002720000000 JPY.

### What could break it

"② 市場リスク" (8058 filing, Jun 2026)

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YB25.pdf (filed 2026-06-12); ② 市場リスク

### What the price says

The price assumes cash profits grow 6.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); Ten-year compound average after fade. Initial solved rate 0.07835740497924626. Price 4674; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -24.517307094168707 → FY2026 192.140462733928. Closing-price date 2026-10-15.

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

- 2016-11: JPY 823.83 per share

- 2016-12: JPY 830.00 per share

- 2017-01: JPY 849.83 per share

- 2017-02: JPY 844.83 per share

- 2017-03: JPY 801.83 per share

- 2017-04: JPY 801.17 per share

- 2017-05: JPY 739.33 per share

- 2017-06: JPY 785.33 per share

- 2017-07: JPY 798.83 per share

- 2017-08: JPY 847.83 per share

- 2017-09: JPY 871.83 per share

- 2017-10: JPY 882.83 per share

- 2017-11: JPY 937.67 per share

- 2017-12: JPY 1,037.67 per share

- 2018-01: JPY 1,016.67 per share

- 2018-02: JPY 1,005.33 per share

- 2018-03: JPY 954.00 per share

- 2018-04: JPY 1,009.00 per share

- 2018-05: JPY 1,010.33 per share

- 2018-06: JPY 1,026.00 per share

- 2018-07: JPY 1,039.00 per share

- 2018-08: JPY 1,057.00 per share

- 2018-09: JPY 1,167.00 per share

- 2018-10: JPY 1,060.00 per share

- 2018-11: JPY 1,020.67 per share

- 2018-12: JPY 1,006.67 per share

- 2019-01: JPY 1,060.33 per share

- 2019-02: JPY 1,046.33 per share

- 2019-03: JPY 1,024.67 per share

- 2019-04: JPY 1,018.67 per share

- 2019-05: JPY 944.33 per share

- 2019-06: JPY 946.67 per share

- 2019-07: JPY 978.83 per share

- 2019-08: JPY 861.67 per share

- 2019-09: JPY 883.67 per share

- 2019-10: JPY 921.33 per share

- 2019-11: JPY 955.33 per share

- 2019-12: JPY 966.67 per share

- 2020-01: JPY 941.00 per share

- 2020-02: JPY 896.67 per share

- 2020-03: JPY 763.83 per share

- 2020-04: JPY 766.67 per share

- 2020-05: JPY 838.33 per share

- 2020-06: JPY 756.67 per share

- 2020-07: JPY 706.50 per share

- 2020-08: JPY 837.50 per share

- 2020-09: JPY 837.50 per share

- 2020-10: JPY 775.17 per share

- 2020-11: JPY 811.00 per share

- 2020-12: JPY 847.00 per share

- 2021-01: JPY 882.50 per share

- 2021-02: JPY 1,001.00 per share

- 2021-03: JPY 1,043.33 per share

- 2021-04: JPY 1,006.67 per share

- 2021-05: JPY 994.67 per share

- 2021-06: JPY 1,009.33 per share

- 2021-07: JPY 1,020.67 per share

- 2021-08: JPY 1,103.67 per share

- 2021-09: JPY 1,178.67 per share

- 2021-10: JPY 1,204.00 per share

- 2021-11: JPY 1,130.33 per share

- 2021-12: JPY 1,217.33 per share

- 2022-01: JPY 1,292.33 per share

- 2022-02: JPY 1,290.33 per share

- 2022-03: JPY 1,533.67 per share

- 2022-04: JPY 1,461.00 per share

- 2022-05: JPY 1,477.67 per share

- 2022-06: JPY 1,345.67 per share

- 2022-07: JPY 1,316.00 per share

- 2022-08: JPY 1,521.33 per share

- 2022-09: JPY 1,322.67 per share

- 2022-10: JPY 1,343.67 per share

- 2022-11: JPY 1,535.00 per share

- 2022-12: JPY 1,427.67 per share

- 2023-01: JPY 1,445.33 per share

- 2023-02: JPY 1,543.00 per share

- 2023-03: JPY 1,583.67 per share

- 2023-04: JPY 1,672.67 per share

- 2023-05: JPY 1,862.00 per share

- 2023-06: JPY 2,310.00 per share

- 2023-07: JPY 2,421.67 per share

- 2023-08: JPY 2,398.67 per share

- 2023-09: JPY 2,376.00 per share

- 2023-10: JPY 2,318.33 per share

- 2023-11: JPY 2,295.33 per share

- 2023-12: JPY 2,253.50 per share

- 2024-01: JPY 2,565.00 per share

- 2024-02: JPY 3,205.00 per share

- 2024-03: JPY 3,495.00 per share

- 2024-04: JPY 3,620.00 per share

- 2024-05: JPY 3,303.00 per share

- 2024-06: JPY 3,148.00 per share

- 2024-07: JPY 3,144.00 per share

- 2024-08: JPY 3,013.00 per share

- 2024-09: JPY 2,952.50 per share

- 2024-10: JPY 2,835.50 per share

- 2024-11: JPY 2,525.50 per share

- 2024-12: JPY 2,604.00 per share

- 2025-01: JPY 2,489.50 per share

- 2025-02: JPY 2,496.50 per share

- 2025-03: JPY 2,626.50 per share

- 2025-04: JPY 2,712.00 per share

- 2025-05: JPY 2,935.00 per share

- 2025-06: JPY 2,888.00 per share

- 2025-07: JPY 2,988.00 per share

- 2025-08: JPY 3,354.00 per share

- 2025-09: JPY 3,531.00 per share

- 2025-10: JPY 3,712.00 per share

- 2025-11: JPY 3,702.00 per share

- 2025-12: JPY 3,586.00 per share

- 2026-01: JPY 4,097.00 per share

- 2026-02: JPY 5,290.00 per share

- 2026-03: JPY 5,317.00 per share

- 2026-04: JPY 4,990.00 per share

- 2026-05: JPY 5,065.00 per share

- 2026-06: JPY 4,347.00 per share

- 2026-07: JPY 4,776.00 per share

- 2026-08: JPY 4,804.00 per share

- 2026-09: JPY 4,769.00 per share

- 2026-10: JPY 4,705.00 per share

## Annual estimated value (JPY per share)

- FY2018: low JPY 1,279.10 per share, central JPY 1,432.49 per share, high JPY 1,636.69 per share

- FY2019: low JPY 2,529.20 per share, central JPY 2,855.49 per share, high JPY 3,289.86 per share

- FY2020: low JPY 1,385.59 per share, central JPY 1,547.51 per share, high JPY 1,763.06 per share

- FY2026: low JPY 2,821.09 per share, central JPY 3,156.90 per share, high JPY 3,603.93 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/S100YB25.pdf); period 2026-03-31, filed 2026-06-12.

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.