Mitsubishi Heavy Industries
ConvictionContext
Long-cycle capital-equipment + long-tail aftermarket services. Sells large-ticket engineered systems (gas-turbine combined-cycle plants, nuclear reactors, defense platforms, aero-structures, industrial machinery) on multi-year contracts, then earns high-margin recurring service/parts revenue on an installed base. Order-backlog-driven; revenue recognized over project life.
Revenue
JPY 4,974.1BFY2025 continuing ops, ended Mar 2026; ~$32B at avg USD/JPY ~155). FY2024 as-reported was JPY 5,027.1B including Logisnext (now discontinued).Rev growth
+14.1% YoYFY2025 continuing ops, on restated ex-Logisnext base); FY2024 as-reported was +7.9%Gross margin
not disclosedMHI reports segment business profit, not a consolidated gross marginOp margin
8.7% business-profit marginFY2025, JPY 432.2B); up from 7.6% (FY2024, JPY 383.1B); FY2026 guidance ~10% (JPY 540B on JPY 5,400B revenueCapex intensity
elevated and rising - MHI is roughly doubling large-frame gas-turbine capacity over ~2 years and expanding defense/aero outputNagoya); estimated ~3-4% of revenue, not precisely verifiedMarket cap
~$79BJPY ~12.73T at USD/JPY ~162, early Jul 2026). Primary listing Tokyo Stock Exchange, ticker 7011; U.S. exposure only via thinly-traded OTC foreign-ordinary MHVYF. PUBLICLY LISTED (not pre-IPO).The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence