Mid-Tier Trading Houses FY2026 Full Year: Toyota Tsusho leads as Sojitz slips
Companies compared · 3
Toyota Tsusho
8015
Sojitz
2768
Kanematsu
8020
Takeaway
Toyota Tsusho and Kanematsu rise while Sojitz slumps on resources.
Mid-Tier Trading Houses saw their fortunes diverge sharply in FY2026. Toyota Tsusho and Kanematsu posted record-high profits, while resource-dependent Sojitz fell behind, exposing the gap in their portfolios.
Overall Industry Trends
During the fiscal year ended March 2026, Japan's trading sector was shaken by shifting external environments. Three major themes defined the period:
- Recovery in automotive demand: New vehicle sales surged across Africa and Asia.
- Drop in resource prices: Lower prices for coal and other commodities dragged down some players.
- Expansion of digital transformation (DX) investments: Rapid digitization in the manufacturing sector sparked a jump in ICT demand.
These distinct dynamics created clear winners and losers depending on each firm's focus area. At the same time, the companies shared a common focus on boosting shareholder returns alongside growth investments.
Winners and Losers
The clear winner for this period was Toyota Tsusho, which posted record-high profits. Its revenue grew 12.1% year on year to 11.5619 trillion yen, while operating profit climbed 9.7% to 545.2 billion yen, cementing its absolute market dominance. Strong automotive sales in Africa were the primary engine of this growth.
Conversely, Sojitz struggled despite a 9.9% increase in revenue to 2.7574 trillion yen. Its operating profit fell 14.5% to 115.6 billion yen, dragged down by falling Australian coal prices and one-time impairment losses.
Winner
Toyota Tsusho
Laggard
Sojitz
Revenue Ranking
Toyota Tsusho maintains a dominant lead with revenue surpassing 11 trillion yen. Strong mobility demand from the Toyota Group and its deep roots in African markets give it unmatched scale.
Operating Profit Ranking
Toyota Tsusho is also a clear leader in operating profit, exceeding 500 billion yen. Meanwhile, Kanematsu delivered a solid performance at 48.7 billion yen, whereas Sojitz suffered a profit drop due to one-time losses.
Operating Margin Ranking
Operating margins are highly competitive, with all three firms hovering around the 4% range. Leading-player Toyota Tsusho (4.7%) is closely followed by tech-focused Kanematsu (4.6%), highlighting high efficiency.
Key Developments and Strategy Comparison
Each trading house is accelerating its own survival strategy. Toyota Tsusho announced a share buyback program of up to 663.6 billion yen. This move aims to unwind cross-shareholdings and dramatically enhance capital efficiency.
Sojitz, despite its profit decline, hiked its annual dividend by 15 yen to 165 yen. The company is nurturing non-resource sectors such as energy conservation and defense as new growth pillars.
Meanwhile, Kanematsu is transitioning from a traditional trading house into a tech-focused trader. Bolstered by strong ICT and semiconductor segments, its operating profit jumped 15.7% to 48.7 billion yen, achieving a highly efficient ROE of 17.0%.
Common Sector Risks
The trading houses share several medium-to-long-term risks:
- Volatile commodity markets: Slumping prices for coal, metals, and other resources can swiftly erode profits.
- Fluctuations in interest and exchange rates: High global interest rates or a strengthening yen can reduce overseas earnings when converted.
- Rising geopolitical risks: Heavy reliance on specific regions, such as Africa or other emerging markets, carries inherent dangers.
Revenue Growth (YoY)
Toyota Tsusho (+12.1%) and Sojitz (+9.9%) both achieved roughly double-digit revenue growth. Global demand recovery and newly consolidated subsidiaries drove the top-line expansions.
Net Income Growth (YoY)
Kanematsu achieved stellar net income growth of +18.4%, powered by the resolution of one-time impairment losses and strong DX demand. In contrast, Sojitz posted negative growth due to weaker resource prices.
Career Outlook
The latest earnings results highlight the distinct corporate cultures and strengths of each firm, offering valuable insights for job seekers and career changers:
- Toyota Tsusho: Best suited for those looking to compete on a global stage, particularly in challenging markets like Africa.
- Sojitz: Perfect for individuals eager to drive transformation from within a business undergoing major structural reforms.
- Kanematsu: Offers an environment focused on DX and technology, where a lean, high-performing team drives excellent profitability.
Depending on your career goals, each firm presents a unique environment for growth.