Overview
Nonferrous Metals

Mitsubishi Materials Corporation

Mitsubishi Materials Corporation is a diversified materials manufacturer operating across four core segments: metals smelting (copper, gold, silver, lead, tin, palladium), advanced materials and electronic components (copper-processed products, functional materials, electronic devices), cemented carbide cutting tools and processing solutions, and renewable energy (geothermal and hydroelectric power). The company has a strong position in non-ferrous metals refining and recycling, offering its REMINE brand recycled metals and mass-balance applied services. Its competitive strengths lie in vertically integrated resource circulation capabilities, global manufacturing and sales networks, and proprietary materials technology across industrial, electronic, and energy sectors.

Market Cap
¥559B
US$3.56B
EV
¥832B
US$5.30B
Stock¥4,276▼-2.20%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
5.8
x
LTM EV/EBIT
8.5
x
LTM PER
5.8
x
LTM PBR
0.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+24.1%pt
10012345
Oct 23, 25 – Oct 23, 26StockTOPIX
1Nov 21, 25Silchester International Investors LLP changed stake (12.3%→11.22%)
2Jan 6, 26Surge significantly outpacing market
3Jan 14, 26Silchester International Investors LLP changed stake (11.22%→10.15%)
4Jan 29, 26Silchester International Investors LLP changed stake (10.15%→8.93%)
5Feb 27, 26Silchester International Investors LLP changed stake (8.93%→7.83%)
MC → EV Bridge
559BUS$3.56BMarket Cap715BUS$4.55B+ Debt157BUS$1,000M− Cash302BUS$1.93B− Inv. Sec.17.6BUS$112M+ NCI832BUS$5.30BEV
AI Briefing
Diversified Japanese materials group spanning copper smelting, electronic materials, carbide tools and renewable energy, anchored by REMINE recycled metals strategy. FY26/3 revenue ¥1,844B with OP margin recovering to 3.3% (¥60.5B), rebounding from FY25/3's thinner 1.9% margin on ¥1,962B revenue. EV of ¥878B vs ¥144B LTM EBITDA reflects a leveraged, low-margin commodity processor; forward EBITDA of ¥178B signals market is pricing in margin recovery.
Performance & Balance
Revenue 5Y (¥B)
1,812US$11.5B'22/31,626US$10.4B'23/31,541US$9.81B'24/31,962US$12.5B'25/31,844US$11.7B'26/3
EBITDA 5Y (¥B)
116US$740M'22/394.5US$602M'23/370.0US$446M'24/382.6US$526M'25/3108US$688M'26/3
Net Income 5Y (¥B)
45.0US$287M'22/320.3US$129M'23/329.8US$190M'24/334.1US$217M'25/340.6US$258M'26/3
Capital Structure
52%
48%
EquityD/E 0.92xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
324US$2.07B609US$3.88B'22/3399US$2.54B534US$3.40B'23/3422US$2.68B603US$3.84B'24/3402US$2.56B603US$3.84B'25/3454US$2.89B662US$4.21B'26/3
Shareholders
Top 10 hold 41.3%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
15.61%
2
Custody Bank of Japan, Ltd. (Trust Account)
5.78%
3
BNYM AS AGT/CLTS NON TREATY JASDEC (Standing Proxy: MUFG Bank, Ltd.)
4.31%
4
NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
3.20%
5
STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Mizuho Bank, Ltd.)
2.68%
6
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
2.61%
7
Meiji Yasuda Life Insurance Company (Standing Proxy: Custody Bank of Japan, Ltd.)
2.37%
8
NORTHERN TRUST CO.(AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.93%
9
JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)
1.46%
10
DFA INTL SMALL CAP VALUE PORTFOLIO (Standing Proxy: Citibank, N.A., Tokyo Branch)
1.34%
Management
10 officers
Ichiro SASAKI
Director (Chair of the Board of Directors)
See Status of Directors in a.①
1957-04-30
Koji IGARASHI
Director
See Status of Directors in a.①
1954-11-20
Kazuhiko TAKEDA
Director
See Status of Directors in a.①
1959-11-10
Rikako BEPPU
Director
See Status of Directors in a.①
1968-03-08
Kazunori KIRIYAMA
Director
See Status of Directors in a.①
1962-11-30
Nozomi SAGARA
Director
See Status of Directors in a.①
1964-03-15
Jason FRANK
Director
Feb 2002 Director, PMP Japan Yugen Kaisha Oct 2005 Representative Director, PM Global K.K. Dec 2006 Joined Integra Strategic Transformation Consulting Apr 2009 Managing Director, The Top Notch Group LLC Oct 2010 Joined Itochu Europe Nov 2013 General Manager, Metals Division and General Manager, Solar Business Department, Itochu Europe Apr 2016 Group Director, Data Analytics and Business Development, European Tyre Enterprise Ltd. May 2021 Chair of the Board and Chief Financial Officer (CFO), Hyiker Co. Jan 2022 Managing Director, ReAdapt Data Science (current) Jun 2026 Director of the Company (current) Principal concurrent position: Managing Director, ReAdapt Data Science
1971-10-02
Tetsuya TANAKA
Director
See Status of Directors in a.①
1963-01-05
Kayo HIRANO
Director
See Status of Directors in a.①
1974-07-17
Makiko NOGAWA
Director
Apr 1994 Joined Kao Corporation Aug 1999 Joined Hewitt Associates Sep 2001 Joined General Electric International, Inc., Japan Branch Apr 2012 Joined IBM Japan, Ltd. as Director, GTS Business HR Jun 2014 Seconded to IBM Corporation as HR Director Jun 2015 Executive Officer, GBS Business HR, IBM Japan, Ltd. Aug 2016 Joined 3M Japan Ltd. as Executive Officer, HR Mar 2021 Joined the Company as Assistant General Manager, Human Resources and General Affairs Division Apr 2021 Executive Officer, General Manager, Human Resources Department Apr 2022 Executive Managing Officer, General Manager, HR Strategy Department, Strategy Headquarters Apr 2023 Executive Managing Officer, Chief Human Resources Officer (CHRO) Jun 2026 Director, Executive Managing Officer, CHRO (current)
1971-11-20
Large Shareholding Reports
Nomura Asset Management Co., Ltd.
2026-09-07
4.03%
Silchester International Investors LLP
2026-08-24
5.64%→4.62%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2026-07-22
3.07%→2.46%
Silchester International Investors LLP
2026-06-02
6.81%→5.64%
Silchester International Investors LLP
2026-04-16
7.83%→6.81%
Silchester International Investors LLP
2026-02-27
8.93%→7.83%
Silchester International Investors LLP
2026-01-29
10.15%→8.93%
Silchester International Investors LLP
2026-01-14
11.22%→10.15%
Silchester International Investors LLP
2025-11-21
12.30%→11.22%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-10-21
3.14%→3.07%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-09-19
3.15%→3.14%
Silchester International Investors LLP
2025-03-21
12.66%→12.30%
Silchester International Investors LLP
2024-04-23
13.71%→12.66%
Silchester International Investors LLP
2024-03-29
14.79%→13.71%
Silchester International Investors LLP
2022-05-24
13.63%→14.79%
Silchester International Investors LLP
2021-11-01
12.61%→13.63%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-09-07
Large Shareholding Report
EDINET
2026-08-24
Large Shareholding Report
TDnet
2026-08-06
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-22
Large Shareholding Report
EDINET
2026-06-22
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-02
Large Shareholding Report
EDINET
2026-04-16
Large Shareholding Report
EDINET
2026-02-27
Large Shareholding Report
TDnet
2026-02-12
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-01-29
Large Shareholding Report
EDINET
2026-01-14
Large Shareholding Report
EDINET
2025-11-21
Large Shareholding Report
EDINET
2025-11-11
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-10-21
Large Shareholding Report
EDINET
2025-09-19
Large Shareholding Report
TDnet
2025-08-07
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-24
Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2025-03-21
Large Shareholding Report
TDnet
2025-02-13
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-08
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-07
Q1 Earnings Flash
FY ending Mar 2025
EDINETAmended
2024-06-26
Amended Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-04-23
Large Shareholding Report
EDINET
2024-03-29
Large Shareholding Report
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-09
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-09
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-23
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINETAmended
2023-06-23
Amended Annual Securities Report
Period: Apr 2018 – Mar 2019
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