ITOCHU Corporation
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About the company
ITOCHU Corporation, established in Tokyo, Japan, in 1858, operates as a global trading house, engaging in the import and export of a wide array of products across the world. Its diverse operations are categorized into several key segments. The Textile segment focuses on the production and sale of raw materials, threads, and finished textiles, alongside apparel, home furnishings, and industrial textile applications.
- CEO
- Masahiro Okafuji
- IPO
- 2011
- Employees
- 114,570
- HQ
- Tokyo, TY, JP
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Similar companies
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- Market Cap
- $90.00B
- P/E
- 15.43
- Fwd P/E
- 0.09
- PEG
- -4.54
- P/S
- 0.93
- P/B
- 2.07
- EV/EBITDA
- 13.38
- Div Yield
- 2.10%
- Gross Margin
- 16.78%
- Op Margin
- 4.87%
- Net Margin
- 6.01%
- ROE
- 14.15%
- ROIC
- 4.36%
Latest fiscal year · YoY change
- Revenue
- $15.72T+6.7%
- Gross Profit
- $2.63T+10.7%
- Op Income
- $744.22B
- Net Income
- $954.58B+8.4%
- EPS
- $135.81+120.6%
- OCF Growth
- +13.5%
- FCF Growth
- +10.0%
- 52W High
- $15.10
- 52W Low
- $10.75
- 50D MA
- $11.99
- 200D MA
- $12.49
- Beta
- 0.64
- RSI (14)
- 56
- Avg Volume
- 536.45K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Itochu delivered solid first-half profit growth, record cash flow, and kept its full-year profit forecast unchanged despite mixed segment trends and headwinds in metals and North America.· November 5, 2024
- Consolidated net profit rose 6% year over year to ¥438.4 billion, reaching 50% of the full-year forecast of ¥880.0 billion.
- Core profit increased to about ¥396 billion, the second-highest first-half level after FYE2023, supported by non-resource businesses and turnarounds.
- Operating cash flows hit a record ¥578.6 billion, while core operating cash flows exceeded ¥500 billion for the first time at ¥513 billion.
- Full-year guidance was mostly unchanged overall, but Metals & Minerals was cut by ¥40 billion to ¥200 billion and Textile/The 8th were raised on expected extraordinary gains.
- Shareholder returns remain aggressive, with a ¥200 dividend, a 50% total payout ratio target, and ¥150 billion of buybacks, about half completed by end-October.
First-half consolidated net profit increased 6%, or ¥25.5 billion, year over year to ¥438.4 billion, and core profit rose ¥12.5 billion to about ¥396 billion. Core profit in the non-resource sector increased ¥10 billion to ¥306 billion, while the resource sector increased ¥3 billion to ¥89.5 billion. Operating cash flows reached ¥578.6 billion, a record high, and core operating cash flows reached ¥513 billion, also an all-time high. Total shareholders’ equity rose by about ¥170 billion from the end of the prior fiscal year to ¥5.6 trillion, and NET DER improved to 0.47x. For the full year, Itochu kept the overall forecast unchanged at ¥880.0 billion, raised Textile by ¥40 billion to ¥73 billion, raised The 8th by ¥30 billion to ¥65 billion, and cut Metals & Minerals by ¥40 billion to ¥200 billion. The company reiterated a ¥200 per share dividend, a 50% total payout ratio, and ¥150 billion of share buybacks, with ¥71.5 billion completed by end-October.
Keita Ishii framed the first half as steady progress toward the annual target, emphasizing resilience in a volatile second quarter and the ability to offset weaker resource prices through non-resource strength, turnaround efforts, and asset replacement gains. He highlighted the first-half record in core operating cash flow, the high proportion of profitable group companies, and said the company will keep pushing growth investments under its new management policy, described as “brand new deal.” His tone was confident but measured, with repeated emphasis on discipline, resilience, and building the profit base for next fiscal year and beyond.
The financial commentary centered on cash generation, balance-sheet strength, and capital allocation. Management said operating cash flows hit ¥578.6 billion and core operating cash flows surpassed ¥500 billion for the first time at ¥513 billion, while total shareholders’ equity increased to ¥5.6 trillion and NET DER improved to 0.47x. They also noted ¥192 billion of net investment cash outflow, driven by WECARS, equity method investments in Machinery, and fixed-asset purchases, and said they will balance growth investments, shareholder returns, and interest-bearing debt control.
There was no separate analyst Q&A section in the transcript provided, so no analyst concerns or management responses were included. The main “questions” addressed were effectively management’s own guidance updates: Metals & Minerals was lowered because of falling iron ore prices and operational issues in coking coal, while Textile and The 8th were raised due to expected extraordinary gains. Management also explained that half the ¥150 billion buyback had already been completed by end-October.
The call showed that Itochu is still generating strong profit and cash even with weakness in parts of the resource portfolio and North American construction materials. Non-resource businesses, pork turnaround efforts, CTC, FamilyMart, and operating cash flow all provided visible support, while management also kept full-year profit guidance unchanged overall.
Metals & Minerals was cut because of falling iron ore prices and operational issues in coking coal, and North American construction materials remained weak due to higher costs and softer demand. Several profit lines were helped by extraordinary gains and weaker yen, and management noted some segments were flattish or down because prior-year extraordinary gains were not repeated.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 90.7%
- Shares Outstanding
- 7.08B
- Float Shares
- 6.42B
of shares held by institutions
16 13F filers
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Aristotle Capital Management, LLC | 227.37K | ▲ 110.10K |
| Rhumbline Advisers | 140.73K | ▲ 17.97K |
| Confluence Investment Management LLC | 103.06K | ▲ 1.16K |
| Gamma Investing LLC | 28.28K | ▼ 3.19K |
| Canopy Partners, LLC | 23.86K | 0 |
| Atlas Capital Advisors LLC | 22.04K | 0 |
| Old National Bancorp | 14.65K | ▼ 900 |
| Westside Investment Management, Inc. | 3.64K | 0 |
| Pnc Financial Services Group, Inc. | 1.94K | ▲ 410 |
| Salomon & Ludwin, LLC | 1.73K | ▼ 860 |
| Winch Advisory Services, LLC | 1.07K | ▲ 1.07K |
| First Command Advisory Services, Inc. | 595 | ▲ 595 |
Held by 2 ETFs
Biggest fund positions in ITOCY by dollar value.
Our ITOCY coverage
Recent articles, reports, and earnings notes.
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Generate ITOCY report →Aristotle Capital Management LLC Acquires 105,505 Shares of Itochu Corp. $ITOCY
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Warren Buffett Loves These 5 Stocks. Greg Abel Wants to Hold Them Forever.
fool.com · Mar 17
Itochu (OTCMKTS:ITOCY) Stock Price Passes Below 200-Day Moving Average – Should You Sell?
defenseworld.net · Jan 24
Itochu Corp. (OTCMKTS:ITOCY) Sees Large Decline in Short Interest
defenseworld.net · Dec 25
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