Industrial Manufacturing

Mitsubishi Heavy Industries is Japan's largest heavy-industrial group, founded in 1884, with four operating pillars across Energy Systems, Aircraft, Defense & Space, Plant & Infrastructure, and Logistics, Thermal & Drive Systems. FY2025 revenue reached ¥4,974B (+14.1%), net income ¥332B (+35.3%), orders ¥7,654B (+20%), and backlog a record ¥13,238B, while the AU$10B Mogami frigate contract with Australia marked Japan's largest postwar weapons export. Report rating Watch: Japan's defense expansion, the second GTCC upcycle driven by AI data centers, and Japan's industrial re-rating are powerful themes, but the current valuation already prices in much of the upside.