Mitsui Kinzoku Co Ltd MMSMY

MaterialsMetals & MiningJapan

Last close 12.69 USD on Nov 2, 2026, +13.3% year to date

Quant rating

Quant rating A Rank 32 of 220 in Materials

Growth B 63 of 220
Valuation A 18 of 220
Quality A 2 of 220
Revisions C 128 of 220
Momentum C 106 of 220

Wall Street consensus Buy (1.82)Average target 28.22 USD +122.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.3B
Enterprise value: 7.7B
52-week range: 9.48 – 34.91
3-year range: 2.44 – 34.91
Dividend yield: 1.21%
Beta (5 years): 1.13
Shares outstanding: 574M
Next earnings: Nov 10, 2026

About the company

Mitsui Kinzoku Co Ltd, formerly Mitsui Mining and Smelting Co Ltd, is mainly engaged in functional materials business, metal business, mobility business and others. The Company operates in four segments. The Functional Materials segment provides copper foils such as ultra-thin copper foils with carriers and electrolytic copper foils for plant wiring boards, functional powders such as metal powders for electronic materials and tantalum oxide, battery materials such as hydrogen storage alloys, sputtering targets such as indium tin oxide, and ceramic products. The Metals segment manufactures and sells zinc, lead, copper, gold, and silver, as well as engages in resource recycling. The Mobility segment manufactures and sells exhaust gas purification catalysts, automotive door locks, die-casting products, and powder metallurgy products. The Other segment manufactures and sells drawn copper products and pearlite products, as well as engages in industrial plant engineering.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	4,779	4,751	4,274	4,910	5,206	–
Revenue growth	0.6%	11.2%	−12.9%	−5.7%	10.2%	0.2%
EPS (basic, normalized)	1.01	0.77	0.29	0.11	0.70	–
EPS growth	31.8%	163.4%	162.5%	−84.2%	–	–
Gross margin	26.7%	21.1%	14.8%	12.2%	19.4%	18.8%
Net margin	12.0%	9.1%	4.0%	1.3%	8.2%	6.9%
ROE	24.5%	21.2%	9.8%	3.5%	23.8%	16.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	330
Current ratio	2.42x
Long-term debt (mil)	417
Net debt (mil)	458
Total equity (mil)	2,597
Net debt / equity	0.18x
Net debt / EBITDA	0.45x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	4,779	+0.6%	1.6x	1,026	+45.4%	7.5x	1.01	+31.8%	12.6x
2027	5,431	+13.6%	1.4x	892	−13.1%	8.7x	0.98	−2.6%	12.9x
2028	5,683	+4.6%	1.4x	1,023	+14.7%	7.6x	1.10	+11.9%	11.5x
2029	5,927	+4.3%	1.3x	1,152	+12.7%	6.7x	1.20	+8.9%	10.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	5,431	−0.5%	+0.2%	+6.5%	0.98	−1.8%	−1.9%	+5.7%
2028	5,683	0.0%	+0.8%	+7.3%	1.10	−1.5%	−0.6%	+15.5%
2029	5,927	−0.1%	+2.2%	+7.6%	1.20	−1.7%	−3.2%	+22.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	170,175	169,869	178,257	177,765	186,453	169,040	195,272	177,895	216,325	201,597
Sales mean (mil)	158,493	160,901	169,592	166,021	184,464	168,197	175,535	172,672	202,122	203,544
Surprise	+7.4%	+5.6%	+5.1%	+7.1%	+1.1%	+0.5%	+11.2%	+3.0%	+7.0%	−1.0%
EPS reported	18.91	38.67	26.11	26.41	21.90	−10.44	43.74	52.44	73.78	29.41
EPS mean	4.67	18.64	11.00	18.67	7.37	−4.85	15.30	39.85	58.06	44.86
Surprise	+305.0%	+107.4%	+137.5%	+41.5%	+197.3%	−115.4%	+185.9%	+31.6%	+27.1%	−34.5%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MMSMY Mitsui Kinzoku Co Ltd	7.3B	0.45x	12.0%	2.71x	12.9x	11.5x	8.7x	7.6x
DPM DPM Metals Inc.	7.9B	−1.36x	38.8%	2.74x	10.2x	8.7x	7.4x	6.4x
CMC Commercial Metals Co	7.2B	1.91x	7.0%	1.55x	9.3x	9.3x	6.4x	6.3x
AG First Majestic Silver Corp.	7.1B	−0.75x	13.1%	2.38x	15.3x	14.9x	6.3x	6.1x
AIAGY Aurubis AG	6.9B	1.15x	3.0%	1.02x	7.4x	6.9x	8.6x	8.0x
MP MP Materials Corp.	6.8B	−6.60x	−38.3%	2.88x	515.0x	47.2x	49.3x	19.7x
Mean		−0.87x	5.9%	2.21x	95.0x	16.4x	14.4x	9.0x
Median		−0.15x	9.5%	2.55x	11.5x	10.4x	8.0x	7.0x

Technical analysis

1M−23.3%
3M−33.2%
1Y+11.7%
3Y+418.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Mitsui Kinzoku Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	4,779	4,751	4,274	4,910	5,206	4,724
Cost of revenue	3,503	3,749	3,644	4,312	4,198	3,765
Gross profit	1,277	1,002	630	597	1,007	959
Selling, general & administrative expenses	336	381	313	391	406	397
Research & development	91.9	95.0	84.8	85.5	80.3	79.2
Depreciation/amortization	24.2	27.0	23.1	26.1	21.6	20.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	138	47.3	47.2	35.4	21.1	65.7
Other operating expenses	0	0	0	0	0	0
Operating income	687	451	162	59.0	478	396
Net interest income (expense)	33.3	68.4	84.1	51.5	56.5	94.6
Gain (loss) on sale of assets	14.8	13.8	−0.5	−0.2	1.6	9.5
Other non-operating income (expense)	5.0	5.2	8.9	4.1	−6.0	−6.1
Net income before taxes	740	539	255	114	530	494
Provision for taxes	146	88.4	77.2	64.3	95.7	77.0
Minority interest	−18.7	−19.0	−5.8	14.0	−6.4	−12.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	575	431	172	64.1	428	404
Extraordinary items	–	–	–	–	–	–
Net income	575	431	172	64.1	428	404
EBIT, normalized	825	498	209	94.3	499	461
EBITDA, normalized	1,012	720	437	348	772	768
Basic EPS, normalized	1.01	0.77	0.29	0.11	0.70	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Mitsui Kinzoku Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	367	297	215	202	243	275
Receivables	797	799	761	834	1,002	1,021
Total inventory	1,341	1,196	1,092	1,327	1,459	1,355
Prepaid expenses	–	–	–	–	–	–
Other current assets	163	182	210	251	247	183
Total current assets	2,668	2,473	2,277	2,614	2,951	2,834
Property, plant & equipment	1,121	1,275	1,315	1,489	1,620	1,807
Goodwill	–	–	–	–	–	–
Intangibles	43.3	61.4	59.8	66.1	75.1	72.0
Long-term investments	417	430	441	468	462	519
Note receivable	2.5	2.6	2.6	3.0	3.4	3.8
Other long-term assets	142	146	138	118	131	139
Total assets	4,395	4,388	4,234	4,759	5,243	5,375
Liabilities
Accounts payable	386	320	333	423	502	412
Payable/accrued	–	–	–	–	–	–
Accrued expenses	68.7	58.4	51.1	44.6	59.1	63.0
Short-term debt	152	330	393	487	528	665
Current portion of long-term debt	187	278	320	277	408	318
Other current liabilities	291	277	255	265	342	305
Total current liabilities	1,085	1,264	1,351	1,497	1,840	1,763
Long-term debt	435	565	681	961	1,003	1,361
Minority interest	55.8	62.1	49.5	60.5	85.1	105
Other liabilities	222	286	311	332	346	350
Total liabilities	1,798	2,177	2,393	2,851	3,273	3,578
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	267	282	279	318	346	381
Additional paid-in capital	111	118	116	141	154	204
Retained earnings (accumulated deficit)	2,098	1,684	1,302	1,379	1,487	1,207
Treasury stock	−4.1	−4.2	−4.2	−4.7	−5.1	−5.6
Other equity	124	131	148	75.4	−11.4	9.9
Total equity	2,596	2,211	1,841	1,908	1,970	1,797
Total liabilities & shareholders' equity	4,395	4,388	4,234	4,759	5,243	5,375

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Mitsui Kinzoku Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	740	539	255	114	530	494
Depreciation, depletion & amortization	188	221	227	253	273	306
Deferred taxes	–	–	–	–	–	–
Non-cash items	73.7	−60.3	−30.6	−17.0	−35.2	−65.6
Changes in working capital	−450	−188	46.5	−26.8	−269	−479
Cash from operations	552	512	498	324	499	256
Investing activities
Capital expenditures	−241	−223	−221	−248	−227	−270
Other investing cash flows	86.7	83.6	−9.7	9.9	16.6	122
Cash from investing	−154	−139	−231	−238	−210	−147
Financing activities
Financing cash flow items	−0.9	−5.8	−21.1	−4.8	−49.5	−4.5
Cash dividends paid	−68.5	−61.0	−79.3	−47.3	−39.9	−36.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−266	−224	−141	−58.5	−219	−97.0
Cash from financing	−335	−291	−242	−111	−308	−138
Foreign exchange effects	24.3	−1.4	11.8	3.9	13.1	9.2
Net change in cash	87.0	79.9	37.4	−21.1	−6.5	−20.5
Free cash flow	311	289	277	75.7	272	−14.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.