Financials Mitsubishi Heavy Industries, Ltd.

Equities

7011

JP3900000005

Consumer Goods Conglomerates

Market Closed - Japan Exchange Other stock markets 07:30:00 20/06/2025 BST			5-day change	1st Jan Change
3,450.00 ^JPY	-2.57%		-1.77%	+55.20%

06-20	GCAP Industry Partners Launch JV Edgewing To Deliver Next Generation Combat Aircraft	RE
06-19	Mitsubishi Heavy - Postponed Launch Schedule Of H-Iia Launch Vehicle No. 50 Due To Occurrence Of A Need To Check Electrical Systems On The 2Nd Stage	RE

Projected Income Statement: Mitsubishi Heavy Industries, Ltd.

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	4,041,376	3,699,946	3,860,283	4,202,797	4,657,147	5,027,176	5,466,039	5,874,647
Change	-	-8.45%	4.33%	8.87%	10.81%	7.95%	8.73%	7.48%
EBITDA ¹	294,429	290,357	292,400	331,100	438,440	543,841	601,267	690,106
Change	-	-1.38%	0.7%	13.24%	32.42%	24.04%	10.56%	14.78%
EBIT ¹	126,162	54,081	99,184	141,379	282,541	383,198	436,919	508,822
Change	-	-57.13%	83.4%	42.54%	99.85%	35.63%	14.02%	16.46%
Interest Paid ¹	-14,738	-16,404	-18,463	-31,181	-17,298	-22,313	-17,000	-11,000
Earnings before Tax (EBT) ¹	-32,660	49,355	173,684	191,126	315,187	374,531	442,967	525,356
Change	-	251.12%	251.91%	10.04%	64.91%	18.83%	18.27%	18.6%
Net income ¹	87,123	40,639	113,541	130,451	222,023	245,447	301,307	361,800
Change	-	-53.35%	179.39%	14.89%	70.2%	10.55%	22.76%	20.08%
Announcement Date	11/05/20	10/05/21	12/05/22	10/05/23	08/05/24	09/05/25	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	978,848	1,184,865	778,009	880,616	944,751	1,096,570	851,715	812,032	981,628	1,214,908	871,332	1,003,935	1,062,779	1,264,751	983,980	1,085,292	1,191,394	1,396,480	1,111,555	1,186,545	1,250,000	1,494,333	1,198,663	1,256,727	1,360,001	1,640,600
Change	-	21.05%	-34.34%	13.19%	7.28%	16.07%	-22.33%	-4.66%	20.89%	23.76%	-28.28%	15.22%	5.86%	19%	-22.2%	10.3%	9.78%	17.21%	-20.4%	6.75%	5.35%	19.55%	-19.79%	4.84%	8.22%	20.63%
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	115,800	193,914	131,500	150,000	154,100	201,100
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	28.41%	67.46%	-32.19%	14.07%	2.73%	30.5%
EBIT ¹	-7,383	-	-71,388	12,747	82,361	30,360	9,684	4,743	29,872	43,101	255	32,151	43,172	65,801	36,447	45,734	90,676	90,916	83,528	104,872	76,300	126,712	86,125	91,500	113,025	145,525
Change	-	-	-	117.86%	546.12%	-63.14%	-68.1%	-51.02%	529.81%	44.29%	-99.41%	12,508.24%	34.28%	52.42%	-44.61%	25.48%	98.27%	0.26%	-8.13%	25.55%	-27.24%	66.07%	-32.03%	6.24%	23.52%	28.75%
Charge d'intérêts	-	-	-7,417	-	-12,736	-	-3,880	-	-3,547	-	-4,934	-	-5,147	-	-4,928	-	-4,966	-	-5,418	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-56,104	-37,416	-76,860	4,011	71,587	50,617	21,084	5,450	61,034	86,116	35,560	55,831	22,271	77,464	75,701	58,013	73,884	107,588	101,306	66,973	106,610	121,435	87,833	95,000	116,033	144,700
Change	-	33.31%	-105.42%	105.22%	1,684.77%	-29.29%	-58.35%	-74.15%	1,019.89%	41.1%	-58.71%	57.01%	-60.11%	247.82%	-2.28%	-23.37%	27.36%	45.62%	-5.84%	-33.89%	59.18%	13.91%	-27.67%	8.16%	22.14%	24.71%
Net income ¹	72,171	-14,285	-57,902	820	60,384	37,336	12,651	-570	37,938	63,522	19,193	34,939	12,309	64,010	53,187	38,757	46,106	83,973	62,286	44,814	65,000	94,309	61,451	66,228	82,214	102,600
Change	-	-119.79%	-305.33%	101.42%	7,263.9%	-38.17%	-66.12%	-104.51%	6,755.79%	67.44%	-69.79%	82.04%	-64.77%	420.03%	-16.91%	-27.13%	18.96%	82.13%	-25.83%	-28.05%	45.04%	45.09%	-34.84%	7.77%	24.14%	24.8%
Announcement Date	06/02/20	11/05/20	03/08/20	30/10/20	04/02/21	10/05/21	02/08/21	29/10/21	07/02/22	12/05/22	05/08/22	01/11/22	07/02/23	10/05/23	04/08/23	06/11/23	06/02/24	08/05/24	06/08/24	05/11/24	04/02/25	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 S1	2022 S1	2023 S1	2024 S1	2025 S1	2025 S2
Net sales ¹	1,658,625	1,663,747	1,875,267	2,069,272	2,298,100	2,729,000
Change	-	0.31%	12.71%	10.35%	11.06%	18.75%
EBITDA	-	-	-	-	-	-
Change	-	-	-	-	-	-
EBIT ¹	-15,094	26,211	32,406	82,181	188,400	194,798
Change	-	273.65%	23.64%	153.6%	129.25%	3.4%
Charge d'intérêts	-17,805	-8,277	-10,518	-7,162	-26,364	-
Earnings before Tax (EBT)	-72,849	26,534	91,391	133,714	168,279	-
Change	-	136.42%	244.43%	46.31%	25.85%	-
Net income	-57,081	12,081	54,132	91,944	107,120	-
Change	-	121.16%	348.08%	69.85%	16.51%	-
Announcement Date	30/10/20	29/10/21	01/11/22	06/11/23	05/11/24	09/05/25

¹JPY in Million

Estimates

Forecast Balance Sheet: Mitsubishi Heavy Industries, Ltd.

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	1,089,243	990,588	764,016	844,771	711,677	473,188	460,185	323,647
Change	-	-9.06%	-22.87%	10.57%	-15.76%	-33.51%	-10.25%	-29.67%
Announcement Date	11/05/20	10/05/21	12/05/22	10/05/23	08/05/24	09/05/25	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Mitsubishi Heavy Industries, Ltd.

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	246,291	146,212	129,256	131,905	160,486	240,692	196,213	192,010
Change	-	-40.63%	-11.6%	2.05%	21.67%	49.98%	15.08%	-2.14%
Free Cash Flow (FCF) ¹	206,273	-277,197	301,869	35,313	170,700	342,745	240,626	281,408
Change	-	-234.38%	208.9%	-88.3%	383.39%	100.79%	-0.91%	16.95%
Announcement Date	11/05/20	10/05/21	12/05/22	10/05/23	08/05/24	09/05/25	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Mitsubishi Heavy Industries, Ltd.

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	7.29%	7.85%	7.57%	7.88%	9.41%	10.82%	11%	11.75%
EBIT Margin (%)	3.12%	1.46%	2.57%	3.36%	6.07%	7.62%	7.99%	8.66%
EBT Margin (%)	-0.81%	1.33%	4.5%	4.55%	6.77%	7.45%	8.1%	8.94%
Net margin (%)	2.16%	1.1%	2.94%	3.1%	4.77%	4.88%	5.51%	6.16%
FCF margin (%)	5.1%	-7.49%	7.82%	0.84%	3.67%	6.82%	4.4%	4.79%
FCF / Net Income (%)	236.76%	-682.1%	265.87%	27.07%	76.88%	139.64%	79.86%	77.78%
Profitability
ROA	-0.64%	1.01%	3.5%	3.61%	2.22%	5.8%	4.32%	4.96%
ROE	6.6%	3.1%	7.7%	7.9%	6.55%	10.7%	12.07%	12.9%
Financial Health
Leverage (Debt/EBITDA)	3.7x	3.41x	2.61x	2.55x	1.62x	0.87x	0.77x	0.47x
Debt / Free cash flow	5.28x	-3.57x	2.53x	23.92x	4.17x	1.38x	1.91x	1.15x
Capital Intensity
CAPEX / Current Assets (%)	6.09%	3.95%	3.35%	3.14%	3.45%	4.79%	3.59%	3.27%
CAPEX / EBITDA (%)	83.65%	50.36%	44.21%	39.84%	36.6%	44.26%	32.63%	27.82%
CAPEX / FCF (%)	119.4%	-52.75%	42.82%	373.53%	94.02%	70.22%	81.54%	68.23%
Items per share
Cash flow per share ¹	122.4	82.99	74.27	83.08	112.5	120.8	125.8	144.6
Change	-	-32.2%	-10.5%	11.85%	35.38%	7.46%	3.21%	14.9%
Dividend per Share ¹	15	7.5	10	13	20	23	26.11	29.55
Change	-	-50%	33.33%	30%	53.85%	15%	13.51%	13.17%
Book Value Per Share ¹	362.8	406.5	469.6	518.3	667.9	698.9	769.6	870.9
Change	-	12.05%	15.54%	10.36%	28.85%	4.65%	5.83%	13.16%
EPS ¹	25.94	12.09	33.82	38.84	66.07	73.04	89.31	107.3
Change	-	-53.38%	179.72%	14.84%	70.09%	10.55%	13.1%	20.14%
Nbr of stocks (in thousands)	3,359,417	3,361,269	3,356,891	3,358,765	3,360,623	3,357,668	3,357,668	3,357,668
Announcement Date	11/05/20	10/05/21	12/05/22	10/05/23	08/05/24	09/05/25	-	-