Mitsubishi Heavy Industries Ltd (MHVIY) Stock Price & How to Invest

MHVIY is an unsponsored American Depositary Receipt for Mitsubishi Heavy Industries that trades over the counter in the US. An ADR is a dollar-denominated certificate issued by a US depositary bank that holds the underlying Japanese shares, so US investors can own MHI through an ordinary brokerage account without opening a Japanese one. The primary listing is on the Tokyo Stock Exchange under ticker 7011, where most of the trading volume happens. Because the ADR represents a fraction of a Tokyo share, its dollar price is not directly comparable to the yen share price, but its value tracks the Tokyo shares adjusted for the exchange rate. Unsponsored means the company did not set up the program itself. As of October 16, 2026, the ADR closed around $11.86, with a market value of about $81 billion.

MHI designs and builds large-scale industrial equipment in four segments. Energy Systems, the largest, makes gas turbine combined cycle power plants, steam turbines, nuclear reactor components and aero-engine parts, and earns recurring service revenue on its installed base. Aircraft, Defense and Space builds fighter aircraft, missiles, warships and submarines, the H3 launch rocket, and commercial aircraft structures such as Boeing 787 parts. Plants and Infrastructure Systems makes metals machinery (steel mill equipment), engineering projects and machinery systems. Industrial Solutions makes turbochargers, engines, air conditioners, car air conditioning and data-center cooling. In fiscal 2025 the group reported about ¥4.97 trillion of revenue on a continuing basis. Energy and defense are both the largest and the fastest-growing parts of the company, which is why the stock is usually discussed as a power and defense play.

In the April to June 2026 quarter, reported on August 4, 2026, MHI set first-quarter records across the board. Orders rose 26% to ¥2.02 trillion, revenue rose 16% to ¥1.19 trillion, business profit rose 65% to ¥159.6 billion and net income rose 97% to ¥134.6 billion. All four segments grew profit, led by gas turbines and nuclear. The backlog reached ¥14.1 trillion and free cash flow was ¥391.5 billion. Management raised its full-year order forecast to ¥7.0 trillion and its free cash flow forecast to ¥600 billion, but kept revenue at ¥5.4 trillion and business profit at ¥540 billion. The CFO said results could exceed the forecast and that guidance would be reviewed with first-half results. About ¥25 billion of the quarter's profit came from one-time gains.

MHI reports on a fiscal year ending March 31, so the July to September 2026 quarter closes the first half of fiscal 2026. Data providers list the first-half results for around November 6, 2026, and the company typically publishes a results presentation, a summary and an earnings call on the same day in Tokyo. That release matters more than usual because management said in August it would revisit its full-year forecast then, after the June quarter used up ¥55 billion of the ¥83 billion in margin and revenue improvement it had expected for the whole year. Consensus revenue for the September quarter is about ¥1.22 trillion, up roughly 33% from a year earlier. Because Tokyo is 13 to 14 hours ahead of New York, the ADR usually reacts in the US session that follows the Japanese announcement.

It depends on how much weight you give the bull and bear cases. The bull case is a record ¥14.1 trillion backlog, a gas turbine order book that rose from 23 GW to 35 GW in a year on data-center and grid demand, a defense budget Japan has committed to expanding, a nuclear restart cycle and a net cash balance sheet. Management targets 25% business profit growth in fiscal 2026, and analysts at UBS and Bernstein turned positive after the pullback. The bear case is valuation: around 31 to 33 times trailing earnings is high for an industrial, some first-quarter profit was one-time, and a weak yen helped results. MHI has also lost money on fixed-price megaprojects before. The ADR's roughly 40% drop from its May high shows how sensitive the shares are to sentiment. This page describes the company and does not recommend a position.

Yes. MHI pays twice a year, with an interim dividend for the half ending September 30 and a year-end dividend for the year ending March 31. For fiscal 2026 the company forecasts ¥29 per share (¥14 interim and ¥15 year-end), up from ¥25 in fiscal 2025, and the most recent ex-dividend date was September 29, 2026. The yield is small, roughly 0.7% on the Tokyo price and similar on the ADR, because the share price has risen much faster than the payout. For ADR holders, dividends are converted from yen to dollars, so the amount received moves with the exchange rate. Japanese withholding tax applies, which US holders may be able to partly credit on their tax return, and the depositary bank can deduct a small per-ADR fee before paying out.

MHVIY trades over the counter, so it usually has lower volume and wider bid-ask spreads than the Tokyo line, which trades billions of dollars a day. Because it is unsponsored, MHI did not create it and does not file US reports for it; disclosure comes from the company's Japanese filings and English investor-relations materials. ADR holders carry full yen exposure, so a stronger dollar lowers the ADR's value even if the Tokyo shares are flat. Prices can also gap at the US open because news usually breaks during Tokyo hours. Depositary fees may be charged against dividends. Some US brokers restrict or do not offer OTC ADRs, and voting rights on the underlying shares are limited. The trade-off is convenience: dollar settlement in a regular US account without opening a Japanese brokerage account.

MHI competes with different companies in each business. In large gas turbines its two main rivals are GE Vernova and Siemens Energy, and together the three control most of the world's heavy-duty market, with Doosan Enerbility and Ansaldo Energia in smaller niches. In Japanese defense and aerospace, Kawasaki Heavy Industries and IHI compete for aircraft, submarine, engine and space programs, while global primes such as Lockheed Martin, BAE Systems, Leonardo and RTX are both partners and competitors on export deals. In nuclear, Westinghouse, Framatome and GE Vernova Hitachi compete for reactors and services, with Hitachi and Toshiba active in Japan. In turbochargers and air conditioning, rivals include IHI, Garrett Motion, Daikin and Mitsubishi Electric. Investors often compare MHI's valuation with GE Vernova and Siemens Energy, which also re-rated sharply on power demand.