Mitsubishi Electric
MIELY
Industrials
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exclusion reason
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This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Mitsubishi Electric Corporation is a major Japanese defense contractor specializing in advanced military electronics and weapons systems. According to SIPRI data, the company generated approximately $1.85 billion in arms sales in 2024, representing 5.1% of its total revenue. Its defense business grew by 86.9% year-over-year, reflecting a significant strategic focus on military markets.
The company develops and produces purpose-built military equipment, including powerful radar systems for Japan's next-generation F-X fighter jet and for the planned Type 12 Surface-to-Ship Missile upgrade. Mitsubishi Electric also holds a contract with Raytheon, valued at $250 million, to locally produce ESSM Block 2 surface-to-air missiles in Japan. These are specialized, weapons-platform-specific systems, not dual-use commodities. The company's defense activities are further integrated into government-to-government export frameworks, such as a contract to supply radar equipment to the Philippines' Department of National Defense.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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