# Shizuoka Financial Group (5831.JP)

Canonical: https://gigainvestors.com/s/5831.JP

Analysis as of: 2026-10-15T07:10:42.142Z. Financial observations: FY2016–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 3,114.00 per share; close as of 2026-10-15.

Estimated value: low JPY 439.75 per share, central JPY 504.91 per share, high JPY 592.74 per share. Buy at or below the central value JPY 504.91 per share. Valuation as of 2026-10-15T07:10:42.142Z; scenarios are not confidence intervals.

Expected annual return: 4.3% at the stated quote. About 4.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.25×

Chart: Net income; fiscal year observations.

- FY2017: JPY 29B

- FY2018: JPY 50B

- FY2019: JPY 47B

- FY2020: JPY 39B

- FY2021: JPY 44B

- FY2022: JPY 42B

- FY2023: JPY 52B

- FY2024: JPY 58B

- FY2025: JPY 75B

- FY2026: JPY 90B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 4.8%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 4.0%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 3.2%

- FY2018: 5.3%

- FY2019: 4.8%

- FY2020: 4.1%

- FY2021: 4.1%

- FY2022: 4.0%

- FY2023: 4.7%

- FY2024: 4.9%

- FY2025: 6.5%

- FY2026: 7.5%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 5.8%

- Book return interval: 10 years

- Starting book value per share: JPY 1K

- Ending book value per share: JPY 2K

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: -0.0%

- FY2018: 9.3%

- FY2019: 5.1%

- FY2020: 0.6%

- FY2021: 13.2%

- FY2022: 1.2%

- FY2023: 8.7%

- FY2024: 10.3%

- FY2025: 0.5%

- FY2026: 10.7%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -1.3%

- Diluted shares, 5-year annual growth: -1.2%

- Share growth excluding flagged crisis recapitalisations: -1.3%

- Five-year share growth excluding flagged crisis recapitalisations: -1.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.70×

- Book value created per share: JPY 746.37

- Earnings retained per share after dividends and buybacks: JPY 439.53

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 99

- FY2018: 97

- FY2019: 96

- FY2020: 94

- FY2021: 93

- FY2022: 92

- FY2023: 92

- FY2024: 90

- FY2025: 89

- FY2026: 88

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 4

## Holders

## Price story

The price assumes profits grow 8.9% a year forever · net income +21.2%

Story as of 2026-10-16T10:00:14.394Z; price observation 2026-10-15.

The price assumes profits grow 8.9% a year forever

### Net income · FY2026

net income +21.2%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y9RT.pdf; observed 2026-06-12.

- FY2017: JPY 29B 

- FY2018: JPY 50B 

- FY2019: JPY 47B 

- FY2020: JPY 39B 

- FY2021: JPY 44B 

- FY2022: JPY 42B 

- FY2023: JPY 52B 

- FY2024: JPY 58B 

- FY2025: JPY 75B 

- FY2026: JPY 90B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are JPY 311.6 billion.

- Source: https://eodhd.com/api/fundamentals/P2U.F.json#2026-03-31 (filed 2026-06-12); FY2026: revenue 311582000000.

### Why customers stay

It earns 4.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); 10-year return on tangible equity observations [[2017,0.03248625969699761],[2018,0.05252355073033196],[2019,0.04800317877430805],[2020,0.0409672171231811],[2021,0.04141886030270184],[2022,0.040034924185094335],[2023,0.04739090874557041],[2024,0.048910148771191785],[2025,0.06512248976706435],[2026,0.07471460390581577]]; median 0.04769704375993923. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back JPY 30 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); Dividend observations: [[2017,12256000000],[2018,11975000000],[2019,13051000000],[2020,12719000000],[2021,12605000000],[2022,15062000000],[2023,16043000000],[2024,17796000000],[2025,25794000000],[2026,40072000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y9RT.pdf (filed 2026-06-12); FY2026: cash repurchases 30001000000 JPY.

### What the price says

The price assumes profits grow 8.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-12); Price 3114; FX 1; original perpetual distributable cash 34.07556195081063; discount 0.1; growth 0.08905730187835241. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2022-11: JPY 1,005.00 per share

- 2022-12: JPY 1,055.00 per share

- 2023-01: JPY 1,099.00 per share

- 2023-02: JPY 1,088.00 per share

- 2023-03: JPY 951.00 per share

- 2023-04: JPY 1,021.00 per share

- 2023-05: JPY 1,026.00 per share

- 2023-06: JPY 1,039.00 per share

- 2023-07: JPY 1,186.50 per share

- 2023-08: JPY 1,185.00 per share

- 2023-09: JPY 1,219.00 per share

- 2023-10: JPY 1,276.50 per share

- 2023-11: JPY 1,196.00 per share

- 2023-12: JPY 1,195.00 per share

- 2024-01: JPY 1,354.50 per share

- 2024-02: JPY 1,465.00 per share

- 2024-03: JPY 1,450.00 per share

- 2024-04: JPY 1,472.50 per share

- 2024-05: JPY 1,622.50 per share

- 2024-06: JPY 1,544.00 per share

- 2024-07: JPY 1,517.50 per share

- 2024-08: JPY 1,297.50 per share

- 2024-09: JPY 1,244.50 per share

- 2024-10: JPY 1,227.50 per share

- 2024-11: JPY 1,332.00 per share

- 2024-12: JPY 1,284.50 per share

- 2025-01: JPY 1,389.50 per share

- 2025-02: JPY 1,520.00 per share

- 2025-03: JPY 1,623.00 per share

- 2025-04: JPY 1,578.50 per share

- 2025-05: JPY 1,690.50 per share

- 2025-06: JPY 1,678.00 per share

- 2025-07: JPY 1,792.50 per share

- 2025-08: JPY 1,971.00 per share

- 2025-09: JPY 2,031.50 per share

- 2025-10: JPY 2,075.00 per share

- 2025-11: JPY 2,262.50 per share

- 2025-12: JPY 2,432.00 per share

- 2026-01: JPY 2,518.00 per share

- 2026-02: JPY 3,144.00 per share

- 2026-03: JPY 2,562.50 per share

- 2026-04: JPY 2,751.00 per share

- 2026-05: JPY 2,871.00 per share

- 2026-06: JPY 3,025.00 per share

- 2026-07: JPY 3,180.00 per share

- 2026-08: JPY 3,688.00 per share

- 2026-09: JPY 3,637.00 per share

- 2026-10: JPY 3,288.00 per share

## Annual estimated value (JPY per share)

- FY2021: low JPY 272.63 per share, central JPY 311.27 per share, high JPY 362.68 per share

- FY2022: low JPY 285.51 per share, central JPY 325.42 per share, high JPY 378.32 per share

- FY2023: low JPY 305.98 per share, central JPY 348.92 per share, high JPY 405.88 per share

- FY2024: low JPY 366.61 per share, central JPY 419.56 per share, high JPY 490.39 per share

- FY2025: low JPY 396.01 per share, central JPY 454.93 per share, high JPY 534.45 per share

- FY2026: low JPY 439.75 per share, central JPY 504.91 per share, high JPY 592.74 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y9RT.pdf); period 2026-03-31, filed 2026-06-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.