# Yokohama Financial Group (7186.JP)

Canonical: https://gigainvestors.com/s/7186.JP

Analysis as of: 2026-10-15T07:11:15.554Z. Financial observations: FY2017–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 1,733.50 per share; close as of 2026-10-15.

Estimated value: low JPY 289.22 per share, central JPY 332.28 per share, high JPY 390.40 per share. Buy at or below the central value JPY 332.28 per share. Valuation as of 2026-10-15T07:11:15.554Z; scenarios are not confidence intervals.

Expected annual return: 4.6% at the stated quote. About 4.6% 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): 0.41×

Chart: Net income; fiscal year observations.

- FY2017: JPY 127B

- FY2018: JPY 66B

- FY2019: JPY 54B

- FY2020: JPY 47B

- FY2021: JPY 25B

- FY2022: JPY 54B

- FY2023: JPY 56B

- FY2024: JPY 67B

- FY2025: JPY 83B

- FY2026: JPY 107B

### 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: 5.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 4.3%

- Years with reported combined ratio: 0

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

- FY2017: 11.6%

- FY2018: 5.8%

- FY2019: 4.8%

- FY2020: 4.3%

- FY2021: 2.2%

- FY2022: 4.7%

- FY2023: 4.9%

- FY2024: 5.3%

- FY2025: 6.5%

- FY2026: 7.8%

### 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: 6.1%

- Book return interval: 9 years

- Starting book value per share: JPY 848.74

- Ending book value per share: JPY 1K

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

- FY2018: 7.1%

- FY2019: 3.5%

- FY2020: -0.3%

- FY2021: 7.4%

- FY2022: 2.4%

- FY2023: 3.5%

- FY2024: 14.2%

- FY2025: 4.4%

- FY2026: 13.4%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -1.4%

- Diluted shares, 5-year annual growth: -1.3%

- Share growth excluding flagged crisis recapitalisations: -1.4%

- Five-year share growth excluding flagged crisis recapitalisations: -1.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.92×

- Book value created per share: JPY 363.68

- Earnings retained per share after dividends and buybacks: JPY 189.12

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

- FY2017: 100

- FY2018: 98

- FY2019: 97

- FY2020: 94

- FY2021: 93

- FY2022: 93

- FY2023: 92

- FY2024: 91

- FY2025: 90

- FY2026: 88

### accounting: pass

- Financial accounting warning count: 0

- Loans, annualized growth: 4.4%

- Deposits, annualized growth: 3.8%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 2

## Holders

## Price story

The price assumes profits grow 8.7% a year forever · net income +28.6%

Story as of 2026-10-16T10:00:14.590Z; price observation 2026-10-15.

The price assumes profits grow 8.7% a year forever

### Net income · FY2026

net income +28.6%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YA32.pdf; observed 2026-06-11.

- FY2017: JPY 127B 

- FY2018: JPY 66B 

- FY2019: JPY 54B 

- FY2020: JPY 47B 

- FY2021: JPY 25B 

- FY2022: JPY 54B 

- FY2023: JPY 56B 

- FY2024: JPY 67B 

- FY2025: JPY 83B 

- FY2026: JPY 107B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are JPY 375.6 billion.

- Source: https://eodhd.com/api/fundamentals/YC3.F.json#2026-03-31 (filed 2026-06-11); FY2026: revenue 375593000000.

### Why customers stay

It earns 5.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); 10-year return on tangible equity observations [[2017,0.11555940786022216],[2018,0.05849721532009946],[2019,0.047695025958359435],[2020,0.04308466020927575],[2021,0.022304793425696044],[2022,0.047183450720567593],[2023,0.049349638219233695],[2024,0.05313021431168308],[2025,0.06522389823165689],[2026,0.07754752309179644]]; median 0.05123992626545838. 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 41.8 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); Dividend observations: [[2017,20589000000],[2018,17797000000],[2019,19440000000],[2020,21386000000],[2021,19342000000],[2022,20552000000],[2023,23301000000],[2024,24122000000],[2025,29164000000],[2026,37644000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YA32.pdf (filed 2026-06-11); FY2026: cash repurchases 41754000000 JPY.

### What the price says

The price assumes profits grow 8.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); Price 1733.5; FX 1; original perpetual distributable cash 22.31846022592233; discount 0.1; growth 0.08712520321550486. 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)

- 2016-11: JPY 525.50 per share

- 2016-12: JPY 562.60 per share

- 2017-01: JPY 598.20 per share

- 2017-02: JPY 597.80 per share

- 2017-03: JPY 515.40 per share

- 2017-04: JPY 512.20 per share

- 2017-05: JPY 509.90 per share

- 2017-06: JPY 566.60 per share

- 2017-07: JPY 556.80 per share

- 2017-08: JPY 525.90 per share

- 2017-09: JPY 556.10 per share

- 2017-10: JPY 595.00 per share

- 2017-11: JPY 615.00 per share

- 2017-12: JPY 680.00 per share

- 2018-01: JPY 661.00 per share

- 2018-02: JPY 626.00 per share

- 2018-03: JPY 587.00 per share

- 2018-04: JPY 637.00 per share

- 2018-05: JPY 613.00 per share

- 2018-06: JPY 564.00 per share

- 2018-07: JPY 600.00 per share

- 2018-08: JPY 533.00 per share

- 2018-09: JPY 557.00 per share

- 2018-10: JPY 518.00 per share

- 2018-11: JPY 533.00 per share

- 2018-12: JPY 422.00 per share

- 2019-01: JPY 448.00 per share

- 2019-02: JPY 451.00 per share

- 2019-03: JPY 427.00 per share

- 2019-04: JPY 432.00 per share

- 2019-05: JPY 416.00 per share

- 2019-06: JPY 401.00 per share

- 2019-07: JPY 385.00 per share

- 2019-08: JPY 365.00 per share

- 2019-09: JPY 414.00 per share

- 2019-10: JPY 446.00 per share

- 2019-11: JPY 444.00 per share

- 2019-12: JPY 452.00 per share

- 2020-01: JPY 419.00 per share

- 2020-02: JPY 372.00 per share

- 2020-03: JPY 315.00 per share

- 2020-04: JPY 332.00 per share

- 2020-05: JPY 352.00 per share

- 2020-06: JPY 345.00 per share

- 2020-07: JPY 311.00 per share

- 2020-08: JPY 352.00 per share

- 2020-09: JPY 365.00 per share

- 2020-10: JPY 343.00 per share

- 2020-11: JPY 371.00 per share

- 2020-12: JPY 363.00 per share

- 2021-01: JPY 379.00 per share

- 2021-02: JPY 411.00 per share

- 2021-03: JPY 449.00 per share

- 2021-04: JPY 410.00 per share

- 2021-05: JPY 401.00 per share

- 2021-06: JPY 407.00 per share

- 2021-07: JPY 392.00 per share

- 2021-08: JPY 427.00 per share

- 2021-09: JPY 442.00 per share

- 2021-10: JPY 453.00 per share

- 2021-11: JPY 413.00 per share

- 2021-12: JPY 418.00 per share

- 2022-01: JPY 469.00 per share

- 2022-02: JPY 471.00 per share

- 2022-03: JPY 458.00 per share

- 2022-04: JPY 472.00 per share

- 2022-05: JPY 435.00 per share

- 2022-06: JPY 470.00 per share

- 2022-07: JPY 451.00 per share

- 2022-08: JPY 442.00 per share

- 2022-09: JPY 447.00 per share

- 2022-10: JPY 453.00 per share

- 2022-11: JPY 477.00 per share

- 2022-12: JPY 550.00 per share

- 2023-01: JPY 570.00 per share

- 2023-02: JPY 585.00 per share

- 2023-03: JPY 488.00 per share

- 2023-04: JPY 513.00 per share

- 2023-05: JPY 540.00 per share

- 2023-06: JPY 562.60 per share

- 2023-07: JPY 649.50 per share

- 2023-08: JPY 646.40 per share

- 2023-09: JPY 681.50 per share

- 2023-10: JPY 696.50 per share

- 2023-11: JPY 693.90 per share

- 2023-12: JPY 644.60 per share

- 2024-01: JPY 707.70 per share

- 2024-02: JPY 758.00 per share

- 2024-03: JPY 766.40 per share

- 2024-04: JPY 851.70 per share

- 2024-05: JPY 944.50 per share

- 2024-06: JPY 946.20 per share

- 2024-07: JPY 960.00 per share

- 2024-08: JPY 821.00 per share

- 2024-09: JPY 792.00 per share

- 2024-10: JPY 766.30 per share

- 2024-11: JPY 897.70 per share

- 2024-12: JPY 871.10 per share

- 2025-01: JPY 906.10 per share

- 2025-02: JPY 873.00 per share

- 2025-03: JPY 981.20 per share

- 2025-04: JPY 918.20 per share

- 2025-05: JPY 927.00 per share

- 2025-06: JPY 937.20 per share

- 2025-07: JPY 1,011.00 per share

- 2025-08: JPY 1,125.50 per share

- 2025-09: JPY 1,137.00 per share

- 2025-10: JPY 1,121.00 per share

- 2025-11: JPY 1,234.50 per share

- 2025-12: JPY 1,293.50 per share

- 2026-01: JPY 1,404.00 per share

- 2026-02: JPY 1,690.00 per share

- 2026-03: JPY 1,374.00 per share

- 2026-04: JPY 1,485.00 per share

- 2026-05: JPY 1,623.50 per share

- 2026-06: JPY 1,732.50 per share

- 2026-07: JPY 1,839.00 per share

- 2026-08: JPY 1,950.50 per share

- 2026-09: JPY 1,923.50 per share

- 2026-10: JPY 1,790.00 per share

## Annual estimated value (JPY per share)

- FY2021: low JPY 202.47 per share, central JPY 231.65 per share, high JPY 270.66 per share

- FY2022: low JPY 207.33 per share, central JPY 236.90 per share, high JPY 276.32 per share

- FY2023: low JPY 217.03 per share, central JPY 247.81 per share, high JPY 288.77 per share

- FY2024: low JPY 243.63 per share, central JPY 278.70 per share, high JPY 325.56 per share

- FY2025: low JPY 249.02 per share, central JPY 285.41 per share, high JPY 334.25 per share

- FY2026: low JPY 289.22 per share, central JPY 332.28 per share, high JPY 390.40 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/S100YA32.pdf); period 2026-03-31, filed 2026-06-11.

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.

Yokohama Financial Group

7186 · JP

Nikkei 225

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: JPY 1,733.50
Buy up to: JPY 332.28
Expected / yr: 4.6% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: JPY 61B
Worst year: JPY 25B
Latest · 2026: JPY 107B

Earned a median 5.1% on tangible equity (minimum 12%), and the second-worst year 4.3% (minimum 5%).

Return on tangible common equity

10y median: 5.1%
Worst year: 2.2%
Latest · 2026: 7.8%

Book value plus dividends grew 6.1% a year (minimum 7%).

Annual book + dividend return

9y median: 4.4%
Worst year: -0.3%
Latest · 2026: 13.4%

Ordinary share growth was -1.4% over the full period and -1.3% over five years (either must be at most 2% a year).

Shares (first year = 100)

10y median: 93
Worst year: 100
Latest · 2026: 88

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 74.27 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 525.50; 2016-12 · Price JPY 562.60; 2017-01 · Price JPY 598.20; 2017-02 · Price JPY 597.80; 2017-03 · Price JPY 515.40; 2017-04 · Price JPY 512.20; 2017-05 · Price JPY 509.90; 2017-06 · Price JPY 566.60; 2017-07 · Price JPY 556.80; 2017-08 · Price JPY 525.90; 2017-09 · Price JPY 556.10; 2017-10 · Price JPY 595.00; 2017-11 · Price JPY 615.00; 2017-12 · Price JPY 680.00; 2018-01 · Price JPY 661.00; 2018-02 · Price JPY 626.00; 2018-03 · Price JPY 587.00; 2018-04 · Price JPY 637.00; 2018-05 · Price JPY 613.00; 2018-06 · Price JPY 564.00; 2018-07 · Price JPY 600.00; 2018-08 · Price JPY 533.00; 2018-09 · Price JPY 557.00; 2018-10 · Price JPY 518.00; 2018-11 · Price JPY 533.00; 2018-12 · Price JPY 422.00; 2019-01 · Price JPY 448.00; 2019-02 · Price JPY 451.00; 2019-03 · Price JPY 427.00; 2019-04 · Price JPY 432.00; 2019-05 · Price JPY 416.00; 2019-06 · Price JPY 401.00; 2019-07 · Price JPY 385.00; 2019-08 · Price JPY 365.00; 2019-09 · Price JPY 414.00; 2019-10 · Price JPY 446.00; 2019-11 · Price JPY 444.00; 2019-12 · Price JPY 452.00; 2020-01 · Price JPY 419.00; 2020-02 · Price JPY 372.00; 2020-03 · Price JPY 315.00; 2020-04 · Price JPY 332.00; 2020-05 · Price JPY 352.00; 2020-06 · Price JPY 345.00; 2020-07 · Price JPY 311.00; 2020-08 · Price JPY 352.00; 2020-09 · Price JPY 365.00; 2020-10 · Price JPY 343.00; 2020-11 · Price JPY 371.00; 2020-12 · Price JPY 363.00; 2021-01 · Price JPY 379.00 · Value 231.65 · Buy at or below 231.65; 2021-02 · Price JPY 411.00 · Value 231.65 · Buy at or below 231.65; 2021-03 · Price JPY 449.00 · Value 231.65 · Buy at or below 231.65; 2021-04 · Price JPY 410.00 · Value 231.65 · Buy at or below 231.65; 2021-05 · Price JPY 401.00 · Value 231.65 · Buy at or below 231.65; 2021-06 · Price JPY 407.00 · Value 231.65 · Buy at or below 231.65; 2021-07 · Price JPY 392.00 · Value 231.65 · Buy at or below 231.65; 2021-08 · Price JPY 427.00 · Value 231.65 · Buy at or below 231.65; 2021-09 · Price JPY 442.00 · Value 231.65 · Buy at or below 231.65; 2021-10 · Price JPY 453.00 · Value 231.65 · Buy at or below 231.65; 2021-11 · Price JPY 413.00 · Value 231.65 · Buy at or below 231.65; 2021-12 · Price JPY 418.00 · Value 231.65 · Buy at or below 231.65; 2022-01 · Price JPY 469.00 · Value 231.65 · Buy at or below 231.65; 2022-02 · Price JPY 471.00 · Value 236.90 · Buy at or below 236.90; 2022-03 · Price JPY 458.00 · Value 236.90 · Buy at or below 236.90; 2022-04 · Price JPY 472.00 · Value 236.90 · Buy at or below 236.90; 2022-05 · Price JPY 435.00 · Value 236.90 · Buy at or below 236.90; 2022-06 · Price JPY 470.00 · Value 236.90 · Buy at or below 236.90; 2022-07 · Price JPY 451.00 · Value 236.90 · Buy at or below 236.90; 2022-08 · Price JPY 442.00 · Value 236.90 · Buy at or below 236.90; 2022-09 · Price JPY 447.00 · Value 236.90 · Buy at or below 236.90; 2022-10 · Price JPY 453.00 · Value 236.90 · Buy at or below 236.90; 2022-11 · Price JPY 477.00 · Value 236.90 · Buy at or below 236.90; 2022-12 · Price JPY 550.00 · Value 236.90 · Buy at or below 236.90; 2023-01 · Price JPY 570.00 · Value 236.90 · Buy at or below 236.90; 2023-02 · Price JPY 585.00 · Value 247.81 · Buy at or below 247.81; 2023-03 · Price JPY 488.00 · Value 247.81 · Buy at or below 247.81; 2023-04 · Price JPY 513.00 · Value 247.81 · Buy at or below 247.81; 2023-05 · Price JPY 540.00 · Value 247.81 · Buy at or below 247.81; 2023-06 · Price JPY 562.60 · Value 247.81 · Buy at or below 247.81; 2023-07 · Price JPY 649.50 · Value 247.81 · Buy at or below 247.81; 2023-08 · Price JPY 646.40 · Value 247.81 · Buy at or below 247.81; 2023-09 · Price JPY 681.50 · Value 247.81 · Buy at or below 247.81; 2023-10 · Price JPY 696.50 · Value 247.81 · Buy at or below 247.81; 2023-11 · Price JPY 693.90 · Value 247.81 · Buy at or below 247.81; 2023-12 · Price JPY 644.60 · Value 247.81 · Buy at or below 247.81; 2024-01 · Price JPY 707.70 · Value 247.81 · Buy at or below 247.81; 2024-02 · Price JPY 758.00 · Value 278.70 · Buy at or below 278.70; 2024-03 · Price JPY 766.40 · Value 278.70 · Buy at or below 278.70; 2024-04 · Price JPY 851.70 · Value 278.70 · Buy at or below 278.70; 2024-05 · Price JPY 944.50 · Value 278.70 · Buy at or below 278.70; 2024-06 · Price JPY 946.20 · Value 278.70 · Buy at or below 278.70; 2024-07 · Price JPY 960.00 · Value 278.70 · Buy at or below 278.70; 2024-08 · Price JPY 821.00 · Value 278.70 · Buy at or below 278.70; 2024-09 · Price JPY 792.00 · Value 278.70 · Buy at or below 278.70; 2024-10 · Price JPY 766.30 · Value 278.70 · Buy at or below 278.70; 2024-11 · Price JPY 897.70 · Value 278.70 · Buy at or below 278.70; 2024-12 · Price JPY 871.10 · Value 278.70 · Buy at or below 278.70; 2025-01 · Price JPY 906.10 · Value 278.70 · Buy at or below 278.70; 2025-02 · Price JPY 873.00 · Value 285.41 · Buy at or below 285.41; 2025-03 · Price JPY 981.20 · Value 285.41 · Buy at or below 285.41; 2025-04 · Price JPY 918.20 · Value 285.41 · Buy at or below 285.41; 2025-05 · Price JPY 927.00 · Value 285.41 · Buy at or below 285.41; 2025-06 · Price JPY 937.20 · Value 285.41 · Buy at or below 285.41; 2025-07 · Price JPY 1011.00 · Value 285.41 · Buy at or below 285.41; 2025-08 · Price JPY 1125.50 · Value 285.41 · Buy at or below 285.41; 2025-09 · Price JPY 1137.00 · Value 285.41 · Buy at or below 285.41; 2025-10 · Price JPY 1121.00 · Value 285.41 · Buy at or below 285.41; 2025-11 · Price JPY 1234.50 · Value 285.41 · Buy at or below 285.41; 2025-12 · Price JPY 1293.50 · Value 285.41 · Buy at or below 285.41; 2026-01 · Price JPY 1404.00 · Value 285.41 · Buy at or below 285.41; 2026-02 · Price JPY 1690.00 · Value 332.28 · Buy at or below 332.28; 2026-03 · Price JPY 1374.00 · Value 332.28 · Buy at or below 332.28; 2026-04 · Price JPY 1485.00 · Value 332.28 · Buy at or below 332.28; 2026-05 · Price JPY 1623.50 · Value 332.28 · Buy at or below 332.28; 2026-06 · Price JPY 1732.50 · Value 332.28 · Buy at or below 332.28; 2026-07 · Price JPY 1839.00 · Value 332.28 · Buy at or below 332.28; 2026-08 · Price JPY 1950.50 · Value 332.28 · Buy at or below 332.28; 2026-09 · Price JPY 1923.50 · Value 332.28 · Buy at or below 332.28; 2026-10 · Price JPY 1790.00 · Value 332.28 · Buy at or below 332.28; 2026-10 · Price JPY 1733.50 · Value 332.28 · Buy at or below 332.28

JPY per share · annual estimates

Price & return math
Value range	JPY 289.22 – JPY 390.40
Buy at or below	Central value JPY 332.28
Discount to value	1 − 1733.50 / 332.28 = -421.7%
Return / year	About 4.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Book JPY 1212.42/share; ROE 5.1%; first payout JPY 22.32/share, growing 3.3% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeJPY 107B

Net income

Book / shareJPY 1K

Book / share

Dividend / shareJPY 33.23

Dividend / share

Return on tangible equity7.8%

Return on tangible equity

Diluted shares1.1B

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·