# Mitsubishi UFJ Financial Group (8306.JP)

Canonical: https://gigainvestors.com/s/8306.JP

Analysis as of: 2026-10-15T06:39:17.094Z. 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 3,413.00 per share; close as of 2026-10-15.

Estimated value: low JPY 608.49 per share, central JPY 724.68 per share, high JPY 895.71 per share. Buy at or below the central value JPY 724.68 per share. Valuation as of 2026-10-15T06:39:17.094Z; scenarios are not confidence intervals.

Expected annual return: 5.9% at the stated quote. About 5.9% 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): 0.31×

Chart: Net income; fiscal year observations.

- FY2017: JPY 926B

- FY2018: JPY 990B

- FY2019: JPY 873B

- FY2020: JPY 528B

- FY2021: JPY 777B

- FY2022: JPY 1.13T

- FY2023: JPY 1.12T

- FY2024: JPY 1.49T

- FY2025: JPY 1.86T

- FY2026: JPY 2.43T

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 6.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 5.1%

- Years with reported combined ratio: 0

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

- FY2017: 6.6%

- FY2018: 6.7%

- FY2019: 5.8%

- FY2020: 3.6%

- FY2021: 5.1%

- FY2022: 7.2%

- FY2023: 7.0%

- FY2024: 8.3%

- FY2025: 10.0%

- FY2026: 11.9%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 8.2%

- 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: 2.8%

- FY2018: 9.5%

- FY2019: 5.5%

- FY2020: -0.5%

- FY2021: 8.7%

- FY2022: 4.7%

- FY2023: 7.7%

- FY2024: 18.9%

- FY2025: 10.0%

- FY2026: 16.1%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -2.0%

- Diluted shares, 5-year annual growth: -2.4%

- Share growth excluding flagged crisis recapitalisations: -2.0%

- Five-year share growth excluding flagged crisis recapitalisations: -2.4%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.66×

- Book value created per share: JPY 760.96

- Earnings retained per share after dividends and buybacks: JPY 457.68

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

- FY2016: 100

- FY2017: 98

- FY2018: 96

- FY2019: 94

- FY2020: 93

- FY2021: 92

- FY2022: 92

- FY2023: 89

- FY2024: 86

- FY2025: 84

- FY2026: 82

### accounting: pass

- Financial accounting warning count: 0

- Loans, annualized growth: 1.6%

- Deposits, annualized growth: 4.1%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

## Holders

## Price story

The price assumes profits grow 8.9% a year forever · net income +30.3%

Story as of 2026-10-16T09:59:56.562Z; price observation 2026-10-15.

The price assumes profits grow 8.9% a year forever

### Net income · FY2026

net income +30.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJQO.pdf; observed 2026-06-24.

- FY2017: JPY 926B 

- FY2018: JPY 990B 

- FY2019: JPY 873B 

- FY2020: JPY 528B 

- FY2021: JPY 777B 

- FY2022: JPY 1.13T 

- FY2023: JPY 1.12T 

- FY2024: JPY 1.49T 

- FY2025: JPY 1.86T 

- FY2026: JPY 2.43T 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are JPY 11.9 trillion.

- Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000067088.json#0001628280-26-047095 (filed 2026-06-24); FY2026: revenue 11867264000000.

### Why customers stay

It earns 6.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); 10-year return on tangible equity observations [[2017,0.06606861368588184],[2018,0.06696890045205145],[2019,0.058013942401207864],[2020,0.03644323780666704],[2021,0.05056579339113232],[2022,0.07212197238581289],[2023,0.07033857387510799],[2024,0.08320667706930829],[2025,0.09991759643319777],[2026,0.11946226871749642]]; median 0.06865373716357973. 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 500.2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-24); Dividend observations: [[2017,246563000000],[2018,241067000000],[2019,276279000000],[2020,304535000000],[2021,321772000000],[2022,334619000000],[2023,380447000000],[2024,439755000000],[2025,532976000000],[2026,848401000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJQO.pdf (filed 2026-06-24); FY2026: cash repurchases 500212000000 JPY.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); MUFG.US SharesStats.PercentInsiders = 0.003 percentage points; cache date 2026-09-29.

### 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 2026-06-24); Price 3413; FX 1; original perpetual distributable cash 37.952096963807655; discount 0.1; growth 0.08888013566838335. 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 669.80 per share

- 2016-12: JPY 720.20 per share

- 2017-01: JPY 730.90 per share

- 2017-02: JPY 738.40 per share

- 2017-03: JPY 699.70 per share

- 2017-04: JPY 709.20 per share

- 2017-05: JPY 690.90 per share

- 2017-06: JPY 754.80 per share

- 2017-07: JPY 700.00 per share

- 2017-08: JPY 674.10 per share

- 2017-09: JPY 730.70 per share

- 2017-10: JPY 762.50 per share

- 2017-11: JPY 792.10 per share

- 2017-12: JPY 826.40 per share

- 2018-01: JPY 820.80 per share

- 2018-02: JPY 762.30 per share

- 2018-03: JPY 697.00 per share

- 2018-04: JPY 733.20 per share

- 2018-05: JPY 655.80 per share

- 2018-06: JPY 631.10 per share

- 2018-07: JPY 689.40 per share

- 2018-08: JPY 670.80 per share

- 2018-09: JPY 709.10 per share

- 2018-10: JPY 684.80 per share

- 2018-11: JPY 624.50 per share

- 2018-12: JPY 537.90 per share

- 2019-01: JPY 583.60 per share

- 2019-02: JPY 576.70 per share

- 2019-03: JPY 550.00 per share

- 2019-04: JPY 549.90 per share

- 2019-05: JPY 501.10 per share

- 2019-06: JPY 512.00 per share

- 2019-07: JPY 524.20 per share

- 2019-08: JPY 510.40 per share

- 2019-09: JPY 548.40 per share

- 2019-10: JPY 569.80 per share

- 2019-11: JPY 578.10 per share

- 2019-12: JPY 593.20 per share

- 2020-01: JPY 568.50 per share

- 2020-02: JPY 531.90 per share

- 2020-03: JPY 403.00 per share

- 2020-04: JPY 434.30 per share

- 2020-05: JPY 444.20 per share

- 2020-06: JPY 421.60 per share

- 2020-07: JPY 393.20 per share

- 2020-08: JPY 442.50 per share

- 2020-09: JPY 416.10 per share

- 2020-10: JPY 410.20 per share

- 2020-11: JPY 448.50 per share

- 2020-12: JPY 456.10 per share

- 2021-01: JPY 469.30 per share

- 2021-02: JPY 558.00 per share

- 2021-03: JPY 591.70 per share

- 2021-04: JPY 578.00 per share

- 2021-05: JPY 620.00 per share

- 2021-06: JPY 600.10 per share

- 2021-07: JPY 578.50 per share

- 2021-08: JPY 594.40 per share

- 2021-09: JPY 657.90 per share

- 2021-10: JPY 622.50 per share

- 2021-11: JPY 601.40 per share

- 2021-12: JPY 624.90 per share

- 2022-01: JPY 691.10 per share

- 2022-02: JPY 712.80 per share

- 2022-03: JPY 760.30 per share

- 2022-04: JPY 754.30 per share

- 2022-05: JPY 729.70 per share

- 2022-06: JPY 729.40 per share

- 2022-07: JPY 745.40 per share

- 2022-08: JPY 721.10 per share

- 2022-09: JPY 651.50 per share

- 2022-10: JPY 699.50 per share

- 2022-11: JPY 755.10 per share

- 2022-12: JPY 889.00 per share

- 2023-01: JPY 952.70 per share

- 2023-02: JPY 965.10 per share

- 2023-03: JPY 847.90 per share

- 2023-04: JPY 852.90 per share

- 2023-05: JPY 932.50 per share

- 2023-06: JPY 1,065.00 per share

- 2023-07: JPY 1,146.00 per share

- 2023-08: JPY 1,163.50 per share

- 2023-09: JPY 1,268.50 per share

- 2023-10: JPY 1,257.00 per share

- 2023-11: JPY 1,255.00 per share

- 2023-12: JPY 1,211.50 per share

- 2024-01: JPY 1,395.00 per share

- 2024-02: JPY 1,542.00 per share

- 2024-03: JPY 1,550.00 per share

- 2024-04: JPY 1,579.50 per share

- 2024-05: JPY 1,658.00 per share

- 2024-06: JPY 1,729.00 per share

- 2024-07: JPY 1,750.00 per share

- 2024-08: JPY 1,528.00 per share

- 2024-09: JPY 1,453.50 per share

- 2024-10: JPY 1,628.50 per share

- 2024-11: JPY 1,792.00 per share

- 2024-12: JPY 1,846.00 per share

- 2025-01: JPY 1,978.50 per share

- 2025-02: JPY 1,903.00 per share

- 2025-03: JPY 2,011.00 per share

- 2025-04: JPY 1,803.50 per share

- 2025-05: JPY 2,025.50 per share

- 2025-06: JPY 1,983.00 per share

- 2025-07: JPY 2,110.50 per share

- 2025-08: JPY 2,259.00 per share

- 2025-09: JPY 2,394.00 per share

- 2025-10: JPY 2,330.00 per share

- 2025-11: JPY 2,423.50 per share

- 2025-12: JPY 2,493.00 per share

- 2026-01: JPY 2,804.50 per share

- 2026-02: JPY 2,968.50 per share

- 2026-03: JPY 2,600.00 per share

- 2026-04: JPY 2,817.00 per share

- 2026-05: JPY 2,999.00 per share

- 2026-06: JPY 3,207.00 per share

- 2026-07: JPY 3,571.00 per share

- 2026-08: JPY 3,680.00 per share

- 2026-09: JPY 3,700.00 per share

- 2026-10: JPY 3,486.00 per share

## Annual estimated value (JPY per share)

- FY2017: low JPY 628.56 per share, central JPY 691.42 per share, high JPY 768.25 per share

- FY2018: low JPY 676.87 per share, central JPY 744.56 per share, high JPY 827.29 per share

- FY2019: low JPY 701.36 per share, central JPY 771.50 per share, high JPY 857.22 per share

- FY2020: low JPY 323.95 per share, central JPY 387.32 per share, high JPY 481.50 per share

- FY2021: low JPY 344.91 per share, central JPY 412.38 per share, high JPY 512.65 per share

- FY2022: low JPY 745.97 per share, central JPY 820.57 per share, high JPY 911.74 per share

- FY2023: low JPY 392.15 per share, central JPY 467.79 per share, high JPY 579.58 per share

- FY2024: low JPY 471.13 per share, central JPY 560.34 per share, high JPY 691.23 per share

- FY2025: low JPY 503.98 per share, central JPY 599.41 per share, high JPY 739.43 per share

- FY2026: low JPY 600.88 per share, central JPY 715.61 per share, high JPY 884.50 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

Prior published observations retained from 2026-10-15T06:39:17.094Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YJQO.pdf); period 2026-03-31, filed 2026-06-24.

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.

Mitsubishi UFJ Financial Group

8306 · JP

Nikkei 225 · TOPIX Core30

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: JPY 3,413.00
Buy up to: JPY 724.68
Expected / yr: 5.9% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
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 1.05T
Worst year: JPY 528B
Latest · 2026: JPY 2.43T

Earned a median 6.9% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 6.9%
Worst year: 3.6%
Latest · 2026: 11.9%

Book value plus dividends grew 8.2% a year (minimum 7%).

Annual book + dividend return

10y median: 8.2%
Worst year: -0.5%
Latest · 2026: 16.1%

Ordinary share growth was -2% over the full period and -2.4% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 92
Worst year: 100
Latest · 2026: 82

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 165.74 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 669.80; 2016-12 · Price JPY 720.20; 2017-01 · Price JPY 730.90 · Value 691.42 · Buy at or below 691.42; 2017-02 · Price JPY 738.40 · Value 691.42 · Buy at or below 691.42; 2017-03 · Price JPY 699.70 · Value 691.42 · Buy at or below 691.42; 2017-04 · Price JPY 709.20 · Value 691.42 · Buy at or below 691.42; 2017-05 · Price JPY 690.90 · Value 691.42 · Buy at or below 691.42; 2017-06 · Price JPY 754.80 · Value 691.42 · Buy at or below 691.42; 2017-07 · Price JPY 700.00 · Value 691.42 · Buy at or below 691.42; 2017-08 · Price JPY 674.10 · Value 691.42 · Buy at or below 691.42; 2017-09 · Price JPY 730.70 · Value 691.42 · Buy at or below 691.42; 2017-10 · Price JPY 762.50 · Value 691.42 · Buy at or below 691.42; 2017-11 · Price JPY 792.10 · Value 691.42 · Buy at or below 691.42; 2017-12 · Price JPY 826.40 · Value 691.42 · Buy at or below 691.42; 2018-01 · Price JPY 820.80 · Value 691.42 · Buy at or below 691.42; 2018-02 · Price JPY 762.30 · Value 744.56 · Buy at or below 744.56; 2018-03 · Price JPY 697.00 · Value 744.56 · Buy at or below 744.56; 2018-04 · Price JPY 733.20 · Value 744.56 · Buy at or below 744.56; 2018-05 · Price JPY 655.80 · Value 744.56 · Buy at or below 744.56; 2018-06 · Price JPY 631.10 · Value 744.56 · Buy at or below 744.56; 2018-07 · Price JPY 689.40 · Value 744.56 · Buy at or below 744.56; 2018-08 · Price JPY 670.80 · Value 744.56 · Buy at or below 744.56; 2018-09 · Price JPY 709.10 · Value 744.56 · Buy at or below 744.56; 2018-10 · Price JPY 684.80 · Value 744.56 · Buy at or below 744.56; 2018-11 · Price JPY 624.50 · Value 744.56 · Buy at or below 744.56; 2018-12 · Price JPY 537.90 · Value 744.56 · Buy at or below 744.56; 2019-01 · Price JPY 583.60 · Value 744.56 · Buy at or below 744.56; 2019-02 · Price JPY 576.70 · Value 771.50 · Buy at or below 771.50; 2019-03 · Price JPY 550.00 · Value 771.50 · Buy at or below 771.50; 2019-04 · Price JPY 549.90 · Value 771.50 · Buy at or below 771.50; 2019-05 · Price JPY 501.10 · Value 771.50 · Buy at or below 771.50; 2019-06 · Price JPY 512.00 · Value 771.50 · Buy at or below 771.50; 2019-07 · Price JPY 524.20 · Value 771.50 · Buy at or below 771.50; 2019-08 · Price JPY 510.40 · Value 771.50 · Buy at or below 771.50; 2019-09 · Price JPY 548.40 · Value 771.50 · Buy at or below 771.50; 2019-10 · Price JPY 569.80 · Value 771.50 · Buy at or below 771.50; 2019-11 · Price JPY 578.10 · Value 771.50 · Buy at or below 771.50; 2019-12 · Price JPY 593.20 · Value 771.50 · Buy at or below 771.50; 2020-01 · Price JPY 568.50 · Value 771.50 · Buy at or below 771.50; 2020-02 · Price JPY 531.90 · Value 387.32 · Buy at or below 387.32; 2020-03 · Price JPY 403.00 · Value 387.32 · Buy at or below 387.32; 2020-04 · Price JPY 434.30 · Value 387.32 · Buy at or below 387.32; 2020-05 · Price JPY 444.20 · Value 387.32 · Buy at or below 387.32; 2020-06 · Price JPY 421.60 · Value 387.32 · Buy at or below 387.32; 2020-07 · Price JPY 393.20 · Value 387.32 · Buy at or below 387.32; 2020-08 · Price JPY 442.50 · Value 387.32 · Buy at or below 387.32; 2020-09 · Price JPY 416.10 · Value 387.32 · Buy at or below 387.32; 2020-10 · Price JPY 410.20 · Value 387.32 · Buy at or below 387.32; 2020-11 · Price JPY 448.50 · Value 387.32 · Buy at or below 387.32; 2020-12 · Price JPY 456.10 · Value 387.32 · Buy at or below 387.32; 2021-01 · Price JPY 469.30 · Value 387.32 · Buy at or below 387.32; 2021-02 · Price JPY 558.00 · Value 412.38 · Buy at or below 412.38; 2021-03 · Price JPY 591.70 · Value 412.38 · Buy at or below 412.38; 2021-04 · Price JPY 578.00 · Value 412.38 · Buy at or below 412.38; 2021-05 · Price JPY 620.00 · Value 412.38 · Buy at or below 412.38; 2021-06 · Price JPY 600.10 · Value 412.38 · Buy at or below 412.38; 2021-07 · Price JPY 578.50 · Value 412.38 · Buy at or below 412.38; 2021-08 · Price JPY 594.40 · Value 412.38 · Buy at or below 412.38; 2021-09 · Price JPY 657.90 · Value 412.38 · Buy at or below 412.38; 2021-10 · Price JPY 622.50 · Value 412.38 · Buy at or below 412.38; 2021-11 · Price JPY 601.40 · Value 412.38 · Buy at or below 412.38; 2021-12 · Price JPY 624.90 · Value 412.38 · Buy at or below 412.38; 2022-01 · Price JPY 691.10 · Value 412.38 · Buy at or below 412.38; 2022-02 · Price JPY 712.80 · Value 820.57 · Buy at or below 820.57; 2022-03 · Price JPY 760.30 · Value 820.57 · Buy at or below 820.57; 2022-04 · Price JPY 754.30 · Value 820.57 · Buy at or below 820.57; 2022-05 · Price JPY 729.70 · Value 820.57 · Buy at or below 820.57; 2022-06 · Price JPY 729.40 · Value 820.57 · Buy at or below 820.57; 2022-07 · Price JPY 745.40 · Value 820.57 · Buy at or below 820.57; 2022-08 · Price JPY 721.10 · Value 820.57 · Buy at or below 820.57; 2022-09 · Price JPY 651.50 · Value 820.57 · Buy at or below 820.57; 2022-10 · Price JPY 699.50 · Value 820.57 · Buy at or below 820.57; 2022-11 · Price JPY 755.10 · Value 820.57 · Buy at or below 820.57; 2022-12 · Price JPY 889.00 · Value 820.57 · Buy at or below 820.57; 2023-01 · Price JPY 952.70 · Value 820.57 · Buy at or below 820.57; 2023-02 · Price JPY 965.10 · Value 467.79 · Buy at or below 467.79; 2023-03 · Price JPY 847.90 · Value 467.79 · Buy at or below 467.79; 2023-04 · Price JPY 852.90 · Value 467.79 · Buy at or below 467.79; 2023-05 · Price JPY 932.50 · Value 467.79 · Buy at or below 467.79; 2023-06 · Price JPY 1065.00 · Value 467.79 · Buy at or below 467.79; 2023-07 · Price JPY 1146.00 · Value 467.79 · Buy at or below 467.79; 2023-08 · Price JPY 1163.50 · Value 467.79 · Buy at or below 467.79; 2023-09 · Price JPY 1268.50 · Value 467.79 · Buy at or below 467.79; 2023-10 · Price JPY 1257.00 · Value 467.79 · Buy at or below 467.79; 2023-11 · Price JPY 1255.00 · Value 467.79 · Buy at or below 467.79; 2023-12 · Price JPY 1211.50 · Value 467.79 · Buy at or below 467.79; 2024-01 · Price JPY 1395.00 · Value 467.79 · Buy at or below 467.79; 2024-02 · Price JPY 1542.00 · Value 560.34 · Buy at or below 560.34; 2024-03 · Price JPY 1550.00 · Value 560.34 · Buy at or below 560.34; 2024-04 · Price JPY 1579.50 · Value 560.34 · Buy at or below 560.34; 2024-05 · Price JPY 1658.00 · Value 560.34 · Buy at or below 560.34; 2024-06 · Price JPY 1729.00 · Value 560.34 · Buy at or below 560.34; 2024-07 · Price JPY 1750.00 · Value 560.34 · Buy at or below 560.34; 2024-08 · Price JPY 1528.00 · Value 560.34 · Buy at or below 560.34; 2024-09 · Price JPY 1453.50 · Value 560.34 · Buy at or below 560.34; 2024-10 · Price JPY 1628.50 · Value 560.34 · Buy at or below 560.34; 2024-11 · Price JPY 1792.00 · Value 560.34 · Buy at or below 560.34; 2024-12 · Price JPY 1846.00 · Value 560.34 · Buy at or below 560.34; 2025-01 · Price JPY 1978.50 · Value 560.34 · Buy at or below 560.34; 2025-02 · Price JPY 1903.00 · Value 599.41 · Buy at or below 599.41; 2025-03 · Price JPY 2011.00 · Value 599.41 · Buy at or below 599.41; 2025-04 · Price JPY 1803.50 · Value 599.41 · Buy at or below 599.41; 2025-05 · Price JPY 2025.50 · Value 599.41 · Buy at or below 599.41; 2025-06 · Price JPY 1983.00 · Value 599.41 · Buy at or below 599.41; 2025-07 · Price JPY 2110.50 · Value 599.41 · Buy at or below 599.41; 2025-08 · Price JPY 2259.00 · Value 599.41 · Buy at or below 599.41; 2025-09 · Price JPY 2394.00 · Value 599.41 · Buy at or below 599.41; 2025-10 · Price JPY 2330.00 · Value 599.41 · Buy at or below 599.41; 2025-11 · Price JPY 2423.50 · Value 599.41 · Buy at or below 599.41; 2025-12 · Price JPY 2493.00 · Value 599.41 · Buy at or below 599.41; 2026-01 · Price JPY 2804.50 · Value 599.41 · Buy at or below 599.41; 2026-02 · Price JPY 2968.50 · Value 715.61 · Buy at or below 715.61; 2026-03 · Price JPY 2600.00 · Value 715.61 · Buy at or below 715.61; 2026-04 · Price JPY 2817.00 · Value 715.61 · Buy at or below 715.61; 2026-05 · Price JPY 2999.00 · Value 715.61 · Buy at or below 715.61; 2026-06 · Price JPY 3207.00 · Value 715.61 · Buy at or below 715.61; 2026-07 · Price JPY 3571.00 · Value 715.61 · Buy at or below 715.61; 2026-08 · Price JPY 3680.00 · Value 715.61 · Buy at or below 715.61; 2026-09 · Price JPY 3700.00 · Value 715.61 · Buy at or below 715.61; 2026-10 · Price JPY 3486.00 · Value 715.61 · Buy at or below 715.61; 2026-10 · Price JPY 3413.00 · Value 715.61 · Buy at or below 715.61

JPY per share · annual estimates

Price & return math
Value range	JPY 608.49 – JPY 895.71
Buy at or below	Central value JPY 724.68
Discount to value	1 − 3413.00 / 724.68 = -371.0%
Return / year	About 5.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Book JPY 1805.12/share; ROE 6.9%; first payout JPY 37.95/share, growing 4.8% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeJPY 2.43T

Net income

Book / shareJPY 2K

Book / share

Dividend / shareJPY 74.43

Dividend / share

Return on tangible equity11.9%

Return on tangible equity

Diluted shares11B

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·