# Resona Holdings (8308.JP)

Canonical: https://gigainvestors.com/s/8308.JP

Analysis as of: 2026-10-15T06:39:55.490Z. 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 2,276.00 per share; close as of 2026-10-15.

Estimated value: low JPY 531.37 per share, central JPY 645.49 per share, high JPY 822.02 per share. Buy at or below the central value JPY 645.49 per share. Valuation as of 2026-10-15T06:39:55.490Z; scenarios are not confidence intervals.

Expected annual return: 6.7% at the stated quote. About 6.7% 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): 0.26×

Chart: Net income; fiscal year observations.

- FY2017: JPY 161B

- FY2018: JPY 236B

- FY2019: JPY 175B

- FY2020: JPY 152B

- FY2021: JPY 124B

- FY2022: JPY 110B

- FY2023: JPY 160B

- FY2024: JPY 159B

- FY2025: JPY 213B

- FY2026: JPY 259B

### 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: 7.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 5.5%

- Years with reported combined ratio: 0

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

- FY2017: 8.5%

- FY2018: 11.5%

- FY2019: 8.5%

- FY2020: 7.5%

- FY2021: 5.5%

- FY2022: 4.6%

- FY2023: 6.5%

- FY2024: 5.9%

- FY2025: 8.0%

- FY2026: 9.1%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 7.8%

- Book return interval: 10 years

- Starting book value per share: JPY 734.73

- Ending book value per share: JPY 1K

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

- FY2017: 9.8%

- FY2018: 13.9%

- FY2019: 4.6%

- FY2020: 1.0%

- FY2021: 14.1%

- FY2022: 2.2%

- FY2023: 7.3%

- FY2024: 13.8%

- FY2025: 2.2%

- FY2026: 10.6%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.7%

- Diluted shares, 5-year annual growth: -0.2%

- Share growth excluding flagged crisis recapitalisations: -0.7%

- Five-year share growth excluding flagged crisis recapitalisations: -0.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.44×

- Book value created per share: JPY 520.44

- Earnings retained per share after dividends and buybacks: JPY 361.58

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

- FY2016: 100

- FY2017: 99

- FY2018: 97

- FY2019: 95

- FY2020: 95

- FY2021: 95

- FY2022: 100

- FY2023: 98

- FY2024: 97

- FY2025: 95

- FY2026: 94

### accounting: pass

- Financial accounting warning count: 0

- Loans, annualized growth: 5.6%

- Deposits, annualized growth: 5.2%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 3

## Holders

## Price story

The price assumes profits grow 8.7% a year forever · net income +21.3%

Story as of 2026-10-16T09:59:59.381Z; price observation 2026-10-15.

The price assumes profits grow 8.7% a year forever

### Net income · FY2026

net income +21.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDP3.pdf; observed 2026-06-19.

- FY2017: JPY 161B 

- FY2018: JPY 236B 

- FY2019: JPY 175B 

- FY2020: JPY 152B 

- FY2021: JPY 124B 

- FY2022: JPY 110B 

- FY2023: JPY 160B 

- FY2024: JPY 159B 

- FY2025: JPY 213B 

- FY2026: JPY 259B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are JPY 1 trillion.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/8308.T?type=annualTotalRevenue%2CannualCostOfRevenue%2CannualGrossProfit%2CannualOperatingIncome%2CannualOperatingExpense%2CannualNetIncome%2CannualPretaxIncome%2CannualTaxProvision%2CannualDepreciationAndAmortization%2CannualStockBasedCompensation%2CannualOperatingCashFlow%2CannualCapitalExpenditure%2CannualCashDividendsPaid%2CannualRepurchaseOfCapitalStock%2CannualIssuanceOfCapitalStock%2CannualNetBusinessPurchaseAndSale%2CannualReceivables%2CannualInventory%2CannualAccountsPayable%2CannualCashCashEquivalentsAndShortTermInvestments%2CannualTotalDebt%2CannualCurrentDebt%2CannualStockholdersEquity%2CannualGoodwill%2CannualOtherIntangibleAssets%2CannualNetPPE%2CannualTotalAssets%2CannualTotalLiabilitiesNetMinorityInterest%2CannualCurrentAssets%2CannualCurrentLiabilities%2CannualDilutedAverageShares%2CannualDilutedEPS%2CannualRetainedEarnings&period1=1262304000&period2=1790802328 (filed 2026-06-19); FY2026: revenue 1026905000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); RSHGY.US: Resona Holdings, Inc., through its subsidiaries, engages in the provision retail and commercial banking products and services in Japan and internationally. The company operates Individual, Corporate, and market segment. It provides consulting services, that includes personal loan, asset management, and asset succession services to individuals; and corporate lending, asset management using trusts, real estate operations, corporate pensions, and business succession services to corporates. The company is also involved in financial market services, that includes short term lending, borrowing, purchase and sale of bonds, and derivatives trading. Resona Holdings, Inc. was founded in 1918 and is headquartered in Tokyo, Japan.

### Why customers stay

It earns 7.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); 10-year return on tangible equity observations [[2017,0.08510193154534167],[2018,0.11497417289511772],[2019,0.08460158594768054],[2020,0.07513977854306934],[2021,0.0549845224759798],[2022,0.04607060942785627],[2023,0.06509864433290732],[2024,0.05854249699791512],[2025,0.07962390986676719],[2026,0.09068062783183091]]; median 0.07738184420491827. 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 66 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Dividend observations: [[2017,49204000000],[2018,48976000000],[2019,47624000000],[2020,48557000000],[2021,48334000000],[2022,51084000000],[2023,50401000000],[2024,50932000000],[2025,52474000000],[2026,64243000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDP3.pdf (filed 2026-06-19); FY2026: cash repurchases 65992000000 JPY.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); RSHGY.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-09-29.

### What could break it

"①信用リスク" (8308 filing, Jun 2026)

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YDP3.pdf (filed 2026-06-19); ①信用リスク

### 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 2026-06-19); Price 2276; FX 1; original perpetual distributable cash 30.057030110474553; discount 0.1; growth 0.08679392350154896. 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 550.10 per share

- 2016-12: JPY 599.50 per share

- 2017-01: JPY 613.20 per share

- 2017-02: JPY 627.00 per share

- 2017-03: JPY 597.90 per share

- 2017-04: JPY 619.80 per share

- 2017-05: JPY 566.70 per share

- 2017-06: JPY 618.50 per share

- 2017-07: JPY 568.40 per share

- 2017-08: JPY 548.60 per share

- 2017-09: JPY 578.00 per share

- 2017-10: JPY 608.20 per share

- 2017-11: JPY 595.90 per share

- 2017-12: JPY 673.10 per share

- 2018-01: JPY 657.30 per share

- 2018-02: JPY 612.00 per share

- 2018-03: JPY 562.00 per share

- 2018-04: JPY 622.60 per share

- 2018-05: JPY 606.90 per share

- 2018-06: JPY 592.60 per share

- 2018-07: JPY 635.90 per share

- 2018-08: JPY 629.90 per share

- 2018-09: JPY 638.30 per share

- 2018-10: JPY 595.00 per share

- 2018-11: JPY 601.90 per share

- 2018-12: JPY 528.70 per share

- 2019-01: JPY 549.90 per share

- 2019-02: JPY 503.30 per share

- 2019-03: JPY 479.70 per share

- 2019-04: JPY 469.70 per share

- 2019-05: JPY 459.90 per share

- 2019-06: JPY 448.60 per share

- 2019-07: JPY 444.40 per share

- 2019-08: JPY 417.00 per share

- 2019-09: JPY 463.00 per share

- 2019-10: JPY 475.10 per share

- 2019-11: JPY 464.10 per share

- 2019-12: JPY 479.00 per share

- 2020-01: JPY 455.90 per share

- 2020-02: JPY 409.20 per share

- 2020-03: JPY 325.20 per share

- 2020-04: JPY 337.00 per share

- 2020-05: JPY 387.80 per share

- 2020-06: JPY 367.80 per share

- 2020-07: JPY 343.80 per share

- 2020-08: JPY 390.00 per share

- 2020-09: JPY 357.60 per share

- 2020-10: JPY 342.50 per share

- 2020-11: JPY 365.70 per share

- 2020-12: JPY 360.40 per share

- 2021-01: JPY 363.00 per share

- 2021-02: JPY 427.70 per share

- 2021-03: JPY 464.80 per share

- 2021-04: JPY 449.00 per share

- 2021-05: JPY 467.20 per share

- 2021-06: JPY 427.20 per share

- 2021-07: JPY 411.10 per share

- 2021-08: JPY 425.70 per share

- 2021-09: JPY 448.80 per share

- 2021-10: JPY 428.00 per share

- 2021-11: JPY 415.60 per share

- 2021-12: JPY 447.40 per share

- 2022-01: JPY 491.30 per share

- 2022-02: JPY 517.80 per share

- 2022-03: JPY 524.10 per share

- 2022-04: JPY 564.90 per share

- 2022-05: JPY 478.50 per share

- 2022-06: JPY 508.10 per share

- 2022-07: JPY 515.30 per share

- 2022-08: JPY 512.30 per share

- 2022-09: JPY 528.00 per share

- 2022-10: JPY 559.70 per share

- 2022-11: JPY 660.90 per share

- 2022-12: JPY 723.20 per share

- 2023-01: JPY 718.20 per share

- 2023-02: JPY 749.90 per share

- 2023-03: JPY 639.50 per share

- 2023-04: JPY 674.70 per share

- 2023-05: JPY 633.50 per share

- 2023-06: JPY 690.30 per share

- 2023-07: JPY 774.40 per share

- 2023-08: JPY 772.30 per share

- 2023-09: JPY 828.30 per share

- 2023-10: JPY 803.50 per share

- 2023-11: JPY 768.50 per share

- 2023-12: JPY 716.50 per share

- 2024-01: JPY 819.90 per share

- 2024-02: JPY 816.00 per share

- 2024-03: JPY 947.30 per share

- 2024-04: JPY 1,001.00 per share

- 2024-05: JPY 1,084.00 per share

- 2024-06: JPY 1,064.50 per share

- 2024-07: JPY 1,092.00 per share

- 2024-08: JPY 1,030.50 per share

- 2024-09: JPY 997.60 per share

- 2024-10: JPY 1,020.00 per share

- 2024-11: JPY 1,250.00 per share

- 2024-12: JPY 1,144.50 per share

- 2025-01: JPY 1,159.00 per share

- 2025-02: JPY 1,164.00 per share

- 2025-03: JPY 1,287.00 per share

- 2025-04: JPY 1,139.00 per share

- 2025-05: JPY 1,279.50 per share

- 2025-06: JPY 1,332.00 per share

- 2025-07: JPY 1,389.00 per share

- 2025-08: JPY 1,495.00 per share

- 2025-09: JPY 1,510.50 per share

- 2025-10: JPY 1,493.50 per share

- 2025-11: JPY 1,589.50 per share

- 2025-12: JPY 1,493.00 per share

- 2026-01: JPY 1,789.50 per share

- 2026-02: JPY 1,910.50 per share

- 2026-03: JPY 1,722.50 per share

- 2026-04: JPY 1,938.50 per share

- 2026-05: JPY 2,039.50 per share

- 2026-06: JPY 2,106.00 per share

- 2026-07: JPY 2,191.50 per share

- 2026-08: JPY 2,530.00 per share

- 2026-09: JPY 2,549.00 per share

- 2026-10: JPY 2,344.50 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 449.93 per share, central JPY 560.13 per share, high JPY 741.83 per share

- FY2021: low JPY 505.14 per share, central JPY 626.59 per share, high JPY 824.94 per share

- FY2022: low JPY 507.56 per share, central JPY 627.41 per share, high JPY 821.36 per share

- FY2023: low JPY 472.90 per share, central JPY 577.07 per share, high JPY 740.08 per share

- FY2024: low JPY 471.35 per share, central JPY 567.94 per share, high JPY 714.33 per share

- FY2025: low JPY 497.56 per share, central JPY 603.20 per share, high JPY 765.78 per share

- FY2026: low JPY 531.37 per share, central JPY 645.49 per share, high JPY 822.02 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/S100YDP3.pdf); period 2026-03-31, filed 2026-06-19.

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.

## Reported holder observations