# Mizuho Financial Group (8411.JP)

Canonical: https://gigainvestors.com/s/8411.JP

Analysis as of: 2026-10-15T06:39:22.950Z. 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 7,905.00 per share; close as of 2026-10-15.

Estimated value: low JPY 1,588.57 per share, central JPY 1,870.89 per share, high JPY 2,275.23 per share. Buy at or below the central value JPY 1,870.89 per share. Valuation as of 2026-10-15T06:39:22.950Z; scenarios are not confidence intervals.

Expected annual return: 5.7% at the stated quote. About 5.7% 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): 0.38×

Chart: Net income; fiscal year observations.

- FY2017: JPY 604B

- FY2018: JPY 577B

- FY2019: JPY 97B

- FY2020: JPY 449B

- FY2021: JPY 471B

- FY2022: JPY 530B

- FY2023: JPY 556B

- FY2024: JPY 679B

- FY2025: JPY 885B

- FY2026: JPY 1.25T

### 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: 6.8%

- 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: 8.1%

- FY2018: 7.2%

- FY2019: 1.2%

- FY2020: 5.7%

- FY2021: 5.5%

- FY2022: 6.3%

- FY2023: 6.5%

- FY2024: 7.1%

- FY2025: 9.2%

- FY2026: 12.0%

### 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: 6.4%

- Book return interval: 10 years

- Starting book value per share: JPY 3K

- Ending book value per share: JPY 4K

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

- FY2017: 4.2%

- FY2018: 9.2%

- FY2019: 4.4%

- FY2020: -0.3%

- FY2021: 11.5%

- FY2022: 0.4%

- FY2023: 3.5%

- FY2024: 13.8%

- FY2025: 4.8%

- FY2026: 14.2%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.4%

- Share growth excluding flagged crisis recapitalisations: -0.2%

- Five-year share growth excluding flagged crisis recapitalisations: -0.4%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.99×

- Book value created per share: JPY 1K

- Earnings retained per share after dividends and buybacks: JPY 1K

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

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 100

- FY2026: 98

### accounting: pass

- Financial accounting warning count: 0

- Loans, annualized growth: 3.1%

- Deposits, annualized growth: 4.6%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

## Holders

## Price story

The price assumes profits grow 8.7% a year forever · net income +41%

Story as of 2026-10-16T09:59:56.946Z; price observation 2026-10-15.

The price assumes profits grow 8.7% a year forever

### Net income · FY2026

net income +41%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF8Y.pdf; observed 2026-06-19.

- FY2017: JPY 604B 

- FY2018: JPY 577B 

- FY2019: JPY 97B 

- FY2020: JPY 449B 

- FY2021: JPY 471B 

- FY2022: JPY 530B 

- FY2023: JPY 556B 

- FY2024: JPY 679B 

- FY2025: JPY 885B 

- FY2026: JPY 1.25T 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are JPY 4.2 trillion.

- Source: https://eodhd.com/api/fundamentals/MZ8.F.json#2026-03-31 (filed 2026-06-19); FY2026: revenue 4221805000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); MFG.US: Mizuho Financial Group, Inc., together with its subsidiaries, engages in banking, trust banking, securities, and other businesses related to financial services in Japan, the Americas, Europe, Asia/Oceania, and internationally. The company offers finance solutions, including corporate, syndicated, acquisition, real estate, project, ECA, and other structured finance solutions; financing and advisory solutions for capital markets comprising debt, loan, and equity capital markets; corporate finance advisory services; treasury solutions that include deposit, cash management, and trade finance; and market solutions for foreign exchange, derivatives, futures, equities, and fixed income. It also provides asset management services; research services, such as industry, macroeconomic, equity, and fixed income research; and institutional services, including markets, JPY clearing, custody, fund administration, and securities lending services. The company was founded in 1873 and is headquartered in Chiyoda, Japan.

### Why customers stay

It earns 6.8% 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 [[2017,0.08072242844582067],[2018,0.07231119599615508],[2019,0.011879819033471427],[2020,0.056652874593338856],[2021,0.05454112596820862],[2022,0.06258534300603226],[2023,0.06489364734335633],[2024,0.07141733957254547],[2025,0.09191363512975544],[2026,0.11968027800845465]]; median 0.0681554934579509. 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 404.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-19); Dividend observations: [[2017,190031000000],[2018,190382000000],[2019,190413000000],[2020,190386000000],[2021,190497000000],[2022,196783000000],[2023,209457000000],[2024,234786000000],[2025,304425000000],[2026,368703000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF8Y.pdf (filed 2026-06-19); FY2026: cash repurchases 404325000000 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); MFG.US SharesStats.PercentInsiders = 0.006999999999999999 percentage points; cache date 2026-09-29.

### 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 7905; FX 1; original perpetual distributable cash 105.2735761827854; discount 0.1; growth 0.08668265955941994. 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 2,026.00 per share

- 2016-12: JPY 2,098.00 per share

- 2017-01: JPY 2,103.00 per share

- 2017-02: JPY 2,097.00 per share

- 2017-03: JPY 2,040.00 per share

- 2017-04: JPY 2,036.00 per share

- 2017-05: JPY 1,928.00 per share

- 2017-06: JPY 2,054.00 per share

- 2017-07: JPY 1,964.00 per share

- 2017-08: JPY 1,891.00 per share

- 2017-09: JPY 1,971.00 per share

- 2017-10: JPY 2,049.00 per share

- 2017-11: JPY 2,039.00 per share

- 2017-12: JPY 2,046.00 per share

- 2018-01: JPY 2,053.00 per share

- 2018-02: JPY 1,994.00 per share

- 2018-03: JPY 1,914.00 per share

- 2018-04: JPY 1,984.00 per share

- 2018-05: JPY 1,897.00 per share

- 2018-06: JPY 1,865.00 per share

- 2018-07: JPY 1,946.00 per share

- 2018-08: JPY 1,951.00 per share

- 2018-09: JPY 1,982.00 per share

- 2018-10: JPY 1,940.00 per share

- 2018-11: JPY 1,883.00 per share

- 2018-12: JPY 1,703.00 per share

- 2019-01: JPY 1,794.00 per share

- 2019-02: JPY 1,752.00 per share

- 2019-03: JPY 1,713.00 per share

- 2019-04: JPY 1,735.00 per share

- 2019-05: JPY 1,537.00 per share

- 2019-06: JPY 1,561.00 per share

- 2019-07: JPY 1,544.00 per share

- 2019-08: JPY 1,547.00 per share

- 2019-09: JPY 1,656.00 per share

- 2019-10: JPY 1,688.00 per share

- 2019-11: JPY 1,692.00 per share

- 2019-12: JPY 1,683.00 per share

- 2020-01: JPY 1,625.00 per share

- 2020-02: JPY 1,476.00 per share

- 2020-03: JPY 1,236.00 per share

- 2020-04: JPY 1,258.00 per share

- 2020-05: JPY 1,345.00 per share

- 2020-06: JPY 1,322.00 per share

- 2020-07: JPY 1,276.00 per share

- 2020-08: JPY 1,438.00 per share

- 2020-09: JPY 1,310.50 per share

- 2020-10: JPY 1,281.50 per share

- 2020-11: JPY 1,327.50 per share

- 2020-12: JPY 1,307.50 per share

- 2021-01: JPY 1,378.50 per share

- 2021-02: JPY 1,559.00 per share

- 2021-03: JPY 1,599.00 per share

- 2021-04: JPY 1,535.00 per share

- 2021-05: JPY 1,673.00 per share

- 2021-06: JPY 1,587.50 per share

- 2021-07: JPY 1,565.50 per share

- 2021-08: JPY 1,543.00 per share

- 2021-09: JPY 1,584.50 per share

- 2021-10: JPY 1,505.00 per share

- 2021-11: JPY 1,402.00 per share

- 2021-12: JPY 1,463.00 per share

- 2022-01: JPY 1,550.00 per share

- 2022-02: JPY 1,525.00 per share

- 2022-03: JPY 1,567.00 per share

- 2022-04: JPY 1,578.50 per share

- 2022-05: JPY 1,519.00 per share

- 2022-06: JPY 1,543.00 per share

- 2022-07: JPY 1,583.50 per share

- 2022-08: JPY 1,593.50 per share

- 2022-09: JPY 1,562.50 per share

- 2022-10: JPY 1,606.00 per share

- 2022-11: JPY 1,717.00 per share

- 2022-12: JPY 1,856.00 per share

- 2023-01: JPY 2,027.50 per share

- 2023-02: JPY 2,122.50 per share

- 2023-03: JPY 1,878.00 per share

- 2023-04: JPY 1,965.00 per share

- 2023-05: JPY 2,053.00 per share

- 2023-06: JPY 2,199.00 per share

- 2023-07: JPY 2,404.00 per share

- 2023-08: JPY 2,410.00 per share

- 2023-09: JPY 2,541.00 per share

- 2023-10: JPY 2,545.50 per share

- 2023-11: JPY 2,512.00 per share

- 2023-12: JPY 2,412.50 per share

- 2024-01: JPY 2,702.00 per share

- 2024-02: JPY 2,801.00 per share

- 2024-03: JPY 3,032.00 per share

- 2024-04: JPY 3,052.00 per share

- 2024-05: JPY 3,214.00 per share

- 2024-06: JPY 3,358.00 per share

- 2024-07: JPY 3,448.00 per share

- 2024-08: JPY 3,009.00 per share

- 2024-09: JPY 2,936.00 per share

- 2024-10: JPY 3,212.00 per share

- 2024-11: JPY 3,784.00 per share

- 2024-12: JPY 3,873.00 per share

- 2025-01: JPY 4,307.00 per share

- 2025-02: JPY 4,177.00 per share

- 2025-03: JPY 4,051.00 per share

- 2025-04: JPY 3,580.00 per share

- 2025-05: JPY 4,002.00 per share

- 2025-06: JPY 3,993.00 per share

- 2025-07: JPY 4,482.00 per share

- 2025-08: JPY 4,895.00 per share

- 2025-09: JPY 4,988.00 per share

- 2025-10: JPY 5,149.00 per share

- 2025-11: JPY 5,473.00 per share

- 2025-12: JPY 5,700.00 per share

- 2026-01: JPY 6,783.00 per share

- 2026-02: JPY 7,151.00 per share

- 2026-03: JPY 6,087.00 per share

- 2026-04: JPY 6,722.00 per share

- 2026-05: JPY 7,195.00 per share

- 2026-06: JPY 7,743.00 per share

- 2026-07: JPY 8,167.00 per share

- 2026-08: JPY 8,623.00 per share

- 2026-09: JPY 8,855.00 per share

- 2026-10: JPY 8,168.00 per share

## Annual estimated value (JPY per share)

- FY2017: low JPY 1,682.95 per share, central JPY 2,103.69 per share, high JPY 2,804.92 per share

- FY2018: low JPY 2,417.92 per share, central JPY 2,659.71 per share, high JPY 2,955.23 per share

- FY2019: low JPY 1,611.21 per share, central JPY 2,004.19 per share, high JPY 2,650.70 per share

- FY2020: low JPY 2,180.71 per share, central JPY 2,398.78 per share, high JPY 2,665.31 per share

- FY2021: low JPY 1,311.06 per share, central JPY 1,569.54 per share, high JPY 1,954.98 per share

- FY2022: low JPY 2,114.51 per share, central JPY 2,325.96 per share, high JPY 2,584.40 per share

- FY2023: low JPY 1,160.54 per share, central JPY 1,363.45 per share, high JPY 1,652.34 per share

- FY2024: low JPY 1,307.28 per share, central JPY 1,533.81 per share, high JPY 1,855.30 per share

- FY2025: low JPY 1,403.22 per share, central JPY 1,652.60 per share, high JPY 2,009.77 per share

- FY2026: low JPY 1,547.67 per share, central JPY 1,822.71 per share, high JPY 2,216.65 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 2026-10-15T06:39:22.950Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF8Y.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.

Mizuho Financial Group

8411 · JP

Nikkei 225 · TOPIX Core30

Not a wonderful business

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

Share price: JPY 7,905.00
Buy up to: JPY 1,870.89
Expected / yr: 5.7% 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 566B
Worst year: JPY 97B
Latest · 2026: JPY 1.25T

Earned a median 6.8% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 6.8%
Worst year: 1.2%
Latest · 2026: 12.0%

Book value plus dividends grew 6.4% a year (minimum 7%).

Annual book + dividend return

10y median: 4.6%
Worst year: -0.3%
Latest · 2026: 14.2%

Book value gained 1298.73 per share against 1307.49 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 100
Worst year: 100
Latest · 2026: 98

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 373.37 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 2026.00; 2016-12 · Price JPY 2098.00; 2017-01 · Price JPY 2103.00 · Value 2103.69 · Buy at or below 2103.69; 2017-02 · Price JPY 2097.00 · Value 2103.69 · Buy at or below 2103.69; 2017-03 · Price JPY 2040.00 · Value 2103.69 · Buy at or below 2103.69; 2017-04 · Price JPY 2036.00 · Value 2103.69 · Buy at or below 2103.69; 2017-05 · Price JPY 1928.00 · Value 2103.69 · Buy at or below 2103.69; 2017-06 · Price JPY 2054.00 · Value 2103.69 · Buy at or below 2103.69; 2017-07 · Price JPY 1964.00 · Value 2103.69 · Buy at or below 2103.69; 2017-08 · Price JPY 1891.00 · Value 2103.69 · Buy at or below 2103.69; 2017-09 · Price JPY 1971.00 · Value 2103.69 · Buy at or below 2103.69; 2017-10 · Price JPY 2049.00 · Value 2103.69 · Buy at or below 2103.69; 2017-11 · Price JPY 2039.00 · Value 2103.69 · Buy at or below 2103.69; 2017-12 · Price JPY 2046.00 · Value 2103.69 · Buy at or below 2103.69; 2018-01 · Price JPY 2053.00 · Value 2103.69 · Buy at or below 2103.69; 2018-02 · Price JPY 1994.00 · Value 2659.71 · Buy at or below 2659.71; 2018-03 · Price JPY 1914.00 · Value 2659.71 · Buy at or below 2659.71; 2018-04 · Price JPY 1984.00 · Value 2659.71 · Buy at or below 2659.71; 2018-05 · Price JPY 1897.00 · Value 2659.71 · Buy at or below 2659.71; 2018-06 · Price JPY 1865.00 · Value 2659.71 · Buy at or below 2659.71; 2018-07 · Price JPY 1946.00 · Value 2659.71 · Buy at or below 2659.71; 2018-08 · Price JPY 1951.00 · Value 2659.71 · Buy at or below 2659.71; 2018-09 · Price JPY 1982.00 · Value 2659.71 · Buy at or below 2659.71; 2018-10 · Price JPY 1940.00 · Value 2659.71 · Buy at or below 2659.71; 2018-11 · Price JPY 1883.00 · Value 2659.71 · Buy at or below 2659.71; 2018-12 · Price JPY 1703.00 · Value 2659.71 · Buy at or below 2659.71; 2019-01 · Price JPY 1794.00 · Value 2659.71 · Buy at or below 2659.71; 2019-02 · Price JPY 1752.00 · Value 2004.19 · Buy at or below 2004.19; 2019-03 · Price JPY 1713.00 · Value 2004.19 · Buy at or below 2004.19; 2019-04 · Price JPY 1735.00 · Value 2004.19 · Buy at or below 2004.19; 2019-05 · Price JPY 1537.00 · Value 2004.19 · Buy at or below 2004.19; 2019-06 · Price JPY 1561.00 · Value 2004.19 · Buy at or below 2004.19; 2019-07 · Price JPY 1544.00 · Value 2004.19 · Buy at or below 2004.19; 2019-08 · Price JPY 1547.00 · Value 2004.19 · Buy at or below 2004.19; 2019-09 · Price JPY 1656.00 · Value 2004.19 · Buy at or below 2004.19; 2019-10 · Price JPY 1688.00 · Value 2004.19 · Buy at or below 2004.19; 2019-11 · Price JPY 1692.00 · Value 2004.19 · Buy at or below 2004.19; 2019-12 · Price JPY 1683.00 · Value 2004.19 · Buy at or below 2004.19; 2020-01 · Price JPY 1625.00 · Value 2004.19 · Buy at or below 2004.19; 2020-02 · Price JPY 1476.00 · Value 2398.78 · Buy at or below 2398.78; 2020-03 · Price JPY 1236.00 · Value 2398.78 · Buy at or below 2398.78; 2020-04 · Price JPY 1258.00 · Value 2398.78 · Buy at or below 2398.78; 2020-05 · Price JPY 1345.00 · Value 2398.78 · Buy at or below 2398.78; 2020-06 · Price JPY 1322.00 · Value 2398.78 · Buy at or below 2398.78; 2020-07 · Price JPY 1276.00 · Value 2398.78 · Buy at or below 2398.78; 2020-08 · Price JPY 1438.00 · Value 2398.78 · Buy at or below 2398.78; 2020-09 · Price JPY 1310.50 · Value 2398.78 · Buy at or below 2398.78; 2020-10 · Price JPY 1281.50 · Value 2398.78 · Buy at or below 2398.78; 2020-11 · Price JPY 1327.50 · Value 2398.78 · Buy at or below 2398.78; 2020-12 · Price JPY 1307.50 · Value 2398.78 · Buy at or below 2398.78; 2021-01 · Price JPY 1378.50 · Value 2398.78 · Buy at or below 2398.78; 2021-02 · Price JPY 1559.00 · Value 1569.54 · Buy at or below 1569.54; 2021-03 · Price JPY 1599.00 · Value 1569.54 · Buy at or below 1569.54; 2021-04 · Price JPY 1535.00 · Value 1569.54 · Buy at or below 1569.54; 2021-05 · Price JPY 1673.00 · Value 1569.54 · Buy at or below 1569.54; 2021-06 · Price JPY 1587.50 · Value 1569.54 · Buy at or below 1569.54; 2021-07 · Price JPY 1565.50 · Value 1569.54 · Buy at or below 1569.54; 2021-08 · Price JPY 1543.00 · Value 1569.54 · Buy at or below 1569.54; 2021-09 · Price JPY 1584.50 · Value 1569.54 · Buy at or below 1569.54; 2021-10 · Price JPY 1505.00 · Value 1569.54 · Buy at or below 1569.54; 2021-11 · Price JPY 1402.00 · Value 1569.54 · Buy at or below 1569.54; 2021-12 · Price JPY 1463.00 · Value 1569.54 · Buy at or below 1569.54; 2022-01 · Price JPY 1550.00 · Value 1569.54 · Buy at or below 1569.54; 2022-02 · Price JPY 1525.00 · Value 2325.96 · Buy at or below 2325.96; 2022-03 · Price JPY 1567.00 · Value 2325.96 · Buy at or below 2325.96; 2022-04 · Price JPY 1578.50 · Value 2325.96 · Buy at or below 2325.96; 2022-05 · Price JPY 1519.00 · Value 2325.96 · Buy at or below 2325.96; 2022-06 · Price JPY 1543.00 · Value 2325.96 · Buy at or below 2325.96; 2022-07 · Price JPY 1583.50 · Value 2325.96 · Buy at or below 2325.96; 2022-08 · Price JPY 1593.50 · Value 2325.96 · Buy at or below 2325.96; 2022-09 · Price JPY 1562.50 · Value 2325.96 · Buy at or below 2325.96; 2022-10 · Price JPY 1606.00 · Value 2325.96 · Buy at or below 2325.96; 2022-11 · Price JPY 1717.00 · Value 2325.96 · Buy at or below 2325.96; 2022-12 · Price JPY 1856.00 · Value 2325.96 · Buy at or below 2325.96; 2023-01 · Price JPY 2027.50 · Value 2325.96 · Buy at or below 2325.96; 2023-02 · Price JPY 2122.50 · Value 1363.45 · Buy at or below 1363.45; 2023-03 · Price JPY 1878.00 · Value 1363.45 · Buy at or below 1363.45; 2023-04 · Price JPY 1965.00 · Value 1363.45 · Buy at or below 1363.45; 2023-05 · Price JPY 2053.00 · Value 1363.45 · Buy at or below 1363.45; 2023-06 · Price JPY 2199.00 · Value 1363.45 · Buy at or below 1363.45; 2023-07 · Price JPY 2404.00 · Value 1363.45 · Buy at or below 1363.45; 2023-08 · Price JPY 2410.00 · Value 1363.45 · Buy at or below 1363.45; 2023-09 · Price JPY 2541.00 · Value 1363.45 · Buy at or below 1363.45; 2023-10 · Price JPY 2545.50 · Value 1363.45 · Buy at or below 1363.45; 2023-11 · Price JPY 2512.00 · Value 1363.45 · Buy at or below 1363.45; 2023-12 · Price JPY 2412.50 · Value 1363.45 · Buy at or below 1363.45; 2024-01 · Price JPY 2702.00 · Value 1363.45 · Buy at or below 1363.45; 2024-02 · Price JPY 2801.00 · Value 1533.81 · Buy at or below 1533.81; 2024-03 · Price JPY 3032.00 · Value 1533.81 · Buy at or below 1533.81; 2024-04 · Price JPY 3052.00 · Value 1533.81 · Buy at or below 1533.81; 2024-05 · Price JPY 3214.00 · Value 1533.81 · Buy at or below 1533.81; 2024-06 · Price JPY 3358.00 · Value 1533.81 · Buy at or below 1533.81; 2024-07 · Price JPY 3448.00 · Value 1533.81 · Buy at or below 1533.81; 2024-08 · Price JPY 3009.00 · Value 1533.81 · Buy at or below 1533.81; 2024-09 · Price JPY 2936.00 · Value 1533.81 · Buy at or below 1533.81; 2024-10 · Price JPY 3212.00 · Value 1533.81 · Buy at or below 1533.81; 2024-11 · Price JPY 3784.00 · Value 1533.81 · Buy at or below 1533.81; 2024-12 · Price JPY 3873.00 · Value 1533.81 · Buy at or below 1533.81; 2025-01 · Price JPY 4307.00 · Value 1533.81 · Buy at or below 1533.81; 2025-02 · Price JPY 4177.00 · Value 1652.60 · Buy at or below 1652.60; 2025-03 · Price JPY 4051.00 · Value 1652.60 · Buy at or below 1652.60; 2025-04 · Price JPY 3580.00 · Value 1652.60 · Buy at or below 1652.60; 2025-05 · Price JPY 4002.00 · Value 1652.60 · Buy at or below 1652.60; 2025-06 · Price JPY 3993.00 · Value 1652.60 · Buy at or below 1652.60; 2025-07 · Price JPY 4482.00 · Value 1652.60 · Buy at or below 1652.60; 2025-08 · Price JPY 4895.00 · Value 1652.60 · Buy at or below 1652.60; 2025-09 · Price JPY 4988.00 · Value 1652.60 · Buy at or below 1652.60; 2025-10 · Price JPY 5149.00 · Value 1652.60 · Buy at or below 1652.60; 2025-11 · Price JPY 5473.00 · Value 1652.60 · Buy at or below 1652.60; 2025-12 · Price JPY 5700.00 · Value 1652.60 · Buy at or below 1652.60; 2026-01 · Price JPY 6783.00 · Value 1652.60 · Buy at or below 1652.60; 2026-02 · Price JPY 7151.00 · Value 1822.71 · Buy at or below 1822.71; 2026-03 · Price JPY 6087.00 · Value 1822.71 · Buy at or below 1822.71; 2026-04 · Price JPY 6722.00 · Value 1822.71 · Buy at or below 1822.71; 2026-05 · Price JPY 7195.00 · Value 1822.71 · Buy at or below 1822.71; 2026-06 · Price JPY 7743.00 · Value 1822.71 · Buy at or below 1822.71; 2026-07 · Price JPY 8167.00 · Value 1822.71 · Buy at or below 1822.71; 2026-08 · Price JPY 8623.00 · Value 1822.71 · Buy at or below 1822.71; 2026-09 · Price JPY 8855.00 · Value 1822.71 · Buy at or below 1822.71; 2026-10 · Price JPY 8168.00 · Value 1822.71 · Buy at or below 1822.71; 2026-10 · Price JPY 7905.00 · Value 1822.71 · Buy at or below 1822.71

JPY per share · annual estimates

Price & return math
Value range	JPY 1,588.57 – JPY 2,275.23
Buy at or below	Central value JPY 1,870.89
Discount to value	1 − 7905.00 / 1870.89 = -322.5%
Return / year	About 5.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Book JPY 4310.10/share; ROE 6.8%; first payout JPY 105.27/share, growing 4.4% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeJPY 1.25T

Net income

Book / shareJPY 4K

Book / share

Dividend / shareJPY 148.40

Dividend / share

Return on tangible equity12.0%

Return on tangible equity

Diluted shares2.5B

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·