# T&D Holdings (8795.JP)

Canonical: https://gigainvestors.com/s/8795.JP

Analysis as of: 2026-10-15T07:11:49.420Z. 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 4,760.00 per share; close as of 2026-10-15.

Estimated value: low JPY 1,200.78 per share, central JPY 1,416.97 per share, high JPY 1,728.09 per share. Buy at or below the central value JPY 1,416.97 per share. Valuation as of 2026-10-15T07:11:49.420Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% 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: 9

- Required profitable years: 8

- Return on common equity variation (informational): 1.34×

Chart: Net income; fiscal year observations.

- FY2017: JPY 75B

- FY2018: JPY 78B

- FY2019: JPY 73B

- FY2020: JPY 67B

- FY2021: JPY 162B

- FY2022: JPY 14B

- FY2023: JPY -132B

- FY2024: JPY 99B

- FY2025: JPY 126B

- FY2026: JPY 139B

### moat: fail

- 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: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 1.0%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2017: 6.9%

- FY2018: 6.8%

- FY2019: 6.3%

- FY2020: 6.0%

- FY2021: 10.9%

- FY2022: 1.0%

- FY2023: -13.4%

- FY2024: 7.0%

- FY2025: 9.0%

- FY2026: 8.6%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 8.4%

- Book return interval: 10 years

- Starting book value per share: JPY 2K

- Ending book value per share: JPY 3K

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

- FY2017: -5.1%

- FY2018: 9.4%

- FY2019: 4.3%

- FY2020: 1.0%

- FY2021: 37.4%

- FY2022: -2.8%

- FY2023: -22.9%

- FY2024: 50.6%

- FY2025: 6.0%

- FY2026: 24.7%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -2.7%

- Diluted shares, 5-year annual growth: -3.6%

- Share growth excluding flagged crisis recapitalisations: -2.7%

- Five-year share growth excluding flagged crisis recapitalisations: -3.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 42.21×

- Book value created per share: JPY 1K

- Earnings retained per share after dividends and buybacks: JPY 32.97

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

- FY2016: 100

- FY2017: 98

- FY2018: 96

- FY2019: 94

- FY2020: 92

- FY2021: 91

- FY2022: 89

- FY2023: 85

- FY2024: 83

- FY2025: 80

- FY2026: 76

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 8.3% a year forever · net income +10%

Story as of 2026-10-16T10:00:14.800Z; price observation 2026-10-15.

The price assumes profits grow 8.3% a year forever

### Net income · FY2026

net income +10%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y9UP.pdf; observed 2026-06-11.

- FY2017: JPY 75B 

- FY2018: JPY 78B 

- FY2019: JPY 73B 

- FY2020: JPY 67B 

- FY2021: JPY 162B 

- FY2022: JPY 14B 

- FY2023: JPY -132B 

- FY2024: JPY 99B 

- FY2025: JPY 126B 

- FY2026: JPY 139B 

## Owner memo

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

### How it makes money

Operates in insurance life; annual sales are JPY 2.7 trillion.

- Source: https://eodhd.com/api/fundamentals/TZ6.F.json#2026-03-31 (filed 2026-06-11); FY2026: revenue 2725570000000.

### 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 2026-06-11); 10-year return on tangible equity observations [[2017,0.06879857108478053],[2018,0.06760964768939147],[2019,0.06315496446151124],[2020,0.0601313151860179],[2021,0.10867012395073035],[2022,0.010266055915977618],[2023,-0.13394486113926618],[2024,0.07037589335142064],[2025,0.0900787504837713],[2026,0.08621218042967127]]; median 0.068204109387086. 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 106.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); Dividend observations: [[2017,28840000000],[2018,21926000000],[2019,24622000000],[2020,26629000000],[2021,26409000000],[2022,30655000000],[2023,33139000000],[2024,35829000000],[2025,39420000000],[2026,51303000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y9UP.pdf (filed 2026-06-11); FY2026: cash repurchases 106322000000 JPY.

### What could break it

"① 生命保険事業の業績への依存等に関するリスク" (8795 filing, Jun 2026)

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y9UP.pdf (filed 2026-06-11); ① 生命保険事業の業績への依存等に関するリスク

### What the price says

The price assumes profits grow 8.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); Price 4760; FX 1; original perpetual distributable cash 78.70336748256085; discount 0.1; growth 0.08346567910030235. 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 1,429.00 per share

- 2016-12: JPY 1,545.50 per share

- 2017-01: JPY 1,683.50 per share

- 2017-02: JPY 1,723.50 per share

- 2017-03: JPY 1,616.00 per share

- 2017-04: JPY 1,653.50 per share

- 2017-05: JPY 1,567.00 per share

- 2017-06: JPY 1,709.50 per share

- 2017-07: JPY 1,632.00 per share

- 2017-08: JPY 1,508.50 per share

- 2017-09: JPY 1,633.50 per share

- 2017-10: JPY 1,748.50 per share

- 2017-11: JPY 1,845.50 per share

- 2017-12: JPY 1,927.00 per share

- 2018-01: JPY 1,943.00 per share

- 2018-02: JPY 1,779.50 per share

- 2018-03: JPY 1,688.50 per share

- 2018-04: JPY 1,859.00 per share

- 2018-05: JPY 1,717.00 per share

- 2018-06: JPY 1,664.50 per share

- 2018-07: JPY 1,665.00 per share

- 2018-08: JPY 1,689.50 per share

- 2018-09: JPY 1,875.00 per share

- 2018-10: JPY 1,819.00 per share

- 2018-11: JPY 1,613.00 per share

- 2018-12: JPY 1,279.00 per share

- 2019-01: JPY 1,346.50 per share

- 2019-02: JPY 1,336.50 per share

- 2019-03: JPY 1,164.00 per share

- 2019-04: JPY 1,196.50 per share

- 2019-05: JPY 1,135.50 per share

- 2019-06: JPY 1,169.50 per share

- 2019-07: JPY 1,226.00 per share

- 2019-08: JPY 1,034.50 per share

- 2019-09: JPY 1,145.00 per share

- 2019-10: JPY 1,220.00 per share

- 2019-11: JPY 1,288.00 per share

- 2019-12: JPY 1,395.00 per share

- 2020-01: JPY 1,191.00 per share

- 2020-02: JPY 1,065.00 per share

- 2020-03: JPY 884.00 per share

- 2020-04: JPY 939.00 per share

- 2020-05: JPY 973.00 per share

- 2020-06: JPY 921.00 per share

- 2020-07: JPY 863.00 per share

- 2020-08: JPY 1,110.00 per share

- 2020-09: JPY 1,032.00 per share

- 2020-10: JPY 1,037.00 per share

- 2020-11: JPY 1,219.00 per share

- 2020-12: JPY 1,217.00 per share

- 2021-01: JPY 1,213.00 per share

- 2021-02: JPY 1,436.00 per share

- 2021-03: JPY 1,426.00 per share

- 2021-04: JPY 1,339.00 per share

- 2021-05: JPY 1,490.00 per share

- 2021-06: JPY 1,436.00 per share

- 2021-07: JPY 1,398.00 per share

- 2021-08: JPY 1,335.00 per share

- 2021-09: JPY 1,549.00 per share

- 2021-10: JPY 1,462.00 per share

- 2021-11: JPY 1,342.00 per share

- 2021-12: JPY 1,472.00 per share

- 2022-01: JPY 1,688.00 per share

- 2022-02: JPY 1,684.00 per share

- 2022-03: JPY 1,671.00 per share

- 2022-04: JPY 1,670.00 per share

- 2022-05: JPY 1,474.00 per share

- 2022-06: JPY 1,624.00 per share

- 2022-07: JPY 1,498.00 per share

- 2022-08: JPY 1,521.00 per share

- 2022-09: JPY 1,367.00 per share

- 2022-10: JPY 1,467.00 per share

- 2022-11: JPY 1,668.00 per share

- 2022-12: JPY 1,902.00 per share

- 2023-01: JPY 2,077.00 per share

- 2023-02: JPY 2,061.00 per share

- 2023-03: JPY 1,641.00 per share

- 2023-04: JPY 1,654.00 per share

- 2023-05: JPY 1,902.00 per share

- 2023-06: JPY 2,105.50 per share

- 2023-07: JPY 2,311.00 per share

- 2023-08: JPY 2,313.50 per share

- 2023-09: JPY 2,468.00 per share

- 2023-10: JPY 2,672.50 per share

- 2023-11: JPY 2,186.50 per share

- 2023-12: JPY 2,240.50 per share

- 2024-01: JPY 2,465.00 per share

- 2024-02: JPY 2,603.00 per share

- 2024-03: JPY 2,604.00 per share

- 2024-04: JPY 2,577.00 per share

- 2024-05: JPY 2,825.50 per share

- 2024-06: JPY 2,808.50 per share

- 2024-07: JPY 2,849.00 per share

- 2024-08: JPY 2,448.50 per share

- 2024-09: JPY 2,495.00 per share

- 2024-10: JPY 2,468.50 per share

- 2024-11: JPY 2,833.00 per share

- 2024-12: JPY 2,905.50 per share

- 2025-01: JPY 2,965.00 per share

- 2025-02: JPY 3,135.00 per share

- 2025-03: JPY 3,174.00 per share

- 2025-04: JPY 3,031.00 per share

- 2025-05: JPY 3,314.00 per share

- 2025-06: JPY 3,170.00 per share

- 2025-07: JPY 3,717.00 per share

- 2025-08: JPY 3,859.00 per share

- 2025-09: JPY 3,622.00 per share

- 2025-10: JPY 3,321.00 per share

- 2025-11: JPY 3,393.00 per share

- 2025-12: JPY 3,615.00 per share

- 2026-01: JPY 3,803.00 per share

- 2026-02: JPY 4,214.00 per share

- 2026-03: JPY 3,956.00 per share

- 2026-04: JPY 3,792.00 per share

- 2026-05: JPY 4,194.00 per share

- 2026-06: JPY 4,807.00 per share

- 2026-07: JPY 5,088.00 per share

- 2026-08: JPY 4,880.00 per share

- 2026-09: JPY 4,877.00 per share

- 2026-10: JPY 4,793.00 per share

## Annual estimated value (JPY per share)

- FY2018: low JPY 1,146.66 per share, central JPY 1,261.32 per share, high JPY 1,401.47 per share

- FY2019: low JPY 562.63 per share, central JPY 679.59 per share, high JPY 857.95 per share

- FY2020: low JPY 583.75 per share, central JPY 699.72 per share, high JPY 873.19 per share

- FY2021: low JPY 765.29 per share, central JPY 922.79 per share, high JPY 1,161.94 per share

- FY2022: low JPY 1,457.21 per share, central JPY 1,602.93 per share, high JPY 1,781.03 per share

- FY2023: low JPY 522.69 per share, central JPY 623.32 per share, high JPY 771.93 per share

- FY2024: low JPY 869.92 per share, central JPY 1,026.22 per share, high JPY 1,250.98 per share

- FY2025: low JPY 889.19 per share, central JPY 1,048.95 per share, high JPY 1,278.69 per share

- FY2026: low JPY 1,200.78 per share, central JPY 1,416.97 per share, high JPY 1,728.09 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/S100Y9UP.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.

## Reported holder observations