# ANZ Group Holdings (ANZ.AU)

Canonical: https://gigainvestors.com/s/ANZ.AU

Analysis as of: 2026-10-16T07:33:45.129Z. Financial observations: FY2015–FY2025.

Listing currency: AUD. Reporting currency: AUD.

## 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: AUD 39.01 per share; close as of 2026-10-15.

Estimated value: low AUD 21.39 per share, central AUD 24.40 per share, high AUD 28.41 per share. Buy at or below the central value AUD 24.40 per share. Valuation as of 2026-10-16T07:33:45.129Z; scenarios are not confidence intervals.

Expected annual return: 7.3% at the stated quote. About 7.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; AU 10-year bond 5.2% + 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): 0.15×

Chart: Net income; fiscal year observations.

- FY2016: AUD 5.7B

- FY2017: AUD 6.4B

- FY2018: AUD 6.4B

- FY2019: AUD 6.0B

- FY2020: AUD 3.6B

- FY2021: AUD 6.2B

- FY2022: AUD 7.1B

- FY2023: AUD 7.1B

- FY2024: AUD 6.5B

- FY2025: AUD 5.9B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 10.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 9.0%

- Years with reported combined ratio: 0

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

- FY2016: 12.1%

- FY2017: 13.0%

- FY2018: 12.1%

- FY2019: 10.9%

- FY2020: 6.7%

- FY2021: 10.3%

- FY2022: 11.5%

- FY2023: 10.8%

- FY2024: 10.2%

- FY2025: 9.0%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 10.8%

- Book return interval: 10 years

- Starting book value per share: AUD 14.99

- Ending book value per share: AUD 20.56

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

- FY2016: 13.6%

- FY2017: 14.9%

- FY2018: 18.7%

- FY2019: 8.6%

- FY2020: -2.6%

- FY2021: 19.8%

- FY2022: 10.3%

- FY2023: 8.0%

- FY2024: 7.5%

- FY2025: 10.5%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: -0.3%

- Share growth excluding flagged crisis recapitalisations: 0.5%

- Five-year share growth excluding flagged crisis recapitalisations: -0.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.39×

- Book value created per share: AUD 5.56

- Earnings retained per share after dividends and buybacks: AUD 4.01

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

- FY2015: 100

- FY2016: 101

- FY2017: 100

- FY2018: 98

- FY2019: 101

- FY2020: 107

- FY2021: 104

- FY2022: 104

- FY2023: 108

- FY2024: 107

- FY2025: 105

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 5.6% a year forever · "ANZ says property tax changes hit mortgage demand, posts slightly higher profit" (finance.yahoo.com, Aug 2026) · net income -9.9%

Story as of 2026-10-16T09:59:57.625Z; price observation 2026-10-15.

The price assumes profits grow 5.6% a year forever

### Net income · FY2025

net income -9.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: AUD 5.7B 

- FY2017: AUD 6.4B 

- FY2018: AUD 6.4B 

- FY2019: AUD 6.0B 

- FY2020: AUD 3.6B 

- FY2021: AUD 6.2B 

- FY2022: AUD 7.1B 

- FY2023: AUD 7.1B 

- FY2024: AUD 6.5B 

- FY2025: AUD 5.9B 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are AUD 67.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.129Z); FY2025: revenue 67439000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ANZ.AU: ANZ Group Holdings Limited engages in the provision of banking and financial products and services to retail and business customers in Australia and internationally. The company operates through three segments: Personal, Business & Agri, and Institutional. It offers banking and wealth management services to consumer and private banking customers; banking services to small and medium enterprises, and the agricultural business. The company also provides loan products, loan syndication, specialized loan structuring and execution, project and export finance, debt structuring and acquisition finance, and finance solutions; working capital and liquidity solutions, including documentary trade, supply chain financing, commodity financing, as well as cash management solutions, deposits, payments, and clearing. In addition, it offers risk management services in foreign exchange, interest rates, credit, commodities, and debt capital markets. The company provides its services through internet and app-based digital solutions, a network of branches, mortgage specialists, private bankers, and contact centers. ANZ Group Holdings Limited was founded in 1835 and is based in Melbourne, Australia.

### Why customers stay

It earns 10.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.129Z); 10-year return on tangible equity observations [[2016,0.12094570260364808],[2017,0.12950309303359883],[2018,0.12115934346780759],[2019,0.10917326877934272],[2020,0.06668033703676086],[2021,0.10349171159369175],[2022,0.11476704820248267],[2023,0.10842269269544497],[2024,0.10156031454946694],[2025,0.09012744213086915]]; median 0.10879798073739384. 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 AUD 417 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.129Z); Dividend observations: [[2016,4564000000],[2017,4386000000],[2018,4563000000],[2019,4471000000],[2020,2861000000],[2021,2834000000],[2022,3784000000],[2023,4380000000],[2024,5252000000],[2025,4573000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.129Z); FY2025: cash repurchases 417000000 AUD.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ANZ.AU SharesStats.PercentInsiders = 0.013 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.129Z); Price 39.01; FX 1; original perpetual distributable cash 1.7288379705759291; discount 0.1; growth 0.05568218480964037. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 27.63 per share

- 2016-11: AUD 28.19 per share

- 2016-12: AUD 30.18 per share

- 2017-01: AUD 29.06 per share

- 2017-02: AUD 30.66 per share

- 2017-03: AUD 31.57 per share

- 2017-04: AUD 32.50 per share

- 2017-05: AUD 27.79 per share

- 2017-06: AUD 28.49 per share

- 2017-07: AUD 29.40 per share

- 2017-08: AUD 29.17 per share

- 2017-09: AUD 29.37 per share

- 2017-10: AUD 29.68 per share

- 2017-11: AUD 28.23 per share

- 2017-12: AUD 28.51 per share

- 2018-01: AUD 28.35 per share

- 2018-02: AUD 28.82 per share

- 2018-03: AUD 26.65 per share

- 2018-04: AUD 26.63 per share

- 2018-05: AUD 26.99 per share

- 2018-06: AUD 28.02 per share

- 2018-07: AUD 29.07 per share

- 2018-08: AUD 29.27 per share

- 2018-09: AUD 27.96 per share

- 2018-10: AUD 25.72 per share

- 2018-11: AUD 26.59 per share

- 2018-12: AUD 24.27 per share

- 2019-01: AUD 24.83 per share

- 2019-02: AUD 27.78 per share

- 2019-03: AUD 25.82 per share

- 2019-04: AUD 26.98 per share

- 2019-05: AUD 27.66 per share

- 2019-06: AUD 27.99 per share

- 2019-07: AUD 27.69 per share

- 2019-08: AUD 26.53 per share

- 2019-09: AUD 28.29 per share

- 2019-10: AUD 26.53 per share

- 2019-11: AUD 24.64 per share

- 2019-12: AUD 24.44 per share

- 2020-01: AUD 25.55 per share

- 2020-02: AUD 24.63 per share

- 2020-03: AUD 16.83 per share

- 2020-04: AUD 16.77 per share

- 2020-05: AUD 17.75 per share

- 2020-06: AUD 18.49 per share

- 2020-07: AUD 17.82 per share

- 2020-08: AUD 18.14 per share

- 2020-09: AUD 17.08 per share

- 2020-10: AUD 18.66 per share

- 2020-11: AUD 22.46 per share

- 2020-12: AUD 22.52 per share

- 2021-01: AUD 23.52 per share

- 2021-02: AUD 25.96 per share

- 2021-03: AUD 27.96 per share

- 2021-04: AUD 28.51 per share

- 2021-05: AUD 28.48 per share

- 2021-06: AUD 27.93 per share

- 2021-07: AUD 27.49 per share

- 2021-08: AUD 27.63 per share

- 2021-09: AUD 27.93 per share

- 2021-10: AUD 27.92 per share

- 2021-11: AUD 26.49 per share

- 2021-12: AUD 27.29 per share

- 2022-01: AUD 26.32 per share

- 2022-02: AUD 25.80 per share

- 2022-03: AUD 27.38 per share

- 2022-04: AUD 27.08 per share

- 2022-05: AUD 24.84 per share

- 2022-06: AUD 21.86 per share

- 2022-07: AUD 22.90 per share

- 2022-08: AUD 22.83 per share

- 2022-09: AUD 22.80 per share

- 2022-10: AUD 25.56 per share

- 2022-11: AUD 24.74 per share

- 2022-12: AUD 23.66 per share

- 2023-01: AUD 25.09 per share

- 2023-02: AUD 24.65 per share

- 2023-03: AUD 22.93 per share

- 2023-04: AUD 24.35 per share

- 2023-05: AUD 22.92 per share

- 2023-06: AUD 23.71 per share

- 2023-07: AUD 25.75 per share

- 2023-08: AUD 25.33 per share

- 2023-09: AUD 25.66 per share

- 2023-10: AUD 24.71 per share

- 2023-11: AUD 24.37 per share

- 2023-12: AUD 25.92 per share

- 2024-01: AUD 27.20 per share

- 2024-02: AUD 28.45 per share

- 2024-03: AUD 29.40 per share

- 2024-04: AUD 28.16 per share

- 2024-05: AUD 28.25 per share

- 2024-06: AUD 28.24 per share

- 2024-07: AUD 29.05 per share

- 2024-08: AUD 30.40 per share

- 2024-09: AUD 30.48 per share

- 2024-10: AUD 31.15 per share

- 2024-11: AUD 31.17 per share

- 2024-12: AUD 28.54 per share

- 2025-01: AUD 30.62 per share

- 2025-02: AUD 29.79 per share

- 2025-03: AUD 29.09 per share

- 2025-04: AUD 29.86 per share

- 2025-05: AUD 29.04 per share

- 2025-06: AUD 29.16 per share

- 2025-07: AUD 30.72 per share

- 2025-08: AUD 33.67 per share

- 2025-09: AUD 33.21 per share

- 2025-10: AUD 36.65 per share

- 2025-11: AUD 34.64 per share

- 2025-12: AUD 36.34 per share

- 2026-01: AUD 36.70 per share

- 2026-02: AUD 40.04 per share

- 2026-03: AUD 35.97 per share

- 2026-04: AUD 36.65 per share

- 2026-05: AUD 35.20 per share

- 2026-06: AUD 35.35 per share

- 2026-07: AUD 37.31 per share

- 2026-08: AUD 37.20 per share

- 2026-09: AUD 38.31 per share

- 2026-10: AUD 38.39 per share

## Annual estimated value (AUD per share)

- FY2016: low AUD 32.84 per share, central AUD 41.05 per share, high AUD 54.73 per share

- FY2017: low AUD 34.29 per share, central AUD 42.87 per share, high AUD 57.15 per share

- FY2018: low AUD 26.81 per share, central AUD 29.49 per share, high AUD 32.76 per share

- FY2019: low AUD 26.92 per share, central AUD 29.61 per share, high AUD 32.90 per share

- FY2020: low AUD 28.69 per share, central AUD 35.55 per share, high AUD 46.73 per share

- FY2021: low AUD 23.83 per share, central AUD 28.55 per share, high AUD 35.58 per share

- FY2022: low AUD 23.26 per share, central AUD 27.68 per share, high AUD 34.19 per share

- FY2023: low AUD 22.30 per share, central AUD 26.09 per share, high AUD 31.43 per share

- FY2024: low AUD 20.41 per share, central AUD 23.49 per share, high AUD 27.66 per share

- FY2025: low AUD 20.25 per share, central AUD 23.11 per share, high AUD 26.91 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 2026-10-15T06:39:30.970Z where newer inputs omit a numeric field or fiscal period.

## Sources

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