Yamagata Bank, Ltd. (8344) AI Stock Analysis

• Market Cap: ¥73.88B
• Dividend Yield: 2.89%
• Average Volume (3M): 70.19K
• Price to Earnings (P/E): 11.0
• Beta (1Y): 0.92
• Revenue Growth: -0.24%
• EPS Growth: 95.49%
• Country: JP
• Employees: 1,175
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 44.12
• Shares Outstanding: 32,216,114
• 10 Day Avg. Volume: 71,230
• 30 Day Avg. Volume: 70,193
• PEG Ratio: 0.09
• Price to Book (P/B): 0.33
• Price to Sales (P/S): 0.89
• P/FCF Ratio: 6.09
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: ¥2,785.00 ▲(35.19% Upside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is primarily driven by solid financial performance with strong revenue and profitability improvement, offset by operational efficiency and cash conversion concerns. Technicals are mixed, showing a near-term pullback despite a broader uptrend. Valuation is supportive with a modest P/E and a moderate dividend yield.

Positive Factors

Revenue Growth

A 12.26% revenue increase signals durable top-line momentum for a regional bank reliant on interest and fee income. Sustained revenue growth supports loan origination capacity, diversifies income mix, and underpins long-term profitability and capacity to invest in branch and digital services.

Improved Net Margin

Net margin rising to 9.59% reflects better interest spread and/or fee mix, improving earnings quality. If sustained, higher net margins increase internal capital generation and cushion against credit cycles, enabling steadier returns to shareholders and reinvestment in growth.

Leverage Management

Lower debt-to-equity and rising ROE indicate improving balance-sheet management and profitability per equity. Reduced leverage risk enhances financial flexibility, lowers funding stress, and positions the bank to support SME and household lending while retaining capacity for regulatory capital needs.

Negative Factors

Declining EBIT/EBITDA Margins

Falling EBIT/EBITDA margins point to weakening operational efficiency or rising operating costs that could erode sustainable profitability. Over months, if cost growth outpaces revenue, the bank's ability to convert revenue into durable operating profits and fund strategic initiatives may be constrained.

Weak Cash Conversion

A low operating cash flow to net income ratio raises concerns about earnings quality and cash conversion. Persistent weak OCF relative to profits can limit the bank's ability to finance lending, meet liquidity needs, and maintain dividends without relying on nonrecurring items or external funding.

Low Equity Ratio

A relatively low equity ratio signals higher reliance on debt funding and a thinner capital buffer. Structurally this increases vulnerability to credit losses or market stress, may constrain future lending capacity, and could force capital-raising actions under adverse scenarios.

Yamagata Bank, Ltd. Business Overview & Revenue Model

Company Description

The Yamagata Bank, Ltd. provides various banking products and services in Japan. The company operates through Banking, Leasing, and Credit Guarantee Business segments. It is involved in deposit-taking and lending activities; and investment in securities. The company also offers exchange and leasing services. As of March 31, 2021, it operated 81 branches; and 299 ATMs. The Yamagata Bank, Ltd. was founded in 1896 and is headquartered in Yamagata, Japan.

How the Company Makes Money

Yamagata Bank generates revenue primarily through interest income from loans and advances made to customers, which constitutes a significant portion of its earnings. The bank offers various loan products, including personal loans, housing loans, and business loans, charging interest over the duration of these loans. Additionally, the bank earns fees and commissions from services such as account maintenance, fund transfers, and investment services. Other revenue streams include income from investment securities and treasury operations. The bank may also engage in partnerships with local businesses and government entities to enhance its service offerings and expand its customer base, contributing further to its financial performance.

Yamagata Bank, Ltd. Financial Statement Overview

Summary

Income statement strength (revenue up 12.26% and net margin improved to 9.59%) is tempered by declining EBIT/EBITDA margins. Balance sheet is improving (debt-to-equity down to 0.88; ROE up to 3.25%) but equity ratio remains relatively low. Cash flow shows strong free cash flow growth and healthy FCF-to-net income (0.72), yet a low operating cash flow to net income ratio raises cash conversion concerns.

Income Statement

Yamagata Bank has demonstrated strong revenue growth with a 12.26% increase in the latest year, indicating a positive trajectory. The net profit margin improved significantly to 9.59%, showcasing enhanced profitability. However, the EBIT and EBITDA margins have declined, suggesting potential challenges in operational efficiency.

Balance Sheet

The bank's debt-to-equity ratio has improved to 0.88, reflecting better leverage management compared to previous years. Return on equity has also increased to 3.25%, indicating improved shareholder returns. However, the equity ratio remains relatively low, suggesting a higher reliance on debt financing.

Cash Flow

Yamagata Bank's free cash flow has shown significant growth, but the operating cash flow to net income ratio is low, indicating potential cash flow management issues. The free cash flow to net income ratio is healthy at 0.72, suggesting good cash generation relative to profits.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	47.83B	50.44B	52.60B	48.60B	41.55B	38.64B
Gross Profit	47.83B	45.31B	47.20B	44.88B	40.35B	37.29B
EBITDA	1.29B	8.38B	5.35B	6.88B	7.23B	5.95B
Net Income	4.43B	4.41B	2.08B	3.44B	3.40B	2.85B
Balance Sheet
Total Assets	3.23T	3.16T	3.15T	3.14T	3.54T	3.13T
Cash, Cash Equivalents and Short-Term Investments	0.00	206.59B	197.12B	249.80B	646.47B	394.59B
Total Debt	117.20B	119.01B	134.47B	133.21B	505.94B	260.06B
Total Liabilities	3.08T	3.03T	3.00T	3.01T	3.38T	2.97T
Stockholders Equity	143.60B	135.82B	143.63B	133.55B	155.46B	161.65B
Cash Flow
Free Cash Flow	0.00	7.40B	-147.49B	-471.44B	445.89B	438.09B
Operating Cash Flow	0.00	10.25B	-145.35B	-469.31B	450.23B	440.20B
Investing Cash Flow	0.00	56.97B	94.19B	75.43B	-194.68B	-132.94B
Financing Cash Flow	0.00	40.08B	12.22B	-1.21B	-1.54B	-981.00M

Yamagata Bank, Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2060.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8344, the sentiment is Neutral. The current price of 2060 is below the 20-day moving average (MA) of 2583.15, below the 50-day MA of 2376.98, and above the 200-day MA of 1811.11, indicating a neutral trend. The MACD of 12.10 indicates Positive momentum. The RSI at 44.85 is Neutral, neither overbought nor oversold. The STOCH value of 29.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:8344.

Yamagata Bank, Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8392	72 Outperform	¥143.87B	8.04	3.68%	2.26%	9.34%	20.61%
8393	72 Outperform	¥147.56B	7.55	―	2.29%	13.93%	54.44%
8360	69 Neutral	¥154.12B	9.79	―	2.56%	17.66%	49.06%
8344	68 Neutral	¥73.88B	10.96	―	2.89%	-0.24%	95.49%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
8346	66 Neutral	¥159.30B	9.13	―	2.23%	29.06%	40.95%
8343	60 Neutral	¥89.46B	7.75	―	3.35%	15.96%	81.27%

Yamagata Bank, Ltd. Corporate Events

Yamagata Bank Reports Slight Decline in Capital Adequacy Ratios for Third Quarter FY2025

The Yamagata Bank, Ltd., a regional lender listed on the Tokyo Stock Exchange, reported its capital adequacy metrics for the end of the third quarter of the fiscal year ending March 31, 2026. The figures cover both consolidated and non-consolidated bases, reflecting the bank’s regulatory capital position against its risk exposure.

As of December 31, 2025, the bank’s consolidated capital adequacy ratio under the domestic standard stood at 10.21%, down 0.06 percentage point from the end of the previous quarter, while total capital increased slightly to ¥151.5 billion as risk-weighted assets also rose. On a non-consolidated basis, the capital adequacy ratio was 9.69%, also 0.06 point lower quarter on quarter, indicating that modest capital growth was outpaced by an increase in risk-weighted assets and required capital, but overall ratios remain comfortably above minimum regulatory thresholds.

The most recent analyst rating on (JP:8344) stock is a Hold with a Yen2899.00 price target. To see the full list of analyst forecasts on Yamagata Bank, Ltd. stock, see the JP:8344 Stock Forecast page.

Yamagata Bank Completes ¥1.2 Billion Share Buyback to Boost Capital Efficiency

The Yamagata Bank, Ltd. has completed a share buyback aimed at enhancing shareholder returns by improving capital efficiency, underscoring management’s focus on capital allocation. The bank repurchased 449,100 common shares, equivalent to 1.43% of its outstanding shares excluding treasury stock, at a total cost of approximately 1.2 billion yen through the Tokyo Stock Exchange’s ToSTNeT-3 off-auction own share repurchase system.

This transaction, executed on February 12, 2026, effectively utilized almost the full budget of the board-approved program, which had allowed for up to 560,000 shares and 1.2 billion yen in purchases between February 10 and February 20, 2026. By swiftly completing the buyback within this framework, Yamagata Bank signals a proactive stance on balance sheet optimization and shareholder value, potentially bolstering earnings per share and supporting its market positioning among regional banks.

The most recent analyst rating on (JP:8344) stock is a Hold with a Yen2899.00 price target. To see the full list of analyst forecasts on Yamagata Bank, Ltd. stock, see the JP:8344 Stock Forecast page.

Yamagata Bank Launches ¥1.2 Billion Share Buyback via ToSTNeT-3

The Yamagata Bank, Ltd. has resolved to repurchase up to 449,100 of its common shares, equivalent to 1.43% of its outstanding shares excluding treasury stock, via the Tokyo Stock Exchange’s off-auction own share repurchase system (ToSTNeT-3). The buyback will be executed on February 12, 2026 at a fixed price of 2,672 yen per share, matching the February 10 closing price, with a maximum outlay of 1.2 billion yen.

The decision follows a broader board authorization on February 9, 2026 to acquire up to 560,000 shares within a capped budget of 1.2 billion yen during the period from February 10 to 20, 2026 using ToSTNeT-3. The move signals an effort to enhance capital efficiency and shareholder value, although the bank notes that market conditions could prevent it from completing the full planned repurchase, and final results will be disclosed after trading on February 12, 2026.

The most recent analyst rating on (JP:8344) stock is a Hold with a Yen2544.00 price target. To see the full list of analyst forecasts on Yamagata Bank, Ltd. stock, see the JP:8344 Stock Forecast page.

Yamagata Bank to Repurchase Up to 1.2 Billion Yen in Shares

The Yamagata Bank, Ltd., a regional lender listed on the Tokyo Stock Exchange Prime Market, provides commercial banking services including deposits and loans to customers in its core operating area. As a regional financial institution, it plays a key role in supporting local economies through financing and related banking functions.

The bank’s board has approved a share buyback of up to 560,000 common shares, representing about 1.78% of its outstanding stock, for up to 1.2 billion yen between February 10 and 20, 2026 via the ToSTNeT-3 off-auction repurchase system. The move is aimed at enhancing shareholder returns and improving capital efficiency, signaling management’s intent to optimize its capital structure and return excess capital to investors.

The most recent analyst rating on (JP:8344) stock is a Hold with a Yen2544.00 price target. To see the full list of analyst forecasts on Yamagata Bank, Ltd. stock, see the JP:8344 Stock Forecast page.

Yamagata Bank Raises Dividend Payout Target and Adopts Progressive Policy

The Yamagata Bank has revised its shareholder return policy, raising its target dividend payout ratio from at least 35% to 40% of profit attributable to owners of the parent, and adopting a progressive dividend policy that prioritizes stable and increasing dividends over time. The bank also plans to continue enhancing shareholder returns and capital efficiency through flexible share buybacks, reflecting its steady business performance and an upward revision to its fiscal 2025 earnings forecast.

Under the new policy, effective from fiscal 2025 ending March 31, 2026, the bank forecasts annual dividends of 78 yen per share, comprising an interim dividend of 28 yen and a year-end dividend of 50 yen, which is 33 yen higher than the prior fiscal year. This move aligns with its long-term management plan “Pro-Act,” signaling a commitment to sharing medium- to long-term profit growth with shareholders and reinforcing its efforts to improve corporate value.

The most recent analyst rating on (JP:8344) stock is a Hold with a Yen2544.00 price target. To see the full list of analyst forecasts on Yamagata Bank, Ltd. stock, see the JP:8344 Stock Forecast page.

Yamagata Bank Lifts FY2026 Earnings Outlook and Sharply Increases Dividend Forecast

The Yamagata Bank has raised its full-year forecast for the fiscal year ending March 31, 2026, reflecting stronger-than-expected net interest income driven mainly by higher interest and dividend income on securities. Consolidated ordinary income is now projected at ¥61.8 billion and profit attributable to owners of parent at ¥6.0 billion, both above previous guidance and marking solid growth over fiscal 2025.

Non-consolidated forecasts were also revised upward, with profit now expected to rise to ¥5.8 billion, supported by a notable improvement in ordinary profit versus earlier estimates. In tandem with the earnings upgrade and an updated shareholder return policy, the bank plans to lift its year-end dividend from ¥28 to ¥50 per share, bringing the expected annual dividend for fiscal 2026 to ¥78, signaling a stronger commitment to shareholder returns.

The most recent analyst rating on (JP:8344) stock is a Hold with a Yen2544.00 price target. To see the full list of analyst forecasts on Yamagata Bank, Ltd. stock, see the JP:8344 Stock Forecast page.

Yamagata Bank Lifts Earnings Outlook and Dividend on Strong Nine-Month Results

Yamagata Bank reported strong consolidated results for the nine months ended December 31, 2025, with ordinary income rising 16.9% year on year to ¥45.25 billion and profit attributable to owners of the parent climbing 19.7% to ¥4.10 billion. Comprehensive income swung sharply positive to ¥18.91 billion, while total assets increased to ¥3.24 trillion and the equity-to-asset ratio improved to 4.7%, reflecting strengthened financial soundness.

The bank raised its full-year forecast, now projecting a 16.9% increase in ordinary income to ¥61.8 billion and a 36.0% jump in profit attributable to owners of the parent to ¥6.0 billion, with basic earnings per share estimated at ¥191.17. In tandem, Yamagata Bank revised its dividend plan higher, targeting a total annual dividend of ¥78 per share for the fiscal year ending March 31, 2026, signaling greater shareholder returns backed by improved profitability and capital.

The most recent analyst rating on (JP:8344) stock is a Hold with a Yen2544.00 price target. To see the full list of analyst forecasts on Yamagata Bank, Ltd. stock, see the JP:8344 Stock Forecast page.