SBI Holdings (8473) AI Stock Analysis

• Market Cap: $2.14T
• Dividend Yield: 2.74%
• Average Volume (3M): 3.32M
• Price to Earnings (P/E): 7.1
• Beta (1Y): 1.27
• Revenue Growth: 23.96%
• EPS Growth: 179.16%
• Country: JP
• Employees: 19,097
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 124.17
• Shares Outstanding: 660,695,300
• 10 Day Avg. Volume: 3,781,230
• 30 Day Avg. Volume: 3,316,030
• PEG Ratio: 0.11
• Price to Book (P/B): 0.95
• Price to Sales (P/S): 0.83
• P/FCF Ratio: 0.83
• Enterprise Value/Market Cap: 0.64
• Enterprise Value/Revenue: 0.84
• Enterprise Value/Gross Profit: 1.49
• Enterprise Value/Ebitda: 2.07
• 1Y Price Target: $6,703.01
• Price Target Upside: 103.18% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: ¥3,679.00 ▲(11.52% Upside)

SBI Holdings' strong valuation with a low P/E ratio and attractive dividend yield are key strengths. However, financial performance is mixed, with strong revenue growth offset by high leverage and cash flow challenges. Technical analysis indicates neutral momentum, suggesting no immediate trend direction.

SBI Holdings Business Overview & Revenue Model

Company Description

SBI Holdings, Inc. engages in the online financial service businesses and investment activities in Japan and internationally. It operates through Financial Services Business; Asset Management Business; and Biotechnology, Healthcare and Medical Informatics Business segments. The company offers financial products and services, including brokerage and investment banking; Internet banking; auto, cancer, fire, and earthquake, as well as life insurance; short term insurance; FX margin trading; online securities; exchange and transaction services related to digital assets; management of defined-contribution pension, etc.; leasing and lending services; operation of proprietary trading system; control and operation of the e-commerce settlement business; and remittance and back office support services. It also provides private equity, venture capital fund management, M&A advisory, savings bank, commercial banking, investment advisory and management, and rating information services; real estate secured loans; and rent guarantees for rental housing. In addition, the company researches, manufactures, and sells pharmaceutical products, health foods, and cosmetics; develops, produces, sells, and maintains medical information integration systems; and researches and develops antibody drugs and nucleic acid medicines for cancer and immunology. Further, it operates a fund-raising platform; acts as a crypto-asset broker; develops, manufactures, and sells crypto-asset mining systems; operates and develops cybersecurity systems; provides blockchain platform; invests in real estate properties; exports used cars; and offers healthcare services, as well as revitalization services. Additionally, the company engages in the mining of digital assets; and e-sports and renewable energy business. The company was formerly known as Softbank Investment Corporation and changed its name to SBI Holdings, Inc. in July 2005. SBI Holdings, Inc. was incorporated in 1999 and is headquartered in Tokyo, Japan.

How the Company Makes Money

SBI Holdings generates revenue through multiple key streams. Its main revenue sources include fees from financial services such as brokerage commissions from its securities business, interest income from banking operations, and premium income from its insurance segment. The company also earns significant revenues from its asset management division, managing investment funds and portfolios for clients. Additionally, SBI's venture capital activities contribute to its earnings by investing in startups and emerging technologies, particularly in the blockchain and fintech sectors. Strategic partnerships with various technology firms and financial institutions enhance its service offerings and market reach, further driving its revenue growth.

SBI Holdings Financial Statement Overview

Summary

SBI Holdings exhibits strong revenue growth and profitability, with a 40.35% increase in revenue and solid profit margins. However, high leverage and cash flow challenges, such as a 17.27% decline in free cash flow growth, present potential risks. The company needs to improve operational efficiency and cash flow management.

Income Statement

SBI Holdings has demonstrated strong revenue growth with a 40.35% increase in the latest year, indicating robust expansion. The gross profit margin of 53.90% and net profit margin of 11.23% reflect solid profitability. However, the EBIT margin of 23.67% and EBITDA margin of 27.88% suggest room for improvement in operational efficiency.

Balance Sheet

The company has a high debt-to-equity ratio of 4.54, indicating significant leverage, which could pose a risk if not managed carefully. However, the return on equity of 12.85% is commendable, showing effective use of equity to generate profits. The equity ratio of 3.93% suggests a low proportion of equity financing relative to total assets.

Cash Flow

SBI Holdings experienced a decline in free cash flow growth by 17.27%, which is a concern. The operating cash flow to net income ratio of 0.07 indicates limited cash generation from operations relative to net income. The free cash flow to net income ratio of 0.00 highlights challenges in converting income into free cash flow.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.62T	1.44T	1.21T	956.98B	763.62B	541.14B
Gross Profit	914.27B	834.12B	655.82B	573.24B	499.64B	366.05B
EBITDA	659.40B	353.35B	192.72B	172.29B	202.52B	185.87B
Net Income	283.19B	162.12B	87.24B	35.45B	366.85B	81.10B
Balance Sheet
Total Assets	35.30T	32.11T	27.14T	22.31T	17.84T	7.21T
Cash, Cash Equivalents and Short-Term Investments	6.22T	6.26T	4.58T	3.78T	4.86T	3.10T
Total Debt	6.08T	5.72T	4.48T	3.68T	3.96T	2.00T
Total Liabilities	33.49T	30.35T	25.23T	20.56T	16.25T	6.49T
Stockholders Equity	1.52T	1.26T	1.26T	1.01T	924.60B	562.12B
Cash Flow
Free Cash Flow	2.35T	1.46T	1.30T	923.17B	-340.01B	-193.82B
Operating Cash Flow	2.75T	1.51T	1.35T	960.74B	-314.05B	-178.40B
Investing Cash Flow	-1.57T	-1.06T	-65.12B	-1.08T	1.84T	-82.07B
Financing Cash Flow	303.44B	445.89B	29.17B	810.42B	163.30B	210.82B

SBI Holdings Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 3299.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8473, the sentiment is Neutral. The current price of 3299 is below the 20-day moving average (MA) of 3304.75, below the 50-day MA of 3349.33, and above the 200-day MA of 2709.57, indicating a neutral trend. The MACD of 2.96 indicates Positive momentum. The RSI at 48.49 is Neutral, neither overbought nor oversold. The STOCH value of 16.85 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:8473.

SBI Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8739	74 Outperform	¥46.32B	10.02	17.21%	4.55%	7.60%	7.20%
8473	72 Outperform	$2.14T	7.08	20.02%	2.74%	23.96%	179.16%
8616	72 Outperform	¥166.15B	13.45	6.79%	5.70%	3.10%	17.73%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
7347	62 Neutral	¥16.95B	247.33	―	2.52%	1.35%	-91.61%
8595	60 Neutral	¥124.55B	18.93	5.11%	5.18%	-19.64%	-31.08%
8518	46 Neutral	¥4.67B	16.53	4.15%	―	-6.60%	―

SBI Holdings Corporate Events

SBI Holdings Expands Stake in CREAL Inc. to Boost Real Estate Investments

SBI Holdings has announced its decision to acquire additional shares in CREAL Inc., a company specializing in asset management platform business, through a third-party allotment. This acquisition will make CREAL an equity-method affiliate of SBI Holdings, allowing for deeper collaboration in the real estate finance sector, particularly in the area of security tokens. This strategic move is expected to enhance SBI’s position in the real estate investment market and provide diverse investment opportunities to its clients.

SBI Holdings Boosts Director Incentives with Stock Options

SBI Holdings has announced the issuance of paid stock options to its directors and those of its subsidiaries, aiming to boost motivation and morale for achieving long-term performance growth and increased corporate value. The issuance involves 16,500 stock acquisition rights, potentially delivering up to 1,650,000 shares, contingent on meeting pre-set performance standards, thus aligning the interests of directors with those of shareholders.

SBI Holdings to Record Extraordinary Gain from SBI Shinsei Bank Share Sale

SBI Holdings announced that its subsidiary, SBI Shinsei Bank, has received approval to list its shares on the Prime Market of the Tokyo Stock Exchange. The company plans a partial sale of these shares, which will result in an extraordinary gain of approximately JPY 42,003 million in its non-consolidated financial results for the fiscal year ending March 2026. Despite this sale, SBI Shinsei Bank will remain a consolidated subsidiary, and the impact on SBI Holdings’ overall business performance is expected to be minor.

SBI Holdings Announces Share Buyback Plan to Boost Strategic Flexibility

SBI Holdings has announced a plan to acquire up to 10 million of its own shares, with the possibility of increasing to 20 million shares following a stock split. This strategic move aims to facilitate future capital and business alliances, mergers, and acquisitions, thereby strengthening its business foundation and operational flexibility.

SBI Shinsei Bank Gains Approval for Tokyo Stock Exchange Listing

SBI Holdings announced that its subsidiary, SBI Shinsei Bank, has received approval to list its shares on the Prime Market of the Tokyo Stock Exchange. This move is part of SBI Shinsei Bank’s strategy to expand its business foundation and enhance profitability, following its full repayment of public funds. The listing is expected to diversify capital raising methods and increase operational flexibility, contributing to the overall corporate value of SBI Holdings. Despite the listing, SBI Shinsei Bank will remain a consolidated subsidiary, maintaining a degree of independence in its management and operations.

SBI Holdings Denies Acquisition Rumors

SBI Holdings, Inc. has refuted claims made in Sentaku Magazine that it is considering acquiring Daiwa Securities in collaboration with Sumitomo Mitsui Financial Group. The company clarified that the report is unfounded, aiming to dispel any misinformation and maintain transparency with its stakeholders.

SBI Holdings Adjusts Bond Conversion Prices Following Dividend and Stock Split

SBI Holdings has announced adjustments to the conversion price of its Zero Coupon Convertible Bonds due 2031, following the approval of an extraordinary dividend and a stock split by its Board of Directors. These adjustments, effective retroactively, are expected to impact the company’s financial structure and shareholder value, reflecting strategic financial decisions aimed at optimizing capital management and enhancing shareholder returns.

SBI Holdings Increases Interim Dividend Amid Strong Financial Performance

SBI Holdings has announced an increase in its interim dividend for the fiscal year ending March 31, 2026, setting it at JPY 40 per share, up from JPY 30 in the previous year. This decision reflects the company’s strategy to enhance shareholder returns, supported by its financial performance and market conditions, while maintaining a policy of distributing approximately 30% of profit before income tax as dividends.

SBI Holdings Announces Stock Split and Amendments to Articles of Incorporation

SBI Holdings has announced a stock split to enhance the liquidity of its shares and broaden its investor base by reducing the stock price per unit. The stock split, effective December 1, 2025, will double the number of issued shares, and the company’s Articles of Incorporation will be amended to reflect the increased total number of shares authorized.

SBI Holdings Completes Share Transfer of SBI Sumishin Net Bank

SBI Holdings, Inc. has completed the transfer of all its shares in SBI Sumishin Net Bank, resulting in a substantial financial gain. This transaction is expected to significantly impact the company’s financial results for the third quarter of the fiscal year ending March 31, 2026, with a recorded gain of 170.3 billion yen in non-consolidated results and 141.6 billion yen in consolidated results.

SBI Holdings to Acquire Significant Stake in Ridge-i Inc.

SBI Holdings, Inc. announced its plan to acquire over 5% of Ridge-i Inc. shares, with the acquisition set for September 30, 2025. This move is part of a strategic accumulation of shares, equating to a significant 14.97% of Ridge-i’s voting rights, and is expected to increase to 22.69% following a third-party allocation. This acquisition aligns with SBI Holdings’ strategy to strengthen its influence and operational capabilities within the industry, potentially impacting its market positioning and stakeholder interests.