SBI Holdings Inc (JP:8473)
:8473
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SBI Holdings
(8473)
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Rating:72Outperform
Price Target:
¥3,140.00
▲(1.62% Upside)
Action:Reiterated
Date:05/02/26
The score is driven primarily by improving financial performance (strong TTM growth, profitability, and cash generation) and very favorable valuation (low P/E and solid dividend yield). These positives are tempered by balance-sheet leverage and historical earnings/cash-flow volatility, while technical indicators are only moderately supportive rather than strongly bullish.
Positive Factors
Revenue growth and profitability rebound
SBI has delivered a multi-year revenue expansion and a marked profitability recovery in the trailing twelve months, indicating improving core operating performance. Sustained top-line momentum and higher margins support durable earnings power across its banking, securities and asset-management operations.
Negative Factors
Elevated leverage
Debt materially exceeding equity constrains capital flexibility and raises refinancing and interest-rate sensitivity. In adverse markets or if earnings re-normalize, higher leverage can amplify stress on liquidity and limit strategic options like M&A, buybacks or aggressive reinvestment.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth and profitability rebound
SBI has delivered a multi-year revenue expansion and a marked profitability recovery in the trailing twelve months, indicating improving core operating performance. Sustained top-line momentum and higher margins support durable earnings power across its banking, securities and asset-management operations.
Read all positive factors
SBI Holdings (8473) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.96T
Dividend Yield2.63%
Average Volume (3M)3.32M
Price to Earnings (P/E)4.5
Beta (1Y)1.26
Revenue Growth31.37%
EPS Growth148.24%
CountryJP
Employees19,097
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)664.84
Shares Outstanding661,130,800
10 Day Avg. Volume3,781,230
30 Day Avg. Volume3,316,030
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.02
Price to Sales (P/S)0.96
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥3,908.00Price Target Upside26.47% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)302.36
Revenue Forecast (FY)¥1.47T
SBI Holdings Business Overview & Revenue Model
Company Description
SBI Holdings, Inc. is a Japanese conglomerate primarily engaged in online financial services and strategic investments, both domestically and internationally. Its operations are structured around three key pillars: Financial Services, Asset Manage...
How the Company Makes Money
SBI Holdings makes money through a mix of financial services income and investment-related gains across its main business segments. (1) Securities/Investment services: revenue is generated from brokerage commissions and transaction-related fees wh...
SBI Holdings Earnings Call Summary
Earnings Call Date:May 01, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
Earnings Call Sentiment Positive
The earnings call portrayed a strong overall performance with record-breaking revenue and significant growth in key segments such as Financial Services and Crypto-Assets. Despite challenges in the Next Gen and Insurance businesses, the company's strategic initiatives and expansion plans, both domestically and internationally, indicate a positive outlook.Positive Updates
Record-Breaking Revenue and Growth
Revenue for FY 2024 was ¥1,443,733 million, up 19.3% year-on-year. Pre-tax income increased by 99.4% to ¥282,290 million, and net income rose by 66.5% to ¥189,158 million. ROE exceeded the target of 10%, reaching 12.8%.
Negative Updates
Challenges in the Next Gen Business
While the Next Gen business hit record high revenue, the pre-tax income remains in the red, with Web3 business still running at a loss.
Read all updates
Q4-2025 Updates
Positive
Negative
Record-Breaking Revenue and Growth
Revenue for FY 2024 was ¥1,443,733 million, up 19.3% year-on-year. Pre-tax income increased by 99.4% to ¥282,290 million, and net income rose by 66.5% to ¥189,158 million. ROE exceeded the target of 10%, reaching 12.8%.
Read all positive updates
Company Guidance
In the fiscal year 2024, the company reported consolidated revenue of ¥1,443,733 million, marking a 19.3% increase year-on-year. Pre-tax income reached ¥282,290 million, up 99.4%, and net income was ¥189,158 million, a 66.5% increase. The return on equity (ROE) surpassed the target of 10%, reaching 12.8%, an increase of 5.8 percentage points. The Financial Services Business segment generated revenue of ¥1.2 trillion, with profits rising by over 30% to ¥225,369 million. The Asset Management division saw income grow by 12.5% to ¥5 billion. The Crypto-Asset business hit record highs, with revenue at ¥80,797 million and pre-tax income up 151.8% at ¥21,220 million. The dividend increased by ¥10 year-on-year to ¥140, with a payout ratio of 31.7%. The company aims to expand its customer base to 100 million by its 30th anniversary and increase consolidated profit before income tax to ¥500 billion. The strategy involves leveraging digital technology and expanding alliances to achieve growth targets.SBI Holdings Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
52
Neutral
Cash Flow
70
Positive
| Breakdown | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.90T | 1.35T | 1.19T | 911.97B | 650.48B |
| Gross Profit | 1.12T | 968.76B | 829.91B | 632.92B | 373.96B |
| EBITDA | 584.32B | 581.39B | 404.96B | 278.63B | 487.00B |
| Net Income | 427.58B | 162.12B | 87.24B | 35.45B | 366.85B |
Balance Sheet | |||||
| Total Assets | 38.29T | 32.11T | 27.14T | 22.31T | 17.84T |
| Cash, Cash Equivalents and Short-Term Investments | 7.34T | 6.26T | 4.58T | 3.78T | 4.86T |
| Total Debt | 7.01T | 7.73T | 6.01T | 5.17T | 3.42T |
| Total Liabilities | 35.88T | 30.35T | 25.23T | 20.56T | 16.25T |
| Stockholders Equity | 1.79T | 1.26T | 1.26T | 1.01T | 924.60B |
Cash Flow | |||||
| Free Cash Flow | 0.00 | 1.67T | 1.42T | 1.01T | -149.40B |
| Operating Cash Flow | 1.86T | 1.67T | 1.42T | 1.01T | -149.40B |
| Investing Cash Flow | -996.28B | -1.14T | -159.81B | -1.08T | 1.84T |
| Financing Cash Flow | 303.42B | 526.80B | 123.86B | 819.54B | 166.62B |
SBI Holdings Technical Analysis
Neutral
3090.00
Price Trends
3014.34
Negative
3092.56
Negative
3182.69
Negative
Market Momentum
-34.30
Negative
47.47
Neutral
84.88
Negative
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 3090 is above the 20-day moving average (MA) of 2917.55, above the 50-day MA of 3014.34, and below the 200-day MA of 3182.69, indicating a bearish trend. The MACD of -34.30 indicates Negative momentum. The RSI at 47.47 is Neutral, neither overbought nor oversold. The STOCH value of 84.88 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:8473.
SBI Holdings Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | ¥68.17B | 13.33 | 17.21% | 4.27% | 13.39% | 22.07% | |
72 Outperform | ¥1.96T | 4.46 | 20.02% | 2.63% | 31.37% | 148.24% | |
70 Outperform | ¥43.90B | 9.99 | 6.18% | 4.42% | 30.88% | 192.90% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | ¥118.30B | 17.55 | 5.11% | 5.07% | -26.93% | -29.49% | |
67 Neutral | ¥187.02B | 11.36 | 7.40% | 5.60% | 15.68% | 49.07% | |
44 Neutral | ¥20.29B | -17.31 | ― | 1.85% | -17.48% | -207.17% |
* Financial Sector Average
JP:8473
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SBI Holdings Corporate Events
SBI Holdings to Acquire 8.3% Voting Stake in W TOKYO
May 29, 2026
SBI Holdings said it plans to acquire 216,200 common shares of W TOKYO Inc. on May 29, 2026, giving it 8.30% of the company’s voting rights based on the latest disclosed total. The move is structured as an accumulation of shares deemed equiv...
SBI Holdings to Acquire Majority Stake in Star Music Entertainment
May 21, 2026
SBI Holdings has signed a share transfer agreement with Ridge-i Inc. to acquire 710,000 shares of Star Music Entertainment Inc. for JPY 921 million, giving it 66.98% of voting rights and converting the firm into a consolidated subsidiary, subject ...
SBI Holdings Lowers Conversion Price on 2031 Zero Coupon Convertible Bonds After Extraordinary Dividend
May 1, 2026
SBI Holdings, Inc. has adjusted the conversion price on its Zero Coupon Convertible Bonds due 2031, lowering it from ¥2,335.7 to ¥2,284.0 per share on a post–stock split basis. The revised conversion price applies retroactively fro...
SBI Holdings Posts Surge in Profit and Strengthens Balance Sheet for FY2026
May 1, 2026
SBI Holdings reported strong consolidated results for the year ended March 31, 2026, with revenue rising 31.4% to ¥1.90 trillion and profit attributable to owners of the company surging 163.7% to ¥427.58 billion. Earnings growth was supp...
SBI Holdings Books ¥67.4 Billion Gain from Kyobo Life Acquisition
Apr 27, 2026
SBI Holdings has completed the acquisition of shares in South Korea’s Kyobo Life Insurance, making the Seoul-based insurer an equity-method affiliate. The deal advances SBI’s strategy of deepening its footprint in Asian insurance marke...
SBI Holdings Cedes Control of Korean Savings Bank but Retains Strong Economic Stake
Apr 6, 2026
SBI Holdings has completed the sale of a majority stake in its South Korean unit, SBI Savings Bank, to Kyobo Life Insurance, transferring 156,147,223 shares for a total consideration of KRW 900 billion. Following the transaction, SBI’s votin...
SBI Holdings to Make Star Music Entertainment a Subsidiary in Media Ecosystem Push
Mar 30, 2026
SBI Holdings has signed a basic agreement to acquire all shares of Star Music Entertainment from Ridge-i, turning the music and social media marketing firm into a consolidated subsidiary. The deal is intended to fold Star Music into the SBI Neo-me...
SBI Holdings Strikes Capital and IP Alliance With TOKYO GIRLS COLLECTION Operator
Mar 27, 2026
SBI Holdings has entered a capital and business alliance with W TOKYO Inc., operator of the influential TOKYO GIRLS COLLECTION fashion festival, to collaborate on value creation for intellectual property and content in media and entertainment. SBI...
SBI Holdings Launches Trading of Retail Security Token Bonds on ODX START
Mar 25, 2026
SBI Holdings has completed the issuance of its first security token corporate bonds for individual investors, branded as SBI START Bonds, with a total issue size of JPY 10 billion and an annual interest rate of 2.15%. The three-year unsecured bond...
SBI Holdings Brings Shinsei Bank Under Direct Control After Public Fund Exit
Mar 19, 2026
SBI Holdings is reshaping its banking structure as wholly owned unit SBI Regional Bank Holdings will distribute all of its shares in SBI Shinsei Bank to the parent via a dividend-in-kind, effectively converting the lender from a second-tier subsid...
SBI Holdings Alters Terms of SBI Savings Bank Stake Sale to Kyobo Life
Mar 18, 2026
SBI Holdings has amended the terms of its planned partial sale of shares in South Korea-based SBI Savings Bank to Kyobo Life Insurance, revising the final transfer deadline to no later than March 31, 2026, subject to mutual agreement. The governan...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.