T&D Holdings (8795) AI Stock Analysis

• Market Cap: ¥1.92T
• Dividend Yield: 2.74%
• Average Volume (3M): 2.03M
• Price to Earnings (P/E): 18.1
• Beta (1Y): 1.17
• Revenue Growth: -1.96%
• EPS Growth: 10.32%
• Country: JP
• Employees: 20,408
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Life
• EPS (TTM): 90.55
• Shares Outstanding: 488,000,000
• 10 Day Avg. Volume: 1,473,520
• 30 Day Avg. Volume: 2,029,060
• PEG Ratio: 0.41
• Price to Book (P/B): 1.28
• Price to Sales (P/S): 0.71
• P/FCF Ratio: -4.37
• 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: ¥4,211.11
• Price Target Upside: -0.07% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): 294.17
• Revenue Forecast (FY): ¥3.25T

• Rating: 61 Neutral
• Price Target: ¥4,446.00 ▲(5.51% Upside)
• Action: Reiterated Date: 10/11/25
• Date: Action: Reiterated 10/11/25

T&D Holdings' overall stock score reflects a mixed financial performance with strong balance sheet metrics but significant cash flow concerns. Technical indicators suggest a neutral to bearish outlook, while the valuation is reasonable with a fair P/E ratio and a decent dividend yield. The absence of earnings call data and corporate events limits additional insights.

Positive Factors

Conservative balance sheet

Low leverage, a healthy equity ratio and improving ROE provide durable financial flexibility for a life insurer. This supports long-duration liabilities, underwriting capacity and reserve strengthening, reducing solvency risk and enabling strategic investments over the next several quarters.

Diversified fee and premium revenue

A mix of recurring premium income and asset-management fees plus broad distribution partnerships diversifies cash generation. That reduces reliance on any single product line, supports stable long-term cash inflows and aids scale advantages in both underwriting and asset management.

High gross margins; improving operating margins

Sustained high gross margins and improving EBIT/EBITDA indicate pricing power and better expense control. For an insurer, this reflects scalable operations and potential for persistent underwriting or fee profitability gains even if top-line growth is uneven.

Negative Factors

Negative operating & free cash flow

Persistent negative operating and free cash flows are a structural concern for funding claims, dividends and growth. This limits reinvestment capacity, increases reliance on investment returns or external funding, and raises liquidity and reserve management risks over the medium term.

Inconsistent and declining revenue growth

Volatile and declining revenue undermines predictability of premium inflows and asset-management fees, complicating reserve setting and long-term planning. Sustained top-line weakness can erode scale benefits, pressure margins and limit the firm's ability to invest in distribution or product innovation.

Low, volatile net margins and EPS decline

Low and fluctuating net margins combined with significant EPS contraction indicate earnings quality issues. For a life insurer, this suggests sensitivity to expense, claims or investment swings and reduces earnings predictability, impairing long-term capital accumulation and shareholder returns.

T&D Holdings Business Overview & Revenue Model

Company Description

T&D Holdings, Inc., through its subsidiaries, provides life insurance products and services primarily in Japan. It offers comprehensive coverage, including death benefit and medical/nursing care products through in-house sales representatives for household customers; term life insurance, disability insurance, etc. through in-house sales representatives and agents for small and medium enterprises; and savings and protection type products through financial institutions and insurance shops for independent insurance agent market, as well as pet and family insurance. The company also provides policy holder confirmation services; insurance agency services; survey and research services for health and medical care; investment management, advisory, and trust services; and leasing and credit guarantee services. In addition, it offers life insurance policy clerical services, including drafting, amendment, custody and distribution of documents, and delivery of securities; and computer software and system services. The company was incorporated in 2004 and is headquartered in Tokyo, Japan.

How the Company Makes Money

T&D Holdings generates revenue primarily through the sale of life insurance policies and annuities, where it earns premiums from policyholders. These premiums are invested to generate returns, which contribute to the company's earnings. The company also earns fees from asset management services provided to institutional clients and other investors. Significant partnerships with financial institutions and distribution networks further enhance T&D's reach and sales capabilities, driving additional revenue streams. Additionally, the company benefits from a growing demand for retirement planning products and services, which aligns with demographic trends in Japan.

T&D Holdings Financial Statement Overview

Summary

T&D Holdings shows a mixed financial performance. The balance sheet is strong with low leverage and a healthy equity ratio, but income statement challenges include inconsistent revenue growth and low net profit margins. Cash flow issues are significant, with negative operating and free cash flows indicating potential liquidity risks.

Income Statement

T&D Holdings has shown a mixed performance in its income statement. The company has maintained a high gross profit margin, indicating strong revenue generation relative to cost. However, the net profit margin has been relatively low and volatile, reflecting challenges in controlling expenses or other operational inefficiencies. Revenue growth has been inconsistent, with a notable decline in the most recent year, which could be a concern for future profitability. EBIT and EBITDA margins have improved over time, suggesting some operational improvements.

Balance Sheet

The balance sheet of T&D Holdings is relatively strong, with a low debt-to-equity ratio indicating conservative leverage and financial stability. The return on equity has shown improvement, suggesting better utilization of shareholder funds, although it remains moderate. The equity ratio is healthy, reflecting a solid capital structure with a significant portion of assets financed by equity.

Cash Flow

Cash flow performance has been a weak point for T&D Holdings. The company has experienced negative operating and free cash flows in recent years, which could indicate liquidity challenges. The free cash flow to net income ratio is positive, suggesting that the company is generating cash relative to its net income, but the overall negative cash flow trend is concerning. The operating cash flow to net income ratio has been inconsistent, further highlighting cash flow management issues.

Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	3.67T	2.34T	2.30T	2.13T	1.70T	2.12T
Gross Profit	3.69T	2.34T	2.30T	2.13T	1.70T	2.12T
EBITDA	173.60B	192.98B	157.54B	-81.06B	44.82B	159.02B
Net Income	129.55B	126.41B	98.78B	-132.15B	14.18B	108.51B
Balance Sheet
Total Assets	16.82T	16.62T	17.21T	16.77T	17.81T	17.88T
Cash, Cash Equivalents and Short-Term Investments	0.00	778.68B	1.14T	1.14T	890.67B	1.02T
Total Debt	127.99B	186.34B	127.99B	126.00B	162.00B	163.00B
Total Liabilities	15.39T	15.31T	15.80T	15.78T	16.42T	16.32T
Stockholders Equity	1.42T	1.30T	1.40T	987.17B	1.38T	1.49T
Cash Flow
Free Cash Flow	0.00	-379.46B	247.25B	-329.92B	-404.87B	489.40B
Operating Cash Flow	0.00	-359.87B	262.75B	-307.63B	-396.88B	500.49B
Investing Cash Flow	0.00	94.27B	-180.25B	665.96B	283.20B	-261.46B
Financing Cash Flow	0.00	-87.34B	-79.23B	-106.58B	-57.75B	-72.13B

T&D Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4214.00
• 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:8795, the sentiment is Positive. The current price of 4214 is above the 20-day moving average (MA) of 4051.30, above the 50-day MA of 3879.00, and above the 200-day MA of 3552.75, indicating a bullish trend. The MACD of 65.65 indicates Positive momentum. The RSI at 65.87 is Neutral, neither overbought nor oversold. The STOCH value of 58.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:8795.

T&D Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8473	72 Outperform	¥2.21T	5.19	20.02%	2.63%	23.96%	179.16%
7181	72 Outperform	¥1.83T	12.10	―	2.44%	-21.38%	58.05%
7326	69 Neutral	¥60.26B	19.94	6.16%	1.10%	13.99%	85.66%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
7157	67 Neutral	¥179.48B	24.66	―	―	20.22%	19.40%
8750	67 Neutral	¥5.93T	13.19	10.61%	3.26%	-8.02%	5.21%
8795	61 Neutral	¥1.92T	18.12	8.83%	2.74%	-1.96%	10.32%

T&D Holdings Corporate Events

T&D Holdings Reshapes Board Leadership to Strengthen Governance

T&D Holdings, Inc. has approved a governance-driven change to its leadership structure, separating the roles of supervision and execution as it enters a new Long-Term Vision from fiscal 2026. The company will transfer the position of Chairman of the Board from the Representative Director and President to a non-representative Director and Chairman, effective April 1, 2026.

Under the reshuffle, Hirohisa Uehara will become Director and Chairman, moving from his current role as Representative Director and Chairman. President Masahiko Moriyama will remain Representative Director and President as T&D Holdings seeks to strengthen its corporate governance in line with Japan’s Corporate Governance Code and bolster long-term corporate value.

The most recent analyst rating on (JP:8795) stock is a Hold with a Yen4111.00 price target. To see the full list of analyst forecasts on T&D Holdings stock, see the JP:8795 Stock Forecast page.

T&D Holdings Posts Modest Profit, Raises Dividend and Expands Group Scope

T&D Holdings reported consolidated ordinary revenues of ¥2.61 trillion for the nine months to 31 December 2025, up 3%, with ordinary profit roughly flat at ¥180.3 billion and profit attributable to owners down 9.8% to ¥108.7 billion, while total assets and equity ratio improved. Despite lower nine-month profit and earnings per share, the group lifted interim and projected full-year dividends to ¥62 and ¥124 per share, maintained its earnings forecast for FY2025, highlighted growth in group adjusted profit, and expanded its consolidation scope by adding Viridium Group and other entities, underscoring an ongoing push to enhance shareholder returns and scale.

The most recent analyst rating on (JP:8795) stock is a Hold with a Yen4307.00 price target. To see the full list of analyst forecasts on T&D Holdings stock, see the JP:8795 Stock Forecast page.

T&D Holdings Continues Large-Scale Share Buyback Program in January 2026

T&D Holdings has continued its share buyback program, acquiring 1,480,600 shares of common stock on the open market between January 1 and January 31, 2026, at a total cost of approximately 5.6 billion yen under the discretionary trading method. This brings cumulative repurchases under the current board authorization, which allows for up to 50 million shares or 100 billion yen in buybacks through March 31, 2026, to 23,742,200 shares totaling about 83.1 billion yen, signaling an ongoing capital return initiative that may support shareholder value and optimize the company’s capital structure.

The most recent analyst rating on (JP:8795) stock is a Hold with a Yen3917.00 price target. To see the full list of analyst forecasts on T&D Holdings stock, see the JP:8795 Stock Forecast page.

T&D Holdings Reports Large Unrealized Bond Losses but Keeps Earnings Outlook Unchanged

T&D Holdings has disclosed that unrealized losses on its assessed securities, primarily held-to-maturity and policy-reserve-matching bonds, totaled ¥1,603.8 billion as of December 31, 2025, far exceeding its most recent full-year consolidated ordinary profit and profit attributable to owners of the parent. Despite this large mark-to-market loss, the company is maintaining its earnings and dividend forecasts for the fiscal year ending March 31, 2026, emphasizing that these bonds are held against insurance liabilities whose economic value declines as interest rates rise, thereby offsetting the impact and leaving the group’s financial soundness and capital position essentially unaffected in the near term.

The most recent analyst rating on (JP:8795) stock is a Hold with a Yen3835.00 price target. To see the full list of analyst forecasts on T&D Holdings stock, see the JP:8795 Stock Forecast page.

T&D Holdings Advances Large-Scale Share Buyback, Reaches ¥77.5 Billion in Repurchases

T&D Holdings has disclosed that it repurchased 731,200 of its own common shares on the open market between December 1 and December 31, 2025, at a total cost of about ¥2.56 billion, under a board-approved share buyback program. This transaction forms part of a larger authorization decided in March 2025 to buy back up to 50 million shares or ¥100 billion by March 31, 2026, under which the company had cumulatively acquired 22,261,600 shares for approximately ¥77.5 billion as of the end of December, signaling continued execution of its capital management strategy and a focus on shareholder returns.

The most recent analyst rating on (JP:8795) stock is a Hold with a Yen3775.00 price target. To see the full list of analyst forecasts on T&D Holdings stock, see the JP:8795 Stock Forecast page.

T&D Holdings Acquires Treasury Shares to Enhance Value

T&D Holdings, Inc. announced the acquisition of 3,919,900 treasury shares for approximately 12.86 billion yen, executed through open-market repurchase. This move is part of a broader strategy approved by the board to acquire up to 50 million shares, enhancing shareholder value and optimizing capital structure.

The most recent analyst rating on (JP:8795) stock is a Hold with a Yen3775.00 price target. To see the full list of analyst forecasts on T&D Holdings stock, see the JP:8795 Stock Forecast page.