Latest Ratios: P/E Ratio 15.4x · EV/EBITDA 12.4x · ROE 12.0%. (2003–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $124.1B | $98.6B | $69.7B | $50.4B | $35.7B | $32.6B | $36.9B | $29.3B | $38.8B | $46.9B | $46.8B |
| Enterprise Value | $151.3B | $4.50T | $-11526057224800 | $-13973273967500 | $-21780011594500 | $-10362340738300 | $-7635360517400 | $-5832449612800 | $-14852411647590 | $-15355648229500 | $-30939766310338 |
| P/E Ratio → | 15.41 | 0.07 | 0.08 | 0.07 | 0.06 | 0.06 | 0.08 | 0.07 | 0.40 | 0.08 | 0.08 |
| P/S Ratio | 2.12 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 |
| P/B Ratio | 1.79 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 |
| P/FCF | 41.20 | 0.20 | — | 0.03 | 0.00 | 0.01 | 0.00 | 0.02 | — | 0.02 | 0.01 |
| P/OCF | 34.04 | 0.17 | — | 0.03 | 0.00 | 0.01 | 0.00 | 0.02 | — | 0.02 | 0.01 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.47 | -1.34 | -1.78 | -4.46 | -3.66 | -2.64 | -1.62 | -4.26 | -4.92 | -10.29 |
| EV / EBITDA | 12.39 | 2.28 | -8.26 | -12.33 | -23.03 | -13.47 | -9.32 | -7.52 | -51.47 | -15.70 | -32.46 |
| EV / EBIT | 14.24 | 2.61 | -9.69 | -14.63 | -27.96 | -17.16 | -11.71 | -9.43 | -127.75 | -19.20 | -39.45 |
| EV / FCF | — | 9.22 | — | -8.58 | -2.51 | -2.17 | -0.47 | -3.50 | — | -5.63 | -7.20 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.9% | 48.9% | 41.8% | 36.5% | 52.8% | 80.6% | 78.1% | 59.6% | 62.3% | 78.9% | 79.2% |
| Operating Margin | 18.1% | 18.1% | 13.8% | 12.2% | 15.9% | 21.3% | 22.6% | 17.2% | 3.3% | 25.6% | 26.1% |
| Net Profit Margin | 14.0% | 14.0% | 10.3% | 8.6% | 11.4% | 18.7% | 16.3% | 12.5% | 2.8% | 18.5% | 20.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.0% | 12.0% | 8.5% | 7.0% | 6.0% | 5.7% | 5.2% | 5.0% | 1.0% | 6.0% | 6.5% |
| ROA | 0.5% | 0.5% | 0.3% | 0.3% | 0.2% | 0.2% | 0.2% | 0.2% | 0.0% | 0.3% | 0.3% |
| ROIC | 1.7% | 1.7% | 1.3% | 1.2% | 1.1% | 0.9% | 1.0% | 1.1% | 0.2% | 1.8% | 1.7% |
| ROCE | 1.1% | 1.1% | 1.9% | 1.6% | 1.4% | 1.2% | 1.4% | 1.5% | 0.3% | 0.7% | 0.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.84 | 5.84 | 5.79 | 5.72 | 4.92 | 4.45 | 4.31 | 4.06 | 3.29 | 3.29 | 1.74 |
| Debt / EBITDA | 33.84 | 33.84 | 43.62 | 52.02 | 47.93 | 53.23 | 49.21 | 45.40 | 104.73 | 33.06 | 16.93 |
| Net Debt / Equity | — | 0.38 | -1.10 | -1.36 | -2.37 | -1.13 | -0.82 | -0.68 | -1.62 | -1.57 | -3.34 |
| Net Debt / EBITDA | 2.23 | 2.23 | -8.31 | -12.38 | -23.06 | -13.51 | -9.37 | -7.56 | -51.61 | -15.75 | -32.51 |
| Debt / FCF | — | 9.02 | — | -8.61 | -2.51 | -2.18 | -0.47 | -3.52 | — | -5.65 | -7.21 |
| Interest Coverage | 0.36 | 0.36 | 0.24 | 0.20 | 0.35 | 1.91 | 1.52 | 0.48 | 0.09 | 0.98 | 1.36 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.04 | 2.04 | 0.39 | 0.34 | 0.34 | 0.28 | 0.42 | 0.35 | 0.39 | 0.45 | 37.73 |
| Quick Ratio | 2.04 | 2.04 | 0.39 | 0.34 | 0.34 | 0.28 | 0.42 | 0.35 | 0.39 | 0.45 | 37.73 |
| Cash Ratio | 1.37 | 1.37 | 0.33 | 0.34 | 0.34 | 0.28 | 0.27 | 0.24 | 0.28 | 0.30 | 11.22 |
| Asset Turnover | — | 0.03 | 0.03 | 0.03 | 0.02 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.01 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Payout Ratio | 29.5% | 29.5% | 34.4% | 34.6% | 37.7% | 37.1% | 40.4% | 42.4% | 197.2% | 33.0% | 31.5% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 1348.2% | 1271.1% | 1346.2% | 1554.6% | 1628.4% | 1276.6% | 1531.2% | 248.7% | 1228.1% | 1288.9% |
| FCF Yield | 2.4% | 494.8% | — | 3227.5% | 24301.7% | 14667.8% | 44441.8% | 5684.0% | — | 5809.5% | 9180.5% |
| Buyback Yield | 2.1% | 100.0% | 100.0% | 6.7% | 6.5% | 5.9% | 19.7% | 100.0% | 5.5% | 3.4% | 6.7% |
| Total Shareholder Yield | 4.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Shares Outstanding | — | $12.4B | $12.6B | $12.7B | $12.7B | $12.7B | $12.7B | $12.7B | $12.7B | $12.7B | $12.7B |
Interest rate policy sensitivity
Based on recent financial data, Mizuho trades at a P/B of 1.70, which suggests the market continues to apply a discount relative to regional peers like BBVA, likely reflecting historical skepticism regarding the bank's IT governance and its ability to sustain higher returns on tangible equity.
The current valuation multiple appears to price Mizuho as a commodity balance sheet rather than a premium franchise, despite recent improvements in net interest income. Investors should monitor whether the bank's pivot toward capital-light fee income can drive a re-rating toward the higher multiples observed in more diversified global banking peers.
As reported in quarterly filings, Mizuho's ROE has fluctuated between 0.3% and 3.7% over the last ten quarters, indicating that profitability remains highly sensitive to the Bank of Japan's interest rate environment and the bank's ongoing efforts to optimize its asset utilization through fee-based revenue streams.
The DuPont decomposition suggests that Mizuho's profitability is currently constrained by a low-margin domestic lending environment, with non-interest income contributing 34.4% to total revenue as of 2026Q4. This reliance on fee income appears to be a strategic necessity to offset the structural limitations of the bank's massive, low-yielding fixed-income portfolio.
According to recent financial statements, Mizuho's efficiency ratio reached 38.3% in 2026Q4, a notable increase from the 22.7% observed in 2025Q1, which may indicate that the bank is incurring significant non-interest expenses related to its long-term digital transformation and the maintenance of its MINORI core banking system.
The upward trend in the efficiency ratio suggests that operating leverage remains pressured, potentially masking the underlying earnings power of the bank's core lending operations. Analysts should investigate whether these costs are temporary investments or if they represent a structural increase in the bank's fixed-cost base that could limit future margin expansion.
Data from peer comparisons shows that Mizuho's ROE of 2.1% in 2026Q4 significantly trails the 10.8% to 16.3% range reported by domestic mega-bank peers like MUFG and SMFG, highlighting a persistent structural gap in capital efficiency that has historically weighed on the bank's valuation multiples.
This performance gap appears to be driven by Mizuho's more conservative international retail strategy and its historical focus on the legacy industrial banking ecosystem. While this positioning provides stability, it may also limit the bank's ability to capture the higher-margin growth opportunities currently being exploited by its more aggressive domestic competitors.
Investors frequently misapply the P/E ratio to Mizuho, as reported in financial analysis, which obscures the impact of volatile credit provisioning and unrealized gains from cross-shareholdings that can artificially inflate or deflate earnings in any given quarter, making the P/TBV a more reliable valuation metric.
The P/E ratio is particularly misleading for Japanese mega-banks due to the accounting treatment of strategic equity holdings and the cyclical nature of loan loss provisions. Analysts should prioritize the Price-to-Tangible-Book-Value (P/TBV) ratio, as it provides a cleaner view of the bank's underlying capital base and its capacity to generate sustainable returns on equity.
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Quick answers to the most common questions about buying MFG stock.
Mizuho Financial Group, Inc.'s current P/E ratio is 15.4x. The historical average is 0.1x. This places it at the 100th percentile of its historical range.
Mizuho Financial Group, Inc.'s current EV/EBITDA is 12.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.9x.
Mizuho Financial Group, Inc.'s return on equity (ROE) is 12.0%. The historical average is 3.6%.
Based on historical data, Mizuho Financial Group, Inc. is trading at a P/E of 15.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Mizuho Financial Group, Inc.'s current dividend yield is 1.91% with a payout ratio of 29.5%.
Mizuho Financial Group, Inc. has 48.9% gross margin and 18.1% operating margin. Operating margin between 10-20% is typical for established companies.
Mizuho Financial Group, Inc.'s Debt/EBITDA ratio is 33.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.