Cathay Financial Holding Co., Ltd. CHYYY

FinancialsInsuranceTaiwan

Last close 13.53 USD on Nov 1, 2026, – year to date

Quant rating

Quant rating C Rank 208 of 304 in Financials

Growth C 136 of 304
Valuation D 248 of 304
Quality B 49 of 304
Revisions B 70 of 304
Momentum D 296 of 304

Wall Street consensus Buy (1.75)Average target 3.48 USD −74.3%

Historical valuation

Valuation history unavailable.

Key data

Market cap: 55.0B
Enterprise value: 55.9B
52-week range: – – –
3-year range: – – –
Dividend yield: –
Beta (5 years): –
Shares outstanding: 16,203M
Next earnings: Nov 19, 2026

About the company

Cathay Financial Holding Co Ltd is a Taiwan-based financial holding company principally engaged in the investment and the management of investment business. The Company operates through five business segments. Banking Operating segment engages in commercial bank businesses, including foreign exchange business, guarantee business, and others. Life Insurance Operating segment engages in interest-sensitive sales of traditional insurance, investment-linked insurance and providing financial planning services. Property Insurance Operating segment engages in fire insurance, marine insurance, land and air insurance, liability insurance, and other insurance. Securities Operating segment engages in brokerage, dealership, and underwriting business. Other Operating segment includes assets, liabilities, revenue and expenditures which cannot be directly attributable to or reasonably allocated to certain operating segments.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	152	−1,085	−980	47.0	7,884	–
Revenue growth	114.0%	−10.7%	−2,186.5%	−99.4%	−29.3%	−57.7%
EPS (basic, normalized)	0.22	0.22	0.10	0.08	0.35	–
EPS growth	0.2%	116.0%	22.7%	−76.3%	–	–
Gross margin	–	–	–	–	–	–
Net margin	18.1%	56.9%	16.1%	45.9%	20.1%	31.4%
ROE	11.8%	13.2%	7.3%	5.0%	15.2%	10.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	11,793
Net debt (mil)	–
Total equity (mil)	35,367
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	152	+114.0%	367.8x	1.96	+8.1%	6.9x	0.22	+0.2%	60.9x
2026	11,193	+7,270.9%	5.0x	2.24	+14.2%	6.0x	0.28	+26.6%	48.1x
2027	11,122	−0.6%	5.0x	2.55	+14.0%	5.3x	0.27	−2.7%	49.4x
2028	8,365	−24.8%	6.7x	2.49	−2.5%	5.4x	0.29	+6.1%	46.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	11,193	−2.1%	−10.7%	−9.8%	0.28	+1.1%	+8.8%	+18.1%
2027	11,122	−4.8%	−11.6%	−9.1%	0.27	−0.8%	+2.9%	+16.8%
2028	8,365	0.0%	−11.5%	−37.3%	0.29	+0.5%	+8.6%	+17.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	116,568	71,515	95,795	73,839	106,263	24,583	118,934	100,625	72,538	88,335
Sales mean (mil)	85,040	109,809	87,925	88,691	114,393	83,915	91,448	107,311	108,318	97,038
Surprise	+37.1%	−34.9%	+9.0%	−16.7%	−7.1%	−70.7%	+30.1%	−6.2%	−33.0%	−9.0%
EPS reported	2.62	1.97	2.12	0.51	2.18	0.71	1.95	2.22	2.15	2.80
EPS mean	1.68	2.04	2.01	0.84	2.02	0.70	1.69	1.69	2.45	2.36
Surprise	+55.6%	−3.4%	+5.6%	−39.3%	+7.9%	+1.4%	+15.4%	+31.2%	−12.3%	+18.5%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
CHYYY Cathay Financial Holding Co., Ltd.	55.0B	11.8%	18.1%	1.51x	48.1x	49.4x	6.0x	5.3x
MET MetLife, Inc.	63.6B	21.4%	4.1%	2.32x	9.8x	9.0x	1.9x	1.7x
AFL Aflac Incorporated	62.1B	14.4%	21.2%	2.05x	17.6x	16.3x	2.1x	2.1x
GWO Great-West Lifeco Inc	59.0B	14.2%	11.1%	2.39x	16.2x	14.5x	2.9x	2.7x
SSREY Swiss Re AG	55.6B	–	–	–	11.0x	11.3x	1.9x	1.8x
MSADY MS&AD Insurance Group Holdings, Inc.	49.8B	–	3.0%	–	–	–	–	–
Mean		15.5%	11.5%	2.07x	20.5x	20.1x	3.0x	2.7x
Median		14.3%	11.1%	2.19x	16.2x	14.5x	2.1x	2.1x

Technical analysis

1M–
3M–
1Y–
3Y–

Price history unavailable.

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Cathay Financial Holding Co., Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	152	−1,085	−980	47.0	7,884	11,149
Other revenue	18,058	6,762	10,826	2,372	16,590	15,955
Total revenue	18,209	5,677	9,846	2,419	24,474	27,104
Losses, benefits and adjustments	3,672	3,488	4,534	6,479	13,619	16,459
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	3,362	3,019	2,805	2,651	2,820	2,695
Depreciation/amortization	282	252	259	247	267	262
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	1,272	−407	−1,507	536	−1,094	−781
Operating income	9,621	−675	3,755	−7,493	8,862	8,468
Net interest income (expense)	−6,015	4,544	−1,822	9,127	−3,106	−5,561
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	3,606	3,869	1,933	1,634	5,757	2,907
Provision for taxes	170	507	220	392	673	202
Minority interest	−15.7	−29.2	−19.1	−19.7	−49.6	−49.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	3,419	3,333	1,694	1,222	5,034	2,656
Extraordinary items	0	30.8	−34.5	–	–	–
Net income	3,419	3,363	1,660	1,222	5,034	2,656
Basic weighted average shares (mil)	14,669	14,669	14,669	13,190	13,451	13,451
Diluted weighted average shares (mil)	14,669	14,669	14,669	13,190	13,451	13,451
Basic EPS, normalized	0.22	0.22	0.10	0.08	0.35	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Cathay Financial Holding Co., Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	3,697	3,498	3,746	3,708	3,688	3,652
Goodwill	384	367	773	771	790	778
Intangibles	621	644	846	918	1,070	1,145
Insurance receivables	–	–	–	–	–	–
Long-term investments	381,355	352,360	349,361	328,376	347,025	322,446
Note receivable	7,948	7,109	5,969	5,202	5,636	5,105
Other long-term assets	2,511	2,679	2,417	2,940	2,311	2,191
Deferred policy acquisition costs	–	–	–	–	–	–
Other assets	35,965	33,838	32,978	30,671	32,529	30,995
Total assets	457,716	419,922	417,522	394,770	418,388	390,044
Liabilities
Accounts payable	3,642	3,092	2,926	2,413	2,774	2,447
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Policy liabilities	251,305	241,606	248,831	242,744	257,688	239,466
Short-term debt	8,874	9,105	7,151	6,734	6,459	4,240
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	11,388	9,410	6,811	5,368	5,708	5,823
Minority interest	195	544	436	421	433	417
Other liabilities	152,687	129,058	125,683	117,504	112,775	105,841
Total liabilities	428,090	392,816	391,838	375,185	385,837	358,234
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	4,682	4,474	4,781	4,797	4,752	4,691
Additional paid-in capital	6,483	6,196	6,610	7,042	6,396	6,314
Retained earnings (accumulated deficit)	20,356	17,737	16,352	14,875	17,248	13,231
Treasury stock	–	–	–	–	–	–
Other equity	−1,894	−1,301	−2,057	−7,130	4,154	7,574
Total equity	29,626	27,107	25,685	19,585	32,550	31,810
Total liabilities & shareholders' equity	457,716	419,922	417,522	394,770	418,388	390,044

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Cathay Financial Holding Co., Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	3,606	3,869	1,906	1,634	5,757	2,907
Depreciation, depletion & amortization	282	257	281	247	267	262
Deferred taxes	–	–	–	–	–	–
Non-cash items	−13,515	−4,152	−9,785	−312	−15,417	−13,850
Changes in working capital	15,635	−875	5,667	−2,427	12,010	17,653
Cash from operations	6,008	−901	−1,931	−859	2,617	6,973
Investing activities
Capital expenditures	−170	−181	−169	−161	−125	−103
Other investing cash flows	−1,337	−2,708	592	−1,567	−340	−438
Cash from investing	−1,507	−2,889	423	−1,728	−465	−540
Financing activities
Financing cash flow items	−14.8	−29.2	−47.0	66.6	−151	−368
Cash dividends paid	−1,753	−999	−541	−1,618	−1,310	−1,059
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,282	3,444	1,461	1,767	558	513
Cash from financing	−486	2,416	874	216	−903	−914
Foreign exchange effects	188	4.0	42.5	34.4	−14.2	−11.3
Net change in cash	4,204	−1,370	−592	−2,336	1,235	5,507
Free cash flow	5,838	−1,082	−2,100	−1,020	2,492	6,870

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.