Resona Holdings, Inc. RSHGY

FinancialsBanking ServicesJapan

Last close 28.20 USD on Nov 2, 2026, +50.1% year to date

Quant rating

Quant rating A Rank 18 of 304 in Financials

Growth A 20 of 304
Valuation C 160 of 304
Quality B 67 of 304
Revisions A 11 of 304
Momentum B 103 of 304

Wall Street consensus Buy (2.42)Average target 16.25 USD −42.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 32.5B
Enterprise value: 2.9B
52-week range: 18.57 – 33.78
3-year range: 12.81 – 33.78
Dividend yield: 1.30%
Beta (5 years): –
Shares outstanding: 2,307M
Next earnings: Nov 10, 2026

About the company

Resona Holdings Inc is a Japan-based company mainly engaged in the provision of financial services such as banking and trust services, credit card services and venture capital services. The Company operates in four segments. The Retail Division segment is mainly engaged in consulting services related to personal loans, asset management, and succession of assets, etc., for individual customers. The Corporate Division segment is mainly engaged in business for corporate clients, focusing on support for business growth, including corporate lending, asset management using trusts, real estate operations, corporate pensions, and business succession. The Market Division Segment is mainly engaged in financing and investment of funds, foreign exchange, bonds, and derivatives through financial markets. The Kansai Mirai Financial Group segment is engaged in banking business in the Kansai region, including deposit and lending business.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	5,183	4,116	3,365	3,457	3,631	–
Revenue growth	25.9%	22.3%	−2.7%	−4.8%	−7.7%	5.7%
EPS (basic, normalized)	0.73	0.61	0.45	0.51	0.38	–
EPS growth	19.2%	36.7%	−12.9%	35.0%	−25.0%	7.5%
Gross margin	–	–	–	–	–	–
Net margin	31.4%	34.6%	31.2%	34.9%	24.9%	31.4%
ROE	9.2%	7.8%	7.3%	6.5%	5.6%	7.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	21,435
Net debt (mil)	–
Total equity (mil)	18,518
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
2026 actual	5,183	+25.9%	0.6x	8.18	−4.3%	3.4x	0.72	+15.3%	39.0x
2027	5,964	+15.1%	0.5x	8.86	+8.2%	3.2x	0.96	+32.6%	29.4x
2028	6,893	+15.6%	0.4x	9.54	+7.8%	3.0x	1.18	+23.7%	23.8x
2029	7,574	+9.9%	0.4x	10.30	+7.9%	2.7x	1.31	+10.7%	21.5x

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
2027	5,964	0.0%	+1.5%	+5.2%	0.96	+0.2%	+4.4%	+11.5%
2028	6,893	0.0%	+6.2%	+10.4%	1.18	+1.2%	+9.7%	+19.5%
2029	7,574	0.0%	+9.1%	+9.6%	1.31	+1.4%	+11.8%	+10.3%

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)	273,902	210,033	324,377	215,702	243,847	236,433	241,325	261,039	297,721	264,889
Sales mean (mil)	154,281	161,542	161,228	161,323	174,662	196,615	195,480	185,404	197,975	222,615
Surprise	+77.5%	+30.0%	+101.2%	+33.7%	+39.6%	+20.3%	+23.5%	+40.8%	+50.4%	+19.0%
EPS reported	19.20	23.84	25.46	23.84	19.25	30.77	31.79	34.92	16.23	35.79
EPS mean	16.98	17.64	19.12	17.27	10.96	25.48	28.50	26.25	18.99	34.65
Surprise	+13.1%	+35.2%	+33.1%	+38.1%	+75.7%	+20.7%	+11.6%	+33.0%	−14.6%	+3.3%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
RSHGY Resona Holdings, Inc.	32.5B	–	31.4%	1.35x	29.4x	23.8x	3.2x	3.0x
HBAN Huntington Bancshares Inc	32.3B	11.5%	20.2%	1.20x	10.6x	9.1x	1.1x	1.0x
MTB M&T Bank Corporation	32.3B	11.6%	25.7%	1.22x	11.5x	10.7x	1.2x	1.2x
CKHGY Capitec Limited	32.2B	–	50.5%	1.77x	13.4x	11.3x	3.9x	3.3x
GBOOY Grupo Financiero Banorte, S.A.B. de C.V.	32.0B	–	–	–	48.0x	44.0x	11.1x	10.3x
SVNLY Svenska Handelsbanken AB	31.8B	–	18.5%	0.60x	13.9x	13.4x	–	–
Mean		11.6%	29.3%	1.23x	21.1x	18.7x	4.1x	3.7x
Median		11.6%	25.7%	1.22x	13.6x	12.3x	3.2x	3.0x

Technical analysis

1M−11.3%
3M+3.5%
1Y+47.8%
3Y+94.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Resona Holdings, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Interest income	5,183	4,116	3,365	3,457	3,631	3,936
Total interest expense	1,453	911	579	299	103	165
Net interest income	3,730	3,204	2,787	3,158	3,528	3,771
Loan loss provision	77.8	15.9	214	117	462	497
Net interest income after loan loss provision	3,652	3,188	2,573	3,041	3,065	3,274
Non-interest income	3,327	3,277	2,832	3,039	3,257	3,394
Non-interest expense	−4,560	−4,505	−3,930	−4,385	−5,043	−5,003
Net income before taxes	2,419	1,960	1,474	1,695	1,279	1,665
Provision for taxes	780	528	427	477	374	493
Minority interest & equity in affiliates	−8.7	−9.8	4.0	−10.1	−1.2	−47.3
Other	0	0	0	0	0	0
Net income before extraordinary items	1,630	1,423	1,050	1,208	904	1,124
Extraordinary items	–	–	–	–	–	–
Net income	1,630	1,423	1,050	1,208	904	1,124
Basic weighted average shares (mil)	2,273	2,309	2,345	2,376	2,421	2,297
Diluted weighted average shares (mil)	2,273	2,309	2,345	2,377	2,422	2,297
Basic EPS excluding extraordinary items	0.72	0.62	0.45	0.51	0.37	0.49
Basic EPS, normalized	0.73	0.61	0.45	0.51	0.38	0.51

Balance sheet in millions of USD, fiscal years

Balance sheet, Resona Holdings, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & due from banks	86,860	130,369	138,287	168,623	230,144	227,851
Other earning assets	84,957	80,760	71,660	73,390	74,070	73,665
Net loans	299,005	295,726	281,054	309,839	323,559	350,396
Property, plant & equipment	1,936	2,080	2,312	2,654	2,931	3,263
Goodwill	–	–	–	–	–	–
Intangibles	328	334	301	391	453	482
Long-term investments	575	383	323	313	341	370
Other long-term assets	1,002	794	605	551	581	666
Other assets	6,075	5,532	8,734	7,629	10,326	9,049
Total assets	480,738	515,977	503,277	563,391	642,406	665,742
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	148	147	139	151	166	168
Total deposits	404,605	427,299	425,561	472,903	508,776	536,860
Other bearing liabilities	2,450	2,488	2,625	2,899	3,119	3,143
Short-term borrowings	22,039	32,774	26,615	33,596	26,680	27,197
Current portion of long-term debt	92.9	103	99.4	128	137	145
Long-term debt	23,348	27,582	23,167	28,955	77,022	68,470
Minority interest	146	157	117	135	137	1,826
Other liabilities	9,604	7,227	6,711	5,675	6,292	6,998
Total liabilities	462,432	497,776	485,033	544,443	622,330	644,807
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	319	337	334	381	416	457
Additional paid-in capital	441	466	724	1,013	1,227	142
Retained earnings (accumulated deficit)	15,342	14,931	13,699	14,788	15,237	16,231
Treasury stock	−445	−44.2	−48.4	−61.4	−76.0	−22.4
Other equity	2,650	2,512	3,535	2,828	3,272	4,128
Total equity	18,306	18,201	18,244	18,948	20,076	20,935
Total liabilities & shareholders' equity	480,738	515,977	503,277	563,391	642,406	665,742

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Resona Holdings, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	2,419	1,960	1,474	1,695	1,279	1,665
Depreciation, depletion & amortization	237	262	255	290	304	313
Deferred taxes	–	–	–	–	–	–
Non-cash items	−4,021	−3,287	−3,630	−3,682	−4,342	−4,099
Changes in working capital	−28,485	−891	−2,949	−37,520	34,741	105,054
Cash from operations	−29,851	−1,956	−4,850	−39,217	31,982	102,934
Investing activities
Capital expenditures	−183	−181	−136	−154	−185	−139
Other investing cash flows	−6,016	−6,791	−4,566	−2,785	−7,427	−12,426
Cash from investing	−6,199	−6,972	−4,702	−2,940	−7,611	−12,565
Financing activities
Financing cash flow items	−0.8	9.9	−0.3	−0.1	−10.9	−187
Cash dividends paid	−405	−350	−337	−380	−420	−437
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−400	−254	−159	−103	−969	−410
Cash from financing	−806	−594	−495	−482	−1,400	−1,033
Foreign exchange effects	−8.6	44.3	4.9	0	0	0.3
Net change in cash	−36,864	−9,478	−10,042	−42,639	22,971	89,336
Free cash flow	−30,034	−2,138	−4,985	−39,371	31,797	102,795

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 2, 2026 after market close.