T&D Holdings, Inc. TDHOY

FinancialsInsuranceJapan

Last close 15.41 USD on Nov 1, 2026, +35.1% year to date

Quant rating

Quant rating A+ Rank 5 of 304 in Financials

Growth B 50 of 304
Valuation B 193 of 304
Quality B 91 of 304
Revisions B 49 of 304
Momentum A 29 of 304

Wall Street consensus Buy (2.36)Average target 31.46 USD +104.1%

Historical valuation

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

Key data

Market cap: 15.1B
Enterprise value: 12.4B
52-week range: 9.86 – 17.21
3-year range: 7.00 – 17.21
Dividend yield: 2.66%
Beta (5 years): 0.18
Shares outstanding: 488M
Next earnings: Nov 13, 2026

About the company

T&D Holdings Inc is a Japan-based company mainly engaged in the life insurance business. The Company operates four business segments. The Taiyo Life Insurance segment provides life insurance services to the household market. The Daido Life Insurance segment provides life insurance business to the small and medium-sized business market. The T&D Financial Life Insurance segment operates with the boarding agency market as its respective sales market and has different sales products under its own sales policy. The T&D United Capital segment is engaged in strategic business investments in the life insurance business and new growth business areas.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	17,216	21,622	16,958	20,433	17,432	–
Revenue growth	−20.4%	27.5%	−17.0%	17.2%	3.9%	0.5%
EPS (basic, normalized)	1.76	1.66	1.18	−1.74	0.19	–
EPS growth	6.1%	40.3%	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	4.3%	3.6%	3.4%	−4.7%	0.6%	1.4%
ROE	9.2%	9.3%	8.3%	−11.2%	1.0%	3.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	1,378
Net debt (mil)	–
Total equity (mil)	10,272
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	17,216	−20.4%	0.7x	21.16	+12.6%	0.7x	1.76	+6.1%	8.7x
2027	20,213	+17.4%	0.6x	21.66	+2.4%	0.7x	1.95	+10.6%	7.9x
2028	19,317	−4.4%	0.6x	22.49	+3.8%	0.7x	2.68	+37.4%	5.8x
2029	17,298	−10.5%	0.7x	23.28	+3.5%	0.7x	2.39	−10.8%	6.4x

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	20,213	−0.1%	+0.2%	+1.1%	1.95	+2.3%	+5.8%	−3.5%
2028	19,317	+0.2%	−1.8%	−4.9%	2.68	+0.4%	+0.5%	+18.6%
2029	17,298	+0.4%	−4.8%	−19.2%	2.39	+0.9%	+0.9%	+4.1%

Earnings surprises EPS beat in 2 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)	845,712	878,261	674,181	781,149	1,188,867	834,655	785,627	813,918	812,270	816,584
Sales mean (mil)	781,000	822,000	–	830,000	771,010	842,000	750,000	790,000	812,314	800,000
Surprise	+8.3%	+6.8%	–	−5.9%	+54.2%	−0.9%	+4.8%	+3.0%	0.0%	+2.1%
EPS reported	63.96	64.57	59.42	103.24	14.08	73.35	59.85	83.73	62.63	88.15
EPS mean	–	–	–	–	–	–	–	90.55	32.69	42.08
Surprise	–	–	–	–	–	–	–	−7.5%	+91.6%	+109.5%

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
TDHOY T&D Holdings, Inc.	15.1B	9.2%	4.3%	1.40x	7.9x	5.8x	0.7x	0.7x
CRBD Corebridge Financial Inc	15.5B	19.8%	−2.1%	1.46x	4.5x	3.6x	0.6x	0.6x
CRBG Corebridge Financial Inc	15.5B	19.8%	−2.1%	1.46x	7.6x	6.1x	1.1x	1.0x
EG Everest Group, Ltd.	15.4B	12.8%	9.0%	1.03x	7.8x	6.8x	1.0x	0.9x
BBSEY BB Seguridade Participacoes SA	14.9B	–	–	–	8.6x	9.2x	–	–
SNMCY Suncorp Group Limited	14.6B	9.9%	–	–	17.0x	15.8x	2.2x	2.2x
Mean		14.3%	2.3%	1.34x	8.9x	7.9x	1.1x	1.1x
Median		12.8%	1.1%	1.43x	7.9x	6.4x	1.0x	0.9x

Technical analysis

1M−4.1%
3M−2.5%
1Y+38.8%
3Y+97.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, T&D Holdings, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Premiums earned	17,216	21,622	16,958	20,433	17,432	16,778
Other revenue	2,936	1,867	2,260	752	3,305	3,176
Total revenue	20,152	23,489	19,218	21,185	20,737	19,954
Losses, benefits and adjustments	16,184	19,795	15,940	19,210	17,887	16,198
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	1,725	1,770	1,657	1,892	1,885	1,938
Interest expense (income), operating	46.1	16.0	9.5	13.0	13.9	14.0
Other operating expenses	694	630	614	685	554	344
Operating income	1,503	1,277	998	−615	398	1,461
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	−138	20.6	60.6	0.8	−9.8	3.3
Other non-operating income (expense)	−160	−173	−166	−169	−200	−221
Net income before taxes	1,204	1,125	893	−783	188	1,243
Provision for taxes	323	275	232	209	69.9	255
Minority interest	−6.3	−6.6	−8.4	−2.8	−1.9	−8.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	876	843	653	−995	117	980
Extraordinary items	–	–	–	–	–	–
Net income	876	843	653	−995	117	980
Basic weighted average shares (mil)	497	523	539	557	581	598
Diluted weighted average shares (mil)	497	523	540	557	582	598
Basic EPS, normalized	1.76	1.66	1.18	−1.74	0.19	–

Balance sheet in millions of USD, fiscal years

Balance sheet, T&D Holdings, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	2,333	2,492	2,498	2,880	3,063	3,392
Goodwill	–	–	–	–	–	–
Intangibles	417	367	287	259	289	298
Insurance receivables	1,430	386	483	316	258	163
Long-term investments	91,351	93,607	93,781	103,177	121,768	134,576
Note receivable	–	–	–	–	–	–
Other long-term assets	7,802	7,508	7,711	9,726	10,918	10,309
Deferred policy acquisition costs	–	–	–	–	–	–
Other assets	1,360	1,209	1,437	1,366	2,799	2,710
Total assets	109,119	110,830	113,721	126,319	146,420	161,032
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2.4	2.3	1.8	2.3	2.5	2.7
Policy liabilities	90,199	93,662	96,529	108,071	121,480	135,761
Short-term debt	50.3	53.3	52.8	45.2	41.1	54.2
Current portion of long-term debt	82.9	86.1	83.6	96.9	93.3	92.7
Long-term debt	1,960	1,103	1,075	1,252	1,766	1,766
Minority interest	34.7	38.2	39.8	49.0	62.4	67.3
Other liabilities	6,632	7,208	6,662	9,368	11,616	9,789
Total liabilities	98,962	102,153	104,443	118,885	135,061	147,533
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,305	1,381	1,369	1,560	1,702	1,871
Additional paid-in capital	–	–	–	482	526	1,132
Retained earnings (accumulated deficit)	3,292	4,052	3,530	3,801	5,514	6,208
Treasury stock	−150	−501	−176	−515	−354	−532
Other equity	5,710	3,745	4,555	2,106	3,970	4,821
Total equity	10,158	8,677	9,278	7,434	11,359	13,499
Total liabilities & shareholders' equity	109,119	110,830	113,721	126,319	146,420	161,032

Cash flow statement in millions of USD, fiscal years

Cash flow statement, T&D Holdings, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	1,204	1,125	893	−783	188	1,726
Depreciation, depletion & amortization	105	103	98.5	116	118	120
Deferred taxes	–	–	–	–	–	–
Non-cash items	−2,677	−2,363	−2,521	−878	−2,862	−3,630
Changes in working capital	2,315	−1,254	3,266	−771	−707	6,304
Cash from operations	947	−2,389	1,737	−2,317	−3,262	4,521
Investing activities
Capital expenditures	−84.6	−131	−102	−168	−65.7	−100
Other investing cash flows	−1,563	759	−1,089	5,183	2,393	−2,262
Cash from investing	−1,648	629	−1,191	5,015	2,328	−2,362
Financing activities
Financing cash flow items	−7.2	−10.8	−10.2	−10.0	−2.0	−0.2
Cash dividends paid	−323	−263	−237	−250	−252	−239
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	238	−309	−277	−543	−221	−413
Cash from financing	−92.5	−582	−524	−803	−475	−652
Foreign exchange effects	−6.2	15.8	20.9	−11.0	9.4	6.6
Net change in cash	−800	−2,327	42.5	1,885	−1,400	1,514
Free cash flow	862	−2,520	1,634	−2,485	−3,328	4,421

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.