Tokio Marine Holdings, Inc. TKOMY

FinancialsInsuranceJapan

Last close 3.66 USD on Nov 1, 2026, +50.7% year to date

Quant rating

Quant rating C Rank 184 of 304 in Financials

Growth D 230 of 304
Valuation C 125 of 304
Quality D 271 of 304
Revisions C 179 of 304
Momentum A 17 of 304

Wall Street consensus Strong Buy (1.50)Average target 4.00 USD +9.3%

Historical valuation

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

Key data

Market cap: 106.6B
Enterprise value: 94.1B
52-week range: 2.14 – 3.87
3-year range: 1.48 – 3.87
Dividend yield: 2.49%
Beta (5 years): 0.10
Shares outstanding: 29,010M
Next earnings: –

About the company

Tokio Marine Holdings Inc is a Japan-based company engaged in the domestic non-life insurance business, domestic life insurance business, overseas insurance business, and financial and other businesses. The Company operates through four business segments. The Domestic Non-Life Insurance Business segment is engaged in no-life insurance underwriting business and asset management business in Japan. The Domestic Life Insurance Business segment is engaged in life insurance underwriting and asset management services in Japan. The Overseas Insurance Business segment is engaged in overseas insurance underwriting and asset management services. The Financial and Other Business segment is mainly engaged in the provision of investment advisory services, investment trust outsourcing services, staffing services, as well as real estate management and nursing care business.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	43,144	42,787	40,235	43,164	41,765	–
Revenue growth	0.8%	6.3%	−6.8%	3.4%	−2.7%	0.1%
EPS (basic, normalized)	0.23	0.24	0.25	0.09	0.12	–
EPS growth	−3.8%	−5.2%	171.4%	−24.1%	–	–
Gross margin	–	–	–	–	–	–
Net margin	11.8%	13.4%	9.7%	6.0%	7.3%	9.6%
ROE	–	–	–	9.8%	10.9%	10.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	4,343
Net debt (mil)	–
Total equity (mil)	50,433
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	43,144	+0.8%	2.2x	–	–	–	0.23	−3.8%	16.0x
2027	52,266	+21.1%	1.8x	–	–	–	0.21	−5.9%	17.0x
2028	54,592	+4.5%	1.7x	–	–	–	0.24	+9.6%	15.6x

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
2027	52,266	−0.2%	–	–	0.21	0.0%	−10.6%	−11.8%
2028	54,592	−0.2%	–	–	0.24	0.0%	−6.6%	–
2029	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

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
TKOMY Tokio Marine Holdings, Inc.	106.6B	–	11.8%	2.00x	17.0x	15.6x	–	–
1299 AIA Group Limited	99.4B	14.9%	23.6%	2.44x	12.8x	11.6x	2.0x	1.8x
CB Chubb Limited	139.1B	14.4%	17.4%	1.90x	12.5x	12.3x	1.8x	1.6x
PGR The Progressive Corporation	134.0B	38.2%	12.9%	3.91x	12.6x	14.3x	3.9x	3.4x
TRV The Travelers Companies, Inc.	81.2B	20.8%	12.8%	2.80x	10.8x	12.7x	2.5x	2.3x
ALL Allstate Corp	65.7B	37.2%	15.0%	1.96x	7.2x	9.3x	1.9x	1.7x
Mean		25.1%	15.6%	2.50x	12.2x	12.6x	2.4x	2.2x
Median		20.8%	14.0%	2.22x	12.5x	12.5x	2.0x	1.8x

Technical analysis

1M+3.4%
3M+8.4%
1Y+42.8%
3Y+171.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Tokio Marine Holdings, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Premiums earned	43,144	42,787	40,235	43,164	41,765	42,941
Other revenue	9,256	9,855	7,102	3,595	5,598	5,491
Total revenue	52,400	52,642	47,337	46,760	47,363	48,431
Losses, benefits and adjustments	33,262	33,300	33,226	34,287	34,395	37,808
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	10,422	9,361	8,333	8,599	8,243	8,148
Depreciation/amortization	−11.0	−12.1	−11.9	−13.6	−84.1	−92.4
Interest expense (income), operating	143	180	172	105	69.0	103
Other operating expenses	186	141	169	−106	185	243
Operating income	8,398	9,672	5,448	3,889	4,555	2,220
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	13.1	−0.7	−16.6	24.6	0.8	−23.7
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	8,411	9,672	5,432	3,913	4,556	2,197
Provision for taxes	2,189	2,644	995	1,303	1,182	735
Minority interest	−44.5	10.2	162	210	82.8	−0.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	6,177	7,038	4,599	2,821	3,456	1,462
Extraordinary items	–	–	–	–	–	–
Net income	6,177	7,038	4,599	2,821	3,456	1,462
Basic weighted average shares (mil)	427,840	29,195	29,683	30,140	30,843	31,364
Diluted weighted average shares (mil)	427,843	29,195	29,684	30,141	30,852	31,387
Basic EPS, normalized	0.23	0.24	0.25	0.09	0.12	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Tokio Marine Holdings, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	4,306	3,748	2,641	3,011	2,833	3,022
Goodwill	2,249	2,124	2,463	3,228	3,727	4,387
Intangibles	6,112	5,600	5,142	5,540	5,171	5,143
Insurance receivables	−117	−122	−95.5	−67.3	−91.1	−102
Long-term investments	161,495	171,758	170,679	172,551	188,486	196,449
Note receivable	–	–	–	–	–	–
Other long-term assets	1,506	863	339	703	417	388
Deferred policy acquisition costs	–	–	–	–	–	–
Other assets	19,325	17,205	15,105	14,792	16,430	16,127
Total assets	201,386	208,318	202,200	206,324	223,951	232,749
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	972	935	751	730	706	679
Policy liabilities	147,585	155,580	149,983	160,529	168,844	177,576
Short-term debt	–	349	239	230	194	233
Current portion of long-term debt	–	503	364	91.7	572	309
Long-term debt	1,430	3,322	2,527	4,171	3,449	4,090
Minority interest	235	178	44.3	125	427	509
Other liabilities	17,012	13,595	14,079	13,455	16,710	16,232
Total liabilities	167,233	174,461	167,988	179,332	190,902	199,629
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	945	1,000	991	1,130	1,233	1,355
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	22,361	19,510	15,722	15,064	16,065	16,180
Treasury stock	−1,916	−358	−93.6	−211	−108	−210
Other equity	12,763	13,704	17,593	11,010	15,859	15,795
Total equity	34,153	33,857	34,212	26,992	33,048	33,120
Total liabilities & shareholders' equity	201,386	208,318	202,200	206,324	223,951	232,749

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Tokio Marine Holdings, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	8,411	9,672	5,432	3,913	4,556	2,197
Depreciation, depletion & amortization	1,570	1,568	1,391	1,441	1,247	1,197
Deferred taxes	–	–	–	–	–	–
Non-cash items	−6,295	−6,500	−5,859	−4,281	−4,572	−4,133
Changes in working capital	−4.9	4,231	6,121	6,515	7,794	11,404
Cash from operations	3,681	8,970	7,086	7,589	9,025	10,665
Investing activities
Capital expenditures	−283	−174	−137	−187	−239	−237
Other investing cash flows	4,314	1,272	−4,011	323	−5,231	−6,367
Cash from investing	4,031	1,098	−4,148	136	−5,470	−6,604
Financing activities
Financing cash flow items	−155	−4,502	84.4	−5,329	−1,963	−465
Cash dividends paid	−2,368	−1,876	−1,448	−1,446	−1,246	−1,449
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,410	−1,548	−1,321	−825	−939	−2,720
Cash from financing	−3,933	−7,926	−2,685	−7,600	−4,148	−4,634
Foreign exchange effects	97.9	410	419	426	490	−299
Net change in cash	3,877	2,553	671	551	−102	−872
Free cash flow	3,398	8,796	6,949	7,401	8,786	10,428

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.