Latest Ratios: P/E Ratio 13.8x · EV/EBITDA 9.7x · ROE 10.8%. (1998–2026 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 | $41.2B | $33.6B | $23.9B | $25.6B | $19.4B | $24.1B | $21.0B | $15.1B | $18.4B | $23.0B | $19.5B |
| Enterprise Value | $73.6B | $5.14T | $5.10T | $5.46T | $4.80T | $4.23T | $4.11T | $3.96T | $3.37T | $2.84T | $3.12T |
| P/E Ratio → | 13.84 | 0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.11 | 0.05 | 0.06 | 0.07 | 0.07 |
| P/S Ratio | 1.96 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| P/B Ratio | 1.41 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | 0.01 |
| P/FCF | 175.19 | 0.90 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.04 | 0.07 | 0.06 |
| P/OCF | 4.75 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.04 | 0.05 | 0.05 |
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 | — | 1.55 | 1.88 | 2.08 | 1.89 | 1.73 | 1.86 | 1.82 | 1.44 | 1.02 | 1.20 |
| EV / EBITDA | 9.68 | 4.29 | 6.97 | 7.53 | 7.09 | 6.89 | 7.15 | 6.90 | 5.39 | 4.61 | 5.36 |
| EV / EBIT | 15.07 | 5.48 | 9.36 | 9.88 | 10.15 | 9.98 | 12.11 | 10.28 | 8.01 | 6.84 | 7.40 |
| EV / FCF | — | 138.49 | 4.24 | 4.65 | 6.17 | 4.27 | 3.95 | 4.24 | 7.84 | 8.25 | 9.51 |
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 | 32.1% | 32.1% | 41.8% | 41.7% | 39.1% | 37.5% | 35.4% | 37.7% | 36.1% | 30.7% | 32.0% |
| Operating Margin | 21.8% | 21.8% | 11.5% | 12.8% | 12.6% | 11.7% | 11.3% | 11.8% | 13.6% | 11.7% | 12.3% |
| Net Profit Margin | 13.5% | 13.5% | 12.2% | 12.3% | 10.9% | 12.7% | 8.4% | 13.3% | 13.3% | 10.9% | 10.2% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.8% | 10.8% | 8.6% | 9.1% | 8.3% | 9.8% | 6.2% | 10.0% | 11.2% | 11.5% | 10.6% |
| ROA | 2.7% | 2.7% | 2.1% | 2.2% | 2.0% | 2.3% | 1.4% | 2.4% | 2.7% | 2.8% | 2.5% |
| ROIC | 5.3% | 5.3% | 2.4% | 2.7% | 2.8% | 2.6% | 2.4% | 2.6% | 3.4% | 3.7% | 3.6% |
| ROCE | 5.0% | 5.0% | 2.3% | 2.4% | 2.4% | 2.2% | 2.1% | 2.3% | 3.0% | 3.1% | 3.1% |
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 | 1.41 | 1.41 | 1.51 | 1.61 | 1.66 | 1.53 | 1.62 | 1.60 | 1.52 | 1.47 | 1.56 |
| Debt / EBITDA | 5.47 | 5.47 | 8.59 | 8.92 | 8.89 | 8.41 | 8.77 | 8.59 | 7.22 | 6.72 | 7.11 |
| Net Debt / Equity | — | 1.10 | 1.22 | 1.35 | 1.32 | 1.25 | 1.32 | 1.28 | 1.13 | 1.00 | 1.17 |
| Net Debt / EBITDA | 4.26 | 4.26 | 6.94 | 7.49 | 7.07 | 6.85 | 7.12 | 6.88 | 5.36 | 4.57 | 5.32 |
| Debt / FCF | — | 137.59 | 4.22 | 4.62 | 6.14 | 4.24 | 3.93 | 4.22 | 7.79 | 8.18 | 9.45 |
| Interest Coverage | 4.57 | 4.57 | 3.22 | 2.93 | 3.70 | 6.21 | 4.35 | 3.89 | 4.51 | 5.41 | 5.79 |
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 | 10.56 | 10.56 | 1.28 | 6.39 | 7.22 | 6.87 | 9.48 | 8.93 | 9.12 | 10.44 | 9.50 |
| Quick Ratio | 10.56 | 10.56 | 1.28 | 6.39 | 7.22 | 6.87 | 9.48 | 8.93 | 9.12 | 10.44 | 9.50 |
| Cash Ratio | 2.54 | 2.54 | 0.36 | 0.94 | 1.27 | 1.00 | 1.44 | 1.36 | 1.73 | 2.20 | 1.61 |
| Asset Turnover | — | 0.20 | 0.17 | 0.17 | 0.17 | 0.18 | 0.17 | 0.17 | 0.20 | 0.25 | 0.24 |
| 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 | 2.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Payout Ratio | 36.0% | 36.0% | 38.6% | 28.9% | 36.6% | 31.3% | 49.5% | 34.3% | 27.3% | 23.2% | 22.4% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 1411.9% | 1470.4% | 1352.3% | 1407.1% | 1297.3% | 916.2% | 2006.5% | 1758.5% | 1358.7% | 1403.4% |
| FCF Yield | 0.6% | 110.6% | 5028.9% | 4589.8% | 4007.0% | 4117.2% | 4951.0% | 6193.2% | 2336.2% | 1494.0% | 1686.6% |
| Buyback Yield | 2.3% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 3.8% | 100.0% | 62.3% |
| Total Shareholder Yield | 4.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Shares Outstanding | — | $1.1B | $1.1B | $1.2B | $1.2B | $1.2B | $1.2B | $1.3B | $1.3B | $1.3B | $1.3B |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying IX stock.
ORIX Corporation's current P/E ratio is 13.8x. The historical average is 0.1x. This places it at the 100th percentile of its historical range.
ORIX Corporation's current EV/EBITDA is 9.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.7x.
ORIX Corporation's return on equity (ROE) is 10.8%. The historical average is 9.3%.
Based on historical data, ORIX Corporation is trading at a P/E of 13.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ORIX Corporation's current dividend yield is 2.60% with a payout ratio of 36.0%.
ORIX Corporation has 32.1% gross margin and 21.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
ORIX Corporation's Debt/EBITDA ratio is 5.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative NII in quarters
Premium Priced, Thin Returns
ORIX trades at 1.53x book, a premium to peers like Air Lease (0.86x) but below Mizuho (1.81x). According to reported figures, this multiple implies expectations of improved returns, yet ROE remains sub-6%.
The P/B of 1.53x appears rich relative to the bank's average ROE of around 2.6% over the past ten quarters, suggesting the market is pricing in a significant re-rating. However, the forward P/E of 0.06 is distorted by unusual earnings components, making P/B a more reliable gauge. Investors should monitor whether ROE can sustainably exceed the cost of equity to justify the premium.
Fee Income Masks Weak Spreads
ORIX's ROE improved to 5.9% in 2027Q1, but this is driven by fee income, which contributed 100% of revenue, while NIM was negative. As per financial statements, the core banking spread is negligible.
The DuPont decomposition reveals that profitability is almost entirely dependent on non-interest income, with net interest margin hovering near zero or negative. This suggests that the bank's traditional lending operations are not generating sufficient spread income, and the reliance on fees introduces volatility. The efficiency ratio of 29.2% in 2027Q1 indicates strong cost control, but the negative NIM in that quarter underscores the fragility of earnings quality.
NIM Near Zero, Efficiency Volatile
Net interest margin has been consistently around 0.2%, with negative readings in 2027Q1 and 2025Q4, indicating minimal spread income. Based on reported data, the efficiency ratio swung from -9.4% to 35.4%, reflecting unstable operating leverage.
The near-zero NIM suggests that ORIX's funding costs are closely matching asset yields, leaving little buffer for credit costs. The negative NIM in two quarters points to periods where funding costs exceeded yields, which could be a red flag for rate sensitivity. The efficiency ratio's volatility, including a negative reading, implies that operating expenses are not well aligned with revenue generation, possibly due to fluctuating non-interest income.
Equity Cushion Thins, Ratios Undisclosed
Equity/assets improved to 0.27 in 2027Q1 from 0.25 a year earlier, but regulatory capital ratios are not disclosed. According to balance sheet data, this limits assessment of capital adequacy relative to peers.
While the equity-to-assets ratio has improved, the lack of CET1 and Tier 1 disclosures makes it difficult to compare ORIX's capital strength with that of its peers. The improvement in equity/assets may indicate retained earnings, but given that provisions often exceed net income, the quality of capital is questionable. Investors should seek additional disclosures to gauge the bank's capacity for capital return.
Provisions Outpace Net Income
Loan loss provisions averaged over ¥400B per quarter, exceeding net income in 2027Q1, as per reported figures. This suggests aggressive reserve building or elevated credit stress, warranting close monitoring.
The fact that provisions consistently exceed net income indicates that credit costs are a major drag on profitability. In 2027Q1, provisions of ¥486.4B against net income of ¥280.8B imply that the bank is either facing deteriorating asset quality or is conservatively building reserves. The lack of NPL data makes it impossible to assess the adequacy of reserves, but the trend is concerning.
P/E Misleads on Earnings Quality
The P/E ratio is commonly misapplied to ORIX because its earnings are heavily influenced by provisions and non-interest income, making it volatile. As per financial statements, a more appropriate metric is P/B, which better reflects the bank's asset-based value.
ORIX's P/E of 14.99 appears reasonable, but the forward P/E of 0.06 is nonsensical due to one-time items. The bank's earnings are not stable, as evidenced by the wide swings in ROE and the negative NIM. Using P/B is more meaningful because it anchors valuation to the tangible asset base, which is less subject to short-term earnings distortions. Investors should focus on ROTCE and the sustainability of fee income rather than P/E.