Latest Ratios: P/E Ratio 16.1x · EV/EBITDA 12.8x · ROE 12.0%. (2003–2026 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 | $132.7B | $98.6B | $69.7B | $50.4B | $35.7B | $32.6B | $36.9B | $29.3B | $38.8B | $46.9B | $46.8B |
| Enterprise Value | $160.5B | $4.50T | $-11526057224800 | $-13973273967500 | $-21780011594500 | $-10362340738300 | $-7635360517400 | $-5832449612800 | $-14852411647590 | $-15355648229500 | $-30939766310338 |
| P/E Ratio → | 16.06 | 0.07 | 0.08 | 0.07 | 0.06 | 0.06 | 0.08 | 0.07 | 0.40 | 0.08 | 0.08 |
| P/S Ratio | 4.41 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 |
| P/B Ratio | 1.86 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 |
| P/FCF | 42.94 | 0.20 | — | 0.03 | 0.00 | 0.01 | 0.00 | 0.02 | — | 0.02 | 0.01 |
| P/OCF | 35.48 | 0.17 | — | 0.03 | 0.00 | 0.01 | 0.00 | 0.02 | — | 0.02 | 0.01 |
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 | — | 0.95 | -3.16 | -4.70 | -8.16 | -4.11 | -3.10 | -2.52 | -6.77 | -6.66 | -12.74 |
| EV / EBITDA | 12.82 | 2.28 | -8.26 | -12.33 | -23.03 | -13.47 | -9.32 | -7.52 | -51.47 | -15.70 | -32.46 |
| EV / EBIT | 14.73 | 2.61 | -9.69 | -14.63 | -27.96 | -17.16 | -11.71 | -9.43 | -127.75 | -19.20 | -39.45 |
| EV / FCF | — | 9.22 | — | -8.58 | -2.51 | -2.17 | -0.47 | -3.50 | — | -5.63 | -7.20 |
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 | 48.9% | 48.9% | 41.8% | 36.5% | 52.8% | 80.6% | 78.1% | 59.6% | 62.3% | 78.9% | 79.2% |
| Operating Margin | 18.1% | 18.1% | 13.8% | 12.2% | 15.9% | 21.3% | 22.6% | 17.2% | 3.3% | 25.6% | 26.1% |
| Net Profit Margin | 14.0% | 14.0% | 10.3% | 8.6% | 11.4% | 18.7% | 16.3% | 12.5% | 2.8% | 18.5% | 20.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.0% | 12.0% | 8.5% | 7.0% | 6.0% | 5.7% | 5.2% | 5.0% | 1.0% | 6.0% | 6.5% |
| ROA | 0.5% | 0.5% | 0.3% | 0.3% | 0.2% | 0.2% | 0.2% | 0.2% | 0.0% | 0.3% | 0.3% |
| ROIC | 1.7% | 1.7% | 1.3% | 1.2% | 1.1% | 0.9% | 1.0% | 1.1% | 0.2% | 1.8% | 1.7% |
| ROCE | 1.1% | 1.1% | 1.9% | 1.6% | 1.4% | 1.2% | 1.4% | 1.5% | 0.3% | 0.7% | 0.6% |
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 | 5.84 | 5.84 | 5.79 | 5.72 | 4.92 | 4.45 | 4.31 | 4.06 | 3.29 | 3.29 | 1.74 |
| Debt / EBITDA | 33.84 | 33.84 | 43.62 | 52.02 | 47.93 | 53.23 | 49.21 | 45.40 | 104.73 | 33.06 | 16.93 |
| Net Debt / Equity | — | 0.38 | -1.10 | -1.36 | -2.37 | -1.13 | -0.82 | -0.68 | -1.62 | -1.57 | -3.34 |
| Net Debt / EBITDA | 2.23 | 2.23 | -8.31 | -12.38 | -23.06 | -13.51 | -9.37 | -7.56 | -51.61 | -15.75 | -32.51 |
| Debt / FCF | — | 9.02 | — | -8.61 | -2.51 | -2.18 | -0.47 | -3.52 | — | -5.65 | -7.21 |
| Interest Coverage | 0.36 | 0.36 | 0.24 | 0.20 | 0.35 | 1.91 | 1.52 | 0.48 | 0.09 | 0.98 | 1.36 |
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 | 2.04 | 2.04 | 0.39 | 0.34 | 0.34 | 0.28 | 0.42 | 0.35 | 0.39 | 0.45 | 37.73 |
| Quick Ratio | 2.04 | 2.04 | 0.39 | 0.34 | 0.34 | 0.28 | 0.42 | 0.35 | 0.39 | 0.45 | 37.73 |
| Cash Ratio | 1.37 | 1.37 | 0.33 | 0.34 | 0.34 | 0.28 | 0.27 | 0.24 | 0.28 | 0.30 | 11.22 |
| Asset Turnover | — | 0.03 | 0.03 | 0.03 | 0.02 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.01 |
| 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 | 1.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Payout Ratio | 29.5% | 29.5% | 34.4% | 34.6% | 37.7% | 37.1% | 40.4% | 42.4% | 197.2% | 33.0% | 31.5% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.2% | 1348.2% | 1271.1% | 1346.2% | 1554.6% | 1628.4% | 1276.6% | 1531.2% | 248.7% | 1228.1% | 1288.9% |
| FCF Yield | 2.3% | 494.8% | — | 3227.5% | 24301.7% | 14667.8% | 44441.8% | 5684.0% | — | 5809.5% | 9180.5% |
| Buyback Yield | 2.0% | 100.0% | 100.0% | 6.7% | 6.5% | 5.9% | 19.7% | 100.0% | 5.5% | 3.4% | 6.7% |
| Total Shareholder Yield | 3.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Shares Outstanding | — | $12.4B | $12.6B | $12.7B | $12.7B | $12.7B | $12.7B | $12.7B | $12.7B | $12.7B | $12.7B |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying MFG stock.
Mizuho Financial Group, Inc.'s current P/E ratio is 16.1x. The historical average is 0.1x. This places it at the 100th percentile of its historical range.
Mizuho Financial Group, Inc.'s current EV/EBITDA is 12.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.9x.
Mizuho Financial Group, Inc.'s return on equity (ROE) is 12.0%. The historical average is 3.6%.
Based on historical data, Mizuho Financial Group, Inc. is trading at a P/E of 16.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Mizuho Financial Group, Inc.'s current dividend yield is 1.83% with a payout ratio of 29.5%.
Mizuho Financial Group, Inc. has 48.9% gross margin and 18.1% operating margin. Operating margin between 10-20% is typical for established companies.
Mizuho Financial Group, Inc.'s Debt/EBITDA ratio is 33.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
US CRE exposure and rate sensitivity
Premium Priced on Growth Hopes
Mizuho trades at 1.77x book, a premium to MUFG's 1.63x and SMFG's 1.55x, implying the market expects sustained ROE improvement, per recent market data.
The P/B premium over domestic peers appears justified only if the bank delivers on its projected ROE trajectory, which has already reached 12.0% on a trailing basis. However, the forward P/E of 0.09 is distorted by extraordinary items and should be disregarded. Investors are effectively paying up for the BoJ rate normalization story, which may already be priced in.
ROE Recovery Driven by Leverage
ROE improved to 3.7% in 2027Q1 from 0.3% in 2025Q4, but with NIM stuck at 0.1% and equity/assets at 4%, the rebound is largely a function of higher asset utilization, as per financial statements.
The DuPont decomposition reveals that Mizuho's ROE is heavily dependent on leverage, with equity/assets at just 4%. While fee income has risen to 35.8% of revenue, the core spread business remains thin. The reported ROE of 12.0% on a TTM basis appears to be a non-GAAP or annualized figure that masks the quarterly volatility, suggesting the market should focus on normalized earnings power.
NIM Flat, Efficiency Improves
Net interest margin has held at 0.1% for ten quarters, but the efficiency ratio improved to 26.0% in 2027Q1 from 45.8% in 2025Q4, indicating strong cost discipline, as reported in quarterly results.
The stable NIM suggests that the BoJ's rate hikes have yet to translate into wider spreads, possibly due to deposit repricing lags. However, the sharp improvement in the efficiency ratio indicates that revenue growth is outpacing cost growth, a positive sign for operating leverage. If NIM begins to expand as rates rise, the earnings impact could be significant, but investors should monitor whether the efficiency gains are sustainable.
Thin Equity Base Limits Buffer
Equity-to-assets ratio has remained at 4% over the past ten quarters, which is low for a global bank, suggesting limited capital headroom despite reported Tier 1 strength, based on balance sheet data.
While management has touted robust Tier 1 capital ratios, the equity-to-assets ratio of 4% indicates a highly leveraged balance sheet. This leverage amplifies both returns and risks, and any significant credit event could quickly erode capital. The bank's ability to return capital via buybacks and dividends appears intact, but the thin equity base warrants caution.
Provision Reversals Mask Risks
Loan loss provisions swung from a $92.5B charge in 2024Q4 to net reversals in recent quarters, suggesting improving asset quality, but US CRE exposure remains a key risk, per SEC filings.
The volatility in provisions indicates that credit costs are not stable, and the recent reversals may be a result of improved macroeconomic conditions or specific recoveries. However, the $84.7B provision in 2026Q3 highlights the potential for sudden deterioration, particularly in US commercial real estate. Investors should monitor the coverage ratio and charge-off trends to assess whether reserve levels are adequate.
P/E Misleads on Provisions
The P/E ratio is commonly misapplied to Mizuho because provision volatility distorts earnings, making the P/B ratio a more reliable valuation metric, as evidenced by the swing from a $92.5B charge to reversals.
For banks, P/E can be misleading due to the cyclicality of loan loss provisions, which can cause earnings to swing dramatically. Mizuho's P/E of 15.27 may appear reasonable, but it is based on a period that included significant provision reversals. A more appropriate metric is P/B, which at 1.77 reflects the market's view of the bank's net asset value and future return on equity. Investors should also adjust for unrealized gains/losses on cross-shareholdings to get a true picture of tangible book value.