Latest Ratios: P/E Ratio 15.9x · EV/EBITDA 6.8x · ROE 11.3%. (1997–2026 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 | $254.5B | $193.2B | $158.7B | $122.4B | $78.6B | $79.1B | $69.1B | $47.2B | $64.9B | $88.5B | $86.0B |
| Enterprise Value | $173.0B | $-12722032622850 | $-41637519509130 | $-48524236412430 | $-51142407487540 | $-63952329739210 | $-84818948625680 | $-33376659212220 | $-40118762718550 | $-39366281128560 | $-31446355307680 |
| P/E Ratio → | 15.86 | 0.08 | 0.09 | 0.08 | 0.07 | 0.07 | 0.09 | 0.09 | 0.07 | 0.07 | 0.09 |
| P/S Ratio | 4.92 | 0.02 | 0.02 | 0.02 | 0.01 | 0.02 | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 |
| P/B Ratio | 1.71 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 |
| P/FCF | 4.98 | 0.02 | — | — | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | — | 0.01 |
| P/OCF | 4.79 | 0.02 | 24.74 | — | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | — | 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 | — | -1.55 | -6.09 | -8.25 | -8.44 | -13.60 | -18.62 | -7.10 | -9.33 | -9.21 | -6.84 |
| EV / EBITDA | 6.84 | -3.18 | -14.04 | -20.11 | -26.85 | -34.51 | -60.69 | -21.78 | -27.01 | -22.52 | -19.22 |
| EV / EBIT | 7.78 | -3.61 | -16.32 | -23.67 | -32.58 | -42.93 | -81.40 | -40.24 | -35.03 | -27.93 | -24.13 |
| EV / FCF | — | -1.57 | — | — | -3.92 | -6.76 | -2.46 | -4.38 | -7.74 | — | -4.73 |
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 | 99.0% | 99.0% | 102.8% | 91.5% | 88.9% | 93.0% | 88.7% | 95.3% | 99.9% | 98.9% | 96.6% |
| Operating Margin | 43.0% | 43.0% | 37.3% | 34.9% | 25.9% | 31.7% | 22.9% | 17.6% | 26.6% | 33.0% | 28.3% |
| Net Profit Margin | 31.4% | 31.4% | 27.2% | 25.4% | 18.4% | 24.0% | 17.1% | 11.2% | 20.3% | 23.2% | 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 | 11.3% | 11.3% | 8.8% | 7.6% | 6.2% | 6.3% | 4.5% | 3.1% | 5.3% | 6.1% | 5.4% |
| ROA | 0.6% | 0.6% | 0.5% | 0.4% | 0.3% | 0.3% | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% |
| ROIC | 2.8% | 2.8% | 2.2% | 1.9% | 1.6% | 2.2% | 2.1% | 1.4% | 1.7% | 2.1% | 2.5% |
| ROCE | 1.4% | 1.4% | 2.3% | 1.8% | 1.4% | 0.6% | 0.3% | 0.3% | 0.4% | 0.5% | 0.4% |
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 | 3.30 | 3.30 | 3.10 | 2.95 | 3.42 | 2.60 | 1.02 | 1.20 | 1.97 | 2.33 | 1.92 |
| Debt / EBITDA | 19.66 | 19.66 | 22.69 | 25.38 | 32.77 | 25.22 | 12.95 | 13.22 | 22.90 | 20.82 | 19.55 |
| Net Debt / Equity | — | -0.54 | -1.92 | -2.34 | -2.80 | -3.56 | -4.79 | -1.98 | -2.33 | -2.52 | -1.89 |
| Net Debt / EBITDA | -3.23 | -3.23 | -14.09 | -20.16 | -26.89 | -34.55 | -60.74 | -21.81 | -27.05 | -22.57 | -19.27 |
| Debt / FCF | — | -1.60 | — | — | -3.93 | -6.77 | -2.46 | -4.39 | -7.76 | — | -4.75 |
| Interest Coverage | 0.58 | 0.58 | 0.46 | 0.41 | 0.66 | 2.74 | 1.35 | 0.43 | 0.75 | 1.37 | 1.69 |
Net cash position: cash ($91.60T) exceeds total debt ($78.69T)
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 | 2.61 | 2.61 | 0.41 | 0.38 | 0.41 | 0.42 | 22.55 | 12.39 | 30.06 | 31.07 | 33.36 |
| Quick Ratio | 2.61 | 2.61 | 0.41 | 0.38 | 0.41 | 0.42 | 22.55 | 12.39 | 30.06 | 31.07 | 33.36 |
| Cash Ratio | 1.81 | 1.81 | 0.35 | 0.38 | 0.41 | 0.42 | 15.29 | 9.38 | 9.77 | 10.23 | 9.93 |
| Asset Turnover | — | 0.02 | 0.02 | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 |
| 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 | 2.2% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Payout Ratio | 35.0% | 35.0% | 28.6% | 29.5% | 34.1% | 29.6% | 41.3% | 57.5% | 31.6% | 24.3% | 26.6% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.3% | 1327.6% | 1170.0% | 1215.2% | 1414.9% | 1422.5% | 1119.9% | 1112.3% | 1345.7% | 1387.0% | 1072.4% |
| FCF Yield | 20.1% | 4189.3% | — | — | 16570.7% | 11948.1% | 49940.6% | 16131.4% | 7988.5% | — | 7720.7% |
| Buyback Yield | 1.3% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 0.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Total Shareholder Yield | 3.5% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Shares Outstanding | — | $11.4B | $11.6B | $12.0B | $12.3B | $12.8B | $12.8B | $12.9B | $13.1B | $13.3B | $13.6B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MUFG stock.
Mitsubishi UFJ Financial Group, Inc.'s current P/E ratio is 15.9x. The historical average is 9.3x. This places it at the 92th percentile of its historical range.
Mitsubishi UFJ Financial Group, Inc.'s current EV/EBITDA is 6.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.2x.
Mitsubishi UFJ Financial Group, Inc.'s return on equity (ROE) is 11.3%. The historical average is 3.4%.
Based on historical data, Mitsubishi UFJ Financial Group, Inc. is trading at a P/E of 15.9x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Mitsubishi UFJ Financial Group, Inc.'s current dividend yield is 2.21% with a payout ratio of 35.0%.
Mitsubishi UFJ Financial Group, Inc. has 99.0% gross margin and 43.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Mitsubishi UFJ Financial Group, Inc.'s Debt/EBITDA ratio is 19.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Elevated leverage and securities duration risk
Premium Valuation Reflects ROTCE Expectations
MUFG's P/B of 1.77, as reported in current valuation metrics, appears to price in a sustained return on tangible equity above its cost of equity, positioning it at a premium to domestic peers like SMFG (1.70) but at a discount to global universal banks.
The current P/B multiple suggests the market is assigning a franchise value to MUFG's unique earnings mix, particularly the Morgan Stanley alliance and keiretsu-driven fee income, rather than valuing it as a pure commodity balance sheet. However, the valuation premium is modest relative to Mizuho (1.90) and significantly below BBVA (2.43), indicating that the 'Japan discount' persists despite improving profitability. Investors should monitor whether the implied ROTCE can be sustained as the Bank of Japan's policy normalization progresses, as the valuation appears sensitive to the durability of the current earnings inflection.
ROE Recovery Driven by Fee Dominance
MUFG's ROE improved to 3.4% in 2027Q1, as shown in the ratio data, but remains structurally constrained by its ultra-low equity-to-assets ratio of 0.06, with profitability quality heavily dependent on the stable, high-margin fee income stream.
The DuPont decomposition reveals a profitability profile driven by asset utilization and non-interest income rather than net interest margin, which remains compressed at 0.2%. The consistent fee contribution above 60% of revenue provides a stable earnings base that is less sensitive to domestic rate movements than peers. However, the extremely low equity multiplier (implied by the 0.06 equity/TA ratio) means that even modest improvements in ROA translate into meaningful ROE gains, but it also amplifies the impact of any asset quality deterioration on shareholder returns.
NIM Stability Amid Efficiency Volatility
Net interest margin has remained flat at 0.2% across all ten quarters, as reported in the ratio data, while the efficiency ratio has shown significant volatility, spiking to 118.3% in 2025Q4 before normalizing to 47.4% in 2027Q1.
The static NIM suggests that the benefits of Bank of Japan policy normalization have not yet fully permeated MUFG's asset-liability profile, possibly due to the massive securities portfolio acting as a drag on repricing. The efficiency ratio volatility appears driven by non-recurring items and provision swings rather than fundamental cost control issues, as the underlying fee income base remains robust. The current efficiency ratio of 47.4% is competitive, but the historical spikes indicate that reported profitability can be heavily distorted by quarterly provisioning and valuation adjustments.
Leverage Constrains Capital Return Capacity
The equity-to-assets ratio of 0.06 in 2027Q1, as shown in the ratio data, implies a debt-to-equity ratio of approximately 15.7x, which is significantly more leveraged than global peers and may limit the pace of future share buybacks despite recent increases.
While the absolute capital levels appear adequate for regulatory purposes, the extreme leverage relative to peers like BBVA (D/E 1.32) and ING (D/E 3.32) suggests that MUFG operates with a thinner capital buffer. This leverage structure amplifies returns in good times but creates vulnerability in stress scenarios, particularly given the large securities portfolio's sensitivity to rate movements. The recent acceleration in share buybacks and dividends appears sustainable given current earnings, but the leverage profile suggests that any significant increase in credit costs or unrealized losses could quickly pressure capital ratios and force a reassessment of capital return plans.
P/B Misleads on True Capital Efficiency
The P/B ratio of 1.77, as reported in current valuation metrics, is the most commonly misapplied metric for MUFG because it fails to account for the massive unrealized losses embedded in the ¥298.2 trillion securities portfolio, which could significantly reduce tangible book value.
Investors using P/B as a primary valuation tool may be overestimating the bank's true capital position, as the metric does not adjust for the potential mark-to-market impact of rising Japanese yields on the securities portfolio, which represents 69.2% of total assets. A more appropriate metric would be P/TBV adjusted for AOCI (accumulated other comprehensive income) losses, which would provide a clearer picture of the capital available to absorb losses and support growth. The current P/B also obscures the structural difference in asset composition between MUFG and peers with smaller securities portfolios, making cross-company comparisons misleading without this adjustment.