# Mitsubishi UFJ Financial Group (TSE:8306)

As of Sun 8 Nov 2026 12:00 UTC (weekly snapshot). Full report: https://standard-equity.report/TSE/8306

Price ¥3,224.00 (JPY), market cap ¥36.29T, Financials - Banks - Diversified.

## Valuation

- SE Reference Value (expected value, DCF): ¥2,870.99 (central 50% range ¥2,532.71 to ¥3,319.98), -11% against the price; range width moderate
- SE Grade: not rated
- Consensus Rating: Buy (Strong buy 4, Buy 4, Hold 2, Sell 0, Strong sell 0)
- Consensus Price (median): ¥4,000.00, +24% against the price

## Key metrics

Financials in JPY. Peer percentile: 100 = best in the peer group.

| Metric | Now | 5Y median | 10Y median | Peers |
|---|---|---|---|---|
| Revenue | ¥7.490T | CAGR 6.1% | CAGR 8.2% | P60 |
| Revenue growth | 33.7% | 22.6% | 22.0% | P97 |
| NIM | 1.2% | 0.9% | 0.9% | P13 |
| Efficiency ratio | 55.2% | 62.5% | 68.0% | P10 |
| Net margin | 26.6% | 22.4% | 20.1% | P23 |
| Net interest income | ¥3.876T | CAGR 13.0% | CAGR 5.8% | - |
| Net interest income growth (FY2026) | 19.3% | 17.6% | 2.9% | P97 |
| ROTE | 9.6% | 7.8% | 6.5% | P23 |
| ROE | 9.3% | 7.0% | 5.9% | P30 |
| ROA | 0.5% | 0.3% | 0.3% | P13 |
| EPS | ¥176.25 | CAGR 11.8% | CAGR 29.4% | - |
| EPS growth | 61.3% | 39.6% | 39.6% | P90 |
| Book value per share | ¥2,007.69 | CAGR 7.1% | CAGR 5.8% | - |
| Tangible book value per share | ¥1,832.93 | CAGR 7.0% | CAGR 5.9% | - |
| Dividend per share | ¥86.00 | CAGR 28.0% | CAGR 19.0% | - |
| Dividend yield | 2.7% | 3.7% | 3.7% | P47 |
| Payout ratio (FY2026) | 56.9% | 58.0% | 56.9% | P70 |
| Diluted shares | 11,255.8M | CAGR -2.4% | CAGR -1.9% | P50 |
| Buyback yield | 1.8% | 2.7% | 2.1% | P50 |
| Equity/assets | 5.6% | 4.7% | 4.7% | P33 |
| Assets | ¥433.9T | CAGR 3.8% | CAGR 4.1% | P70 |
| Long-term debt | ¥23.53T | CAGR -11.7% | CAGR -3.4% | P70 |

## Company Note (Q1 2027)

Written by AI from the data above.

**Mitsubishi UFJ opened FY2027** with Q1 revenue up 28.8% and diluted EPS up 50.9% from a year earlier, far ahead of the 5-year revenue CAGR of 6.1%. The drivers named at the last call still apply. Higher yen rates, lending growth and better lending margins lifted net interest income. Trading profits rose because last year's bond rebalancing losses did not recur, and Morgan Stanley's strong results boosted equity-method income. The rally has run ahead of the fundamentals: SE fair value of ¥2,871 is 10.9% below the price.

**At a call held** 173 days ago, management guided to FY2026 profit of JPY 2.7 trillion, up more than 10%, with ROE of about 12%. It also targets a payout ratio of around 40% and a JPY 96 dividend. Strategy centres on a digital bank, merging eSmart Securities with WealthNavi, and cutting equity holdings. Analysts pressed on why CET1 had fallen below its target range and asked whether the profit goal was less conservative. The Group CFO said the firm will "continue to carefully consider our capital policy."

**Consensus is more bullish** than management's guidance. It expects FY2027 EPS growth of 67.6% even with revenue down 1.6%, followed by a further 10.4% in FY2028. Our projection is lower: FY2027 EPS of ¥192.23 is 24% below consensus, within an 80% interval of plus or minus 62%. Our revenue figure, however, sits 21% above consensus. Momentum favours the analysts, since EPS has beaten estimates in 8 of the last 8 quarters. Even so, consensus asks for earnings growth that revenue does not show.

**Profitability has improved sharply**. The efficiency ratio fell from 87.3% in FY2023 to 58.7% in FY2026, and net margin climbed from 9.4% to 24.9% over the same years. Net interest margin is now 1.2%, above its 0.9% 5-year median and up 0.4 points over three years. It still sits only at the 13th percentile of size peers. ROA, at 0.5%, beats its 0.3% median but also ranks at the 13th percentile. Thin ROA and an ROE barely above the cost of equity are what hold Quality back.

**The stock now trades far** above its own history. P/B of 1.61x is 164% above its 10-year median of 0.61x, and P/TBV of 1.76x is 159% above its median of 0.68x. SE fair value of ¥2,871 is 10.9% below the price, with medium confidence. The top-rated analyst's ¥4,000 target is 24.1% above the price. For the current price to hold, results must keep beating the model's base case. A quarter in which EPS growth falls back toward its 11.8% 5-year trend would suggest they are not.

**The SE Score is not rated**, because the Moat pillar is at zero. Quality earns one star: ROE of 9% clears the 7.2% cost of equity by only about one point, and ROA of 0.5% is thin. Moat earns no stars, as ROE has not topped 12% in any of the last ten years and the 10-year median ROE is 6%. Value also earns no stars. The price stands above SE fair value, and P/B is far above its own 10-year median.

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Weekly snapshot, not live data. For information only, not investment advice. Methodology: https://standard-equity.report/methodology