Detailed financial statements for Mizuho Financial Group, Inc. (MFG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Mizuho Financial Group, Inc., established in 2003 with its headquarters in Tokyo, Japan, operates as a global financial services conglomerate. Through its various subsidiaries, the company delivers a broad spectrum of financial offerings, encompassing banking, trust, and securities activities across Japan, the Americas, Europe, and the Asia/Oceania region.
Analysis Summary
Mizuho Financial Group, Inc. reported revenue of 9.49T JPY in the most recent fiscal year, growing at a 5-year CAGR of 26.9%. Net income reached 1.32T JPY, with a 23.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 49.1%, operating margin 20.5%, net margin 15.5%. Free cash flow grew at -50.5% CAGR over 5 years.
At $9.71 (closing price, October 28, 2026), MFG trades at a P/E of 14.07 and an ROE of 12.28%. Market capitalisation stands at $118.1B, placing it among large-cap names.
Balance sheet quality for MFG: current ratio of 2.0, net cash position of 26.21T JPY. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of 487.72B JPY represents 37% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3.01T JPY | 3.12T JPY | 3.49T JPY | 3.59T JPY | 2.89T JPY | 2.84T JPY | 4.89T JPY | 7.86T JPY | 8.60T JPY | 9.49T JPY |
| Cost of Revenue | 625.24B JPY | 658.69B JPY | 1.31T JPY | 1.45T JPY | 632.73B JPY | 550.65B JPY | 2.31T JPY | 4.99T JPY | 5.01T JPY | 4.85T JPY |
| Gross Profit | 2.38T JPY | 2.46T JPY | 2.17T JPY | 2.14T JPY | 2.26T JPY | 2.28T JPY | 2.58T JPY | 2.86T JPY | 3.59T JPY | 4.64T JPY |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 1.47T JPY | 1.49T JPY | 1.43T JPY | 1.38T JPY | 1.41T JPY | 1.39T JPY | 1.45T JPY | 1.66T JPY | 1.84T JPY | 0 |
| Operating Expenses | 1.60T JPY | 1.66T JPY | 2.06T JPY | 1.52T JPY | 1.60T JPY | 1.68T JPY | 1.80T JPY | 1.91T JPY | 2.40T JPY | 2.92T JPY |
| Operating Income | 784.19B JPY | 799.95B JPY | 116.26B JPY | 618.72B JPY | 652.16B JPY | 603.87B JPY | 778.96B JPY | 955.03B JPY | 1.19T JPY | 1.72T JPY |
| EBITDA | 953.27B JPY | 977.77B JPY | 288.54B JPY | 775.45B JPY | 819.14B JPY | 769.51B JPY | 945.90B JPY | 1.13T JPY | 1.40T JPY | 1.96T JPY |
| Interest Expense | 577.74B JPY | 814.99B JPY | 1.29T JPY | 1.28T JPY | 427.83B JPY | 315.55B JPY | 2.22T JPY | 4.88T JPY | 4.95T JPY | 4.74T JPY |
| Pre-tax Income | 784.19B JPY | 799.95B JPY | 116.26B JPY | 618.72B JPY | 652.16B JPY | 603.87B JPY | 778.96B JPY | 955.03B JPY | 1.19T JPY | 1.72T JPY |
| Income Tax | 137.74B JPY | 191.63B JPY | -2.50B JPY | 161.50B JPY | 174.79B JPY | 60.69B JPY | 218.83B JPY | 271.74B JPY | 301.42B JPY | 390.33B JPY |
| Net Income | 603.54B JPY | 576.55B JPY | 96.57B JPY | 448.57B JPY | 471.02B JPY | 530.48B JPY | 555.53B JPY | 678.99B JPY | 885.43B JPY | 1.32T JPY |
| EPS | $47.72 | $45.46 | $7.61 | $35.38 | $37.15 | $41.85 | $43.84 | $53.58 | $70.04 | $107.05 |
| EPS (Diluted) | $47.56 | $45.44 | $7.61 | $35.37 | $37.15 | $41.85 | $43.84 | $53.58 | $70.04 | $107.05 |
| Shares Outstanding (Diluted) | 12,690.2 M | 12,687.0 M | 12,683.4 M | 12,681.1 M | 12,678.9 M | 12,674.8 M | 12,671.8 M | 12,673.4 M | 12,641.5 M | 12,413.6 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 2.15T JPY | 2.23T JPY | 2.27T JPY | 2.36T JPY |
| Gross Profit | 1.05T JPY | 987.95B JPY | 1.17T JPY | 1.21T JPY |
| Operating Income | 520.12B JPY | 424.51B JPY | 304.56B JPY | 600.72B JPY |
| EBITDA | 520.12B JPY | 424.51B JPY | 304.56B JPY | 600.72B JPY |
| Net Income | 399.43B JPY | 329.94B JPY | 232.94B JPY | 428.48B JPY |
| EPS | $32.09 | $27.09 | $19.17 | $35.52 |
| EPS (Diluted) | $32.09 | $27.09 | $19.17 | $35.52 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 47.13T JPY | 47.73T JPY | 45.11T JPY | 41.07T JPY | 47.98T JPY | 51.36T JPY | 67.15T JPY | 72.97T JPY | 72.48T JPY | 62.46T JPY |
| Short-term Investments | 20.56T JPY | 23.67T JPY | 17.00T JPY | 18.08T JPY | 26.44T JPY | 0 | 0 | 0 | 10.99T JPY | 30.61T JPY |
| Receivables | 555.93B JPY | 588.38B JPY | 708.33B JPY | 644.21B JPY | 706.52B JPY | 0 | 0 | 0 | 2.08T JPY | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 158.43T JPY | 72.03T JPY | 62.88T JPY | 59.86T JPY | 75.20T JPY | 51.36T JPY | 67.15T JPY | 72.97T JPY | 86.19T JPY | 93.07T JPY |
| Property, Plant & Equipment | 1.14T JPY | 1.11T JPY | 1.04T JPY | 1.10T JPY | 1.14T JPY | 1.10T JPY | 1.11T JPY | 1.14T JPY | 1.12T JPY | 1.14T JPY |
| Goodwill | 74.77B JPY | 0 | 0 | 0 | 56.25B JPY | 52.55B JPY | 49.61B JPY | 116.42B JPY | 108.03B JPY | 140.73B JPY |
| Intangible Assets | 970.71B JPY | 1.09T JPY | 620.23B JPY | 636.14B JPY | 563.97B JPY | 548.74B JPY | 523.11B JPY | 608.72B JPY | 700.87B JPY | 745.35B JPY |
| Total Assets | 200.51T JPY | 205.03T JPY | 200.79T JPY | 214.66T JPY | 225.59T JPY | 237.07T JPY | 254.26T JPY | 278.67T JPY | 283.32T JPY | 303.55T JPY |
| Accounts Payable | 1.88T JPY | 1.87T JPY | 3.02T JPY | 2.54T JPY | 2.98T JPY | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 2.18T JPY | 19.47T JPY | 18.42T JPY | 20.75T JPY | 22.03T JPY | 23.12T JPY | 29.33T JPY | 40.93T JPY | 43.28T JPY | 45.53T JPY |
| Total Current Liabilities | 4.20T JPY | 161.22T JPY | 161.95T JPY | 170.23T JPY | 178.12T JPY | 182.29T JPY | 197.18T JPY | 216.38T JPY | 221.32T JPY | 45.53T JPY |
| Long-term Debt | 11.85T JPY | 12.80T JPY | 11.77T JPY | 14.39T JPY | 18.22T JPY | 17.84T JPY | 16.00T JPY | 18.02T JPY | 17.61T JPY | 21.32T JPY |
| Total Liabilities | 191.24T JPY | 195.21T JPY | 191.60T JPY | 206.00T JPY | 216.22T JPY | 227.87T JPY | 245.05T JPY | 268.36T JPY | 272.80T JPY | 292.10T JPY |
| Retained Earnings | 3.62T JPY | 4.00T JPY | 3.92T JPY | 4.17T JPY | 4.42T JPY | 4.76T JPY | 5.09T JPY | 5.54T JPY | 6.05T JPY | 6.86T JPY |
| Total Equity | 8.52T JPY | 9.07T JPY | 8.75T JPY | 8.55T JPY | 9.26T JPY | 9.08T JPY | 9.13T JPY | 10.23T JPY | 10.44T JPY | 11.37T JPY |
| Total Debt | 16.14T JPY | 32.32T JPY | 30.22T JPY | 35.21T JPY | 40.31T JPY | 40.96T JPY | 45.34T JPY | 58.95T JPY | 60.89T JPY | 66.86T JPY |
| Net Debt | -51.54T JPY | -39.07T JPY | -31.89T JPY | -23.94T JPY | -34.11T JPY | -10.39T JPY | -21.82T JPY | -14.02T JPY | -22.59T JPY | -26.21T JPY |
| Working Capital | 154.23T JPY | -89.19T JPY | -99.07T JPY | -110.37T JPY | -102.91T JPY | -130.93T JPY | -130.02T JPY | -143.41T JPY | -135.14T JPY | 47.54T JPY |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 67.29T JPY | 61.09T JPY | 62.46T JPY | 52.55T JPY |
| Total Assets | 288.76T JPY | 297.57T JPY | 303.55T JPY | 302.27T JPY |
| Total Liabilities | 277.68T JPY | 286.31T JPY | 292.10T JPY | 290.76T JPY |
| Total Equity | 11.00T JPY | 11.18T JPY | 11.37T JPY | 11.44T JPY |
| Total Debt | 60.79T JPY | 64.42T JPY | 66.86T JPY | 67.58T JPY |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 784.19B JPY | 799.95B JPY | 116.26B JPY | 618.72B JPY | 652.16B JPY | 603.87B JPY | 778.96B JPY | 955.03B JPY | 1.19T JPY | 1.32T JPY |
| Depreciation & Amortization | 169.08B JPY | 177.81B JPY | 172.28B JPY | 156.73B JPY | 166.97B JPY | 165.64B JPY | 166.94B JPY | 178.19B JPY | 205.92B JPY | 241.30B JPY |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | 5.25T JPY | 2.71T JPY | -2.77T JPY | 714.77B JPY | 16.36T JPY | 4.94T JPY | 7.52T JPY | 3.10T JPY | -4.33T JPY | -2.56T JPY |
| Operating Cash Flow | 4.69T JPY | 2.97T JPY | -2.64T JPY | 1.90T JPY | 16.61T JPY | 4.92T JPY | 8.87T JPY | 1.88T JPY | -3.82T JPY | 590.24B JPY |
| Capital Expenditure | -391.19B JPY | -239.62B JPY | -154.30B JPY | -236.85B JPY | -216.20B JPY | -139.26B JPY | -183.18B JPY | -257.01B JPY | -344.94B JPY | -102.52B JPY |
| Acquisitions | 301.0M JPY | 1.34B JPY | 219.0M JPY | 1.07B JPY | 1.80B JPY | 18.24B JPY | -3.53B JPY | -31.22B JPY | 2.97B JPY | -45.39B JPY |
| Stock Repurchased | -3.13B JPY | -1.61B JPY | -2.12B JPY | -33.64B JPY | -7.26B JPY | -1.93B JPY | -2.31B JPY | -3.38B JPY | -102.92B JPY | -428.71B JPY |
| Dividends Paid | -190.03B JPY | -190.38B JPY | -190.41B JPY | -190.39B JPY | -190.50B JPY | -196.78B JPY | -209.46B JPY | -234.79B JPY | -304.43B JPY | -390.94B JPY |
| Free Cash Flow | 4.30T JPY | 2.73T JPY | -2.79T JPY | 1.67T JPY | 16.40T JPY | 4.78T JPY | 8.68T JPY | 1.63T JPY | -4.17T JPY | 487.72B JPY |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 0 | 0 | 590.24B JPY | 0 |
| Capital Expenditure | 0 | 0 | -102.52B JPY | 0 |
| Free Cash Flow | 0 | 0 | 487.72B JPY | 0 |
| Dividends Paid | 0 | 0 | -390.94B JPY | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +3.9% | +11.7% | +3.0% | -19.6% | -1.9% | +72.4% | +60.7% | +9.5% | +10.4% | |
| Net Income Growth (YoY) | -4.5% | -83.3% | +364.5% | +5.0% | +12.6% | +4.7% | +22.2% | +30.4% | +49.5% | |
| EPS Growth (YoY) | -4.7% | -83.3% | +364.9% | +5.0% | +12.7% | +4.8% | +22.2% | +30.7% | +52.8% | |
| Shares Change (YoY) | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | +0.0% | -0.3% | -1.8% | |
| FCF Growth (YoY) | -36.6% | -202.3% | +159.7% | +884.8% | -70.9% | +81.8% | -81.3% | -355.9% | +111.7% | |
| Gross Margin | 79.2% | 78.9% | 62.3% | 59.6% | 78.1% | 80.6% | 52.8% | 36.5% | 41.8% | 48.9% |
| Operating Margin | 26.1% | 25.6% | 3.3% | 17.2% | 22.6% | 21.3% | 15.9% | 12.2% | 13.8% | 18.1% |
| EBITDA Margin | 31.7% | 31.3% | 8.3% | 21.6% | 28.4% | 27.1% | 19.4% | 14.4% | 16.2% | 20.7% |
| Net Margin | 20.1% | 18.5% | 2.8% | 12.5% | 16.3% | 18.7% | 11.4% | 8.6% | 10.3% | 14.0% |
| FCF Margin | 143.0% | 87.4% | -80.0% | 46.4% | 567.7% | 168.5% | 177.7% | 20.7% | -48.4% | 5.1% |
| Effective Tax Rate | 17.6% | 24.0% | -2.2% | 26.1% | 26.8% | 10.0% | 28.1% | 28.5% | 25.3% | 22.7% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $338.76 | $214.95 | $-220.00 | $131.30 | $1,293.26 | $376.96 | $685.31 | $128.46 | $-329.53 | $39.29 |
| Dividends Per Share | $14.97 | $15.01 | $15.01 | $15.01 | $15.02 | $15.53 | $16.53 | $18.53 | $24.08 | $31.49 |
| Shares Outstanding (Basic) | 12,642.9 M | 12,683.2 M | 12,681.2 M | 12,680.3 M | 12,678.4 M | 12,674.5 M | 12,671.7 M | 12,673.4 M | 12,641.5 M | 12,413.6 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 12.28% |
| Return on Invested Capital | 0.46% |
| Return on Assets | 0.45% |
| Gross Margin | 49.12% |
| Operating Margin | 20.55% |
| Net Margin | 15.45% |
Financial Health
| Debt / Equity | 5.91 |
| Current Ratio | 1.15 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 0.30 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 8.61 | 8.42 | 45.77 | 7.02 | 8.67 | 7.47 | 8.54 | 10.93 | 11.80 | 11.77 |
| P/B | 0.61 | 0.54 | 0.51 | 0.37 | 0.44 | 0.44 | 0.52 | 0.72 | 1.00 | 1.38 |
| P/S | 1.73 | 1.55 | 1.27 | 0.88 | 1.41 | 1.40 | 0.97 | 0.94 | 1.21 | 1.65 |
| Gross Margin | 79.2% | 78.9% | 62.3% | 59.6% | 78.1% | 80.6% | 52.8% | 36.5% | 41.8% | 48.9% |
| Operating Margin | 26.1% | 25.6% | 3.3% | 17.2% | 22.6% | 21.3% | 15.9% | 12.2% | 13.8% | 18.1% |
| Net Margin | 20.1% | 18.5% | 2.8% | 12.5% | 16.3% | 18.7% | 11.4% | 8.6% | 10.3% | 14.0% |
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Explore sector: Financial Services · Banks - Regional
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