SBHGF (SBI Holdings) Cyclically Adjusted PB Ratio: (As of Jul. 31, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

SBHGF SBI Holdings Inc SBHGF
81 GF Score
Price $18.74
GF Value $16.22
Valuation Modestly Overvalued
! 7 Warning Signs
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What is SBI Holdings Cyclically Adjusted PB Ratio?

Note: If the price history is too short, we do not calculate current Cyclically Adjusted PB Ratio for this stock. All the historical data is shown as the company's primary share's data instead.

Shiller PE for Stocks: The True Measure of Stock Valuation


SBI Holdings  (OTCPK:SBHGF) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


SBI Holdings Cyclically Adjusted PB Ratio Related Terms


SBI Holdings Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for SBI Holdings's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

SBI Holdings Cyclically Adjusted PB Ratio Chart

SBI Holdings Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.59 1.17 1.55 1.38 1.78

SBI Holdings Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1.71 2.14 2.16 1.78 0.00

SBHGF vs FRHC, VOYA: Cyclically Adjusted PB Ratio Comparison

For the Financial Conglomerates subindustry, SBI Holdings's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


SBI Holdings Cyclically Adjusted PB Ratio vs Diversified Financial Services Industry

For the Diversified Financial Services industry and Financial Services sector, SBI Holdings's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where SBI Holdings's Cyclically Adjusted PB Ratio falls into.


SBHGF
81GF Score
SBI Holdings Inc SBHGF
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

SBI Holdings Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

SBI Holdings's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, SBI Holdings's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=16.794/113.6000*113.6000
=16.794

Current CPI (Jun. 2026) = 113.6000.

SBI Holdings Quarterly Data

Book Value per Share CPI Adj_Book
201609 8.686 98.000 10.069
201612 7.900 98.400 9.120
201703 8.221 98.100 9.520
201706 8.381 98.500 9.666
201709 8.355 98.800 9.607
201712 8.699 99.400 9.942
201803 9.136 99.200 10.462
201806 8.663 99.200 9.921
201809 8.926 99.900 10.150
201812 8.679 99.700 9.889
201903 9.001 99.700 10.256
201906 8.857 99.800 10.082
201909 9.079 100.100 10.303
201912 9.255 100.500 10.461
202003 9.083 100.300 10.287
202006 9.088 99.900 10.334
202009 9.549 99.900 10.859
202012 10.420 99.300 11.921
202103 10.570 99.900 12.020
202106 10.536 99.500 12.029
202109 11.270 100.100 12.790
202112 16.222 100.100 18.410
202203 15.900 101.100 17.866
202206 14.155 101.800 15.796
202209 12.915 103.100 14.230
202212 13.557 104.100 14.794
202303 13.957 104.400 15.187
202306 13.833 105.200 14.938
202309 13.446 106.200 14.383
202312 14.216 106.800 15.121
202403 13.955 107.200 14.788
202406 13.266 108.200 13.928
202409 14.491 108.900 15.116
202412 14.266 110.700 14.640
202503 13.964 111.100 14.278
202506 13.829 111.700 14.064
202509 15.534 112.000 15.756
202512 17.052 113.000 17.143
202603 17.500 112.700 17.640
202606 16.794 113.600 16.794

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is SBI Holdings (SBHGF) Overvalued in 2026?

Based on GuruFocus' analysis, SBI Holdings stock appears to be overvalued. The current stock price of $18.74 is trading 15.5% above its estimated GF Value™ of $16.22. GuruFocus considers SBI Holdings to be Modestly Overvalued.

Key valuation signals for SBHGF:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: $16.22 vs. price of $18.74 (15.5% above fair value)
  • GF Score™: 81/100 with 7 warning signs

No single metric tells the full story. See the SBHGF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


SBI Holdings Business Description

Other Exchanges 8473:JapanZOF:Germany
Address 1-6-1 Roppongi, Minato-ku, Tokyo, JPN, 106-6019
SBI Holdings Inc is a financial conglomerate that offers a variety of services in securities, banking, and insurance. The company operates through five segments. The Asset Management segment provides investment management, advice, and financial product information. The Crypto Asset segment offers crypto exchange and trading services. The Financial Services segment covers securities, banking, and insurance activities in Japan and abroad. The Investment segment invests in IT, fintech, blockchain, finance, and biotech ventures. The Next Generation Business develops and sells pharmaceuticals, health foods, and cosmetics, conducts R&D in cancer and immunology, offers digital medical solutions, and engages in medical finance. It generates majority of its revenue from Financial services segment.
81GF Score

Get the complete analysis for SBHGF

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$18.74
Price
$16.22
GF Value