ITOCHU (STU:IOC) Cyclically Adjusted PB Ratio: (As of Sep. 21, 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.

STU:IOC ITOCHU Corp STU:IOC
78 GF Score
Price €12.60
GF Value €8.88
Valuation Significantly Overvalued
! 9 Warning Signs
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What is ITOCHU Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


ITOCHU  (STU:IOC) 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.


ITOCHU Cyclically Adjusted PB Ratio Related Terms


ITOCHU Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for ITOCHU'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.

ITOCHU Cyclically Adjusted PB Ratio Chart

ITOCHU 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 1.86 1.62 1.95 1.94 2.32

ITOCHU 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 1.97 2.24 2.38 2.38 2.10

STU:IOC vs MMM, HON: Cyclically Adjusted PB Ratio Comparison

For the Conglomerates subindustry, ITOCHU'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.


ITOCHU Cyclically Adjusted PB Ratio vs Conglomerates Industry

For the Conglomerates industry and Industrials sector, ITOCHU's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


STU:IOC
78GF Score
ITOCHU Corp STU:IOC
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

ITOCHU 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.

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

For example, ITOCHU'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)
=5.534/113.6000*113.6000
=5.534

Current CPI (Jun. 2026) = 113.6000.

ITOCHU Quarterly Data

Book Value per Share CPI Adj_Book
201609 2.692 98.000 3.121
201612 2.723 98.400 3.144
201703 2.851 98.100 3.301
201706 2.753 98.500 3.175
201709 2.826 98.800 3.249
201712 2.918 99.400 3.335
201803 2.944 99.200 3.371
201806 3.034 99.200 3.474
201809 3.468 99.900 3.944
201812 3.778 99.700 4.305
201903 3.903 99.700 4.447
201906 3.943 99.800 4.488
201909 4.237 100.100 4.808
201912 4.299 100.500 4.859
202003 4.351 100.300 4.928
202006 4.361 99.900 4.959
202009 4.256 99.900 4.840
202012 3.785 99.300 4.330
202103 4.013 99.900 4.563
202106 4.166 99.500 4.756
202109 4.484 100.100 5.089
202112 4.618 100.100 5.241
202203 4.801 101.100 5.395
202206 4.876 101.800 5.441
202209 5.314 103.100 5.855
202212 5.237 104.100 5.715
202303 5.193 104.400 5.651
202306 5.025 105.200 5.426
202309 5.071 106.200 5.424
202312 5.039 106.800 5.360
202403 5.096 107.200 5.400
202406 5.065 108.200 5.318
202409 5.367 108.900 5.599
202412 5.511 110.700 5.655
202503 5.494 111.100 5.618
202506 5.239 111.700 5.328
202509 5.434 112.000 5.512
202512 5.351 113.000 5.379
202603 5.610 112.700 5.655
202606 5.534 113.600 5.534

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 ITOCHU (STU:IOC) Overvalued in 2026?

Based on GuruFocus' analysis, ITOCHU stock appears to be overvalued. The current stock price of €12.60 is trading 41.9% above its estimated GF Value™ of €8.88. GuruFocus considers ITOCHU to be Significantly Overvalued.

Key valuation signals for STU:IOC:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: €8.88 vs. price of €12.60 (41.9% above fair value)
  • GF Score™: 78/100 with 9 warning signs

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


ITOCHU Business Description

Address 5-1, Kita Aoyama 2-chome, Minato-ku, Tokyo, JPN, 107-8077
Itochu is a general trading house, or sogo shosha, a conglomerate type unique to Japan. The primary driver for sogo shoshas is trading and intermediation between businesses and leveraging their wide domestic and global information and contact networks to extract value. Itochu has historical roots as a textile trader, but over the years has expanded its portfolio from upstream minerals production, to midstream industrial machinery, food processing, and information and communication technology, and all the way to downstream textiles, convenience stores (Family Mart) and realty. Among the Big Five sogo shoshas, Itochu has the highest exposure to the nonresources businesses, and to the domestic business. It continues to skew its future investments toward the downstream and consumer businesses.
78GF Score

Get the complete analysis for STU:IOC

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

€12.60
Price
€8.88
GF Value