Shiseido Co (STU:SHD) Cyclically Adjusted PB Ratio: (As of Aug. 05, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
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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:SHD Shiseido Co Ltd STU:SHD
63 GF Score
Price €18.45
GF Value €17.59
Valuation Fairly Valued
! 6 Warning Signs
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What is Shiseido Co Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Shiseido Co  (STU:SHD) 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.


Shiseido Co Cyclically Adjusted PB Ratio Related Terms


Shiseido Co Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Shiseido Co'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.

Shiseido Co Cyclically Adjusted PB Ratio Chart

Shiseido Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6.25 5.68 3.44 2.07 1.61

Shiseido Co 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 1.86 1.82 1.61 2.25 0.00

STU:SHD vs PG, CL, KVUE: Cyclically Adjusted PB Ratio Comparison

For the Household & Personal Products subindustry, Shiseido Co'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.


Shiseido Co Cyclically Adjusted PB Ratio vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Shiseido Co's Cyclically Adjusted PB Ratio distribution charts can be found below:

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


STU:SHD
63GF Score
Shiseido Co Ltd STU:SHD
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Shiseido Co 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.

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

For example, Shiseido Co'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)
=8.599/113.6000*113.6000
=8.599

Current CPI (Jun. 2026) = 113.6000.

Shiseido Co Quarterly Data

Book Value per Share CPI Adj_Book
201609 8.086 98.000 9.373
201612 8.060 98.400 9.305
201703 8.194 98.100 9.489
201706 8.188 98.500 9.443
201709 7.089 98.800 8.151
201712 7.946 99.400 9.081
201803 8.304 99.200 9.509
201806 8.853 99.200 10.138
201809 9.010 99.900 10.246
201812 8.818 99.700 10.047
201903 9.500 99.700 10.824
201906 9.989 99.800 11.370
201909 10.394 100.100 11.796
201912 10.279 100.500 11.619
202003 10.182 100.300 11.532
202006 9.544 99.900 10.853
202009 9.305 99.900 10.581
202012 9.325 99.300 10.668
202103 9.590 99.900 10.905
202106 9.086 99.500 10.374
202109 10.235 100.100 11.615
202112 10.522 100.100 11.941
202203 10.584 101.100 11.893
202206 10.683 101.800 11.921
202209 10.955 103.100 12.071
202212 10.582 104.100 11.548
202303 10.283 104.400 11.189
202306 10.150 105.200 10.960
202309 9.970 106.200 10.665
202312 9.860 106.800 10.488
202403 9.670 107.200 10.247
202406 9.729 108.200 10.215
202409 9.446 108.900 9.854
202412 9.831 110.700 10.089
202503 9.523 111.100 9.737
202506 9.221 111.700 9.378
202509 8.153 112.000 8.269
202512 8.236 113.000 8.280
202603 8.278 112.700 8.344
202606 8.599 113.600 8.599

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 Shiseido Co (STU:SHD) Overvalued in 2026?

Based on GuruFocus' analysis, Shiseido Co stock appears to be overvalued. The current stock price of €18.45 is trading 4.9% above its estimated GF Value™ of €17.59. GuruFocus considers Shiseido Co to be Fairly Valued.

Key valuation signals for STU:SHD:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: €17.59 vs. price of €18.45 (4.9% above fair value)
  • GF Score™: 63/100 with 6 warning signs

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


Shiseido Co Business Description

Address 5-5 Ginza 7-chome, Chuo-ku, Tokyo, JPN, 104-0061
Shiseido is a leading Japanese cosmetics manufacturer focused in the prestige and premium categories. Founded in 1872, it was the first Western-style pharmacy in Ginza, Tokyo, and is one of the oldest cosmetics companies globally. Shiseido's suite of 31 brands, which include its namesake brand, Clé de Peau Beauté, and NARS, had a 10.2% share of Japan's beauty and personal care market in 2024 according to Euromonitor. It is also ranked in the top 4-5 globally, with around 7% to 8% market share in premium and prestige color cosmetics and skincare. In terms of revenue, Japan and China, which include travel retail, are the two key markets making up 65% of group revenue in 2025.
63GF Score

Get the complete analysis for STU:SHD

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

€18.45
Price
€17.59
GF Value