TKOMF (Tokio Marine Holdings) Cyclically Adjusted PB Ratio: (As of Sep. 20, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
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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.

TKOMF Tokio Marine Holdings Inc TKOMF
72 GF Score
Price $52.16
GF Value $41.94
Valuation Modestly Overvalued
! 6 Warning Signs
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What is Tokio Marine Holdings Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Tokio Marine Holdings  (OTCPK:TKOMF) 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.


Tokio Marine Holdings Cyclically Adjusted PB Ratio Related Terms


Tokio Marine Holdings Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Tokio Marine 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.

Tokio Marine Holdings Cyclically Adjusted PB Ratio Chart

Tokio Marine 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 1.31 1.23 1.90 2.29 2.53

Tokio Marine 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 2.55 2.58 2.02 2.79 2.39

TKOMF vs CB, PGR, TRV: Cyclically Adjusted PB Ratio Comparison

For the Insurance - Property & Casualty subindustry, Tokio Marine 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.


Tokio Marine Holdings Cyclically Adjusted PB Ratio vs Insurance Industry

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

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


TKOMF
72GF Score
Tokio Marine Holdings Inc TKOMF
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Tokio Marine 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.

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

For example, Tokio Marine 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)
=26.953/113.6000*113.6000
=26.953

Current CPI (Jun. 2026) = 113.6000.

Tokio Marine Holdings Quarterly Data

Book Value per Share CPI Adj_Book
201609 14.583 98.000 16.904
201612 12.962 98.400 14.964
201703 14.236 98.100 16.485
201706 14.216 98.500 16.395
201709 14.664 98.800 16.861
201712 15.653 99.400 17.889
201803 16.572 99.200 18.978
201806 15.405 99.200 17.641
201809 15.151 99.900 17.229
201812 14.860 99.700 16.932
201903 15.360 99.700 17.501
201906 16.163 99.800 18.398
201909 16.158 100.100 18.337
201912 16.564 100.500 18.723
202003 15.161 100.300 17.171
202006 14.993 99.900 17.049
202009 15.864 99.900 18.040
202012 16.688 99.300 19.091
202103 16.199 99.900 18.420
202106 17.152 99.500 19.583
202109 18.034 100.100 20.466
202112 17.259 100.100 19.587
202203 16.502 101.100 18.542
202206 14.053 101.800 15.682
202209 12.844 103.100 14.152
202212 14.225 104.100 15.523
202303 13.589 104.400 14.786
202306 13.941 105.200 15.054
202309 14.656 106.200 15.677
202312 15.925 106.800 16.939
202403 17.360 107.200 18.396
202406 16.534 108.200 17.359
202409 19.211 108.900 20.040
202412 16.265 110.700 16.691
202503 17.352 111.100 17.742
202506 17.833 111.700 18.136
202509 17.877 112.000 18.132
202512 17.938 113.000 18.033
202603 18.262 112.700 18.408
202606 26.953 113.600 26.953

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 Tokio Marine Holdings (TKOMF) Overvalued in 2026?

Based on GuruFocus' analysis, Tokio Marine Holdings stock appears to be overvalued. The current stock price of $52.16 is trading 24.4% above its estimated GF Value™ of $41.94. GuruFocus considers Tokio Marine Holdings to be Modestly Overvalued.

Key valuation signals for TKOMF:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: $41.94 vs. price of $52.16 (24.4% above fair value)
  • GF Score™: 72/100 with 6 warning signs

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


Tokio Marine Holdings Business Description

Address 2-6-4 Otemachi, Chiyoda-ku, Tokyo, JPN, 100-0004
Dating back to 1879, Tokio Marine is the oldest insurance company in Japan and operated as its top property and casualty insurer for decades. Following industry consolidation, it now shares domestic dominance with MS and AD and Sompo. However, Tokio Marine remains by far the most valuable listed Japanese insurer by market capitalization. This premium valuation is driven by an aggressive unwinding of domestic cross-shareholdings and a highly profitable overseas portfolio. The majority of its international business is based in the United States, where it has acquired premium specialty insurers since 2008, including Philadelphia Consolidated, Delphi Financial, Tokio Marine HCC, and Privilege Underwriters Reciprocal Exchange, recently fortified by a capital alliance with Berkshire Hathaway.
72GF Score

Get the complete analysis for TKOMF

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

$52.16
Price
$41.94
GF Value