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Tokio Marine HoldingsTSE:8766 +1.99%61 Cyclically Adjusted PB Ratio is 3.63 as of Jul. 24, 2026, which is 142% above its 10-year median of 1.50. GuruFocus rates TSE:8766 with a GF Score™ of 61/100 and a GF Value™ of 円6,350.60 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 416 Insurance companies, Tokio Marine Holdings ranks worse than 85.1% on this metric.
The historical rank and industry rank for Tokio Marine Holdings's Cyclically Adjusted PB Ratio or its related term are showing as below:
TSE:8766'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 1.09 Med: 1.5 Max: 3.45
Current: 3.37
During the past years, Tokio Marine Holdings's highest Cyclically Adjusted PB Ratio was 3.45. The lowest was 1.09. And the median was 1.50.
TSE:8766's Cyclically Adjusted PB Ratio is ranked worse than 85.1% of 416
companies
in the Insurance industry
Industry Median: 1.39
vs TSE:8766: 3.37
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
Tokio Marine Holdings's adjusted book value per share data for the three months ended in Mar. 2026 was 円4,235.027. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is 円2,233.86 for the trailing ten years ended in Mar. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Tokio Marine Holdings (TSE:8766) 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
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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
TSE:8766 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.
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.
* 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.
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.
What does a Cyclically Adjusted PB Ratio of 3.63 mean?
Tokio Marine Holdings (TSE:8766) has a Cyclically Adjusted PB Ratio of 3.63 as of Jul. 24, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Tokio Marine Holdings and its competitors. This is 142% above median its historical median of 1.50. Over the past decade, Tokio Marine Holdings' Cyclically Adjusted PB Ratio has ranged from 1.09 to 3.45. According to the industry distribution chart, Tokio Marine Holdings ranks #354 out of 416 companies in the Insurance industry, placing it in the top 85.1%.
Is Tokio Marine Holdings' Cyclically Adjusted PB Ratio too high?
Tokio Marine Holdings' current Cyclically Adjusted PB Ratio of 3.63 is 142% above median its 10-year median of 1.50. Over the past 10 years, this metric has ranged from a low of 1.09 to a high of 3.45. The Insurance industry median Cyclically Adjusted PB Ratio is 1.39. Tokio Marine Holdings' value of 3.63 is 161.2% above this industry median. Based on the distribution chart, Tokio Marine Holdings ranks #354 out of 416 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Tokio Marine Holdings has a GF Score™ of 61/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Tokio Marine Holdings' Cyclically Adjusted PB Ratio compare to CB and PGR?
According to the Insurance industry distribution chart, Tokio Marine Holdings ranks #354 out of 416 companies for Cyclically Adjusted PB Ratio. This places Tokio Marine Holdings in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.39. Tokio Marine Holdings' value of 3.63 is 161.2% above this benchmark. Historically, Tokio Marine Holdings' own Cyclically Adjusted PB Ratio has ranged from 1.09 to 3.45 over the past decade. While the company's 10-year median is 1.50 vs. the industry median of 1.39, Tokio Marine Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for an Insurance company?
The median Cyclically Adjusted PB Ratio among Insurance companies is 1.39, based on 416 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Tokio Marine Holdings's current Cyclically Adjusted PB Ratio of 3.63 is 161.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Tokio Marine Holdings and its competitors. For the Insurance industry, the median Cyclically Adjusted PB Ratio is 1.39 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tokio Marine Holdings's current Cyclically Adjusted PB Ratio is 3.63, which is 142% above median its own 10-year median of 1.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tokio Marine Holdings stock overvalued right now?
Based on GuruFocus' analysis, Tokio Marine Holdings (TSE:8766) is currently considered Modestly Overvalued. The stock's GF Value™ is 円6,350.60, compared to a current price of 円8,116.00 — trading 27.8% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 3.63, which is 142% above median its 10-year median of 1.50 and 161.2% above the Insurance industry median of 1.39. Tokio Marine Holdings' overall GF Score™ is 61/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Tokio Marine Holdings (TSE:8766), the current Cyclically Adjusted PB Ratio is 3.63 as of Jul. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Tokio Marine Holdings (TSE:8766) Overvalued in 2026?
Based on GuruFocus' analysis, Tokio Marine Holdings stock appears to be overvalued.
The current stock price of 円8,116.00 is trading 27.8% above its estimated GF Value™ of 円6,350.60.
GuruFocus considers Tokio Marine Holdings to be Modestly Overvalued.
Key valuation signals for TSE:8766:
Cyclically Adjusted PB Ratio: 3.63 (142% above median its 10-year median of 1.50)
GF Value™: 円6,350.60 vs. price of 円8,116.00 (27.8% above fair value)
Industry Position: 161.2% above the Insurance median (#354 of 416)
No single metric tells the full story. See the TSE:8766 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
61GF Score
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