Business Description
Mitsubishi UFJ Financial Group, Inc. (MUFG), a prominent financial powerhouse tracing its origins to 1880 and headquartered in Tokyo, Japan, serves as the parent company for MUFG Bank, Ltd. This conglomerate provides an extensive range of financial products and services across its domestic market of Japan, as well as in the United States, Europe, the Asia/Oceania region, and other international locations. Its operations are strategically structured into distinct business divisions, which include digital services, retail and commercial banking, specialized Japanese corporate and investment banking, global corporate and investment banking, global commercial banking, asset management and investor services, and global markets. MUFG caters to a diverse clientele, encompassing individual consumers, small and medium-sized businesses, large corporations, and financial institutions. The company’s offerings span traditional commercial banking, trust banking, and securities products. Furthermore, it delivers M&A and real estate-related advisory, state-of-the-art digital financial solutions, credit card services, lending, fund transfer capabilities, and foreign exchange dealings. For major corporate and institutional clients, MUFG provides sophisticated corporate, investment, and transaction banking services. The firm also offers asset management and administration for corporations and pension funds, facilitates loans, deposits, fund transfers, and investment opportunities across all customer segments, and actively originates and distributes a variety of financial products such as fixed income instruments, currencies, and equities, complemented by comprehensive treasury services.
Business History
Generated: Jun 26, 2026 3:15amPrice Overview
Last updated: Jun 27, 2026 8:00am (just now)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 225.29
Total Equity: $22,370.65B
Shares: 11,386,395,000
Total Debt: $78,685.09B
Cash: $91,600.35B
EBITDA: $4,002.49B
Total Debt: $78,685.09B
Cash: $91,600.35B
Revenue: $14,247.24B
Revenue: $14,247.24B
Revenue: $14,247.24B
Total Equity: $22,370.65B
Tax Rate: 22.9%
Equity: $22,370.65B
Total Debt: $78,685.09B
Cash: $91,600.35B
Current Liabilities: $50,509.41B
Long-Term Debt: $28,175.68B
Total Debt: $78,685.09B
Total Equity: $22,370.65B
Shares: 11,386,395,000
Shares: 11,386,395,000
CapEx: -$326.48B
Shares: 11,386,395,000
Stock Price: $20.16
Net Income: $2,573.61B
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 27, 2026 8:00am (just now)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $5.2T | $8.4T | $10.9T | $12.4T | $14.2T |
| Cost of Revenue | $875.4B | $3.0T | $5.5T | $5.4T | $6.1T |
| Gross Profit | $4.4T | $5.4T | $5.4T | $7.0T | $8.1T |
| Operating Expenses | $2.9T | $3.8T | $3.3T | $4.5T | $4.6T |
| Operating Income | $1.5T | $1.6T | $2.1T | $2.6T | $3.5T |
| Net Income | $1.1T | $1.1T | $1.5T | $1.9T | $2.6T |
| EBITDA | $1.9T | $1.9T | $2.4T | $3.0T | $4.0T |
| EPS | $88.45 | $90.73 | $124.64 | $160.01 | $225.29 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 26, 2026 3:12am (1d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cash & Equivalents | $110.8T | $113.6T | $109.9T | $109.1T | $91.6T |
| Total Current Assets | $110.8T | $113.6T | $109.9T | $127.7T | $131.8T |
| Total Assets | $373.7T | $386.8T | $403.7T | $413.1T | $433.6T |
| Current Liabilities | $264.0T | $278.2T | $290.1T | $307.9T | $50.5T |
| Long-Term Debt | $14.6T | $16.8T | $17.5T | $15.4T | $28.2T |
| Total Liabilities | $355.7T | $368.5T | $383.0T | $391.4T | $409.8T |
| Total Equity | $17.0T | $17.2T | $19.6T | $20.5T | $22.4T |
| Retained Earnings | $12.0T | $12.7T | $13.8T | $14.8T | $16.2T |
Cash Flow (Annual)
Last updated: Jun 27, 2026 8:00am (just now)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Operating Cash Flow | $9.8T | $13.4T | -$9.8T | $6.4B | $8.4T |
| Capital Expenditure | -$384.0B | -$401.6B | -$462.8B | -$456.7B | -$326.5B |
| Free Cash Flow | $9.5T | $13.0T | -$10.3T | -$450.3B | $8.1T |
| Acquisitions (net) | -$689.7B | -$1.8T | -$196.3B | -$163.4B | $44.7B |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$158.5B | -$450.2B | -$400.2B | -$418.5B | -$530.4B |
| Net Change in Cash | $7.8T | $2.9T | -$3.8T | -$779.7B | $0 |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 8:00am (just now)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$6.1T $5.5T – $6.7T
|
$6.7T $6.0T – $7.3T
|
$7.1T $6.3T – $7.8T
|
$29.4T $26.4T – $32.3T
|
| EBITDA |
$1.6T $1.4T – $1.8T
|
$1.8T $1.6T – $1.9T
|
$1.9T $1.7T – $2.1T
|
$7.8T $7.0T – $8.5T
|
| Net Income |
$2.7T $2.5T – $2.9T
|
$3.0T $2.9T – $3.1T
|
$3.1T $2.7T – $3.5T
|
$3.6T $3.1T – $4.1T
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 27, 2026 8:00am (just now)| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue Growth | +60.7% | +29.2% | +14.1% | +14.6% |
| Gross Profit Growth | +23.1% | 0.0% | +30.6% | +15.3% |
| Operating Income Growth | +5.4% | +30.6% | +24.4% | +38.1% |
| Net Income Growth | -1.3% | +33.5% | +25.0% | +38.1% |
| EBITDA Growth | +2.8% | +26.7% | +22.9% | +35.0% |
Insider Trading (Recent)
All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-01 | Kubota Hiroshi | A-Award | 27,084.00 | $0.00 | $0 |
| 2026-06-01 | Kamioka Tomoyuki | A-Award | 12,179.00 | $0.00 | $0 |
| 2026-06-01 | Kuniyuki Masahiro | A-Award | 5,899.00 | $0.00 | $0 |
| 2026-06-01 | Itagaki Yasushi | A-Award | 13,174.00 | $0.00 | $0 |
| 2026-06-01 | Tanaka Takuya | A-Award | 9,281.00 | $0.00 | $0 |
| 2026-06-01 | Yamamoto Tadashi | A-Award | 6,671.00 | $0.00 | $0 |
| 2026-06-01 | Ihara Takafumi | A-Award | 10,803.00 | $0.00 | $0 |
| 2026-06-01 | Komoriya Masatoshi | A-Award | 6,682.00 | $0.00 | $0 |
| 2026-06-01 | Takase Hideaki | A-Award | 9,280.00 | $0.00 | $0 |
| 2026-06-01 | Mike Kanetsugu | A-Award | 14,252.00 | $0.00 | $0 |
| 2026-06-01 | Togawa Jun | A-Award | 8,373.00 | $0.00 | $0 |
| 2026-06-01 | Ueno Yoshiaki | A-Award | 6,115.00 | $0.00 | $0 |
| 2026-06-01 | Kobayashi Makoto | A-Award | 25,640.00 | $0.00 | $0 |
| 2026-06-01 | Sueoka Akiko | A-Award | 6,104.00 | $0.00 | $0 |
| 2026-06-01 | KAMEZAWA HIRONORI | A-Award | 29,477.00 | $0.00 | $0 |
| 2026-06-01 | Yokomaku Katsunori | A-Award | 6,671.00 | $0.00 | $0 |
| 2026-06-01 | Katayama Miki | A-Award | 3,502.00 | $0.00 | $0 |
| 2026-06-01 | Hanzawa Junichi | A-Award | 31,914.00 | $0.00 | $0 |
| 2026-06-01 | Nakahama Fumitaka | A-Award | 9,280.00 | $0.00 | $0 |
| 2026-06-01 | Tokuma Kensuke | A-Award | 3,502.00 | $0.00 | $0 |
Dividend History (Last 20)
Last updated: Jun 26, 2026 3:12am (1d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-03-31 | $0.31 | 2026-03-31 | ||
| 2025-09-30 | $0.22 | 2025-09-03 | 2025-09-30 | 2025-12-15 |
| 2025-03-31 | $0.27 | 2025-03-11 | 2025-03-31 | 2025-07-10 |
| 2024-09-30 | $0.17 | 2024-09-10 | 2024-09-30 | 2024-12-16 |
| 2024-03-27 | $0.13 | 2024-03-13 | 2024-03-28 | 2024-07-08 |
| 2023-09-28 | $0.14 | 2023-09-12 | 2023-09-29 | 2023-12-15 |
| 2023-03-30 | $0.11 | 2023-03-10 | 2023-03-31 | 2023-07-13 |
| 2022-09-29 | $0.12 | 2022-09-14 | 2022-09-30 | 2022-12-15 |
| 2022-03-30 | $0.11 | 2022-03-14 | 2022-03-31 | 2022-07-11 |
| 2021-09-29 | $0.12 | 2021-09-15 | 2021-09-30 | 2021-12-16 |
| 2021-03-30 | $0.11 | 2021-03-31 | 2021-07-12 | |
| 2020-09-29 | $0.12 | 2020-09-30 | 2020-12-17 | |
| 2020-03-30 | $0.12 | 2020-01-22 | 2020-03-31 | 2020-07-10 |
| 2019-09-27 | $0.11 | 2019-09-30 | 2019-12-16 | |
| 2019-03-28 | $0.10 | 2019-03-15 | 2019-03-29 | 2019-07-09 |
| 2018-09-27 | $0.10 | 2018-09-11 | 2018-09-28 | 2018-12-17 |
| 2018-03-27 | $0.09 | 2018-03-12 | 2018-03-29 | 2018-07-09 |
| 2017-09-28 | $0.08 | 2017-09-13 | 2017-09-29 | 2017-12-15 |
| 2017-03-29 | $0.08 | 2017-03-15 | 2017-03-31 | 2017-07-10 |
| 2016-09-29 | $0.08 | 2016-09-14 | 2016-09-30 | 2016-12-15 |
Narrative Economics
market-narrative step).
Delvantic AI Findings
The synthesis model tripped on a unit-recognition error and declared the data corrupted. It's not — MUFG reports in yen (¥), and the "billions" tag is the FMP convention. ¥14.25 trillion in FY26 revenue (~$95B USD at ¥150) and ¥2.57 trillion net income (~$17B USD) are entirely consistent with a megabank that has a $226B market cap and trades at ~14.9x TTM earnings and 1.37x book. The "P/E of 0.1x" the synthesis model panicked about is an artifact of mixing yen financials with a dollar market cap. Once you correct for that, the canonical metrics (P/E 14.9, P/B 1.37, ROE 11.5%, div yield 2.93%) are internally consistent and tell a coherent story: a Japanese megabank finally earning above its cost of equity for the first time in a decade-plus.
The trajectory is genuinely strong and the pre-flight model captured it best. Revenue grew from ¥5.25T (FY22) to ¥14.25T (FY26) — a 28% CAGR — and net income more than doubled from ¥1.13T to ¥2.57T. The most recent quarter (¥3,590B rev, 17.4% NI margin) accelerated YoY against ¥3,143B. This is the BOJ-normalization trade playing out in real time: rate hikes lifting NIM after twenty years of zero-rate purgatory, plus FX translation gains on the overseas businesses (Morgan Stanley stake, Krungsri, MUFG Americas). ROE at 11.5% TTM is finally pushing past a plausible ~8% cost of equity, which is precisely what would justify a re-rating from the historical ~0.6x P/B Japanese-bank discount toward the 1.37x it now trades at. The Market Forces model calling this a "value trap" feels stale — it's describing the pre-2023 MUFG. The data shows a bank mid-re-rating, not pre-re-rating.
The contrarian case is real, though. First, ROIC at 0.59% and ROA at 0.6% are anemic even for a bank — leverage is doing most of the work on that 11.5% ROE, and Japanese megabanks have historically destroyed capital on overseas adventures (witness UnionBanCal sale). Second, earnings quality is choppy: the March 2025 quarter printed a 3.9% net margin (¥114B on ¥2,893B rev) — that's a 4-5x swing from the prior and following quarters, indicating mark-to-market or credit provisioning lumpiness that the headline CAGRs obscure. Third, the 38% earnings YoY and 31% earnings CAGR are not repeatable — they're a one-time step-up from negative-rate to positive-rate Japan. Modeling forward growth off that base is the classic late-cycle bank mistake. Fourth, the secondary signal flagging "Poor Cash Flow Quality" matters for a bank where OCF is dominated by balance-sheet movements (deposits, securities) rather than operating earnings — ¥8.4T OCF tells you almost nothing about underlying franchise economics. Fifth, insider activity is purely awards (no open-market buys), so the "alignment" signal is zero.
I dissent from the Synthesis "Disconnected from Fundamentals" verdict — that's a data-parsing failure, not a thesis. I partially dissent from Market Forces' "value trap" framing — the re-rating is already happening, and 1.37x P/B is no longer the 0.5-0.7x trap multiple. I largely agree with the Pre-Flight dividend-income framing but think it understates the cyclical earnings tailwind still in front of MUFG if BOJ continues normalizing toward 1%+ policy rates. Fair value: at 11.5% sustainable ROE, 8% cost of equity, and 3% terminal growth, justified P/B is ~1.7x, implying ~$25 vs. the current $20.02 — roughly 25% upside plus the 2.93% yield. The risk is that ROE mean-reverts to 8-9% as the normalization sugar high fades, in which case fair P/B drops to ~1.2x and the stock is fully valued here. The trade depends on BOJ rate path: if Ueda hikes to 1%+ by end-2026, MUFG re-rates to $25-28; if the BOJ stalls (recession, yen crisis), it's dead money at $18-20 collecting the dividend.
VER
GPT Critique
In reviewing MUFG's financial data, the standout feature is the remarkable growth trajectory. The company reported a revenue increase from ¥5.25 trillion in FY22 to ¥14.25 trillion in FY26, representing a 28% CAGR. This growth is impressive, especially when juxtaposed with the strong net income surge from ¥1.13 trillion to ¥2.57 trillion over the same period. The current price-to-earnings ratio (P/E) of approximately 14.9 and price-to-book (P/B) ratio of 1.37 further corroborate the company's current market valuation, suggesting it is trading at a premium compared to its historical discount. Notably, the 17.4% net income margin in the latest quarter underscores operational efficiency, although the March 2025 quarter's 3.9% margin indicates possible earnings volatility.
I agree with Claude Opus's assertion that the synthesis model's verdict of "Disconnected from Fundamentals" stems from a data misinterpretation, mistaking yen for dollars. This error skewed the P/E calculation, leading to an erroneous conclusion. Opus rightly corrects this by emphasizing the legitimacy of MUFG's financials in yen terms, which align with its market cap and earnings multiples. Furthermore, I concur with Opus that the recent financial performance reflects the Bank of Japan's policy normalization, which has positively impacted net interest margins.
However, I diverge from Opus's optimism regarding the forward growth potential. While Opus suggests a fair value increase to $25 based on sustained ROE improvements, I am more cautious. The low ROIC of 0.59% and ROA of 0.6% highlight underlying inefficiencies, suggesting that leverage rather than operational performance is driving ROE. Additionally, the "Poor Cash Flow Quality" signal is concerning, as it highlights potential volatility in cash flows due to balance sheet adjustments rather than robust operating earnings. This volatility, coupled with the non-repeatable nature of recent earnings growth, casts doubt on the sustainability of current valuation levels.
A careful skeptic might argue that both Opus and I are overly optimistic about MUFG's long-term prospects. They would point to the historical challenges Japanese megabanks face in generating sufficient ROIC and the potential for the BOJ to backtrack on rate hikes in response to economic volatility. Moreover, the absence of insider buying suggests limited confidence from management in the stock's upside potential, further fueling skepticism about MUFG's future performance.