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Data-driven stock valuation

Suruga Bank Ltd ADR (SUGBY) fair value: what the stock is really worth

We calculate from audited financials what Suruga Bank Ltd ADR is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.

  1. Compare price with fair valuebelow fair value = cheap, above = expensive
  2. Check the quality50 and up solid, 75 and up strong
  3. Watch it or check another stockalert when fair value or trend changes

Financial Services · US · Market cap $1.4B · ISIN US8690072033

At a glance

SB Suruga Bank Ltd ADR logo Suruga Bank Ltd ADR SUGBY · US
Price$80.02
Fair Value$85.31
Upside+6.6%
Quality67/100

A solid business, currently priced close to our fair value of $85.31.

As of Sep 8, 2026, the fair value of Suruga Bank Ltd ADR is $85.31 per share against a price of $80.02, so the fair value sits 7% above the price. A model estimate from reported figures, not an analyst target.

!Weak Growth (revenue 5y +1.6 %/yr)
✓Highly profitable · 40.0% net margin
✓Low debt · generates free cash flow
·2.50% dividend yield
✓Ranks above peers (10/13)
✓Wide moat 67/100
!Evidence only medium, so the estimate is less certain
Evidence: Medium Range $63.98 to $106.64

Fair value as of: Sep 8, 2026

From 4 valuation models · updated today

Fair value updated Sep 8, 2026, revised from $83.84 to $85.31 (+1.7%) since Sep 7, 2026.

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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

$191.91 $23.68 Fair Value $85.31 Oct 2015 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 8, 2026.

How to read this chart

60‑month range $23.68 – $191.91 · fair‑value band $63.98 – $106.64 · the $80.02 price screens below the $85.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 8, 2026.

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Analysis

Suruga Bank Ltd ADR (SUGBY) currently trades at $80.02, while our model-based Fair Value estimate is $85.31, implying the stock looks roughly 6.2% fairly valued today. The Quality Score stands at 67/100 (solid quality), in the Financial Services sector. How firm this estimate is: it rests on 24 models at a data quality of 96/100, which puts the evidence level at medium.

Over the trailing twelve months, Suruga Bank Ltd ADR generated revenue of ¥86.8B at a net margin of 40.0%. Revenue declined 1.7% year over year. It earns a return on equity of 11.2%. The balance sheet holds a net cash position of ¥436B. Fundamentals as of Sep 8, 2026

Scenario range: $63.98 (bear) to $106.64 (bull), the price of $80.02 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades near its 52-week high and 2% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −13% fair-value upside, at 7%, SUGBY screens cheaper than that median.

Fair Value models

Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income best evidence $16,333 $18,152 $26,154 70
P/E Multiple $21,100 $28,134 $35,167 63
P/B Multiple $20,040 $26,721 $33,401 55
All 4 models by family
Multiples
P/E Multiple $21,100 $28,134 $35,167 63
P/B Multiple $20,040 $26,721 $33,401 55
Asset-Based
NCAV (Graham) $9,543 $12,788 $19,086 54
Economic Profit
Residual Income best evidence $16,333 $18,152 $26,154 70

Widest divergence: Multiples ($26,721) versus Asset-Based ($12,788). Highest evidence: Residual Income (70).

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Key figures & financial health

P/E ratio 10.8
P/S ratio 4.41 P/E × margin
EPS (TTM) $7.39 price ÷ EPS = P/E 10.8
Dividend yield 2.5% payout 27.1%
Net margin 40.7% FY2026
Return on equity 11.2% TTM
More key figures
Profitability
Return on assets (EBIT) 0.5% avg 5y
Operating margin 73.0% TTM
Growth
Revenue (TTM) ¥86.8B TTM
Revenue growth (YoY) −1.7% 3y avg +17.5%
EPS growth (YoY) +551%
Balance sheet & cash flow
Free cash flow ¥6.4B FY2026
Net cash ¥436B FY2026

Figures from reported company fundamentals · as of Sep 8, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 58 · Market factors (momentum, volatility) 65

Profitability 36
Margins and returns on capital today
Quality Growth 75
Are margins and returns improving?
Cashflow 39
Earnings quality: real cash, not paper profit
Fin. Strength 41
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 68
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Suruga Bank Ltd. provides various banking and financial products and services to individuals and corporate customers in Japan.

Full company description

Suruga Bank Ltd. provides various banking and financial products and services to individuals and corporate customers in Japan. The company offers deposit products, such as time, non-interest bearing, savings, foreign currency, and other deposits, as well as current and general accounts; property, card, housing, second house, startup, and business up term loans, as well as loans by purpose; credit and debit cards; overdrafts; and other financing products. It also provides investment trust, public bond, pension contribution, insurance, inheritance/trust, lottery, foreign currency, pay-easy, web direct, safe deposit box, external linkage, remittance service, fund management, e-combination, payment, nursing care/medical care/dispensing compensation receivable factoring, mortgage, and internet and telephone banking services. In addition, the company offers money lending, guarantee, printing, leasing, and agency services, as well as advisory and consulting services. Suruga Bank Ltd. company was incorporated in 1895 and is headquartered in Numazu, Japan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Suruga Bank Ltd ADR reported revenue of ¥90.5B in FY2026 versus ¥73.9B in FY2022, a compound +5.2%/yr. Reported net income was ¥36.8B in FY2026, compounding +46.7%/yr from FY2022.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
$90.5B
Latest YoY
+30.7%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+17.5%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.6%
Avg. revenue growth/yr (18Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.1%
Value creation/yr (5Y, in JPY) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +20.4%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+17.9%
Dividend yield2.5%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 17.9% vs 10Y 3.0%, picking up
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.20.5% (2021) → 41.4% (2026) · rising
Worst earnings drop328% (2019) (loss year, drop beyond 100%) · in USD
⚠ Revenue per share shrinking 2.1%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Final year 2026 sits 179% above trend (one-off), rate approximate
Revenue +5.2%/yr
FY22 ¥73.9B
FY23 ¥55.8B
FY24 ¥61.7B
FY25 ¥69.2B
FY26 ¥90.5B
Net income +46.7%/yr
FY22 ¥8.0B
FY23 ¥10.6B
FY24 ¥15.4B
FY25 ¥20.2B
FY26 ¥36.8B
Character of growth · EPS growth decomposed (2015-2026) −2.3 % p.a.
Revenue per share −2.7 %

of which total revenue −5.1 % · buybacks/dilution +2.5 %

EBIT margin −3.7 %
Tax rate +3.2 %
Residual (interest, one-offs) +1.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Suruga Bank Ltd ADR · Fair Value
$85.31 +6%Fair Value
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Cite: Fair Value Calculator (2026). "Suruga Bank Ltd ADR Fair Value". https://www.fairvalue-calculator.com/stock/SUGBY

Peer Group

Banks - Regional · 1074 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation
Quality Score 65 · Top 25%
Fair Value upside +3% · Above median
Profitability
Return on equity (TTM) 11% · Above median
Return on assets 1% · Below median
Net margin (TTM) 40% · Top 25%
Operating margin (TTM) 73% · Top 25%
Growth and dividend
Revenue growth −2% · Bottom 25%
Dividend yield (TTM) 2.5% · Below median
Balance sheet
Debt / equity 0.00× · Lowest 25%

Valuation Multiples vs Banks - Regional median · lower = cheaper

P/E (TTM) 10.8× · Cheaper than median
P/FCF 0.2× · Cheapest 25%

What the price implies (reverse DCF)

The inverse question: what free-cash-flow growth must Suruga Bank Ltd ADR deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.

Implied FCF growth, 10 yearsless than minus 40 % per year
Achieved revenue growth, 5 years+1.6 % p.a.
Sector median revenue growth+8.1 %
FCF yield on price2.99 %
Discount rate (WACC) in the models10.0 %

The price sits beyond what a cash-flow model can represent: the valuation rests on more than today's free cash flow. Ranking of the largest stocks →

Context: sector, industry, market

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE42 · sector 32
FUTURE0 · sector 44
PAST45 · sector 41
HEALTH100 · sector 85
DIVIDEND50 · sector 51

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Sep 8, 2026).

Stock Price Fair Value vs Fair Value
DBS Group D05 75.65 SGD 40.48 SGD −46%
China Merchants Bank Co 3968 HK$47.96 HK$76.51 +60%
Intesa Sanpaolo S.p.A ISP €6.74 €5.66 −16%
HDFC Bank Limited HDB $23.18 $24.12 +4%
BNP Paribas SA BNP €104.54 €144.64 +38%
UniCredit S.p.A UCG €84.71 €77.62 −8%
Mizuho Financial Group MFG $11.23 $9.72 −13%
ICICI Bank Limited ICICIBANK ₹1,423 ₹835.21 −41%
Oversea-Chinese Banking Corporation O39 31.07 SGD 19.80 SGD −36%
CaixaBank, S.A CABK €13.52 €8.85 −35%

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Frequently asked questions

Is Suruga Bank Ltd ADR (SUGBY) overvalued or undervalued?
As of Sep 8, 2026, our model estimates a fair value of $85.31 versus a price of $80.02, about +7% upside (fairly valued).
What is the fair value of SUGBY?
Our model-based fair value for Suruga Bank Ltd ADR is $85.31 (as of Sep 8, 2026), built from audited fundamentals. The current price: $80.02.
What is the quality score of SUGBY?
Suruga Bank Ltd ADR has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Suruga Bank Ltd ADR (SUGBY)?
Our model-based price target is the fair value of $85.31 (as of Sep 8, 2026) from 4 valuation models. Cautious scenario $63.98, optimistic scenario $106.64. It is a calculation from audited fundamentals, not an analyst target.
What is the Suruga Bank Ltd ADR stock forecast for 2026?
Our models put fair value at $85.31, about +7% upside versus a price of $80.02 (fairly valued). Cautious scenario $63.98, optimistic scenario $106.64. The calculation is refreshed regularly with new filings.
What is the revenue of Suruga Bank Ltd ADR (SUGBY)?
Suruga Bank Ltd ADR reported trailing-twelve-month revenue of about ¥86.8B (latest available figure, as of Sep 8, 2026).
What is the net profit margin of SUGBY?
The net profit margin of Suruga Bank Ltd ADR is about 40.0%, meaning it keeps roughly 40.0% of revenue as net income. Based on the latest reported figures.
Does Suruga Bank Ltd ADR pay a dividend?
Suruga Bank Ltd ADR currently shows a dividend yield of about 2.50% relative to its recent price (as of Sep 8, 2026).
What growth is priced into Suruga Bank Ltd ADR (SUGBY)?
For today's price to be fair in a discounted-cash-flow model, Suruga Bank Ltd ADR would have to grow free cash flow by less than minus 40 % per year for ten years (discount rate 10.0 %, then 2 % perpetual growth). Over the last 5 years revenue grew +1.6 % per year. As of Sep 8, 2026.
What discount rate (WACC) does the fair value of SUGBY use?
Our models discount Suruga Bank Ltd ADR at 10.0 %: a base by market capitalisation (small), damped by beta 0.56, country premium for USA. The same rate applies in all 26 models.
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