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Shinhan Financial Group Co Ltd

SHG Financial Banks Regional

Shinhan Financial Group Co Ltd’s revenue for fiscal 2025 (year ended December 2025) was $23.8 billion, roughly unchanged from fiscal 2024.

Revenue
+27.1%
EPS
+10.4%
Free cash flow
+120.9%
Total debt
+1.90%

Quarter to June 2026, against a year earlier

63.22 1.84 −2.83%
Market cap
$29.2B
P/E
8.5×
Fwd P/E
7.3×
Dividend yield
2.55%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.63%

Capital & Financial Ratios $m

Size
Market Cap 29,240.00
Revenue ttm 25,890.63
Net income ttm 3,840.23
Free cash flow ttm 14,875.14
Net debt Q 30,528.69
Valuation
P/E 8.50
Forward P/E 7.26
Price / sales 1.15
Forward P/S Powerpack
Price / FCF 2.00
Price / book 0.68
Financial health
Current ratio Q 0.98
Debt / equity Q 1.45
Interest coverage Q —
Growth
Revenue growth Q +27.14% (above 0%: growing)
Operating income growth Q +21.42% (above 0%: growing)
EPS, this year +38.71% (at or above 15%: strong)
EPS, next year A +8.20%
Revenue, next year A −29.99% (below 0%: weak)
EPS, past 5 yrs +4.15%
EPS, next 5 yrs A +17.54% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 91.75%
10-year low 10-year high
P/S against its own 10 years 73.71%
10-year low 10-year high
P/B against its own 10 years 83.83%
10-year low 10-year high

Dividends raised 2 years running

Yield
2.55%
Annual rate
1.61
Payout ratio
21.7%
Growth, 2017–25
+2.06%/yr
  1. 1.35 ’17
  2. 2.78 ’18 +106
  3. 1.51 ’19 −46
  4. 1.33 ’20 −12
  5. 1.62 ’21 +21
  6. 1.55 ’22 −4
  7. 1.19 ’23 −23
  8. 1.56 ’24 +31
  9. 1.59 ’25 +2
  10. 3,032.00 ’26e +190904
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 27,703 28,368 27,820 33,065
Receivables — — — —
Inventory — — — —
Other — — — —
357,095 342,875 353,162 369,709
2023 2024 2025 Q'26
Payables 305,210 295,947 313,354 332,846
ST’ Debt — — — —
Other — — — —
350,731 330,891 352,131 375,755

Compound Annual Growth %

10y 5y 3y
Sales 3.71% 11.03% 3.34%
Cash Flow 9.98% 0.00% 8.62%
Earnings 4.77% 4.11% 2.09%
Book Value 4.13% 2.65% 5.69%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 2.52 Actual 2.33

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Mar 2025 1.94 2.01 Beat by 0.07
Jun 2025 2.23 4.27 Beat by 2.04
Jun 2026 2.33 2.50 Beat by 0.17
Sep 2026 2.52 2.33 Miss by 0.19
Dec 2026 1.10 — Reports 2 March 2027

EPS $

Mar Jun Sep Dec Year
’26 2.21 2.50 — — —
’25 2.01 2.27 2.05 0.68 6.91
’24 1.89 1.97 1.76 0.57 6.19
’23 2.00 1.75 1.68 0.75 6.16
’22 2.12 1.94 2.18 0.41 6.54
’21 1.95 2.06 1.62 0.68 6.38
’20 1.48 1.44 1.91 0.69 5.64
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 6,486 7,898 — — —
’25 6,049 6,212 5,863 5,644 23,768
’24 6,693 6,296 6,176 4,657 23,822
’23 6,444 6,618 6,596 6,784 26,442
’22 5,473 5,678 5,577 4,809 21,537
’21 3,996 5,765 4,899 1,311 15,972
’20 5,132 5,256 5,283 (1,583) 14,088
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 9,413 796 — — —
’25 4,553 (2,973) 8,685 (3,453) 6,812
’24 (991) (873) 4,746 356 3,238
’23 3,002 6,117 (4,890) (3,805) 424
’22 515 220 (2,141) 6,720 5,315
’21 3,521 (316) 4,753 2,014 9,972
’20 (179) 406 (942) (2,813) (3,527)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 9,204 647 — — —
’25 4,447 (3,091) 8,599 (3,575) 6,381
’24 (1,131) (1,005) 4,621 218 2,704
’23 2,891 6,014 (5,072) (3,948) (116)
’22 339 115 (2,236) 6,518 4,736
’21 3,353 (421) 4,602 1,669 9,203
’20 (295) 324 (960) (2,907) (3,838)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 16,837 16,900 18,790 21,000 14,088 15,972 21,537 26,442 23,822 23,768 25,891 +3.9% 16,640 17,500 18,081 (8.7%)
Gross margin, % 78.45 79.29 75.82 77.26 72.22 77.71 75.15 49.29 47.68 52.01 56.27 (26.4) pt
EBT 2,853 3,359 4,065 3,929 3,803 5,025 4,444 4,772 4,220 4,850 5,312 +6.1%
EBT margin, % 16.95 19.87 21.63 18.71 26.99 31.46 20.64 18.05 17.72 20.41 20.52 +3.5 pt
Net income 2,853 3,359 4,065 3,929 3,803 5,025 4,444 3,582 3,191 3,559 3,840 +2.5%
Per share, $
Per share, $ Revenue 35.51 35.64 39.67 43.99 28.16 29.91 40.59 50.93 47.06 48.86 55.02 +3.6%
Earnings 4.94 5.73 5.99 5.96 5.64 6.38 6.54 6.16 6.19 6.91 7.44 +3.8%
Cash flow 7.21 1.91 (12.14) 12.03 (7.05) 18.67 10.02 0.82 6.40 14.00 32.81 +7.7%
Capex (0.62) (0.46) (0.49) (0.86) (0.62) (1.44) (1.09) (1.04) (1.06) (0.88) (1.20) +4.0%
Free cash flow 6.59 1.45 (12.64) 11.17 (7.67) 17.23 8.93 (0.22) 5.34 13.12 31.61 +8.0%
Book value 60.25 62.88 70.42 70.27 74.12 83.48 67.45 86.78 81.34 86.87 93.00 +4.1%
Shares, m 474 474 474 477 500 534 531 519 506 486 479 +0.3%
Valuation, ×
Valuation, × P/E 4.12 8.96 3.45 6.28 5.39 4.90 4.13 4.85 5.31 7.66 8.50 5.5
P/S 1.08 1.31 0.89 0.87 1.06 1.03 0.68 0.59 0.70 1.10 1.15 0.9
P/B 0.64 0.74 0.50 0.54 0.40 0.37 0.41 0.35 0.40 0.62 0.68 0.5
EV/Sales 1.00 1.32 3.12 2.65 3.43 3.95 2.23 2.01 2.26 2.67 — 2.5
EV/FCF 5.40 32.61 (9.78) 10.45 (12.58) 6.85 10.14 (457.13) 19.94 9.93 — (38.4)
Cash, $m
Cash, $m Operating cash flow 3,417 904 (5,751) 5,743 (3,527) 9,972 5,315 424 3,238 6,812 15,440 +8.0%
Capex (294) (217) (234) (410) (311) (769) (579) (540) (535) (430) (565) +4.3%
Free cash flow 3,123 686 (5,985) 5,333 (3,838) 9,203 4,736 (116) 2,704 6,381 14,875 +8.3%
Balance, $m
Balance, $m Working capital 38,231 42,332 20,147 17,545 17,297 8,574 6,674 6,364 11,984 1,031 (6,045) (33.1%)
Net debt (1,395) 184 41,750 37,552 33,379 46,526 33,430 37,546 37,268 37,274 30,529 n/m
Shareholders’ equity 28,570 29,819 33,353 33,544 37,085 44,585 35,791 45,057 41,175 42,261 43,764 +4.4%
Returns, %
Returns, % ROA 0.72 0.70 0.71 0.62 0.59 0.66 0.59 0.65 0.56 0.63 0.66 (0.1) pt
ROIC 9.04 8.87 3.38 3.45 3.37 3.45 4.01 3.61 3.36 3.81 4.47 (5.2) pt
ROE 8.63 8.79 8.98 7.99 7.74 8.60 7.81 8.27 6.94 8.01 8.55 (0.6) pt
People
People Employees 147 143 156 157 152 165 171 173 173 175 — +2.0%
Revenue/emp, $m 114.54 118.18 120.45 133.76 92.69 96.80 125.95 152.85 137.70 135.82 — +1.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Shinhan Financial Group Co Ltd vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ITUB Itau Unibanco Holding S.A. $39.4B 9.3× — +9.19% (above 0%: growing) +25.86% (above 0%: growing) +584.73% (above 0%: growing) 46.42% 0.00% Compare
MTB M&T Bank Corporation $31.7B 11.4× 11.3× −0.64% (below 0%: shrinking) +4.74% (above 0%: growing) +52.44% (above 0%: growing) 74.37% 0.00% Compare
HBAN Huntington Bancshares Incorporated $31.5B 12.5× 12.1× +27.35% (above 0%: growing) −17.07% (below 0%: shrinking) +53.14% (above 0%: growing) 67.89% 0.00% Compare
SHG Shinhan Financial Group Co Ltd $29.2B 8.5× 7.3× +27.14% (above 0%: growing) +10.37% (above 0%: growing) +120.93% (above 0%: growing) 63.24% 0.00%
BBDO Banco Bradesco SA $28.5B 5.2× — +16.65% (above 0%: growing) +44.44% (above 0%: growing) +1,455.10% (above 0%: growing) 34.57% 0.00% Compare
BAP Credicorp Ltd. $27.6B 12.9× 11.7× +12.23% (above 0%: growing) +16.83% (above 0%: growing) +76.09% (above 0%: growing) 82.34% 0.00% Compare
CFG Citizens Financial Group, Inc. $26.8B 12.8× 12.0× +5.83% (above 0%: growing) +33.96% (above 0%: growing) −75.86% (below 0%: shrinking) 71.05% 0.00% Compare
FCNCA First Citizens BancShares, Inc. $25.5B 12.3× 11.9× +0.11% (above 0%: growing) +31.07% (above 0%: growing) +28.65% (above 0%: growing) 67.05% 0.00% Compare
RF Regions Financial Corporation $24.2B 11.0× 10.7× +0.16% (above 0%: growing) +16.13% (above 0%: growing) −39.63% (below 0%: shrinking) 80.24% 0.00% Compare
Median of peers $28.1B 11.9× 11.8× +7.51% +21.35% +52.79% 69.47% 0.00%

All 327 Banks Regional stocks →

Shinhan Financial Group Co Ltd (SHG) Latest News

28 Oct

Impact 3 · · Associated Press

27 Oct

Impact 4 · · The Motley Fool transcript

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Impact 4 · · GuruFocus.com transcript

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SHG metrics, ten years each

stockrow.com/SHG · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com