ANZ Group Holdings Ltd
ASX: ANZ · Financials · Diversified Banks
- Market cap
- A$116.0B
- P/E (trailing)
- 18.6
- P/B ratio
- 1.61
- Dividend / share
- $1.44
- 52-week range
- –
- Intrinsic value
- A$18.75
Share price
ASX: ANZ · AUD
Valuation
Full valuation analysis →Fair-value estimate per share, updated 26 Jul 2026
A$18.75 The median of our 4 model estimates
94.6% above fair value Against the A$36.47 price.
- Dividend discount model
- A$14.38
- P/B multiple
- A$25.76
- P/E multiple
- A$22.32
- EPS growth model
- A$15.17
Total revenue
As reported · financial years
Earnings per share
Diluted · as reported
Net interest margin
As reported: the spread between lending and funding rates
Below average NIM of 1.55% in FY25: a squeezed lending spread.
Shares outstanding
Diluted · falling means buybacks, rising means dilution
Moderate buybacks -1.7% year-on-year, +0.5% a year over 10 years: share count has been stable over the long run.
Deposits & loans
Customer deposits vs net loans: funding stability at a glance
Financial health
Latest financial year (FY25)
- Net interest margin
- 1.55%
- Below average
- Return on equity
- 8.2%
- Below peers
- Cost-to-income
- 58.7%
- Average
- CET1 capital
- 12.0%
- Strong
Verdicts are graded against what's normal for the sector (Financials), not a one-size-fits-all bar. Hover a tile for the reasoning.
Cost-to-income ratio
Operating costs as a share of income: lower is leaner
Average 58.7% in FY25: in line with peers.
CET1 capital ratio
Core equity capital buffer against losses, vs APRA's "unquestionably strong" 10.25%
Strong 12.0% in FY25: a thick capital buffer, well above the APRA benchmark.
Loan impairment expense
Provisions for bad loans: spikes mark credit-cycle stress; below zero means write-backs
Dividends per share
Full dividend history →Per financial year, as reported in the accounts
Typical for AU banks 73% of FY25 earnings paid out: in line with big-four payout norms.
Five-year snapshot
Figures as reported in the company's filings
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net interest income | $14.2B | $14.9B | $16.6B | $16.1B | $18.0B |
| Total revenue | $17.4B | $19.4B | $20.5B | $20.5B | $22.2B |
| Net profit | $6.2B | $7.1B | $7.1B | $6.5B | $5.9B |
| EPS (diluted) | $2.05 | $2.33 | $2.27 | $2.15 | $1.97 |
| Dividend / share | $0.91 | $1.21 | $1.34 | $1.62 | $1.44 |
What does ANZ do?
ANZ Group Holdings is a Melbourne-based bank that traces its history back to 1835 and has traded on the ASX since 1988. Its business is organized into three divisions: one serving individual and private banking customers, one covering small and medium-sized enterprises together with agricultural clients, and one focused on large institutional and corporate relationships, with activities extending beyond Australia into other markets internationally.
Everyday customers can access transaction banking and wealth management, while business and rural clients are supported through tailored lending and specialist banking teams. For larger institutional relationships, the group arranges syndicated loans, structured and project finance, export and acquisition funding, trade and supply chain finance, commodity funding, deposit-taking, payments, clearing and cash-management services, along with hedging tools spanning currencies, interest rates, credit, commodities and debt markets. These services are delivered through mobile and online banking, branch networks, mortgage specialists, private bankers and phone-based support centers, under chief executive Nuno Matos and a full-time workforce of roughly 41,900.
Book value per share
Net assets per share: the base a bank's P/B multiple is paid on
Slow growth +1.8% a year over 10 years: book value edges up as most earnings go out as dividends.
Common questions about ANZ
Is ANZ undervalued right now? +–
The median of our 4 model estimates puts ANZ Group Holdings Ltd's fair value at A$18.75 per share against a price of A$36.47, 94.6% above the estimate as at 26 Jul 2026. Model estimates are a starting point, not advice. See the full valuation breakdown.
Does ANZ pay a dividend? +–
ANZ Group Holdings Ltd paid $1.44 per share in its most recent financial year with a recorded dividend. The dividend history chart above shows the full payout record.
How fast is ANZ growing? +–
Net profit has compounded at 10.5% a year over the last five financial years, and -2.4% a year over ten.
What is ANZ's P/E ratio? +–
ANZ Group Holdings Ltd trades on a trailing price-to-earnings ratio of 18.6, based on diluted earnings of $1.97 per share in FY25.
Compare ANZ with peers
How has ANZ Group Holdings (ANZ) performed financially, and where do valuation models place fair value?
ANZ Group Holdings' net income has swung across the ten years of reported results from FY2016 to FY2025. Earnings rose from $5.7B in FY2016 to a peak of $7.1B in FY2022, alongside diluted EPS climbing from $1.89 to $2.33, before easing to $5.9B in net income and $1.97 in EPS by FY2025. The FY2020 result stands out as a trough, with net income falling to $3.6B and EPS to $1.18, before recovering.
Net interest income reached $18.0B in FY2025, the highest level in the reported series, yet net interest margin has narrowed over the same period, from 2.07% in FY2016 to 1.55% in FY2025, indicating that margin compression has offset volume growth. The bank's CET1 capital ratio strengthened over the decade, from 9.6% in FY2016 to a high of 13.3% in FY2023, before easing slightly to 12.0% in FY2025.
As of 3 July 2026, ANZ shares closed at $35.26, putting the current price-to-earnings ratio at 17.94, above the five-year median of 11.36. Valuation models dated 5 July 2026 put estimated fair value below the recent close across every approach used: $22.32 based on the price-to-earnings method, $25.31 based on price-to-book, $15.17 based on EPS growth, and $14.38 from the dividend discount model.
AI-assisted analysis generated from Craytheon's verified financial data · Updated 6 Jul 2026 · How this works
Data is general information only, not financial advice. Figures are as reported in company filings (some ASX companies report in USD); share prices are AUD.