Firstrand Ltd (FSR) - Net Assets

Latest as of December 2025: ZAC226.94 Billion ZAC ≈ $120.61 Million USD

Based on the latest financial reports, Firstrand Ltd (FSR) has net assets worth ZAC226.94 Billion ZAC (≈ $120.61 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (ZAC2.68 Trillion ≈ $1.43 Billion USD) and total liabilities (ZAC2.45 Trillion ≈ $1.30 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check tangible net worth ratio of Firstrand Ltd to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	ZAC226.94 Billion
% of Total Assets	8.46%
Annual Growth Rate	12.39%
5-Year Change	43.53%
10-Year Change	122.99%
Growth Volatility	21.8

Firstrand Ltd - Net Assets Trend (2003–2025)

This chart illustrates how Firstrand Ltd's net assets have evolved over time, based on quarterly financial data. See how many days can Firstrand Ltd fund operations to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Firstrand Ltd (2003–2025)

The table below shows the annual net assets of Firstrand Ltd from 2003 to 2025. For live valuation and market cap data, see FSR market cap overview.

Year	Net Assets	Change
2025-06-30	ZAC240.97 Billion ≈ $128.07 Million	+10.64%
2024-06-30	ZAC217.80 Billion ≈ $115.75 Million	+11.74%
2023-06-30	ZAC194.92 Billion ≈ $103.59 Million	+7.86%
2022-06-30	ZAC180.71 Billion ≈ $96.04 Million	+7.64%
2021-06-30	ZAC167.89 Billion ≈ $89.22 Million	+10.51%
2020-06-30	ZAC151.92 Billion ≈ $80.74 Million	+5.07%
2019-06-30	ZAC144.59 Billion ≈ $76.84 Million	+10.55%
2018-06-30	ZAC130.80 Billion ≈ $69.51 Million	+11.62%
2017-06-30	ZAC117.18 Billion ≈ $62.28 Million	+8.44%
2016-06-30	ZAC108.06 Billion ≈ $57.43 Million	+9.59%
2015-06-30	ZAC98.60 Billion ≈ $52.40 Million	+11.77%
2014-06-30	ZAC88.22 Billion ≈ $46.88 Million	+10.79%
2013-06-30	ZAC79.63 Billion ≈ $42.32 Million	+14.07%
2012-06-30	ZAC69.81 Billion ≈ $37.10 Million	+8.70%
2011-06-30	ZAC64.22 Billion ≈ $34.13 Million	+8.91%
2010-06-30	ZAC58.96 Billion ≈ $31.34 Million	+17.92%
2009-06-30	ZAC50.00 Billion ≈ $26.57 Million	+2.70%
2008-06-30	ZAC48.69 Billion ≈ $25.88 Million	+11.81%
2007-06-30	ZAC43.55 Billion ≈ $23.14 Million	+19.21%
2006-06-30	ZAC36.53 Billion ≈ $19.41 Million	-15.13%
2005-06-30	ZAC43.04 Billion ≈ $22.88 Million	+109.40%
2004-06-30	ZAC20.55 Billion ≈ $10.92 Million	+11.46%
2003-06-30	ZAC18.44 Billion ≈ $9.80 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Firstrand Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 19452300000000.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (June 2025)

Component	Amount	Percentage
Retained Earnings	ZAC194.52 Billion	82.58%
Common Stock	ZAC56.00 Million	0.02%
Other Comprehensive Income	ZAC32.92 Billion	13.97%
Other Components	ZAC8.06 Billion	3.42%
Total Equity	ZAC235.55 Billion	100.00%

Firstrand Ltd Competitors by Market Cap

The table below lists competitors of Firstrand Ltd ranked by their market capitalization.

Company	Market Cap
Halliburton Company NYSE:HAL	$29.18 Billion
Fortis Inc TO:FTS	$29.20 Billion
Nestle India Limited NSE:NESTLEIND	$29.20 Billion
FANUC CORP.UNSP.ADR 1/10 F:FUCA	$29.28 Billion
Copart Inc NASDAQ:CPRT	$29.12 Billion
IMPERIAL BRANDS PLC ADR/1 F:ITBA	$29.11 Billion
Adyen NV AS:ADYEN	$29.05 Billion
Givaudan SA SW:GIVN	$29.04 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Firstrand Ltd's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 212,943,000,000 to 235,551,000,000, a change of 22,608,000,000 (10.6%).
Net income of 43,540,000,000 contributed positively to equity growth.
Dividend payments of 25,993,000,000 reduced retained earnings.
Share repurchases of 4,403,000,000 reduced equity.
Other comprehensive income increased equity by 6,105,000,000.
Other factors increased equity by 3,359,000,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	ZAC43.54 Billion	+18.48%
Dividends Paid	ZAC25.99 Billion	-11.03%
Share Repurchases	ZAC4.40 Billion	-1.87%
Other Comprehensive Income	ZAC6.11 Billion	+2.59%
Other Changes	ZAC3.36 Billion	+1.43%
Total Change	ZAC-	10.62%

Book Value vs Market Value Analysis

This analysis compares Firstrand Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 233.07x
The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
The price-to-book ratio has decreased from 2821.39x to 233.07x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2003-06-30	ZAC3.48	ZAC9805.00	x
2004-06-30	ZAC3.87	ZAC9805.00	x
2005-06-30	ZAC8.11	ZAC9805.00	x
2006-06-30	ZAC6.31	ZAC9805.00	x
2007-06-30	ZAC7.50	ZAC9805.00	x
2008-06-30	ZAC8.77	ZAC9805.00	x
2009-06-30	ZAC8.50	ZAC9805.00	x
2010-06-30	ZAC10.55	ZAC9805.00	x
2011-06-30	ZAC11.10	ZAC9805.00	x
2012-06-30	ZAC12.03	ZAC9805.00	x
2013-06-30	ZAC13.82	ZAC9805.00	x
2014-06-30	ZAC15.34	ZAC9805.00	x
2015-06-30	ZAC17.19	ZAC9805.00	x
2016-06-30	ZAC18.59	ZAC9805.00	x
2017-06-30	ZAC20.22	ZAC9805.00	x
2018-06-30	ZAC22.61	ZAC9805.00	x
2019-06-30	ZAC25.03	ZAC9805.00	x
2020-06-30	ZAC26.35	ZAC9805.00	x
2021-06-30	ZAC29.11	ZAC9805.00	x
2022-06-30	ZAC31.46	ZAC9805.00	x
2023-06-30	ZAC34.63	ZAC9805.00	x
2024-06-30	ZAC37.99	ZAC9805.00	x
2025-06-30	ZAC42.07	ZAC9805.00	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Firstrand Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 18.48%
The company demonstrates strong efficiency in generating profits from shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 16.11%
• Asset Turnover: 0.10x
• Equity Multiplier: 10.98x
Recent ROE (18.48%) is below the historical average (22.16%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2003	30.78%	16.76%	0.11x	16.48x	ZAC3.83 Billion
2004	35.05%	10.85%	0.21x	15.74x	ZAC5.15 Billion
2005	16.74%	10.85%	0.14x	10.99x	ZAC2.90 Billion
2006	27.12%	11.91%	0.13x	17.19x	ZAC5.74 Billion
2007	29.74%	12.10%	0.14x	18.00x	ZAC7.87 Billion
2008	24.24%	13.66%	0.10x	17.66x	ZAC6.59 Billion
2009	14.54%	8.16%	0.11x	16.86x	ZAC2.17 Billion
2010	17.49%	25.92%	0.04x	15.11x	ZAC4.19 Billion
2011	33.30%	28.84%	0.10x	11.41x	ZAC14.25 Billion
2012	20.09%	18.37%	0.10x	11.48x	ZAC6.77 Billion
2013	19.66%	18.28%	0.09x	11.34x	ZAC7.41 Billion
2014	22.02%	19.34%	0.10x	11.12x	ZAC10.22 Billion
2015	23.02%	19.73%	0.10x	11.12x	ZAC12.40 Billion
2016	21.97%	18.19%	0.11x	11.02x	ZAC12.48 Billion
2017	21.98%	17.83%	0.11x	10.74x	ZAC13.59 Billion
2018	21.30%	17.56%	0.10x	12.08x	ZAC14.33 Billion
2019	21.99%	17.38%	0.11x	11.89x	ZAC16.84 Billion
2020	12.29%	10.62%	0.09x	13.04x	ZAC3.39 Billion
2021	16.86%	17.26%	0.08x	11.55x	ZAC11.19 Billion
2022	19.04%	20.20%	0.08x	11.36x	ZAC15.96 Billion
2023	23.29%	34.26%	0.06x	11.82x	ZAC25.81 Billion
2024	18.65%	15.42%	0.11x	11.13x	ZAC18.41 Billion
2025	18.48%	16.11%	0.10x	10.98x	ZAC19.98 Billion

Industry Comparison

This section compares Firstrand Ltd's net assets metrics with peer companies in the Banks - Diversified industry.

No peer company data available for comparison.

About Firstrand Ltd

JSE:FSR South Africa Banks - Diversified

Market Cap

$29.14 Billion

ZAC54.83 Trillion ZAC

Market Cap Rank

#918 Global

#6 in South Africa

Share Price

ZAC9805.00

Change (1 day)

+0.36%

52-Week Range

ZAC7120.00 - ZAC9952.00

All Time High

ZAC9952.00