Daiwa Securities Group Inc. logo

Daiwa Securities Group Inc.

8601.T

JPXFinancial ServicesFinancial - Capital Markets

Latest quote

¥1,785.5

+¥7.50 · +0.42%

Aug 24, 1:19 PM JST

8601.T company overview

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Company profile

Company website

Daiwa Securities Group Inc. functions as a prominent securities broker-dealer with operations spanning Japan and international markets. The company structures its diverse financial activities into four primary segments: Retail, Wholesale, Asset Management, and Investment. Its service portfolio encompasses brokerage, proprietary trading, securities underwriting, strategic financial consulting, product development, and structured finance solutions. The Retail division addresses individual clients through a network of 177 physical branches and sales offices, alongside digital channels such as its online platform and call center for remote engagement. For institutional and corporate clients, the Wholesale segment provides sales and trading services across equities, bonds, foreign exchange, and derivative products, in addition to comprehensive investment banking offerings like M&A advisory and securities underwriting. The Asset Management segment specializes in establishing and managing investment trusts for both individual and institutional investors, offering expert investment guidance and active asset management. Through its Investment division, Daiwa directly deploys capital in areas including lending, private equity, real estate, and strategic ventures in energy, infrastructure, and natural resources. Furthermore, the company extends its services to include research, consulting, information systems management, banking, insurance, wrap accounts, and inheritance planning support, alongside engaging in general securities-related activities, investment advisory and agency roles, investment management, and real estate lending and borrowing. Established in 1902 as Daiwa Securities Co. Ltd., the firm was rebranded as Daiwa Securities Group Inc. in 1999 and maintains its headquarters in Tokyo, Japan.

Industry
Financial - Capital Markets
Sector
Financial Services
Headquarters
JP
CEO
Akihiko Ogino
Listed since
Oct 2, 1961
Employees
14,984

Market position

Volume
1.47M
0.31× average
Average volume
4.72M
Average daily volume
Market cap
2.48T JPY
Beta
0.51
Market reference 1

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
-8.14T JPY
P/E (TTM)
12.36×
P/B (TTM)
1.37×
P/S (TTM)
1.57×
EV / EBITDA
-25.92×
Earnings yield
8.63%
Free cash flow yield
18.95%
Dividend yield
3.58%

Profitability & efficiency

Gross margin
55.86%
Operating margin
15.89%
Net margin
12.70%
Return on equity
9.91%
Return on assets
0.46%
Return on invested capital
0.42%

Financial health

Debt / equity
3.5×
Current ratio
7.56×
Altman Z-score
0.71
Piotroski F-score
9 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends85%57%29%0%Gross margin, FY2022: 78.02%Gross margin, FY2023: 58.67%Gross margin, FY2024: 51.69%Gross margin, FY2025: 49.41%Gross margin, FY2026: 53.39%Operating margin, FY2022: 19.04%Operating margin, FY2023: 7.88%Operating margin, FY2024: 12.23%Operating margin, FY2025: 12.25%Operating margin, FY2026: 14.83%Net margin, FY2022: 15.22%Net margin, FY2023: 7.33%Net margin, FY2024: 9.47%Net margin, FY2025: 11.23%Net margin, FY2026: 11.85%FY2022FY2023FY2024FY2025FY2026
Gross margin FY2022 78.02%. Gross margin FY2023 58.67%. Gross margin FY2024 51.69%. Gross margin FY2025 49.41%. Gross margin FY2026 53.39%. Operating margin FY2022 19.04%. Operating margin FY2023 7.88%. Operating margin FY2024 12.23%. Operating margin FY2025 12.25%. Operating margin FY2026 14.83%. Net margin FY2022 15.22%. Net margin FY2023 7.33%. Net margin FY2024 9.47%. Net margin FY2025 11.23%. Net margin FY2026 11.85%.

Income trends

Revenue

1.48T JPY+7.62%

Operating income

219.51B JPY+30.28%

Net income

175.28B JPY+13.55%
Income trends across reported periods1.62T JPY1.06T JPY488.64B JPY−77.71B JPYRevenue, FY2022: 623.33B JPYRevenue, FY2023: 871.23B JPYRevenue, FY2024: 1.28T JPYRevenue, FY2025: 1.37T JPYRevenue, FY2026: 1.48T JPYOperating income, FY2022: 118.66B JPYOperating income, FY2023: 68.68B JPYOperating income, FY2024: 157.01B JPYOperating income, FY2025: 168.48B JPYOperating income, FY2026: 219.51B JPYNet income, FY2022: 94.89B JPYNet income, FY2023: 63.88B JPYNet income, FY2024: 121.56B JPYNet income, FY2025: 154.37B JPYNet income, FY2026: 175.28B JPYFY2022FY2023FY2024FY2025FY2026
Revenue FY2022 623.33B JPY. Revenue FY2023 871.23B JPY. Revenue FY2024 1.28T JPY. Revenue FY2025 1.37T JPY. Revenue FY2026 1.48T JPY. Operating income FY2022 118.66B JPY. Operating income FY2023 68.68B JPY. Operating income FY2024 157.01B JPY. Operating income FY2025 168.48B JPY. Operating income FY2026 219.51B JPY. Net income FY2022 94.89B JPY. Net income FY2023 63.88B JPY. Net income FY2024 121.56B JPY. Net income FY2025 154.37B JPY. Net income FY2026 175.28B JPY.
Metric (JPY)FY2026FY2025FY2024FY2023FY2022
Revenue1.48T JPY1.37T JPY1.28T JPY871.23B JPY623.33B JPY
Cost of goods sold689.77B JPY695.58B JPY620.16B JPY360.04B JPY137.03B JPY
Gross profit790.01B JPY679.36B JPY663.52B JPY511.19B JPY486.3B JPY
Operating expenses570.5B JPY510.87B JPY506.51B JPY442.51B JPY367.64B JPY
Interest income690.47B JPY681.95B JPY607.59B JPY332.55B JPY75.98B JPY
Interest expense4.05B JPY2.99B JPY2.23B JPY2.09B JPY1.87B JPY
Depreciation and amortization45.95B JPY45.82B JPY47.15B JPY45.77B JPY46.16B JPY
Operating income219.51B JPY168.48B JPY157.01B JPY68.68B JPY118.66B JPY
Net income175.28B JPY154.37B JPY121.56B JPY63.88B JPY94.89B JPY

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
88%
7 beats, 1 miss, 0 met estimates
Average EPS surprise
+28.56%
8 comparable reports
Latest EPS result
40.68
Estimate 38.09 · Beat by 6.80%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates54.1341.2328.3215.42Q1 '25BeatQ2 '25MissQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Jan 31, 2025: actual 51.46, estimate 24.43, surprise +110.64%, Beat. Q2 2025, reported Apr 28, 2025: actual 21.16, estimate 25.69, surprise -17.63%, Miss. Q3 2025, reported Jul 30, 2025: actual 22.2, estimate 18.09, surprise +22.72%, Beat. Q4 2025, reported Nov 4, 2025: actual 34.24, estimate 22.09, surprise +55.00%, Beat. Q1 2026, reported Feb 2, 2026: actual 33.61, estimate 28.7, surprise +17.11%, Beat. Q2 2026, reported Apr 27, 2026: actual 35.99, estimate 30.21, surprise +19.13%, Beat. Q3 2026, reported Aug 3, 2026: actual 40.68, estimate 38.09, surprise +6.80%, Beat. Q4 2026, reported Nov 3, 2026: actual —, estimate 38.42, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates451.74B367.92B284.1B200.28BQ1 '25MissQ2 '25BeatQ3 '25No estimateQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Jan 31, 2025: actual 336.75B JPY, estimate 350B JPY, surprise -3.79%, Miss. Q2 2025, reported Apr 28, 2025: actual 345.58B JPY, estimate 302B JPY, surprise +14.43%, Beat. Q3 2025, reported Jul 30, 2025: actual 326.4B JPY, estimate —, surprise —, Comparison unavailable. Q4 2025, reported Nov 4, 2025: actual 375.94B JPY, estimate 316.5B JPY, surprise +18.78%, Beat. Q1 2026, reported Feb 2, 2026: actual 369.25B JPY, estimate 265.16B JPY, surprise +39.25%, Beat. Q2 2026, reported Apr 27, 2026: actual 392.37B JPY, estimate 383.09B JPY, surprise +2.42%, Beat. Q3 2026, reported Aug 3, 2026: actual 434.36B JPY, estimate 217.65B JPY, surprise +99.57%, Beat. Q4 2026, reported Nov 3, 2026: actual —, estimate 222.98B JPY, surprise —, Comparison unavailable.

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