May 2026
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Largest Asset Management Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
ORIX, Nomura, SBI Holdings, Hulic Co and Okasan Securities.
 | ORIX Corp is a diversified financial services company with operations in Corporate Financial Services, Maintenance Leasing, Real Estate, PE Investment and Concession, Environment and Energy, Insurance, Banking and Credit, Aircraft and Ships, ORIX USA, ORIX Europe, Asia, and Australia and engages in various other fee businesses by providing products and services aligned with customer needs to its core customer base of domestic small and medium-sized enterprises. Orix's numerous divisions finance leases of large-ticket items like ships, airplanes, and technology equipment. The company generates the majority of its revenue from Corporate Financial Services and Maintenance Leasing operations and Real Estate operations. | $39 | +90% | $43B | $84B | 7.3x | - | ||
| Nomura Holdings Inc is a financial services group in Japan and operates offices in countries and regions world-wide, including Japan, the U.S., the U.K., Singapore, and the Hong Kong Special Administrative Region ("Hong Kong") through its subsidiaries. The company's clients include individuals, corporations, financial institutions, governments, and governmental agencies. The company's business consists of Wealth Management*, Investment Management, and Wholesale. The company generates the majority of its revenue from the wholesale segment. The Wholesale Division consists of two businesses, Global Markets, which is mainly engaged in the trading, sales, and structuring of financial products, and Investment Banking, which is engaged in advisory, financing, and solutions businesses. | $8 | +36% | $24B | $25B | 2.4x | - | ||
| SBI Holdings Inc is a financial conglomerate that offers a variety of services in securities, banking, and insurance. The company operates through five segments. The Asset Management segment provides investment management, advice, and financial product information. The Crypto Asset segment offers crypto exchange and trading services. The Financial Services segment covers securities, banking, and insurance activities in Japan and abroad. The Investment segment invests in IT, fintech, blockchain, finance, and biotech ventures. The Next Generation Business develops and sells pharmaceuticals, health foods, and cosmetics, conducts R&D in cancer and immunology, offers digital medical solutions, and engages in medical finance. It generates majority of its revenue from Financial services segment. | $18 | -- | $12B | $16B | 1.7x | 7.0x | ||
| Hulic Co Ltd is a real estate developer with its core operations in real estate business such as development, reconstruction, and investment. The company operates a real estate leasing business based on ownership of numerous properties located in Tokyo 23 wards. | $10 | -- | $8B | $20B | 4.2x | 14.5x | ||
| Okasan Securities Group Inc is a Japan-based holding company that conducts businesses through a network of domestic and overseas subsidiaries. The company has three business segments. The securities business, which accounts for the majority of sales, is involved in trading, brokerage, underwriting, and distribution of securities, public offering, secondary distribution of securities, and private offering of securities. The asset-management business is involved in investment management and investment advisory. The support business is engaged in information processing services, administrative support services, custodianship, and temping services. The company generates the majority of revenue from Japan. | $6 | +38% | $1B | $5B | 8.7x | - | ||
| SPARX Group Co Ltd is a Japan-based holding company engaged in the Asset Management Business and Investment Advisory Business, through its subsidiaries. It operates a variety of investment strategies through a host of entities. The group invests on behalf of corporate pension annuities, government entities, private and trust banks, and public pension funds. Strategies include Japanese equity, Asia ex-Japan alternatives, and Korean strategies. In addition to mutual fund offerings, the company offers advisory services to customers in Japan. Mutual fund offerings are offered directly or through brokerage houses, banks, and other intermediaries globally. | $13 | -- | $525M | $466M | 3.7x | 7.4x | ||
| SBI Global Asset Management Co Ltd provides financial information services through its website, magazines, stock analysis report, and seminars. | $4 | -6% | $512M | $370M | 5.1x | 21.0x | ||
| ASTMAX Co Ltd is engaged in management, accounting, administration, legal affairs, and internal control. The company conducts investment operations and manage assets of domestic institutional investors, renewable energy business, and electricity trading business. | $2 | -- | $25M | $23M | 0.2x | 14.0x | ||
| Median | $9 | +37% | $5B | $10B | 3.9x | 14.0x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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