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Largest Investment Banking Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
MUFG, Sumitomo Mitsui Trust Bank, Nomura, Daiwa Securities Group and SBI Holdings.
 | Mitsubishi UFJ Financial Group is the largest bank in Japan in terms of market capitalization and assets, with an 8.4% share of all domestic loans as of March 2025. It is the largest non-Chinese bank group globally and has a balance sheet slightly larger than those of JPMorgan Chase and HSBC Holdings. MUFG’s operations in Japan account for around half of profit, banking in Thailand and Indonesia for around 15%, and equity-method earnings from Morgan Stanley most of the rest. | $19 | +51% | $218B | $301B | 3.3x | - | ||
| Sumitomo Mitsui Trust Group is the fifth-largest Japanese bank by assets and revenue, with a market share of domestic loans of 3.1% as of March 2024. It is the only remaining stand-alone trust bank after the late 1990s deregulation removed legal barriers between commercial banking and trust functions in Japan; its former rivals in trust banking merged and became units of Mitsubishi UFJ FG and Mizuho. It has no capital ties with Sumitomo Mitsui FG, despite the similar name and common ties to Sumitomo and Mitsui group companies. In fiduciary services, SMTG is the market leader in Japan in total assets under custody. It is the largest manager of corporate pension funds and trails only Nomura in investment trusts. | $36 | +44% | $25B | $135B | 7.2x | - | ||
| 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 | +43% | $23B | $24B | 2.3x | - | ||
| Daiwa Securities Group Inc is a Japan-based financial services company. The company operates through four segments. The Asset Management Division manages investment trusts, funds, and corporations across assets, including private equity, real estate, renewable energy, and infrastructure, while also offering advisory services to institutional investors in Japan and overseas. The Global Markets & Investment Banking Division handles sales and trading of securities, foreign exchange, and derivatives, and provides underwriting and M&A advisory. The Wealth Management Division serves individuals and private corporate clients with diverse financial products. Others include subsidiary management, information services, administration, and real estate leasing. | $9 | +53% | $13B | $35B | 7.2x | - | ||
| 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. | $19 | -- | $12B | $16B | 1.8x | 7.2x | ||
| Nihon M&A Center Holdings Inc is a Japan-based company involved in the merger and acquisition brokerage business. It offers M & A intermediary, corporate assessment, management buyout support, restructuring aid, corporate advisory, capital planning policy and management, and consulting services. The company is also involved in the corporate assessment business, calculating the reference price of enterprise value. | $4 | -8% | $1B | $1B | 3.9x | 10.0x | ||
| Tokai Tokyo Financial Holdings Inc. is the holding company of the Tokai Tokyo Financial Group. It operates and manages the group's companies. Tokai Tokyo Financial Group consists primarily of companies in Japan, but a few are in overseas markets. Tokyo Securities is the operating nucleus of the group and manages financial instruments businesses, fund management, back-office services, and research. For the overall group, operations are divided into trading activities and commissions. Tokai's commissions are gained through brokerage services and underwriting and distribution. | $4 | +45% | $1B | $3B | 5.3x | 29.4x | ||
| Median | $9 | +44% | $13B | $24B | 3.9x | 10.0x |
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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