May 2026
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Largest Investment Brokerage Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
Daiwa Securities Group, Matsui Securities, Okasan Securities, Tokai Tokyo Financial Holdings and Monex Group.
 | 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 | +45% | $13B | $35B | 7.2x | - | ||
| Matsui Securities Co Ltd is a Japanese online securities broker that provides services and trading platform for retail investors. The company's services include cash, margin, futures, and foreign exchange trading. Brokerage commissions and net interest income account for most of Matsui's operating revenue. The company generates the brokerage commissions through equity (cash and margin), futures and options, and foreign exchange transactions. The commissions on equity transactions account for the vast majority of brokerage commission revenue. Net interest income stems from margin and securities lending transaction revenue deducting interest expenses on margin transactions. | $6 | +40% | $2B | $4B | 16.6x | - | ||
| 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 | - | ||
| 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 | +38% | $1B | $3B | 5.3x | 29.2x | ||
| Monex Group Inc is functional in the financial services domain of Japan. Its core business is that of securities trading. Operating in the capital markets industry, the company renders such services as online securities business, the foreign exchange (FX) trading business, as well as the provision of merger and acquisition (M&A) advisory services. Most of its revenue is in the form of brokerage derived from its capital market activities majorly in Japan and on a minor scale in the United States and China. | $4 | -10% | $1B | $1B | 2.8x | 30.6x | ||
| Nissan Securities Group Co Ltd through its subsidiaries provides commodity futures trading and commodity trading brokerage services in Japan. | $1 | -- | $70M | $35M | 0.8x | 7.6x | ||
| Median | $5 | +38% | $1B | $3B | 6.2x | 29.2x |
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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