🇯🇵

Multiples Big in Japan Index

Curated by Multiples, this index tracks the largest Japanese companies with market caps above $10 billion.

Explore the Multiples Big in Japan Index

140

public companies
tracked

$7.2T

cumulative
enterprise value

2.1x

median EV/NTM revenue multiple

median NTM/LTM revenue growth

Jump to Section

Index Performance

This chart shows the weighted market cap evolution over time for the Multiples Big in Japan Index constituents, indexed to 0% at the beginning of the period.

+71.4%

Multiples Big in Japan Index

Data as of 16 August 2026. Underlying financial data from FactSet and Morningstar. S&P 500 and NASDAQ data sourced from Yahoo Finance.

Key Index Metrics

This chart shows the median evolution over time of key valuation metrics for the Multiples Big in Japan Index constituents.

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the Multiples Big in Japan Index.

x-axis:

y-axis:

Data as of August 16, 2026. Companies with EV multiples above 50x and y-axis values above 250% are considered non-meaningful and excluded from calculation.

Company Rankings

This chart shows company rankings by selected metric within the Multiples Big in Japan Index.

Metric:

Data as of August 16, 2026. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.

Companies Side-by-Side

Compare key metrics between companies in the Multiples Big in Japan Index.

Metric	MUFG	Toyota	SoftBank Group
Market Cap	$261B	$224B	$205B
EV/Revenue (NTM)	8.6x	1.2x	5.9x
EV/Gross Profit (NTM)	-	6.9x	11.0x
EV/EBITDA (NTM)	-	10.5x	15.0x
EV/FCF (NTM)	-	32.8x	-32.6x
Revenue Growth	6%	4%	7%
Gross Margin (NTM)	-	18%	53%
EBITDA Margin (NTM)	-	12%	39%
FCF Margin (NTM)	-	4%	-18%
Rule of 40	-	17%	63%
Rule of X	-	25%	76%

Data as of August 16, 2026.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the Multiples Big in Japan Index, over time.

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples Big in Japan Index employs a modified market capitalization weighting scheme.

The weight process uses company-level weights, which are derived using company market capitalization.

Company weights are evaluated based on two rules:

Rule 1

No company's weight may exceed 24%.

Rule 2

The aggregate weight of the companies whose weights exceed 4.5% may not exceed 48%.

If neither rule is 'violated', then no adjustments are made. Only in cases where either or both of the rules are 'violated', weight adjustments are made according to a two-stage adjustment process.

Rule 1 adjustment

If no company's initial weight exceeds 24% of the Index, initial weights are used as Rule 1 weights without adjustment. Otherwise, initial weights are adjusted such that no company's weight may exceed 20% of the Index.

Rule 2 adjustment

If the aggregate weight of the companies whose Rule 1 weights exceeds 4.5% and does not exceed 48%, Rule 1 weights are used as the final weights. Otherwise, Rule 1 weights are adjusted such that:

The aggregate weight of the companies whose Rule 1 weights exceeded 4.5% is set to 40%.
Companies with Rule 1 weights below 4.5% may also have their weights adjusted to keep the initial rank order of all companies.

If the two-stage rule process results in a 'violation' of the weighting rules as previously detailed, then the process is repeated until the company weights meet the rule system.

Companies Included in the Multiples Big in Japan Index

This index tracks major Japanese companies valued above $10B.


MUFG	4.2%	$23	+51%	$261B	8.6x	6%	-	-	-	-	$265K
Toyota	3.7%	$19	-3%	$224B	1.2x	4%	18%	12%	4%	17%	$829K
SoftBank Group	3.3%	$36	+31%	$205B	5.9x	7%	53%	39%	-18%	63%	$519K
KIOXIA	3.0%	$337	+1812%	$185B	2.7x	112%	82%	83%	50%	352%	$976K
Tokyo Electron	2.7%	$371	+164%	$169B	7.2x	31%	49%	33%	11%	60%	$784K
Advantest	2.7%	$231	+192%	$168B	14.6x	36%	67%	52%	30%	97%	$932K
SMBC Group	2.7%	$44	+59%	$167B	5.9x	-37%	-	-	-	-	$296K
Hitachi	2.6%	$36	+31%	$162B	2.1x	9%	32%	17%	6%	25%	$235K
Fast Retailing	2.4%	$484	+53%	$149B	5.0x	11%	54%	24%	13%	39%	$359K
Sony	2.3%	$25	-12%	$144B	1.8x	1%	32%	20%	9%	22%	$698K
Recruit Holdings	2.3%	$103	+77%	$143B	5.1x	11%	63%	25%	17%	34%	$469K
Keyence	2.2%	$550	+43%	$133B	13.1x	18%	85%	55%	22%	74%	$599K
Mizuho Financial Group	2.1%	$54	+62%	$132B	3.5x	15%	-	-	-	-	$516K
Mitsubishi	1.8%	$30	+30%	$110B	1.1x	4%	13%	6%	2%	12%	$2M
Murata Manufacturing	1.5%	$52	+211%	$94B	6.5x	14%	47%	33%	10%	41%	$158K
ITOCHU	1.5%	$13	+13%	$91B	1.2x	3%	17%	8%	2%	13%	$809K
Mitsubishi Heavy Industries	1.5%	$27	+5%	$90B	2.3x	10%	23%	13%	6%	28%	$319K
Tokio Marine	1.5%	$47	+8%	$89B	1.5x	-3%	-	18%	11%	19%	$1M
Mitsui & Co	1.4%	$30	+30%	$86B	1.1x	5%	7%	6%	3%	13%	$869K
NTT Group	1.3%	$1	-4%	$83B	1.8x	3%	78%	23%	5%	29%	$235K
Japan Tobacco	1.3%	$45	+41%	$79B	3.3x	5%	59%	32%	16%	43%	$367K
Mitsubishi Electric	1.3%	$39	+60%	$79B	1.9x	6%	33%	15%	6%	22%	$247K
Shin-Etsu	1.2%	$40	+29%	$74B	3.6x	8%	39%	36%	15%	42%	$592K
Japan Post Bank	1.2%	$21	+62%	$73B	3.7x	-23%	-	-	-	-	$855K
Chugai Pharma	1.2%	$44	-2%	$72B	7.1x	9%	74%	54%	35%	63%	$1M
SoftBank	1.1%	$1	-5%	$71B	2.0x	6%	72%	26%	9%	31%	$567K
Panasonic	1.1%	$30	+188%	$69B	1.4x	1%	35%	14%	5%	8%	$216K
KDDI	1.1%	$18	+4%	$67B	2.3x	4%	-	30%	11%	35%	$325K
Nintendo	1.0%	$56	-38%	$64B	3.3x	3%	43%	20%	15%	36%	$2M
Fujikura	1.0%	$36	+146%	$59B	5.7x	23%	38%	25%	9%	53%	$124K
Takeda Pharmaceuticals	0.9%	$35	+17%	$56B	2.8x	3%	67%	26%	16%	26%	$574K
Hoya	0.9%	$167	+28%	$56B	7.9x	8%	80%	40%	22%	45%	$165K
Sumitomo	0.9%	$11	+60%	$53B	1.6x	4%	25%	10%	4%	15%	$416K
Marubeni	0.8%	$31	+35%	$50B	1.1x	1%	15%	5%	3%	11%	$877K
Toyota Tsusho	0.8%	$46	+70%	$49B	0.7x	4%	14%	7%	3%	13%	$866K
Sumitomo Electric	0.8%	$15	+110%	$47B	1.4x	5%	23%	14%	2%	19%	$97K
Disco	0.7%	$411	+46%	$45B	11.5x	23%	72%	48%	27%	71%	$390K
MS&AD Insurance Group	0.7%	$30	+29%	$44B	0.9x	-1%	-	17%	-	17%	$1M
ORIX	0.7%	$40	+53%	$43B	3.6x	6%	90%	15%	4%	76%	$401K
NEC	0.7%	$32	+5%	$43B	1.8x	5%	35%	16%	6%	20%	$216K
Renesas Electronics	0.7%	$24	+96%	$43B	4.4x	15%	59%	40%	25%	61%	$365K
Japan Post	0.7%	$15	+45%	$42B	0.1x	9%	-	12%	5%	19%	$204K
Fujitsu	0.7%	$24	-1%	$42B	1.7x	2%	38%	16%	9%	16%	$176K
Komatsu	0.7%	$46	+34%	$41B	1.7x	5%	32%	18%	9%	22%	$361K
Honda	0.7%	$10	-9%	$41B	0.3x	5%	20%	6%	-1%	11%	$705K
Otsuka Holdings	0.6%	$76	+43%	$40B	2.2x	3%	71%	22%	9%	30%	$383K
Sompo Holdings	0.6%	$44	+36%	$39B	1.0x	11%	-	13%	-	26%	$71M
TDK	0.6%	$20	+53%	$38B	2.1x	10%	32%	21%	3%	32%	$150K
Fanuc	0.6%	$40	+42%	$38B	5.3x	10%	42%	29%	19%	40%	$452K
Daikin Industries	0.6%	$133	+6%	$37B	1.1x	5%	36%	14%	5%	20%	$272K
Ibiden	0.6%	$130	+430%	$36B	9.6x	27%	40%	39%	1%	62%	$197K
Resona Holdings	0.6%	$15	+52%	$34B	10.8x	13%	-	-	-	-	$226K
Ajinomoto	0.5%	$35	+28%	$33B	3.2x	7%	39%	18%	8%	24%	$229K
Bridgestone	0.5%	$26	+13%	$32B	1.1x	2%	40%	19%	6%	24%	$229K
Kyocera	0.5%	$25	+81%	$32B	2.3x	0%	33%	15%	5%	15%	$168K
Daiichi Life Group	0.5%	$12	+41%	$31B	0.4x	0%	-	7%	-	15%	$1M
Daiichi Sankyo	0.5%	$17	-29%	$31B	2.0x	7%	77%	19%	9%	29%	$674K
Denso	0.5%	$12	-16%	$31B	0.6x	4%	16%	12%	6%	16%	$253K
Oriental Land	0.5%	$19	-22%	$31B	6.1x	6%	39%	34%	3%	39%	$157K
SMC	0.5%	$480	+55%	$30B	3.8x	16%	48%	30%	11%	50%	$185K
Seven & i Holdings Co.	0.5%	$13	-1%	$30B	0.8x	0%	30%	8%	4%	7%	$428K
Nomura	0.5%	$10	+37%	$29B	2.1x	5%	-	37%	-	60%	$424K
Mitsubishi Estate	0.5%	$23	+7%	$28B	3.4x	9%	29%	25%	-5%	39%	$572K
Inpex	0.4%	$24	+38%	$28B	2.1x	4%	56%	74%	8%	89%	$3M
Astellas Pharma	0.4%	$15	+34%	$27B	2.0x	2%	80%	29%	20%	38%	$984K
Suzuki	0.4%	$13	-2%	$25B	0.5x	7%	25%	13%	3%	22%	$318K
FUJIFILM	0.4%	$21	-12%	$25B	1.4x	4%	40%	17%	2%	21%	$257K
East Japan Railway	0.4%	$22	-10%	$25B	2.6x	5%	37%	27%	-3%	34%	$212K
Terumo	0.4%	$17	-7%	$25B	3.1x	9%	55%	27%	10%	37%	$232K
Canon	0.4%	$29	-3%	$25B	0.9x	2%	47%	15%	6%	18%	$170K
Mitsui Fudosan	0.4%	$9	-14%	$25B	3.1x	3%	25%	21%	3%	24%	$417K
AEON Co	0.4%	$9	-24%	$24B	0.5x	7%	37%	6%	0%	16%	$153K
ASICS	0.4%	$33	+22%	$24B	3.5x	14%	57%	22%	12%	45%	$487K
Central Japan Railway	0.4%	$24	-9%	$23B	3.7x	2%	49%	48%	4%	52%	$343K
Nippon Steel	0.4%	$4	+0%	$22B	0.7x	9%	6%	11%	-1%	25%	$495K
JX Advanced Metals	0.4%	$24	+156%	$22B	3.6x	11%	29%	29%	15%	44%	$422K
BANDAI NAMCO	0.4%	$34	-1%	$22B	2.1x	4%	40%	18%	10%	23%	$372K
Lasertec	0.4%	$244	+129%	$22B	11.3x	27%	61%	49%	24%	57%	$1M
LY Corporation	0.4%	$3	0%	$22B	1.9x	10%	74%	26%	11%	35%	$329K
ENEOS Holdings	0.4%	$8	+36%	$22B	0.4x	3%	11%	7%	2%	14%	$2M
IHI	0.3%	$19	+27%	$20B	1.9x	9%	28%	17%	5%	28%	$369K
Kao	0.3%	$22	-3%	$20B	1.7x	4%	40%	16%	8%	21%	$258K
Nidec	0.3%	$17	-20%	$20B	1.3x	2%	20%	15%	7%	15%	$132K
Sumitomo Realty & Development	0.3%	$21	+2%	$20B	6.4x	2%	39%	38%	6%	40%	$377K
Kubota	0.3%	$17	+47%	$19B	1.5x	4%	33%	15%	5%	23%	$286K
Konami	0.3%	$138	-9%	$19B	4.7x	9%	55%	38%	20%	51%	$343K
Nomura Research Institute	0.3%	$32	-18%	$18B	3.2x	6%	38%	27%	13%	30%	$237K
Nippon Paint	0.3%	$8	+7%	$18B	1.7x	6%	39%	18%	10%	42%	$216K
Daiwa House Industry	0.3%	$29	-19%	$18B	1.0x	5%	21%	11%	-2%	17%	$476K
Furukawa Electric	0.3%	$25	+300%	$18B	2.0x	13%	21%	11%	-2%	23%	$160K
Pan Pacific International	0.3%	$6	-20%	$17B	1.1x	8%	33%	9%	4%	17%	$220K
SCREEN Holdings Co.	0.3%	$90	+132%	$17B	3.1x	20%	39%	24%	9%	40%	$540K
Kansai Electric Power	0.3%	$15	+8%	$17B	1.3x	4%	-	16%	-2%	21%	$633K
Nippon Sanso Holdings	0.3%	$39	+5%	$17B	2.3x	5%	46%	25%	10%	31%	$384K
SECOM	0.3%	$41	+10%	$16B	1.6x	4%	32%	19%	9%	24%	$106K
NYK Line	0.3%	$40	+10%	$16B	1.4x	6%	17%	13%	-5%	20%	$303K
Asahi Group	0.3%	$11	-13%	$16B	1.2x	7%	37%	15%	3%	24%	$535K
Daiwa Securities Group	0.3%	$11	+44%	$16B	9.0x	-30%	-	36%	-	34%	$377K
Kawasaki Heavy Industries	0.3%	$18	+46%	$16B	0.9x	9%	31%	11%	1%	21%	$357K
Kirin Holdings	0.3%	$20	+34%	$16B	1.2x	1%	47%	14%	7%	18%	$422K
Shionogi	0.2%	$18	+3%	$15B	3.5x	24%	83%	44%	18%	80%	$572K
Ryohin Keikaku	0.2%	$28	+30%	$15B	2.3x	10%	54%	14%	5%	28%	$200K
Nitto Denko	0.2%	$22	-3%	$15B	1.8x	6%	39%	26%	8%	29%	$234K
NEXON	0.2%	$19	-17%	$15B	3.5x	2%	59%	28%	20%	35%	$453K
T&D Holdings	0.2%	$31	+17%	$15B	0.7x	-7%	-	7%	-	24%	$786K
Daifuku	0.2%	$40	+24%	$15B	2.7x	10%	25%	18%	9%	28%	$376K
Japan Exchange Group	0.2%	$14	+34%	$14B	8.4x	16%	-	65%	-	104%	$816K
Kajima	0.2%	$31	+4%	$14B	0.9x	0%	16%	9%	7%	8%	$762K
Olympus	0.2%	$13	+12%	$14B	2.1x	5%	67%	21%	6%	25%	$212K
Sekisui House	0.2%	$22	-5%	$14B	0.9x	3%	20%	9%	2%	12%	$817K
Mitsui O.S.K. Lines	0.2%	$41	+26%	$14B	2.1x	10%	17%	15%	-1%	31%	$844K
Fuji Electric Co.	0.2%	$94	+46%	$14B	1.6x	6%	28%	17%	6%	23%	$255K
Yokohama Financial Group	0.2%	$12	+58%	$13B	10.5x	-7%	-	-	-	-	$256K
Kokusai Electric	0.2%	$58	+195%	$13B	6.0x	32%	45%	29%	8%	56%	$581K
Chubu Electric Power	0.2%	$18	+28%	$13B	1.2x	5%	-	11%	-1%	16%	$986K
Obayashi	0.2%	$19	+17%	$13B	0.7x	8%	13%	8%	5%	18%	$783K
Osaka Gas	0.2%	$34	+19%	$13B	1.3x	4%	14%	14%	0%	21%	$576K
OBIC	0.2%	$29	-17%	$13B	11.7x	11%	79%	68%	57%	80%	$388K
Mitsubishi HC Capital	0.2%	$9	+7%	$13B	4.8x	4%	23%	19%	-	25%	$1M
SBI Holdings	0.2%	$19	-19%	$12B	2.2x	-14%	-	25%	-	16%	$622K
Tokyo Gas	0.2%	$38	-2%	$12B	1.0x	4%	13%	15%	1%	23%	$1M
Toray Industries	0.2%	$9	+25%	$12B	0.9x	6%	20%	11%	2%	17%	$339K
Chiba Bank	0.2%	$18	+71%	$12B	13.9x	24%	-	-	-	-	$482K
Rohm	0.2%	$31	+112%	$12B	3.4x	8%	31%	19%	5%	18%	$134K
Niterra	0.2%	$61	+69%	$12B	2.3x	7%	38%	26%	10%	35%	$293K
Yamaha Motor	0.2%	$12	+67%	$12B	0.9x	4%	32%	11%	1%	20%	$239K
Japan Post Insurance	0.2%	$11	+13%	$12B	0.2x	-5%	-	4%	-	57%	$854K
Subaru	0.2%	$16	-19%	$11B	0.1x	6%	16%	7%	2%	13%	$642K
Kawasaki Kisen Kaisha	0.2%	$19	+23%	$11B	1.7x	2%	17%	14%	5%	17%	$1M
Zensho Holdings	0.2%	$71	+12%	$11B	1.4x	10%	55%	11%	1%	22%	$90K
Capcom	0.2%	$26	-4%	$11B	7.0x	11%	60%	44%	22%	56%	$270K
Shimano	0.2%	$126	+13%	$11B	2.4x	5%	40%	18%	9%	22%	$220K
Unicharm	0.2%	$6	-8%	$11B	1.3x	4%	38%	17%	8%	23%	$328K
Hikari Tsushin	0.2%	$242	-9%	$11B	2.7x	10%	-	18%	7%	31%	$949K
Nitori Holdings	0.2%	$19	+2%	$11B	1.7x	4%	52%	21%	9%	24%	$135K
Rakuten	0.2%	$5	-23%	$10B	0.7x	7%	91%	19%	9%	29%	$534K
Kikkoman	0.2%	$11	+30%	$10B	1.9x	8%	34%	14%	5%	23%	$569K
Shinkin Central Bank	0.2%	$1,197	-10%	$10B	-	-	-	-	-	-	$696K
Shimizu	0.2%	$15	+12%	$10B	0.8x	6%	13%	8%	5%	19%	$552K
PayPay	0.2%	$15	-	$10B	3.6x	21%	78%	33%	0%	63%	$1M