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

135

public companies
tracked

$7.0T

cumulative
enterprise value

1.8x

median EV/NTM revenue multiple

median NTM/LTM revenue growth

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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.

+74.8%

Multiples Big in Japan Index

Data as of 18 May 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 May 18, 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 May 18, 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	Toyota	MUFG	SoftBank Group
Market Cap	$253B	$208B	$206B
EV/Revenue (NTM)	1.3x	7.8x	6.0x
EV/Gross Profit (NTM)	6.3x	—	11.2x
EV/EBITDA (NTM)	10.2x	—	15.4x
EV/FCF (NTM)	53.4x	—	-29.3x
Revenue Growth	3%	-56%	6%
Gross Margin (NTM)	20%	—	54%
EBITDA Margin (NTM)	12%	—	39%
FCF Margin (NTM)	2%	—	-21%
Rule of 40	18%	—	62%
Rule of X	25%	—	72%

Data as of May 18, 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.


Toyota	4.5%	$19	+12%	$253B	1.3x	3%	20%	12%	2%	18%	$843K
MUFG	3.7%	$18	+45%	$208B	7.8x	-56%	—	—	—	—	$517K
SoftBank Group	3.6%	$36	+202%	$206B	6.0x	6%	54%	39%	-21%	62%	$484K
KIOXIA	2.7%	$280	+2020%	$153B	3.7x	137%	70%	72%	42%	227%	$715K
Tokyo Electron	2.5%	$317	+119%	$144B	7.1x	23%	48%	32%	14%	50%	$783K
Fast Retailing	2.4%	$451	+48%	$138B	4.9x	10%	54%	24%	13%	37%	$375K
SMBC Group	2.4%	$36	+54%	$137B	5.3x	-48%	—	—	—	—	$555K
Hitachi	2.4%	$30	+19%	$137B	1.8x	8%	31%	16%	7%	24%	$218K
Mitsubishi	2.4%	$37	+100%	$135B	1.3x	4%	13%	6%	2%	10%	$2M
Sony	2.3%	$23	-6%	$133B	1.6x	1%	33%	19%	8%	19%	$727K
Advantest	2.1%	$166	+258%	$120B	12.5x	29%	67%	49%	28%	81%	$646K
Keyence	2.1%	$486	+27%	$118B	12.9x	13%	82%	54%	29%	66%	$544K
Mitsui & Co	1.9%	$38	+102%	$109B	1.3x	7%	10%	7%	2%	11%	$913K
Mizuho Financial Group	1.9%	$44	+73%	$106B	2.9x	12%	—	—	—	—	$437K
Tokio Marine	1.6%	$48	+24%	$92B	1.6x	2%	—	18%	10%	23%	$1M
ITOCHU	1.6%	$13	+33%	$91B	1.2x	5%	17%	8%	2%	12%	$806K
Mitsubishi Heavy Industries	1.5%	$26	+22%	$86B	2.4x	8%	23%	13%	6%	19%	$369K
Shin-Etsu	1.5%	$45	+53%	$83B	4.2x	9%	39%	37%	15%	43%	$592K
Mitsubishi Electric	1.5%	$40	+121%	$83B	2.1x	4%	33%	14%	8%	18%	$232K
Chugai Pharma	1.4%	$50	+5%	$82B	8.5x	8%	74%	54%	34%	63%	$1M
NTT Group	1.4%	$1	-5%	$78B	1.7x	2%	77%	23%	6%	26%	$224K
Murata Manufacturing	1.2%	$39	+189%	$71B	5.3x	7%	44%	30%	11%	35%	$151K
Japan Tobacco	1.2%	$40	+42%	$70B	3.1x	5%	59%	31%	15%	40%	$382K
Recruit Holdings	1.2%	$49	-10%	$69B	2.6x	6%	60%	22%	16%	27%	$453K
SoftBank	1.2%	$1	+2%	$68B	2.1x	5%	74%	26%	10%	32%	$529K
KDDI	1.1%	$17	+9%	$65B	2.2x	4%	19%	30%	13%	34%	$313K
Japan Post Bank	1.1%	$18	+82%	$63B	2.6x	-34%	—	—	—	—	$786K
Fujikura	1.1%	$37	-13%	$61B	7.0x	13%	35%	23%	10%	36%	$103K
Marubeni	1.1%	$37	+99%	$60B	1.3x	3%	16%	7%	2%	10%	$830K
Hoya	1.0%	$176	+64%	$59B	8.6x	7%	79%	39%	24%	45%	$147K
Sumitomo	1.0%	$47	+103%	$57B	1.6x	4%	23%	10%	5%	13%	$415K
Sumitomo Electric	0.9%	$69	+262%	$54B	1.7x	0%	23%	13%	4%	14%	$89K
Takeda Pharmaceuticals	0.9%	$33	+22%	$53B	2.7x	2%	68%	26%	18%	27%	$586K
Nintendo	0.9%	$45	-40%	$52B	2.5x	4%	46%	19%	18%	35%	$895K
Toyota Tsusho	0.9%	$47	+141%	$49B	0.7x	1%	13%	7%	3%	10%	$869K
Panasonic	0.9%	$21	+98%	$48B	1.1x	-3%	33%	13%	4%	8%	$228K
Fanuc	0.9%	$52	+113%	$48B	7.3x	9%	41%	29%	19%	38%	$421K
Daikin Industries	0.8%	$160	+53%	$47B	1.4x	4%	36%	14%	4%	19%	$259K
Disco	0.8%	$409	+98%	$44B	12.5x	21%	72%	50%	23%	68%	$353K
Renesas Electronics	0.7%	$23	+105%	$42B	4.7x	12%	58%	38%	22%	54%	$371K
MS&AD Insurance Group	0.7%	$28	+27%	$40B	0.8x	0%	—	16%	—	17%	$1M
ORIX	0.7%	$36	+88%	$40B	3.7x	4%	90%	15%	5%	31%	$339K
Toyota Industries	0.7%	$129	+13%	$39B	1.7x	-1%	25%	9%	6%	9%	$272K
Otsuka Holdings	0.7%	$71	+53%	$37B	2.1x	1%	71%	21%	10%	25%	$398K
Komatsu	0.6%	$41	+47%	$37B	1.6x	3%	33%	17%	9%	19%	$360K
Daiichi Life Group	0.6%	$10	+44%	$37B	0.5x	-7%	—	6%	—	5%	$946K
TDK	0.6%	$19	+87%	$36B	2.0x	5%	33%	20%	5%	27%	$132K
Fujitsu	0.6%	$20	-3%	$35B	1.4x	4%	38%	15%	9%	18%	$179K
Honda	0.6%	$9	-2%	$35B	0.2x	3%	19%	3%	-2%	4%	$704K
Japan Post	0.6%	$12	+38%	$35B	0.0x	9%	—	12%	—	18%	$205K
Sompo Holdings	0.6%	$38	+39%	$34B	1.0x	6%	—	14%	—	16%	$81M
SMC	0.6%	$27	+43%	$34B	4.9x	11%	48%	31%	13%	39%	—
NEC	0.6%	$25	+6%	$34B	1.4x	5%	34%	16%	8%	20%	$207K
Denso	0.6%	$12	-1%	$33B	0.6x	2%	17%	13%	6%	15%	$241K
Ajinomoto	0.6%	$33	+48%	$32B	3.1x	6%	39%	18%	8%	23%	$222K
Mitsubishi Estate	0.6%	$26	+57%	$31B	3.7x	9%	27%	25%	-3%	35%	$519K
Daiichi Sankyo	0.5%	$16	-33%	$30B	1.9x	10%	81%	20%	13%	30%	$601K
Resona Holdings	0.5%	$13	+60%	$29B	10.5x	-30%	—	—	—	—	$194K
Inpex	0.5%	$25	+101%	$29B	2.2x	7%	58%	70%	4%	83%	$3M
Ibiden	0.5%	$99	+430%	$28B	8.3x	20%	37%	35%	10%	52%	$176K
Seven & i Holdings Co.	0.5%	$12	-14%	$27B	0.8x	-2%	31%	9%	3%	5%	$494K
Bridgestone	0.5%	$21	+9%	$27B	0.9x	1%	39%	19%	6%	22%	$238K
East Japan Railway	0.5%	$24	+24%	$27B	2.7x	5%	37%	27%	-4%	33%	$199K
Mitsui Fudosan	0.5%	$10	+11%	$26B	3.1x	3%	25%	21%	2%	24%	$405K
Astellas Pharma	0.5%	$15	+63%	$26B	2.0x	4%	81%	30%	20%	37%	$883K
AEON Co	0.5%	$9	+1%	$26B	0.5x	9%	37%	6%	1%	16%	$145K
Sumitomo Mitsui Trust Bank	0.4%	$35	+43%	$25B	22.1x	-64%	—	—	—	—	$735K
Sumitomo Realty & Development	0.4%	$27	+53%	$25B	7.1x	3%	37%	36%	4%	40%	$363K
JX Advanced Metals	0.4%	$26	+433%	$24B	4.3x	6%	22%	31%	18%	40%	$424K
Kyocera	0.4%	$18	+64%	$24B	1.8x	-4%	31%	14%	5%	10%	$165K
ENEOS Holdings	0.4%	$9	+102%	$23B	0.4x	10%	11%	7%	1%	14%	$2M
FUJIFILM	0.4%	$20	-5%	$23B	1.3x	3%	40%	16%	1%	19%	$246K
Nomura	0.4%	$8	+43%	$23B	1.8x	0%	—	35%	—	41%	$384K
Canon	0.4%	$27	-4%	$23B	0.9x	1%	47%	15%	6%	17%	$176K
Suzuki	0.4%	$12	0%	$22B	0.4x	5%	27%	14%	4%	19%	$296K
Oriental Land	0.4%	$14	-33%	$22B	4.4x	6%	39%	33%	4%	38%	$152K
Central Japan Railway	0.4%	$23	+15%	$22B	3.7x	1%	49%	48%	8%	52%	$314K
Lasertec	0.4%	$242	+163%	$22B	12.9x	14%	60%	50%	30%	53%	$1M
Kubota	0.4%	$18	+76%	$21B	1.6x	3%	32%	14%	5%	20%	$299K
ASICS	0.4%	$28	+30%	$20B	3.1x	14%	58%	22%	12%	42%	$507K
Nidec	0.3%	$16	-8%	$19B	1.2x	3%	22%	14%	7%	16%	$146K
Nippon Steel	0.3%	$4	-4%	$18B	0.7x	11%	11%	11%	1%	23%	$429K
LY Corporation	0.3%	$3	-20%	$18B	1.7x	9%	76%	26%	5%	34%	$311K
IHI	0.3%	$17	+35%	$18B	1.7x	8%	28%	16%	4%	23%	$366K
Terumo	0.3%	$12	-28%	$18B	2.4x	8%	52%	25%	10%	33%	$213K
Daiwa House Industry	0.3%	$29	-7%	$18B	0.9x	6%	22%	11%	-3%	18%	$466K
Kajima	0.3%	$37	+64%	$17B	1.0x	0%	17%	8%	7%	9%	$726K
Konami	0.3%	$124	+0%	$17B	4.4x	7%	53%	36%	20%	46%	$294K
Kao	0.3%	$37	-11%	$17B	1.5x	3%	41%	16%	7%	20%	$262K
Nippon Sanso Holdings	0.3%	$39	+18%	$17B	2.3x	4%	46%	24%	11%	28%	$371K
Shionogi	0.3%	$19	+28%	$17B	3.0x	31%	83%	46%	-6%	76%	$504K
Pan Pacific International	0.3%	$5	-8%	$16B	1.1x	5%	33%	9%	4%	16%	$237K
Kansai Electric Power	0.3%	$15	+42%	$16B	1.3x	0%	—	19%	0%	18%	$680K
Kawasaki Heavy Industries	0.3%	$19	—	$16B	1.0x	8%	29%	11%	2%	19%	$330K
SECOM	0.3%	$39	+17%	$16B	1.5x	3%	32%	18%	8%	22%	$101K
Nomura Research Institute	0.3%	$27	-22%	$16B	2.9x	5%	39%	27%	13%	30%	$223K
Obayashi	0.3%	$22	+63%	$15B	0.9x	5%	13%	8%	6%	12%	$796K
BANDAI NAMCO	0.3%	$23	-19%	$15B	1.4x	1%	39%	18%	9%	20%	$344K
Nippon Paint	0.3%	$6	-8%	$15B	1.6x	6%	40%	18%	14%	37%	$243K
Asahi Group	0.2%	$10	-19%	$14B	1.1x	8%	39%	14%	-6%	24%	$545K
Tokyo Gas	0.2%	$42	+39%	$14B	1.1x	3%	18%	15%	1%	19%	$1M
Fuji Electric Co.	0.2%	$95	+136%	$14B	1.8x	4%	27%	16%	5%	21%	$234K
NYK Line	0.2%	$35	+4%	$14B	1.3x	2%	14%	13%	-1%	13%	$325K
Sekisui House	0.2%	$21	+4%	$14B	0.8x	4%	21%	9%	4%	13%	$826K
Osaka Gas	0.2%	$36	+56%	$14B	1.3x	7%	28%	14%	1%	20%	$589K
SCREEN Holdings Co.	0.2%	$71	+10%	$14B	2.6x	18%	40%	24%	9%	37%	$559K
Kirin Holdings	0.2%	$17	+27%	$13B	1.2x	0%	48%	14%	6%	16%	$438K
PayPay	0.2%	$19	—	$13B	—	—	—	—	—	—	$843K
Daiwa Securities Group	0.2%	$9	+52%	$13B	7.4x	-45%	—	36%	—	0%	$332K
Chubu Electric Power	0.2%	$17	+54%	$13B	1.3x	1%	—	11%	-1%	11%	$1M
Mitsubishi HC Capital	0.2%	$9	+35%	$13B	4.6x	5%	12%	27%	—	33%	$1M
Mitsui O.S.K. Lines	0.2%	$37	+15%	$13B	2.2x	4%	17%	15%	-1%	19%	$824K
Nitto Denko	0.2%	$19	+12%	$12B	1.5x	3%	37%	26%	11%	28%	$231K
T&D Holdings	0.2%	$25	+19%	$12B	0.5x	-6%	—	7%	—	11%	$676K
Niterra	0.2%	$61	+108%	$12B	2.5x	4%	36%	26%	12%	31%	$263K
Olympus	0.2%	$11	-7%	$12B	1.8x	4%	65%	20%	5%	22%	$209K
Shimizu	0.2%	$18	—	$12B	1.0x	4%	10%	8%	5%	13%	$523K
Subaru	0.2%	$16	-4%	$12B	0.1x	5%	19%	9%	1%	12%	$631K
Japan Exchange Group	0.2%	$11	+11%	$11B	6.9x	15%	—	—	—	—	$819K
Yaskawa	0.2%	$44	+105%	$11B	3.1x	9%	39%	15%	3%	23%	$230K
SCSK	0.2%	$37	+32%	$11B	—	—	—	—	—	—	—
Aisin	0.2%	$16	+35%	$11B	0.4x	4%	11%	10%	3%	13%	$222K
Japan Post Insurance	0.2%	$10	-48%	$11B	0.1x	-1%	—	4%	—	13%	$1M
Ryohin Keikaku	0.2%	$21	+22%	$11B	1.8x	9%	54%	14%	5%	26%	$209K
NEXON	0.2%	$14	-14%	$11B	2.5x	5%	58%	30%	22%	41%	$471K
Yokohama Financial Group	0.2%	$10	+72%	$11B	11.7x	-26%	—	—	—	—	$215K
OBIC	0.2%	$25	-23%	$11B	10.2x	10%	79%	68%	55%	78%	$349K
Idemitsu Kosan	0.2%	$9	+62%	$11B	0.3x	16%	18%	4%	1%	15%	$3M
Rakuten	0.2%	$5	-2%	$11B	0.8x	6%	91%	20%	12%	29%	$556K
Toray Industries	0.2%	$7	+15%	$11B	0.8x	5%	20%	11%	3%	15%	$337K
Shinkin Central Bank	0.2%	$1,186	-7%	$10B	—	—	—	—	—	—	$2M
Hikari Tsushin	0.2%	$236	-5%	$10B	2.5x	14%	—	17%	0%	30%	$890K
Rohm	0.2%	$26	+167%	$10B	3.1x	5%	28%	20%	17%	24%	$125K
Unicharm	0.2%	$6	-18%	$10B	1.3x	3%	40%	17%	8%	23%	$341K
Kawasaki Kisen Kaisha	0.2%	$16	+16%	$10B	1.5x	0%	15%	14%	4%	13%	$1M