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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

136

public companies
tracked

$7.2T

cumulative
enterprise value

1.9x

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.

+74.4%

Multiples Big in Japan Index

Data as of 04 October 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 October 4, 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 October 4, 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	SoftBank Group	Toyota
Market Cap	$253B	$228B	$214B
EV/Revenue (NTM)	5.5x	6.8x	1.2x
EV/Gross Profit (NTM)	-	13.0x	6.3x
EV/EBITDA (NTM)	-	16.8x	10.2x
EV/FCF (NTM)	-	-35.0x	26.2x
Revenue Growth	13%	8%	5%
Gross Margin (NTM)	-	52%	19%
EBITDA Margin (NTM)	-	41%	12%
FCF Margin (NTM)	-	-20%	5%
Rule of 40	-	48%	19%
Rule of X	-	63%	30%

Data as of October 4, 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%	$22	+48%	$253B	5.5x	13%	-	-	-	-	$263K
SoftBank Group	3.8%	$40	-9%	$228B	6.8x	8%	52%	41%	-20%	48%	$524K
Toyota	3.5%	$18	-11%	$214B	1.2x	5%	19%	12%	5%	19%	$836K
KIOXIA	3.2%	$122	+74%	$195B	2.6x	88%	82%	83%	50%	361%	$973K
Advantest	2.9%	$245	+62%	$177B	13.6x	40%	67%	52%	32%	106%	$937K
Tokyo Electron	2.9%	$77	-65%	$174B	7.0x	32%	48%	34%	13%	64%	$765K
SMBC Group	2.6%	$21	-22%	$159B	4.6x	-31%	-	-	-	-	$298K
Hitachi	2.6%	$35	+1%	$156B	1.9x	11%	30%	17%	6%	29%	$237K
Recruit Holdings	2.4%	$106	+109%	$147B	5.0x	12%	63%	27%	20%	37%	$498K
Fast Retailing	2.3%	$454	+24%	$139B	4.6x	11%	55%	25%	14%	39%	$362K
Sony	2.3%	$24	-15%	$139B	1.7x	1%	33%	21%	9%	23%	$704K
Mizuho Financial Group	2.1%	$53	+60%	$129B	4.6x	16%	-	-	-	-	$509K
Keyence	2.0%	$508	+37%	$123B	11.7x	18%	85%	55%	23%	77%	$604K
Mitsubishi	1.8%	$30	+22%	$109B	1.1x	4%	13%	6%	3%	13%	$2M
Murata Manufacturing	1.6%	$54	+141%	$97B	6.2x	18%	48%	33%	10%	45%	$160K
ITOCHU	1.6%	$14	+18%	$96B	1.2x	4%	16%	8%	2%	14%	$816K
Tokio Marine	1.5%	$3	-91%	$91B	1.5x	0%	-	12%	11%	15%	$1M
Mitsui & Co	1.5%	$31	+26%	$88B	1.2x	4%	9%	6%	3%	14%	$876K
NTT Group	1.4%	$1	+4%	$87B	1.8x	4%	78%	23%	5%	30%	$237K
Mitsubishi Heavy Industries	1.3%	$24	-20%	$81B	2.1x	10%	24%	14%	6%	30%	$321K
Japan Tobacco	1.3%	$43	+24%	$77B	3.2x	5%	59%	33%	16%	44%	$377K
Japan Post Bank	1.3%	$21	+92%	$77B	6.2x	-15%	-	-	-	-	$862K
SoftBank	1.2%	$2	+6%	$72B	2.2x	7%	68%	26%	7%	33%	$572K
Shin-Etsu	1.1%	$38	+26%	$69B	3.4x	8%	39%	36%	15%	42%	$598K
Mitsubishi Electric	1.1%	$33	+19%	$68B	1.6x	7%	34%	15%	7%	24%	$249K
KDDI	1.1%	$18	+15%	$68B	2.4x	4%	-	30%	12%	36%	$328K
Panasonic	1.1%	$29	+148%	$68B	1.3x	4%	35%	14%	5%	11%	$218K
Chugai Pharma	1.0%	$38	-17%	$63B	6.0x	9%	74%	54%	34%	63%	$1M
Fujikura	1.0%	$35	+55%	$59B	4.9x	26%	38%	28%	11%	72%	$125K
Nintendo	0.9%	$50	-41%	$57B	2.9x	5%	43%	20%	14%	36%	$2M
Takeda Pharmaceuticals	0.9%	$36	+33%	$57B	2.8x	3%	67%	26%	16%	27%	$579K
Sumitomo	0.9%	$11	+49%	$52B	1.5x	4%	24%	9%	3%	17%	$419K
Hoya	0.8%	$153	-7%	$51B	6.9x	9%	81%	40%	22%	47%	$166K
Marubeni	0.8%	$30	+21%	$49B	1.1x	2%	11%	6%	2%	12%	$885K
Sumitomo Electric	0.8%	$16	+69%	$48B	1.4x	7%	22%	14%	2%	22%	$98K
Fujitsu	0.7%	$26	-2%	$45B	1.8x	4%	37%	16%	9%	17%	$178K
MS&AD Insurance Group	0.7%	$30	+45%	$43B	0.9x	0%	-	11%	-	33%	$2M
Toyota Tsusho	0.7%	$46	+50%	$43B	0.7x	7%	14%	7%	2%	17%	$980K
Ibiden	0.7%	$77	+62%	$43B	10.6x	28%	39%	41%	7%	67%	$199K
Japan Post	0.7%	$16	+59%	$43B	0.6x	3%	-	11%	5%	12%	$205K
Komatsu	0.7%	$47	+41%	$42B	1.7x	6%	34%	18%	7%	23%	$365K
Disco	0.7%	$382	+14%	$41B	10.1x	24%	71%	49%	25%	73%	$394K
Renesas Electronics	0.7%	$23	+83%	$41B	4.0x	14%	59%	39%	25%	64%	$368K
NEC	0.7%	$31	-15%	$41B	1.7x	7%	36%	17%	5%	23%	$218K
Honda	0.7%	$11	+4%	$41B	0.7x	6%	20%	6%	-1%	13%	$711K
Daiichi Life Group	0.7%	$11	+61%	$41B	0.8x	0%	-	7%	-	6%	$1M
TDK	0.6%	$20	+17%	$38B	1.9x	13%	32%	21%	3%	38%	$151K
ORIX	0.6%	$36	+48%	$38B	1.6x	5%	90%	13%	4%	77%	$404K
Otsuka Holdings	0.6%	$72	+32%	$38B	2.0x	4%	71%	22%	10%	34%	$386K
Sompo Holdings	0.6%	$41	+34%	$37B	0.9x	13%	-	16%	-	29%	$71M
Daikin Industries	0.6%	$130	+12%	$36B	1.1x	6%	36%	14%	5%	21%	$275K
Fanuc	0.6%	$38	+21%	$36B	4.9x	10%	42%	29%	19%	42%	$456K
Resona Holdings	0.6%	$16	+62%	$35B	5.5x	16%	-	-	-	-	$228K
Ajinomoto	0.5%	$33	+16%	$31B	3.0x	8%	41%	18%	9%	26%	$231K
Daiichi Sankyo	0.5%	$17	-28%	$31B	2.0x	6%	78%	19%	10%	30%	$680K
Sumitomo Mitsui Trust Bank	0.5%	$11	+61%	$30B	4.7x	13%	-	-	-	-	$384K
Kyocera	0.5%	$23	+72%	$30B	2.1x	3%	33%	15%	7%	17%	$178K
Bridgestone	0.5%	$24	+7%	$30B	1.0x	4%	39%	19%	7%	26%	$2M
Oriental Land	0.5%	$18	-12%	$29B	5.7x	7%	40%	34%	4%	41%	$158K
SMC	0.5%	$465	+36%	$29B	3.5x	17%	47%	31%	14%	55%	$187K
Denso	0.5%	$11	-19%	$29B	0.6x	4%	16%	12%	5%	18%	$255K
Seven & i Holdings Co.	0.5%	$13	-3%	$28B	0.7x	0%	31%	8%	3%	8%	$432K
Nomura	0.5%	$10	+33%	$28B	1.8x	8%	-	35%	-	66%	$428K
Inpex	0.4%	$23	+26%	$27B	2.2x	1%	52%	77%	10%	89%	$3M
Mitsubishi Estate	0.4%	$22	+4%	$27B	3.3x	8%	29%	25%	-3%	40%	$568K
Lasertec	0.4%	$292	+58%	$26B	12.4x	31%	58%	48%	23%	58%	$1M
Astellas Pharma	0.4%	$14	+36%	$25B	1.9x	1%	79%	32%	22%	41%	$993K
FUJIFILM	0.4%	$21	-10%	$25B	1.4x	5%	40%	16%	1%	22%	$260K
Canon	0.4%	$29	+1%	$24B	0.9x	3%	49%	15%	6%	18%	$172K
Mitsui Fudosan	0.4%	$9	-13%	$24B	3.1x	4%	25%	21%	2%	25%	$420K
Suzuki	0.4%	$12	-17%	$24B	0.6x	7%	25%	13%	4%	23%	$321K
East Japan Railway	0.4%	$21	-15%	$24B	2.5x	6%	37%	27%	-4%	36%	$214K
BANDAI NAMCO	0.4%	$36	+17%	$23B	2.2x	7%	41%	19%	11%	27%	$375K
ENEOS Holdings	0.4%	$9	+37%	$23B	0.4x	1%	8%	8%	1%	16%	$2M
Central Japan Railway	0.4%	$23	-7%	$22B	3.6x	3%	49%	48%	5%	54%	$346K
LY Corporation	0.4%	$3	+7%	$22B	2.2x	10%	73%	27%	10%	38%	$332K
AEON Co	0.4%	$8	-51%	$22B	0.5x	6%	37%	6%	0%	17%	$154K
Nippon Steel	0.4%	$4	-1%	$21B	0.7x	9%	9%	12%	-1%	26%	$499K
Terumo	0.3%	$14	-12%	$21B	2.6x	9%	55%	27%	12%	39%	$234K
JX Advanced Metals	0.3%	$23	+71%	$20B	3.2x	14%	32%	29%	12%	48%	$525K
Furukawa Electric	0.3%	$28	+292%	$20B	2.1x	15%	20%	12%	-2%	28%	$162K
Kao	0.3%	$22	+1%	$20B	1.6x	5%	40%	16%	8%	23%	$260K
Konami	0.3%	$142	-15%	$19B	4.7x	11%	53%	38%	22%	53%	$346K
Kubota	0.3%	$17	+31%	$19B	1.5x	4%	31%	15%	5%	26%	$289K
ASICS	0.3%	$26	+2%	$19B	2.5x	15%	58%	22%	12%	51%	$492K
Kansai Electric Power	0.3%	$17	+7%	$19B	1.4x	5%	-	17%	-1%	24%	$639K
SCREEN Holdings Co.	0.3%	$98	+105%	$19B	3.2x	22%	39%	24%	10%	42%	$545K
NYK Line	0.3%	$45	+29%	$18B	1.4x	9%	15%	14%	-4%	27%	$306K
IHI	0.3%	$17	-18%	$18B	1.7x	9%	28%	17%	4%	29%	$372K
Sumitomo Realty & Development	0.3%	$20	-8%	$18B	6.2x	3%	41%	38%	5%	41%	$380K
Nomura Research Institute	0.3%	$32	-18%	$18B	3.2x	7%	40%	27%	13%	31%	$239K
Nippon Paint	0.3%	$7	+15%	$17B	1.7x	5%	40%	19%	13%	41%	$218K
Daiwa House Industry	0.3%	$14	-60%	$17B	0.9x	6%	20%	11%	-3%	18%	$480K
SECOM	0.3%	$39	+16%	$16B	1.6x	4%	32%	19%	11%	25%	$107K
Mitsui O.S.K. Lines	0.3%	$45	+52%	$16B	2.2x	10%	16%	16%	1%	37%	$852K
Daiwa Securities Group	0.3%	$11	+43%	$15B	2.7x	-23%	-	35%	-	36%	$380K
Nidec	0.3%	$13	+10%	$15B	1.2x	2%	23%	13%	5%	8%	$139K
Shionogi	0.2%	$18	+5%	$15B	3.4x	20%	83%	44%	24%	79%	$577K
Japan Exchange Group	0.2%	$15	+30%	$15B	8.3x	15%	-	65%	-	111%	$823K
Kokusai Electric	0.2%	$64	+73%	$15B	6.0x	35%	44%	30%	8%	62%	$586K
Nitto Denko	0.2%	$22	-11%	$15B	1.8x	7%	39%	26%	8%	31%	$236K
Nippon Sanso Holdings	0.2%	$34	+2%	$15B	2.0x	6%	46%	25%	11%	32%	$388K
Asahi Group	0.2%	$10	-9%	$15B	1.1x	7%	39%	15%	5%	24%	$540K
Kajima	0.2%	$31	-4%	$14B	0.9x	2%	16%	9%	7%	8%	$769K
T&D Holdings	0.2%	$30	+37%	$14B	0.7x	-8%	-	7%	-	24%	$792K
Ryohin Keikaku	0.2%	$27	+30%	$14B	2.1x	10%	53%	15%	6%	29%	$202K
Kirin Holdings	0.2%	$18	+26%	$14B	1.2x	2%	48%	14%	5%	18%	$425K
Daifuku	0.2%	$37	+16%	$14B	2.4x	12%	26%	18%	8%	30%	$366K
Osaka Gas	0.2%	$36	+15%	$14B	1.3x	4%	15%	15%	1%	22%	$581K
OBIC	0.2%	$32	+3%	$14B	12.4x	12%	80%	69%	57%	84%	$391K
Sekisui House	0.2%	$21	-2%	$14B	0.8x	4%	19%	9%	1%	12%	$824K
Fuji Electric Co.	0.2%	$93	+29%	$14B	1.6x	8%	29%	17%	6%	26%	$257K
Yokohama Financial Group	0.2%	$12	+63%	$13B	4.7x	-1%	-	-	-	-	$258K
NEXON	0.2%	$17	-17%	$13B	3.0x	3%	60%	28%	23%	35%	$457K
Olympus	0.2%	$12	-1%	$13B	1.9x	5%	67%	21%	6%	26%	$213K
Kawasaki Heavy Industries	0.2%	$15	-8%	$13B	1.1x	9%	32%	12%	2%	22%	$360K
Pan Pacific International	0.2%	$4	-27%	$13B	0.8x	9%	33%	9%	4%	19%	$242K
Obayashi	0.2%	$19	+10%	$13B	0.7x	9%	14%	8%	5%	20%	$789K
Rohm	0.2%	$33	+106%	$13B	3.5x	9%	31%	21%	7%	21%	$135K
Tokyo Gas	0.2%	$39	+11%	$13B	1.0x	4%	14%	15%	0%	24%	$1M
Chubu Electric Power	0.2%	$17	+20%	$13B	1.3x	4%	-	11%	-2%	16%	$995K
SBI Holdings	0.2%	$19	-14%	$13B	1.2x	-8%	-	24%	-	21%	$627K
Kawasaki Kisen Kaisha	0.2%	$21	+44%	$12B	1.8x	5%	17%	14%	7%	20%	$1M
Chiba Bank	0.2%	$18	+78%	$12B	6.3x	23%	-	-	-	-	$273K
Mitsubishi HC Capital	0.2%	$8	+6%	$12B	4.5x	8%	23%	18%	-	26%	$1M
Idemitsu Kosan	0.2%	$10	+42%	$12B	0.4x	4%	14%	4%	0%	16%	$3M
Capcom	0.2%	$28	+8%	$12B	7.2x	12%	60%	44%	22%	58%	$272K
Japan Post Insurance	0.2%	$11	+24%	$12B	1.0x	-5%	-	4%	-	59%	$879K
Toray Industries	0.2%	$8	+25%	$11B	0.9x	6%	21%	11%	2%	18%	$342K
Zensho Holdings	0.2%	$70	+12%	$11B	1.3x	10%	57%	12%	1%	23%	$91K
Subaru	0.2%	$16	-27%	$11B	0.1x	5%	16%	7%	3%	14%	$647K
Yamaha Motor	0.2%	$11	+53%	$11B	0.8x	5%	32%	13%	3%	26%	$241K
Nitori Holdings	0.2%	$19	+17%	$11B	1.7x	5%	52%	21%	10%	25%	$136K
Shinkin Central Bank	0.2%	$1,195	-3%	$10B	-	-	-	-	-	-	$702K
PayPay	0.2%	$15	-	$10B	3.0x	21%	79%	33%	3%	48%	$1M
NGK Insulators	0.2%	$36	+118%	$10B	-	-	-	-	-	-	$187K