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Daiwa Securities GroupDaiwa Securities Group Inc.8601東証プライム証券、商品先物取引業FY ending Mar 2026, consolidated, J-GAAP

Daiwa Securities Group revenue and profit

Out of every ¥100 of sales, about ¥14 is left as operating profit. Revenue changed +7.0% from the prior year, operating profit +24.3%.

Five-year trend

Revenue¥1.47T
FY ending Mar 2022: ¥619.5B¥619.5BFY ending Mar 2023: ¥866.1B¥866.1BFY ending Mar 2024: ¥1.28T¥1.28TFY ending Mar 2025: ¥1.37T¥1.37TFY ending Mar 2026: ¥1.47T¥1.47TFY22FY23FY24FY25FY26
Operating income¥207.3B
FY ending Mar 2022: ¥115.5B¥115.5BFY ending Mar 2023: ¥66.3B¥66.3BFY ending Mar 2024: ¥153.7B¥153.7BFY ending Mar 2025: ¥166.7B¥166.7BFY ending Mar 2026: ¥207.3B¥207.3BFY22FY23FY24FY25FY26
Operating margin14.1%
FY ending Mar 2022: 18.7%18.7%FY ending Mar 2023: 7.7%7.7%FY ending Mar 2024: 12.0%12.0%FY ending Mar 2025: 12.2%12.2%FY ending Mar 2026: 14.1%14.1%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin11.9%
Asset turnover0.04×
ROA0.5%
ROA0.5%
Financial leverage25.31×
ROE12.0%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin11.9%
2022: 15.3%15.3%2023: 7.4%7.4%2024: 9.5%9.5%2025: 11.3%11.3%2026: 11.9%11.9%2223242526
Asset turnover0.04×
2022: 0.02×0.02×2023: 0.03×0.03×2024: 0.04×0.04×2025: 0.04×0.04×2026: 0.04×0.04×2223242526
ROA0.5%
2022: 0.3%0.3%2023: 0.2%0.2%2024: 0.4%0.4%2025: 0.5%0.5%2026: 0.5%0.5%2223242526
Financial leverage25.31×
2022: 21.40×21.40×2023: 20.92×20.92×2024: 22.39×22.39×2025: 24.65×24.65×2026: 25.31×25.31×2223242526
ROE12.0%
2022: 7.4%7.4%2023: 5.0%5.0%2024: 9.3%9.3%2025: 11.2%11.2%2026: 12.0%12.0%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
202215.3%0.02×0.3%21.40×7.4%
20237.4%0.03×0.2%20.92×5.0%
20249.5%0.04×0.4%22.39×9.3%
202511.3%0.04×0.5%24.65×11.2%
202611.9%0.04×0.5%25.31×12.0%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue66.6%
2021: 152.8%152.8%2022: 147.5%147.5%2023: 105.9%105.9%2024: 72.1%72.1%2025: 68.7%68.7%2026: 66.6%66.6%212223242526
PPE ÷ total assets2.6%
2021: 3.4%3.4%2022: 3.3%3.3%2023: 3.5%3.5%2024: 2.9%2.9%2025: 2.6%2.6%2026: 2.6%2.6%212223242526
Goodwill ÷ parent equity1.1%
2021: 1.7%1.7%2022: 1.5%1.5%2023: 1.4%1.4%2024: 1.3%1.3%2025: 1.1%1.1%2026: 1.1%1.1%212223242526
Goodwill balance¥16.1B
2021: ¥21.2B¥21.2B2022: ¥19.7B¥19.7B2023: ¥18.5B¥18.5B2024: ¥17.1B¥17.1B2025: ¥15.6B¥15.6B2026: ¥16.1B¥16.1B212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

Receivable days—
2021: 14d14d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue619,471866,0901,277,4821,372,0141,467,983
Cost of revenue—————
Gross profit—————
SG&A386,559397,952437,205479,247513,094
Operating income115,53466,273153,705166,742207,333
Pretax income141,66696,766179,997219,026263,927
Income tax37,52123,08249,56153,93273,695
Net income attributable to owners94,89163,875121,557154,368175,281
Operating margin18.7%7.7%12.0%12.2%14.1%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 10%
3%
0%
2%
Other assets 85%

Funding

0%
Interest-bearing debt 13%
Other liabilities 82%
5%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥4.55T¥3.84T¥4.35T¥3.74T¥3.77T
Total assets¥27.5T¥26.4T¥32T¥36T¥38.1T
Net assets¥1.64T¥1.68T¥1.79T¥1.92T¥2.05T
Share capital¥247.4B¥247.4B¥247.4B¥247.4B¥247.4B
Property, plant and equipment¥913.9B¥916.9B¥921.2B¥942.2B¥978B
Intangible assets excluding goodwill¥121.5B¥125.6B¥127.6B¥137.4B¥154.7B
Goodwill¥19.7B¥18.5B¥17.1B¥15.6B¥16.1B
Investment securities¥443.4B¥455.3B¥492.2B¥618.5B¥673.1B
Current assets¥26T¥24.9T¥30.4T¥34.3T¥36.2T
Current liabilities¥22.9T¥21.6T¥26.8T¥30.7T¥33T
Trade payables¥6.36B¥8.12B¥8.51B¥8.47B¥8.13B
Short-term borrowings¥2.16T¥1.29T¥1.27T¥1.42T¥2.03T
Long-term borrowings¥1.24T¥1.71T¥2.02T¥2.04T¥1.85T
Bonds¥1.56T¥1.3T¥1.28T¥1.22T¥1.03T
Interest-bearing debt¥4.96Tderived¥4.3Tderived¥4.57Tderived¥4.67Tderived¥4.92Tderived
Total liabilities¥25.9T¥24.7T¥30.2T¥34.1T¥36T
Non-controlling interests¥257.5B¥258.9B¥259.5B¥277.2B¥276.4B
Equity attributable to owners of parent¥1.29T¥1.29T¥1.32T¥1.44T¥1.49T
Retained earnings¥942.8B¥886.2B¥961.4B¥1.04T¥1.12T
Treasury stock-¥134.2B-¥71.5B-¥123.2B-¥113.1B-¥149.5B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第89期(2025/04/01－2026/03/31)

    ID S100YCMP2026-06-17Open

  • EDINET (FSA Japan)

    有価証券報告書－第88期(2024/04/01－2025/03/31)

    ID S100VYQN2025-06-18Open

  • EDINET (FSA Japan)

    有価証券報告書－第87期(2023/04/01－2024/03/31)

    ID S100TQDT2024-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第86期(2022/04/01－2023/03/31)

    ID S100R8NC2023-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第85期(令和3年4月1日－令和4年3月31日)

    ID S100OL762022-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第84期(令和2年4月1日－令和3年3月31日)

    ID S100LLQZ2021-06-24Open

Extracted from XBRL: 53 / Derived from other figures: 2

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