# Daiwa Securities Group Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第89期(2025/04/01－2026/03/31) (S100YCMP)
> Page: https://vizora.meequs.com/en/company/daiwa-securities-group
> Retrieved: 2026-09-30T20:00:00.291Z

## Company

Daiwa Securities Group, founded in 1943, is a company in Securities & Asset Management listed on TSE Prime. It has 14,984 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Daiwa Securities Group Inc. |
| Ticker | 8601 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8601.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目9番1号 |
| Representative (per filing) | 代表執行役社長 荻野 明彦 |
| Founded | Dec 1943 |
| Share capital | ¥247.4B |
| Employees (consolidated) | 14,984 |
| Average salary (parent only) | ¥17.9M |
| Fiscal year end | March |
| Website | www.daiwa-grp.jp (https://www.daiwa-grp.jp/) |
| Corporate number | 4010001008855 |
| EDINET | E03753 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YCMP, filed 2026-06-17). As of filing

## Key points (generated from figures)

- About 41% of Daiwa Securities Group's sales come from Wealth Management, with Global Markets Investment Banking and Asset management making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Wealth Management 40.7%、Global Markets Investment Banking 37.4%、Asset management 19.7%、Other 2.2%
- Revenue → net income: ¥1467983000000 → ¥190232000000
- Net income → operating cash flow: ¥190232000000 → ¥438963000000（difference ¥248731000000）
- Main uses of operating cash flow: CapEx ¥111741000000 / dividends ¥79869000000 / buybacks ¥50011000000
- Change in cash: ¥32925000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.47T |  |
| Operating income | ¥207.3B | Margin 14.1% |
| Net income | ¥175.3B | Margin 11.9% |
| Free cash flow | ¥327.2B |  |
| Largest business | Wealth Management | of segment revenue 40.7% |
| Employees (consolidated) | 14,984 |  |
| EPS | ¥75.11 |  |
| Diluted EPS | ¥73.98 |  |
| Book value per share | ¥598.61 |  |
| Equity ratio | 4.6% |  |
| Shares outstanding | 1,569,378,000 |  |
| Treasury shares | 183,731,600 |  |
| Shareholders | 157,889 |  |
| Average salary (parent only) | ¥17.9M | Filing company only |
| Cash ratio | 9.9% | Net cash -¥1.14T · Cash ÷ revenue 257.0% |
| Vs. industry median margin | -6.6 pp | Securities & Asset Management |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 0.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, revenue is 2.4× its level five years ago
- FY2026, parent-company salary changed +47% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥576172000000 | ¥1467983000000 | +154.8% |
| Operating income | ¥92859000000 | ¥207333000000 | +123.3% |
| Operating margin | 16.1% | 14.1% | -2 pp |
| Employees | 15,096 people | 14,984 people | -0.7% |
| Cash and equivalents | ¥4723526000000 | ¥3772624000000 | -20.1% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| リテール部門 → 事業再編・廃止 | 33.4% |
| アセットマネジメント部門 → アセットマネジメント部門 | 14.5% |
| ホールセール部門 → 事業再編・廃止 | 47.8% |
| その他 → その他 | 2.2% |
| その他 → 事業再編・廃止 | 0.5% |
| 投資部門 → 事業再編・廃止 | 1.6% |
| 新設・再編 → ウェルスマネジメント部門 | 40.7% |
| 新設・再編 → アセットマネジメント部門 | 5.2% |
| 新設・再編 → グローバル・マーケッツ インベストメント・バンキング部門 | 37.4% |

Segment revenue source references: 9 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Wealth Management | 2 years | +13.4% | ¥278025000000 | 40.3% | 2 |
| Global Markets Investment Banking | 2 years | +8.0% | ¥255511000000 | 23.1% | 2 |
| Asset management | 5 years | +15.6% | ¥134912000000 | 48.5% | 2 |
| Other | 5 years | +4.7% | ¥15226000000 | -19.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,467,983 | 100.0% | S100YCMP |
| SG&A | 513,094 | 35.0% | S100YCMP |
| Operating income | 207,333 | 14.1% | S100YCMP |
| Ordinary income | 234,510 | 16.0% | S100YCMP |
| Pretax income | 263,927 | 18.0% | S100YCMP |
| Income tax | 73,695 | 5.0% | S100YCMP |
| Net income | 190,232 | 13.0% | S100YCMP |
| Net income attributable to owners | 175,281 | 11.9% | S100YCMP |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Operating expenses | 86 |
| Operating income | 14 |
| (Ref.) Net income | 12 |

### Margin funnel

Operating margin 14.1% → Net margin 11.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.0%; Core profit growth: +24.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.48×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,372,014 | 1,467,983 | 95,969 | +7.0% |
| Operating income | 166,742 | 207,333 | 40,591 | +24.3% |
| Net income attributable to owners | 154,368 | 175,281 | 20,913 | +13.5% |
| Operating cash flow | -454,066 | 438,963 | 893,029 | — |
| Free cash flow | -539,360 | 327,222 | 866,582 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 672,287 | 54,288 | 8.1% | 60,346 | 167,190 | 109,217 | S100TQDT |
| FY ending Mar 2021 | 576,172 | 92,859 | 16.1% | 108,396 | 390,979 | 332,379 | S100VYQN |
| FY ending Mar 2022 | 619,471 | 115,534 | 18.7% | 94,891 | -353,467 | -439,054 | S100YCMP |
| FY ending Mar 2023 | 866,090 | 66,273 | 7.7% | 63,875 | -183,745 | -264,993 | S100YCMP |
| FY ending Mar 2024 | 1,277,482 | 153,705 | 12.0% | 121,557 | 705,124 | 640,629 | S100YCMP |
| FY ending Mar 2025 | 1,372,014 | 166,742 | 12.2% | 154,368 | -454,066 | -539,360 | S100YCMP |
| FY ending Mar 2026 | 1,467,983 | 207,333 | 14.1% | 175,281 | 438,963 | 327,222 | S100YCMP |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥98M |
| Operating income per employee (consolidated) | ¥13.8M |
| Net income per employee (consolidated) | ¥11.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 14,889 | 14,731 | 14,600 | 14,783 | 14,984 |
| Average salary (parent company) | ¥12.2M | ¥12.2M | ¥13M | ¥16.3M | ¥17.9M |
| Average age (parent company) | 40.3 years | 40.4 years | 40.8 years | 40.9 years | 41.6 years |
| Average tenure (parent company) | 15.2 years | 14.7 years | 14.3 years | 13.7 years | 15.2 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) +7.0%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wealth Management | 278,025 | 40.7% | 112,033 | 40.3% |
| Asset management | 134,912 | 19.7% | 65,432 | 48.5% |
| Global Markets Investment Banking | 255,511 | 37.4% | 58,995 | 23.1% |
| Other | 15,226 | 2.2% | -2,919 | -19.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Wealth Management | 40.7% |
| Asset management | 19.7% |
| Global Markets Investment Banking | 37.4% |
| Other | 2.2% |

Segment → industry: Global Markets Investment Banking → Securities & Asset Management / Asset management → Securities & Asset Management / Wealth Management → Securities & Asset Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 438,963 | 29.9% | S100YCMP |
| Capital expenditure | 111,741 | 7.6% | S100YCMP |
| Free cash flow | 327,222 | 22.3% | 算出 |
| Investing cash flow | -583,599 | -39.8% | S100YCMP |
| Financing cash flow | 199,423 | 13.6% | S100YCMP |
| Dividends paid | 79,869 | 5.4% | S100YCMP |
| Share buyback | 50,011 | 3.4% | S100YCMP |
| Change in cash | 32,925 | 2.2% | S100YCMP |
| Cash and equivalents | 3,772,624 | 257.0% | S100YCMP |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,554,375 | 3,835,559 | 4,351,951 | 3,739,698 | 3,772,624 | S100TQDT, S100VYQN, S100YCMP |
| Total assets | 27,531,089 | 26,413,248 | 32,027,299 | 36,024,346 | 38,077,646 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |
| Net assets | 1,639,888 | 1,675,489 | 1,788,658 | 1,923,287 | 2,045,809 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |
| Share capital | 247,397 | 247,397 | 247,397 | 247,397 | 247,397 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |
| Property, plant and equipment | 913,879 | 916,873 | 921,181 | 942,230 | 977,957 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |
| Intangible assets excluding goodwill | 121,482 | 125,571 | 127,602 | 137,398 | 154,732 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |
| Goodwill | 19,657 | 18,526 | 17,139 | 15,622 | 16,101 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |
| Investment securities | 443,446 | 455,317 | 492,226 | 618,456 | 673,079 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |
| Current assets | 26,009,638 | 24,872,860 | 30,439,313 | 34,275,746 | 36,219,548 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |
| Current liabilities | 22,945,274 | 21,581,275 | 26,797,550 | 30,695,399 | 32,979,901 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |
| Trade payables | 6,361 | 8,120 | 8,507 | 8,471 | 8,131 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |
| Short-term borrowings | 2,155,782 | 1,292,848 | 1,272,859 | 1,415,334 | 2,033,926 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |
| Long-term borrowings | 1,237,048 | 1,706,985 | 2,020,812 | 2,036,629 | 1,850,739 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |
| Bonds | 1,563,631 | 1,304,543 | 1,276,312 | 1,218,490 | 1,031,024 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |
| Interest-bearing debt | 4,956,461 | 4,304,376 | 4,569,983 | 4,670,453 | 4,915,689 | 算出 |
| Total liabilities | 25,891,200 | 24,737,758 | 30,238,640 | 34,101,059 | 36,031,836 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |
| Non-controlling interests | 257,497 | 258,855 | 259,515 | 277,204 | 276,419 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |
| Equity attributable to owners of parent | 1,286,467 | 1,292,309 | 1,318,227 | 1,442,079 | 1,485,835 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |
| Retained earnings | 942,793 | 886,160 | 961,438 | 1,041,490 | 1,121,416 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |
| Treasury stock | -134,201 | -71,522 | -123,153 | -113,139 | -149,544 | S100R8NC, S100TQDT, S100VYQN, S100YCMP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YCMP |
| Property, plant and equipment | 3% | S100YCMP |
| Intangibles and goodwill | 0% | S100YCMP |
| Investment securities | 2% | S100YCMP |
| Other assets | 85% | S100YCMP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YCMP |
| Interest-bearing debt | 13% | 算出 |
| Other liabilities | 82% | S100YCMP |
| Equity | 5% | S100YCMP |
| Other liabilities | 0% | S100YCMP |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 27,531,089 | 26,413,248 | 32,027,299 | 36,024,346 | 38,077,646 |
| Equity | 1,639,888 | 1,675,489 | 1,788,658 | 1,923,287 | 2,045,809 |
| Interest-bearing debt | 4,956,461 | 4,304,376 | 4,569,983 | 4,670,453 | 4,915,689 |
| Cash | 4,554,375 | 3,835,559 | 4,351,951 | 3,739,698 | 3,772,624 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 66.6% | S100YCMP |
| Fixed assets ÷ total assets | 2.6% | S100YCMP |
| Goodwill ÷ parent equity | 1.1% | S100YCMP |

Goodwill over 4 years: 19,657 → 16,101 JPY; total investing cash flow: -1,372,105 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 9.9% |
| Cash ÷ revenue | 257.0% |
| Net cash (cash − interest-bearing debt) | -¥1.14T |
| Net debt ÷ operating cash flow | 2.60× |
| Cash conversion (operating CF ÷ operating income) | 211.7% |
| Cash vs. profit gap | 263,682 JPY mn (of net income 150.4%) |
| Shareholder returns / net income | 74.1% |
| Shareholder returns / FCF | 39.7% |
| Shareholder payments — dividends / net income | 45.6% |
| Shareholder payments — dividends / FCF | 24.4% |
| CapEx intensity (capex ÷ revenue) | 7.6% |
| Investing CF relative to operating CF | 132.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 15.3% | 0.02× | 0.3% | 21.40× | 7.4% | S100R8NC, S100YCMP |
| 2023 | 7.4% | 0.03× | 0.2% | 20.92× | 5.0% | S100TQDT, S100YCMP |
| 2024 | 9.5% | 0.04× | 0.4% | 22.39× | 9.3% | S100VYQN, S100YCMP |
| 2025 | 11.3% | 0.04× | 0.5% | 24.65× | 11.2% | S100YCMP |
| 2026 | 11.9% | 0.04× | 0.5% | 25.31× | 12.0% | S100YCMP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 14.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.6% | 2026-03-31 |
| 太陽生命保険株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.2% | 2026-03-31 |
| 日本郵政株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.4% | 2026-03-31 |
| 大和持株会 | Major shareholder | 1.2% | 2026-03-31 |
| バークレイズ証券株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥1.47T, up +7.0% from ¥1.37T.
- Operating income grew faster, rising +24.3% from ¥166.7B to ¥207.3B. Net income came in at ¥175.3B, up +13.5%.
- Operating cash flow swung from -¥454.1B to a positive ¥439B.

### Drivers

- More stock trading lifted brokerage commissions
- Lower repo costs improved net interest income
- Fewer equity deals cut underwriting fees, and weaker bond revenue pulled trading income slightly down

### Risks

- Fees and trading income swing sharply with moves in stocks, rates and currencies
- Middle East tensions and US trade policy could hit results through market turmoil
- The company flags cyberattacks and system outages that could halt key operations and damage trust

Cited: Annual Securities Report, 89th term (Apr 2025 – Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 89th term (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第89期(2025/04/01－2026/03/31) | S100YCMP | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCMP,, |
| 有価証券報告書－第88期(2024/04/01－2025/03/31) | S100VYQN | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYQN,, |
| 有価証券報告書－第87期(2023/04/01－2024/03/31) | S100TQDT | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQDT,, |
| 有価証券報告書－第86期(2022/04/01－2023/03/31) | S100R8NC | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8NC,, |
| 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) | S100OL76 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL76,, |
| 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) | S100LLQZ | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLQZ,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| あおぞら銀行 | Capital alliance | 資本業務提携（第三者割当増資・社外取締役派遣。資産運用・M&A等で協働） | S100YCRO |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).