# Japan Exchange Group, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/04/01－2026/03/31) (S100YA84)
> Page: https://vizora.meequs.com/en/company/japan-exchange-group
> Retrieved: 2026-09-30T20:42:23.127Z

## Company

Japan Exchange Group, founded in 1878, is a company in Securities & Asset Management listed on TSE Prime. It has 1,268 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Exchange Group, Inc. |
| Ticker | 8697 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8697.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋兜町2番1号 |
| Representative (per filing) | 取締役兼代表執行役グループCEO 山道 裕己 |
| Founded | May 1878 |
| Share capital | ¥11.5B |
| Employees (consolidated) | 1,268 |
| Average salary (parent only) | ¥11.1M |
| Fiscal year end | March |
| Corporate number | 9120001098575 |
| EDINET | E03814 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YA84, filed 2026-06-11). As of filing

## Key points (generated from figures)

- Japan Exchange Group brought in ¥198.7B in revenue.
- Out of every ¥100 of sales, about ¥59 is left as operating profit.
- Revenue changed +22.5% from the prior year, operating profit +29.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥198735000000 → ¥81409000000
- Net income → operating cash flow: ¥81409000000 → ¥107749000000（difference ¥26340000000）
- Main uses of operating cash flow: CapEx ¥8472000000 / dividends ¥56087000000 / buybacks ¥20520000000
- Change in cash: ¥12042000000
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 | ¥198.7B |  |
| Operating income | ¥116.3B | Margin 58.5% |
| Net income | ¥79.1B | Margin 39.8% |
| Free cash flow | ¥99.3B |  |
| Employees (consolidated) | 1,268 |  |
| EPS | ¥76.81 |  |
| Book value per share | ¥83.59 |  |
| Equity ratio | 0.5% | Derived from disclosed figures |
| Shares outstanding | 1,031,785,336 |  |
| Shareholders | 87,572 |  |
| Average salary (parent only) | ¥11.1M | Filing company only |
| Cash ratio | 0.2% | Cash ÷ revenue 55.6% |
| Vs. industry median margin | +37.8 pp | Securities & Asset Management |
| ROE | 23.1% | Derived from disclosed figures |
| ROA | 0.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 59 per ¥100 of revenue
- FY2026, cash is 0% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥133343000000 | ¥198735000000 | +49.0% |
| Operating income | ¥74565000000 | ¥116289000000 | +56.0% |
| Operating margin | 55.9% | 58.5% | +2.6 pp |
| Employees | 1,197 people | 1,268 people | +5.9% |
| Cash and equivalents | ¥108209000000 | ¥110471000000 | +2.1% |

### 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.

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 198,735 | 100.0% | S100YA84 |
| Operating income | 116,289 | 58.5% | S100YA84 |
| Pretax income | 116,918 | 58.8% | S100YA84 |
| Income tax | 35,509 | 17.9% | S100YA84 |
| Net income | 81,409 | 41.0% | S100YA84 |
| Net income attributable to owners | 79,139 | 39.8% | S100YA84 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 41 |
| Operating income | 59 |
| (Ref.) Net income | 40 |

### Margin funnel

Operating margin 58.5% → Net margin 39.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +22.5%; Core profit growth: +29.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.29×
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 | 162,230 | 198,735 | 36,505 | +22.5% |
| Operating income | 90,122 | 116,289 | 26,167 | +29.0% |
| Net income attributable to owners | 61,092 | 79,139 | 18,047 | +29.5% |
| Operating cash flow | 86,136 | 107,749 | 21,613 | +25.1% |
| Free cash flow | 70,983 | 99,277 | 28,294 | +39.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 107,885 | — | — | 42,124 | 47,462 | — | S100LHH8 |
| FY ending Mar 2018 | 120,711 | — | — | 50,484 | 66,018 | — | S100O7N7 |
| FY ending Mar 2019 | 121,134 | — | — | 49,057 | 52,778 | — | S100QWQB |
| FY ending Mar 2020 | 123,688 | 68,533 | 55.4% | 47,609 | 56,881 | 43,303 | S100TLCL |
| FY ending Mar 2021 | 133,343 | 74,565 | 55.9% | 51,389 | 71,750 | 56,312 | S100VXCQ |
| FY ending Mar 2022 | 135,432 | 73,473 | 54.3% | 49,955 | 58,191 | 43,261 | S100YA84 |
| FY ending Mar 2023 | 133,991 | 68,253 | 50.9% | 46,342 | 66,878 | 55,577 | S100YA84 |
| FY ending Mar 2024 | 152,871 | 87,444 | 57.2% | 60,822 | 79,566 | 63,972 | S100YA84 |
| FY ending Mar 2025 | 162,230 | 90,122 | 55.6% | 61,092 | 86,136 | 70,983 | S100YA84 |
| FY ending Mar 2026 | 198,735 | 116,289 | 58.5% | 79,139 | 107,749 | 99,277 | S100YA84 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥156.7M |
| Operating income per employee (consolidated) | ¥91.7M |
| Net income per employee (consolidated) | ¥62.4M |

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) | 1,193 | 1,238 | 1,249 | 1,263 | 1,268 |
| Average salary (parent company) | ¥10.3M | ¥10.6M | ¥10.7M | ¥11.1M | ¥11.1M |
| Average age (parent company) | 46.0 years | 47.0 years | 47.2 years | 47.3 years | 46.8 years |
| Average tenure (parent company) | 19.9 years | 20.4 years | 19.8 years | 20.1 years | 19.8 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +22.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 107,749 | 54.2% | S100YA84 |
| Capital expenditure | 8,472 | 4.3% | S100YA84 |
| Free cash flow | 99,277 | 50.0% | 算出 |
| Investing cash flow | -15,244 | -7.7% | S100YA84 |
| Financing cash flow | -80,480 | -40.5% | S100YA84 |
| Dividends paid | 56,087 | 28.2% | S100YA84 |
| Share buyback | 20,520 | 10.3% | S100YA84 |
| Change in cash | 12,042 | 6.1% | S100YA84 |
| Cash and equivalents | 110,471 | 55.6% | S100YA84 |

## 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 | 93,354 | 98,812 | 128,019 | 98,428 | 110,471 | S100TLCL, S100VXCQ, S100YA84 |
| Total assets | 71,463,434 | 82,187,392 | 80,682,627 | 85,396,761 | 71,599,566 | S100QWQB, S100TLCL, S100VXCQ, S100YA84 |
| Net assets | 323,852 | 321,809 | 338,566 | 351,148 | 357,609 | S100TLCL, S100VXCQ, S100YA84 |
| Share capital | 11,500 | 11,500 | 11,500 | 11,500 | 11,500 | S100QWQB, S100TLCL, S100VXCQ, S100YA84 |
| Property, plant and equipment | 13,029 | 11,041 | 13,199 | 9,095 | 12,264 | S100QWQB, S100TLCL, S100VXCQ, S100YA84 |
| Goodwill | 67,374 | 72,043 | 71,184 | 69,360 | 69,360 | S100QWQB, S100TLCL, S100VXCQ, S100YA84 |
| Current assets | 71,279,910 | 82,000,557 | 80,501,228 | 85,219,154 | 71,421,095 | S100QWQB, S100TLCL, S100VXCQ, S100YA84 |
| Total liabilities | 71,139,582 | 81,865,583 | 80,344,060 | 85,045,613 | 71,241,956 | S100QWQB, S100TLCL, S100VXCQ, S100YA84 |
| Equity attributable to owners of parent | 315,653 | 312,734 | 328,359 | 340,823 | 345,015 | S100QWQB, S100TLCL, S100VXCQ, S100YA84 |
| Retained earnings | 266,776 | 275,523 | 281,336 | 294,157 | 298,052 | S100QWQB, S100TLCL, S100VXCQ, S100YA84 |
| Treasury stock | -1,912 | -13,575 | -3,839 | -4,305 | -4,092 | S100QWQB, S100TLCL, S100VXCQ, S100YA84 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 0% | S100YA84 |
| Property, plant and equipment | 0% | S100YA84 |
| Intangibles and goodwill | 0% | — |
| Other assets | 100% | S100YA84 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 100% | S100YA84 |
| Equity | 0% | S100YA84 |
| Other liabilities | 0% | S100YA84 |

### 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 | 71,463,434 | 82,187,392 | 80,682,627 | 85,396,761 | 71,599,566 |
| Equity | 323,852 | 321,809 | 338,566 | 351,148 | 357,609 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 93,354 | 98,812 | 128,019 | 98,428 | 110,471 |

## 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) | 6.2% | S100YA84 |
| Fixed assets ÷ total assets | 0.0% | S100YA84 |
| Goodwill ÷ parent equity | 20.1% | S100YA84 |

Goodwill over 4 years: 67,374 → 69,360 JPY; total investing cash flow: -105,454 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) | 0.2% |
| Cash ÷ revenue | 55.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 92.7% |
| Cash vs. profit gap | 28,610 JPY mn (of net income 36.2%) |
| Shareholder returns / net income | 96.8% |
| Shareholder returns / FCF | 77.2% |
| Shareholder payments — dividends / net income | 70.9% |
| Shareholder payments — dividends / FCF | 56.5% |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 14.1% |

## 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 | 36.9% | 0.00× | 0.1% | 226.40× | 15.8% | S100QWQB, S100YA84 |
| 2023 | 34.6% | 0.00× | 0.1% | 244.52× | 14.7% | S100TLCL, S100YA84 |
| 2024 | 39.8% | 0.00× | 0.1% | 254.05× | 19.0% | S100VXCQ, S100YA84 |
| 2025 | 37.7% | 0.00× | 0.1% | 248.18× | 18.3% | S100YA84 |
| 2026 | 39.8% | 0.00× | 0.1% | 228.91× | 23.1% | S100YA84 |

## 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 | 17.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.5% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.6% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５３０１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.5% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| ＨＳＢＣ ＨＯＮＧ ＫＯＮＧ－ＴＲＥＡＳＵＲＹ ＳＥＲＶＩＣＥＳ Ａ／Ｃ ＡＳＩＡＮ ＥＱＵＩＴＩＥＳ ＤＥＲＩＶＡＴＩＶＥＳ（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.4% | 2026-03-31 |
| Ｊ．Ｐ． ＭＯＲＧＡＮ ＢＡＮＫ ＬＵＸＥＭＢＯＵＲＧ Ｓ．Ａ． ３８４５１３（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/04/01－2026/03/31) | S100YA84 | 2026-06-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YA84,, |
| 有価証券報告書－第24期(2024/04/01－2025/03/31) | S100VXCQ | 2025-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXCQ,, |
| 有価証券報告書－第23期(2023/04/01－2024/03/31) | S100TLCL | 2024-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLCL,, |
| 有価証券報告書－第22期(2022/04/01－2023/03/31) | S100QWQB | 2023-06-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QWQB,, |
| 有価証券報告書－第21期(令和3年4月1日－令和4年3月31日) | S100O7N7 | 2022-06-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O7N7,, |
| 有価証券報告書－第20期(令和2年4月1日－令和3年3月31日) | S100LHH8 | 2021-06-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LHH8,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 株式会社日本経済新聞社 | Co-development | 大阪取引所の日経平均先物・オプションに係る指数の利用許諾 | S100YA84 |

## 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).