# Monex 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22期(2025/04/01－2026/03/31) (S100YM8I)
> Page: https://vizora.meequs.com/en/company/monex-group
> Retrieved: 2026-09-30T20:25:41.854Z

## Company

Monex Group, founded in 2004, is a company in Securities & Asset Management listed on TSE Prime. It has 1,122 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Monex Group, Inc. |
| Ticker | 8698 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8698.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂一丁目12番32号 |
| Representative (per filing) | 代表執行役社長 清明 祐子 |
| Founded | Mar 2004 |
| Share capital | ¥13.1B |
| Employees (consolidated) | 1,122 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | March |
| Website | www.monexgroup.jp (https://www.monexgroup.jp/) |
| Corporate number | 8010001089066 |
| EDINET | E03815 |
| Industries (Vizora) | Securities & Asset Management, Crypto & Blockchain, Venture Capital |

> Profile source: annual securities report (S100YM8I, filed 2026-06-26). As of filing

## Key points (generated from figures)

- About 65% of Monex Group's sales come from Online Brokerage, with Crypto Asset and Asset Management-Wealth Management making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +13.3% from the prior year.

## Company structure

- Segment revenue mix: Online Brokerage 65.1%、Crypto Asset 21.0%、Asset Management-Wealth Management 9.3%、Other 4.3%、Investment 0.2%
- Revenue → net income: ¥83606000000 → ¥10643000000
- Net income → operating cash flow: ¥10643000000 → ¥17806000000（difference ¥7163000000）
- Main uses of operating cash flow: CapEx ¥4974000000 / dividends ¥10199000000 / buybacks ¥1041000000
- Change in cash: ¥-681000000
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 | ¥83.6B |  |
| Operating income | — | Margin — |
| Net income | ¥10.9B | Margin 13.1% |
| Free cash flow | ¥12.8B |  |
| Largest business | Online Brokerage | of segment revenue 65.1% |
| Employees (consolidated) | 1,122 |  |
| EPS | ¥43.41 |  |
| Book value per share | ¥365.91 |  |
| Equity ratio | 16.9% | Derived from disclosed figures |
| Shares outstanding | 251,647,100 |  |
| Treasury shares | 283,400 |  |
| Shareholders | 72,926 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 7.1% | Cash ÷ revenue 63.1% |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥77905000000 | ¥83606000000 | +7.3% |
| Employees | 1,129 people | 1,122 people | -0.6% |
| Cash and equivalents | ¥186683000000 | ¥52786000000 | -71.7% |

### 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 |
| --- | ---: |
| 日本 → 事業再編・廃止 | 39.4% |
| クリプトアセット事業 → クリプトアセット事業 | 21.0% |
| クリプトアセット事業 → 事業再編・廃止 | 5.7% |
| 米国 → 事業再編・廃止 | 31.0% |
| 投資事業 → 投資事業 | 0.2% |
| 投資事業 → 事業再編・廃止 | 0.6% |
| アジア・パシフィック → 事業再編・廃止 | 2.0% |
| 新設・再編 → 証券事業 | 65.1% |
| 新設・再編 → アセットマネジメント・ウェルスマネジメント事業 | 9.3% |
| 新設・再編 → その他 | 4.3% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Online Brokerage | — | — | ¥54462000000 | — | 2 |
| Crypto Asset | 5 years | -3.3% | ¥17592000000 | — | 2 |
| Asset Management-Wealth Management | — | — | ¥7735000000 | — | 2 |
| Other | 4 years | -21.6% | ¥3626000000 | — | 2 |
| Investment | 5 years | -22.3% | ¥190000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 83,606 | 100.0% | S100YM8I |
| Cost of revenue | 1,804 | 2.2% | S100YM8I |
| Gross profit | 81,802 | 97.8% | 算出 |
| SG&A | 64,632 | 77.3% | S100YM8I |
| Pretax income | 15,758 | 18.8% | S100YM8I |
| Income tax | 5,114 | 6.1% | S100YM8I |
| Net income | 10,643 | 12.7% | S100YM8I |
| Net income attributable to owners | 10,914 | 13.1% | S100YM8I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 2 |
| SG&A | 77 |
| Operating income | 21 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 97.8% → Net margin 13.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 73,814 | 83,606 | 9,792 | +13.3% |
| Gross profit | 73,790 | 81,802 | 8,012 | +10.9% |
| Net income attributable to owners | -5,067 | 10,914 | 15,981 | — |
| Operating cash flow | 13,300 | 17,806 | 4,506 | +33.9% |
| Free cash flow | 8,730 | 12,832 | 4,102 | +47.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 45,831 | — | — | 298 | 43,715 | — | S100LRQ3 |
| FY ending Mar 2018 | 53,635 | — | — | 6,730 | -38,701 | — | S100OOLL |
| FY ending Mar 2019 | 52,175 | — | — | 1,181 | 53,834 | — | S100R3SZ |
| FY ending Mar 2020 | 53,226 | — | — | 3,011 | 34,454 | 28,065 | S100U7EH |
| FY ending Mar 2021 | 77,905 | — | — | 14,354 | -63,818 | -69,359 | S100W7OX |
| FY ending Mar 2022 | 88,783 | — | — | 13,017 | 51,701 | 45,091 | S100YM8I |
| FY ending Mar 2023 | 55,841 | — | — | 3,392 | -30,977 | -38,785 | S100YM8I |
| FY ending Mar 2024 | 65,726 | — | — | 31,293 | 8,055 | 1,362 | S100YM8I |
| FY ending Mar 2025 | 73,814 | — | — | -5,067 | 13,300 | 8,730 | S100YM8I |
| FY ending Mar 2026 | 83,606 | — | — | 10,914 | 17,806 | 12,832 | S100YM8I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥74.5M |
| Net income per employee (consolidated) | ¥9.7M |

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) | 1,475 | 1,491 | 1,052 | 1,078 | 1,122 |
| Average salary (parent company) | ¥8.8M | ¥8.3M | ¥8.7M | ¥9.3M | ¥9.4M |
| Average age (parent company) | 41.5 years | 42.2 years | 43.0 years | 42.3 years | 43.5 years |
| Average tenure (parent company) | 6.1 years | 4.9 years | 4.3 years | 4.2 years | 4.7 years |

Year over year: Employees (consolidated) +4.1% · Revenue (consolidated) +13.3%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Online Brokerage | 54,462 | 65.1% | — | — |
| Crypto Asset | 17,592 | 21.0% | — | — |
| Asset Management-Wealth Management | 7,735 | 9.3% | — | — |
| Investment | 190 | 0.2% | — | — |
| Other | 3,626 | 4.3% | — | — |

### 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 |
| --- | ---: |
| Online Brokerage | 65.1% |
| Crypto Asset | 21.0% |
| Asset Management-Wealth Management | 9.3% |
| Investment | 0.2% |
| Other | 4.3% |

Segment → industry: Asset Management-Wealth Management → Securities & Asset Management / Online Brokerage → Securities & Asset Management / Crypto Asset → Crypto & Blockchain / Investment → Venture Capital

## 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 | 17,806 | 21.3% | S100YM8I |
| Capital expenditure | 4,974 | 5.9% | S100YM8I |
| Free cash flow | 12,832 | 15.3% | 算出 |
| Investing cash flow | -14,571 | -17.4% | S100YM8I |
| Financing cash flow | -5,008 | -6.0% | S100YM8I |
| Dividends paid | 10,199 | 12.2% | S100YM8I |
| Share buyback | 1,041 | 1.2% | S100YM8I |
| Change in cash | -681 | -0.8% | S100YM8I |
| Cash and equivalents | 52,786 | 63.1% | S100YM8I |

## 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 | 253,458 | 175,159 | 97,935 | 53,467 | 52,786 | S100R3SZ, S100U7EH, S100YM8I |
| Total assets | 1,607,761 | 1,504,110 | 761,642 | 709,641 | 746,768 | S100R3SZ, S100U7EH, S100W7OX, S100YM8I |
| Net assets | 106,018 | 100,754 | 133,123 | 126,254 | 129,970 | S100U7EH, S100W7OX, S100YM8I |
| Share capital | 13,144 | 13,144 | 13,144 | 13,144 | 13,144 | S100R3SZ, S100U7EH, S100W7OX, S100YM8I |
| Property, plant and equipment | 6,564 | 6,043 | 6,579 | 5,155 | 6,820 | S100R3SZ, S100U7EH, S100W7OX, S100YM8I |
| Goodwill | 18,589 | 19,786 | 13,581 | 20,020 | 22,677 | S100R3SZ, S100U7EH, S100W7OX, S100YM8I |
| Total liabilities | 1,501,742 | 1,403,355 | 628,519 | 583,387 | 616,798 | S100R3SZ, S100U7EH, S100W7OX, S100YM8I |
| Equity attributable to owners of parent | 104,286 | 99,641 | 131,712 | 123,984 | 126,397 | S100R3SZ, S100U7EH, S100W7OX, S100YM8I |
| Retained earnings | 39,268 | 34,509 | 62,131 | 46,266 | 45,554 | S100R3SZ, S100U7EH, S100W7OX, S100YM8I |
| Treasury stock | -383 | -714 | -173 | -723 | -199 | S100R3SZ, S100U7EH, S100W7OX, S100YM8I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YM8I |
| Property, plant and equipment | 1% | S100YM8I |
| Intangibles and goodwill | 3% | — |
| Other assets | 89% | S100YM8I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 83% | S100YM8I |
| Equity | 17% | S100YM8I |

### 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 | 1,607,761 | 1,504,110 | 761,642 | 709,641 | 746,768 |
| Equity | 106,018 | 100,754 | 133,123 | 126,254 | 129,970 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 253,458 | 175,159 | 97,935 | 53,467 | 52,786 |

## 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) | 8.2% | S100YM8I |
| Fixed assets ÷ total assets | 0.9% | S100YM8I |
| Goodwill ÷ parent equity | 17.9% | S100YM8I |

Goodwill over 4 years: 18,589 → 22,677 JPY; total investing cash flow: -161,001 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) | 7.1% |
| Cash ÷ revenue | 63.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 6,892 JPY mn (of net income 63.1%) |
| Shareholder returns / net income | 103.0% |
| Shareholder returns / FCF | 87.6% |
| Shareholder payments — dividends / net income | 93.4% |
| Shareholder payments — dividends / FCF | 79.5% |
| CapEx intensity (capex ÷ revenue) | 5.9% |
| Investing CF relative to operating CF | 81.8% |

## 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 | 14.7% | 0.06× | 0.8% | 15.42× | 12.5% | S100R3SZ, S100YM8I |
| 2023 | 6.1% | 0.04× | 0.2% | 15.26× | 3.3% | S100U7EH, S100YM8I |
| 2024 | 47.6% | 0.06× | 2.8% | 9.79× | 27.1% | S100W7OX, S100YM8I |
| 2025 | — | —× | -0.7% | —× | — | S100YM8I |
| 2026 | 13.1% | 0.11× | 1.5% | 5.82× | 8.7% | S100YM8I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社しずおかフィナンシャルグループ (常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 20.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 11.4% | 2026-03-31 |
| 株式会社松本 | Major shareholder | 8.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| ＵＢＳ ＡＧ ＬＯＮＤＯＮ Ａ／Ｃ ＩＰＢ ＳＥＧＲＥＧＡＴＥＤ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2026-03-31 |
| 工藤 恭子 | Major shareholder | 1.4% | 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 | 1.0% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.0% | 2026-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YM8I | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YM8I,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100W7OX | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7OX,, |
| 訂正有価証券報告書－第20期(2023/04/01－2024/03/31) | S100U7EH | 2024-08-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U7EH,, |
| 有価証券報告書－第19期(2022/04/01－2023/03/31) | S100R3SZ | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3SZ,, |
| 訂正有価証券報告書－第18期(令和3年4月1日－令和4年3月31日) | S100OOLL | 2022-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OOLL,, |
| 有価証券報告書－第17期(令和2年4月1日－令和3年3月31日) | S100LRQ3 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRQ3,, |

## 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).