# Daiwa Securities Group vs Japan Exchange Group vs Nomura Holdings vs SBI Holdings

> Unit: JPY millions (ratios in %)
> Periods: Daiwa Securities Group = FY ending Mar 2026, consolidated, J-GAAP / Japan Exchange Group = FY ending Mar 2026, consolidated, IFRS / Nomura Holdings = FY ending Mar 2026, consolidated, US GAAP / SBI Holdings = FY ending Mar 2026, consolidated, IFRS
> Retrieved: 2026-09-30T22:45:05.401Z

| Metric | Daiwa Securities Group | Japan Exchange Group | Nomura Holdings | SBI Holdings |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,467,983 | 198,735 | 4,758,486 | 1,896,607 |
| Operating income | 207,333 | 116,289 | — | — |
| Net income | 175,281 | 79,139 | 362,129 | 427,577 |
| COGS ratio | — | — | — | 19.3% |
| Operating margin | 14.1% | 58.5% | — | — |
| Net margin | 11.9% | 39.8% | 7.6% | 22.5% |
| FCF margin | 22.3% | 50.0% | — | — |
| Period | FY ending Mar 2026 | FY ending Mar 2026 | FY ending Mar 2026 | FY ending Mar 2026 |
| Source | S100YCMP | S100YA84 | S100YC5C | S100YK3R |

## Company details

- https://vizora.meequs.com/en/company/daiwa-securities-group/md
- https://vizora.meequs.com/en/company/japan-exchange-group/md
- https://vizora.meequs.com/en/company/nomura-holdings/md
- https://vizora.meequs.com/en/company/sbi-holdings/md

## 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).