Industry map/Finance & Business Services

Securities & Asset Management industry map

Who earns the money in Securities & Asset Management, and who keeps it. When a company spans several industries, only the relevant segment is counted.

FY2025 · 43 companies · ¥8.33T

Industry map

Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.

Industry size (revenue): ¥8.33T
Companies: 43
Avg. salary（parent only）: ¥8.2M
Industry weather: Sunny

Ownership (major shareholders, % held)Daiwa Securities GroupGMO internet groupAlliances (from the filing's material contracts)

Nomura Holdings[8604]

Revenue: ¥4.76T▲0.5%
Operating income: —

Avg. salary ¥14.2M · 45.0（parent only）

SBI Holdings[8473]

Revenue: ¥1.9T▲31.4%
Operating income: —

Avg. salary ¥10.1M · 41.3（parent only）

Daiwa Securities Group[8601]

Wealth Management + 2 more

Revenue: ¥668.4B▲12.0%
Operating income: ¥236.5B▲17.7%

Whole company: Revenue ¥1.47T · Net income ¥175.3B

Avg. salary ¥17.9M · 41.6（parent only）

GMO Financial Holdings[7177]

Securities and foreign exchange

#10▼

Revenue: ¥40.1B▼8.4%
Operating income: ¥13.4B▲152.7%

Whole company: Revenue ¥49.5B · Net income ¥10.4B

Avg. salary ¥10.9M · 40.3（parent only）

GMO internet group owns 65.7%
Daiwa Securities Group owns 2.1%

Japan Exchange Group[8697]

Revenue: ¥198.7B▲22.5%
Operating income: ¥116.3B▲29.0%

Avg. salary ¥11.1M · 46.8（parent only）

Japan Securities Finance[8511]

Securities Finance Business

#5▲

Revenue: ¥102.9B▲94.2%
Operating income: ¥13.8B▲30.4%

Whole company: Revenue ¥114.2B · Net income ¥10.6B

Avg. salary ¥10.2M · 44.0（parent only）

Tokai Tokyo Financial Holdings[8616]

#6▼

Revenue: ¥97.7B▲13.2%
Operating income: ¥14.8B▲26.2%

Avg. salary ¥7.9M · 38.0（parent only）

Okasan Securities Group[8609]

#7▼

Revenue: ¥95.6B▲16.7%
Operating income: ¥18.7B▲45.9%

Avg. salary ¥11.3M · 45.0（parent only）

Monex Group[8698]

Online Brokerage + 1 more

#8▼

Revenue: ¥62.2B▲12.3%
Operating income: —

Whole company: Revenue ¥83.6B · Net income ¥10.9B

Avg. salary ¥9.4M · 43.5（parent only）

Shizuoka Financial Group owns 20.3%

Matsui Securities[8628]

#9▲

Revenue: ¥52.7B▲34.3%
Operating income: ¥23.5B▲50.1%

Avg. salary ¥11.5M · 37.3（parent only）

GMO internet group[9449]

Internet Finance

#11

Revenue: ¥39.4B
Operating income: ¥13.2B

Whole company: Revenue ¥285.3B · Net income ¥16.7B

Avg. salary ¥8.4M · 39.0（parent only）

IwaiCosmo Holdings[8707]

IwaiCosmo Securities Co.,Ltd. + 1 more

#12▼

Revenue: ¥36.5B▲27.6%
Operating income: ¥17.7B▲49.0%

Whole company: Revenue ¥32.3B · Net income ¥10.4B

※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.

Other companies: SBI Global Asset Management · Ichiyoshi Securities · Marusan Securities · Aizawa Securities Group · Shizuoka Financial Group · Akatsuki · Mito Securities · Toyo Securities · Traders Holdings · Yutaka Trusty Securities · FinTech Global · Hirose Tusyo · Nissan Securities Group · Kyokuto Securities · North Pacific Bank · Daishi Hokuetsu Financial Group · Chugin Financial Group · The Imamura Securities · Broad-Minded · Ai Partners Financial · The Nanto Bank · Maruhachi Securities · Hachijuni Nagano Bank · THE Tochigi Bank · Fundinno · Kobayashi Yoko · ZUU · Nojima · The Kosei Securities · Fund Creation Group · Astmax

The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).

Switch years to see how the map shifts

Who earns the money

Area = revenue from businesses in this industry. Color = operating margin.

LossHigh margin(middle = 0% margin)

Who makes a profit

Across = revenue (log scale), up = operating margin, bubble size = operating income.

Ranking and momentum

Rank	Company (business)	Revenue	Share	Op. margin	CAGR	FCF*
1	Nomura Holdings	¥4.76T	57.1%	—	+31.4%	—
2	SBI Holdings	¥1.9T	22.8%	—	+25.5%	—
3	Daiwa Securities GroupWealth Management + 2 more	¥668.4B	8.0%	35.4%	+67.4%	¥327.2B
4	Japan Exchange Group	¥198.7B	2.4%	58.5%	+10.1%	¥99.3B
5▲3	Japan Securities FinanceSecurities Finance Business	¥102.9B	1.2%	13.4%	+40.3%	¥134.8B
6▼1	Tokai Tokyo Financial Holdings	¥97.7B	1.2%	15.2%	+4.8%	¥1.09B
7▼1	Okasan Securities Group	¥95.6B	1.1%	19.6%	+6.6%	¥59.3B
8▼1	Monex GroupOnline Brokerage + 1 more	¥62.2B	0.7%	—	—	¥12.8B
9▲1	Matsui Securities	¥52.7B	0.6%	44.5%	+14.7%	-¥563M
10▼1	GMO Financial HoldingsSecurities and foreign exchange	¥40.1B	0.5%	33.5%	+4.8%	¥10.7B
11new	GMO internet groupInternet Finance	¥39.4B	0.5%	33.6%	—	¥43.5B
12▼1	IwaiCosmo HoldingsIwaiCosmo Securities Co.,Ltd. + 1 more	¥36.5B	0.4%	48.5%	+11.7%	¥2.25B
13▲7	SBI Global Asset ManagementAsset management + 1 more	¥27.9B	0.3%	21.4%	+36.1%	¥2.19B
14▼1	Ichiyoshi Securities	¥24.6B	0.3%	25.1%	+5.8%	¥3.53B
15▼3	Marusan Securities	¥21.7B	0.3%	24.7%	—	¥8.06B
16▼2	Aizawa Securities GroupFinancial Securities Business + 1 more	¥20.3B	0.2%	3.4%	+7.1%	¥4.28B
17	Shizuoka Financial GroupOther	¥16.5B	0.2%	381.7%	+19.2%	-¥293.1B
18▼2	AkatsukiSecurities business	¥16.5B	0.2%	14.9%	+9.0%	-¥4.5B
19▼1	Mito Securities	¥16.1B	0.2%	19.6%	+4.1%	¥3.44B
20▲1	Toyo Securities	¥13.6B	0.2%	20.8%	+5.7%	-¥906M
21▼2	Traders HoldingsFinancial Instruments Trading Business	¥13.1B	0.2%	45.6%	—	-¥1.24B
22▲3	Yutaka Trusty Securities	¥13B	0.2%	48.4%	+17.9%	¥2.93B
23▼1	FinTech GlobalInvestment banking	¥11.5B	0.1%	41.3%	+31.4%	-¥952.9M
24▼1	Hirose Tusyo	¥10.5B	0.1%	29.0%	+4.7%	-¥482.1M
25▲1	Nissan Securities Group	¥8.63B	0.1%	17.0%	+4.6%	¥4.97B
26▼2	Kyokuto Securities	¥8.32B	0.1%	36.5%	+6.4%	-¥2.5B
27	North Pacific BankOther	¥6.64B	0.1%	24.7%	+7.1%	-¥385.8B
28▲1	Daishi Hokuetsu Financial GroupSecurities business	¥5.86B	0.1%	41.1%	+1.1%	-¥502.1B
29▲3	Chugin Financial GroupSecurities	¥4.95B	0.1%	27.5%	+19.5%	¥62B
30▲1	The Imamura Securities	¥4.91B	0.1%	28.6%	+2.2%	¥3.08B
31▼1	Broad-MindedFinancial partner	¥4.81B	0.1%	12.5%	—	-¥549.8M
32▲1	Ai Partners Financial	¥4.58B	0.1%	2.4%	+4.8%	¥123.4M
33▲1	The Nanto BankOther	¥3.7B	0.0%	47.7%	+3.8%	-¥443.2B
34▲1	Maruhachi Securities	¥3.58B	0.0%	20.7%	+5.7%	¥1.06B
35▲1	Hachijuni Nagano BankOther	¥3.13B	0.0%	-6.3%	-6.2%	-¥452.3B
36▲1	THE Tochigi BankFinancial instruments business	¥2.8B	0.0%	21.5%	-1.9%	-¥179.1B
37▲3	Fundinno	¥2.5B	0.0%	8.6%	+111.1%	¥376.7M
38	Kobayashi YokoInvestment and financial service business	¥2.21B	0.0%	9.8%	+10.4%	¥403.1M
39	ZUUFintech Transaction	¥2.03B	0.0%	-16.6%	—	-¥213.6M
40▼12	NojimaFinancial business	¥1.85B	0.0%	23.6%	—	¥42.8B
41▲1	The Kosei Securities	¥1.11B	0.0%	4.0%	+25.6%	-¥237M
42▼1	Fund Creation GroupAsset management	¥919M	0.0%	41.8%	+6.0%	-¥1.17B
43	Astmaxproprietary commodity dealing activities	¥133.9M	0.0%	-128.5%	-21.0%	¥622M

* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.

How they make money differently

Where each company's ¥100 of sales goes, and how much it keeps (company-wide).

Cost of sales
Operating costs
Ordinary expenses
SG&A
Other
Operating profit
Ordinary profit

Showing the 25 largest companies by revenue.

Ownership links

From the major-shareholder section of annual securities reports.

GMO internet groupIn industry
- SubsidiaryGMO Financial Holdings65.7%
Tokai Tokyo Financial HoldingsIn industry
- AffiliateMaruhachi Securities43.6%
Shizuoka Financial GroupIn industry
- AffiliateMonex Group20.3%
株式会社クレディセゾンOutside
- StakeBroad-Minded17.4%
株式会社野村総合研究所Outside
- StakeToyo Securities9.8%
- StakeMito Securities9.2%
- StakeAizawa Securities Group3.1%
株式会社三井住友フィナンシャルグループOutside
- StakeSBI Holdings8.3%
ＮＴＴ株式会社Outside
- StakeSBI Holdings8.3%
北海道電力株式会社Outside
- StakeNorth Pacific Bank6.2%
Nissan Securities GroupIn industry
- StakeKobayashi Yoko5.9%
Aizawa Securities GroupIn industry
- StakeFund Creation Group5.3%
株式会社七十七銀行（常任代理人株式会社日本カストディ銀行）Outside
- StakeKyokuto Securities5.1%
㈱アエリアOutside
- StakeAkatsuki3.8%

The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.

Compare the leaders side by side

All companies in Securities & Asset Management (by revenue)

All 45 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.

Nomura Holdings¥4.76T
SBI Holdings¥1.9T
Daiwa Securities Group¥668.4B · 35.4%
Japan Exchange Group¥198.7B · 58.5%
Japan Securities Finance¥102.9B · 13.4%
Tokai Tokyo Financial Holdings¥97.7B · 15.2%
Okasan Securities Group¥95.6B · 19.6%
Monex Group¥62.2B
Matsui Securities¥52.7B · 44.5%
GMO Financial Holdings¥40.1B · 33.5%
GMO internet group¥39.4B · 33.6%
IwaiCosmo Holdings¥36.5B · 48.5%
SBI Global Asset Management¥27.9B · 21.4%
Ichiyoshi Securities¥24.6B · 25.1%
Marusan Securities¥21.7B · 24.7%
Aizawa Securities Group¥20.3B · 3.4%
SPARX Group¥18B · 43.0%
Shizuoka Financial Group¥16.5B · 381.7%
Akatsuki¥16.5B · 14.9%
Mito Securities¥16.1B · 19.6%
Toyo Securities¥13.6B · 20.8%
Traders Holdings¥13.1B · 45.6%
Yutaka Trusty Securities¥13B · 48.4%
FinTech Global¥11.5B · 41.3%
Hirose Tusyo¥10.5B · 29.0%
Nissan Securities Group¥8.63B · 17.0%
Kyokuto Securities¥8.32B · 36.5%
North Pacific Bank¥6.64B · 24.7%
Daishi Hokuetsu Financial Group¥5.86B · 41.1%
Chugin Financial Group¥4.95B · 27.5%
The Imamura Securities¥4.91B · 28.6%
Broad-Minded¥4.81B · 12.5%
Ai Partners Financial¥4.58B · 2.4%
The Nanto Bank¥3.7B · 47.7%
Maruhachi Securities¥3.58B · 20.7%
Hachijuni Nagano Bank¥3.13B · -6.3%
THE Tochigi Bank¥2.8B · 21.5%
Fundinno¥2.5B · 8.6%
Kobayashi Yoko¥2.21B · 9.8%
ZUU¥2.03B · -16.6%
Nojima¥1.85B · 23.6%
The Kosei Securities¥1.11B · 4.0%
Fund Creation Group¥919M · 41.8%
Astmax¥133.9M · -128.5%
PostPrime¥16.5M · -1518.5%

Revenue · Op. margin

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