Who are Daiwa Securities's main competitors?

Named competitors: Nomura Holdings (8604.T), SMBC Nikko Securities (SMFG) (8316.T), Mitsubishi UFJ Morgan Stanley (MUFG) (8306.T), Goldman Sachs (GS). The cockpit's measured peer set (industry) also includes Futu Holdings Ltd. Sponsored ADR (FUTU), Japan Exchange (8697.T), Shenwan Hongyuan (6806.HK), China Galaxy Securities (6881.HK), Meritz Financial (138040.KS), TMX (X.TO).

Is Daiwa Securities expensive compared with its peers?

On forward p/e it trades at 10.8× against a peer median of 16.1×, 9th cheapest of 21 in its peer set.

How has Daiwa Securities stock performed?

Over six months to 6 Nov 2026 the shares returned +11.2% against -4.4% for the median peer; over one year +42.2%.

← CockpitCompetitor Analysis › 8601.T Daiwa Securities GroupOpen in the cockpit ↗

Daiwa Securities Group8601.TCompetitor analysis, valuation and peers

Japan · JPY·Financials›Investment Banks/Brokers

Japan's second-largest securities brokerage and investment bank, serving retail and institutional clients.

≈ Japan's Morgan Stanley for retail plus institutional securitiesMomentum neutral 48

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$14.0B

US dollars, full cap

Free float

78%

of shares outstanding

$/day

$64.1M

20-day average traded

Fwd P/E

10.8×

forward earnings

ROIC−WACC

n/a

WACC 5.0%

Hurdle

n/a

no reverse DCF

Next earnings

89 days

3 Feb 2027

Close · JPY¥1,632

1D-7.9%

1W-5.7%

1M-7.9%

3M-9.9%

6M+11.2%

YTD+21.8%

1Y+42.2%

ATR %3.3%

52w lowhigh14.0% off high

What Daiwa Securities does

Japan's second-largest securities brokerage and investment bank, serving retail and institutional clients.

Earns commissions on customer stock and fund trades and fees from managing fund assets for retail clients, while the wholesale arm earns underwriting and advisory fees and trading income. It is far stronger in Japan than abroad and also runs an online bank, Daiwa Next Bank.

In one line: Japan's Morgan Stanley for retail plus institutional securities.

Products and services

Retail brokerage/wealth management
Wholesale (investment banking, trading)
Asset management

Customers

Retail investors in Japan
Corporates (underwriting/M&A)
Institutional investors

Where it sits in the supply chain

Financial services
Securities brokerage/investment banking
Retail brokerage, wholesale/IB, asset…

What could go right

Japanese retail investing growth (NISA expansion)
Capital markets activity

What could go wrong

Market cyclicality of trading/underwriting revenue

Moat: narrow (brand, scale, distribution). Long-established #2 domestic securities brand with a large retail branch network.

Headquarters: Tokyo, Japan · Founded: 1902 · Employees: 14,984

Named competitors

Nomura Holdings 8604.T
SMBC Nikko Securities (SMFG) 8316.T
Mitsubishi UFJ Morgan Stanley (MUFG) 8306.T
Goldman Sachs GS

Daiwa Securities at a glance

Size Daiwa Securities (8601.T) is a Japan Financials company (Investment Banks/Brokers) with a market value of $14.0B, the 102nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,632 on 6 Nov 2026.

Performance Over six months the shares gained 11.2%, against -4.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th highest of 21 in its peer set.

Growth Revenue grew 18.4% over the last twelve months (peer median +17.3%); the operating margin is 17.2% (peer median 53.5%).

Valuation It trades at 10.8× forward earnings against a peer median of 16.1× (9th cheapest of 21).

Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Daiwa Securities against the median of its 20 peers (local-currency closes).

Daiwa Securities financials

Reported figures in JPY; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	¥1.64T	¥1.48T	¥1.37T	¥1.28T	¥871B
Revenue growth	—	+8%	+7%	+47%	—
Gross profit	¥985B	¥836B	¥725B	¥711B	¥557B
EBITDA	¥323B	¥266B	¥214B	¥204B	¥114B
Net income	¥204B	¥175B	¥154B	¥122B	¥63.9B
Free cash flow	n/a	¥385B	-¥623B	¥707B	-¥169B
Capital expenditure	n/a	¥112B	¥85.3B	¥64.5B	¥81.2B
Total debt	¥6.06T	¥5.78T	¥5.40T	¥5.18T	¥5.06T

Quarterly statements and history in the cockpit →

Daiwa Securities competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Daiwa Securities is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Daiwa Securities is the large dot.

Daiwa Securities competitors and peer comparison

Head to head with its named competitors (8601.T vs 8604.T vs 8316.T vs 8306.T)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Daiwa Securities 8601.T	$14.0B	+11%	+18%	17%	10.8×	n/a
Nomura 8604.T	$26.5B	+15%	+12%	12%	9.0×	n/a
Sumitomo Mitsui Financial 8316.T	$145B	+35%	+11%	39%	12.2×	n/a
Mitsubishi Ufj Financial 8306.T	$230B	+14%	+11%	37%	12.6×	n/a
Goldman Sachs GS	$250B	-8%	+12%	40%	12.0×	n/a

How Daiwa Securities compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Daiwa Securities against its 20 peers (data as of 6 Nov 2026)
Measure	8601.T	Peer median	Rank in peer set
1-month return	-7.9%	+1.7%	6th lowest of 21
6-month return	+11.2%	-4.4%	7th highest of 21
Distance from 52-week high	-14.0%	-20.6%	9th highest of 21
Revenue growth (TTM)	+18.4%	+17.3%	10th highest of 21
Operating margin	17.2%	53.5%	lowest of 21
Forward P/E	10.8×	16.1×	9th cheapest of 21

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Daiwa Securities 8601.T	Japan	$14.0B	+11%	+18%	17%	10.8×	n/a	n/a
Futu Holdings Ltd. Sponsored ADR FUTU	United States	$13.7B	-32%	+44%	69%	6.8×	n/a	n/a
Japan Exchange 8697.T	Japan	$13.4B	+11%	+40%	61%	19.7×	n/a	n/a
Shenwan Hongyuan 6806.HK	Hong Kong	$15.4B	-26%	-22%	31%	4.5×	n/a	n/a
China Galaxy Securities 6881.HK	Hong Kong	$15.7B	-20%	+17%	55%	4.6×	n/a	n/a
Meritz Financial 138040.KS	South Korea	$15.7B	+18%	+31%	49%	8.6×	n/a	n/a
TMX X.TO	Canada	$12.1B	+10%	+4%	28%	22.8×	n/a	n/a
BSE BSE.NS	India	$16.4B	-4%	+58%	65%	47.0×	n/a	n/a
Singapore Exchange S68.SI	Singapore	$17.2B	-2%	+14%	57%	27.0×	n/a	n/a
Freedom FRHC	United States	$11.4B	+28%	+8%	29%	39.7×	n/a	n/a
Evercore EVR	United States	$10.9B	-17%	+37%	22%	14.2×	n/a	n/a
Jefferies Financial JEF	United States	$10.9B	-11%	+26%	41%	11.3×	n/a	n/a
Euronext ENX.PA	France	$18.8B	+21%	+14%	52%	19.7×	n/a	n/a
Houlihan Lokey HLI	United States	$10.1B	-5%	0%	20%	18.0×	n/a	n/a
Orient Securities 3958.HK	Hong Kong	$10.1B	-13%	+21%	40%	5.9×	n/a	n/a
GF Securities 1776.HK	Hong Kong	$20.5B	-8%	+18%	75%	5.6×	n/a	n/a
Multi Commodity Exchange of India MCX.NS	India	$9.51B	+16%	+122%	79%	50.8×	n/a	n/a
China International Capital 3908.HK	Hong Kong	$21.3B	-15%	-16%	55%	5.6×	n/a	n/a
ASX ASX.AX	Australia	$9.02B	+15%	+3%	65%	24.2×	n/a	n/a
Huatai Securities 6886.HK	Hong Kong	$22.5B	-12%	+123%	30%	5.8×	n/a	n/a
Nordnet SAVE.ST	Sweden	$8.70B	+13%	+11%	58%	23.7×	n/a	n/a

Questions

Who are Daiwa Securities's main competitors?: Named competitors: Nomura Holdings (8604.T), SMBC Nikko Securities (SMFG) (8316.T), Mitsubishi UFJ Morgan Stanley (MUFG) (8306.T), Goldman Sachs (GS). The cockpit's measured peer set (industry) also includes Futu Holdings Ltd. Sponsored ADR (FUTU), Japan Exchange (8697.T), Shenwan Hongyuan (6806.HK), China Galaxy Securities (6881.HK), Meritz Financial (138040.KS), TMX (X.TO).
Is Daiwa Securities expensive compared with its peers?: On forward p/e it trades at 10.8× against a peer median of 16.1×, 9th cheapest of 21 in its peer set.
How has Daiwa Securities stock performed?: Over six months to 6 Nov 2026 the shares returned +11.2% against -4.4% for the median peer; over one year +42.2%.