Who are Nomura's main competitors?

Named competitors: Daiwa Securities (8601.T), Goldman Sachs (GS), Morgan Stanley (MS), Mitsubishi UFJ Morgan Stanley (MUFG) (8306.T). The cockpit's measured peer set (industry) also includes Principal Financial (PFG), CSC Financial (6066.HK), Ares Management (ARES), T. Rowe Price (TROW), Raymond James Financial (RJF), Northern Trust (NTRS).

Is Nomura expensive compared with its peers?

On forward p/e it trades at 9.0× against a peer median of 11.7×, 4th cheapest of 21 in its peer set.

How has Nomura stock performed?

Over six months to 6 Nov 2026 the shares returned +15.4% against +5.0% for the median peer; over one year +37.8%.

← CockpitCompetitor Analysis › 8604.T Nomura Holdings Inc.Open in the cockpit ↗

Nomura Holdings Inc.8604.TCompetitor analysis, valuation and peers

Japan · JPY·Financials›Investment Managers

Japan's largest securities brokerage and investment bank, with global institutional and asset-management operations.

≈ Japan's Morgan Stanley/Goldman SachsMomentum strong 63

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$26.5B

US dollars, full cap

Free float

94%

of shares outstanding

$/day

$97.5M

20-day average traded

Fwd P/E

9.0×

forward earnings

ROIC−WACC

n/a

WACC 5.0%

Hurdle

n/a

no reverse DCF

Next earnings

89 days

3 Feb 2027

Close · JPY¥1,450

1D-8.2%

1W-1.8%

1M-5.7%

3M-3.7%

6M+15.4%

YTD+13.6%

1Y+37.8%

ATR %3.4%

52w lowhigh14.1% off high

What Nomura does

Japan's largest securities brokerage and investment bank, with global institutional and asset-management operations.

Earns fees and commissions rather than lending income: brokerage and fund-sale fees from Japanese households, fees on assets it manages, and underwriting, advisory and trading income from companies and institutions, which swings with markets. In 2008 it bought Lehman Brothers' European and Asian operations to build a global investment bank.

In one line: Japan's Morgan Stanley/Goldman Sachs.

Products and services

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

Customers

Retail investors in Japan
Global institutional investors
Corporates (underwriting/M&A/advisory)

Where it sits in the supply chain

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

What could go right

Japanese retail investing growth (NISA)
Global capital-markets activity

What could go wrong

Trading/underwriting revenue cyclicality
Past overseas execution missteps (e.g., Archegos)

Moat: narrow (brand, scale, distribution). Largest Japanese securities brand with the broadest global institutional footprint among domestic peers.

Headquarters: Tokyo, Japan · Founded: 1925 · Employees: 28,677

Named competitors

Daiwa Securities 8601.T
Goldman Sachs GS
Morgan Stanley MS
Mitsubishi UFJ Morgan Stanley (MUFG) 8306.T

Nomura at a glance

Size Nomura (8604.T) is a Japan Financials company (Investment Managers) with a market value of $26.5B, the 64th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,450 on 6 Nov 2026.

Performance Over six months the shares gained 15.4%, against +5.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd highest of 21 in its peer set.

Growth Revenue grew 11.8% over the last twelve months (peer median +8.6%); the operating margin is 11.7% (peer median 30.9%).

Valuation It trades at 9.0× forward earnings against a peer median of 11.7× (4th cheapest of 21).

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

Relative performance

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

Nomura financials

Reported figures in JPY; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	¥5.14T	¥4.76T	¥4.74T	¥4.16T	¥2.48T
Revenue growth	—	0%	+14%	+67%	—
Gross profit	¥2.15T	¥1.88T	¥1.65T	¥1.36T	¥1.15T
EBITDA	n/a	¥608B	¥534B	¥335B	¥207B
Net income	¥415B	¥362B	¥341B	¥166B	¥92.8B
Free cash flow	n/a	-¥1.50T	-¥2.36T	¥3.64B	-¥593B
Capital expenditure	n/a	¥354B	¥190B	¥146B	¥171B
Total debt	¥38.1T	¥36.7T	¥34.5T	¥33.1T	¥28.1T

Quarterly statements and history in the cockpit →

Nomura 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. Nomura is the large dot.

Fundamentals: revenue growth against valuation

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

Nomura competitors and peer comparison

Head to head with its named competitors (8604.T vs 8601.T vs GS vs MS)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Nomura 8604.T	$26.5B	+15%	+12%	12%	9.0×	n/a
Daiwa Securities 8601.T	$14.0B	+11%	+18%	17%	10.8×	n/a
Goldman Sachs GS	$250B	-8%	+12%	40%	12.0×	n/a
Morgan Stanley MS	$285B	-6%	+16%	33%	13.6×	n/a
Mitsubishi Ufj Financial 8306.T	$230B	+14%	+11%	37%	12.6×	n/a

How Nomura 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.

Nomura against its 20 peers (data as of 6 Nov 2026)
Measure	8604.T	Peer median	Rank in peer set
1-month return	-5.7%	+2.7%	4th lowest of 21
6-month return	+15.4%	+5.0%	2nd highest of 21
Distance from 52-week high	-14.1%	-17.7%	9th highest of 21
Revenue growth (TTM)	+11.8%	+8.6%	8th highest of 21
Operating margin	11.7%	30.9%	lowest of 21
Forward P/E	9.0×	11.7×	4th 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
Nomura 8604.T	Japan	$26.5B	+15%	+12%	12%	9.0×	n/a	n/a
Principal Financial PFG	United States	$23.6B	+10%	+5%	15%	11.3×	n/a	n/a
CSC Financial 6066.HK	Hong Kong	$23.5B	-15%	+3%	49%	5.5×	n/a	n/a
Ares Management ARES	United States	$30.0B	+7%	+7%	27%	20.5×	n/a	n/a
T. Rowe Price TROW	United States	$23.1B	+4%	+7%	36%	10.8×	n/a	n/a
Raymond James Financial RJF	United States	$31.3B	+6%	+10%	21%	11.4×	n/a	n/a
Northern Trust NTRS	United States	$31.3B	+8%	+7%	24%	13.7×	n/a	n/a
Amundi AMUN.PA	France	$21.7B	+9%	+1%	23%	11.9×	n/a	n/a
Partners PGHN.SW	Switzerland	$21.3B	-24%	+9%	56%	16.7×	n/a	n/a
Pershing Square PS	United States	$20.6B	+24%	+67%	37%	84.9×	n/a	n/a
China Merchants Securities 6099.HK	Hong Kong	$20.2B	-10%	+98%	34%	4.5×	n/a	n/a
TPG TPG	United States	$17.9B	+4%	+21%	17%	13.8×	n/a	n/a
Eqt EQT.ST	Sweden	$39.2B	+1%	-18%	59%	22.6×	n/a	n/a
Guotai Haitong Securities 2611.HK	Hong Kong	$39.8B	-6%	+38%	69%	6.0×	n/a	n/a
Franklin Resources BEN	United States	$17.1B	+10%	+8%	15%	10.6×	n/a	n/a
CVC Capital Partners CVC.AS	Netherlands	$16.9B	+10%	+14%	57%	18.1×	n/a	n/a
Ameriprise Financial AMP	United States	$43.5B	+8%	+9%	28%	10.0×	n/a	n/a
Blue Owl Capital OWL	United States	$15.4B	-7%	+11%	17%	10.4×	n/a	n/a
ICICI Prudential Asset Management ICICIAMC.NS	India	$15.4B	-11%	+22%	73%	39.2×	n/a	n/a
DWS Group GmbH & Co. KGaA DWS.DE	Germany	$14.7B	+7%	+24%	37%	12.6×	n/a	n/a
Carlyle CG	United States	$14.1B	-22%	-44%	14%	10.2×	n/a	n/a

Questions

Who are Nomura's main competitors?: Named competitors: Daiwa Securities (8601.T), Goldman Sachs (GS), Morgan Stanley (MS), Mitsubishi UFJ Morgan Stanley (MUFG) (8306.T). The cockpit's measured peer set (industry) also includes Principal Financial (PFG), CSC Financial (6066.HK), Ares Management (ARES), T. Rowe Price (TROW), Raymond James Financial (RJF), Northern Trust (NTRS).
Is Nomura expensive compared with its peers?: On forward p/e it trades at 9.0× against a peer median of 11.7×, 4th cheapest of 21 in its peer set.
How has Nomura stock performed?: Over six months to 6 Nov 2026 the shares returned +15.4% against +5.0% for the median peer; over one year +37.8%.