Who are Japan Exchange's main competitors?

Named competitors: Hong Kong Exchanges (0388.HK), Singapore Exchange (S68.SI), Intercontinental Exchange (ICE), Deutsche Boerse (DB1.DE). The cockpit's measured peer set (industry) also includes Futu Holdings Ltd. Sponsored ADR (FUTU), Daiwa Securities (8601.T), TMX (X.TO), Shenwan Hongyuan (6806.HK), Freedom (FRHC), China Galaxy Securities (6881.HK).

Is Japan Exchange expensive compared with its peers?

On forward p/e it trades at 19.7× against a peer median of 14.4×, 9th most expensive of 21 in its peer set.

How has Japan Exchange stock performed?

Over six months to 6 Nov 2026 the shares returned +11.1% against -4.0% for the median peer; over one year +16.4%.

← CockpitCompetitor Analysis › 8697.T Japan Exchange GroupOpen in the cockpit ↗

Japan Exchange Group8697.TCompetitor analysis, valuation and peers

Japan · JPY·Financials›Investment Banks/Brokers

Operates Japan's main stock and derivatives exchanges (Tokyo Stock Exchange, Osaka Exchange).

≈ Japan's Intercontinental Exchange/Nasdaq (exchange operator)Momentum neutral 53

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$13.4B

US dollars, full cap

Free float

93%

of shares outstanding

$/day

$65.7M

20-day average traded

Fwd P/E

19.7×

forward earnings

ROIC−WACC

n/a

WACC 9.7%

Hurdle

n/a

no reverse DCF

Next earnings

87 days

1 Feb 2027

Close · JPY¥2,070

1D-5.3%

1W-2.2%

1M-10.4%

3M-4.8%

6M+11.1%

YTD+25.9%

1Y+16.4%

ATR %3.4%

52w lowhigh12.4% off high

What Japan Exchange does

Operates Japan's main stock and derivatives exchanges (Tokyo Stock Exchange, Osaka Exchange).

Earns fees on each trade, with cash equities and derivatives the two main sources, plus listing fees, clearing and data licensing, so volume is what counts. It was formed in 2013 by merging the Tokyo and Osaka exchanges, owns the clearing house for both, and added commodity futures through the 2020 takeover of the Tokyo Commodity Exchange.

In one line: Japan's Intercontinental Exchange/Nasdaq (exchange operator).

Products and services

Cash equity trading (TSE)
Derivatives trading (Osaka Exchange)
Clearing/settlement
Market data/index licensing

Customers

Securities brokers
Institutional/retail investors (indirectly)
Listed companies

Where it sits in the supply chain

Financial market infrastructure
Exchange operator
Cash equities, derivatives, clearing

What could go right

Trading volume growth, corporate-governance-driven listings reform

What could go wrong

Trading-volume cyclicality
Regulatory fee constraints

Moat: wide (regulatory licence, network effects, scale). Sole licensed operator of Japan's primary stock exchange, a natural, regulator-protected monopoly.

Headquarters: Tokyo, Japan · Founded: 2013 · Employees: 1,268

Named competitors

Japan Exchange at a glance

Size Japan Exchange (8697.T) is a Japan Financials company (Investment Banks/Brokers) with a market value of $13.4B, the 105th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,070 on 6 Nov 2026.

Performance Over six months the shares gained 11.1%, against -4.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th highest of 21 in its peer set.

Growth Revenue grew 40.4% over the last twelve months (peer median +15.5%); the operating margin is 61.2% (peer median 47.6%).

Valuation It trades at 19.7× forward earnings against a peer median of 14.4× (9th most expensive of 21).

Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).

Relative performance

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

Japan Exchange financials

Reported figures in JPY; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	¥241B	¥199B	¥164B	¥158B	¥134B
Revenue growth	—	+21%	+4%	+17%	—
Gross profit	¥197B	¥161B	¥133B	¥128B	¥104B
EBITDA	¥165B	¥133B	¥107B	¥104B	¥85.9B
Net income	¥102B	¥79.1B	¥61.1B	¥60.8B	¥46.3B
Free cash flow	n/a	¥107B	¥84.4B	¥73.0B	¥66.3B
Capital expenditure	n/a	¥8.47B	¥15.2B	¥15.6B	¥11.3B
Total debt	¥52.5B	¥56.1B	¥53.1B	¥56.6B	¥54.8B

Quarterly statements and history in the cockpit →

Japan Exchange 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. Japan Exchange is the large dot.

Fundamentals: revenue growth against valuation

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

Japan Exchange competitors and peer comparison

Head to head with its named competitors (8697.T vs 0388.HK vs S68.SI vs ICE)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Japan Exchange 8697.T	$13.4B	+11%	+40%	61%	19.7×	n/a
HKEX 0388.HK	$62.2B	-10%	+23%	75%	24.6×	n/a
Singapore Exchange S68.SI	$17.2B	-2%	+14%	57%	27.0×	n/a
Intercontinental Exchange ICE	$96.3B	+11%	+14%	47%	20.1×	n/a
Deutsche Boerse DB1.DE	$63.8B	+32%	+7%	41%	24.7×	n/a

How Japan Exchange 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.

Japan Exchange against its 20 peers (data as of 6 Nov 2026)
Measure	8697.T	Peer median	Rank in peer set
1-month return	-10.4%	+3.7%	lowest of 21
6-month return	+11.1%	-4.0%	8th highest of 21
Distance from 52-week high	-12.4%	-19.3%	8th highest of 21
Revenue growth (TTM)	+40.4%	+15.5%	4th highest of 21
Operating margin	61.2%	47.6%	6th highest of 21
Forward P/E	19.7×	14.4×	9th most expensive 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
Japan Exchange 8697.T	Japan	$13.4B	+11%	+40%	61%	19.7×	n/a	n/a
Futu Holdings Ltd. Sponsored ADR FUTU	United States	$13.7B	-32%	+44%	69%	6.8×	n/a	n/a
Daiwa Securities 8601.T	Japan	$14.0B	+11%	+18%	17%	10.8×	n/a	n/a
TMX X.TO	Canada	$12.1B	+10%	+4%	28%	22.8×	n/a	n/a
Shenwan Hongyuan 6806.HK	Hong Kong	$15.4B	-26%	-22%	31%	4.5×	n/a	n/a
Freedom FRHC	United States	$11.4B	+28%	+8%	29%	39.7×	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
Evercore EVR	United States	$10.9B	-17%	+37%	22%	14.2×	n/a	n/a
BSE BSE.NS	India	$16.4B	-4%	+58%	65%	47.0×	n/a	n/a
Jefferies Financial JEF	United States	$10.9B	-11%	+26%	41%	11.3×	n/a	n/a
Singapore Exchange S68.SI	Singapore	$17.2B	-2%	+14%	57%	27.0×	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
Multi Commodity Exchange of India MCX.NS	India	$9.51B	+16%	+122%	79%	50.8×	n/a	n/a
Euronext ENX.PA	France	$18.8B	+21%	+14%	52%	19.7×	n/a	n/a
ASX ASX.AX	Australia	$9.02B	+15%	+3%	65%	24.2×	n/a	n/a
GF Securities 1776.HK	Hong Kong	$20.5B	-8%	+18%	75%	5.6×	n/a	n/a
Nordnet SAVE.ST	Sweden	$8.70B	+13%	+11%	58%	23.7×	n/a	n/a
Everbright Securities 601788.SS	China	$8.70B	-9%	-4%	36%	14.6×	n/a	n/a
Founder Securities 601901.SS	China	$8.52B	-4%	-21%	47%	11.7×	n/a	n/a

Questions

Who are Japan Exchange's main competitors?: Named competitors: Hong Kong Exchanges (0388.HK), Singapore Exchange (S68.SI), Intercontinental Exchange (ICE), Deutsche Boerse (DB1.DE). The cockpit's measured peer set (industry) also includes Futu Holdings Ltd. Sponsored ADR (FUTU), Daiwa Securities (8601.T), TMX (X.TO), Shenwan Hongyuan (6806.HK), Freedom (FRHC), China Galaxy Securities (6881.HK).
Is Japan Exchange expensive compared with its peers?: On forward p/e it trades at 19.7× against a peer median of 14.4×, 9th most expensive of 21 in its peer set.
How has Japan Exchange stock performed?: Over six months to 6 Nov 2026 the shares returned +11.1% against -4.0% for the median peer; over one year +16.4%.