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Japanese online securities brokerage for retail stock/options trading, also owner of the Coincheck cryptocurrency exchange.
Japanese online securities brokerage for retail stock/options trading, also owner of the Coincheck cryptocurrency exchange.
Earns trading commissions and margin interest at the brokerage and, at Coincheck, fees and spreads on crypto trades, so both businesses ride on retail trading activity. Coincheck is separately listed on Nasdaq since 2024, with Monex holding a controlling stake.
In one line: Japan's Charles Schwab, plus a crypto-exchange arm like Coinbase.
Moat: narrow (brand, network effects, scale). Established retail brokerage brand plus a leading Japanese crypto exchange franchise.
Headquarters: Tokyo, Japan · Founded: 1999 · Employees: 1,122
Size Monex (8698.T) is a Japan Financials company (Financial Conglomerates) with a market value of $980M, the 741st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥617 on 6 Nov 2026.
Performance Over six months the shares fell 8.2%, against -1.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 16.1% over the last twelve months (peer median +1.6%); the operating margin is 21.3% (peer median 15.9%).
Valuation It trades at 1.19× book value against a peer median of 1.31× (9th cheapest of 20).
Price implies The share price implies a return on equity of about 8.4%; Monex delivers 8.8%, so the price asks less than the business earns today.
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥88.3B | ¥81.9B | ¥76.1B | ¥64.1B | ¥52.7B |
| Revenue growth | — | +8% | +19% | +22% | — |
| Gross profit | ¥79.8B | ¥75.0B | ¥71.1B | ¥59.2B | ¥43.9B |
| EBITDA | ¥24.1B | ¥21.5B | ¥18.3B | ¥36.1B | ¥12.7B |
| Net income | ¥11.0B | ¥10.9B | -¥5.83B | ¥12.5B | ¥3.39B |
| Free cash flow | n/a | ¥935M | -¥13.1B | ¥1.50B | -¥39.6B |
| Capital expenditure | n/a | ¥4.97B | ¥4.57B | ¥6.69B | ¥7.81B |
| Total debt | ¥56.8B | ¥63.4B | ¥47.7B | ¥61.2B | ¥245B |
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.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Monex 8698.T | $980M | -8% | +16% | 9% | 1.19× | 8.4% |
| Coinbase COIN | $35.7B | -33% | -48% | -5% | 2.56× | 46.1% |
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.
| Measure | 8698.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.6% | +0.3% | 2nd lowest of 21 |
| 6-month return | -8.2% | -1.9% | 8th lowest of 21 |
| Return on equity | 8.8% | 6.3% | 8th highest of 18 |
| Price / book | 1.19× | 1.31× | 9th cheapest of 20 |
| Trailing P/E | 14.1× | 11.3× | 6th most expensive of 12 |
| ROE the price implies | 8.4% | 8.2% | 9th most demanding of 19 |
| ROE delivered | 8.8% | 6.3% | 7th highest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Monex 8698.T | Japan | $980M | -8% | +16% | 9% | 1.19× | 8.4% | 8.8% |
| International General Insurance IGIC | United States | $1,000M | -7% | +2% | 15% | 1.50× | 8.0% | 15.2% |
| Pacific Century Regional Developments P15.SI | Singapore | $943M | -6% | -37% | -17% | 189.58× | n/a | n/a |
| L1 Gold Fund LGF.AX | Australia | $1.02B | +15% | n/a | n/a | 1.26× | 17.9% | n/a |
| Mbb MBB.DE | Germany | $930M | +1% | +1% | 9% | 1.41× | 11.6% | 9.4% |
| KB Balhae Infrastructure Fund 415640.KS | South Korea | $884M | -3% | n/a | n/a | n/a | n/a | n/a |
| MidCap Financial Investment MFIC | United States | $845M | -12% | +1% | -2% | 0.77× | 6.9% | -2.4% |
| Jefferson Capital JCAP | United States | $1.14B | -1% | +73% | 33% | 2.39× | 11.0% | 33.2% |
| Morgan Stanley Direct Lending Fund MSDL | United States | $1.15B | -12% | -15% | 3% | 0.70× | 6.6% | 3.5% |
| Next Generation Technology 319A.T | Japan | $1.17B | +55% | +35% | 52% | 17.11× | 156.5% | 52.3% |
| Viel & Cie VIL.PA | France | $1.25B | -1% | +6% | 23% | 1.88× | 10.2% | 23.1% |
| Metalla Royalty & Streaming MTA.V | Canada | $763M | +17% | +89% | 0% | 2.95× | 38.1% | -0.2% |
| Senvest Capital SEC.TO | Canada | $762M | +18% | -18% | 29% | 0.42× | 4.2% | 28.6% |
| Bain Capital Specialty Finance BCSF | United States | $723M | -18% | -12% | 6% | 0.67× | 6.4% | 5.8% |
| Svolder SVOL-A.ST | Sweden | $721M | +35% | +1,360% | 7% | 1.77× | 11.3% | 6.8% |
| Ratos RATO-A.ST | Sweden | $1.38B | +24% | -23% | -2% | 0.89× | 7.1% | -1.6% |
| Hyosung 004800.KS | South Korea | $1.42B | -49% | +10% | 14% | 0.79× | 8.3% | n/a |
| LunR Royalties LUNR.TO | Canada | $1.46B | -28% | n/a | n/a | 2.15× | 27.1% | n/a |
| Drugs Made In America Acquisition II DMII | United States | $650M | +2% | n/a | 5% | 1.31× | 7.4% | 5.3% |
| Patrizia PAT.DE | Germany | $633M | -13% | +3% | 3% | 0.51× | 5.3% | 2.7% |
| Peugeot Invest PEUG.PA | France | $1.54B | -16% | -101% | 6% | 0.38× | 6.5% | 6.3% |