Comprehensive Stock Comparison
Compare Nomura Holdings, Inc. (NMR) vs Jefferies Financial Group Inc. (JEF) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | NMR | 13.4% revenue growth vs JEF's 2.9% |
| Value | JEF | Lower P/E (10.4x vs 11.3x) |
| Quality / Margins | NMR | 7.6% net margin vs JEF's 6.6% |
| Stability / Safety | NMR | Beta 1.19 vs JEF's 1.85 |
| Dividends | JEF | 3.8% yield, 8-year raise streak, vs NMR's 2.6% |
| Momentum (1Y) | NMR | +45.9% vs JEF's -30.5% |
| Efficiency (ROA) | JEF | 1.1% ROA vs NMR's 0.6%, ROIC 2.4% vs 1.0% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Nomura Holdings is a Japanese financial services conglomerate that operates as a full-service investment bank and securities firm. It generates revenue primarily through its Wholesale segment — investment banking, trading, and securities underwriting — which contributes roughly 60-70% of total revenue, supplemented by Retail brokerage and Investment Management services. The company's key advantage is its dominant position in Japan's domestic capital markets and its extensive Asian franchise, which provides deep client relationships and local market expertise.
Jefferies Financial Group is a global investment bank and financial services firm that provides advisory, capital markets, and asset management services. It generates revenue primarily through investment banking fees — including M&A advisory and underwriting — and trading commissions from its capital markets business, with asset management contributing additional fee-based income. The firm's competitive advantage lies in its focused mid-market expertise and strong client relationships in sectors like energy, healthcare, and technology, which drive repeat advisory mandates.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
JEF leads in 4 of 6 categories (Financial Metrics, Valuation Metrics). NMR leads in 2 (Total Returns, Risk & Volatility).
Financial Metrics (TTM)
NMR is the larger business by revenue, generating $4.51T annually — 416.4x JEF's $10.8B. Profitability is closely matched — net margins range from 7.6% (NMR) to 6.6% (JEF).
| Metric | NMRNomura Holdings, … | JEFJefferies Financi… |
|---|---|---|
| RevenueTrailing 12 months | $4.51T | $10.8B |
| EBITDAEarnings before interest/tax | $533.0B | $24M |
| Net IncomeAfter-tax profit | $370.1B | $819M |
| Free Cash FlowCash after capex | $0 | $911M |
| Gross MarginGross profit ÷ Revenue | +36.9% | +59.7% |
| Operating MarginEBIT ÷ Revenue | +10.5% | +6.3% |
| Net MarginNet income ÷ Revenue | +7.6% | +6.6% |
| FCF MarginFCF ÷ Revenue | -19.3% | +3.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -5.5% | +34.7% |
Valuation Metrics
At 12.7x trailing earnings, NMR trades at a 19% valuation discount to JEF's 15.7x P/E.
| Metric | NMRNomura Holdings, … | JEFJefferies Financi… |
|---|---|---|
| Market CapShares × price | $26.6B | $9.2B |
| Enterprise ValueMkt cap + debt − cash | $192.1B | -$3.1B |
| Trailing P/EPrice ÷ TTM EPS | 12.66x | 15.69x |
| Forward P/EPrice ÷ next-FY EPS est. | 11.35x | 10.38x |
| PEG RatioP/E ÷ EPS growth rate | 1.16x | — |
| EV / EBITDAEnterprise value multiple | 56.19x | -3.55x |
| Price / SalesMarket cap ÷ Revenue | 0.92x | 0.85x |
| Price / BookPrice ÷ Book value/share | 1.20x | 0.93x |
| Price / FCFMarket cap ÷ FCF | — | 27.50x |
Profitability & Efficiency
NMR delivers a 10.3% return on equity — every $100 of shareholder capital generates $10 in annual profit, vs $8 for JEF. JEF carries lower financial leverage with a 0.17x debt-to-equity ratio, signaling a more conservative balance sheet compared to NMR's 8.75x. On the Piotroski fundamental quality scale (0–9), NMR scores 7/9 vs JEF's 5/9, reflecting strong financial health.
| Metric | NMRNomura Holdings, … | JEFJefferies Financi… |
|---|---|---|
| ROE (TTM)Return on equity | +10.3% | +7.7% |
| ROA (TTM)Return on assets | +0.6% | +1.1% |
| ROICReturn on invested capital | +1.0% | +2.4% |
| ROCEReturn on capital employed | +2.1% | +1.1% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 5 |
| Debt / EquityFinancial leverage | 8.75x | 0.17x |
| Net DebtTotal debt minus cash | $25.83T | -$12.3B |
| Cash & Equiv.Liquid assets | $5.51T | $14.0B |
| Total DebtShort + long-term debt | $31.35T | $1.8B |
| Interest CoverageEBIT ÷ Interest expense | 0.20x | 0.05x |
Total Returns (with DRIP)
A $10,000 investment in JEF five years ago would be worth $17,690 today (with dividends reinvested), compared to $16,957 for NMR. Over the past 12 months, NMR leads with a +45.9% total return vs JEF's -30.5%. The 3-year compound annual growth rate (CAGR) favors NMR at 33.4% vs JEF's 8.7% — a key indicator of consistent wealth creation.
| Metric | NMRNomura Holdings, … | JEFJefferies Financi… |
|---|---|---|
| YTD ReturnYear-to-date | +6.5% | -29.4% |
| 1-Year ReturnPast 12 months | +45.9% | -30.5% |
| 3-Year ReturnCumulative with dividends | +137.6% | +28.6% |
| 5-Year ReturnCumulative with dividends | +69.6% | +76.9% |
| 10-Year ReturnCumulative with dividends | +160.8% | +309.1% |
| CAGR (3Y)Annualised 3-year return | +33.4% | +8.7% |
Risk & Volatility
NMR is the less volatile stock with a 1.19 beta — it tends to amplify market swings less than JEF's 1.85 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. NMR currently trades 93.9% from its 52-week high vs JEF's 62.5% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | NMRNomura Holdings, … | JEFJefferies Financi… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.19x | 1.85x |
| 52-Week HighHighest price in past year | $9.58 | $71.04 |
| 52-Week LowLowest price in past year | $4.86 | $39.28 |
| % of 52W HighCurrent price vs 52-week peak | +93.9% | +62.5% |
| RSI (14)Momentum oscillator 0–100 | 53.1 | 26.7 |
| Avg Volume (50D)Average daily shares traded | 1.1M | 1.8M |
Analyst Outlook
Wall Street rates NMR as "Hold" and JEF as "Buy". Consensus price targets imply 71.2% upside for JEF (target: $76) vs -35.7% for NMR (target: $6). For income investors, JEF offers the higher dividend yield at 3.78% vs NMR's 2.61%.
| Metric | NMRNomura Holdings, … | JEFJefferies Financi… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $5.79 | $76.00 |
| # AnalystsCovering analysts | 9 | 8 |
| Dividend YieldAnnual dividend ÷ price | +2.6% | +3.8% |
| Dividend StreakConsecutive years of raises | 2 | 8 |
| Dividend / ShareAnnual DPS | $36.70 | $1.68 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.4% | +0.6% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Nomura Holdings, In… (NMR) | 100 | 188.21 | +88.2% |
| Jefferies Financial… (JEF) | 100 | 306.91 | +206.9% |
Jefferies Financial… (JEF) returned +77% over 5 years vs Nomura Holdings, In… (NMR)'s +70%. A $10,000 investment in JEF 5 years ago would be worth $17,690 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Nomura Holdings, In… (NMR) | $1.6T | $4.5T | +187.9% |
| Jefferies Financial… (JEF) | $3.8B | $10.8B | +181.3% |
Nomura Holdings, Inc.'s revenue grew from $1.6T (2016) to $4.5T (2025) — a 12.5% CAGR. Jefferies Financial Group Inc.'s revenue grew from $3.8B (2016) to $10.8B (2025) — a 12.2% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Nomura Holdings, In… (NMR) | 8.4% | 7.6% | -10.0% |
| Jefferies Financial… (JEF) | 3.4% | 6.6% | +94.3% |
Nomura Holdings, Inc.'s net margin went from 8% (2016) to 8% (2025). Jefferies Financial Group Inc.'s net margin went from 3% (2016) to 7% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Nomura Holdings, In… (NMR) | 0.1 | 0.1 | +0.0% |
| Jefferies Financial… (JEF) | 52.6 | 21.9 | -58.4% |
Nomura Holdings, Inc. has traded in a 0x–0x P/E range over 8 years; current trailing P/E is ~13x. Jefferies Financial Group Inc. has traded in a 6x–53x P/E range over 9 years; current trailing P/E is ~16x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Nomura Holdings, In… (NMR) | 35.52 | 111.03 | +212.6% |
| Jefferies Financial… (JEF) | 0.34 | 2.83 | +732.4% |
Nomura Holdings, Inc.'s EPS grew from $35.52 (2016) to $111.03 (2025) — a 14% CAGR. Jefferies Financial Group Inc.'s EPS grew from $0.34 (2016) to $2.83 (2025) — a 27% CAGR.
Chart 6Free Cash Flow — 5 Years
Nomura Holdings, Inc. generated $-869B FCF in 2025 (-259% vs 2021). Jefferies Financial Group Inc. generated $333M FCF in 2025 (-76% vs 2021).
NMR vs JEF: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is NMR or JEF a better buy right now?
Nomura Holdings, Inc. (NMR) offers the better valuation at 12.7x trailing P/E (11.3x forward), making it the more compelling value choice. Analysts rate Jefferies Financial Group Inc. (JEF) a "Buy" — based on 8 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — NMR or JEF?
On trailing P/E, Nomura Holdings, Inc. (NMR) is the cheapest at 12.7x versus Jefferies Financial Group Inc. at 15.7x. On forward P/E, Jefferies Financial Group Inc. is actually cheaper at 10.4x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — NMR or JEF?
Over the past 5 years, Jefferies Financial Group Inc. (JEF) delivered a total return of +76.9%, compared to +69.6% for Nomura Holdings, Inc. (NMR). A $10,000 investment in JEF five years ago would be worth approximately $18K today (assuming dividends reinvested). Over 10 years, the gap is even starker: JEF returned +309.1% versus NMR's +160.8%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — NMR or JEF?
By beta (market sensitivity over 5 years), Nomura Holdings, Inc. (NMR) is the lower-risk stock at 1.19β versus Jefferies Financial Group Inc.'s 1.85β — meaning JEF is approximately 55% more volatile than NMR relative to the S&P 500. On balance sheet safety, Jefferies Financial Group Inc. (JEF) carries a lower debt/equity ratio of 17% versus 9% for Nomura Holdings, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — NMR or JEF?
Nomura Holdings, Inc. (NMR) is the more profitable company, earning 7.6% net margin versus 6.6% for Jefferies Financial Group Inc. — meaning it keeps 7.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NMR leads at 10.5% versus 6.3% for JEF. At the gross margin level — before operating expenses — JEF leads at 59.7%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is NMR or JEF more undervalued right now?
On forward earnings alone, Jefferies Financial Group Inc. (JEF) trades at 10.4x forward P/E versus 11.3x for Nomura Holdings, Inc. — 1.0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for JEF: 71.2% to $76.00.
07Which pays a better dividend — NMR or JEF?
All stocks in this comparison pay dividends. Jefferies Financial Group Inc. (JEF) offers the highest yield at 3.8%, versus 2.6% for Nomura Holdings, Inc. (NMR).
08Is NMR or JEF better for a retirement portfolio?
For long-horizon retirement investors, Nomura Holdings, Inc. (NMR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.19), 2.6% yield, +160.8% 10Y return). Jefferies Financial Group Inc. (JEF) carries a higher beta of 1.85 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (NMR: +160.8%, JEF: +309.1%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between NMR and JEF?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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