The firm has aggressively expanded its total assets to $74.4 billion while simultaneously compressing its equity-to-assets ratio to 0.14, indicating increased reliance on leverage.
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash & Short Term Investments | 48.73B | 14.04B | 12.15B | 8.53B | 9.7B | 10.76B | 9.06B | 7.68B | 5.26B | 22.07B | 19.09B | 22.14B | 25.5B | 23.47B | 4.58B | 318.63M | 705.91M | 215.18M | 603.97M | 1.44B | 1.19B | 1.71B | 1.36B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash & Due from Banks | 11.96B | 14.04B | 12.15B | 8.53B | 9.7B | 10.76B | 9.06B | 7.68B | 5.97B | 5.28B | 3.81B | 3.64B | 4.28B | 3.91B | 145.96M | 168.49M | 441.34M | 130.47M | 237.5M | 456.97M | 287.2M | 386.96M | 277.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24B | 16.8B | 15.29B | 18.5B | 21.22B | 19.57B | 4.43B | 150.13M | 264.57M | 84.71M | 366.46M | 983.2M | 903.97M | 1.32B | 1.08B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 29.64B | 27.05B | 19.09B | 17.73B | 14.94B | 19.35B | 30.16B | 28.82B | 30.61B | 28.21B | 27.41B | 29.93B | 32.28B | 28.73B | 4.43B | 4.37B | 6.37B | 4.98B | 3.4B | 5.12B | 3.14B | 2.68B | 1.08B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments Growth % | 115.1% | 41.69% | 7.66% | 18.64% | -22.78% | -35.82% | 4.64% | -5.86% | 8.52% | 2.93% | -8.44% | -7.28% | 12.37% | 547.92% | 1.5% | -31.43% | 28% | 46.36% | -33.6% | 62.97% | 17.43% | 146.75% | - | - | - | - | - | - | - | - | - |
| Long-Term Investments | 103.22B | 27.05B | 19.09B | 17.73B | 14.94B | 19.35B | 30.16B | 28.82B | 6.61B | 11.41B | 12.12B | 11.43B | 11.06B | 9.16B | 0 | 4.22B | 6.11B | 4.89B | 3.03B | 4.14B | 2.24B | 1.35B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivables | 8.51B | 8.56B | 5.82B | 4.72B | 3.59B | 4.65B | 0 | 5.74B | 0 | 5.42B | 4.43B | 3.83B | 3.93B | 3.82B | 2.15M | 202.47M | 150.33M | 163.86M | 138.36M | 133.76M | 69.82M | 377.22M | 160.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 1.73B | 2.04B | 2.05B | 2.04B | 1.88B | 1.9B | 1.91B | 1.92B | 1.89B | 2.46B | 2.51B | 2.65B | 2.72B | 2.77B | 854.03M | 876.59M | 42.64M | 51.22M | 84.85M | 79.51M | 59.44M | 85.08M | 1.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 1.73B | 1.84B | 1.83B | 1.85B | 1.74B | 1.75B | 1.75B | 1.74B | 1.7B | 1.72B | 1.72B | 1.74B | 1.74B | 1.75B | 24.2M | 18.12M | 8.15M | 8.15M | 9.32M | 8.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 202.58M | 226.37M | 196.92M | 139.46M | 152.4M | 167.15M | 182.95M | 188.29M | 741.03M | 797.96M | 912.02M | 978.37M | 1.02B | 829.83M | 858.47M | 34.48M | 43.07M | 75.53M | 71.36M | 59.44M | 85.08M | 1.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 1.2B | 1.25B | 1.19B | 1.07B | 906.86M | 911.23M | 897.2M | 385.03M | 351M | 750.4M | 709.24M | 721.88M | 726.38M | 885.86M | 857.36M | 1.05B | 587.37M | 657.9M | 534.64M | 512.8M | 234.22M | 237.02M | 283.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 3.47B | 2.42B | 2.42B | 2.21B | 2.42B | 3.2B | 2.19B | 1.99B | 34.4B | 1.66B | 1.64B | 1.19B | 1.38B | 698.01M | 645.2M | 355.55M | 452.32M | 608.64M | 637.55M | 561.25M | 426.55M | 263.15M | 2.46B | 4.39B | 2.54B | 2.47B | 3.14B | 3.07B | 3.96B | 3.75B | 3.36B |
| Total Current Assets | 38.35B | 43.26B | 39.61B | 34.85B | 30.91B | 30.74B | 17.96B | 15.88B | 5.26B | 30.14B | 26.63B | 28.77B | 35.02B | 32.54B | 5.78B | 1.32B | 985.59M | 551.47M | 866.64M | 1.72B | 1.37B | 2.23B | 2.06B | 0 | 0 | 0 | 0 | 0 | 0 | 755.1M | 1.83B |
| Total Non-Current Assets | 36.03B | 32.75B | 24.76B | 23.05B | 20.15B | 25.37B | 35.16B | 33.58B | 41.87B | 17.03B | 18.44B | 17.56B | 17.61B | 15.33B | 3.57B | 7.95B | 8.36B | 6.21B | 4.33B | 6.41B | 3.94B | 3.03B | 2.74B | 4.39B | 2.54B | 2.47B | 3.14B | 3.07B | 3.96B | 3.75B | 3.36B |
| Total Assets | 74.38B | 76.01B | 64.36B | 57.91B | 51.06B | 56.11B | 53.12B | 49.46B | 47.13B | 47.17B | 45.07B | 46.33B | 52.62B | 47.87B | 9.35B | 9.26B | 9.35B | 6.76B | 5.2B | 8.13B | 5.3B | 5.26B | 4.8B | 4.39B | 2.54B | 2.47B | 3.14B | 3.07B | 3.96B | 4.5B | 5.19B |
| Asset Growth % | 40.39% | 18.1% | 11.15% | 13.41% | -9% | 5.63% | 7.4% | 4.94% | -0.08% | 4.65% | -2.72% | -11.96% | 9.94% | 411.99% | 0.93% | -0.93% | 38.27% | 30.08% | -36.03% | 53.22% | 0.82% | 9.59% | 9.37% | 72.68% | 2.94% | -21.46% | 2.39% | -22.45% | -12.03% | -13.35% | 1.68% |
| Return on Assets (ROA) | 1.03% | 1.01% | 1.22% | 0.51% | 1.47% | 3.07% | 1.51% | 2% | - | 0.37% | 0.28% | 0.57% | 0.41% | 1.3% | 9.18% | 0.27% | 24.07% | 9.2% | -38.05% | 7.21% | 3.59% | 32.52% | 3.17% | 2.8% | 6.45% | -0.27% | 3.73% | 6.12% | 1.28% | 13.86% | 0.95% |
| Accounts Payable | 11B | 12.17B | 7.76B | 7.7B | 6.21B | 8.41B | 10.39B | 8.18B | 71.98M | 7.17B | 7.37B | 7.11B | 10.52B | 8.31B | 588.58M | 80.96M | 18.17M | 31.3M | 35.1M | 41.88M | 127.74M | 259.78M | 407.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 32.31B | 23.76B | 20.36B | 16.09B | 13.72B | 11.42B | 19.83B | 17.92B | 1.18B | 19.83B | 17.52B | 20.69B | 21.81B | 21.48B | 1.75B | 2.32B | 1.69B | 1.77B | 2.08B | 2.14B | 1.16B | 1.16B | 1.57B | 1.17B | 233.07M | 252.28M | 374.52M | 483.3M | 722.6M | 352.9M | 525.7M |
| Net Debt | 20.34B | 9.71B | 8.21B | 7.57B | 4.02B | 666.49M | 10.77B | 10.24B | -4.78B | 14.55B | 13.71B | 17.05B | 17.53B | 17.57B | 1.6B | 2.15B | 1.25B | 1.64B | 1.84B | 1.68B | 872.26M | 775.42M | 1.29B | 1.17B | 233.07M | 252.28M | 374.52M | 483.3M | 722.6M | 352.9M | 525.7M |
| Long-Term Debt | 29.82B | 21.4B | 19.29B | 14.56B | 12.66B | 10.65B | 10.16B | 9.86B | 8.92B | 10.73B | 10.2B | 10.41B | 11.13B | 10.69B | 1.36B | 1.88B | 1.55B | 1.66B | 1.83B | 2B | 974.65M | 986.72M | 1.48B | 1.15B | 233.07M | 252.28M | 374.52M | 483.3M | 722.6M | 0 | 0 |
| Short-Term Debt | 1.92B | 1.77B | 443.16M | 989.72M | 528.39M | 221.86M | 9.08B | 8.05B | 0 | 9.1B | 7.32B | 10.28B | 10.68B | 10.79B | 391.7M | 446.74M | 142.66M | 114.01M | 248.71M | 132.41M | 184.81M | 175.66M | 86.71M | 23.6M | 0 | 0 | 0 | 0 | 0 | 352.9M | 525.7M |
| Other Liabilities | 17.88B | 25.6B | 22.5B | 20.59B | 18.25B | 22.33B | 13.44B | 13.74B | 0 | 1.15B | 1.15B | 1.03B | 835.54M | 370.77M | 0 | 97.5M | 90.61M | 105.11M | 107.44M | 71.06M | 90.27M | 121.89M | 380.63M | 1.09B | 665.67M | 908.91M | 1.45B | 1.35B | 1.27B | 2.48B | 4.07B |
| Total Current Liabilities | 15.45B | 17.78B | 11.71B | 12.41B | 9.31B | 11.97B | 19.47B | 16.23B | 27.79B | 24.72B | 23.08B | 24.23B | 30.11B | 26.39B | 981.14M | 877.13M | 747.84M | 624.98M | 562.92M | 459.95M | 326.65M | 474.4M | 659.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Liabilities | 48.27B | 47.59B | 42.42B | 35.69B | 31.45B | 33.53B | 24.19B | 23.6B | 8.92B | 11.88B | 11.35B | 11.45B | 11.96B | 11.06B | 1.36B | 1.97B | 1.64B | 1.76B | 1.94B | 2.08B | 1.06B | 1.11B | 1.86B | 2.24B | 898.74M | 1.16B | 1.83B | 1.83B | 2B | 2.48B | 4.07B |
| Total Liabilities | 63.72B | 65.37B | 54.13B | 48.1B | 40.76B | 45.38B | 43.53B | 39.71B | 307.51M | 36.6B | 34.31B | 35.67B | 42.07B | 37.45B | 2.34B | 2.85B | 2.39B | 2.39B | 2.5B | 2.54B | 1.39B | 1.58B | 2.52B | 2.24B | 898.74M | 1.16B | 1.83B | 1.83B | 2B | 2.48B | 4.07B |
| Total Equity | 10.66B | 10.64B | 10.23B | 9.8B | 10.3B | 10.73B | 9.59B | 9.75B | 47.17B | 10.57B | 10.77B | 10.66B | 10.56B | 10.41B | 7.01B | 6.41B | 6.96B | 4.37B | 2.7B | 5.59B | 3.91B | 3.68B | 2.28B | 2.15B | 1.64B | 1.31B | 1.32B | 1.24B | 1.96B | 2.02B | 1.13B |
| Equity Growth % | 16.04% | 4.08% | 4.31% | -4.85% | -3.99% | 11.91% | -1.69% | -79.32% | 346.44% | -1.86% | 1.01% | 0.95% | 1.37% | 48.58% | 9.28% | -7.89% | 59.18% | 62.3% | -51.79% | 42.92% | 6.37% | 61.53% | 5.82% | 30.96% | 25.62% | -0.72% | 6.49% | -36.97% | -2.99% | 79.44% | 0.53% |
| Equity / Assets (Capital Ratio) | 14.33% | 14% | 15.89% | 16.93% | 20.18% | 19.12% | 18.05% | 19.72% | 100.08% | 22.4% | 23.89% | 23% | 20.06% | 21.76% | 74.97% | 69.24% | 74.47% | 64.69% | 51.85% | 68.8% | 73.76% | 69.91% | 47.43% | 49.02% | 64.64% | 52.97% | 41.91% | 40.29% | 49.58% | 44.96% | 21.71% |
| Return on Equity (ROE) | 7.03% | 6.81% | 7.42% | 2.76% | 7.47% | 16.48% | 8.02% | 3.39% | - | 1.61% | 1.21% | 2.67% | 1.99% | 4.28% | 12.73% | 0.38% | 34.21% | 15.57% | -61.19% | 10.19% | 4.99% | 54.95% | 6.57% | 5.12% | 10.95% | -0.57% | 9.08% | 13.44% | 2.72% | 42.64% | 4.33% |
| Book Value per Share | 47.87 | 47.79 | 45.72 | 41.43 | 40.31 | 39.52 | 33.01 | 30.76 | 134.28 | 28.50 | 28.98 | 28.62 | 28.28 | 29.95 | 28.16 | 26.23 | 28.12 | 17.65 | 11.69 | 24.25 | 17.56 | 16.05 | 10.84 | 11.53 | 9.76 | 7.84 | 7.91 | 6.94 | 10.36 | 10.68 | 6.25 |
| Tangible BV per Share | 40.12 | 38.63 | 36.54 | 32.79 | 32.97 | 32.53 | 26.42 | 24.70 | 128.90 | 21.86 | 22.21 | 21.51 | 20.99 | 21.99 | 24.73 | 22.64 | 27.94 | 17.44 | 11.33 | 23.90 | 17.29 | 15.68 | 10.83 | 11.53 | 9.76 | 7.84 | 7.91 | 6.94 | 10.36 | 10.68 | 6.25 |
| Common Stock | 204.42M | 206.3M | 205.5M | 210.63M | 226.13M | 243.54M | 249.75M | 291.64M | 307.51M | 356.23M | 359.43M | 362.62M | 367.5M | 364.54M | 244.58M | 244.58M | 243.81M | 243.29M | 238.5M | 222.57M | 216.35M | 108.03M | 107.6M | 70.82M | 58.27M | 55.32M | 55.3M | 56.8M | 0 | 0 | 0 |
| Additional Paid-in Capital | 2.08B | 2.18B | 2.1B | 2.04B | 1.97B | 2.74B | 2.91B | 3.63B | 3.85B | 4.68B | 4.81B | 4.99B | 5.06B | 4.88B | 1.58B | 1.57B | 1.54B | 1.53B | 1.41B | 783.14M | 520.89M | 501.91M | 598.5M | 613.27M | 154.26M | 54.79M | 54.34M | 84.9M | 0 | 0 | 0 |
| Retained Earnings | 8.65B | 8.57B | 8.27B | 7.85B | 8.42B | 7.94B | 6.53B | 5.93B | 10.06B | 4.7B | 4.65B | 4.61B | 4.43B | 4.32B | 4.24B | 3.45B | 3.48B | 1.6B | 1.05B | 3.59B | 3.16B | 3.03B | 1.42B | 1.3B | 1.22B | 1.07B | 1.09B | 989.8M | 1.59B | 1.54B | 894.9M |
| Accumulated OCI | -315.02M | -384.43M | -423.13M | -395.55M | -379.42M | -372.14M | -288.92M | -273.04M | 10.1B | 372.72M | 310.7M | 438.79M | 447.08M | 538.05M | 705.13M | 912.42M | 1.69B | 985.03M | -29.28M | 975.37M | -4.73M | -81.5M | 136.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 55K | 55K | 55K | 42K | 0 | 125M | 125M | 125M | 5.61B | 125M | 125M | 125M | 125M | 125M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47.51M | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Capital Markets Exposure
As reported in recent financial statements, Jefferies has grown its total assets from $57.9 billion in 2023Q4 to $74.4 billion by 2026Q1, reflecting a deliberate expansion of its trading and investment footprint despite the ongoing cyclical pressures inherent in the firm's capital-intensive business model.
The growth in total assets appears driven by an increase in the securities portfolio, which rose to $29.6 billion in 2026Q1. This suggests management is leaning into market-making opportunities, though investors should monitor whether this asset growth is yielding commensurate returns on equity.
Based on the firm's reported figures, the equity-to-assets ratio has compressed from 0.17 in 2023Q4 to 0.14 in 2026Q1, indicating that the firm is utilizing more leverage to support its expanding balance sheet as it transitions away from its legacy merchant banking structure.
While the capital base remains stable in absolute terms at $10.6 billion, the declining ratio suggests a tightening buffer against potential market shocks. This trend warrants further investigation into whether the firm's risk-weighted asset density is increasing alongside its total asset growth.
According to recent SEC filings, Jefferies maintains a substantial liquidity position with $12.0 billion in cash and bank deposits as of 2026Q1, providing a necessary cushion to support its active trading desks and underwriting commitments in a volatile interest rate environment.
The firm's ability to maintain this level of cash while simultaneously increasing its investment securities portfolio suggests a focus on operational readiness. However, the persistent negative net interest income implies that this liquidity is costly to hold and may be dragging on overall net profitability.
As detailed in the company's income statement data, provision expenses for loan losses surged to $394.8 million in 2026Q1, a significant increase from the $112.3 million recorded in 2025Q1, which may indicate a more cautious internal assessment of the credit quality within the firm's loan book.
This sharp rise in provisioning suggests that the firm is bracing for potential credit deterioration within its credit-intensive product offerings. Analysts should monitor whether this trend reflects a broader shift in the risk profile of the firm's corporate lending and underwriting activities.
Quick answers to the most common questions about buying JEF stock.
As of 2025, Jefferies Financial Group Inc. (JEF) had total assets of $76.01B including $43.26B in current assets.
Jefferies Financial Group Inc. (JEF) carries total debt of $23.76B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Jefferies Financial Group Inc. (JEF) has total shareholders' equity (book value) of $10.57B ($47.79 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Jefferies Financial Group Inc. (JEF) reported a current ratio of 2.43x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.