Daiwa Securities Group Inc.

株式会社大和証券グループ本社

Securities & Commodity Futures

Daiwa Securities Group Inc., together with its subsidiaries, operates in the financial and capital markets in Japan and internationally. It operates through Wealth Management, Asset Management, Global Markets & Investment Banking segments. The Wealth Management segment offers wrap and investment trust administration services, as well as for individual investors and unlisted companies. The Asset Management segment provides securities, real estate, and alternative asset management services. The Global Markets & Investment Banking segment offers securities sales and trading of for institutional investors, etc.; global investment banking services, which conducts underwriting of securities issued by industrial corporations, financial corporations, etc.; and merger and acquisition advisory services. The Other segment provides research, consulting, and system services. The company was formerly known as Daiwa Securities Co. Ltd. and changed its name to Daiwa Securities Group Inc. in 1999. Daiwa Securities Group Inc. was founded in 1902 and is headquartered in Tokyo, Japan.

← Companies

Price

¥1,500

Market Cap

¥2.1T

Ent. Value

¥3.2T

Net Debt

−¥1.1T

Shares Out.

1.4B

P / E

11.9×

EV / EBIT

15.7×

P / Book

1.18×

P / NCAV

11.31×

Div. Yield

1.93%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥38,077.6B	¥36,024.3B	¥32,027.3B	¥26,413.2B	¥27,531.1B
Current Assets	¥36,219.5B	¥34,275.7B	¥30,439.3B	¥24,872.9B	¥26,009.6B
Cash & Deposits	¥3,790.2B	¥3,756.7B	¥4,398.6B	¥3,866.8B	¥4,592.4B
Trade Receivables	—	¥33.0B	¥29.6B	¥22.1B	¥22.4B
Non-Current Assets	¥1,858.1B	¥1,748.6B	¥1,588.0B	¥1,540.4B	¥1,521.5B
PP&E	¥978.0B	¥942.2B	¥921.2B	¥916.9B	¥913.9B
Goodwill	—	¥15.6B	¥17.1B	¥18.5B	¥19.7B
Intangible Assets	—	¥137.4B	¥127.6B	¥125.6B	¥121.5B
Investment Securities	¥673.1B	¥618.5B	¥492.2B	¥455.3B	¥443.4B
Deferred Tax Assets	—	¥7.9B	¥6.8B	¥7.8B	¥12.0B
Total Liabilities	¥36,031.8B	¥34,101.1B	¥30,238.6B	¥24,737.8B	¥25,891.2B
Current Liabilities	¥32,979.9B	¥30,695.4B	¥26,797.5B	¥21,581.3B	¥22,945.3B
Accounts Payable	—	¥8.5B	¥8.5B	¥8.1B	¥6.4B
ST Debt	¥2,033.9B	¥1,415.3B	¥1,272.9B	¥1,292.8B	¥2,155.8B
Taxes Payable	—	¥28.7B	¥42.9B	¥10.7B	¥8.6B
Non-Current Liabilities	¥3,043.7B	¥3,399.4B	¥3,435.5B	¥3,152.2B	¥2,942.2B
Total LT Borrowings	¥2,881.8B	¥3,255.1B	¥3,297.1B	¥3,011.5B	¥2,800.7B
Pension Obligations	—	¥43.1B	¥43.7B	¥44.3B	¥44.2B
Deferred Tax Liab.	—	¥45.4B	¥45.6B	¥42.3B	¥42.2B
Total Equity	¥2,045.8B	¥1,923.3B	¥1,788.7B	¥1,675.5B	¥1,639.9B
Capital Stock	—	¥247.4B	¥247.4B	¥247.4B	¥247.4B
Capital Surplus	—	¥266.3B	¥232.5B	¥230.3B	¥230.5B
Retained Earnings	¥1,121.4B	¥1,041.5B	¥961.4B	¥886.2B	¥942.8B
Treasury Stock	—	¥-113.1B	¥-123.2B	¥-71.5B	¥-134.2B
AOCI	—	¥197.7B	¥204.0B	¥115.5B	¥86.8B
Equity (owners)	¥1,485.8B	¥1,442.1B	¥1,318.2B	¥1,292.3B	¥1,286.5B
Minority Interests	—	¥277.2B	¥259.5B	¥258.9B	¥257.5B

Total Interest-Bearing Debt ⓘ	¥4,915.7B	¥4,670.5B	¥4,570.0B	¥4,304.4B	¥4,956.5B
Net Cash ⓘ	¥-1,125.5B	¥-913.7B	¥-171.4B	¥-437.6B	¥-364.1B
NCAV ⓘ	¥187.7B	¥174.7B	¥200.7B	¥135.1B	¥118.4B
NCAV/Share	—	¥123	¥143	¥93	¥80
BV/Share	—	¥1,019	¥941	¥889	¥867

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥439.0B	¥-454.1B	¥705.1B	¥-183.7B	¥-353.5B
Taxes Paid	—	¥-61.1B	¥-14.6B	¥-25.5B	¥-42.1B
Interest Paid	—	¥-2.8B	¥-2.0B	¥-2.2B	¥-2.9B
Interest Received	—	¥13.1B	¥11.1B	¥8.1B	¥7.9B
D&A	¥44.4B	¥44.4B	¥45.3B	¥44.0B	¥44.6B
Goodwill Amort.	—	¥1.5B	¥1.9B	¥1.8B	¥1.5B
Investing CF	¥-583.6B	¥-353.4B	¥-224.0B	¥7.5B	¥-218.5B
CapEx	¥68.6B	¥46.8B	¥27.8B	¥47.7B	¥62.6B
Purchase Investments	—	¥-50.3B	¥-25.4B	¥-23.6B	¥-36.1B
Financing CF	¥199.4B	¥199.0B	¥-2.8B	¥-565.9B	¥377.1B
Dividends Paid	—	¥-74.5B	¥-44.7B	¥-39.9B	¥-63.8B
Share Buybacks	—	¥-10M	¥-60.0B	¥-19.7B	¥-29.3B
LT Debt Repaid	—	¥-302.0B	¥-131.7B	¥-424.6B	¥-115.4B
Free Cash Flow	¥370.4B	¥-500.9B	¥677.3B	¥-231.4B	¥-416.0B
Net Change in Cash	—	¥-612.3B	¥516.4B	¥-718.8B	¥-169.2B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	8.8%	9.8%	8.3%	4.6%	7.0%
ROA	0.5%	0.5%	0.4%	0.2%	0.3%
EPS	¥126.04	¥109.53	¥84.94	¥43.53	¥63.06
DPS	¥29.00	¥56.00	¥44.00	¥23.00	¥33.00
BPS	¥1,272.72	¥1,158.82	¥1,086.20	¥968.93	¥925.81
FCF/Share	—	¥-354	¥483	¥-159	¥-280
NCAV/Share	—	¥123	¥143	¥93	¥80
Payout Ratio	23.0%	51.1%	51.8%	52.8%	52.3%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 5

Date	Activist	Stake	Event	Flag	Demands
2025-09-19	Sumitomo Mitsui Trust Bank,Limited	5.21%	change	Passive	—
2024-10-18	BlackRock Japan Co., Ltd.	7.66% +1.1%	change	Passive	—
2024-01-11	Nomura Securities Co.,Ltd.	5.02%	initial_5pct	Passive	—
2023-10-31	Silchester International Investors LLP	4.02%	change	✓ Activist	—
2023-06-06	BlackRock Japan Co., Ltd.	6.56%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-04-27 15:30	Div Increase	¥48.5B ¥35.0/sh +25%	Daiwa Securities Group announced a final dividend of ¥35 per share for FY2026 (year ending March 31, 2026), effective Ju…
Summary Daiwa Securities Group announced a final dividend of ¥35 per share for FY2026 (year ending March 31, 2026), effective June 1, 2026, with total dividend payout of ¥48.5 billion. Combined with the interim dividend of ¥29 per share paid in November 2025, the full-year dividend reaches ¥64 per share, representing a 14.3% increase from the prior year's ¥56 per share. This signals strong profitability and shareholder-friendly capital allocation policy. YoY: +25% Source (JP) 2026年3月31日を基準日とする1株当たり配当金は35円といたします。なお、2025年11月4日の取締役会決議に基づき1株につき29円の中間配当を実施しておりますので、年間での配当金額は1株につき64円となります。剰余金の配当（期末配当）に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	Japan Master Trust Bank 日本マスタートラスト信託銀行株式会社（信託口）	222,558	15.72%
2	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	68,859	4.86%
3	Taiyo Life Insurance 太陽生命保険株式会社	41,140	2.90%
4	Nippon Life Insurance 日本生命保険相互会社	31,164	2.20%
5	Japan Post Holdings Co., Ltd. 日本郵政株式会社	30,000	2.12%
6	STATE STREET BANK WEST CLIENT-TREATY STATE STREET BANK WEST CLIENT-TREATY 505234 （常任代理人株式会社みずほ銀行）	29,006	2.04%
7	JPモルガン証券株式会社	23,670	1.67%
8	バークレイズ証券株式会社	19,800	1.39%
9	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人株式会社みずほ銀行）	19,550	1.38%
10	JP MORGAN CHASE BANK JP MORGAN CHASE BANK 385781 （常任代理人株式会社みずほ銀行）	19,206	1.35%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

20.6%

-1.0% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

4.8%

+1.3% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

10.3%

-2.0% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行		15.20%	16.45%	15.72% -0.73%
Japan Custody Bank 日本カストディ銀行		4.93%	5.16%	4.86% -0.30%
State Street		1.80%	2.12%	3.42% +1.30%
Taiyo Life Insurance 太陽生命保険		2.83%	2.93%	2.90% -0.03%
Nippon Life Insurance 日本生命保険		2.14%	2.22%	2.20% -0.02%
Japan Post Holdings Co., Ltd. 日本郵政		2.06%	2.14%	2.12% -0.02%
JPモルガン証券 NEW ENTRY	—	—	—	1.67% NEW
Barclays		2.04%	2.42%	1.39% -1.03%
JP Morgan		—	1.37%	1.35% -0.02%
Stock Ownership Plan 大和持株会 last seen 2024	Exited Top 10	1.54%	1.36%	—
Nomura Trust & Banking 野村信託銀行株式会社（投信口） last seen 2024	Exited Top 10	—	1.23%	—
Northern Trust last seen 2023	Exited Top 10	4.26%	—	—
Concentration (HHI) ⓘ		300	331	307

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥124,047M +19% since 2023

Holdings 60 +17 new 17 exited

Trend 3 unwinding vs 2023

Held Company	FY2025 ¥124,047M total		FY2023 ¥103,953M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Credit Saison Co.,Ltd. 株式会社クレディセゾン	28,385	8,050,400	13,524	8,050,400	M
KDDI CORPORATION KDDI株式会社	13,221	+100.0% ↑ 5,603,600	11,467	2,801,800
Japan Airlines Co., Ltd. 日本航空株式会社	12,782	5,000,000	12,910	5,000,000
Bandai Namco Holdings Inc. 株式会社バンダイナムコホールディングス	7,506	-28.6% ↓ 1,500,000	5,981	2,100,000	M
FUJI MEDIA HOLDINGS, INC. 株式会社フジ・メディア・ホールディングス	7,120	2,790,000	3,334	2,790,000	M
KYOCERA CORPORATION 京セラ株式会社	5,629	+300.0% ↑ 3,360,000	5,785	840,000	M
株式会社T Dホールディングス	5,538	1,745,060	2,863	1,745,060	M
Imperial Hotel, Ltd. 株式会社帝国ホテル	5,445	+100.0% ↑ 6,091,040	5,838	3,045,520	M
TOHO CO., LTD. 東宝株式会社	4,225	570,810	2,894	570,810	M
中信建投証券股份有限公司（CSC Financial Co., Ltd.）	4,197	NEW New 22,775,000	—
Electric Power Development Co., Ltd. 電源開発株式会社	3,182	1,257,000	2,678	1,257,000	M
Kyoto Financial Group, Inc. 株式会社京都フィナンシャルグループ	2,643	NEW New 1,161,600	—		M
Mirae Asset Securities Co., Ltd.	2,204	2,363,485	1,574	2,363,485
GMOフィナンシャルホールディングス株式会社	1,925	NEW New 2,520,000	—
Value Partners Group Limited	1,907	64,021,000	2,722	64,021,000
KISSEI PHARMACEUTICAL CO.,LTD. キッセイ薬品工業株式会社	1,898	493,880	1,304	493,880	M
The Hyakugo Bank, Ltd. 株式会社百五銀行	1,687	2,296,000	851	2,296,000	M
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ株式会社	1,460	NEW New 392,630	—		M
Sumitomo Metal Mining Co., Ltd. 住友金属鉱山株式会社	1,255	387,000	1,953	387,000	M
Kyushu Financial Group,Inc. 株式会社九州フィナンシャルグループ	1,251	1,701,109	811	1,701,109	M
Juroku Financial Group, Inc. 株式会社十六フィナンシャルグループ	827	171,254	483	171,254	M
TSURUMI MANUFACTURING CO.,LTD. 株式会社鶴見製作所	813	262,500	544	262,500	M
North Pacific Bank,Ltd. 株式会社北洋銀行	656	1,270,380	353	1,270,380	M
The Ogaki Kyoritsu Bank, Ltd. 株式会社大垣共立銀行	567	238,974	426	238,974	M
The Ehime Bank, Ltd. 株式会社愛媛銀行	492	458,545	386	458,545	M
ONO PHARMACEUTICAL CO., LTD. 小野薬品工業株式会社	491	306,800	847	306,800	M
Tokyo Tatemono Co., Ltd. 東京建物株式会社	482	191,106	308	191,106	M
The 77Bank,Ltd. 株式会社七十七銀行	446	-50.0% ↓ 93,900	406	187,800	M
THE SHIGA BANK,LTD. 株式会社滋賀銀行	426	81,105	217	81,105	M
ASTMAX Co., Ltd. アストマックス株式会社	407	NEW New 1,662,500	—
Tokyo Kiraboshi Financial Group, Inc. 株式会社東京きらぼしフィナンシャルグループ	394	67,721	177	67,721
THE TOCHIGI BANK, LTD. 株式会社栃木銀行	338	1,067,000	292	1,067,000	M
THE FIRST BANK OF TOYAMA, LTD. 株式会社富山第一銀行	303	264,600	155	264,600
The Musashino Bank, Ltd. 株式会社武蔵野銀行	285	87,700	194	87,700	M
The Sumitomo Warehouse Co.,Ltd. 株式会社住友倉庫	276	100,000	217	100,000	M
The Hyakujushi Bank,Ltd. 株式会社百十四銀行	265	76,500	140	76,500
San ju San Financial Group,Inc 株式会社三十三フィナンシャルグループ	250	105,800	167	105,800	M
THE AKITA BANK,LTD. 株式会社秋田銀行	246	96,016	169	96,016	M
The Kita-Nippon Bank,Ltd. 株式会社北日本銀行	222	69,266	137	69,266	M
The Shikoku Bank, Ltd. 株式会社四国銀行	216	180,124	156	180,124	M
HEIWA REAL ESTATE CO.,LTD. 平和不動産株式会社	206	44,000	166	44,000	M
MEIKO TRANS CO.,LTD. 名港海運株式会社	205	-36.7% ↓ 130,213	243	205,613	M
Mirae Asset Securities Co., Ltd. B種優先株	192	467,865	171	467,865
Fukuoka Financial Group, Inc. 株式会社ふくおかフィナンシャルグループ	179	45,641	116	45,641
TAMURA CORPORATION 株式会社タムラ製作所	152	300,000	247	300,000	M
Procrea Holdings, Inc. 株式会社プロクレアホールディングス	146	85,916	180	85,916	M
The Toho Bank, Ltd. 株式会社東邦銀行	142	NEW New 400,000	—		M
Hosiden Corporation ホシデン株式会社	140	NEW New 70,700	—		M
THE SHIMIZU BANK,LTD. 株式会社清水銀行	117	NEW New 78,000	—		M
Nagoya Railway Co. 名古屋鉄道株式会社	110	63,654	130	63,654	M
DAISHINKU CORP. 株式会社大真空	103	184,000	133	184,000	M
THE DAITO BANK, LTD. 株式会社大東銀行	87	NEW New 123,100	—		M
RETAIL PARTNERS CO., LTD. 株式会社リテールパートナーズ	65	NEW New 48,470	—		M
MATSUYA CO., LTD. 株式会社松屋	63	NEW New 60,000	—		M
The Chikuho Bank , Ltd. 株式会社筑邦銀行	55	NEW New 40,454	—		M
Nippon Beet Sugar Manufacturing Co.,Ltd. 日本甜菜製糖株式会社	50	NEW New 22,000	—		M
THE TOTTORIBANK,LTD. 株式会社鳥取銀行	49	NEW New 38,760	—
ASAHI PRINTING CO.,LTD. 朝日印刷株式会社	44	NEW New 49,896	—
Senshu Ikeda Holdings,Inc. 株式会社池田泉州ホールディングス	40	NEW New 92,949	—
THE OITA BANK, LTD. 株式会社大分銀行	40	NEW New 11,648	—		M
COL Financial Group, Inc.	—	−100% Exit —	5,097	709,240,000
中信建投証券股份有限公司（CSC Financial Co., Ltd.）	—	−100% Exit —	2,963	22,775,000
GMO Financial Holdings, Inc. GMOフィナンシャルホールディングス株式会社	—	−100% Exit —	2,913	5,040,000
TOYOTA MOTOR CORPORATION トヨタ自動車株式会社	—	−100% Exit —	2,793	1,485,800
The Bank of Kyoto 株式会社京都銀行	—	−100% Exit —	1,815	290,400	M
The Chiba Bank, Ltd. 株式会社千葉銀行	—	−100% Exit —	1,155	1,351,000	M
三井住友トラスト・ホールディングス株式会社	—	−100% Exit —	891	196,315	M
株式会社コンコルディア・フィナンシャルグループ	—	−100% Exit —	792	1,624,500
The Gunma Bank, Ltd. 株式会社群馬銀行	—	−100% Exit —	413	934,269	M
譬ｪ蠑丈ｼ夂､ｾ隘ｿ譌･譛ｬ繝輔ぅ繝翫Φ繧ｷ繝｣繝ｫ繝帙�ｼ繝ｫ繝�繧｣繝ｳ繧ｰ繧ｹ株式会社西日本フィナンシャルホールディングス	—	−100% Exit —	337	309,785	M
Kabukiza Co. 株式会社歌舞伎座	—	−100% Exit —	250	52,700	M
SHIBUYA CORPORATION 澁谷工業株式会社	—	−100% Exit —	162	64,900
The Miyazaki Bank,Ltd. 株式会社宮崎銀行	—	−100% Exit —	153	65,623	M
Yamaguchi Finacial Group,Inc. 株式会社山口フィナンシャルグループ	—	−100% Exit —	151	186,956	M
The Yamagata Bank, Ltd. 株式会社山形銀行	—	−100% Exit —	147	145,961	M
Okinawa Financial Group,Inc. 株式会社おきなわフィナンシャルグループ	—	−100% Exit —	137	66,000	M
OKUMURA CORPORATION 株式会社奥村組	—	−100% Exit —	135	43,400	M
Portfolio total	124,047		103,953

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding