olivLaw · US equity research
Jefferies Financial Group Inc. JEF
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
Jefferies Financial Group is a U.S.-headquartered global investment banking and capital markets firm whose advisory, underwriting, equities and fixed income businesses expanded strongly in 2026. Net revenues rose 22.2 percent in the first nine months of fiscal 2026 (after 4.4 percent growth in fiscal 2025), and third quarter 2026 net revenues reached 2.22 billion USD.
At the close of 04 Nov 2026, Jefferies Financial Group Inc. (JEF) stock was 51.17 USD (+5.37% on the day), with market capitalisation 10.5 bn USD, P/E 16.7 on diluted EPS of 3.06 USD over the last 12 months, dividend yield 3.13%, beta 1.79, 52-week range 36.02–66.26 USD. Latest reported quarter (Q3 2026): revenue of 3.2 bn USD (+11.1% YoY), net income of 288.3 m USD (+18.9% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.4
- strong (55–70)
- Bollinger (20, 2)
- 42.07 – 49.80
- above the upper band · %B 1.18 · band width 16.8%
- SMA 50 / 200
- 48.11 / 50.73
- mixed trend
- MACD (12, 26, 9)
- 0.44 / -0.33
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.6% | −1.1% | +12.7 pp | — |
| 3 months | −8.9% | −0.5% | −8.5 pp | — |
| 6 months | −1.1% | +4.4% | −5.5 pp | — |
| Year to date | −17.4% | +12.3% | −29.7 pp | — |
| 1 year | −3.5% | +13.5% | −17.0 pp | −16.4% |
| 3 years | +46.7% | +76.4% | −29.7 pp | +64.7% |
| 5 years | +23.4% | +63.7% | −40.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 31 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.9 bn | 2.5 bn | 2.5 bn | 2.9 bn | 2.9 bn | 2.9 bn | 3.1 bn | 3.2 bn |
| Cost of revenue | 96.8 m | 41.6 m | 43.0 m | 34.4 m | 72.0 m | 29.9 m | 31.3 m | 22.9 m |
| Depreciation & amortisation | 51.2 m | 31.0 m | 52.3 m | 53.2 m | 55.8 m | 56.9 m | 47.3 m | 43.3 m |
| Pre-tax income | 304.9 m | 151.1 m | 134.9 m | 331.8 m | 253.2 m | 212.2 m | 315.5 m | 351.0 m |
| Income tax | 86.1 m | 14.2 m | 43.5 m | 89.3 m | 37.5 m | 52.9 m | 65.6 m | 62.8 m |
| Net income | 223.9 m | 136.8 m | 91.4 m | 242.5 m | 211.3 m | 159.3 m | 250.0 m | 288.3 m |
| Diluted EPS | 1.01 ≈ | 0.57 | 0.40 | 1.01 | 0.95 ≈ | 0.70 | — | — |
| Operating cash flow | — | -2.7 bn | -978.3 m ≈ | 184.2 m ≈ | — | -1.7 bn | 1.6 bn ≈ | 2.6 bn ≈ |
| Capex | 69.9 m | 49.6 m | 43.7 m ≈ | 58.2 m ≈ | 56.0 m | 64.9 m | 48.0 m ≈ | 49.3 m ≈ |
| Dividends paid | 81.6 m | 92.7 m | 94.3 m ≈ | 93.5 m ≈ | 93.5 m | 92.8 m | 91.8 m ≈ | 91.9 m ≈ |
| Share repurchases | 1.0 k | 56.3 m | 1.3 m ≈ | 918.0 k ≈ | 29.0 k | 174.3 m | 197.4 m ≈ | 68.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 61 percentile of its own 31-quarter history (min 5.5, median 14.5, max 63.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.0 bn | 5.4 bn | 6.9 bn | 8.9 bn | 7.1 bn | 7.4 bn | 10.5 bn | 10.8 bn |
| Revenue YoY | +31.2% | unavailable | +28.4% | +30.0% | −20.1% | +4.1% | +41.3% | +2.9% |
| Net income | 167.4 m | 959.6 m | 769.6 m | 1.7 bn | 781.7 m | 262.4 m | 716.0 m | 682.0 m |
| Net income YoY | +32.9% | unavailable | −19.8% | +116.7% | −53.1% | −66.4% | +172.9% | −4.7% |
| Diluted EPS | 0.45 | 3.03 | 2.65 | 6.13 | 3.06 | 1.10 | 2.99 | 2.83 |
| Diluted EPS YoY | +32.4% | unavailable | −12.5% | +131.3% | −50.1% | −64.1% | +171.8% | −5.4% |
| net % | 3.3% | 17.9% | 11.2% | 18.6% | 10.9% | 3.5% | 6.8% | 6.3% |
| Free cash flow | unavailable | unavailable | 1.9 bn | 1.4 bn | 1.6 bn | -1.9 bn | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Nov 2025
- Cash
- 14.0 bn USD
- Financial debt
- 17.7 bn USD
- Net debt
- 3.6 bn USD
- Equity
- 10.6 bn USD
- Total assets
- 76.0 bn USD
- Debt / equity
- 1.66x
- Current ratio
- unavailable
- ROE
- 6.5%
- ROA
- 1.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 6.9 bn | 8.9 bn | 7.1 bn | 7.4 bn | 10.5 bn | 10.8 bn | SEC (XBRL)· 28 Jan 2026verified |
| Cost of revenue | 338.6 m | 470.9 m | 440.8 m | 29.4 m | 206.3 m | 190.9 m | SEC (XBRL)· 28 Jan 2026verified |
| Gross profit | 6.5 bn ≈ | 8.5 bn ≈ | 6.7 bn ≈ | 7.4 bn ≈ | 10.3 bn ≈ | 10.6 bn ≈ | SEC (XBRL)· 28 Jan 2026derived |
| Depreciation & amortisation | 158.4 m | 157.4 m | 172.9 m | 112.2 m | 190.3 m | 192.3 m | SEC (XBRL)· 28 Jan 2026verified |
| Interest expense | 1.0 bn | 931.6 m | 1.2 bn | 2.7 bn | — | — | SEC (XBRL)· 26 Jan 2024verified |
| Pre-tax income | 1.1 bn | 2.3 bn | 1.1 bn | 354.3 m | 1.0 bn | 871.0 m | SEC (XBRL)· 28 Jan 2026verified |
| Income tax | 298.7 m | 576.7 m | 273.9 m | 91.9 m | 293.2 m | 184.6 m | SEC (XBRL)· 28 Jan 2026verified |
| Net income | 769.6 m | 1.7 bn | 781.7 m | 262.4 m | 716.0 m | 682.0 m | SEC (XBRL)· 28 Jan 2026verified |
| Diluted EPS | 2.65 | 6.13 | 3.06 | 1.10 | 2.99 | 2.83 | SEC (XBRL)· 28 Jan 2026verified |
| Weighted average diluted shares | 290.5 m | 271.5 m | 255.6 m | 236.6 m | 223.7 m | 222.7 m | SEC (XBRL)· 28 Jan 2026verified |
| Dividend per share | 0.60 | 0.90 | 1.20 | 1.20 | 1.30 | 1.60 | SEC (XBRL)· 28 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 9.1 bn | 10.8 bn | 9.7 bn | 8.5 bn | 12.2 bn | 14.0 bn | SEC (XBRL)· 28 Jan 2026verified |
| Goodwill | 1.7 bn | 1.7 bn | 1.7 bn | 1.8 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 28 Jan 2026verified |
| Intangibles (excl. goodwill) | 167.2 m | 152.4 m | 139.5 m | 196.9 m | 226.4 m | 202.6 m | SEC (XBRL)· 28 Jan 2026verified |
| Total assets | 53.1 bn | 56.1 bn | 51.1 bn | 57.9 bn | 64.4 bn | 76.0 bn | SEC (XBRL)· 28 Jan 2026verified |
| Short-term debt | 764.7 m | 221.9 m | 528.4 m | 989.7 m | 443.2 m | 1.8 bn | SEC (XBRL)· 28 Jan 2026verified |
| Long-term debt | 8.4 bn | 9.1 bn | 8.8 bn | 9.7 bn | 13.5 bn | 15.9 bn | SEC (XBRL)· 28 Jan 2026verified |
| Total liabilities | 43.5 bn | 45.4 bn | 40.6 bn | 48.1 bn | 54.1 bn | 65.4 bn | SEC (XBRL)· 28 Jan 2026verified |
| Equity | 9.4 bn | 10.6 bn | 10.3 bn | 9.8 bn | 10.2 bn | 10.6 bn | SEC (XBRL)· 28 Jan 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.1 bn | 1.6 bn | 1.8 bn | -1.9 bn | — | — | SEC (XBRL)· 26 Jan 2024verified |
| Capex | 177.0 m | 165.6 m | 224.3 m | 1.2 m | 250.6 m | 207.5 m | SEC (XBRL)· 28 Jan 2026verified |
| Free cash flow | 1.9 bn ≈ | 1.4 bn ≈ | 1.6 bn ≈ | -1.9 bn ≈ | — | — | SEC (XBRL)· 26 Jan 2024derived |
| Investing cash flow | -165.7 m | -409.9 m | -60.5 m | -12.2 m | 210.3 m | -298.8 m | SEC (XBRL)· 28 Jan 2026verified |
| Financing cash flow | -723.5 m | 994.3 m | -2.8 bn | 1.1 bn | — | — | SEC (XBRL)· 26 Jan 2024verified |
| Dividends paid | 160.9 m | 222.8 m | 280.1 m | 278.6 m | 303.0 m | 374.1 m | SEC (XBRL)· 28 Jan 2026verified |
| Share repurchases | 816.9 m | 269.4 m | 859.6 m | 169.4 m | 44.3 m | 58.5 m | SEC (XBRL)· 28 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 10.5 bn USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 21.03 – 86.78 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E46.46 – 86.78 (Mid 69.20)17 companies used · median multiple 15.6x · quartiles 10.4x – 19.5xBLK, COHN, ETOR, HOOD, IBKR, MIAX, MKTX, MS, OPY, PIPR, RJF, SCHW, SEIC, SF, TIGR, VIRT, WT
- Dividend discount (DDM)21.03 – 28.28 (Mid 24.12)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.5% | 42 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 14.8% | 100 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | -2.6% | 0 (on a fixed band) | 21% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 11.5x | 74 (vs peers) | 26% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 7.7% | 100 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality· partial42/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial74/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Jefferies Financial Group Inc. (JEF). Latest full fiscal year: 2025; data up to 2026-08-31.
Figures computed from the financial statements: revenue 10.8 bn USD in 2025; YoY growth 2.9%; net margin 7.5%; ROE 8.6%.
The estimated value range is 33.74–57.53 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 46.66 USD, the price of 51.17 USD leaves a potential of -8.8% (value / price − 1) and a margin of safety of -9.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 14.8%
- P/E (TTM): 11.5x
- Shareholder yield (distributions): 7.7%
What contradicts it
- EPS CAGR 3Y: -2.6%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 304.6 bn | 15.6 | 18.0% | — | unavailable | +14% / +144% |
| BLKBlackRock, Inc. | 189.7 bn | 28.1 | 12.2% | 24.2% | +89.3% | +17% / +63% |
| SCHWSchwab Charles Corp | 161.5 bn | 16.8 | 20.3% | 38.8% | +22.0% | +1% / +52% |
| RJFRaymond James Financial, Inc. | 32.4 bn | 14.7 | 18.5% | 13.6% | +6.6% | +8% / +60% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +34% / +85% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +42% / +129% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −3% / +47% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.1 bn | 5.2 | 16.5% | 14.6% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +20% / +300% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −16% / +82% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −23% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 13.3% | +15.4% | +81% / +208% |
| JSMNavient Holdings, Inc. | 1.5 bn | — | -2.0% | — | −15.6% | −21% / −19% |
| MTCMmtec, Inc. | 534.8 m | — | -272.7% | -6,944.3% | −56.8% | +97% / −42% |
| SIEBSiebert Financial Corp. | 75.2 m | — | -1.3% | -1.1% | +12.3% | −43% / −3% |
| DOMHDominari Holdings Inc. | 39.8 m | — | -315.4% | -51.6% | +487.0% | −65% / −28% |
| LGHLLion Group Holding Ltd. | 34.3 m | — | -27.4% | -52.8% | unavailable | −100% / −100% |
| COHNCohen & Co Inc. | 33.0 m | 1.9 | 33.3% | 5.6% | +246.2% | −33% / +66% |
| AXGSolowin Holdings, Ltd. | 26.5 m | — | -88.9% | -47.4% | +895.0% | −53% / −38% |
| GLXYGalaxy Digital Inc. | 1.4 k | — | -16.7% | -0.5% | +41.8% | −47% / unavailable |
| HOODRobinhood Markets, Inc. | 0 | 40.3 | 21.3% | 39.0% | +51.6% | −32% / +893% |
| VIRTVirtu Financial, Inc. | — | 8.7 | 33.6% | 13.5% | +26.2% | +48% / +195% |
| TIGRUp Fintech Holding Limited | — | 63.7 | 22.6% | 28.0% | +56.3% | −55% / −11% |
| FUTUFutu Holdings Ltd | 0 | 75.9 | 33.3% | 49.6% | +67.8% | −42% / +82% |
1- and 3-year price returns: for JEF from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 33.38 Total return -31% · Per year -31% | 58.76 Total return 20% · Per year 20% | 88.14 Total return 79% · Per year 79% |
| 3 years | 39.47 Total return -10% · Per year -3% | 77.47 Total return 70% · Per year 19% | 126.55 Total return 170% · Per year 39% |
| 5 years | 46.67 Total return 15% · Per year 3% | 102.14 Total return 135% · Per year 19% | 181.71 Total return 302% · Per year 32% |
- Exit P/E± 19.37
- Net margin± 13.56
- Annual revenue growth± 10.13
- Annual dilution± 1.14
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Jefferies Financial Group is a U.S.-headquartered global investment banking and capital markets firm whose advisory, underwriting, equities and fixed income businesses expanded strongly in 2026. Net revenues rose 22.2 percent in the first nine months of fiscal 2026 (after 4.4 percent growth in fiscal 2025), and third quarter 2026 net revenues reached 2.22 billion USD 123.
SWOT
Strengths
Weaknesses
- Fixed income trading revenues are volatile and fell significantly in 2026 3.
- The Asset Management segment is sensitive to fund performance, and its revenues fell in the latest quarter 3.
- As a holding company, it depends on payments from subsidiaries, some of which are subject to regulatory restrictions 1.
Opportunities
Threats
- Market volatility and economic uncertainty can quickly reduce transaction volumes and investment banking revenues 1.
- A possible credit rating downgrade could raise funding costs and affect client relationships 1.
- Geopolitical risks and unforeseen events could disrupt financial markets and the firm's activity 1.
Risks
- Credit and counterparty riskmedium
Settlement and financing activities expose the firm to customer or counterparty nonperformance, even when transactions are collateralized 1.
- Market risk of principal positionshigh
A considerable portion of revenues comes from principal trading, and adverse price movements could reduce revenues and profits 1.
- Credit rating downgrade riskmedium
A downgrade could raise borrowing costs and require additional collateral to counterparties 1.
- Dependence on subsidiary liquiditylow
The holding company relies on dividends and payments from subsidiaries, which may be restricted by regulation or capital requirements 1.
- Catastrophic and geopolitical eventsmedium
Military conflicts, cyberattacks, pandemics and climate events could disrupt operations and client activity 1.
Investment thesis
What would need to be true (bull case)
- Strong growth in advisory and underwriting during 2026, with record third quarter results, suggests the firm has gained share in favorable conditions 3.
- Equities activity, supported by electronic trading and prime services, reached record levels and could provide steadier revenues 3.
- The SMBC alliance and the planned Japanese joint venture could open new revenue sources if implemented successfully 13.
What would break the thesis
- Fixed income revenues fell 26 percent in third quarter 2026, showing exposure to market conditions 3.
- Asset Management reported lower revenues due to weaker performance in several funds, and reducing allocated capital could add pressure on revenues 3.
- The business remains sensitive to economic cycles, and a return of uncertainty could quickly reduce advisory and trading activity 1.
What to watch
- Trend in advisory and underwriting revenuesQ4 2026
- Completion of the Tessellis sale and wind-down of legacy investments2027
- Launch of the SMBC Japanese joint ventureJanuary 2027
- Performance of fixed income sales and trading revenuesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Jefferies is a U.S.-headquartered investment banking and capital markets firm whose largest subsidiary, Jefferies LLC, is a U.S. broker-dealer founded in 1962. Its stated strategy centers on growing investment banking, executing in capital markets sales and trading, and growing its credit and alternative asset management platforms 1. The firm reports two segments: Investment Banking and Capital Markets, and Asset Management 1.
In fiscal 2025, Investment Banking and Capital Markets generated 89.9 percent of net revenues and Asset Management 9.7 percent 1. Headcount was 7,787 at November 30, 2025 and 7,065 at August 31, 2026, following the wind-down of legacy merchant banking holdings 12.
The strategic alliance with Japan's SMBC group is a central element: SMBC holds roughly 20 percent economic ownership, and a planned Japanese joint venture is expected to begin serving clients in January 2027 13.
Segments
Investment Banking and Capital Markets
This segment includes mergers and acquisitions advisory, debt advisory and restructuring, equity and debt underwriting, and sales and trading in equities and fixed income 1. In fiscal 2025, advisory revenues rose 18.4 percent to 2.15 billion USD 1. In third quarter 2026, advisory revenues reached a record 818 million USD 3.
Asset Management
This segment offers alternative investment strategies through directly owned and affiliated managers and holds investments in public and private companies, including the legacy merchant banking portfolio 1. Revenues fell in third quarter 2026 from the prior year, reflecting weaker performance across several fund strategies, and the firm announced it is reducing capital allocated to certain existing funds 3.
Market context
Advisory and underwriting revenues depend directly on general economic conditions and financial market activity: when the outlook is uncertain, transaction volumes tend to decline 1. The company describes the first nine months of fiscal 2026 as supported by stronger market momentum and a larger pipeline of merger and acquisition transactions 23.
The fixed income market remained weaker, with fixed income revenues down 26 percent in third quarter 2026 3. Competition and price volatility affect results, and the level of market activity remains the main external factor 1.
Trends
- Recovery in merger and acquisition advisorytailwind
Advisory revenues reached record levels in third quarter 2026, supported by market share gains and sponsor-led activity in healthcare, industrials and energy 3. If this activity persists, it could support revenues in coming quarters.
- Market volatility and subdued fixed income activityheadwind
The firm notes that a volatile market can affect investment banking and sales and trading transactions, and lower activity in fixed income reduced revenues in third quarter 2026 13.
- SMBC alliance and the Japanese joint venturetailwind
The strategic alliance with SMBC is expanding, and the planned Japanese joint venture, expected to start in January 2027, could extend the firm's equities activity in Japan 13.
- Legacy portfolio reduction and fund performancemixed
Efforts to wind down legacy merchant banking investments and reallocate capital from certain funds could weigh on Asset Management revenues in the short term, but could improve operating margins if successful 3.
Competitive position
Jefferies operates in investment banking, capital markets and alternative asset management, where it competes with global investment banks and specialist firms in mergers and acquisitions, underwriting and trading. The supplied sources do not explicitly name competitors, so this profile does not list them with certainty.
The firm's position is supported by market share gains in advisory and its global equities trading platform, but competition intensifies in volatile periods when clients reduce activity 13.
- Global investment banks
Compete in mergers and acquisitions advisory and underwriting, an area where Jefferies gained market share in 2026 3.
- Brokerage and equities trading firms
Compete in equities sales and trading and in prime brokerage services for hedge funds 1.
- Alternative asset managers
Compete for institutional investor capital in credit and alternative strategies 1.
- Fixed income dealers
Compete in fixed income trading and financing, a segment where Jefferies saw declines in 2026 3.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Acțiunile marilor producători americani de armament scad puternic după alegerile pentru Congres. Investitorii se tem că democrații vor bloca propunerea lui Donald Trump de a majora bugetul Pentagonului la 1.500 de miliarde de dolari în 2027.Biziday.ro · 04 Nov 2026 · RO
- Jefferies CEO Visits India as US Firm Eyes Expansion, HiringBloomberg Markets · 03 Nov 2026 · EN
- STAT+: Pharmalittle: We’re reading about payments to Russian middlemen, a possible Dupixent rival, and moreSTAT News · 02 Nov 2026 · EN
- STAT+: Coming readout of Kymera eczema trial is a high-stakes moment in a bid to rival DupixentSTAT News · 02 Nov 2026 · EN
- Rivian's stock correction allows favorable 'entry point' after Q3 earnings, Jefferies saysCNBC — Top News · 30 Oct 2026 · EN
- Mazarine Energy cumpără BSOG - Saptamana FinanciaraSurge — Google News · 29 Oct 2026 · RO
- Mazarine Energy preia BSOG Holding Activity, cel mai mare producător de gaze naturale offshore din România/ Carlyle şi BERD şi-au dat acordul pentru vânzare - News.roSurge — Google News · 29 Oct 2026 · RO
- Mazarine Energy preia BSOG, cel mai mare producător de gaze offshore din România - www.goldring.roSurge — Google News · 29 Oct 2026 · RO
- Americanii de la Carlyle vând Black Sea Oil & Gas, cel mai mare producător offshore de gaze din România. Cine este cumpărătorul, controlat de un antreprenor olandezStartupCafe.ro · 29 Oct 2026 · RO
- TRANZACȚIE. Grupul american Carlyle vinde Black Sea Oil & Gas, compania care exploatează gazul românesc din Marea Neagră - newmoney.roSurge — Google News · 29 Oct 2026 · RO
- Carlyle şi BERD anunţă vânzarea Black Sea Oil & Gas către Mazarine Energy - Ziarul BursaBURSA.ro · 29 Oct 2026 · RO
- Americanii de la Carlyle au ieșit din afacerea cu gaze din Marea Neagră. Fondul din SUA și-a vândut acțiunile de la BSOG la Mazarine Energy. Ce include tranzacția din Marea Neagră - NewsCenter.roSurge — Google News · 29 Oct 2026 · RO
- Gigantul american Carlyle a vândut Black Sea Oil and Gas, cel mai mare producător de… - Economica.netSurge — Google News · 29 Oct 2026 · RO
- Gigantul american Carlyle a vândut Black Sea Oil and Gas, cel mai mare producător de… - Economica.netSurge — Google News · 29 Oct 2026 · RO
- Carlyle și BERD vând Black Sea Oil & Gas către Mazarine Energy. Compania este cel mai mare producător de gaze offshore din România - ZIUA de ConstantaSurge — Google News · 29 Oct 2026 · RO
- ULTIMA ORĂ După ExxonMobil, al doilea gigant american părăsește Marea Neagră românească - Profit.roProfit.ro · 29 Oct 2026 · RO
- Mazarine Energy preia Black Sea Oil & Gas, compania care a investit peste 400 de milioane de dolari în proiectul Midia - Forbes RomaniaSurge — Google News · 29 Oct 2026 · RO
- This hospice services stock is outperforming the S&P 500. Jefferies sees more gains aheadCNBC — Top News · 28 Oct 2026 · EN
- Indicted Ex-Fund Manager Can Sue Jefferies for Costs, Court SaysBloomberg Markets · 27 Oct 2026 · EN
- Acțiunile On scad 4%: Gluma lui Mbappé despre Mao a declanșat scăderea de marți - InvezzSurge — Google News · 27 Oct 2026 · RO
SEC filings
- Current report20 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report19 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report09 Oct 2026
- Current report28 Sept 2026Results of operations · Financial statements and exhibits
- Current report15 Jul 2026Other events · Financial statements and exhibits
- Quarterly report09 Jul 2026
- Current report08 Jul 2026Other events · Financial statements and exhibits
- Current report24 Jun 2026Results of operations · Financial statements and exhibits
- Current report28 Apr 2026Other events · Financial statements and exhibits
- Current report24 Apr 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-11-30 · SEC / Jefferies Financial Group Inc. · 28 Jan 2026
- [2] Form 10-Q, quarter ended 2026-08-31 · SEC / Jefferies Financial Group Inc. · 09 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Jefferies Financial Group Inc. · 28 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.