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Monex Group
(8698)
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Rating:56Neutral
Price Target:
¥757.00
▲(2.99% Upside)
Action:Reiterated
Date:05/14/26
The score is driven primarily by middling financial quality due to volatile earnings and especially inconsistent cash flow, despite improved leverage and a 2026 rebound. Technicals are weak with the stock below key moving averages and negative MACD, but valuation is a positive offset with a mid-teens P/E and strong dividend yield.
Positive Factors
Revenue rebound and profitability
A clear revenue rebound and return to profitability in 2026 indicates the firm's core brokerage and services can recover and scale when conditions improve. Sustained ability to restore profits supports reinvestment in platforms, service quality and client acquisition over the medium term.
Negative Factors
Inconsistent cash generation
Highly inconsistent operating and free cash flow undermines the firm's ability to reliably fund investments, dividends and debt servicing. Variable cash conversion from profits increases refinancing and capital-allocation risk, making strategic planning and sustainable payout policies harder to execute.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound and profitability
A clear revenue rebound and return to profitability in 2026 indicates the firm's core brokerage and services can recover and scale when conditions improve. Sustained ability to restore profits supports reinvestment in platforms, service quality and client acquisition over the medium term.
Read all positive factors
Monex Group (8698) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥176.59B
Dividend Yield4.35%
Average Volume (3M)2.13M
Price to Earnings (P/E)16.2
Beta (1Y)0.69
Revenue Growth17.45%
EPS GrowthN/A
CountryJP
Employees1,122
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)43.41
Shares Outstanding251,647,100
10 Day Avg. Volume1,436,850
30 Day Avg. Volume2,132,950
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)1.33
Price to Sales (P/S)1.90
P/FCF Ratio180.16
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)44.34
Revenue Forecast (FY)¥76.23B
Monex Group Business Overview & Revenue Model
Company Description
Monex Group, Inc., through its subsidiaries, delivers online brokerage solutions to both individual and corporate clients across Japan, the United States, and the broader Asia-Pacific region. The company offers a wide array of financial services, ...
How the Company Makes Money
Monex Group makes money primarily through its operating subsidiaries by earning fees and spreads tied to customer investing and trading activity. Key revenue streams include: (1) brokerage commissions and transaction-related fees generated when cu...
Monex Group Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
57
Neutral
Cash Flow
41
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 88.51B | 76.08B | 64.10B | 52.69B | 86.93B |
| Gross Profit | 85.36B | 66.16B | 54.42B | 35.33B | 69.99B |
| EBITDA | 24.45B | 7.04B | 37.92B | 16.63B | 34.35B |
| Net Income | 10.91B | -5.83B | 12.51B | 3.39B | 13.02B |
Balance Sheet | |||||
| Total Assets | 746.77B | 709.64B | 761.64B | 1.50T | 1.61T |
| Cash, Cash Equivalents and Short-Term Investments | 431.35B | 53.47B | 97.94B | 181.02B | 261.30B |
| Total Debt | 63.39B | 87.02B | 100.16B | 594.56B | 585.65B |
| Total Liabilities | 616.80B | 583.39B | 628.52B | 1.40T | 1.50T |
| Stockholders Equity | 126.40B | 123.98B | 131.71B | 99.64B | 104.29B |
Cash Flow | |||||
| Free Cash Flow | 935.00M | 8.73B | 1.36B | -38.78B | 45.09B |
| Operating Cash Flow | 1.46B | 13.30B | 8.05B | -30.98B | 51.70B |
| Investing Cash Flow | -19.47B | -32.18B | -86.35B | -21.87B | -6.03B |
| Financing Cash Flow | -108.00M | -25.19B | -5.11B | -34.16B | 13.76B |
Monex Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ¥98.54B | 8.45 | ― | 5.75% | 38.76% | 64.54% | |
70 Outperform | ¥2.45T | 14.34 | 10.35% | 3.49% | 7.41% | 15.07% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | ¥246.41B | 8.07 | ― | 4.01% | 38.46% | 176.98% | |
66 Neutral | ¥269.65B | 14.83 | 19.66% | 5.13% | 43.71% | 73.74% | |
64 Neutral | ¥4.37T | 0.31 | 404.11% | 3.19% | 6.38% | 8.32% | |
56 Neutral | ¥176.59B | 16.24 | 8.98% | 4.18% | 17.45% | ― |
* Financial Sector Average
JP:8698
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Monex Group Corporate Events
Monex Group Adopts Trust-Based Stock Plan, Disposes Treasury Shares
Jul 27, 2026
Monex Group has approved the introduction of a new trust-based stock compensation plan for its directors and senior executives, replacing its existing restricted stock remuneration scheme. The move is part of a broader overhaul of officer pay desi...
Monex Group Tightens Executive Pay-Performance Link in Governance Overhaul
Jun 29, 2026
Monex Group has overhauled its officer remuneration system and policy to strengthen the link between executive pay and performance, in response to rising investor demands for transparency and stronger governance. The new framework increases the sh...
Monex Clarifies Relationship With Largest Shareholder Shizuoka Financial Group
Jun 29, 2026
Monex Group has disclosed that Shizuoka Financial Group holds 20.32 percent of its voting rights, classifying it as an other affiliated company and the largest shareholder, while emphasizing that Monex continues to operate independently with its o...
Monex Finalizes KDDI Capital Tie-Up in Coincheck While Retaining Control
Jun 9, 2026
Monex Group has completed a third-party share allotment in its consolidated subsidiary Coincheck Group N.V. to KDDI Corporation, with KDDI subscribing to 28,536,516 newly issued shares for about US$65 million. Following the transaction, Coincheck ...
Monex Group Sets Higher Year-end Dividend and Reaffirms Shareholder Return Policy
May 22, 2026
Monex Group has set its year-end dividend for the fiscal year ending March 31, 2026 at 15.40 yen per share, bringing the annual total to 30.70 yen when combined with the interim payout. The decision slightly increases the year-end dividend from th...
Monex Group Reaffirms Tech-Driven Philosophy in FY2026 Outlook
May 12, 2026
Monex Group outlined its corporate philosophy in conjunction with financial results for the fiscal year ending March 31, 2026, emphasizing a mission to stay ahead of evolving money trends and support individuals at the forefront of financial innov...
Monex’s Coincheck Brings In KDDI as Strategic Investor and Alliance Partner
May 12, 2026
Monex Group’s subsidiary Coincheck Group N.V. will issue new shares to KDDI Corporation, which will invest about $65 million at $2.28 per share to acquire a 14.9% stake, bolstering Coincheck Group’s financial flexibility while Monex re...
Monex Group to Introduce Virtual-Only Shareholder Meetings and Shift Record Date
May 12, 2026
Monex Group plans to overhaul its shareholder meeting framework by introducing the option of virtual-only general meetings, allowing all shareholders to participate online, exercise voting rights and ask questions under the same conditions regardl...
Monex Group Swings Back to Profit on Higher Fees and Absence of One-Off Costs
May 12, 2026
Monex Group reported a strong rebound in earnings for the fiscal year ended March 31, 2026, with revenue rising 13.3% to ¥83.6 billion and profit attributable to owners swinging from a ¥5.1 billion loss to ¥10.9 billion in profit. T...
Monex Group Raises Year-End Dividend Forecast and Sets 15% ROE Target
May 12, 2026
Monex Group has updated its dividend forecast for the fiscal year ending March 31, 2026, reaffirming its policy of a minimum annual dividend of ¥30 per share and linking payouts to 50% of profit attributable to owners when that exceeds the mi...
Monex Group Releases IFRS-Based Results for Fiscal Year 2026
May 12, 2026
Monex Group has released an English translation of its presentation materials summarizing financial results for the fiscal year ending March 31, 2026, prepared under IFRS. The document primarily outlines market and transaction data as well as cons...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.