We transfer coverage of Japan Exchange Group, or JPX, which operates Japan's dominant exchanges. Operating revenue rose 22.5% to JPY 198.7 billion in fiscal 2025 (ended March 2026) on higher cash equities trading and rate-related clearing, then rose another 51% in the first quarter of fiscal 2026.
JPX is a vertically integrated exchange with an effective monopoly to Japan and should not experience any major competition.
JPX’s fate is strongly linked to Japan’s economy, which has been stagnant for nearly three decades due to the country’s aging population and high public debt levels.
|
Metric
|
8697
|
S68
|
00388
|
|---|---|---|---|
Price/Earnings (Normalized) | 30.30 | 31.20 | 24.38 |
Price/Book Value | 7.39 | 9.66 | 7.98 |
Price/Sales | 14.75 | 14.48 | 18.42 |
Price/Cash Flow | 21.88 | 26.56 | 21.89 |
|
Metric
|
8697
|
S68
|
00388
|
|---|---|---|---|
Quick Ratio | 0.00 | 1.62 | 0.82 |
Current Ratio | 1.00 | 1.62 | 1.05 |
Interest Coverage | 520.94 | 50.31 | 3.30 |
|
Metric
|
8697
|
S68
|
00388
|
|---|---|---|---|
Return on Assets (Normalized) | — | 17.73% | 3.66% |
Return on Equity (Normalized) | — | 33.77% | 33.51% |
Return on Invested Capital (Normalized) | — | 24.93% | 26.66% |
|
1-Day Chart
|
Name
|
Price
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|---|
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SPGI
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| CME Group Inc Class A
CME
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ICE
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| Moodys Corp
MCO
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NDAQ
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COIN
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| MSCI Inc
MSCI
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CBOE
| LOCK|@!^$YNH | LOCK|pR%K | $29B | |||
| TransUnion
TRU
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United States