Jefferies Financial Group Inc JEF

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 46.12 USD on Nov 1, 2026, −23.9% year to date

Quant rating

Quant rating B Rank 128 of 799 in Financials

Growth B 137 of 799
Valuation A 22 of 799
Quality B 160 of 799
Revisions B 167 of 799
Momentum D 668 of 799

Wall Street consensus Buy (2.40)Average target 56.80 USD +23.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 10.6B
Enterprise value: 33.2B
52-week range: 35.59 – 66.32
3-year range: 32.58 – 81.75
Dividend yield: 3.47%
Beta (5 years): 1.54
Shares outstanding: 230M
Next earnings: Jan 5, 2027

About the company

Jefferies Financial Group Inc. is a global investment banking and capital markets company. The Company's segments include Investment Banking and Capital Markets and Asset Management. The Investment Banking and Capital Markets segment includes its capital markets activities and its investment banking business, which provides underwriting and financial advisory services to its clients. It operates in the Americas; Europe and the Middle East; and Asia-Pacific. The Investment Banking and Capital Markets segment provides the sales, trading, origination and advisory effort for various fixed income, equity and advisory products and services. The Asset Management segment provides alternative investment management services to investors globally and generates investment income from capital invested in and managed by it or its affiliated asset managers and includes certain remaining businesses and assets of its legacy merchant banking portfolio.

Growth and profitability fiscal year ends November 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	10,824	10,515	7,499	7,176	8,938	–
Revenue growth	2.9%	40.2%	4.5%	−19.7%	28.5%	9.2%
EPS (basic, normalized)	2.94	2.99	1.10	3.06	6.13	–
EPS growth	−1.7%	171.8%	−64.1%	−50.1%	–	–
Gross margin	61.6%	60.8%	58.2%	72.7%	81.8%	67.0%
Net margin	5.9%	6.3%	3.5%	10.8%	18.5%	9.0%
ROE	3.7%	6.7%	2.7%	7.4%	78.0%	19.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	16,884
Current ratio	–
Long-term debt (mil)	20,795
Net debt (mil)	22,649
Total equity (mil)	10,714
Net debt / equity	2.11x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	10,824	+2.9%	3.1x	51.26	+5.9%	0.9x	2.94	−1.7%	15.7x
2026	8,561	−20.9%	3.9x	52.62	+2.7%	0.9x	3.84	+30.6%	12.0x
2027	9,122	+6.5%	3.6x	55.90	+6.2%	0.8x	4.59	+19.6%	10.0x
2028	9,305	+2.0%	3.6x	58.19	+4.1%	0.8x	5.74	+24.9%	8.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	8,561	0.0%	+0.4%	+4.0%	3.84	+2.9%	+7.4%	+9.1%
2027	9,122	−0.3%	−0.9%	+0.5%	4.59	+0.3%	+0.6%	−3.2%
2028	9,305	−0.3%	−2.7%	−1.0%	5.74	+0.5%	−2.7%	+15.6%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	1,656	1,684	1,957	1,593	1,634	2,047	2,069	2,017	2,206	2,222
Sales mean (mil)	1,593	1,709	1,775	1,863	1,562	1,923	1,968	2,070	2,299	2,174
Surprise	+4.0%	−1.5%	+10.3%	−14.5%	+4.6%	+6.5%	+5.1%	−2.5%	−4.0%	+2.2%
EPS reported	0.64	0.75	0.93	0.57	0.40	1.01	0.96	0.70	1.02	1.08
EPS mean	0.63	0.78	0.91	0.94	0.44	0.80	0.94	0.96	1.16	1.00
Surprise	+1.1%	−3.2%	+2.5%	−39.4%	−9.1%	+26.2%	+1.9%	−26.8%	−11.8%	+7.6%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
JEF Jefferies Financial Group Inc	10.6B	20.68x	5.9%	0.99x	12.0x	10.0x	25.6x	21.1x
MS Morgan Stanley	288.4B	–	13.6%	2.49x	14.3x	13.5x	–	–
GS The Goldman Sachs Group, Inc.	260.5B	–	13.0%	2.08x	12.5x	12.0x	–	–
BLK BlackRock, Inc.	186.1B	–	22.9%	3.09x	19.8x	17.6x	14.4x	12.7x
SCHW The Charles Schwab Corporation	152.3B	–	30.4%	3.03x	13.7x	11.3x	24.3x	20.6x
IBKR Interactive Brokers Group Inc	131.0B	9.69x	9.4%	5.61x	28.5x	23.1x	30.0x	24.6x
Mean		15.18x	15.9%	2.88x	16.8x	14.6x	23.6x	19.8x
Median		15.18x	13.3%	2.76x	14.0x	12.8x	24.9x	20.9x

Technical analysis

1M−2.1%
3M−18.8%
1Y−14.3%
3Y+58.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Jefferies Financial Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	10,824	10,515	7,499	7,176	8,938	6,956
Cost of revenue	4,160	4,119	3,137	1,959	1,627	1,550
Gross profit	6,664	6,396	4,362	5,217	7,310	5,406
Selling, general & administrative expenses	4,899	4,621	3,385	3,382	4,830	4,020
Research & development	–	–	–	–	–	–
Depreciation/amortization	192	190	112	184	157	158
Interest expense (income), operating	–	–	–	–	77.1	84.9
Unusual expense (income)	–	0	57.2	27.1	0	0
Other operating expenses	702	579	453	569	0	0
Operating income	871	1,006	354	1,056	2,246	1,143
Net interest income (expense)	–	–	–	–	−94.4	−75.5
Gain (loss) on sale of assets	–	–	–	–	102	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	871	1,006	354	1,056	2,254	1,067
Provision for taxes	185	293	91.9	274	577	299
Minority interest	28.4	24.4	15.3	3.7	−3.0	6.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	715	737	278	785	1,674	775
Extraordinary items	−4.4	6.7	–	–	–	0
Net income	710	743	278	785	1,674	775
EBIT, normalized	871	1,006	412	1,083	2,323	1,227
EBITDA, normalized	1,073	1,203	525	1,272	2,489	1,389
Basic EPS, normalized	2.94	2.99	1.10	3.06	6.13	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Jefferies Financial Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	14,044	12,153	8,526	9,703	10,755	9,055
Receivables	8,556	5,825	4,716	3,587	7,839	6,609
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	1,246	1,195	1,066	907	911	897
Goodwill	1,838	1,828	1,848	1,736	1,745	1,746
Intangibles	203	226	197	139	152	167
Long-term investments	45,963	38,917	36,129	30,471	35,626	31,843
Note receivable	–	–	–	–	–	–
Other long-term assets	26,763	22,194	18,665	17,804	21,969	18,465
Total assets	76,012	64,360	57,905	51,058	60,404	53,118
Liabilities
Accounts payable	12,172	7,760	7,698	6,208	10,280	–
Payable/accrued	–	–	–	–	3,332	10,388
Accrued expenses	4,430	4,144	3,090	3,107	548	584
Short-term debt	16,665	15,508	13,760	9,447	10,201	20,917
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	18,783	15,716	11,130	10,938	13,738	11,766
Minority interest	67.9	68.6	92.7	69.1	51.3	59.3
Other liabilities	46,587	38,419	36,973	29,818	36,061	31,889
Total liabilities	65,438	54,204	48,195	40,825	49,850	43,714
Shareholders' equity
Preferred stock	0.1	0.1	0	–	–	–
Common stock	206	206	211	226	244	250
Additional paid-in capital	2,178	2,104	2,045	1,968	2,742	2,911
Retained earnings (accumulated deficit)	8,575	8,270	7,850	8,418	7,940	6,532
Treasury stock	–	–	–	–	–	–
Other equity	−384	−423	−396	−379	−372	−289
Total equity	10,575	10,157	9,710	10,233	10,554	9,404
Total liabilities & shareholders' equity	76,012	64,360	57,905	51,058	60,404	53,118

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Jefferies Financial Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	682	716	262	782	1,677	768
Depreciation, depletion & amortization	202	198	113	189	151	146
Deferred taxes	110	−4.1	10.5	−70.4	96.9	64.7
Non-cash items	623	213	217	−711	104	269
Changes in working capital	−3,116	−1,345	−2,583	1,615	−456	827
Cash from operations	−1,500	−222	−1,979	1,805	1,573	2,076
Investing activities
Capital expenditures	−207	−251	−1.2	−224	−166	−177
Other investing cash flows	−91.3	461	−11.0	164	−235	−9.2
Cash from investing	−299	210	−12.2	−60.5	−401	−186
Financing activities
Financing cash flow items	17.3	−168	6.1	65.0	−10.1	19.0
Cash dividends paid	−374	−303	−279	−280	−223	−161
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	3,949	3,820	1,333	−2,628	1,227	−582
Cash from financing	3,592	3,349	1,060	−2,843	994	−724
Foreign exchange effects	2.4	−2.2	54.9	−22.1	−3.4	18.3
Net change in cash	1,796	3,335	−876	−1,121	2,163	1,185
Free cash flow	−1,707	−473	−1,980	1,581	1,407	1,899

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.