At a glance
Jefferies Financial Group Inc is worth $9.71B, about 17 times its fiscal 2025 earnings. Revenue grew 4.4% to $7.34B in fiscal 2025, with 8.6% kept as profit; over 5 years it has grown 4.7% a year. It pays a 3.37% dividend yield, and returned $2.86B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −11.8% over the past year with dividends reinvested and +6.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.4% in the 2020 crash (S&P 500: 33.7%) and 35.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 7 months after the lows.
The business in plain English
Jefferies Financial Group is a New York-based investment bank. It advises companies, private equity firms and governments on mergers and buyouts, helps them raise money, and trades stocks and bonds for large investors such as mutual funds, hedge funds, pension plans and insurers. Its roots go back to 1962, and it has regional headquarters in London and Hong Kong.
The Investment Banking and Capital Markets segment produced 90% of the $7.34 billion in revenue for the fiscal year ended November 30, 2025. Firm-wide, the biggest revenue lines were underwriting, meaning helping clients issue new shares or bonds (22.4%); principal transactions, or trading with the firm's own money (21.9%); and commissions and other fees (18%). The segment includes two joint ventures: Jefferies Finance, a corporate lender owned 50/50 with Massachusetts Mutual Life Insurance Company, and Berkadia, a commercial real estate lender shared with Berkshire Hathaway.
The Asset Management segment (9.7% of revenue) offers alternative investments, meaning strategies beyond ordinary stocks and bonds, through its own and affiliated managers. It also holds stakes in other businesses, including real estate development, online currency trading and telecommunications. The Americas supplied 68.2% of revenue, Europe and the Middle East 24.3%, and Asia-Pacific 7.5%. Japan's SMBC Group, a partner since 2021, owned 15.7% of the common stock, counting holdings convertible into shares, at November 30, 2025.
Price history
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JEF -11.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Investment banking - Underwriting | $1.64B | 22.4% |
| Principal transactions | $1.61B | 21.9% |
| Commissions and other fees | $1.32B | 18% |
| Equities | $1.29B | 17.6% |
| Other contracts with customers | $557.7M | 7.6% |
| Other Investments | $390.5M | 5.3% |
| Internet connection and broadband revenues | $228.1M | 3.1% |
| Asset management fees | $130.7M | 1.8% |
| Real estate revenues | $94.6M | 1.3% |
| Asset management | $67.7M | 0.9% |
| Fixed income | $7.0M | 0.1% |
By business segment
| Investment Banking and Capital Markets | $6.61B | 90% |
| Asset Management | $710.2M | 9.7% |
By geography
| Americas | $5.01B | 68.2% |
| Europe and the Middle East | $1.78B | 24.3% |
| Asia-Pacific | $553.8M | 7.5% |
Latest results
- In Q3 FY2026 (ended Aug 31, 2026), revenue was $2.22B, up 8.5% from a year earlier, and net income was $288.3M (+28.7%).
- For fiscal 2025, revenue was $7.34B (+4.4% year over year; +4.7% a year from FY2020 to FY2025) with a 8.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.7% watch |
|---|---|
| Return on equity | 6% weak |
| Net income / revenue | 8.6% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.85B | $769.6M | — |
| FY2021 | $8.01B | $1.67B | — |
| FY2022 | $5.98B | $774.2M | — |
| FY2023 | $4.70B | $260.9M | — |
| FY2024 | $7.03B | $669.3M | — |
| FY2025 | $7.34B | $630.8M | — |
Valuation snapshot
| Market value | $9.71B |
|---|---|
| P/E ratio | 16.8 |
| Dividend yield | 3.37% |
Rank among 1514 US companies
Market value at each year end
Jefferies Financial Group’s market value went from $8.37B at the end of 2016 to $9.71B on Oct 28, 2026, up 16%; since the end of 2025 it is down 24%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $9.71B | -24.0% |
| 2025 | $12.78B | -20.7% |
| 2024 | $16.11B | +89.5% |
| 2023 | $8.50B | +8.3% |
| 2022 | $7.85B | -17.6% |
| 2021 | $9.53B | +51.6% |
| 2020 | $6.28B | -1.9% |
| 2019 | $6.41B | +14.3% |
| 2018 | $5.61B | -40.6% |
| 2017 | $9.44B | +12.7% |
| 2016 | $8.37B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| JEF price data to Oct 28, 2026 | -21.6% | -11.8% | +18.0% | +6.3% | +14.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -21.6% |
| 2025 | -18.8% |
| 2024 | +98.8% |
| 2023 | +29.0% |
| 2022 | -8.6% |
| 2021 | +61.9% |
| 2020 | +19.0% |
| 2019 | +35.4% |
| 2018 | -33.1% |
| 2017 | +15.4% |
| 2016 | +35.5% |
| 2015 | -21.6% |
| 2014 | -20.1% |
| 2013 | +23.5% |
| 2012 | +5.7% |
| 2011 | -21.2% |
| 2010 | +23.8% |
| 2009 | +20.1% |
| 2008 | -58.0% |
| 2007 | +67.9% |
| 2006 | +18.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 78.7% over that stretch · deepest drop along the way 80.7%, back to its old high 151.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 48.3% over that stretch · deepest drop along the way 48.4%, back to its old high 7.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.1% over that stretch · deepest drop along the way 35.3%, back to its old high 6.9 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 1 open-market purchases ($318.7M) and 2 sales ($51.90).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 15, 2026 | Sumitomo Mitsui Financial Group, Inc. Director | buy | $318.7M |
| May 6, 2026 | Brian P Friedman President, Director | sell | $38.00 |
| May 6, 2026 | Brian P Friedman President, Director | sell | $13.00 |
Who owns it
ETFs with the most weight in JEF
| MBOX Freedom Day Dividend ETF | 1.6% |
| XMMO Invesco S&P MidCap Momentum ETF | 1.55% |
| SMDX Intech S&P Small-Mid Cap Diversified Alpha ETF | 1.13% |
| LSAF LeaderShares AlphaFactor US Core Equity ETF | 0.92% |
| DVLU First Trust Dorsey Wright Momentum & Value ETF | 0.8% |
| TPHD Timothy Plan High Dividend Stock ETF | 0.67% |
| SYLD Cambria Shareholder Yield ETF | 0.66% |
| FXO First Trust Financials AlphaDEX Fund | 0.63% |
What could go wrong
- Berkadia losses could land on Jefferies. Berkadia, a commercial property lender co-owned with Berkshire Hathaway, borrows through commercial paper (short-term IOUs). If it suffered heavy losses and could not repay, Jefferies could face losses under a reimbursement obligation to Berkshire.
- Jefferies Finance joint venture may disappoint. Jefferies Finance, a 50/50 venture with Massachusetts Mutual Life Insurance Company, arranges and invests in loans to companies. If those loans sour or the venture underperforms, Jefferies' results and financial condition could suffer.
- Losses when trading with its own money. Principal transactions, trades made with the firm's own capital, were 21.9% of fiscal 2025 revenue. Positions are valued daily at market prices, so sharp moves in stocks, bonds or commodities can quickly cut profits.
- Results swing with deal and trading activity. Deal fees and trading volumes can fall sharply when markets turn volatile. Revenue fell from $8.01 billion in fiscal 2021 to $4.70 billion in fiscal 2023, then rebounded to $7.34 billion by fiscal 2025.
- A credit rating cut could raise costs. Jefferies had $19.9 billion of debt as of August 31, 2026. A downgrade could raise borrowing costs, cut demand for its bonds, require extra collateral for trading partners and shake client confidence.
- Clients or trading partners may not pay. Jefferies lends clients money against securities and trades derivatives (price-linked contracts) with other firms. If a client or trading partner defaults, or the collateral loses value first, Jefferies can lose money despite daily monitoring.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
- Other company announcement
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Other company announcement
For income and retirement investors
Jefferies pays a dividend, but its growth record is uneven. Regular dividends per share rose from $0.60 in fiscal 2020 to $1.60 in fiscal 2025, averaging 21.7% a year, yet held flat at $1.20 in fiscal 2023, leaving a two-year streak of increases. Dividends took 59.3% of fiscal 2025 earnings, and in fiscal 2023 they exceeded net income ($279 million paid versus $261 million earned). The yield was 3.37% as of October 28, 2026. Buybacks totaled $1.40 billion over fiscal 2021–2025 but slowed to $58.5 million in fiscal 2025; the share count fell 17.2% from March 2021 to March 2026.
The shares have fallen hard in downturns. They dropped 80.7% during the 2008 financial crisis and did not regain their peak until October 2021, about 151 months later. They fell 48.4% in the 2020 COVID crash and 35.3% in the 2022 bear market, recovering in about 8 and 7 months. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Jefferies make money?
Jefferies makes most of its money from investment banking and trading. Its Investment Banking and Capital Markets segment produced 90% of the $7.34 billion in revenue for the fiscal year ended November 30, 2025. The largest revenue lines were underwriting stock and bond issues (22.4%), principal transactions, meaning trading with its own capital (21.9%), and commissions and other fees (18%). It also earns advisory fees on mergers and restructurings. The Asset Management segment, which offers alternative investments and holds stakes in other businesses, supplied 9.7%.
Does Jefferies raise its dividend every year?
No. Regular dividends per share climbed from $0.60 in fiscal 2020 to $1.60 in fiscal 2025, but they held at $1.20 in both fiscal 2022 and fiscal 2023. Increases in fiscal 2024 and 2025 left a two-year streak. No special dividends were paid in that span. Dividends took 59.3% of fiscal 2025 earnings, and in fiscal 2023 they slightly exceeded net income. The yield was 3.37% as of October 28, 2026.
What is Jefferies' relationship with SMBC?
SMBC Group, which includes Japan's Sumitomo Mitsui Financial Group (SMFG), is Jefferies' strategic partner and a major shareholder. Their alliance began in July 2021 and covers joint investment banking, capital markets and lending work. SMBC owned 15.7% of Jefferies' common stock, counting convertible holdings, at November 30, 2025, and Jefferies agreed in September 2025 to let that economic stake rise to 20% while voting power stays below 5%. SMFG purchased about $629 million of shares in May and July 2026, and its CEO sits on the board.
Is Jefferies stock volatile?
Yes. As of October 28, 2026, its one-year beta was 1.52, meaning it tended to move about 1.5 times as much as the broad market. Its annualized volatility, a measure of how widely the price swings, was 40.5% over that year, and it fell as much as 45.2% from a peak within that year. The stock gained 98.8% in 2024, lost 18.8% in 2025 and was down 21.6% for 2026 through October 28. In the 2008 financial crisis, it fell 80.7%.
What is Jefferies' P/E ratio?
Jefferies' P/E (price-to-earnings) ratio was about 16.8 as of October 28, 2026, based on fiscal 2025 earnings. Its market value was about $9.7 billion. Diluted earnings per share, which count all potential shares, were $2.83 in fiscal 2025, down from $2.99 a year earlier and far below $6.13 in fiscal 2021. In the quarter ended August 31, 2026, net income rose 28.7% from a year earlier. Because profits swing widely, one year's P/E can mislead.