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Data-driven stock valuation

Japan Exchange Group Inc ADR (JPXGY) fair value: what the stock is really worth

We calculate from audited financials what Japan Exchange Group Inc ADR is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.

  1. Compare price with fair valuebelow fair value = cheap, above = expensive
  2. Check the quality50 and up solid, 75 and up strong
  3. Watch it or check another stockalert when fair value or trend changes

Financial Services · US · Market cap $14.4B · ISIN US4710591052

At a glance

JE Japan Exchange Group Inc ADR logo Japan Exchange Group Inc ADR JPXGY · US
Price$14.33
Fair Value$6.90
Upside−51.8%
Quality77/100

A strong business, but trading 108% above our fair value of $6.90.

As of Sep 8, 2026, the fair value of Japan Exchange Group Inc ADR is $6.90 per share against a price of $14.33, so the fair value sits 52% below the price. A model estimate from reported figures, not an analyst target.

Healthy Growth (revenue 5y +9.6 %/yr)
Highly profitable · 39.8% net margin
Low debt · generates free cash flow
·2.76% dividend yield
!Mixed vs. peers (8/15)
Wide moat 81/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range $5.17 to $17.27
Evidence: Medium Range $5.17 to $17.27

Fair value as of: Sep 8, 2026

From 11 valuation models · updated today

Fair value updated Sep 8, 2026, revised from $6.69 to $6.90 (+3.1%) since Aug 18, 2026. Share price −1.5% over the past month.

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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • A high-quality business (quality 77/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The model range is unusually wide ($5.17 to $17.27). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

$14.55 $5.82 Fair Value $6.90 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 8, 2026.

How to read this chart

60‑month range $5.82 – $14.55 · fair‑value band $5.17 – $17.27 · the $14.33 price screens above the $6.90 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 8, 2026.

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Analysis

Japan Exchange Group Inc ADR (JPXGY) currently trades at $14.33, while our model-based Fair Value estimate is $6.90, implying the stock looks roughly 107.6% overvalued today. The Quality Score stands at 77/100 (high quality), in the Financial Services sector. How firm this estimate is: it rests on 24 models at a data quality of 96/100, which puts the evidence level at medium.

Over the trailing twelve months, Japan Exchange Group Inc ADR generated revenue of ¥199B at a net margin of 39.8%. Revenue grew 45.4% year over year. It earns a return on equity of 23.0%. The balance sheet holds a net cash position of ¥58.2B. Fundamentals as of Sep 8, 2026

Scenario range: $5.17 (bear) to $17.27 (bull), the price of $14.33 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades near its 52-week high and 51% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −56% fair-value upside, at −52%, JPXGY screens cheaper than that median.

Fair Value models

Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF best evidence $1,488 $2,466 $4,091 76
Owner Earnings $1,354 $2,296 $3,891 74
Rev-Margin DCF $749.10 $1,035 $1,352 74
All 11 models by family
DCF Models
Owner Earnings $1,354 $2,296 $3,891 74
5Y P/E Exit $1,050 $1,630 $2,270 71
10Y P/E Exit $1,189 $1,758 $2,518 64
Earnings-Based
Graham-Dodd $555.10 $2,401 $3,282 64
Lynch FV $616.57 $880.82 $1,145 61
Multiples
P/E Multiple $795.92 $1,061 $1,327 63
P/B Multiple $353.95 $471.94 $589.92 55
Asset-Based
NCAV (Graham) $168.55 $225.85 $337.10 54
Growth DCF
Growth DCF best evidence $1,488 $2,466 $4,091 76
Rev-Margin DCF $749.10 $1,035 $1,352 74
Economic Profit
Residual Income $544.28 $732.66 $3,900 58

Widest divergence: DCF Models ($1,758) versus Asset-Based ($225.85). Highest evidence: Growth DCF (76).

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Key figures & financial health

P/E ratio 38.7
P/S ratio 15.4 P/E × margin
EPS (TTM) $0.3700 price ÷ EPS = P/E 38.7
Dividend yield 2.8% payout 107%
Net margin 39.8% FY2026
Return on equity 23.0% TTM
More key figures
Profitability
Return on assets (EBIT) 0.1% avg 5y
Operating margin 58.7% TTM
Growth
Revenue (TTM) ¥199B TTM
Revenue growth (YoY) +45.4% 3y avg +16.2%
EPS growth (YoY) +73.0%
Balance sheet & cash flow
Free cash flow ¥113B FY2026
Net cash ¥58.2B FY2026

Figures from reported company fundamentals · as of Sep 8, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 77/100

Of which business quality 61 · Market factors (momentum, volatility) 77

Profitability 41
Margins and returns on capital today
Quality Growth 74
Are margins and returns improving?
Cashflow 89
Earnings quality: real cash, not paper profit
Fin. Strength 1
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 70
Price trend over the last 3–12 months (market factor)
52W Momentum 91
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Japan Exchange Group, Inc. operates as a financial instruments exchange holding company in Japan. The company engages in the operation of financial instruments exchange markets for trading listed securities and derivatives instruments to market users; publication of stock prices and quotations; provides market facilities for trading of commodity …

Full company description

Japan Exchange Group, Inc. operates as a financial instruments exchange holding company in Japan. The company engages in the operation of financial instruments exchange markets for trading listed securities and derivatives instruments to market users; publication of stock prices and quotations; provides market facilities for trading of commodity derivatives, physical commodities, and commodity index futures; self-regulatory operations, such as listing examination, listed company compliance, market surveillance, and inspections and examinations of trading participants. The company also provides clearing and settlement, and market-related services for transactions through proprietary trading systems (PTS), over-the-counter derivative transactions, and over-the-counter government bond transactions. The company was incorporated in 1949 and is headquartered in Tokyo, Japan.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Japan Exchange Group Inc ADR reported revenue of ¥211B in FY2026 versus ¥136B in FY2022, a compound +11.7%/yr. Reported net income was ¥83.9B in FY2026, compounding +13.8%/yr from FY2022.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
$211B
Latest YoY
+28.6%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.2%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.6%
Avg. revenue growth/yr (20Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.5%
Value creation/yr (5Y, in JPY) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +30.9%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+28.1%
Dividend yield2.8%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 28.1% vs 10Y 15.3%, picking up
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.55.8% (2021) → 57.7% (2026) · rising
⚠ Final year 2026 sits 179% above trend (one-off), rate approximate
Revenue +11.7%/yr
FY22 ¥136B
FY23 ¥134B
FY24 ¥158B
FY25 ¥164B
FY26 ¥211B
Net income +13.8%/yr
FY22 ¥50.0B
FY23 ¥46.3B
FY24 ¥60.8B
FY25 ¥61.1B
FY26 ¥83.9B
Character of growth · EPS growth decomposed (2015-2026) +8.8 % p.a.
Revenue per share +8.2 %

of which total revenue +5.4 % · buybacks/dilution +2.6 %

EBIT margin +0.4 %
Tax rate +0.5 %
Residual (interest, one-offs) −0.3 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

JPXGY screens 108% overvalued. Compare with S&P Global Inc →

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Cite: Fair Value Calculator (2026). "Japan Exchange Group Inc ADR Fair Value". https://www.fairvalue-calculator.com/stock/JPXGY

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Financial Data & Stock Exchanges · 53 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation
Quality Score 70 · Above median
Fair Value upside −53% · Below median
Profitability
Return on equity (TTM) 23% · Above median
Return on assets 0% · Bottom 25%
Net margin (TTM) 40% · Top 25%
Operating margin (TTM) 59% · Top 25%
Growth and dividend
Revenue growth 45% · Top 25%
Dividend yield (TTM) 2.8% · Above median

Valuation Multiples vs Financial Data & Stock Exchanges median · lower = cheaper

P/E (TTM) 38.7× · Priciest 25%
P/FCF 0.1× · Cheapest 25%
PEG 335.93× · Priciest 25%

What the price implies (reverse DCF)

The inverse question: what free-cash-flow growth must Japan Exchange Group Inc ADR deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.

Implied FCF growth, 10 years+3.3 % per year
Achieved revenue growth, 5 years+9.6 % p.a.
Sector median revenue growth+8.1 %
FCF yield on price5.00 %
Discount rate (WACC) in the models8.2 %

The price demands less growth than the company recently delivered: even a weaker business would justify the price. Ranking of the largest stocks →

Context: sector, industry, market

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE100 · sector 69
PAST92 · sector 77
HEALTH100 · sector 94
DIVIDEND55 · sector 33

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Financial Data & Stock Exchanges stocks, each showing price versus our Fair Value estimate (as of Sep 8, 2026).

Stock Price Fair Value vs Fair Value
S&P Global Inc SPGI $443.51 $196.36 −56%
CME Group CME $281.29 $145.51 −48%
Moody's Corporation MCO $493.55 $192.63 −61%
Intercontinental Exchange, Inc ICE $162.33 $75.95 −53%
Hong Kong Exchanges and Clearing Limited 80388 HK$360.20 HK$280.07 −22%
Deutsche Börse AG DB1 €281.30 €142.42 −49%
Nasdaq, Inc NDAQ $96.88 $41.12 −58%
MSCI Inc MSCI $573.01 $214.91 −62%
Coinbase Global, Inc COIN $184.64 $73.66 −60%
Cboe Global Markets, Inc CBOE $310.45 $136.64 −56%

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Frequently asked questions

Is Japan Exchange Group Inc ADR (JPXGY) overvalued or undervalued?
As of Sep 8, 2026, our model estimates a fair value of $6.90 versus a price of $14.33, about −52% upside (overvalued).
What is the fair value of JPXGY?
Our model-based fair value for Japan Exchange Group Inc ADR is $6.90 (as of Sep 8, 2026), built from audited fundamentals. The current price: $14.33.
What is the quality score of JPXGY?
Japan Exchange Group Inc ADR has a Quality Score of 77/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Japan Exchange Group Inc ADR (JPXGY)?
Our model-based price target is the fair value of $6.90 (as of Sep 8, 2026) from 11 valuation models. Cautious scenario $5.17, optimistic scenario $17.27. It is a calculation from audited fundamentals, not an analyst target.
What is the Japan Exchange Group Inc ADR stock forecast for 2026?
Our models put fair value at $6.90, about −52% upside versus a price of $14.33 (overvalued). Cautious scenario $5.17, optimistic scenario $17.27. The calculation is refreshed regularly with new filings.
What is the revenue of Japan Exchange Group Inc ADR (JPXGY)?
Japan Exchange Group Inc ADR reported trailing-twelve-month revenue of about ¥199B (latest available figure, as of Sep 8, 2026).
What is the net profit margin of JPXGY?
The net profit margin of Japan Exchange Group Inc ADR is about 39.8%, meaning it keeps roughly 39.8% of revenue as net income. Based on the latest reported figures.
Does Japan Exchange Group Inc ADR pay a dividend?
Japan Exchange Group Inc ADR currently shows a dividend yield of about 2.76% relative to its recent price (as of Sep 8, 2026).
What growth is priced into Japan Exchange Group Inc ADR (JPXGY)?
For today's price to be fair in a discounted-cash-flow model, Japan Exchange Group Inc ADR would have to grow free cash flow by +3.3 % per year for ten years (discount rate 8.2 %, then 2 % perpetual growth). Over the last 5 years revenue grew +9.6 % per year. As of Sep 8, 2026.
What discount rate (WACC) does the fair value of JPXGY use?
Our models discount Japan Exchange Group Inc ADR at 8.2 %: a base by market capitalisation (large), damped by beta 0.57, country premium for USA. The same rate applies in all 26 models.
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