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Jefferies

JEF NYSE Multi-Sector Holdings Financials FY2016–FY2025

Jefferies' revenue rose 4.4% to $7.3 billion in fiscal 2025. Its net margin was 9.3%, down from 10.2% a year earlier. Free cash flow was −$1.7 billion. It paid out $433 million in dividends and buybacks. The diluted share count fell 0.4%.

Last close · Oct 23, 2026

$44.79

1.9%
Value it Compare
Revenue Total sales reported in the income statement.
$7.3B
4.4% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$682M
4.7%
Free cash flow Cash from operations minus capital spending.
−$1.7B
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
26.1%
0.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$10.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
15.8x

About these figures. Revenue is Jefferies' net revenues, after interest expense, as the company reports it; a broker's interest expense is part of the cost of its business. Jefferies reports no cost of sales, so gross profit and gross margin are left blank. Until 2018 the company was Leucadia National, a holding company that also owned other businesses, so the years before 2018 are Leucadia's. Fiscal 2018 covers the 11 months to November 30, 2018, after it moved its year end.

What Jefferies does

No business description yet.

Legal name
Jefferies Financial Group Inc.
Fiscal year ends
November 30, 2025
Latest annual report
—
Accession · CIK
0000096223-26-000009
0000096223

Revenue and margins

Jefferies had $7.3B of revenue in fiscal 2025, up 4.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 26.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$1.7B in fiscal 2025, −23.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Jefferies returned $433M to shareholders in fiscal 2025. The diluted share count fell 0.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Jefferies yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$3.6B and divides by 222.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 15.8x · peers 13.3x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Jefferies can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $10.8B$9.7B$8.5B$12.2B$14.0B
Debt incl. finance leases $9.3B$9.3B$10.7B$14.0B$17.7B
Net debt / EBITDA −0.4x−0.2x0.7x0.4x0.8x
Debt / equity 0.9x0.9x1.1x1.4x1.7x
Interest coverage 3.4x1.9x1.1x1.3x1.3x
Total assets $56.1B$51.1B$57.9B$64.4B$76.0B
Total liabilities $45.4B$40.6B$48.1B$54.1B$65.4B
Shareholders' equity $10.6B$10.2B$9.7B$10.2B$10.6B
Net debt (− = net cash) −$1.4B−$400M$2.2B$1.8B$3.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$629M

1 insider

Sold, 12 months

$0.0M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jul 15, 2026 Sumitomo Mitsui Financial Group Inc.Director Bought 5,906,542 $53.96 $319M Form 4
May 6, 2026 Brian P FriedmanPresident, Director Sold 1 $51.90 $0.0M Form 4
May 1, 2026 Sumitomo Mitsui Financial Group Inc.Director Bought 6,429,337 $48.22 $310M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✕ ✕ ✕
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✕ ✕ ✕
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose — — —
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✕
F-score — / 9— / 9— / 9
Accruals ratio 4.0%1.4%3.1%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Jefferies JEF $10.0B 4.4% — −23.2% 26.1% 15.8x —
Voya Financial VOYA $8.8B 1.7% 12.7% — — 16.2x — Compare →
Berkshire Hathaway BRK-B — 0.0% — 6.7% — — — Compare →
T. Rowe Price TROW $22.3B 3.1% 29.9% 20.2% 21.7% 10.5x — Compare →
Coinbase COIN $43.3B 9.4% 20.0% 31.9% 14.5% — 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.0B $4.1B $3.8B $3.9B $5.9B $8.0B $6.0B $4.7B $7.0B $7.3B
Interest expense $95.8M $101M $89.2M $87.2M $1.0B $932M $1.2B $2.7B $3.4B $3.5B
Pretax income −$12.6M $607M $296M $479M $1.1B $2.3B $1.1B $354M $1.0B $871M
Income tax $25.8M $642M $19.0M −$484M $299M $577M $274M $91.9M $293M $185M
Net income $126M $167M $1.0B $960M $770M $1.7B $782M $262M $716M $682M
Diluted EPS $0.34 $0.45 $2.90 $3.03 $2.65 $6.13 $3.06 $1.10 $2.99 $2.83
Diluted shares 0.37B 0.37B 0.35B 0.32B 0.29B 0.27B 0.26B 0.24B 0.22B 0.22B
Cash flow
Cash from operations $572M $788M $691M −$828M $2.1B $1.6B $1.8B −$1.9B −$141M −$1.5B
Capital expenditure — — — — $177M $166M $224M $1.2M $251M $208M
Free cash flow — — — — $1.9B $1.4B $1.6B −$1.9B −$391M −$1.7B
Depreciation and amortization $117M $110M $120M $153M $158M $157M $173M $112M $190M $192M
Stock-based compensation $33.6M $48.4M $48.2M $49.8M $40.0M $78.2M $43.9M $45.4M $63.1M $88.2M
Acquisitions $9.7M $0.0M $0.0M $101M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $95.0M $101M $1.1B $510M $817M $269M $860M $169M $44.3M $58.5M
Dividends paid $91.3M $117M $152M $150M $161M $223M $280M $279M $303M $374M
Dividends and buybacks $186M $218M $1.3B $660M $978M $492M $1.1B $448M $347M $433M
Balance sheet
Cash and short-term investments $3.8B $5.3B $5.3B $7.7B $9.1B $10.8B $9.7B $8.5B $12.2B $14.0B
Total debt $7.9B $8.3B $8.0B $8.9B $9.1B $9.3B $9.3B $10.7B $14.0B $17.7B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.4M $0.2M $1.0M $0.7M $2.1M $1.3M
Inventory $310M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $709M $750M $351M $385M — — — — — —
Total assets $45.1B $47.2B $47.1B $49.5B $53.1B $56.1B $51.1B $57.9B $64.4B $76.0B
Total liabilities $34.3B $36.5B $36.9B $39.7B $43.5B $45.4B $40.6B $48.1B $54.1B $65.4B
Shareholders' equity $10.1B $10.1B $10.1B $9.6B $9.4B $10.6B $10.2B $9.7B $10.2B $10.6B
Margins
EBITDA margin 6.6% 20.1% 13.4% 18.5% 38.6% 41.7% 40.1% 68.2% 65.9% 61.8%
Net margin 4.2% 4.1% 27.2% 24.7% 13.2% 20.8% 13.1% 5.6% 10.2% 9.3%
FCF margin — — — — 32.1% 17.7% 26.4% −41.2% −5.6% −23.2%
Returns
Return on capital 0.5% 2.6% 2.8% 4.8% 14.9% 25.4% 17.3% 21.0% 26.2% 26.1%
Return on equity 1.2% 1.7% 10.1% 9.8% 8.1% 16.7% 7.5% 2.6% 7.2% 6.6%
Return on assets 0.3% 0.4% 2.2% 2.0% 1.5% 3.1% 1.5% 0.5% 1.2% 1.0%
Growth
Revenue growth −72.1% 34.3% −7.7% 3.4% 50.3% 37.0% −25.4% −21.4% 49.7% 4.4%
Net income growth −55.0% 32.9% 510.9% −6.1% −19.8% 116.7% −53.1% −66.4% 172.9% −4.7%
EPS growth −54.1% 32.4% 544.4% 4.5% −12.5% 131.3% −50.1% −64.1% 171.8% −5.4%
FCF growth — — — — — −24.6% 11.6% −222.4% — —
Share count change −0.3% −0.2% −5.2% −9.8% −8.4% −6.5% −5.9% −7.4% −5.5% −0.4%
Financial health
Net debt / EBITDA 20.5x 3.7x 5.4x 1.7x 0.0x −0.4x −0.2x 0.7x 0.4x 0.8x
Debt / equity 0.8x 0.8x 0.8x 0.9x 1.0x 0.9x 0.9x 1.1x 1.4x 1.7x
Interest coverage 0.9x 7.0x 4.3x 6.5x 2.0x 3.4x 1.9x 1.1x 1.3x 1.3x
Capital allocation
Capex / revenue — — — — 3.0% 2.1% 3.8% 0.0% 3.6% 2.8%
Stock comp / revenue 1.1% 1.2% 1.3% 1.3% 0.7% 1.0% 0.7% 1.0% 0.9% 1.2%
Payouts / FCF — — — — 52.1% 34.7% 72.1% — — —
Quality scores
Accruals ratio −1.0% −1.4% 0.7% 3.7% −2.5% 0.2% −1.9% 4.0% 1.4% 3.1%

Source: SEC EDGAR XBRL filings (CIK 0000096223). Data updated October 12, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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