Jefferies Financial Group Inc.
- Open
- 50.01
- Day high
- 51.53
- Day low
- 50.01
- Prev close
- 49.98
- Volume
- 589K
- Mkt cap
- $10.5B
- P/E (TTM)
- 13.5
- EPS (TTM)
- $3.82
- P/B
- 1.0
- P/S
- 0.9
- Yield
- 3.11%
- Per share
- $1.60
- ▲Insiders net buying $310.0M over the last 3 months (1 open-market buy, 2 sales)
- 🏛Institutions mixed (13F)
Jefferies Financial Group Inc. (JEF) is a Financial Services company listed on NYSE. The stock is down 10% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 2 sales (SEC Form 4).
Jefferies Financial Group Inc. (JEF) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
JEF earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 24, 2026 | $1.16 | $1.03 | -11.2% | $2.2B | -4.0% |
| Mar 25, 2026 | $0.89 | $0.89 | +0.0% | $2.0B | +1.8% |
| Sep 29, 2025 | $0.80 | $1.05 | +31.3% | $2.9B | +51.2% |
| Jun 25, 2025 | $0.44 | $0.43 | -2.3% | $2.5B | +59.7% |
| Mar 26, 2025 | $0.94 | $0.60 | -36.1% | $2.5B | +32.7% |
| Sep 25, 2024 | $0.78 | $0.75 | -3.8% | $2.6B | +51.9% |
| Jan 8, 2024 | $0.34 | $0.29 | -14.7% | $2.0B | +59.2% |
| Jan 9, 2023 | $0.57 | $0.57 | +0.0% | $1.8B | +47.3% |
| Jan 12, 2022 | $1.34 | $1.20 | -10.4% | $2.0B | +15.5% |
| Sep 30, 2021 | $0.99 | $1.50 | +51.5% | $2.1B | +54.0% |
| Mar 24, 2021 | $1.24 | $2.13 | +71.8% | $2.7B | +43.1% |
| Sep 23, 2020 | $0.34 | $1.07 | +214.7% | $1.8B | +2715.7% |
JEF insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 29, 2026 | Sharp Michael J.officer: EVP and General Counsel | Grant | 746 | $52.72 |
| May 29, 2026 | Ellis-Kirk Matricedirector | Grant | 165 | $52.72 |
| May 29, 2026 | FRIEDMAN BRIAN Pdirector, officer: President | Grant | 29,003 | $52.72 |
| May 29, 2026 | HANDLER RICHARD Bdirector, officer: CEO | Tax | 10,545 | $52.94 |
| May 29, 2026 | Weiler Melissadirector | Grant | 165 | $52.72 |
| May 29, 2026 | O Kane Michael Tdirector | Grant | 538 | $52.72 |
| May 29, 2026 | BEYER ROBERT Ddirector | Grant | 501 | $52.72 |
| May 29, 2026 | HANDLER RICHARD Bdirector, officer: CEO | Grant | 97,136 | $52.72 |
| May 29, 2026 | Larson Matthew Scottofficer: EVP, CFO | Grant | 746 | $52.72 |
| May 26, 2026 | HANDLER RICHARD Bdirector, officer: CEO | Tax | 1,440,307 | $52.43 |
| May 8, 2026 | FRIEDMAN BRIAN Pdirector, officer: President | Sell | 0 | $51.88 |
| May 8, 2026 | FRIEDMAN BRIAN Pdirector, officer: President | Sell | 1 | $51.91 |
| May 4, 2026 | SUMITOMO MITSUI FINANCIAL GROUP, INC.director | Buy | 6,429,337 | $48.22 |
| Apr 29, 2026 | SUMITOMO MITSUI FINANCIAL GROUP, INC.director | Option | 9,247,081 | — |
| Mar 27, 2026 | Weiler Melissadirector | Grant | 5,461 | $40.28 |
Source: JEF SEC Form 4 filings, latest May 29, 2026. For informational purposes only — not investment advice.
See the full JEF insider & 13F page →Jefferies Financial Group Inc. company profile
Overview
Jefferies Financial Group Inc. (NYSE:JEF) is a diversified financial services company that traces its roots back to 1962. Originally founded as Jefferies & Company, the firm began as a small investment banking boutique and has evolved into a global financial services powerhouse through decades of strategic expansion and acquisitions. The company underwent a significant transformation in 2018 when it changed its name from Leucadia National Corporation to Jefferies Financial Group Inc., reflecting its focus on financial services. Today, Jefferies operates as a full-service investment bank and capital markets firm with a global presence across the Americas, Europe, the Middle East, Africa, and Asia, serving institutional clients, corporations, and high-net-worth individuals.
Business
Jefferies Financial Group operates in the financial services industry, specifically within the capital markets and investment banking sector. The company provides a comprehensive suite of financial services through four main business segments. The Investment Banking and Capital Markets segment forms the core of Jefferies' operations, generating the majority of the company's revenue. This division provides investment banking services, which involve advising companies on major financial transactions such as mergers and acquisitions, corporate restructurings, and recapitalizations. The segment also handles equity and debt underwriting, where Jefferies helps companies raise capital by issuing stocks or bonds to investors. Additionally, this segment engages in sales and trading activities across various financial instruments including corporate bonds, government securities, municipal bonds, mortgage-backed securities, leveraged loans, high-yield bonds, emerging markets debt, and derivative products. The division also provides prime brokerage services, which include securities lending and financing services primarily to hedge funds and other institutional investors. The Asset Management segment operates alternative investment platforms across various strategies and asset classes. This business manages capital for institutional investors and high-net-worth individuals through hedge funds, private equity, real estate, and other alternative investment vehicles. The segment generates revenue through management fees and performance-based compensation. The Merchant Banking segment represents Jefferies' proprietary investment activities, where the firm invests its own capital in various opportunities including private equity, real estate, and other alternative investments. This segment can provide significant returns but also carries higher risk as the firm's own capital is at stake. The Corporate segment includes the company's other business activities and corporate functions, including wealth management services for high-net-worth clients and various support functions. While specific revenue breakdowns vary by quarter, the Investment Banking and Capital Markets segment typically accounts for approximately 70-80% of total revenues, with Asset Management contributing around 15-20%, and the remaining segments making up the balance.
Revenue model
Jefferies generates revenue through multiple streams across its business segments, reflecting the diverse nature of financial services. The primary revenue driver is the Investment Banking and Capital Markets segment, which earns money through several mechanisms. In investment banking, the company charges advisory fees for providing strategic counsel on mergers, acquisitions, and restructuring transactions. These fees are typically calculated as a percentage of the transaction value and can range from 1-3% depending on the size and complexity of the deal. For underwriting services, Jefferies earns fees by helping companies issue securities, taking a spread between the price paid to the issuer and the price at which securities are sold to investors. The trading operations generate revenue through market-making activities, where Jefferies provides liquidity to clients by buying and selling securities, earning the bid-ask spread. The firm also generates trading gains from its proprietary positions and earns commissions on client transactions. Prime brokerage services produce revenue through securities lending fees, financing charges, and execution commissions from hedge fund clients. The Asset Management segment operates on a traditional "2 and 20" model common in alternative investments, charging management fees (typically 1-2% of assets under management annually) plus performance fees (typically 20% of profits above a hurdle rate). The Merchant Banking segment generates returns through capital appreciation on the firm's proprietary investments. Several factors influence Jefferies' profitability margins. Market volatility can be both beneficial and detrimental - while it increases trading opportunities and client activity, it can also lead to trading losses and reduced client risk appetite. Interest rate environments significantly impact the firm's net interest income from securities financing and the attractiveness of fixed-income products. Regulatory changes in financial markets can affect trading volumes and require compliance investments. Competition from larger investment banks and fintech companies can pressure fee structures, while economic cycles directly impact corporate financing activity and deal flow. The firm's compensation structure, where a significant portion of revenue goes to employee compensation, also affects margins and requires careful management during volatile periods.
Competitive moat
Jefferies operates in the highly competitive investment banking and capital markets industry, where establishing a strong economic moat is challenging due to the commoditized nature of many financial services. The company's competitive positioning relies primarily on several factors, though none constitute an insurmountable moat. Relationship-based business model represents Jefferies' strongest defensive characteristic. Investment banking is fundamentally a relationship-driven industry where long-term client connections, built through consistent performance and trusted advisory services, create switching costs. Senior bankers often maintain decade-long relationships with corporate executives, making it difficult for competitors to displace established relationships. However, this advantage is fragile as key personnel can leave and take relationships with them. The firm's middle-market focus provides some differentiation from larger competitors like Goldman Sachs and Morgan Stanley, who may overlook smaller transactions. Jefferies has built expertise in serving mid-sized companies that require sophisticated financial services but may not receive attention from bulge bracket firms. This positioning allows the company to compete effectively in a specific market segment. Global platform and product breadth offer some competitive advantages, as clients increasingly prefer working with firms that can provide comprehensive services across multiple markets and asset classes. Jefferies' ability to offer investment banking, trading, and asset management services under one roof creates some client stickiness. However, the company faces significant competitive threats. Larger investment banks possess greater balance sheet capacity, enabling them to underwrite larger transactions and provide more extensive financing solutions. Boutique investment banks often compete aggressively on fees and can offer more specialized expertise in specific sectors. Fintech disruption threatens traditional trading and wealth management services through automated platforms and reduced fees. The regulatory environment also limits moat potential, as capital requirements and compliance costs create ongoing challenges without providing sustainable competitive advantages. Overall, while Jefferies has built a respectable market position, the company operates in a highly competitive industry with limited barriers to entry and faces constant pressure from both larger and smaller competitors.
Risks & safety
Jefferies' margin of safety appears moderate, with mixed signals across different financial metrics that require careful consideration given the cyclical nature of investment banking. **Liquidity and Solvency:** - Strong cash position of $12.2 billion as of Q4 2024, providing substantial liquidity buffer - Current ratio of 3.38 indicates solid short-term liquidity coverage - Debt-to-equity ratio of 2.00 is elevated but typical for investment banking operations - Negative free cash flow of -$460 million in fiscal 2024 raises some concern about cash generation **Valuation Metrics:** - Price-to-earnings ratio of 23.1x appears reasonable for a financial services company - Price-to-book ratio of 1.69x suggests modest premium to book value - EV/EBITDA of 5.4x indicates relatively attractive valuation - Return on equity of 7.3% in fiscal 2024 shows decent profitability but below historical peaks **Other Considerations:** - Cyclical industry exposure creates earnings volatility risk - Regulatory capital requirements provide some downside protection but limit flexibility - Revenue concentration in capital markets activities increases sensitivity to market conditions
Recent development
Based on the financial data spanning 2022-2024, Jefferies has demonstrated resilience and growth despite challenging market conditions. The company achieved significant revenue growth from $7.1 billion in fiscal 2022 to $10.5 billion in fiscal 2024, representing a 47% increase over two years. This growth occurred during a period when many investment banks struggled with reduced deal activity and market volatility. The firm's strategic focus on diversification has shown results, with consistent performance across multiple business lines helping to offset weakness in any single area. The company has maintained its middle-market positioning while expanding its capabilities in growth sectors and maintaining strong client relationships during market downturns. Operational improvements have been evident in the company's ability to generate positive returns during challenging periods. Despite some quarterly volatility, Jefferies maintained profitability throughout the period, with net income reaching $743 million in fiscal 2024 compared to $785 million in fiscal 2022, showing resilience despite market headwinds. The company has continued to invest in technology and talent acquisition to enhance its competitive position. Balance sheet management has remained disciplined, with the firm maintaining strong liquidity positions while managing risk exposures effectively. The increase in cash and short-term investments from $9.7 billion in 2022 to $12.2 billion in 2024 demonstrates conservative financial management. Geographic expansion efforts have continued, with the firm strengthening its presence in key international markets while maintaining its core U.S. operations. This diversification strategy has helped the company capture opportunities across different economic cycles and regulatory environments.
JEF company profile · for informational purposes only — not investment advice.
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