# Jefferies Financial Group Inc. (JEF)

> Source: Nexqual · https://nexqual.com/JEF · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Jefferies Financial Group Inc. (JEF), nexqual.com/JEF" · informational, not investment advice.

**Price:** USD 45.64 (+1.35% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 45.03 · day 44–45.69 · 52w 35.53–66.6 · market cap $10.5B · NYQ

## Key facts
- Last four reported quarters (through Aug 31, 2026): revenue $12.2B, net income $909M (7.5% margin) (SEC filings).
- Valuation: P/E 11.5x (avg 25.2x at the last 3 fiscal year-ends).
- 3 of 80 tracked superinvestors hold JEF (13F, Q2 2026): 0 new, 1 added, 0 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $0K; 1 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $629M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.67 on a 1–5 scale) (6 analysts), mean target USD 55.17 (range 47–71).
- Total return with dividends: 1Y -14.4% vs S&P 500 +14.9%; 5Y +29.8% vs S&P 500 +80.3%.
- Next earnings: 2026-09-28, EPS estimate USD 0.89, revenue estimate $2.07B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $8.95B | $7.15B | $7.44B | $10.5B | $10.8B | $12.2B |
| Gross profit | $8.47B | $6.71B | $7.41B | $10.3B | $10.6B | — |
| Net income | $1.67B | $782M | $262M | $716M | $682M | $909M |
| EPS (diluted) | $6.13 | $3.06 | $1.10 | $2.99 | $2.83 | — |
| Free cash flow | $1.42B | $1.58B | -$1.93B | -$391M | -$1.70B | $4.20B |
| Gross margin | 94.7% | 93.8% | 99.6% | 98.0% | 98.2% | — |
| Net margin | 18.6% | 10.9% | 3.5% | 6.8% | 6.3% | 7.5% |
| Revenue growth | +30.0% | -20.1% | +4.1% | +41.3% | +2.9% | — |
| Cash + short-term investments | $10.8B | $9.70B | $8.53B | $12.2B | $14.0B | — |
| Total debt | $9.35B | $9.30B | $10.7B | $14.0B | $17.7B | — |
Fiscal years end Nov. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 31, 2026)
P/E 11.5x · P/S 0.9x · P/FCF 2.5x · P/B 1.0x · FCF yield 40.06% · Earnings yield 8.67% · Dividend yield (paid, TTM) 3.53% · Buyback yield (TTM) 4.20%
P/E at fiscal year-ends: Nov 2025 18.8x, Nov 2024 24.7x, Nov 2023 32.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold JEF. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Francis Chou | Chou Associates | 3.44% | $7.5M | Unchanged |
| First Pacific Advisors |  | 1.70% | $135M | Added +4.5% |
| Warren Buffett | Berkshire Hathaway | 0.01% | $21.7M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-06 | Friedman Brian P | President | 1 | $0K | 0% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $629M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-15 | Sumitomo Mitsui Financial Group, Inc. | Director | 5,906,542 | $319M | 53.96 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-01 | Sumitomo Mitsui Financial Group, Inc. | Director | 6,429,337 | $310M | 48.22 | Too little history (no open-market trades in 2023 or 2025) |

## Analysts
Consensus Hold (mean 2.67 on a 1–5 scale), 6 analysts; mean target USD 55.17 (low 47, high 71).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-29 | Oppenheimer | Target lowered | Outperform | $76 → $71 |
| 2026-09-29 | Morgan Stanley | Target lowered | Equal-Weight | $50 → $49 |
| 2026-09-29 | Goldman Sachs | Target lowered | Buy | $67 → $57 |
| 2026-09-29 | BMO Capital | Target lowered | Market Perform | $57 → $50 |
| 2026-09-11 | UBS | Target lowered | Neutral | $65 → $61 |
| 2026-09-11 | BMO Capital | Target lowered | Market Perform | $60 → $57 |
| 2026-06-25 | UBS | Target lowered | Neutral | $67 → $65 |
| 2026-06-25 | Oppenheimer | Target lowered | Outperform | $87 → $83 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -14.4% | +29.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -14.4% | +5.3% |
| Volatility (annualized) | 40.5% | 38.1% |
| Max drawdown | -45.2% (Jan 2026→Mar 2026) | -53.5% (Dec 2024→Mar 2026) |

## Peers (Capital Markets)
SF (Stifel Financial Corporation) USD 67.85 +2.17% · GLXY (Galaxy Digital Inc.) USD 15.29 -9.69% · IREN (IREN LIMITED) USD 25.51 -8.37% · EVR (Evercore Inc.) USD 255.39 +1.34% · HLI (Houlihan Lokey, Inc.) USD 133.24 +3.78% · HUT (Hut 8 Corp.) USD 63.97 -10.63%

## More
Full page: https://nexqual.com/JEF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in JEF's own 10-K filed 2026-01-28 (https://www.sec.gov/Archives/edgar/data/96223/000009622326000009/jef-20251130.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Jefferies Finance | "Jefferies Finance, our 50/50 joint venture with Massachusetts" |

Other companies that name JEF in their own reports (relationship from JEF's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | SUMITOMO MITSUI FINANCIAL GROUP, INC. (SMFG) | 20-F 2026-06-26 | "In addition, SMBC and SMBC Nikko Securities further strengthen their capabilities to support customers' global expansion by leveraging the strategic capital and business alliance with Jefferies Financ…" |
| partner | Vitesse Energy, Inc. (VTS) | 10-K 2026-03-02 | "On July 1, 2016, the Predecessor entered into a separate services agreement with Vitesse Management and JETX Energy, LLC ("JETX"), formerly known as Juneau Energy, LLC, another entity owned by JFG wit…" |

## Revenue by business segment (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Investment Banking and Capital Markets | $1.69B | 76.0% | +20.0% |
| Asset Management | $64.4M | 2.9% | -34.3% |
| Total revenue | $2.22B | 100% | — |
The lines above cover 78.9% of total revenue.

## Revenue by product line (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Investment banking | $1.30B | 58.6% | +19.7% |
| Interest Revenue | $923.0M | 41.6% | +9.0% |
| Investment banking - Advisory | $817.8M | 36.9% | +24.7% |
| Investment banking - Underwriting | $482.6M | 21.7% | +12.0% |
| Principal Transactions Revenue | $468.7M | 21.1% | -3.7% |
| Commissions and other fees | $387.0M | 17.4% | +21.0% |
| Equities | $385.2M | 17.4% | +21.0% |
| Internet connection and broadband revenues | $35.5M | 1.6% | -37.2% |
| Product and Service, Other | $17.9M | 0.8% | +7.5% |
| Real estate revenues | $8.8M | 0.4% | -46.8% |
| Asset management fees | $2.2M | 0.1% | -73.8% |
| Fixed income | $1.7M | 0.1% | +17.8% |
| Total revenue | $2.22B | 100% | — |
The lines above cover 217.7% of total revenue.

## Revenue by region (quarter ended 2026-08-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $1.34B | 60.2% | +23.9% |
| Europe and the Middle East | $269.1M | 12.1% | -13.2% |
| Asia-Pacific | $147.1M | 6.6% | +26.6% |
| Total revenue | $2.22B | 100% | — |
The lines above cover 78.9% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $0.89 | $0.94 | -5.0% | $2.07B | 3 |
| Next quarter (ends 2027-02-28) | $0.78 | $1.03 | -23.9% | $2.17B | 1 |
| Current fiscal year (ends 2026-11-30) | $3.72 | $3.56 | +4.7% | $8.56B | 4 |
| Next fiscal year (ends 2027-11-30) | $4.52 | $4.54 | -0.4% | $9.12B | 4 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 39.6% | ±9.1% |
| 2026-12-18 | 56 | 38.7% | ±12.1% |
| 2027-01-15 | 84 | 41.3% | ±15.6% |
| 2027-03-19 | 147 | 39.4% | ±19.6% |
| 2027-06-17 | 237 | 40.5% | ±25.3% |