JPXGY (Japan Exchange Group) Cyclically Adjusted PS Ratio: (As of Sep. 21, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

JPXGY Japan Exchange Group Inc JPXGY
90 GF Score
Price $14.30
GF Value $14.36
Valuation Fairly Valued
! 9 Warning Signs
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What is Japan Exchange Group Cyclically Adjusted PS Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Japan Exchange Group  (OTCPK:JPXGY) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.


Japan Exchange Group Cyclically Adjusted PS Ratio Related Terms


Japan Exchange Group Cyclically Adjusted PS Ratio Historical Data

* Premium members only.

The historical data trend for Japan Exchange Group's Cyclically Adjusted PS Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Japan Exchange Group Cyclically Adjusted PS Ratio Chart

Japan Exchange Group Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 8.61 7.15 12.55 9.16 10.03

Japan Exchange Group Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PS Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 8.90 9.70 9.18 9.97 10.64

JPXGY vs SPGI, CME, ICE: Cyclically Adjusted PS Ratio Comparison

For the Financial Data & Stock Exchanges subindustry, Japan Exchange Group's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Japan Exchange Group Cyclically Adjusted PS Ratio vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Japan Exchange Group's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where Japan Exchange Group's Cyclically Adjusted PS Ratio falls into.


JPXGY
90GF Score
Japan Exchange Group Inc JPXGY
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Japan Exchange Group Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.

Japan Exchange Group's Cyclically Adjusted Revenue per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Japan Exchange Group's adjusted Revenue per Share data for the three months ended in Jun. 2026 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=0.403/113.6000*113.6000
=0.403

Current CPI (Jun. 2026) = 113.6000.

Japan Exchange Group Quarterly Data

Revenue per Share CPI Adj_RevenuePerShare
201609 0.233 98.000 0.270
201612 0.233 98.400 0.269
201703 0.220 98.100 0.255
201706 0.234 98.500 0.270
201709 0.234 98.800 0.269
201712 0.265 99.400 0.303
201803 0.284 99.200 0.325
201806 0.253 99.200 0.290
201809 0.249 99.900 0.283
201812 0.272 99.700 0.310
201903 0.247 99.700 0.281
201906 0.247 99.800 0.281
201909 0.252 100.100 0.286
201912 0.260 100.500 0.294
202003 0.311 100.300 0.352
202006 0.284 99.900 0.323
202009 0.276 99.900 0.314
202012 0.300 99.300 0.343
202103 0.318 99.900 0.362
202106 0.278 99.500 0.317
202109 0.284 100.100 0.322
202112 0.293 100.100 0.333
202203 0.285 101.100 0.320
202206 0.246 101.800 0.275
202209 0.227 103.100 0.250
202212 0.231 104.100 0.252
202303 0.241 104.400 0.262
202306 0.292 105.200 0.315
202309 0.242 106.200 0.259
202312 0.249 106.800 0.265
202403 0.268 107.200 0.284
202406 0.249 108.200 0.261
202409 0.268 108.900 0.280
202412 0.251 110.700 0.258
202503 0.267 111.100 0.273
202506 0.291 111.700 0.296
202509 0.303 112.000 0.307
202512 0.318 113.000 0.320
202603 0.367 112.700 0.370
202606 0.403 113.600 0.403

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Japan Exchange Group (JPXGY) Overvalued in 2026?

Based on GuruFocus' analysis, Japan Exchange Group stock appears to be undervalued. The current stock price of $14.30 is trading 0.4% below its estimated GF Value™ of $14.36. GuruFocus considers Japan Exchange Group to be Fairly Valued.

Key valuation signals for JPXGY:

  • Cyclically Adjusted PS Ratio:
  • GF Value™: $14.36 vs. price of $14.30 (0.4% below fair value)
  • GF Score™: 90/100 with 9 warning signs

No single metric tells the full story. See the JPXGY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Japan Exchange Group Business Description

Address 2-1 Kabutocho, Nihonbashi, Chuo-ku, Tokyo, JPN, 103-8224
Japan Exchange Group is a vertically integrated securities exchange business, which includes the Tokyo Stock Exchange, Osaka Exchange, and Tokyo Commodity Exchange. JPX ranks among the top five largest stock exchange operators in the world by market capitalization, and its Nikkei 225 and Topix derivatives products are some of the most widely traded derivatives products in the world.
90GF Score

Get the complete analysis for JPXGY

Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$14.30
Price
$14.36
GF Value