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.
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.
Japan Exchange GroupFRA:OSK 86 Debt-to-Equity is 0.15 as of Mar. 2026, which is 12% below its 10-year median of 0.17. GuruFocus rates FRA:OSK with a GF Score™ of 86/100 and a GF Value™ of €9.58 (Modestly Overvalued). The stock has 9 warning signs investors should review. Among 610 Capital Markets companies, Japan Exchange Group ranks better than 64.26% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Japan Exchange Group's Debt-to-Equity or its related term are showing as below:
FRA:OSK'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0.15 Med: 0.17 Max: 0.2
Current: 0.15
During the past 13 years, the highest Debt-to-Equity Ratio of Japan Exchange Group was 0.20. The lowest was 0.15. And the median was 0.17.
FRA:OSK's Debt-to-Equity is ranked better than 64.26% of 610
companies
in the Capital Markets industry
Industry Median: 0.31
vs FRA:OSK: 0.15
Japan Exchange Group (FRA:OSK) Debt-to-Equity Explanation
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Japan Exchange Group Debt-to-Equity Related Terms
Japan Exchange Group Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for Japan Exchange Group's Debt-to-Equity 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.
FRA:OSK vs SPGI, CME, MCO: Debt-to-Equity Comparison
For the Financial Data & Stock Exchanges subindustry, Japan Exchange Group's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity 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 Debt-to-Equity vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Japan Exchange Group's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Japan Exchange Group's Debt-to-Equity falls into.
* 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 (FRA:OSK) has a Debt-to-Equity of 0.15 as of Mar. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Japan Exchange Group and its competitors. This is 12% below median its historical median of 0.17. Over the past decade, Japan Exchange Group's Debt-to-Equity has ranged from 0.15 to 0.20. According to the industry distribution chart, Japan Exchange Group ranks #218 out of 610 companies in the Capital Markets industry, placing it in the top 35.7%.
Is Japan Exchange Group's Debt-to-Equity too high?
Japan Exchange Group's current Debt-to-Equity of 0.15 is 12% below median its 10-year median of 0.17. Over the past 10 years, this metric has ranged from a low of 0.15 to a high of 0.20. The Capital Markets industry median Debt-to-Equity is 0.31. Japan Exchange Group's value of 0.15 is 51.6% below this industry median. Based on the distribution chart, Japan Exchange Group ranks #218 out of 610 companies in the Capital Markets industry, which is above the industry midpoint. Overall, Japan Exchange Group has a GF Score™ of 86/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Japan Exchange Group's Debt-to-Equity compare to SPGI and CME?
According to the Capital Markets industry distribution chart, Japan Exchange Group ranks #218 out of 610 companies for Debt-to-Equity. This puts Japan Exchange Group in the upper half of its industry. The industry median Debt-to-Equity is 0.31. Japan Exchange Group's value of 0.15 is 51.6% below this benchmark. Historically, Japan Exchange Group's own Debt-to-Equity has ranged from 0.15 to 0.20 over the past decade. While the company's 10-year median is 0.17 vs. the industry median of 0.31, Japan Exchange Group has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for a Capital Markets company?
The median Debt-to-Equity among Capital Markets companies is 0.31, based on 610 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Japan Exchange Group's current Debt-to-Equity of 0.15 is 51.6% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Japan Exchange Group and its competitors. For the Capital Markets industry, the median Debt-to-Equity is 0.31 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Japan Exchange Group's current Debt-to-Equity is 0.15, which is 12% below median its own 10-year median of 0.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Japan Exchange Group stock overvalued right now?
Based on GuruFocus' analysis, Japan Exchange Group (FRA:OSK) is currently considered Modestly Overvalued. The stock's GF Value™ is €9.58, compared to a current price of €12.20 — trading 27.3% above its estimated fair value. The current Debt-to-Equity is 0.15, which is 12% below median its 10-year median of 0.17 and 51.6% below the Capital Markets industry median of 0.31. Japan Exchange Group's overall GF Score™ is 86/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Japan Exchange Group (FRA:OSK), the current Debt-to-Equity is 0.15 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Japan Exchange Group (FRA:OSK) Overvalued in 2026?
Based on GuruFocus' analysis, Japan Exchange Group stock appears to be overvalued.
The current stock price of €12.20 is trading 27.3% above its estimated GF Value™ of €9.58.
GuruFocus considers Japan Exchange Group to be Modestly Overvalued.
Key valuation signals for FRA:OSK:
Debt-to-Equity: 0.15 (12% below median its 10-year median of 0.17)
GF Value™: €9.58 vs. price of €12.20 (27.3% above fair value)
Industry Position: 51.6% below the Capital Markets median (#218 of 610)
No single metric tells the full story. See the FRA:OSK stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
86GF Score
Get the complete analysis for FRA:OSK
Debt-to-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:OSK has been successfully added to your 
