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Daiwa Securities GroupDSECF -0.97%75 Owner Earnings per Share (TTM) is 1.44 as of Mar. 2026, which is 80% below its 10-year median of 7.08. GuruFocus rates DSECF with a GF Score™ of 75/100 and a GF Value™ of $8.88 (Fairly Valued). The stock has 6 warning signs investors should review. Among 342 Capital Markets companies, Daiwa Securities Group ranks better than 73.68% on this metric.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
Daiwa Securities Group's Owner Earnings per Share (TTM) ended in Mar. 2026 was $1.44. It's Price-to-Owner-Earnings ratio for today is 6.73.
The historical rank and industry rank for Daiwa Securities Group's Owner Earnings per Share (TTM) or its related term are showing as below:
DSECF'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 1.77 Med: 7.08 Max: 35.04
Current: 6.71
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
Daiwa Securities Group Owner Earnings per Share (TTM) Related Terms
Daiwa Securities Group Owner Earnings per Share (TTM) Historical Data
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The historical data trend for Daiwa Securities Group's Owner Earnings per Share (TTM) 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.
Daiwa Securities Group Owner Earnings per Share (TTM) Chart
DSECF vs MS, GS, SCHW: Owner Earnings per Share (TTM) Comparison
For the Capital Markets subindustry, Daiwa Securities Group's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings 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.
Daiwa Securities Group Price-to-Owner-Earnings vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Daiwa Securities Group's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Daiwa Securities Group's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
Daiwa Securities Group's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2026 was $0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $549 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous year. If the revenue decreased from the previous year, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous year, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
Daiwa Securities Group's 5-Year Average Maintenance Capital Expenditure = $549 Mil
5. "Change In Working Capital" is from cashflow statement. Daiwa Securities Group's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2026 was $1,457 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* 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.
What does a Owner Earnings per Share (TTM) of 1.44 mean?
Daiwa Securities Group (DSECF) has a Owner Earnings per Share (TTM) of 1.44 as of Mar. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Daiwa Securities Group. This is 80% below median its historical median of 7.08. Over the past decade, Daiwa Securities Group's Owner Earnings per Share (TTM) has ranged from 1.77 to 35.04. According to the industry distribution chart, Daiwa Securities Group ranks #90 out of 342 companies in the Capital Markets industry, placing it in the top 26.3%.
Is Daiwa Securities Group's Owner Earnings per Share (TTM) too high?
Daiwa Securities Group's current Owner Earnings per Share (TTM) of 1.44 is 80% below median its 10-year median of 7.08. Over the past 10 years, this metric has ranged from a low of 1.77 to a high of 35.04. The Capital Markets industry median Owner Earnings per Share (TTM) is 14.18. Daiwa Securities Group's value of 1.44 is 89.8% below this industry median. Based on the distribution chart, Daiwa Securities Group ranks #90 out of 342 companies in the Capital Markets industry, which is above the industry midpoint. Overall, Daiwa Securities Group has a GF Score™ of 75/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Daiwa Securities Group's Owner Earnings per Share (TTM) compare to MS and GS?
According to the Capital Markets industry distribution chart, Daiwa Securities Group ranks #90 out of 342 companies for Owner Earnings per Share (TTM). This puts Daiwa Securities Group in the upper half of its industry. The industry median Owner Earnings per Share (TTM) is 14.18. Daiwa Securities Group's value of 1.44 is 89.8% below this benchmark. Historically, Daiwa Securities Group's own Owner Earnings per Share (TTM) has ranged from 1.77 to 35.04 over the past decade. While the company's 10-year median is 7.08 vs. the industry median of 14.18, Daiwa Securities 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 Owner Earnings per Share (TTM) for a Capital Markets company?
The median Owner Earnings per Share (TTM) among Capital Markets companies is 14.18, based on 342 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Daiwa Securities Group's current Owner Earnings per Share (TTM) of 1.44 is 89.8% 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 Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Daiwa Securities Group. For the Capital Markets industry, the median Owner Earnings per Share (TTM) is 14.18 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Daiwa Securities Group's current Owner Earnings per Share (TTM) is 1.44, which is 80% below median its own 10-year median of 7.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Daiwa Securities Group stock overvalued right now?
Based on GuruFocus' analysis, Daiwa Securities Group (DSECF) is currently considered Fairly Valued. The stock's GF Value™ is $8.88, compared to a current price of $9.69 — trading 9.1% above its estimated fair value. The current Owner Earnings per Share (TTM) is 1.44, which is 80% below median its 10-year median of 7.08 and 89.8% below the Capital Markets industry median of 14.18. Daiwa Securities Group's overall GF Score™ is 75/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For Daiwa Securities Group (DSECF), the current Owner Earnings per Share (TTM) is 1.44 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 Daiwa Securities Group (DSECF) Overvalued in 2026?
Based on GuruFocus' analysis, Daiwa Securities Group stock appears to be overvalued.
The current stock price of $9.69 is trading 9.1% above its estimated GF Value™ of $8.88.
GuruFocus considers Daiwa Securities Group to be Fairly Valued.
Key valuation signals for DSECF:
Owner Earnings per Share (TTM): 1.44 (80% below median its 10-year median of 7.08)
GF Value™: $8.88 vs. price of $9.69 (9.1% above fair value)
Industry Position: 89.8% below the Capital Markets median (#90 of 342)
No single metric tells the full story. See the DSECF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Daiwa Securities Group Inc is a Japan-based financial services company. The company operates through four segments. The Asset Management Division manages investment trusts, funds, and corporations across assets, including private equity, real estate, renewable energy, and infrastructure, while also offering advisory services to institutional investors in Japan and overseas. The Global Markets & Investment Banking Division handles sales and trading of securities, foreign exchange, and derivatives, and provides underwriting and M&A advisory. The Wealth Management Division serves individuals and private corporate clients with diverse financial products. Others include subsidiary management, information services, administration, and real estate leasing.
75GF Score
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