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Held by 128 of 2,417 reporting institutions (92th percentile) — extremely crowded.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 15 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BLK | $182.2B | 33.3× | — | 7.5× | 89.3% | — | 22.9% | 9.9% | 8.1% | — | 809 |
| SCHW | $154.7B | 19.2× | — | 6.5× | 22.0% | — | 37.0% | 17.9% | 17.9% | — | 795 |
| HOOD | $82.5B | 44.7× | 35.9× | 18.4× | 51.6% | — | 42.1% | 20.6% | 20.6% | -1.9× | 425 |
| RJF | $31.0B | 15.7× | — | 1.9× | 6.6% | — | 13.4% | 17.1% | 16.2% | — | 258 |
| NMR | $27.7B | 105.2× | — | 1.6× | 15.2% | — | 2.1% | 1.4% | 0.2% | — | 76 |
| FUTU | $14.2B | — | 7.1× | 4.8× | 67.8% | 87.1% | 49.6% | 28.3% | 28.3% | -0.7× | 56 |
| SEIC | $12.4B | 18.6× | — | 5.4× | 8.1% | 35.2% | 31.1% | 29.2% | 29.2% | — | 162 |
| FRHC | $11.7B | 73.2× | — | 5.3× | 9.3% | 96.4% | 7.0% | 10.3% | 10.3% | — | 26 |
| JEF | $11.3B | 17.4× | — | 1.0× | 2.9% | 98.2% | 6.3% | 6.4% | 2.4% | — | 128 |
| SF | $10.3B | 11.7× | — | 1.6× | 6.7% | — | 10.8% | 11.4% | 10.4% | — | 145 |
| MKTX | $5.8B | 24.8× | — | 6.9× | 3.6% | — | 29.1% | 21.5% | 18.1% | — | 76 |
| PIPR | $4.9B | 4.3× | — | 2.5× | 24.3% | — | 14.8% | 20.5% | 20.3% | — | — |
| VIRT | $4.8B | 10.6× | — | 1.3× | 26.2% | — | 12.9% | 29.6% | 12.9% | — | 101 |
| WT | $3.3B | 28.7× | — | 6.6× | 15.4% | — | 22.1% | 26.4% | 26.4% | — | 56 |
| MIAX | $3.1B | — | 22.2× | 2.3× | 19.6% | 31.6% | -5.1% | -7.9% | -7.9% | -3.5× | 28 |
| OPY | $1.2B | 8.3× | — | 0.7× | 14.4% | — | 9.1% | 15.1% | 15.1% | — | 18 |
Peers = companies sharing JEF's sector (Security Brokers, Dealers & Flotation Companies) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $374.1M dividends + $58.5M buybacks = $432.6M returned.
8 consecutive years of dividend increases · 24%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 2%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.82B 100.0% | $10.52B 100.0% | $7.44B 100.0% | $7.15B 100.0% | $8.95B 100.0% | $6.88B 100.0% | $5.36B 100.0% | $5.01B 100.0% | $5.05B 100.0% | — |
| Cost of Revenue | $190.9M 1.8% | $206.3M 2.0% | $29.4M 0.4% | $440.8M 6.2% | $470.9M 5.3% | $338.6M 4.9% | $319.6M 6.0% | $307.1M 6.1% | $281.0M 5.6% | — |
| Cost of Products | — | — | — | — | — | — | — | — | $7.05B 139.5% | — |
| Selling, General & Admin | — | — | — | — | $0 0.0% | $0 0.0% | $1.01B 18.8% | $961.3M 19.2% | $778.1M 15.4% | — |
| Total Operating Expenses | — | — | — | — | $5.84B 65.2% | $4.87B 70.8% | $3.62B 67.5% | $3.52B 70.4% | $3.40B 67.3% | $3.34B |
| Interest Expense | — | — | $2.74B 36.8% | $1.17B 16.4% | $931.6M 10.4% | $1.03B 15.0% | $87.2M 1.6% | $89.2M 1.8% | $101.2M 2.0% | — |
| Interest & Investment Income | $1.0M 0.0% | $3.1M 0.0% | — | — | — | — | — | — | — | — |
| Pretax Income | $871.0M 8.0% | $1.01B 9.6% | $354.3M 4.8% | $1.06B 14.8% | $2.25B 25.2% | $1.07B 15.5% | $478.6M 8.9% | $296.1M 5.9% | $606.5M 12.0% | $618.1M |
| Income Tax Expense | $184.6M 1.7% | $293.2M 2.8% | $91.9M 1.2% | $273.9M 3.8% | $576.7M 6.4% | $298.7M 4.3% | -$484.0M -9.0% | $19.0M 0.4% | $642.3M 12.7% | $195.6M |
| Net Income | $682.0M 6.3% | $716.0M 6.8% | $262.4M 3.5% | $781.7M 10.9% | $1.67B 18.6% | $769.6M 11.2% | $959.6M 17.9% | $1.02B 20.4% | $167.4M 3.3% | $610.3M |
| Per Share | ||||||||||
| EPS (Basic) | $2.93 | $3.08 | $1.12 | $3.13 | $6.29 | $2.68 | $3.07 | $2.93 | $0.45 | $1.65 |
| EPS (Diluted) | $2.83 | $2.99 | $1.10 | $3.06 | $6.13 | $2.65 | $3.03 | $2.90 | $0.45 | $1.63 |
| Weighted Avg Shares (Basic) | 215.1M | 217.1M | 232.6M | 247.4M | 263.6M | 285.7M | 310.7M | 347.3M | 368.2M | — |
| Weighted Avg Shares (Diluted) | 222.7M | 223.7M | 236.6M | 255.6M | 271.5M | 290.5M | 317.0M | 351.3M | 370.7M | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $10.76B covers all $2.57B of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2021-11-30 (8-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~25.6% on $10.69B of debt. Interest last disclosed in FY2023 (no longer broken out).
Cash of $14.04B fully covers short-term debt of $1.77B.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-30
Where each multiple sits in its own 15-yr range · 60th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 15-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 6% against ROIC 2% — 4% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 6.1 | 6.0 | 4.9 | 5.3 | 6.2 | 0.4 | 2.0 | 1.8 |
| SG&A | 19.2 | 18.8 | 0.0 | 0.0 | — | — | — | — |
| Income Tax | 0.4 | -9.0 | 4.3 | 6.4 | 3.8 | 1.2 | 2.8 | 1.7 |
| Net Income | 20.4 | 17.9 | 11.2 | 18.6 | 10.9 | 3.5 | 6.8 | 6.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on JEF: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2018 | 94.4% | not reported | 3.3% |
| FY2018 | 93.9% | not reported | 20.4% |
| FY2019 | 94.0% | not reported | 17.9% |
| FY2020 | 95.1% | not reported | 11.2% |
| FY2021 | 94.7% | not reported | 18.6% |
| FY2022 | 93.8% | not reported | 10.9% |
| FY2023 | 99.6% | not reported | 3.5% |
| FY2024 | 98.0% | not reported | 6.8% |
| FY2025 | 98.2% | not reported | 6.3% |
Leverage and buybacks account for 4 points of the 6% return on equity in FY2025. The business earns 2% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Cash conversion of -0.58x sits below the level that would make the earnings clearly cash-backed.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
This schedule comes from a filing dated 2021-11-30, 1795 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2021-11-30 (8-K); cash from the 2021-11-30 balance sheet; FCF from FY2021.
Balance sheet at 2021-11-30. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda, interest_expense.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: free_cash_flow.
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 28.4% | not reported | not reported |
| FY2021 | 30.0% | not reported | not reported |
| FY2022 | -20.1% | not reported | not reported |
| FY2023 | 4.1% | not reported | not reported |
| FY2024 | 41.3% | not reported | not reported |
| FY2025 | 2.9% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 3.6 percent |
| FY2020 | -2.4 percent |
| FY2021 | 0.1 percent |
| FY2022 | -2.0 percent |
| FY2023 | 3.8 percent |
| FY2024 | not reported |
| FY2025 | not reported |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-28 | 3 co-filers CEO | Giftindirect | 331,685 | $0.00 | $0 |
| 2026-10-28 | 3 co-filers CEO | Giftindirect | 85,584 | $0.00 | $0 |
| 2026-10-28 | 3 co-filers CEO | Giftindirect | 417,269 | $0.00 | $0 |
| 2026-10-07 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
Friedman Brian P President |
| Giftindirect |
| 100 |
| $0.00 |
| $0 |
| 2026-10-01 | Handler Richard B CEO | Gift | 842 | $0.00 | $0 |
| 2026-08-28 | Handler Richard B CEO | Grant | 75,531 | $53.09 | $4.0m |
| 2026-08-28 | Friedman Brian P President | Grant | 29,016 | $53.09 | $1.5m |
| 2026-08-28 | Larson Matthew Scott EVP, CFO | Grant | 746 | $53.09 | $40k |
| 2026-08-28 | Sharp Michael J. EVP and General Counsel | Grant | 746 | $53.09 | $40k |
| 2026-08-28 | Weiler Melissa Director | Grant | 165 | $53.09 | $9k |
| 2026-08-28 | Ellis-Kirk Matrice Director | Grant | 165 | $53.09 | $9k |
| 2026-08-28 | O Kane Michael T Director | Grant | 538 | $53.09 | $29k |
| 2026-08-28 | Beyer Robert D Director | Grant | 501 | $53.09 | $27k |
| 2026-08-07 | Friedman Brian P President | Gift | 81,734 | $0.00 | $0 |
| 2026-07-15 | Sumitomo Mitsui Financial Group, Inc. Director | Open-market buyindirect32d late | 5,906,542 | $54.86 | $324.0m |
| 2026-07-10 | 2 co-filers Group filing | Option exerciseindirect | 3,769,500 | — | — |
| 2026-07-10 | 2 co-filers Group filing | Option exerciseindirect | 3,769,500 | — | — |
| 2026-06-30 | 2 co-filers Group filing | Option exerciseindirect | 27,562,500 | — | — |
| 2026-06-30 | 2 co-filers Group filing | Option exerciseindirect | 55,125 | $0.00 | — |
| 2026-05-29 | Beyer Robert D Director | Grant | 501 | $52.72 | $26k |
| 2026-05-29 | Sharp Michael J. EVP and General Counsel | Grant | 746 | $52.72 | $39k |
| 2026-05-29 | Larson Matthew Scott EVP, CFO | Grant | 746 | $52.72 | $39k |
| 2026-05-29 | Weiler Melissa Director | Grant | 165 | $52.72 | $9k |
| 2026-05-29 | Ellis-Kirk Matrice Director | Grant | 165 | $52.72 | $9k |
| 2026-05-29 | O Kane Michael T Director | Grant | 538 | $52.72 | $28k |
| 2026-05-29 | 3 co-filers CEO | Tax withholding | 10,545 | $52.94 | $558k |
| 2026-05-29 | 2 co-filers President | Grant | 29,003 | $52.72 | $1.5m |
| 2026-05-29 | 3 co-filers CEO | Grant | 97,136 | $52.72 | $5.1m |
| 2026-05-28 | 3 co-filers CEO | Other | 487 | $0.00 | $0 |
| 2026-05-28 | 2 co-filers President | Other | 464 | $0.00 | $0 |
| 2026-05-23 | Handler Richard B CEO | Tax withholding | 1,440,307 | $52.43 | $75.5m |
| 2026-05-06 | 2 co-filers President | Open-market sale | 1 | $51.91 | $38 |
| 2026-05-06 | 2 co-filers President | Open-market sale | 0 | $51.88 | $13 |
| 2026-05-01 | Sumitomo Mitsui Financial Group, Inc. Director | Open-market buyindirect54d late | 6,429,337 | $54.83 | $352.5m |
| 2026-04-27 | 2 co-filers Group filing | Option exerciseindirect | 9,247,081 | — | — |
| 2026-04-27 | 2 co-filers Group filing | Option exerciseindirect | 9,247,081 | — | — |
| 2026-03-26 | Ellis-Kirk Matrice Director | Grant | 5,461 | $40.28 | $220k |
| 2026-03-26 | Adamany Linda Director | Grant | 5,461 | $40.28 | $220k |
| 2026-03-26 | Weiler Melissa Director | Grant | 5,461 | $40.28 | $220k |
| 2026-03-26 | O Kane Michael T Director | Grant | 5,461 | $40.28 | $220k |