Jefferies Financial Group Inc.JEF
NYSE•Financial Services•Capital Markets
Jefferies Financial Group Inc. operates as an investment banking and capital markets firm in the Americas, Europe, the Middle East, and the Asia-Pacific. It operates in two segments, Investment Banking and Capital Markets, and Asset Management. The company provides investment banking and advisory services for mergers or acquisitions, debt financing, restructurings, and private capital advisory transactions; underwriting and placement services related to corporate debt, municipal debt, mortgage-backed and asset-backed securities, equity and equity-linked securities, and loan syndication services; and corporate lending services. It also offers financing, securities lending, and other prime brokerage services; equities research, sales, and trading services; wealth management services; and online foreign exchange trading services. In addition, the company provides investment-grade distressed debt securities, U.S. and European government and agency securities, municipal bonds, leveraged loans, emerging markets debt, interest rates, and credit index derivative products; and manages and offers services to a diverse group of alternative asset management platforms across a spectrum of investment strategies and asset classes. It serves public companies, private companies, sponsors and owners, institutional investors, and government entities. The company was formerly known as Leucadia National Corporation and changed its name to Jefferies Financial Group Inc. in May 2018. Jefferies Financial Group Inc. was founded in 1962 and is headquartered in New York, New York.
Jefferies Financial Group Inc. (JEF) reported trailing twelve months revenue of $11.22B as of February 2026, a 7.5% increase year-over-year. Quarterly revenue reached $2.87B, reflecting continued top-line momentum.
Jefferies Financial Group Inc. generated $704.54M in TTM net income, with quarterly EBITDA of $269.08M. The operating margin expanded from 6.1% to 7.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (7.4%) and net margin (5.5%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 5.5% a year ago, signaling stronger bottom-line efficiency.
JEF trades at a P/E of 13.6x (below the broader market average) and a P/S of 0.9x. The price-to-book ratio of 0.9x suggests the stock trades below its book value.
The company reported negative free cash flow of $-1.80B, indicating cash consumption over the period. The balance sheet shows $74.38B in total assets with $17.23B in long-term debt against $10.61B in stockholders equity for a debt-to-equity ratio of 1.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~8.5% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~6.2% on average, adequate but below the threshold typically associated with wide moats.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 7.8% — watch for continued compression, which may signal competitive or cost pressure.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.6 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Share count is stable — no significant dilution or buyback activity.