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Multiples Big in Japan Index

Curated by Multiples, this index tracks the largest Japanese companies with market caps above $10 billion.

Explore the Multiples Big in Japan Index

133

public companies
tracked

$6.7T

cumulative
enterprise value

1.9x

median EV/NTM revenue multiple

median NTM/LTM revenue growth

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Index Performance

This chart shows the weighted market cap evolution over time for the Multiples Big in Japan Index constituents, indexed to 0% at the beginning of the period.

+68.4%

Multiples Big in Japan Index

Data as of 18 July 2026. Underlying financial data from FactSet and Morningstar. S&P 500 and NASDAQ data sourced from Yahoo Finance.

Key Index Metrics

This chart shows the median evolution over time of key valuation metrics for the Multiples Big in Japan Index constituents.

Valuation Benchmarks

This chart shows the regression relationship between valuation metrics across companies in the Multiples Big in Japan Index.

x-axis:

y-axis:

Data as of July 18, 2026. Companies with EV multiples above 50x and y-axis values above 250% are considered non-meaningful and excluded from calculation.

Company Rankings

This chart shows company rankings by selected metric within the Multiples Big in Japan Index.

Metric:

Data as of July 18, 2026. Companies with EV multiples above 50x and y-axis values above 300% are considered non-meaningful and excluded from calculation.

Companies Side-by-Side

Compare key metrics between companies in the Multiples Big in Japan Index.

Metric	MUFG	Toyota	SoftBank Group
Market Cap	$241B	$211B	$190B
EV/Revenue (NTM)	8.3x	1.1x	5.7x
EV/Gross Profit (NTM)	-	6.2x	10.8x
EV/EBITDA (NTM)	-	9.6x	14.6x
EV/FCF (NTM)	-	41.4x	-28.3x
Revenue Growth	4%	1%	5%
Gross Margin (NTM)	-	18%	53%
EBITDA Margin (NTM)	-	12%	39%
FCF Margin (NTM)	-	3%	-20%
Rule of 40	-	17%	63%
Rule of X	-	23%	71%

Data as of July 18, 2026.

Cumulative Metrics

This chart shows the cumulative sum of selected metrics across all companies in the Multiples Big in Japan Index, over time.

Index Methodology

Similar to the NASDAQ 100 Index, the Multiples Big in Japan Index employs a modified market capitalization weighting scheme.

The weight process uses company-level weights, which are derived using company market capitalization.

Company weights are evaluated based on two rules:

Rule 1

No company's weight may exceed 24%.

Rule 2

The aggregate weight of the companies whose weights exceed 4.5% may not exceed 48%.

If neither rule is 'violated', then no adjustments are made. Only in cases where either or both of the rules are 'violated', weight adjustments are made according to a two-stage adjustment process.

Rule 1 adjustment

If no company's initial weight exceeds 24% of the Index, initial weights are used as Rule 1 weights without adjustment. Otherwise, initial weights are adjusted such that no company's weight may exceed 20% of the Index.

Rule 2 adjustment

If the aggregate weight of the companies whose Rule 1 weights exceeds 4.5% and does not exceed 48%, Rule 1 weights are used as the final weights. Otherwise, Rule 1 weights are adjusted such that:

The aggregate weight of the companies whose Rule 1 weights exceeded 4.5% is set to 40%.
Companies with Rule 1 weights below 4.5% may also have their weights adjusted to keep the initial rank order of all companies.

If the two-stage rule process results in a 'violation' of the weighting rules as previously detailed, then the process is repeated until the company weights meet the rule system.

Companies Included in the Multiples Big in Japan Index

This index tracks major Japanese companies valued above $10B.


MUFG	4.3%	$21	+61%	$241B	8.3x	4%	-	-	-	-	$260K
Toyota	3.8%	$18	+5%	$211B	1.1x	1%	18%	12%	3%	17%	$843K
SoftBank Group	3.4%	$33	+80%	$190B	5.7x	5%	53%	39%	-20%	63%	$474K
Tokyo Electron	3.2%	$401	+133%	$182B	8.3x	27%	48%	33%	13%	57%	$797K
KIOXIA	3.1%	$321	+1958%	$176B	2.8x	130%	81%	84%	46%	339%	$978K
SMBC Group	2.8%	$41	+71%	$158B	5.8x	-42%	-	-	-	-	$555K
Fast Retailing	2.7%	$486	+66%	$149B	5.3x	10%	54%	24%	14%	38%	$375K
Hitachi	2.3%	$29	-2%	$130B	1.8x	6%	31%	17%	7%	23%	$234K
Sony	2.2%	$21	-8%	$125B	1.6x	-1%	31%	20%	9%	20%	$709K
Advantest	2.2%	$169	+160%	$123B	12.3x	28%	64%	49%	29%	83%	$930K
Mizuho Financial Group	2.1%	$49	+73%	$119B	3.1x	13%	-	-	-	-	$507K
Recruit Holdings	2.0%	$79	+39%	$110B	4.2x	7%	62%	24%	17%	30%	$470K
Keyence	1.9%	$437	+26%	$106B	11.2x	13%	84%	54%	30%	68%	$599K
Mitsubishi	1.8%	$27	+46%	$100B	1.0x	4%	15%	6%	2%	14%	$2M
Tokio Marine	1.6%	$46	+20%	$88B	1.5x	-3%	-	19%	11%	22%	$1M
Murata Manufacturing	1.5%	$47	+229%	$86B	6.2x	10%	46%	32%	10%	39%	$161K
Shin-Etsu	1.5%	$44	+59%	$82B	4.1x	8%	39%	37%	15%	44%	$589K
ITOCHU	1.5%	$12	+17%	$82B	1.1x	1%	17%	8%	2%	12%	$822K
Mitsui & Co	1.4%	$29	+47%	$81B	1.0x	4%	7%	7%	3%	13%	$883K
Mitsubishi Heavy Industries	1.4%	$23	-1%	$76B	2.1x	8%	23%	13%	6%	20%	$361K
NTT Group	1.3%	$1	-3%	$76B	1.7x	2%	78%	23%	5%	28%	$239K
Chugai Pharma	1.3%	$45	-3%	$74B	7.7x	8%	74%	54%	34%	63%	$1M
Japan Tobacco	1.2%	$39	+44%	$69B	3.1x	4%	59%	31%	15%	40%	$382K
Japan Post Bank	1.2%	$19	+81%	$69B	3.1x	-28%	-	-	-	-	$770K
Mitsubishi Electric	1.2%	$33	+57%	$68B	1.7x	4%	34%	14%	7%	20%	$246K
KDDI	1.2%	$18	+13%	$67B	2.3x	2%	-	30%	11%	35%	$328K
SoftBank	1.2%	$1	-1%	$65B	2.0x	4%	73%	26%	9%	30%	$573K
Panasonic	1.0%	$25	+171%	$57B	1.3x	-2%	35%	13%	5%	7%	$218K
Takeda Pharmaceuticals	1.0%	$34	+28%	$54B	2.8x	1%	69%	27%	17%	26%	$578K
Hoya	0.9%	$155	+29%	$52B	7.5x	5%	80%	39%	22%	43%	$162K
Nintendo	0.9%	$45	-44%	$52B	2.6x	1%	42%	18%	16%	34%	$2M
Marubeni	0.9%	$31	+57%	$50B	1.1x	0%	16%	6%	3%	12%	$892K
Fujikura	0.8%	$28	-58%	$46B	4.8x	19%	39%	24%	9%	46%	$125K
Sumitomo	0.8%	$9	-62%	$44B	1.3x	2%	24%	10%	3%	14%	$423K
Disco	0.8%	$399	+39%	$43B	11.9x	20%	72%	48%	26%	68%	$390K
Sumitomo Electric	0.8%	$14	-41%	$43B	1.4x	2%	22%	14%	3%	18%	$98K
Renesas Electronics	0.8%	$24	+100%	$43B	4.7x	12%	58%	39%	26%	56%	$371K
Daikin Industries	0.7%	$151	+29%	$42B	1.3x	4%	36%	14%	4%	20%	$275K
ORIX	0.7%	$38	+79%	$42B	3.6x	5%	90%	14%	4%	77%	$622K
Japan Post	0.7%	$14	+62%	$40B	0.1x	10%	-	12%	-	21%	$201K
Daiichi Life Group	0.7%	$11	+47%	$40B	0.5x	-4%	-	6%	-	12%	$1M
MS&AD Insurance Group	0.7%	$28	+35%	$40B	0.8x	-5%	-	15%	-	12%	$1M
Toyota Tsusho	0.7%	$37	+71%	$40B	0.6x	2%	12%	7%	3%	11%	$851K
Fanuc	0.7%	$41	+52%	$38B	5.6x	8%	42%	29%	19%	39%	$452K
Toyota Industries	0.7%	$124	+21%	$37B	-	-	-	-	-	16%	$289K
Honda	0.7%	$9	-4%	$37B	0.2x	3%	20%	5%	-1%	9%	$710K
Sompo Holdings	0.6%	$41	+45%	$36B	1.0x	0%	-	13%	-	15%	$72M
Otsuka Holdings	0.6%	$68	+47%	$36B	2.0x	1%	71%	21%	9%	26%	$398K
NEC	0.6%	$27	-3%	$36B	1.5x	2%	33%	16%	7%	18%	$215K
Fujitsu	0.6%	$20	-2%	$35B	1.5x	1%	37%	15%	9%	15%	$175K
TDK	0.6%	$18	+56%	$35B	1.9x	6%	34%	21%	4%	29%	$149K
Komatsu	0.6%	$38	+26%	$34B	1.5x	2%	34%	17%	9%	20%	$360K
Daiichi Sankyo	0.6%	$17	-27%	$31B	2.1x	5%	77%	19%	9%	28%	$681K
Resona Holdings	0.5%	$14	+57%	$31B	10.6x	10%	-	-	-	-	$222K
Ajinomoto	0.5%	$32	+27%	$31B	3.0x	5%	39%	18%	8%	23%	$233K
Mitsubishi Estate	0.5%	$25	+42%	$30B	3.6x	8%	29%	25%	-5%	38%	$576K
Denso	0.5%	$12	-7%	$30B	0.6x	1%	17%	12%	6%	58%	$252K
Seven & i Holdings Co.	0.5%	$13	+2%	$30B	0.8x	-2%	31%	9%	4%	6%	$429K
Bridgestone	0.5%	$23	+19%	$29B	1.0x	1%	40%	19%	6%	23%	$238K
Kyocera	0.5%	$22	+93%	$28B	2.2x	-3%	31%	14%	5%	13%	$171K
Oriental Land	0.5%	$17	-14%	$28B	5.6x	4%	39%	33%	2%	37%	$156K
Nomura	0.5%	$9	+48%	$27B	2.1x	3%	-	38%	-	60%	$500K
Sumitomo Mitsui Trust Bank	0.5%	$40	+59%	$27B	22.1x	9%	-	-	-	-	$374K
Ibiden	0.5%	$97	+375%	$27B	7.6x	23%	39%	38%	2%	58%	$200K
SMC	0.5%	$21	+21%	$27B	3.6x	13%	48%	30%	12%	45%	$186K
FUJIFILM	0.5%	$22	+13%	$27B	1.5x	2%	41%	17%	3%	21%	$260K
Mitsui Fudosan	0.5%	$9	+11%	$25B	3.1x	2%	25%	21%	4%	22%	$397K
East Japan Railway	0.4%	$22	+10%	$25B	2.6x	4%	37%	27%	-3%	34%	$216K
Suzuki	0.4%	$13	+20%	$24B	0.5x	5%	25%	13%	3%	21%	$321K
Inpex	0.4%	$21	+55%	$24B	1.9x	5%	57%	73%	7%	89%	$3M
AEON Co	0.4%	$9	-15%	$24B	0.5x	6%	36%	6%	-1%	16%	$153K
Astellas Pharma	0.4%	$13	+33%	$24B	1.9x	0%	80%	29%	20%	35%	$982K
Canon	0.4%	$28	+2%	$23B	0.9x	0%	45%	15%	6%	17%	$176K
Lasertec	0.4%	$258	+164%	$23B	13.0x	24%	59%	50%	27%	56%	$1M
Central Japan Railway	0.4%	$23	+5%	$22B	3.7x	0%	49%	48%	5%	52%	$341K
Sumitomo Realty & Development	0.4%	$23	+33%	$21B	6.8x	1%	39%	37%	8%	40%	$379K
ASICS	0.4%	$30	+34%	$21B	3.3x	13%	57%	22%	12%	43%	$507K
Terumo	0.4%	$14	-13%	$21B	2.7x	7%	55%	26%	10%	35%	$232K
ENEOS Holdings	0.4%	$8	+53%	$20B	0.4x	4%	12%	7%	2%	14%	$2M
JX Advanced Metals	0.4%	$22	+290%	$20B	3.5x	8%	27%	29%	14%	40%	$415K
SCREEN Holdings Co.	0.3%	$102	+35%	$19B	3.8x	18%	39%	24%	9%	39%	$544K
LY Corporation	0.3%	$3	-21%	$19B	1.7x	8%	74%	26%	10%	35%	$334K
Nippon Steel	0.3%	$4	-2%	$19B	0.7x	5%	16%	11%	-4%	21%	$499K
Kubota	0.3%	$17	+55%	$19B	1.5x	3%	32%	15%	5%	21%	$299K
Kao	0.3%	$20	-52%	$18B	1.6x	3%	40%	16%	7%	21%	$262K
Nomura Research Institute	0.3%	$31	-17%	$18B	3.3x	4%	39%	27%	14%	29%	$237K
Nidec	0.3%	$15	-17%	$18B	1.2x	1%	21%	14%	7%	14%	$130K
Daiwa House Industry	0.3%	$28	-10%	$17B	0.9x	4%	21%	11%	-2%	16%	$479K
IHI	0.3%	$16	+8%	$17B	1.7x	7%	28%	17%	5%	27%	$375K
SECOM	0.3%	$42	+22%	$17B	1.6x	2%	32%	19%	9%	24%	$107K
BANDAI NAMCO	0.3%	$26	-16%	$17B	1.6x	1%	39%	17%	10%	21%	$375K
Pan Pacific International	0.3%	$5	-14%	$16B	1.1x	7%	33%	9%	4%	17%	$237K
Nippon Sanso Holdings	0.3%	$37	+9%	$16B	2.3x	3%	46%	25%	11%	29%	$388K
Kansai Electric Power	0.3%	$14	+23%	$16B	1.3x	3%	-	16%	-2%	21%	$644K
Konami	0.3%	$116	-10%	$16B	4.1x	7%	54%	37%	20%	48%	$348K
Kajima	0.3%	$34	+43%	$16B	1.0x	-2%	15%	9%	7%	7%	$767K
Nippon Paint	0.3%	$7	-17%	$16B	1.6x	6%	39%	18%	9%	41%	$243K
Daiwa Securities Group	0.3%	$11	+65%	$15B	7.0x	-34%	-	37%	-	34%	$622K
Shionogi	0.3%	$18	+11%	$15B	3.0x	25%	83%	44%	15%	79%	$578K
Asahi Group	0.3%	$10	-18%	$14B	1.2x	7%	37%	14%	3%	24%	$534K
Kirin Holdings	0.3%	$18	+42%	$14B	1.2x	0%	47%	14%	7%	17%	$438K
NYK Line	0.3%	$35	+5%	$14B	1.3x	3%	16%	13%	-4%	18%	$308K
T&D Holdings	0.3%	$30	+26%	$14B	0.7x	-8%	-	8%	-	25%	$1M
Sekisui House	0.3%	$22	+9%	$14B	0.9x	2%	20%	9%	2%	11%	$826K
Daifuku	0.3%	$38	+60%	$14B	2.8x	7%	24%	18%	10%	25%	$391K
Ryohin Keikaku	0.2%	$26	+17%	$14B	2.2x	10%	54%	14%	5%	28%	$209K
Obayashi	0.2%	$20	+41%	$14B	0.7x	8%	19%	8%	6%	17%	$790K
Japan Exchange Group	0.2%	$13	+42%	$13B	8.1x	14%	-	66%	-	102%	$985K
Kawasaki Heavy Industries	0.2%	$16	+17%	$13B	0.8x	7%	30%	11%	1%	20%	$361K
Chubu Electric Power	0.2%	$18	+52%	$13B	1.3x	3%	-	11%	-1%	15%	$981K
Nitto Denko	0.2%	$20	+0%	$13B	1.6x	3%	37%	26%	9%	27%	$233K
Kokusai Electric	0.2%	$54	+153%	$13B	6.2x	25%	47%	27%	8%	49%	$586K
Osaka Gas	0.2%	$33	+38%	$13B	1.3x	2%	12%	14%	0%	19%	$584K
Tokyo Gas	0.2%	$37	+18%	$12B	1.0x	3%	12%	15%	1%	23%	$1M
Mitsubishi HC Capital	0.2%	$9	+22%	$12B	4.8x	0%	19%	28%	-	29%	$1M
Yokohama Financial Group	0.2%	$11	+74%	$12B	10.7x	-14%	-	-	-	-	$211K
Mitsui O.S.K. Lines	0.2%	$35	+8%	$12B	2.0x	6%	17%	15%	-2%	27%	$858K
Olympus	0.2%	$11	-4%	$12B	1.8x	3%	66%	21%	5%	24%	$213K
OBIC	0.2%	$26	-23%	$11B	10.6x	9%	79%	68%	57%	79%	$387K
Niterra	0.2%	$58	+75%	$11B	2.3x	5%	37%	26%	10%	40%	$298K
NEXON	0.2%	$14	-19%	$11B	2.6x	2%	59%	28%	20%	34%	$471K
Subaru	0.2%	$16	-11%	$11B	0.1x	4%	18%	7%	2%	13%	$645K
Fuji Electric Co.	0.2%	$75	+56%	$11B	1.4x	4%	28%	16%	6%	22%	$254K
SBI Holdings	0.2%	$17	-4%	$11B	1.6x	-17%	83%	25%	-	15%	$632K
Chiba Bank	0.2%	$16	+75%	$11B	13.5x	21%	-	-	-	-	$474K
Rohm	0.2%	$28	+132%	$11B	3.2x	5%	29%	18%	5%	15%	$135K
Japan Post Insurance	0.2%	$10	-59%	$11B	0.1x	-6%	-	5%	-	60%	$2M
Rakuten	0.2%	$5	+1%	$11B	0.8x	6%	82%	19%	9%	28%	$556K
PayPay	0.2%	$16	-	$11B	-	-	-	-	-	37%	$1M
Unicharm	0.2%	$6	-9%	$10B	1.3x	3%	38%	17%	8%	23%	$341K
Toray Industries	0.2%	$7	+8%	$10B	0.8x	4%	20%	11%	2%	16%	$342K
Kawasaki Kisen Kaisha	0.2%	$17	+24%	$10B	1.6x	-1%	17%	14%	5%	15%	$1M
Shimizu	0.2%	$15	+43%	$10B	0.8x	6%	16%	8%	5%	19%	$557K