Jefferies Financial Group Inc. (JEF) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+143.0%

$117.65

vs $48.43 price

Levered DCF

-$54.19

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.56

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.43×	25.69×	31.64×	11.6×	5.71×	8.1×	6.5×	37.58×
P/B	1.16×	1.69×	0.85×	0.88×	0.89×	0.65×	0.64×	0.14×
P/S	1.13×	1.63×	1.11×	1.26×	1.06×	0.89×	1.16×	0×
EV / EBITDA	20.48×	5.42×	4.93×	5.38×	3.04×	7.82×	7.84×	15.25×
Gross margin	59.7%	59.1%	60.6%	52.8%	51.6%	47.8%	54.2%	0.0%
Operating margin	6.3%	44.8%	44.5%	36.6%	39.4%	30.0%	32.5%	0.0%
Net margin	6.6%	7.1%	3.7%	11.0%	18.7%	11.1%	18.0%	0.0%
Current ratio	2.43×	3.38×	2.81×	3.32×	2.57×	0.92×	0.98×	0.19×
Debt / equity	2.25×	2×	1.66×	1.34×	1.07×	2.08×	1.85×	0.03×
Interest coverage	0.2×	1.35×	1.21×	2.23×	3.78×	2.21×	1.19×	0×
Dividend yield	3.1%	1.8%	3.4%	3.1%	2.4%	2.6%	2.4%	2.2%
Payout ratio	52.7%	40.8%	100.3%	35.7%	13.3%	20.8%	15.5%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.7%	7.3%	2.9%	7.7%	15.7%	8.1%	9.9%	0.0%
Return on invested capital	0.9%	6.3%	5.3%	4.6%	5.9%	3.5%	4.2%	0.0%
Return on assets	0.9%	1.2%	0.5%	1.5%	3.0%	1.5%	2.0%	0.0%
Free cash flow yield	-13.9%	-2.7%	-23.5%	17.6%	15.0%	30.6%	-17.1%	-6.0%
Earnings yield	5.8%	4.3%	3.4%	8.7%	17.7%	12.5%	15.5%	0.0%
Enterprise value	$22B	$25.4B	$15.8B	$13B	$10.1B	$17B	$16.4B	$2B
Net debt / EBITDA	9.05×	1.75×	2.36×	1.66×	0.2×	4.96×	4.88×	-36.44×
Cash conversion cycle (days)	-679	-409	-666	-415	-455	-696	-712	0