MUFG vs NMR: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: NMR is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. MUFG and NMR share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined MUFG and NMR exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Mitsubishi UFJ Financial Group is Japan's largest financial institution by assets and market capitalization, operating across retail and corporate banking, trust banking, securities, and global markets. Japanese operations account for roughly half of profit, banking franchises in Thailand and Indonesia contribute around 15%, and equity-method earnings from its roughly 24% stake in Morgan Stanley make up much of the remainder, which makes MUFG the most internationally weighted of the three Japanese megabanks. The US-listed MUFG security is a sponsored ADR representing the underlying Tokyo-listed shares (ticker 8306).

Full MUFG guide

Nomura Holdings, Inc. is the parent of Japan's largest securities firm, founded in 1925 and organised under a holding company that listed on the NYSE in 2001. Four divisions carry the business as of the year ended March 2026. Wealth Management runs the domestic retail and high-net-worth franchise and produced net revenue of ~JPY 487.9 billion with income before income taxes of ~JPY 204.0 billion. Investment Management houses Nomura Asset Management, an aircraft leasing operation and a stake in American Century Investments, and ended the year with assets under management of ~JPY 136.9 trillion after completing the purchase of Macquarie Group's US and European public asset management business in December 2025. Wholesale, the largest unit at ~JPY 1,162.2 billion of net revenue, covers Global Markets and Investment Banking across Japan, the Americas, EMEA and Asia. Banking, established on April 1, 2025, is the newest and smallest piece at ~JPY 53.9 billion. Group net revenue reached ~JPY 2,167.7 billion for the fiscal year, up ~14.5%, with net income attributable to shareholders of ~JPY 362.1 billion (roughly $13.6 billion and $2.3 billion at ~JPY 159 per US dollar, the Federal Reserve H.10 rate for mid-August 2026).

Full NMR guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• MUFG drivers: Japanese interest-rate normalization; Global and Asian diversification.
• NMR drivers: Wealth Management is being rebuilt around recurring fees; Asset management scale after the Macquarie purchase.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: MUFG's earnings and ADR price are sensitive to the yen, so currency swings and possible government FX intervention can distort translated overseas profits and its large cross-border bond portfolios. For NMR, wholesale revenue is genuinely cyclical, and a year of record trading results is a poor guide to the next one; Nomura has posted losing years in this division within recent memory.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick MUFG if you believe its drivers more; NMR if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the MUFG and NMR guides.

MUFG. MUFG trades at a valuation typical of a large, mature diversified bank, with a mid-teens P/E and price-to-book around 1.5x reflecting improved returns as Japanese rates normalize. Its latest fiscal year (ended March 2025) produced net income near JPY 1.8 trillion, and first-half FY2025 delivered record profits that prompted an upward revision of targets. All figures are approximate ADR-adjusted USD conversions from yen reporting and move with exchange rates.

NMR. All operating figures originate in Japanese yen and are translated here at ~JPY 159 per US dollar (Federal Reserve H.10, mid-August 2026); Nomura itself translated its June 2026 quarter at ~JPY 162.61, the New York noon buying rate on June 30, 2026, so published dollar equivalents vary with the rate chosen. One ADS equals one common share, which keeps the ADR arithmetic simple: the ~$28.6 billion capitalisation is just the Tokyo price converted. Quoted ADR dividend yields of roughly ~2.6% run below the ~3.3% implied by the JPY 51 declaration because ADR distributions arrive net of Japanese withholding tax and are converted at payment-date rates.

Headline figures (approximate, July 2026): MUFG shows market capitalization ~$240B (JPY ~41T), total revenue (latest fy, us gaap) ~$45B (JPY ~6.8T), net income (latest fy) ~$12B (JPY ~1.8T), p/e ratio ~14x; NMR shows net revenue (fy ended march 2026) ~JPY 2,167.7B, up ~14.5% (~$13.6B at ~JPY 159 per USD), net income to shareholders (fy2026) ~JPY 362.1B (~$2.3B), diluted EPS ~JPY 118.99, ROE ~10.1%, latest quarter (ended june 30, 2026) Net revenue ~JPY 686.7B (+31% YoY), pretax ~JPY 211.5B, ROE ~15.4%, market cap ~$28.6B (~JPY 4.55T) at ~$9.81 per ADS, ~2.90B shares outstanding.

MUFG and NMR are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined MUFG and NMR exposure against your real portfolio. It is not an investment adviser.