Jefferies Financial Group Inc. (JEF) Balance Sheet
JEF balance sheet, FY2025
November 30, 2025 · U.S. dollars$76.01B assets = $65.37B liabilities + $10.64B equity
Both columns are drawn to the same scale: what JEF owns equals what it owes plus shareholders’ equity. Hover a block for its value.
JEF financial health
Descriptive bands, not a rating. Fiscal FY2025.
JEF balance sheet trends, FY2017–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $47.17BFY2017 | $76.01BFY2025 | +5.4%/yr | |
| Total liabilities | $36.60BFY2017 | $65.37BFY2025 | +6.7%/yr | |
| Shareholders’ equity | $10.11BFY2017 | $10.57BFY2025 | +0.5%/yr | |
| Cash & short-term investments | $22.07BFY2017 | $14.04BFY2025 | −4.9%/yr | |
| Total debt | $19.83BFY2017 | $23.76BFY2025 | +2.0%/yr | |
| Net cash (debt) | $2.25BFY2017 | −$9.71BFY2025 | −$12.0B | |
| Working capital | $5.42BFY2017 | $25.49BFY2025 | +$20.1B | |
| Book value per share | $27.26FY2017 | $47.48FY2025 | +6.4%/yr | |
| Current ratio | 1.22FY2017 | 2.43FY2025 | +1.21 | |
| Debt / equity | 1.96FY2017 | 2.25FY2025 | +0.28 | |
| Shares outstanding | 370.7MFY2017 | 222.7MFY2025 | −5.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
JEF assets
JEF liabilities and equity
JEF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
JEF balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $14.04B | $12.15B | $8.53B | $9.70B | $10.76B | $9.06B | $12.36B | $24.57B | $5.26B | $22.07B |
| Cash & equivalents | $14.04B | $12.15B | $8.53B | $9.70B | $10.76B | $9.06B | $7.45B | $7.68B | $5.97B | $5.28B |
| Short-term investments | — | — | $1.41B | $957.3M | $1.02B | $7.5M | $4.91B | $16.90B | $24.00B | $16.80B |
| Receivables | $10.05B | $7.21B | $5.96B | $3.59B | $9.59B | $6.63B | $0 | $7.40B | $6.96B | $7.49B |
| Inventory | $0 | $0 | $35.03B | $0 | $17.46B | $287.8M | $0 | $22.65B | $246.7M | $20.14B |
| Other current assets | $19.16B | $20.24B | $0 | $15.06B | $0 | $1.99B | $6.72B | $0 | $0 | $0 |
| Total current assets | $43.26B | $39.61B | $34.85B | $28.35B | $21.36B | $17.96B | $19.08B | $32.77B | $5.26B | $30.14B |
| Property, plant & equipment (net) | $1.25B | $1.19B | $1.07B | $906.9M | $911.2M | $897.2M | $0 | $385.0M | $351.0M | $750.4M |
| Goodwill & intangible assets | $2.04B | $2.05B | $2.04B | $1.88B | $1.90B | $1.91B | $1.92B | $1.92B | $1.89B | $2.46B |
| Long-term investments | $27.05B | $19.09B | $18.97B | $16.47B | $33.89B | $19.81B | $19.96B | $13.59B | $1.41B | $18.87B |
| Other non-current assets | $2.42B | $2.42B | $969.8M | $3.46B | $2.35B | $12.53B | $10.82B | $797.2M | $38.22B | $0 |
| Total assets | $76.01B | $64.36B | $57.91B | $51.06B | $60.40B | $53.12B | $51.78B | $49.46B | $47.13B | $47.17B |
| Liabilities | ||||||||||
| Accounts payable | $12.17B | $7.76B | $7.70B | $6.21B | $8.41B | $10.39B | $9.45B | $8.18B | $72.0M | $7.17B |
| Short-term debt | $1.77B | $443.2M | $989.7M | $528.4M | $8.67B | $9.08B | $2.52B | $8.05B | $9.73B | $9.10B |
| Deferred revenue | — | — | $2.55B | $27.0M | $49.7M | −$109.2M | — | $12.8M | −$699.7M | — |
| Total current liabilities | $17.78B | $11.71B | $12.41B | $9.31B | $22.28B | $19.47B | $14.88B | $26.76B | $27.79B | $24.72B |
| Long-term debt | $18.78B | $15.72B | $11.13B | $10.94B | $13.74B | $8.35B | $8.45B | $11.53B | $9.28B | $7.89B |
| Lease obligations | $594.1M | $635.3M | $544.6M | $533.7M | $548.3M | $584.8M | — | — | — | — |
| Other long-term liabilities | $28.81B | $26.70B | $24.57B | $20.38B | $13.66B | $15.83B | $18.91B | $1.41B | $0 | $4.00B |
| Total liabilities | $65.37B | $54.13B | $48.10B | $40.63B | $49.67B | $43.53B | $42.24B | $39.71B | $307.5M | $36.60B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $206.3M | $205.5M | $210.6M | $226.1M | $243.5M | $249.8M | $277.1M | $291.6M | $307.5M | $5.03B |
| Retained earnings (deficit) | $8.57B | $8.27B | $7.85B | $8.42B | $7.94B | $6.53B | $6.00B | $5.93B | $10.06B | $4.70B |
| Treasury stock | — | — | — | — | — | — | — | — | — | $0 |
| Accumulated other comprehensive income | −$384.4M | −$423.1M | −$395.5M | −$379.4M | −$372.1M | −$288.9M | — | −$273.0M | $10.10B | $372.7M |
| Minority interest | $67.9M | $68.6M | $92.7M | $69.1M | — | $34.6M | $37.0M | — | — | $33.0M |
| Total shareholders' equity | $10.57B | $10.16B | $9.71B | $10.43B | $10.73B | $9.53B | $9.54B | $9.75B | $47.13B | $10.11B |
| Key figures | ||||||||||
| Total debt | $23.76B | $20.36B | $16.09B | $11.47B | $22.41B | $19.83B | $10.97B | $19.59B | $1.18B | $19.83B |
| Net cash (debt) | −$9.71B | −$8.21B | −$7.57B | −$1.76B | −$11.65B | −$10.77B | $1.39B | $4.99B | $4.08B | $2.25B |
| Working capital | $25.49B | $27.89B | $22.45B | $19.04B | −$925.1M | −$1.51B | $4.20B | $6.00B | −$22.53B | $5.42B |
| Tangible book value | $8.53B | $8.10B | $7.67B | $8.55B | $8.83B | $7.62B | $7.62B | $7.83B | $45.24B | $7.64B |
| Book value per share | $47.48 | $45.41 | $41.04 | $40.80 | $39.52 | $32.80 | $34.41 | $30.76 | $134.17 | $27.26 |
| Shares outstanding | 222.7M | 223.7M | 236.6M | 255.6M | 271.5M | 290.5M | 277.1M | 317.0M | 351.3M | 370.7M |
| Current ratio | 2.43 | 3.38 | 2.81 | 3.04 | 0.96 | 0.92 | 1.28 | 1.22 | 0.19 | 1.22 |
| Quick ratio | 1.36 | 1.65 | 1.17 | 1.43 | 0.91 | 0.81 | 0.83 | 1.19 | 0.44 | 1.20 |
| Debt / equity | 2.25 | 2.00 | 1.66 | 1.10 | 2.09 | 2.08 | 1.15 | 2.01 | 0.03 | 1.96 |
| Equity / assets | 13.9% | 15.8% | 16.8% | 20.4% | 17.8% | 17.9% | 18.4% | 19.7% | 100.0% | 21.4% |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $16.9M | $14.31B | $11.96B | $14.04B | $11.46B | $11.26B | $11.18B | $12.15B | $10.57B | $10.84B | $7.62B | $8.53B |
| Cash & equivalents | $16.9M | $14.31B | $11.96B | $14.04B | $11.46B | $11.26B | $11.18B | $12.15B | $10.57B | $10.84B | $7.62B | $8.53B |
| Short-term investments | — | — | — | — | — | — | — | — | $1.36B | $1.10B | $1.20B | $1.24B |
| Receivables | $8.40B | $9.86B | $10.07B | $10.05B | $8.09B | $7.66B | $9.84B | $7.21B | $6.65B | $7.42B | $6.75B | $5.96B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $35.03B |
| Other current assets | $18.04B | $0 | $16.32B | $19.16B | $19.85B | $20.12B | $21.88B | $20.24B | $19.69B | $21.25B | $20.57B | $0 |
| Total current assets | $26.46B | $14.31B | $38.35B | $43.26B | $39.39B | $39.04B | $42.90B | $39.61B | $36.92B | $39.51B | $34.93B | $34.85B |
| Property, plant & equipment (net) | $1.19B | $1.19B | $1.20B | $1.25B | $1.25B | $1.24B | $1.22B | $1.19B | $1.23B | $1.21B | $1.10B | $1.07B |
| Goodwill & intangible assets | $1.73B | $1.73B | $1.84B | $2.04B | $2.05B | $2.06B | $2.04B | $2.05B | $2.07B | $2.06B | $2.06B | $2.04B |
| Long-term investments | $0 | $31.78B | $25.41B | $27.05B | $24.07B | $22.46B | $23.22B | $19.09B | $20.40B | $17.59B | $20.18B | $20.18B |
| Other non-current assets | $51.92B | $30.53B | $7.59B | $2.42B | $2.55B | $2.49B | $853.5M | $2.42B | $2.66B | $2.64B | $2.65B | $0 |
| Total assets | $81.30B | $79.54B | $74.38B | $76.01B | $69.32B | $67.29B | $70.22B | $64.36B | $63.28B | $63.00B | $60.93B | $57.91B |
| Liabilities | ||||||||||||
| Accounts payable | — | $13.51B | $11.00B | $12.17B | $8.13B | $8.08B | $8.34B | $7.76B | $8.32B | $8.18B | $8.15B | $7.70B |
| Short-term debt | $20.75B | $18.34B | $1.92B | $1.77B | $1.23B | $1.32B | $1.17B | $443.2M | $1.72B | $1.63B | $1.25B | $989.7M |
| Deferred revenue | — | — | — | — | — | — | — | — | $6.10B | −$12.00B | $52.6M | $2.55B |
| Total current liabilities | $20.75B | $18.34B | $15.45B | $17.78B | $12.52B | $12.17B | $11.82B | $11.71B | $13.11B | $12.89B | $12.72B | $12.41B |
| Long-term debt | $0 | $24.32B | $19.52B | $18.78B | $18.70B | $18.09B | $17.07B | $15.71B | $19.10B | $17.93B | $16.35B | $16.35B |
| Lease obligations | — | $550.9M | $573.1M | $594.1M | $603.4M | $616.5M | $616.0M | $635.3M | $642.5M | $634.8M | $533.8M | $533.8M |
| Other long-term liabilities | $49.80B | $26.27B | $28.75B | $28.81B | $27.60B | $26.64B | $31.07B | $26.71B | $20.94B | $22.23B | $22.00B | $19.35B |
| Total liabilities | $70.55B | $68.93B | $63.72B | $65.37B | $58.82B | $56.90B | $59.95B | $54.13B | $53.16B | $53.05B | $51.07B | $48.10B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $189.1M | $194.1M | $204.4M | $206.3M | $206.3M | $206.3M | $206.2M | $205.5M | $205.5M | $212.1M | $212.0M | $210.6M |
| Retained earnings (deficit) | $9.00B | $8.80B | $8.65B | $8.57B | $8.46B | $8.31B | $8.31B | $8.27B | $8.12B | $8.02B | $7.94B | $7.85B |
| Accumulated other comprehensive income | −$361.9M | −$356.0M | −$315.0M | −$384.4M | −$374.9M | −$339.7M | −$408.1M | −$423.1M | −$370.0M | −$410.7M | −$396.4M | −$395.5M |
| Minority interest | — | $40.8M | $51.3M | $67.9M | $62.6M | $77.6M | — | — | — | — | — | — |
| Total shareholders' equity | $10.71B | $10.61B | $10.61B | $10.57B | $10.44B | $10.31B | $10.20B | $10.16B | $10.05B | $9.88B | $9.78B | $9.71B |
| Key figures | ||||||||||||
| Total debt | $39.75B | $36.93B | $32.31B | $23.76B | $23.69B | $22.95B | $23.59B | $20.36B | $21.46B | $20.19B | $18.13B | $16.09B |
| Net cash (debt) | −$39.73B | −$22.61B | −$20.34B | −$9.71B | −$12.24B | −$11.69B | −$12.41B | −$8.21B | −$10.89B | −$9.35B | −$10.52B | −$7.57B |
| Working capital | $5.72B | −$4.02B | $22.90B | $25.49B | $26.87B | $26.87B | $31.08B | $27.89B | $23.80B | $26.62B | $22.21B | $22.45B |
| Tangible book value | $8.99B | $8.88B | $8.77B | $8.53B | $8.39B | $8.25B | $8.17B | $8.10B | $7.97B | $7.82B | $7.72B | $7.67B |
| Book value per share | $51.92 | $47.63 | $47.64 | $47.48 | $46.87 | $46.44 | $45.87 | $45.41 | $45.31 | $43.67 | $43.41 | $43.23 |
| Shares outstanding | 206.3M | 222.7M | 222.7M | 222.7M | 222.7M | 221.9M | 222.4M | 223.7M | 221.7M | 226.1M | 225.3M | 224.6M |
| Current ratio | 1.28 | 0.78 | 2.48 | 2.43 | 3.15 | 3.21 | 3.63 | 3.38 | 2.82 | 3.07 | 2.75 | 2.81 |
| Quick ratio | 0.41 | 1.32 | 1.43 | 1.36 | 1.56 | 1.56 | 1.78 | 1.65 | 1.31 | 1.42 | 1.13 | 1.17 |
| Debt / equity | 3.71 | 3.48 | 3.04 | 2.25 | 2.27 | 2.23 | 2.31 | 2.00 | 2.14 | 2.04 | 1.85 | 1.66 |
| Equity / assets | 13.2% | 13.3% | 14.3% | 13.9% | 15.1% | 15.3% | 14.5% | 15.8% | 15.9% | 15.7% | 16.1% | 16.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed January 28, 2026); data from EODHD.
JEF financial position
At the end of fiscal 2025 (November 30, 2025), Jefferies Financial had total assets of $76.0 billion (up 18.1% from a year earlier), total liabilities of $65.4 billion and shareholders' equity of $10.6 billion. It held $14.0 billion in cash and short-term investments against $23.8 billion of debt, net debt of $9.7 billion. Its current ratio was 2.43. In the latest quarter (ended August 31, 2026) total assets were $81.3 billion and equity $10.7 billion.
Related: JEF income statement, JEF cash flow statement, JEF key metrics. See the JEF stock overview for the latest quote and news.
JEF balance sheet FAQ
What are Jefferies Financial's total assets?
Jefferies Financial reported total assets of $76.0 billion at the end of fiscal 2025 (November 30, 2025), compared with $64.4 billion a year earlier.
How much debt does Jefferies Financial have?
Jefferies Financial had $23.8 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.25.
How much cash does Jefferies Financial have?
Jefferies Financial held $14.0 billion in cash and short-term investments at the end of fiscal 2025; with $23.8 billion of debt that is net debt of $9.7 billion.
What is Jefferies Financial's book value?
Jefferies Financial's shareholders' equity (book value) was $10.6 billion at the end of fiscal 2025, or $47.48 per share.
What is Jefferies Financial's current ratio?
Jefferies Financial had current assets of $43.3 billion and current liabilities of $17.8 billion, a current ratio of 2.43 (it can cover its short-term obligations).
How much goodwill does Jefferies Financial have?
Jefferies Financial carried $2.0 billion of goodwill and intangible assets, 2.7% of total assets, at the end of fiscal 2025.