Daiwa Securities Group vs Nomura Holdings
Daiwa Securities holds the stronger position because its business is far less likely to be absorbed by AI tools and much harder for a large tech firm to copy, even though Nomura is the bigger company by revenue, assessed July 2026.
Daiwa Securities Group
Japan's second-largest securities firm and investment bank, founded 1902
Nomura Holdings
Japan's largest investment bank and brokerage, spanning M&A advisory to retail wealth
Dimension by dimension
| Dimension | Daiwa Securities Group | Nomura Holdings |
|---|---|---|
| Staying power of the core product | Operating since 1902, making it Japan's second-largest securities firm by history and scale. | Operating for over a century as a full-service investment bank and wealth manager. |
| Exposure to AI | AI tools are seen as unlikely to replace Daiwa's advisory and wealth management services. | AI tools are seen as capable of absorbing parts of Nomura's investment banking and brokerage functions. |
| How easily a giant could copy them | The same move against Daiwa's advisory and wealth management business is considered blocked by its established client relationships. | A large technology firm entering Nomura's core brokerage and investment banking business is considered feasible. |
| Pressure from rivals | Daiwa's client base shows no meaningful loss to rivals despite Nomura's league table lead, assessed July 2026. | Nomura leads Japan's M&A and equity underwriting league tables, but no evidence shows it drawing customers away from Daiwa, assessed July 2026. |
| Financial footing | Net operating revenues reached 720.4 billion yen for FY2025, up 11.5%, with profit of 175.2 billion yen. | Net revenue reached 2,167.7 billion yen for FY2025/26, up 15%, with record net income of 362.1 billion yen. |
| Overall business protection | Daiwa's lower AI exposure and stronger barriers to replication leave it more insulated from disruption than Nomura, assessed July 2026. | Despite its larger revenue base, Nomura's exposure to AI-driven disruption and easier replication by tech entrants leaves it less insulated than Daiwa, assessed July 2026. |
Questions people ask
- Nomura vs Daiwa, which is safer from AI replacing what it does?
- Daiwa is rated safer, since AI is seen as unlikely to absorb its product, while Nomura's business is seen as partly exposed. Both firms are still classed as built to last overall.
- Which is bigger, Nomura or Daiwa Securities?
- Nomura is larger by the numbers given, posting 2,167.7 billion yen in net revenue for FY2025/26 against Daiwa's 720.4 billion yen in net operating revenues for FY2025. Both companies grew at a similar double-digit pace year over year.
- Could a big tech company copy Nomura or Daiwa's business?
- For Nomura this is marked as possible, while for Daiwa it is marked as blocked. That gap is one of the clearest differences between the two firms.
- Which has stronger profits, Nomura or Daiwa?
- Nomura posted a record net income of 362.1 billion yen for FY2025/26, more than double Daiwa's 175.2 billion yen profit for FY2025. Both firms saw profit grow compared with the prior year.