Noah Holdings Limited NOAH

FinancialsInvestment Banking & Investment ServicesChina

Last close 6.93 USD on Nov 2, 2026, −15.1% year to date

Quant rating

Quant rating C Rank 188 of 304 in Financials

Growth D 218 of 304
Valuation B 82 of 304
Quality B 56 of 304
Revisions C 170 of 304
Momentum D 259 of 304

Wall Street consensus Buy (2.25)Average target 10.90 USD +57.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 476M
Enterprise value: −258M
52-week range: 6.60 – 11.54
3-year range: 6.42 – 12.75
Dividend yield: 9.73%
Beta (5 years): 0.76
Shares outstanding: 343M
Next earnings: Nov 23, 2026

About the company

Noah Holdings Ltd is an investment holding company primarily engaged in the provision of wealth management services. The Company operates its business through three segments. The Wealth Management Business segment is engaged in offering various investment products, including primarily domestic and overseas mutual fund products, private secondary products and other products as well as providing customized value-added financial services, including investor education and trust services. The Asset Management Business segment is engaged in managing clients’ investments in private equity, real estate, public securities, multi-strategy and other investment products. The Other Businesses segment includes lending services and other services. The Company conducts its business in the domestic and overseas markets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	373	356	464	450	676	–
Revenue growth	4.8%	−23.2%	3.3%	−33.5%	33.4%	−5.9%
EPS (basic, normalized)	1.26	0.91	2.01	2.02	3.09	–
EPS growth	38.2%	−54.6%	−0.7%	−34.5%	–	–
Gross margin	–	–	–	–	–	–
Net margin	21.4%	18.3%	30.6%	31.5%	30.6%	26.5%
ROE	6.2%	4.8%	10.0%	10.7%	17.2%	9.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	742
Current ratio	3.61x
Long-term debt (mil)	0
Net debt (mil)	−719
Total equity (mil)	1,375
Net debt / equity	−0.52x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	373	+4.8%	−0.7x	20.82	−0.7%	0.3x	1.26	+38.2%	5.5x
2026	380	+1.7%	−0.7x	23.02	+10.6%	0.3x	1.44	+14.4%	4.8x
2027	376	−0.9%	−0.7x	23.56	+2.3%	0.3x	1.46	+0.9%	4.8x
2028	370	−1.6%	−0.7x	23.44	−0.5%	0.3x	1.43	−1.6%	4.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	380	0.0%	−6.3%	−6.0%	1.44	0.0%	−0.4%	−1.0%
2027	376	0.0%	−10.9%	−11.9%	1.46	0.0%	−6.6%	−7.9%
2028	370	0.0%	−11.6%	−13.6%	1.43	0.0%	−5.5%	−8.1%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	616	636	–	397	626	620
Sales mean (mil)	–	–	–	–	658	620	–	–	–	579
Surprise	–	–	–	–	−6.4%	+2.5%	–	–	–	+7.1%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NOAH Noah Holdings Limited	476M	−5.30x	21.4%	0.31x	4.8x	4.8x	−2.2x	−2.2x
600030 CITIC Securities Company Limited	56.0B	–	33.6%	1.09x	10.0x	9.3x	–	–
300059 East Money Information Co Ltd	44.5B	−7.78x	75.2%	2.89x	19.7x	18.1x	10.5x	9.7x
601211 Guotai Haitong Securities Co Ltd	40.5B	–	36.6%	0.77x	8.8x	8.6x	–	–
601688 Huatai Securities Co., Ltd.	22.5B	–	38.1%	0.73x	8.2x	7.4x	–	–
BAM BROOKFIELD ASSET MANAGEMENT LTD	84.3B	2.92x	53.3%	10.94x	27.7x	24.0x	–	–
Mean		−3.39x	43.0%	2.79x	13.2x	12.0x	4.2x	3.8x
Median		−5.30x	37.3%	0.93x	9.4x	9.0x	4.2x	3.8x

Technical analysis

1M−11.0%
3M−18.0%
1Y−24.5%
3Y+19.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Noah Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	373	356	464	450	676	507
Cost of revenue	–	–	–	–	–	–
Gross profit	373	356	464	450	676	507
Selling, general & administrative expenses	260	266	312	294	488	316
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	7.0	−3.6	–	14.4	3.1	280
Other operating expenses	2.3	3.8	−2.0	−2.0	−1.3	−2.2
Operating income	104	90.5	155	143	186	−87.4
Net interest income (expense)	18.2	21.3	22.8	8.9	11.3	10.3
Gain (loss) on sale of assets	4.6	6.9	−8.7	12.4	10.3	−13.2
Other non-operating income (expense)	−4.4	0.2	1.5	1.9	−2.9	0.6
Net income before taxes	122	119	170	167	204	−89.7
Provision for taxes	42.6	36.8	37.0	38.7	46.3	39.6
Minority interest	0.2	−1.6	1.2	0.7	1.3	−0.3
Equity in affiliates	−0.2	−15.3	7.6	12.9	47.5	15.4
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	79.9	65.1	142	142	207	−114
Extraordinary items	–	–	–	–	–	–
Net income	79.9	65.1	142	142	207	−114
EBIT, normalized	111	87.0	157	158	190	216
EBITDA, normalized	133	108	179	180	213	231
Basic EPS, normalized	1.26	0.91	2.01	2.02	3.09	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Noah Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	718	698	785	684	551	785
Receivables	161	156	167	204	292	211
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	2.5
Other current assets	30.4	32.3	50.8	27.5	25.9	29.4
Total current assets	910	887	1,003	916	869	1,027
Property, plant & equipment	352	343	369	385	442	80.1
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	357	321	329	329	326	276
Note receivable	–	–	–	–	–	–
Other long-term assets	60.5	62.5	86.0	81.3	78.4	57.1
Total assets	1,679	1,614	1,787	1,711	1,714	1,441
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	74.4	76.7	107	136	216	154
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	130	119	160	141	143	135
Total current liabilities	204	196	266	276	359	288
Long-term debt	0	0	0	0	0	0
Minority interest	22.3	9.2	16.5	13.7	15.9	14.1
Other liabilities	47.3	46.1	51.6	56.9	73.2	37.0
Total liabilities	274	251	335	347	449	339
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	568	535	535	551	556	546
Retained earnings (accumulated deficit)	832	809	907	813	817	611
Treasury stock	−0.6	−7.3	–	0	−85.2	−44.6
Other equity	6.0	25.6	10.5	−0.4	−22.0	−12.1
Total equity	1,405	1,363	1,453	1,364	1,266	1,101
Total liabilities & shareholders' equity	1,679	1,614	1,787	1,711	1,714	1,441

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Noah Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	79.7	66.7	141	141	206	−114
Depreciation, depletion & amortization	22.4	21.5	22.3	22.6	23.1	15.1
Deferred taxes	3.8	13.1	2.5	−12.3	−18.8	−10.3
Non-cash items	35.9	46.3	18.7	2.2	−0.4	240
Changes in working capital	−2.2	−94.6	1.2	−61.6	30.1	−8.3
Cash from operations	140	53.1	186	91.8	240	122
Investing activities
Capital expenditures	−19.2	−11.3	−22.2	−9.1	−358	−7.9
Other investing cash flows	62.0	−104	−12.6	19.9	−47.4	61.9
Cash from investing	42.8	−115	−34.8	10.8	−405	54.0
Financing activities
Financing cash flow items	−5.2	−10.0	−3.1	−2.1	−23.9	−18.9
Cash dividends paid	−78.2	−138	−25.0	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−7.5	−7.3	0	36.0	−56.9	−38.0
Cash from financing	−90.9	−155	−28.2	33.9	−80.8	−56.9
Foreign exchange effects	−14.2	9.9	6.8	11.8	−7.4	−22.8
Net change in cash	77.4	−208	130	148	−253	96.4
Free cash flow	120	41.8	163	82.7	−118	114

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.