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Noah Holdings Ltd.

NOAH Financial Asset Management

Noah Holdings Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $373.3 million, up 4.75% from fiscal 2024.

Revenue
+3.97%
EPS
+38.9%
Free cash flow
+214.3%

Quarter to June 2026, against a year earlier

6.98 0.05 +0.72%
Market cap
$466.3M
P/E
5.6×
Fwd P/E
4.5×
Dividend yield
19.9%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.13
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — 1 — —
Insider Ownership 2.12%

Capital & Financial Ratios $m

Size
Market Cap 466.32
Revenue ttm 382.77
Net income ttm 132.75
Free cash flow ttm 221.00
Net debt Q (743.47)
Valuation
P/E 5.56
Forward P/E 4.50
Price / sales 1.24
Forward P/S Powerpack
Price / FCF 2.15
Price / book 0.33
Financial health
Current ratio Q 3.61
Debt / equity Q 0.00
Interest coverage Q 0.73
Growth
Revenue growth Q +3.97% (above 0%: growing)
Operating income growth Q +41.50% (above 0%: growing)
EPS, this year +10.49%
EPS, next year A +0.89%
Revenue, next year A +581.30% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +3.14%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 2.83%
10-year low 10-year high
P/S against its own 10 years 0.37%
10-year low 10-year high
P/B against its own 10 years 16.91%
10-year low 10-year high

Dividends

Yield
19.9%
Annual rate
1.38
Payout ratio
110.7%
Growth, 2023–25
−100.0%/yr
  1. 0.38 ’23
  2. 0.00 ’24 −100
  3. 0.00 ’25
  4. 9.61 ’26e
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 806 699 719 743
Receivables 71 65 60 48
Inventory — — — —
Other 85 100 114 158
1,002 887 910 969
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — —
Other 164 121 117 112
266 196 204 269

Compound Annual Growth %

10y 5y 3y
Sales 1.32% (5.93%) (6.01%)
Cash Flow 2.97% 2.73% 15.02%
Earnings (0.34%) 0.00% (17.36%)
Book Value 13.82% 5.06% 1.20%

Earnings Trends EPS, adjusted, against the consensus

Jun 2014 Estimate 0.33 Actual 0.44

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2013 0.28 0.27 Miss by 0.01
Dec 2013 0.23 0.26 Beat by 0.03
Mar 2014 0.28 0.32 Beat by 0.04
Jun 2014 0.33 0.44 Beat by 0.11

EPS $

Mar Jun Sep Dec Year
’26 0.26 0.50 — — —
’25 0.29 0.35 0.44 0.05 1.14
’24 0.26 0.20 0.27 0.21 0.92
’23 0.51 0.63 0.46 0.44 2.05
’22 0.71 0.77 0.37 0.21 2.07
’21 1.03 0.70 0.63 0.65 3.05
’20 0.55 0.69 0.68 (3.82) (1.84)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 91 91 — — —
’25 85 88 89 112 373
’24 90 85 97 84 356
’23 117 130 103 114 464
’22 126 110 96 118 450
’21 187 139 141 206 674
’20 105 106 127 169 507
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — 29 — — —
’25 — 39 — 140 140
’24 — (18) — 53 53
’23 — — — — 186
’22 79 — — — 92
’21 594 9 434 (798) 239
’20 (18) (1) 51 122 122
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — 26 — — —
’25 — 32 — 120 120
’24 — (23) — 42 42
’23 670 (14) 408 (22) 163
’22 78 (365) 194 (9) 83
’21 594 9 434 (1,149) (111)
’20 (18) (1) 51 114 114
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 362 434 478 487 507 674 450 464 356 373 383 +0.3% 2,543 2,519 2,478 +87.9%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 106 134 147 139 (90) 204 167 170 119 122 142 +1.7%
EBT margin, % 29.18 30.73 30.75 28.54 (17.71) 30.24 37.08 36.70 33.36 32.81 37.03 +3.6 pt
Net income 86 117 117 124 (114) 205 141 141 67 80 133 (0.9%)
Per share, $
Per share, $ Revenue 6.43 7.68 8.17 7.97 8.17 10.03 6.58 6.68 5.08 5.35 5.60 (2.0%)
Earnings 1.65 2.09 2.01 1.95 (1.84) 3.07 2.07 2.05 0.93 1.15 1.25 (3.9%)
Cash flow 1.76 1.71 2.56 3.03 1.97 3.56 1.34 2.67 0.76 2.00 3.82 +1.5%
Capex (0.26) (0.41) (0.32) (0.15) (0.13) (5.22) (0.13) (0.32) (0.16) (0.27) (0.59) +0.7%
Free cash flow 1.50 1.29 2.24 2.87 1.84 (1.66) 1.21 2.35 0.60 1.73 3.23 +1.6%
Book value 9.52 12.25 15.33 18.50 17.98 19.02 20.16 21.14 19.55 20.47 20.46 +8.9%
Shares, m 56 57 59 61 62 67 68 69 70 70 69 +2.4%
Valuation, ×
Valuation, × P/E 12.83 23.44 20.53 17.86 0.00 10.13 7.58 6.50 12.46 8.82 5.56 12.0
P/S 3.43 6.16 5.30 4.44 5.85 3.06 2.39 19.87 2.31 1.88 1.24 5.5
P/B 2.32 3.86 2.83 1.91 2.66 1.61 0.78 6.28 0.60 0.49 0.33 2.3
EV/Sales 2.35 5.79 4.54 3.14 4.49 2.39 1.07 18.34 0.61 0.21 — 4.3
EV/FCF 2.50 7.71 5.85 3.30 23.90 1.81 (1.31) 6.46 0.73 0.45 — 5.1
Cash, $m
Cash, $m Operating cash flow 99 97 150 185 122 239 92 186 53 140 261 +3.9%
Capex (15) (23) (19) (9) (8) (350) (9) (22) (11) (19) (40) +3.1%
Free cash flow 84 73 131 176 114 (111) 83 163 42 120 221 +4.1%
Balance, $m
Balance, $m Working capital 455 340 511 751 739 507 640 736 691 705 700 +5.0%
Net debt (391) (243) (438) (728) (786) (549) (688) (806) (699) (719) (743) +7.0%
Shareholders’ equity 536 693 898 1,131 1,115 1,278 1,377 1,469 1,372 1,428 1,399 +11.5%
Returns, %
Returns, % ROA 12.44 12.63 10.91 9.26 (8.02) 13.10 8.28 8.13 3.83 4.85 5.17 (7.6) pt
ROIC 41.35 16.58 18.31 20.35 36.63 16.14 14.30 14.60 8.07 9.80 12.31 (31.5) pt
ROE 20.00 19.08 14.83 11.74 (10.17) 17.24 10.67 9.99 4.59 5.71 0.00 (14.3) pt
People
People Employees 2,823 2,969 3,441 2,992 2,960 3,148 2,884 2,583 1,990 1,778 — (5.0%)
Revenue/emp, $m 0.13 0.15 0.14 0.16 0.17 0.21 0.16 0.18 0.18 0.21 — +5.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Noah Holdings Ltd. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GAIN Gladstone Investment Corporation $594.9M 3.6× 41.5× +20.43% (above 0%: growing) n/m +116.07% (above 0%: growing) 63.66% 76.50% Compare
NCDL Nuveen Churchill Direct Lending Corp. $585.9M 13.8× 11.0× −14.54% (below 0%: shrinking) −22.61% (below 0%: shrinking) +70.77% (above 0%: growing) 100.00% 78.80% Compare
VINP Vinci Compass Investments Ltd. $563.4M 11.8× 14.6× +30.12% (above 0%: growing) −26.32% (below 0%: shrinking) +17.98% (above 0%: growing) 100.00% 27.59% Compare
NOAH Noah Holdings Ltd. $466.3M 5.6× 4.5× +3.97% (above 0%: growing) +38.89% (above 0%: growing) +214.30% (above 0%: growing) 100.00% 34.81%
GLAD Gladstone Capital Corporation $436.7M 9.0× 9.6× +13.10% (above 0%: growing) +78.79% (above 0%: growing) −280.73% (below 0%: shrinking) 100.00% 71.30% Compare
ALTI AlTi Global, Inc. $371.1M — (loss-making) 23.3× +10.78% (above 0%: growing) n/m +84.23% (above 0%: growing) 100.00% (18.70%) Compare
TCPC BLACKROCK TCP CAPITAL CORP. $358.3M — (loss-making) — (loss-making) −22.23% (below 0%: shrinking) n/m +181.35% (above 0%: growing) 100.00% 82.80% Compare
CCAP Crescent Capital BDC, Inc. $348.2M — (loss-making) 45.6× −15.51% (below 0%: shrinking) n/m −72.97% (below 0%: shrinking) 59.08% 37.45% Compare
CION CION Investment Corporation $324.7M — (loss-making) 9.1× −38.63% (below 0%: shrinking) n/m +591.27% (above 0%: growing) 100.00% 25.33% Compare
Median of peers $403.9M 10.4× 14.6× −1.88% −22.61% +77.50% 100.00% 54.38%

All 121 Asset Management stocks →

Noah Holdings Ltd. (NOAH) Latest News

27 Oct

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stockrow.com/NOAH · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com