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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. In the quarter to June 2026, revenue grew 3.97%, EPS grew 38.9% and free cash flow grew 214.3%, each against the same quarter a year earlier.

7.22 0.13 −1.77%
Market cap
$494.6M
P/E
5.8×
Fwd P/E
7.4×
Dividend yield
19.1%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.13
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — 1 —
Insider Ownership 2.12%

Capital & Financial Ratios $m

Market Cap 494.58
Revenue 382.77
Net Income 132.75
Free Cash Flow 221.00
Net Debt (743.47)
Current Ratio 3.61
Debt/Equity 0.00
P/E ratio 5.78
Fwd P/E 7.35
P/S ratio 1.29
P/B ratio 0.35
Past 5Y EPS Growth —
This Y EPS Growth 10.89%
Next Y EPS Growth 0.89%
Next Y revenue growth 581.30% (at or above 10%: strong)
Next 5Y EPS Growth 3.26%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 5.16%
10-year low 10-year high
P/S against its own 10 years 0.04%
10-year low 10-year high
P/B against its own 10 years 17.73%
10-year low 10-year high

Dividends

Payout Ratio 1.11
Annual Dividend Rate 1.38
Annual Dividend Yield 19.12%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 9.61
1.38
2025 9.91
0.58
2024 0.00
1.06
2023 0.38
0.38
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
predictions special payouts not included in total or ratios

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%

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 9 434 239 239
’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 (111) (111)
’20 (18) (1) 51 114 114
Fiscal quarters ending in the months shown.

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 0.20
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 20.30 21.64 34.20 26.48 20.42 28.58 11.78 10.88 7.14 7.67

Analyst estimates 2026–2028

Powerpack
High 29.35 48.30 69.56 60.14 48.39 52.77 33.57 21.53 15.44 12.84
People
People Employees 2,823 2,969 3,441 2,992 2,960 3,148 2,884 2,583 1,990 1,778
Revenue/emp, $m 0.13 0.15 0.14 0.16 0.17 0.21 0.16 0.18 0.18 0.21
Income, $m
Income, $m Revenue 362 434 478 487 507 674 450 464 356 373
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT 106 134 147 139 (90) 204 167 170 119 122
EBT margin, % 29.18 30.73 30.75 28.54 (17.71) 30.24 37.08 36.70 33.36 32.81
Net income 86 117 117 124 (114) 205 141 141 67 80
Depreciation 9 13 4 10 15 23 23 22 21 22
Per share, $
Per share, $ Revenue 6.43 7.68 8.17 7.97 8.17 10.03 6.58 0.67 5.08 5.35
Earnings 1.65 2.09 2.01 1.95 (1.84) 3.07 2.07 0.20 0.93 1.15
Cash flow 1.76 1.71 2.56 3.03 1.97 3.56 1.34 0.27 0.76 2.00
Capex (0.26) (0.41) (0.32) (0.15) (0.13) (5.22) (0.13) (0.03) (0.16) (0.27)
Free cash flow 1.50 1.29 2.24 2.87 1.84 (1.66) 1.21 0.24 0.60 1.73
Book value 9.52 12.25 15.33 18.50 17.98 19.02 20.16 2.11 19.55 20.47
Shares, m 56 57 59 61 62 67 68 695 70 70
Valuation, ×
Valuation, × P/E 12.83 23.44 20.53 17.86 0.00 10.13 7.58 6.50 12.46 8.82
P/S 3.43 6.16 5.30 4.44 5.85 3.06 2.39 19.87 2.31 1.88
P/B 2.32 3.86 2.83 1.91 2.66 1.61 0.78 6.28 0.60 0.49
EV/Sales 2.35 5.79 4.54 3.14 4.49 2.39 1.07 18.34 0.61 0.21
EV/FCF 2.50 7.71 5.85 3.30 23.90 1.81 (1.31) 6.46 0.73 0.45
Cash, $m
Cash, $m Operating cash flow 99 97 150 185 122 239 92 186 53 140
Capex (15) (23) (19) (9) (8) (350) (9) (22) (11) (19)
Free cash flow 84 73 131 176 114 (111) 83 163 42 120
Balance, $m
Balance, $m Working capital 455 340 511 751 739 507 640 736 691 705
Total debt 82 75 21 419 333 272 188 — — —
Net debt (391) (243) (438) (728) (786) (549) (688) (806) (699) (719)
Shareholders’ equity 536 693 898 1,131 1,115 1,278 1,377 1,469 1,372 1,428
Returns, %
Returns, % ROA 12.44 12.63 10.91 9.26 (8.02) 13.10 8.28 8.13 3.83 4.85
ROIC 41.35 16.58 18.31 20.35 36.63 16.14 14.30 14.60 8.07 9.80
ROE 20.00 19.08 14.83 11.74 (10.17) 17.24 10.67 9.99 4.59 5.71
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
PFLT PennantPark Floating Rate Capital Ltd. $660.1M 12.8× 10.2× +4.07% (above 0%: growing) −57.89% (below 0%: shrinking) +392.80% (above 0%: growing) 100.00% 77.14% Compare
NMFC New Mountain Finance Corporation $651.3M — (loss-making) 29.5× −4.25% (below 0%: shrinking) +157.14% (above 0%: growing) −39.48% (below 0%: shrinking) 100.00% 0.00% Compare
ACGP Associated Capital Group, Inc. $649.9M 14.8× 4.2× +13.32% (above 0%: growing) +3.41% (above 0%: growing) +254.80% (above 0%: growing) 100.00% (314.07%) Compare
SLRC SLR Investment Corp. $629.0M 8.4× 9.9× −9.45% (below 0%: shrinking) −65.91% (below 0%: shrinking) +112.02% (above 0%: growing) 100.00% 70.73% Compare
GAIN Gladstone Investment Corporation $610.1M 3.6× 17.7× +20.43% (above 0%: growing) n/m +116.07% (above 0%: growing) 63.66% 76.50% Compare
OIO ESGL Holdings Limited $563.8M — (loss-making) — — n/m −65.30% (below 0%: shrinking) — 0.00% Compare
NCDL Nuveen Churchill Direct Lending Corp. $536.4M 11.2× 9.5× −16.57% (below 0%: shrinking) −78.13% (below 0%: shrinking) −55.51% (below 0%: shrinking) 100.00% 82.98% Compare
NOAH Noah Holdings Ltd. $494.6M 5.8× 7.4× +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 8.8× 10.0× +13.10% (above 0%: growing) +78.79% (above 0%: growing) −280.73% (below 0%: shrinking) 100.00% 71.30% Compare
Median of peers $619.5M 10.0× 10.0× +4.07% −27.24% +36.27% 100.00% 71.02%

All 120 Asset Management stocks →

Noah Holdings Ltd. (NOAH) key facts

  • Strength: Noah Holdings Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $373.3 million, up 4.75% from fiscal 2024.
  • Noah Holdings Ltd. (NOAH) is an Asset Management company in the Financial sector, traded in the US as an ADR.
  • As of October 16, 2026, NOAH traded at $7.22, a market capitalization of $494.6 million.
  • Noah Holdings Ltd. pays an annual dividend of $1.38 per share, a yield of 19.1%, with a payout ratio of 110.7%.
  • Return on equity was 5.71% and debt-to-equity 0.00.
  • Its Piotroski F-score is 7 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Noah Holdings Ltd. (NOAH) Latest News

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stockrow.com/NOAH · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com