Detailed financial statements for Nomura Holdings, Inc. (NMR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Nomura Holdings, Inc. engages in the provision of investment, financing, and related services to individual, institutional, and government clients worldwide. It operates through three segments: Wealth Management, Investment Management, and Wholesale. The Wealth Management segment offers investment consultation services.
Analysis Summary
Nomura Holdings, Inc. reported revenue of 4.76T JPY in the most recent fiscal year, growing at a 5-year CAGR of 27.5%. Net income reached 362.13B JPY, with a 18.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 41.4%, operating margin 11.9%, net margin 8.2%.
At $9.38 (closing price, October 30, 2026), NMR trades at a P/E of 10.53 and an ROE of 11.08%. Market capitalisation stands at $27.4B, placing it among large-cap names.
Balance sheet quality for NMR: current ratio of 1.4, net debt of 12.29T JPY. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -1.20T JPY represents -330% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1.59T JPY | 1.77T JPY | 1.73T JPY | 1.74T JPY | 1.41T JPY | 1.37T JPY | 2.30T JPY | 3.97T JPY | 4.51T JPY | 4.76T JPY |
| Cost of Revenue | 312.32B JPY | 475.19B JPY | 718.35B JPY | 664.65B JPY | 215.36B JPY | 230.11B JPY | 1.15T JPY | 2.60T JPY | 2.84T JPY | 2.59T JPY |
| Gross Profit | 1.28T JPY | 1.30T JPY | 1.01T JPY | 1.07T JPY | 1.20T JPY | 1.14T JPY | 1.14T JPY | 1.38T JPY | 1.66T JPY | 2.17T JPY |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 496.38B JPY | 530.64B JPY | 486.72B JPY | 479.42B JPY | 507.91B JPY | 529.51B JPY | 605.79B JPY | 673.52B JPY | 732.39B JPY | 1.37T JPY |
| Operating Expenses | 952.91B JPY | 967.45B JPY | 1.05T JPY | 824.54B JPY | 968.11B JPY | 917.09B JPY | 995.50B JPY | 1.10T JPY | 1.19T JPY | 1.63T JPY |
| Operating Income | 322.80B JPY | 328.16B JPY | -37.70B JPY | 248.26B JPY | 230.67B JPY | 226.62B JPY | 149.47B JPY | 273.85B JPY | 471.96B JPY | 539.82B JPY |
| EBITDA | 393.72B JPY | 399.74B JPY | 20.22B JPY | 311.84B JPY | 294.52B JPY | 286.15B JPY | 210.90B JPY | 335.19B JPY | 533.62B JPY | 608.09B JPY |
| Interest Expense | 312.32B JPY | 475.19B JPY | 718.35B JPY | 664.65B JPY | 215.36B JPY | 230.11B JPY | 1.15T JPY | 2.60T JPY | 2.84T JPY | 2.59T JPY |
| Pre-tax Income | 322.80B JPY | 328.16B JPY | -37.70B JPY | 248.26B JPY | 230.67B JPY | 226.62B JPY | 149.47B JPY | 273.85B JPY | 471.96B JPY | 539.82B JPY |
| Income Tax | 80.23B JPY | 103.87B JPY | 57.01B JPY | 28.89B JPY | 70.27B JPY | 80.09B JPY | 57.80B JPY | 96.63B JPY | 124.71B JPY | 165.44B JPY |
| Net Income | 239.62B JPY | 219.34B JPY | -100.44B JPY | 217.00B JPY | 153.12B JPY | 143.00B JPY | 92.79B JPY | 165.86B JPY | 340.74B JPY | 362.13B JPY |
| EPS | 67.29 JPY | 63.13 JPY | -29.90 JPY | 67.76 JPY | 50.11 JPY | 46.68 JPY | 30.86 JPY | 54.97 JPY | 115.30 JPY | 123.08 JPY |
| EPS (Diluted) | 65.65 JPY | 61.90 JPY | -29.90 JPY | 66.20 JPY | 48.63 JPY | 45.23 JPY | 29.74 JPY | 52.75 JPY | 111.03 JPY | 118.99 JPY |
| Shares Outstanding (Diluted) | 3,647.7 M | 3,543.6 M | 3,359.6 M | 3,276.5 M | 3,147.3 M | 3,158.7 M | 3,114.3 M | 3,144.5 M | 3,066.5 M | 3,043.4 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | 1.17T JPY | 1.36T JPY | 686.71B JPY | 1.25T JPY |
| Gross Profit | 497.76B JPY | 723.15B JPY | 612.38B JPY | 537.13B JPY |
| Operating Income | 135.22B JPY | 107.67B JPY | 211.54B JPY | 148.00B JPY |
| EBITDA | 135.22B JPY | 127.07B JPY | 211.54B JPY | 148.00B JPY |
| Net Income | 91.55B JPY | 73.93B JPY | 145.56B JPY | 103.73B JPY |
| EPS | 31.76 JPY | 24.79 JPY | 49.90 JPY | 35.49 JPY |
| EPS (Diluted) | 30.73 JPY | 23.67 JPY | 48.34 JPY | 34.61 JPY |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.97T JPY | 2.96T JPY | 3.26T JPY | 3.87T JPY | 4.16T JPY | 4.06T JPY | 4.52T JPY | 5.15T JPY | 5.51T JPY | 4.30T JPY |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 10.59T JPY | 0 | 0 | 0 | 709.64B JPY |
| Receivables | 1.31T JPY | 1.41T JPY | 1.34T JPY | 2.27T JPY | 1.25T JPY | 5.41T JPY | 1.50T JPY | 1.68T JPY | 1.64T JPY | 1.80T JPY |
| Inventory | 0 | 1.96B JPY | 1.88B JPY | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 4.29T JPY | 23.93T JPY | 25.00T JPY | 6.16T JPY | 5.43T JPY | 20.51T JPY | 6.04T JPY | 6.86T JPY | 7.18T JPY | 59.08T JPY |
| Property, Plant & Equipment | 349.70B JPY | 338.98B JPY | 349.37B JPY | 440.51B JPY | 464.45B JPY | 419.05B JPY | 464.32B JPY | 448.79B JPY | 436.45B JPY | 543.85B JPY |
| Goodwill | 80.41B JPY | 78.52B JPY | 474.0M JPY | 472.0M JPY | 13.14B JPY | 14.41B JPY | 17.64B JPY | 19.26B JPY | 17.20B JPY | 0 |
| Intangible Assets | 24.41B JPY | 20.93B JPY | 19.32B JPY | 17.31B JPY | 15.89B JPY | 15.60B JPY | 18.56B JPY | 19.13B JPY | 56.15B JPY | 0 |
| Total Assets | 42.85T JPY | 40.59T JPY | 40.97T JPY | 44.00T JPY | 42.52T JPY | 43.41T JPY | 47.77T JPY | 55.15T JPY | 56.80T JPY | 62.65T JPY |
| Accounts Payable | 1.07T JPY | 1.18T JPY | 1.23T JPY | 1.47T JPY | 1.45T JPY | 1.52T JPY | 1.36T JPY | 1.31T JPY | 1.38T JPY | 1.60T JPY |
| Short-term Debt | 17.64T JPY | 15.50T JPY | 15.88T JPY | 17.84T JPY | 14.73T JPY | 13.62T JPY | 15.23T JPY | 17.93T JPY | 17.41T JPY | 1.75T JPY |
| Total Current Liabilities | 28.43T JPY | 26.48T JPY | 27.12T JPY | 29.52T JPY | 27.42T JPY | 28.69T JPY | 29.76T JPY | 33.08T JPY | 33.82T JPY | 41.43T JPY |
| Long-term Debt | 7.53T JPY | 7.80T JPY | 8.33T JPY | 8.49T JPY | 8.37T JPY | 9.65T JPY | 10.73T JPY | 12.85T JPY | 13.77T JPY | 15.54T JPY |
| Total Liabilities | 40.01T JPY | 37.79T JPY | 38.29T JPY | 41.27T JPY | 39.76T JPY | 40.44T JPY | 44.55T JPY | 51.70T JPY | 53.22T JPY | 58.79T JPY |
| Retained Earnings | 1.66T JPY | 1.70T JPY | 1.49T JPY | 1.65T JPY | 1.53T JPY | 1.61T JPY | 1.65T JPY | 1.71T JPY | 1.87T JPY | 2.01T JPY |
| Total Equity | 2.79T JPY | 2.75T JPY | 2.63T JPY | 2.65T JPY | 2.69T JPY | 2.91T JPY | 3.15T JPY | 3.35T JPY | 3.47T JPY | 3.71T JPY |
| Total Debt | 25.17T JPY | 23.30T JPY | 24.21T JPY | 26.52T JPY | 23.30T JPY | 23.48T JPY | 26.15T JPY | 30.96T JPY | 31.35T JPY | 17.30T JPY |
| Net Debt | 22.20T JPY | 20.34T JPY | 20.95T JPY | 22.65T JPY | 19.14T JPY | 8.83T JPY | 21.63T JPY | 25.81T JPY | 25.83T JPY | 12.29T JPY |
| Working Capital | -24.13T JPY | -2.55T JPY | -2.12T JPY | -23.36T JPY | -21.99T JPY | -8.18T JPY | -23.72T JPY | -26.22T JPY | -26.63T JPY | 17.65T JPY |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | 6.00T JPY | 4.30T JPY | 6.16T JPY | 6.67T JPY |
| Total Assets | 61.94T JPY | 62.65T JPY | 68.22T JPY | 67.48T JPY |
| Total Liabilities | 58.12T JPY | 58.79T JPY | 64.23T JPY | 63.56T JPY |
| Total Equity | 3.65T JPY | 3.71T JPY | 3.83T JPY | 3.78T JPY |
| Total Debt | 32.01T JPY | 17.30T JPY | 35.18T JPY | 33.75T JPY |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 242.57B JPY | 224.29B JPY | -94.71B JPY | 219.37B JPY | 160.40B JPY | 146.53B JPY | 91.68B JPY | 177.22B JPY | 347.25B JPY | 374.38B JPY |
| Depreciation & Amortization | 70.93B JPY | 71.58B JPY | 57.92B JPY | 63.58B JPY | 63.85B JPY | 59.52B JPY | 61.42B JPY | 61.34B JPY | 61.65B JPY | 68.27B JPY |
| Stock-based Compensation | 8.96B JPY | 9.65B JPY | 21.81B JPY | 12.69B JPY | 28.25B JPY | 27.94B JPY | 35.22B JPY | 51.51B JPY | 38.58B JPY | 0 |
| Change in Working Capital | 1.03T JPY | -601.48B JPY | -445.24B JPY | -205.26B JPY | 483.80B JPY | -874.99B JPY | -453.66B JPY | -116.11B JPY | -1.11T JPY | -1.23T JPY |
| Operating Cash Flow | 1.30T JPY | -445.69B JPY | -361.17B JPY | -15.94B JPY | 665.77B JPY | -862.83B JPY | -694.82B JPY | 132.64B JPY | -678.61B JPY | -842.96B JPY |
| Capital Expenditure | -312.88B JPY | -285.16B JPY | -319.09B JPY | -206.75B JPY | -119.88B JPY | -111.33B JPY | -171.16B JPY | -145.78B JPY | -189.97B JPY | -353.82B JPY |
| Acquisitions | 0 | -13.12B JPY | 262.91B JPY | -2.48B JPY | -11.15B JPY | 0 | 16.95B JPY | -457.0M JPY | 8.14B JPY | -275.00B JPY |
| Stock Repurchased | -61.34B JPY | -109.10B JPY | -51.71B JPY | -150.01B JPY | -11.0M JPY | -39.65B JPY | -24.73B JPY | -61.03B JPY | -59.01B JPY | -101.50B JPY |
| Dividends Paid | -42.83B JPY | -70.20B JPY | -47.48B JPY | -58.42B JPY | -76.36B JPY | -70.71B JPY | -57.26B JPY | -60.16B JPY | -112.54B JPY | -179.74B JPY |
| Free Cash Flow | 992.11B JPY | -730.85B JPY | -680.25B JPY | -222.69B JPY | 545.89B JPY | -974.16B JPY | -865.99B JPY | -13.14B JPY | -868.58B JPY | -1.20T JPY |
Cash Flow (Quarterly)
| Year | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|---|---|---|---|
| Operating Cash Flow | 0 | 0 | 0 | 0 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 56.42B JPY |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +11.5% | -2.5% | +0.7% | -18.6% | -2.9% | +67.1% | +73.0% | +13.4% | +5.6% | |
| Net Income Growth (YoY) | -8.5% | -145.8% | +316.0% | -29.4% | -6.6% | -35.1% | +78.8% | +105.4% | +6.3% | |
| EPS Growth (YoY) | -6.2% | -147.4% | +326.6% | -26.0% | -6.8% | -33.9% | +78.1% | +109.8% | +6.7% | |
| Shares Change (YoY) | -2.9% | -5.2% | -2.5% | -3.9% | +0.4% | -1.4% | +1.0% | -2.5% | -0.8% | |
| FCF Growth (YoY) | -173.7% | +6.9% | +67.3% | +345.1% | -278.5% | +11.1% | +98.5% | -6,508.2% | -37.8% | |
| Gross Margin | 80.3% | 73.2% | 58.4% | 61.7% | 84.8% | 83.3% | 49.9% | 34.7% | 36.9% | 45.6% |
| Operating Margin | 20.3% | 18.5% | -2.2% | 14.3% | 16.3% | 16.5% | 6.5% | 6.9% | 10.5% | 11.3% |
| EBITDA Margin | 24.8% | 22.6% | 1.2% | 17.9% | 20.8% | 20.8% | 9.2% | 8.4% | 11.8% | 12.8% |
| Net Margin | 15.1% | 12.4% | -5.8% | 12.5% | 10.8% | 10.4% | 4.0% | 4.2% | 7.6% | 7.6% |
| FCF Margin | 62.5% | -41.3% | -39.4% | -12.8% | 38.6% | -70.9% | -37.7% | -0.3% | -19.3% | -25.2% |
| Effective Tax Rate | 24.9% | 31.7% | -151.2% | 11.6% | 30.5% | 35.3% | 38.7% | 35.3% | 26.4% | 30.6% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 271.98 JPY | -206.25 JPY | -202.48 JPY | -67.96 JPY | 173.45 JPY | -308.41 JPY | -278.07 JPY | -4.18 JPY | -283.25 JPY | -393.24 JPY |
| Dividends Per Share | 11.74 JPY | 19.81 JPY | 14.13 JPY | 17.83 JPY | 24.26 JPY | 22.39 JPY | 18.39 JPY | 19.13 JPY | 36.70 JPY | 59.06 JPY |
| Shares Outstanding (Basic) | 3,560.8 M | 3,474.6 M | 3,359.6 M | 3,202.4 M | 3,055.5 M | 3,063.5 M | 3,006.7 M | 3,017.1 M | 2,955.2 M | 2,942.2 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 11.08% |
| Return on Invested Capital | 1.01% |
| Return on Assets | 0.61% |
| Gross Margin | 41.43% |
| Operating Margin | 11.86% |
| Net Margin | 8.16% |
Financial Health
| Debt / Equity | 8.94 |
| Current Ratio | 0.93 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 0.53 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 10.38 | 9.61 | -13.70 | 6.77 | 11.84 | 11.00 | 16.34 | 16.91 | 8.00 | 10.17 |
| P/B | 0.89 | 0.77 | 0.52 | 0.55 | 0.67 | 0.54 | 0.48 | 0.84 | 0.79 | 0.99 |
| P/S | 1.57 | 1.19 | 0.80 | 0.85 | 1.28 | 1.14 | 0.66 | 0.71 | 0.60 | 0.77 |
| Gross Margin | 80.3% | 73.2% | 58.4% | 61.7% | 84.8% | 83.3% | 49.9% | 34.7% | 36.9% | 45.6% |
| Operating Margin | 20.3% | 18.5% | -2.2% | 14.3% | 16.3% | 16.5% | 6.5% | 6.9% | 10.5% | 11.3% |
| Net Margin | 15.1% | 12.4% | -5.8% | 12.5% | 10.8% | 10.4% | 4.0% | 4.2% | 7.6% | 7.6% |
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Explore sector: Financial Services · Financial - Capital Markets
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