Detailed financial statements for Noah Holdings Limited (NOAH): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Noah Holdings Limited, a financial services entity established in 2005 and headquartered in Shanghai, People's Republic of China, specializes in providing comprehensive wealth and asset management solutions. The company primarily caters to high-net-worth individuals and corporate clients, offering expertise in investment and asset allocation across Mainland China, Hong Kong, and international markets.
Analysis Summary
Noah Holdings Limited reported revenue of $2.61B in the most recent fiscal year, growing at a 5-year CAGR of -4.6%.
Trailing-twelve-month margins: gross margin 80.4%, operating margin 33.6%, net margin 22.6%. Free cash flow grew at 2.5% CAGR over 5 years.
At the current price of $8.02, NOAH trades at a P/E of 1.24 and an ROE of 6.03%. Market capitalisation stands at $535M.
Balance sheet quality for NOAH: current ratio of 4.5, net cash position of $4.92B. 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 strong: free cash flow of $842.5M represents 151% 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 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.51B | $2.83B | $3.29B | $3.39B | $3.31B | $4.29B | $3.10B | $3.29B | $2.60B | $2.61B |
| Cost of Revenue | $1.30B | $1.41B | $1.56B | $1.61B | $699.4M | $2.17B | $1.44B | $1.46B | $1.35B | $1.22B |
| Gross Profit | $1.21B | $1.42B | $1.73B | $1.78B | $2.61B | $2.12B | $1.66B | $1.84B | $1.25B | $1.39B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $557.2M | $567.2M | $692.8M | $627.8M | $1.35B | $820.5M | $1.09B | $761.5M | $565.8M | $548.4M |
| Operating Expenses | $545.9M | $642.5M | $798.9M | $866.1M | $1.35B | $925.3M | $570.0M | $740.0M | $617.6M | $617.0M |
| Operating Income | $667.3M | $777.0M | $926.5M | $915.0M | $1.26B | $1.20B | $1.09B | $1.10B | $633.9M | $776.7M |
| EBITDA | $814.2M | $974.9M | $1.11B | $1.07B | $1.36B | $1.35B | $1.24B | $1.26B | $790.6M | $933.6M |
| Interest Expense | $19.3M | $24.1M | $10.0M | $430000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $755.9M | $868.8M | $1.01B | $1.08B | -$485.1M | $1.60B | $1.24B | $1.26B | $755.6M | $855.0M |
| Income Tax | $158.0M | $199.1M | $222.3M | $220.0M | $258.5M | $293.9M | $267.1M | $262.4M | $268.6M | $297.8M |
| Net Income | $643.8M | $762.9M | $811.3M | $829.2M | -$745.2M | $1.31B | $976.6M | $1.01B | $475.4M | $558.9M |
| EPS | $57.20 | $67.45 | $69.91 | $67.80 | $-60.05 | $97.80 | $71.45 | $72.65 | $34.00 | $38.80 |
| EPS (Diluted) | $53.60 | $63.09 | $66.67 | $67.05 | $-60.05 | $97.25 | $71.40 | $72.65 | $33.75 | $38.45 |
| Shares Outstanding (Diluted) | $12.0M | $12.1M | $12.3M | $12.4M | $12.4M | $13.5M | $13.7M | $13.9M | $14.1M | $14.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $632.9M | $726.8M | $625.8M | $619.9M |
| Gross Profit | $506.7M | $704.9M | $523.3M | $359.8M |
| Operating Income | $171.9M | $251.5M | $236.4M | $215.8M |
| EBITDA | $171.9M | $114.4M | $236.4M | $326.8M |
| Net Income | $218.5M | $12.6M | $124.7M | $232.2M |
| EPS | $15.70 | $0.90 | $9.05 | $17.00 |
| EPS (Diluted) | $15.55 | $0.90 | $8.95 | $16.85 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.98B | $1.91B | $2.70B | $4.39B | $5.01B | $3.40B | $4.40B | $5.19B | $3.82B | $4.36B |
| Short-term Investments | $299.2M | $160.3M | $450.5M | $671.3M | $114.9M | $92.8M | $316.0M | $379.5M | $1.27B | $657.6M |
| Receivables | $1.36B | $1.72B | $1.74B | $1.60B | $1.37B | $1.86B | $912.3M | $1.18B | $1.14B | $1.13B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | $23.2M | 0 | 0 | 0 |
| Total Current Assets | $4.73B | $4.04B | $5.10B | $6.73B | $6.70B | $5.52B | $6.32B | $7.12B | $6.47B | $6.36B |
| Property, Plant & Equipment | $243.5M | $303.3M | $346.7M | $648.5M | $522.8M | $2.80B | $2.65B | $2.62B | $2.50B | $2.46B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $5.96B | $6.49B | $8.01B | $9.80B | $9.40B | $10.89B | $11.80B | $12.69B | $11.78B | $11.74B |
| Accounts Payable | $688.0M | 0 | 0 | 0 | $53.6M | $71.6M | $117.1M | $104.5M | $122.6M | $126.2M |
| Short-term Debt | $569.4M | $491.8M | 0 | 0 | 0 | 0 | $10.5M | $188.7M | $15.4M | 0 |
| Total Current Liabilities | $1.58B | $1.82B | $1.59B | $1.51B | $1.88B | $2.28B | $1.90B | $1.89B | $1.43B | $1.43B |
| Long-term Debt | $555.4M | 0 | $145.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $2.57B | $1.99B | $1.84B | $1.93B | $2.12B | $2.75B | $2.30B | $2.26B | $1.77B | $1.76B |
| Retained Earnings | $2.24B | $2.88B | $3.95B | $4.73B | $3.99B | $5.19B | $5.60B | $6.44B | $5.90B | $5.82B |
| Total Equity | $3.33B | $4.43B | $5.84B | $7.01B | $7.19B | $8.04B | $9.41B | $10.31B | $9.95B | $9.83B |
| Total Debt | $1.12B | $491.8M | $145.0M | $374.4M | $280.9M | $222.2M | $178.0M | $327.1M | $136.0M | $99.5M |
| Net Debt | -$2.16B | -$1.58B | -$3.01B | -$4.68B | -$4.84B | -$3.28B | -$4.54B | -$5.24B | -$4.96B | -$4.92B |
| Working Capital | $3.16B | $2.21B | $3.51B | $5.23B | $4.82B | $3.23B | $4.41B | $5.23B | $5.05B | $4.93B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $3.84B | $4.36B | $4.28B | $4.33B |
| Total Assets | $11.55B | $11.74B | $11.61B | $11.64B |
| Total Liabilities | $1.65B | $1.76B | $1.68B | $2.15B |
| Total Equity | $9.90B | $9.83B | $9.93B | $9.33B |
| Total Debt | $59.6M | $99.5M | $52.5M | $51.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $597.9M | $761.9M | $803.7M | $863.8M | -$743.5M | $1.31B | $971.6M | $1.00B | $487.0M | $557.2M |
| Depreciation & Amortization | $61.3M | $82.0M | $92.3M | $105.4M | $98.5M | $146.6M | $156.0M | $158.1M | $156.7M | $156.9M |
| Stock-based Compensation | $79.2M | $93.6M | $112.8M | $94.9M | $1.35B | $70.9M | $42.3M | $11.5M | $109.0M | $66.9M |
| Change in Working Capital | -$146.9M | $56.1M | $7.3M | -$64.5M | -$584.8M | $202.8M | -$172.9M | $26.3M | -$594.4M | $11.1M |
| Operating Cash Flow | $686.2M | $628.4M | $1.03B | $1.29B | $796.4M | $1.52B | $632.9M | $1.32B | $387.3M | $976.6M |
| Capital Expenditure | -$101.4M | -$152.7M | -$128.2M | -$65.3M | -$51.6M | -$2.27B | -$62.7M | -$157.9M | -$82.2M | -$134.1M |
| Acquisitions | -$192.4M | -$297.9M | -$559.4M | $124.5M | $128.9M | -$436000 | -$8.1M | -$14.7M | $12.3M | -$64.2M |
| Stock Repurchased | -$12.6M | -$31.3M | 0 | 0 | -$281.6M | -$372.4M | 0 | 0 | -$53.3M | -$52.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$177.5M | -$1.01B | -$546.8M |
| Free Cash Flow | $584.9M | $475.7M | $901.2M | $1.22B | $744.7M | -$749.4M | $570.2M | $1.16B | $305.2M | $842.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 0 | $367.3M | 0 | 0 |
| Capital Expenditure | 0 | -$367.3M | 0 | 0 |
| Free Cash Flow | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | -$531.0M | 0 | 0 |
| Stock-based Compensation | $14.9M | 0 | $11.3M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +12.5% | +16.4% | +3.1% | -2.5% | +29.9% | -27.8% | +6.3% | -21.1% | +0.4% | |
| Net Income Growth (YoY) | +18.5% | +6.3% | +2.2% | -189.9% | +276.3% | -25.7% | +3.4% | -52.9% | +17.5% | |
| EPS Growth (YoY) | +17.9% | +3.6% | -3.0% | -188.6% | +262.9% | -26.9% | +1.7% | -53.2% | +14.1% | |
| Shares Change (YoY) | +0.7% | +1.6% | +0.7% | +0.3% | +8.9% | +1.2% | +1.6% | +1.4% | -0.1% | |
| FCF Growth (YoY) | -18.7% | +89.5% | +35.7% | -39.1% | -200.6% | +176.1% | +103.5% | -73.7% | +176.1% | |
| Gross Margin | 48.3% | 50.2% | 52.5% | 52.5% | 78.8% | 49.5% | 53.5% | 55.8% | 48.1% | 53.4% |
| Operating Margin | 26.5% | 27.5% | 28.2% | 27.0% | 38.1% | 27.9% | 35.1% | 33.3% | 24.4% | 29.8% |
| EBITDA Margin | 32.4% | 34.5% | 33.9% | 31.7% | 41.0% | 31.3% | 40.1% | 38.1% | 30.4% | 35.8% |
| Net Margin | 25.6% | 27.0% | 24.7% | 24.4% | -22.5% | 30.6% | 31.5% | 30.6% | 18.3% | 21.4% |
| FCF Margin | 23.3% | 16.8% | 27.4% | 36.1% | 22.5% | -17.5% | 18.4% | 35.2% | 11.7% | 32.3% |
| Effective Tax Rate | 20.9% | 22.9% | 22.0% | 20.3% | -53.3% | 18.4% | 21.6% | 20.8% | 35.5% | 34.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $48.68 | $39.33 | $73.36 | $98.86 | $60.02 | $-55.46 | $41.68 | $83.50 | $21.65 | $59.84 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $12.77 | $71.51 | $38.84 |
| Shares Outstanding (Basic) | $11.3M | $11.3M | $11.7M | $12.2M | $12.4M | $13.4M | $13.7M | $13.9M | $14.0M | $14.0M |
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 | 6.03% |
| Return on Invested Capital | 5.72% |
| Return on Assets | 5.05% |
| Gross Margin | 80.40% |
| Operating Margin | 33.61% |
| Net Margin | 22.57% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 3.40 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 2.66 | 4.57 | 4.26 | 3.63 | -5.20 | 1.99 | 1.50 | 1.30 | 2.51 | 1.81 |
| P/B | 0.51 | 0.79 | 0.60 | 0.43 | 0.54 | 0.33 | 0.16 | 0.13 | 0.12 | 0.10 |
| P/S | 0.68 | 1.23 | 1.06 | 0.89 | 1.17 | 0.61 | 0.47 | 0.40 | 0.46 | 0.38 |
| Gross Margin | 48.3% | 50.2% | 52.5% | 52.5% | 78.8% | 49.5% | 53.5% | 55.8% | 48.1% | 53.4% |
| Operating Margin | 26.5% | 27.5% | 28.2% | 27.0% | 38.1% | 27.9% | 35.1% | 33.3% | 24.4% | 29.8% |
| Net Margin | 25.6% | 27.0% | 24.7% | 24.4% | -22.5% | 30.6% | 31.5% | 30.6% | 18.3% | 21.4% |
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Explore sector: Financial Services · Asset Management
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