NYSE : NOAH
Noah Holdings Limited — Financial statements
Financials · Asset Management · China
Last price 6.89 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 473.54M
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Financial statements
Noah Holdings Limited (NOAH) reported revenue of 2.61B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.61B | 2.61B | 2.60B | 3.29B | 3.10B | 4.29B |
| Cost of Revenue | 1.14B | 1.22B | 1.35B | 1.46B | 1.44B | 2.17B |
| Gross Profit | 1.47B | 1.39B | 1.25B | 1.84B | 1.66B | 2.12B |
| Selling, General & Admin | 533.35M | 548.40M | 565.79M | 761.50M | 584.33M | 820.45M |
| Other Operating Expenses | 37.30M | 16.40M | 27.97M | -14.45M | -13.87M | -8.10M |
| Operating Expenses | 589.68M | 617.02M | 617.64M | 740.03M | 570.04M | 925.32M |
| Operating Income | 881.87M | 776.66M | 633.89M | 1.10B | 1.09B | 1.20B |
| Interest & Investment Income | 195.78M | 159.80M | 205.90M | 161.93M | 146.97M | 137.29M |
| Earnings From Equity Investments | -47.49M | -1.40M | -112.01M | 54.13M | 89.15M | 301.98M |
| Other Non Operating Income (Expenses) | -74.15M | -30.81M | 1.36M | 10.89M | 13.13M | -18.24M |
| EBT Excluding Unusual Items | 956.01M | 904.26M | 729.14M | 1.32B | 1.34B | 1.62B |
| Gain (Loss) on Sale of Investments | 7.67M | -61.49M | ||||
| Legal Settlements | -45.57M | -50.18M | 14.00M | -99.00M | ||
| Other Unusual Items | 956.00K | 956.00K | 12.45M | -19.91M | ||
| Pretax Income | 919.06M | 855.03M | 755.60M | 1.26B | 1.24B | 1.60B |
| Income Tax Expense | 330.12M | 297.81M | 268.59M | 262.36M | 267.11M | 293.94M |
| Earnings From Continuing Operations | 588.94M | 557.22M | 487.00M | 1.00B | 971.59M | 1.31B |
| Minority Interest in Earnings | -726.00K | 1.64M | -11.56M | 8.48M | 4.98M | 8.05M |
| Net Income | 588.22M | 558.86M | 475.44M | 1.01B | 976.57M | 1.31B |
| Net Income to Common | 588.22M | 558.86M | 475.44M | 1.01B | 976.57M | 1.31B |
| Shares Outstanding (Basic) | 69.17M | 69.75M | 70.17M | 69.47M | 68.33M | 67.17M |
| Shares Outstanding (Diluted) | 69.85M | 70.39M | 70.47M | 69.48M | 68.40M | 67.56M |
| EPS (Basic) | 8.50 | 8.01 | 6.78 | 14.53 | 14.29 | 19.56 |
| EPS (Diluted) | 8.44 | 7.95 | 6.75 | 14.53 | 14.29 | 19.45 |
| Free Cash Flow | 842.47M | 305.16M | 1.16B | 570.19M | -749.38M | |
| Free Cash Flow Per Share | 11.97 | 4.33 | 16.70 | 8.34 | -11.09 | |
| Dividend Per Share | 4.67 | 4.67 | 4.14 | 7.75 | 2.75 | |
| Gross Margin | 56.34% | 53.39% | 48.12% | 55.78% | 53.49% | 49.48% |
| Operating Margin | 33.77% | 29.75% | 24.37% | 33.32% | 35.11% | 27.93% |
| Profit Margin | 22.52% | 21.41% | 18.28% | 30.64% | 31.50% | 30.61% |
| Free Cash Flow Margin | 32.27% | 11.73% | 35.22% | 18.39% | -17.46% | |
| EBITDA | 1.04B | 933.57M | 790.57M | 1.26B | 1.24B | 1.35B |
| EBITDA Margin | 39.78% | 35.77% | 30.39% | 38.12% | 40.14% | 31.34% |
| D&A For EBITDA | 157.01M | 156.90M | 156.68M | 158.08M | 155.97M | 146.57M |
| EBIT | 881.87M | 776.66M | 633.89M | 1.10B | 1.09B | 1.20B |
| EBIT Margin | 33.77% | 29.75% | 24.37% | 33.32% | 35.11% | 27.93% |
| Effective Tax Rate | 35.92% | 34.83% | 35.55% | 20.77% | 21.56% | 18.37% |
| Revenue as Reported | 2.61B | 2.61B | 2.60B | 3.29B | 3.10B | 4.29B |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.32B | 4.36B | 3.82B | 5.19B | 4.40B | 3.40B |
| Short-Term Investments | 711.70M | 511.84M | 1.13B | 294.92M | 108.31M | 78.00M |
| Trading Asset Securities | 145.72M | 140.96M | 84.54M | 207.67M | 14.80M | |
| Cash & Short-Term Investments | 5.03B | 5.02B | 5.10B | 5.57B | 4.72B | 3.50B |
| Accounts Receivable | 1.15B | 411.96M | 466.01M | 494.78M | 912.29M | 1.21B |
| Other Receivables | 604.97M | 507.01M | 403.08M | |||
| Receivables | 1.28B | 1.13B | 1.14B | 1.18B | 1.41B | 1.86B |
| Restricted Cash | 10.18M | 11.14M | 8.70M | 154.43M | 23.20M | 510.00K |
| Other Current Assets | 248.49M | 201.57M | 226.97M | 206.25M | 166.74M | 163.71M |
| Total Current Assets | 6.58B | 6.36B | 6.47B | 7.12B | 6.32B | 5.52B |
| Property, Plant & Equipment | 2.40B | 2.46B | 2.50B | 2.62B | 2.65B | 2.80B |
| Long-Term Investments | 2.21B | 2.50B | 2.34B | 2.34B | 2.27B | 2.07B |
| Long-Term Deferred Tax Assets | 315.33M | 310.29M | 319.21M | 431.49M | 436.44M | 335.90M |
| Other Long-Term Assets | 138.86M | 112.49M | 137.29M | 178.58M | 62.12M | 95.83M |
| Total Assets | 11.64B | 11.74B | 11.78B | 12.69B | 11.80B | 10.89B |
| Accounts Payable | 126.19M | 122.62M | 104.48M | 117.15M | 71.59M | |
| Accrued Expenses | 285.79M | 481.01M | 559.86M | 795.34M | 850.73M | 1.28B |
| Short-Term Debt | 3.84M | 15.38M | 188.70M | 10.46M | 10.83M | |
| Current Portion of Leases | 39.19M | 44.89M | 61.83M | 84.36M | 91.29M | |
| Current Income Taxes Payable | 101.74M | 147.51M | 63.89M | 89.69M | 126.85M | 190.26M |
| Current Unearned Revenue | 63.09M | 54.40M | 72.26M | 72.82M | 67.97M | 63.63M |
| Other Current Liabilities | 1.37B | 575.06M | 550.37M | 578.35M | 647.45M | 571.74M |
| Total Current Liabilities | 1.82B | 1.43B | 1.43B | 1.89B | 1.90B | 2.28B |
| Long-Term Leases | 51.02M | 60.34M | 75.72M | 76.53M | 83.17M | 130.96M |
| Long-Term Deferred Tax Liabilities | 259.68M | 263.61M | 246.09M | 262.40M | 249.77M | 234.13M |
| Other Long-Term Liabilities | 13.11M | 6.82M | 15.01M | 27.66M | 59.76M | 100.02M |
| Total Liabilities | 2.15B | 1.76B | 1.77B | 2.26B | 2.30B | 2.75B |
| Common Stock | 115.00K | 113.00K | 113.00K | 110.00K | 105.00K | 104.00K |
| Additional Paid-In Capital | 3.99B | 3.97B | 3.91B | 3.80B | 3.80B | 3.53B |
| Retained Earnings | 5.56B | 5.82B | 5.90B | 6.44B | 5.60B | 5.19B |
| Treasury Stock | -144.98M | -4.10M | -53.34M | -541.38M | ||
| Comprehensive Income & Other | -76.25M | 41.75M | 186.55M | 74.62M | -2.55M | -140.01M |
| Total Common Equity | 9.33B | 9.83B | 9.95B | 10.31B | 9.41B | 8.04B |
| Minority Interest | 158.75M | 156.11M | 66.89M | 117.23M | 94.78M | 100.87M |
| Shareholders' Equity | 9.49B | 9.98B | 10.01B | 10.43B | 9.50B | 8.14B |
| Total Liabilities & Equity | 11.64B | 11.74B | 11.78B | 12.69B | 11.80B | 10.89B |
| Total Debt | 51.02M | 103.37M | 135.99M | 327.06M | 177.99M | 233.07M |
| Net Cash (Debt) | 4.98B | 4.92B | 4.96B | 5.24B | 4.54B | 3.26B |
| Net Cash Per Share | 71.34 | 69.82 | 70.40 | 75.48 | 66.41 | 48.31 |
| Filing Date Shares Outstanding | 68.34M | 66.99M | 66.08M | 65.26M | 62.60M | 45.20M |
| Total Common Shares Outstanding | 68.34M | 66.99M | 66.08M | 65.26M | 62.60M | 45.19M |
| Working Capital | 4.75B | 4.93B | 5.05B | 5.23B | 4.41B | 3.23B |
| Book Value Per Share | 136.53 | 146.69 | 150.52 | 157.99 | 150.24 | 177.93 |
| Tangible Book Value | 9.33B | 9.83B | 9.95B | 10.31B | 9.41B | 8.04B |
| Tangible Book Value Per Share | 136.53 | 146.69 | 150.52 | 157.99 | 150.24 | 177.93 |
| Buildings | 2.53B | 2.48B | 2.48B | 2.48B | 2.48B | |
| Machinery | 137.16M | 157.92M | 176.87M | 168.49M | 182.95M | |
| Construction In Progress | 26.02M | 18.19M | 23.02M | 41.06M | 16.60M | |
| Leasehold Improvements | 197.31M | 175.04M | 175.06M | 154.90M | 176.44M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 558.86M | 475.44M | 1.01B | 976.57M | 1.31B | |
| Depreciation & Amortization | 156.90M | 156.68M | 158.08M | 155.97M | 146.57M | |
| Loss (Gain) From Sale of Assets | 2.22M | 5.18M | 23.49M | 1.18M | -6.06M | |
| Loss (Gain) From Sale of Investments | 26.11M | -6.81M | 63.97M | -89.51M | -59.94M | |
| Loss (Gain) on Equity Investments | 34.85M | 160.61M | -19.34M | -33.71M | -206.22M | |
| Stock-Based Compensation | 66.88M | 109.03M | 11.53M | 42.30M | 70.94M | |
| Provision & Write-off of Bad Debts | 52.23M | 23.88M | -7.03M | -424.00K | 112.96M | |
| Other Operating Activities | 67.47M | 57.67M | 51.86M | 90.30M | 77.64M | |
| Change in Accounts Receivable | 40.42M | 22.94M | 258.00K | 304.70M | -363.00M | |
| Change in Unearned Revenue | -17.86M | -565.00K | 4.86M | 4.34M | -7.98M | |
| Change in Income Taxes | 83.62M | -25.80M | -37.15M | -63.41M | 49.48M | |
| Change in Other Net Operating Assets | -116.75M | -630.81M | -83.29M | -477.63M | 527.72M | |
| Operating Cash Flow | 976.61M | 387.34M | 1.32B | 632.90M | 1.52B | |
| Capital Expenditures | -134.14M | -82.17M | -157.92M | -62.71M | -2.27B | |
| Sale of Property, Plant & Equipment | 38.84M | |||||
| Cash Acquisitions | -50.08M | -24.98M | -27.95M | |||
| Investment in Securities | 486.77M | -954.28M | -224.74M | -26.27M | 20.16M | |
| Other Investing Activities | -29.41M | 62.16M | -42.72M | 14.93M | -10.53M | |
| Investing Cash Flow | 299.45M | -840.82M | -247.14M | 74.29M | -2.57B | |
| Issuance of Common Stock | 3.00K | 248.51M | 11.11M | |||
| Repurchase of Common Stock | -54.12M | -60.70M | -372.38M | |||
| Common Dividends Paid | -546.77M | -1.01B | -177.50M | |||
| Other Financing Activities | -34.65M | -65.66M | -22.34M | -14.75M | -151.86M | |
| Financing Cash Flow | -635.55M | -1.13B | -199.84M | 233.76M | -513.12M | |
| Foreign Exchange Rate Adjustments | -99.49M | 72.16M | 48.10M | 81.05M | -46.71M | |
| Net Cash Flow | 541.03M | -1.52B | 919.44M | 1.02B | -1.61B | |
| Free Cash Flow | 842.47M | 305.16M | 1.16B | 570.19M | -749.38M | |
| Free Cash Flow Margin | 32.27% | 11.73% | 35.22% | 18.39% | -17.46% | |
| Free Cash Flow Per Share | 11.97 | 4.33 | 16.70 | 8.34 | -11.09 | |
| Levered Free Cash Flow | 625.94M | 475.72M | 580.22M | 867.21M | -1.33B | |
| Unlevered Free Cash Flow | 625.94M | 475.72M | 580.22M | 867.21M | -1.33B | |
| Cash Income Tax Paid | 187.46M | 203.67M | 285.51M | 407.49M | 364.12M | |
| Change in Working Capital | 11.10M | -594.36M | 26.26M | -509.78M | 71.81M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 462.55M | 669.35M | 774.35M | 906.03M | 990.31M | 1.38B |
| Enterprise Value | -271.08M | -23.87M | 110.58M | 181.04M | 384.42M | 948.64M |
| Last Close Price | 6.73 | 8.74 | 9.27 | 8.72 | 9.54 | 18.88 |
| PE Ratio | 5.42 | 8.38 | 11.89 | 6.36 | 6.99 | 6.67 |
| Forward PE | 4.62 | 6.64 | 8.64 | 5.67 | 5.70 | 8.04 |
| PS Ratio | 1.20 | 1.79 | 2.17 | 1.95 | 2.20 | 2.04 |
| PB Ratio | 0.33 | 0.47 | 0.56 | 0.62 | 0.72 | 1.08 |
| P/TBV Ratio | 0.34 | 0.48 | 0.57 | 0.62 | 0.73 | 1.09 |
| P/FCF Ratio | 3.91 | 5.56 | 18.52 | 5.54 | 11.98 | |
| P/OCF Ratio | 4.79 | 14.59 | 4.87 | 10.79 | 5.76 | |
| PEG Ratio | 0.34 | 0.34 | 0.34 | 0.34 | 0.38 | |
| EV/Sales Ratio | 0.31 | 0.39 | 0.85 | 1.40 | ||
| EV/EBITDA Ratio | 1.02 | 1.02 | 2.13 | 4.48 | ||
| EV/EBIT Ratio | 1.27 | 1.17 | 2.44 | 5.03 | ||
| EV/FCF Ratio | 2.65 | 1.11 | 4.65 | |||
| Debt / Equity Ratio | 0.01 | 0.01 | 0.01 | 0.03 | 0.02 | 0.03 |
| Debt / EBITDA Ratio | 0.05 | 0.10 | 0.16 | 0.24 | 0.13 | 0.16 |
| Debt / FCF Ratio | 0.12 | 0.45 | 0.28 | 0.31 | ||
| Net Debt / Equity Ratio | -0.53 | -0.49 | -0.49 | -0.50 | -0.48 | -0.40 |
| Net Debt / EBITDA Ratio | -4.80 | -5.26 | -6.28 | -4.18 | -3.65 | -2.43 |
| Net Debt / FCF Ratio | -5.83 | -16.26 | -4.52 | -7.97 | 4.36 | |
| Asset Turnover | 0.22 | 0.22 | 0.21 | 0.27 | 0.27 | 0.42 |
| Quick Ratio | 3.39 | 4.23 | 4.25 | 3.42 | 2.96 | 2.06 |
| Current Ratio | 3.60 | 4.46 | 4.53 | 3.76 | 3.32 | 2.42 |
| Return on Equity (ROE) | 6.15% | 5.57% | 4.76% | 10.05% | 11.01% | 16.94% |
| Return on Assets (ROA) | 4.71% | 4.13% | 3.24% | 5.61% | 6.00% | 7.39% |
| Return on Invested Capital (ROIC) | 12.06% | 10.00% | 7.98% | 17.16% | 17.36% | 26.67% |
| Return on Capital Employed (ROCE) | 9.00% | 7.50% | 6.10% | 10.20% | 11.00% | 13.90% |
| Earnings Yield | 18.45% | 11.94% | 8.41% | 15.71% | 14.30% | 14.99% |
| FCF Yield | 25.58% | 18.00% | 5.40% | 18.06% | 8.35% | -8.55% |
| Dividend Yield | 10.32% | 6.68% | 4.84% | 7.87% | 2.52% | |
| Payout Ratio | 106.74% | 97.84% | 211.98% | 17.58% | ||
| Buyback Yield / Dilution | 1.03% | 0.11% | -1.42% | -1.59% | -1.23% | -8.90% |
| Total Shareholder Return | 11.35% | 6.78% | 3.42% | 6.28% | 1.29% | -8.90% |