NOAHNYSEInvestment Advice
NOAH HOLDINGS LTD
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 29, 2026
$7.07−0.15 (-2.08%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
29.8%−8.3 pts over 5 years
Net margin
21.4%+44.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +0.4% | -5.6% | -4.6% | +8.9% | |
| Operating income | +22.5% | -10.6% | -9.2% | +3.3% | |
| Net income | +17.5% | -17.0% | – | +0.4% | |
| EPS, diluted | +17.8% | -17.8% | – | -1.4% | |
| Free cash flow | +176.1% | +13.9% | +2.5% | +4.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 22.3% | -10.5% | 5.7% | |
| Return on assets | 12.8% | -7.8% | 4.8% | |
| Current ratio | 3.00 | 3.56 | 4.46 | |
| Capex to revenue | 4.0% | 1.6% | 5.1% | |
| Diluted shares | 300M | 310M | 352M |
Where the cash went
Fiscal 2021 to 2025, five years combined
NOAH generated CN¥4.84B from operations and spent CN¥4.92B on capital expenditure, dividends and share buybacks. 55% of that went back into the business.
Generated
CN¥4.84B
Used
CN¥4.92B
Capital expenditureCN¥2.71B55%DividendsCN¥1.73B35%Share buybacksCN¥478.02M10%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin21.4%
×Asset turnover0.22×
×Equity multiplier1.19×
=Return on equity, FY20255.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 21.4% | 0.22× | 1.19× | 5.7% |
| FY2024 | 18.3% | 0.21× | 1.21× | 4.7% |
| FY2023 | 30.6% | 0.27× | 1.24× | 10.2% |
| FY2022 | 31.5% | 0.27× | 1.30× | 11.2% |
| FY2021 | 30.6% | 0.42× | 1.33× | 17.3% |
| FY2020 | -22.5% | 0.34× | 1.35× | -10.5% |
| FY2019 | 24.4% | 0.38× | 1.39× | 12.9% |
| FY2018 | 24.7% | 0.45× | 1.41× | 15.8% |
| FY2017 | 27.0% | 0.45× | 1.60× | 19.7% |
| FY2016 | 25.6% | 0.50× | 1.74× | 22.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥558.86M
- Cash generatingOperating cash flow above zeroCN¥976.61M
- Return on assets improvedROA up on the prior year3.7% → 4.7%
- Earnings backed by cashOperating cash flow above net incomeCN¥976.61M vs CN¥558.86M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose4.53 → 4.46
- No dilutionShare count did not rise352M → 352M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.21 → 0.22