Nomura Holdings Inc (NRSCF) stock analysis

NRSCFOTCSecurity Brokers, Dealers & Flotation CompaniesFiscal year ends March 31Also trades as NMR

Financials through fiscal 2026, year ended Mar 31, 2026Last filing: 20-F on Jun 22, 2026Score 5/30

$9.50+0.00 (0.00%)

Close on Oct 19, 2026Market cap $27.56BP/E 12.6Yield –

StockData Score

Prices as of Nov 4, 2026How the score works

Weak5 of 30 checks passed

Nomura passes 5 of the 30 checks behind our score; 17 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 0/6
Growth: 2/6
Past performance: 2/6
Financial health: 1/6
Dividend: 0/6

What stands out

Earnings grew over 5 years
Net income grew 18.8% a year on average over the last five fiscal years.
Revenue growing 10%+ a year
Revenue grew 24.2% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 58.8% a year over the last three fiscal years.
Net margin above its 5-year average
Net margin was 7.6% over the last twelve months, against a 5-year average of 6.3%.

What to watch

Return on equity under 15%
Return on equity was 10.1% over the last twelve months and averaged 6.7% over five years; we look for 15% on both.
High debt
Debt is 47.3% of shareholders' equity, above the 40% we consider low.
Earnings growth not accelerating
Net income grew 6.3% over the last twelve months, against a 5-year average of 18.8% a year.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals -48.1% of total debt; we look for at least 20%.

Valuation0/6

P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.

Growth2/6

Revenue growing 10%+ a year
Revenue grew 24.2% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 58.8% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew 6.3% over the last twelve months, against a 5-year average of 18.8% a year.
Growing slower than the industry
Revenue grew 0.5% over the last twelve months; the Security Brokers, Dealers, and Flotation median is 20.3%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.

Past performance2/6

Return on equity under 15%
Return on equity was 10.1% over the last twelve months and averaged 6.7% over five years; we look for 15% on both.
Return on invested capital
Needs operating income and invested capital.
Return on equity below the industry
Nomura's return on equity of 10.1% is below the Security Brokers, Dealers, and Flotation median of 17.9%.
Earnings grew over 5 years
Net income grew 18.8% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 7.6% over the last twelve months, against a 5-year average of 6.3%.
Net margin below the industry
Nomura's net margin of 7.6% is below the Security Brokers, Dealers, and Flotation median of 13.5%.

Financial health1/6

High debt
Debt is 47.3% of shareholders' equity, above the 40% we consider low.
Debt falling against equity
Debt to equity fell from 50.8% five years ago to 47.3%.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals -48.1% of total debt; we look for at least 20%.
Interest coverage
Interest expense is not reported separately.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.

Dividend0/6

No dividend
Nomura has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for Nomura. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Medium risk

Average value traded per day: $8.26M
Value traded per 1% price move: $5.80M

Downside

Medium risk

Typical loss in a bad month: 18.3%
Volatility (annualized): 29%
Sharpe ratio, 1 year: 1.12
Beta to the S&P 500 (5Y): 0.95

Typical bad-month loss, week by week

Margins

Share of revenue, fiscal years 2012 to 2026

Net margin

7.6%−1.9 pts over 5 years

Per year	1 year	3 years	5 years	10 years
Revenue	+0.5%	+24.2%	+24.1%	+10.7%
Net income	+6.3%	+57.4%	+18.8%	+10.7%
EPS, diluted	+7.2%	+58.8%	+19.6%	+12.9%

Returns and balance sheet

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2017	FY2021	FY2026
Return on equity	8.7%	5.7%	10.1%
Return on assets	0.6%	0.4%	0.6%
Capex to revenue	18.2%	7.4%	7.4%
Diluted shares	3.65B	3147338.61B	3041190.07B

DuPont analysis

Return on equity split into margin, efficiency and leverage

Net margin7.6%

Asset turnover0.08×

Equity multiplier16.64×

Return on equity, FY202610.1%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2026	7.6%	0.08×	16.64×	10.1%
FY2025	7.2%	0.08×	16.41×	10.0%
FY2024	4.0%	0.08×	15.84×	5.1%
FY2023	3.7%	0.05×	15.04×	3.1%
FY2022	9.0%	0.04×	15.32×	5.1%
FY2021	9.5%	0.04×	16.18×	5.7%
FY2020	11.1%	0.05×	16.08×	8.2%
FY2019	-5.5%	0.05×	15.11×	-3.7%
FY2018	11.1%	0.05×	15.02×	7.9%
FY2017	14.0%	0.04×	15.29×	8.7%