Noah Holdings Ltd (NOAH) stock analysis
Close on Nov 11, 2026Market cap $451.93MP/E 5.7Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak7 of 30 checks passed
Noah passes 7 of the 30 checks behind our score; 16 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
- 0/6
- Past performance
- 2/6
- Financial health
- 5/6
- Dividend
- 0/6
What stands out
Return on capital over 10%
Return on invested capital was 10.5%, above the 10% that usually covers the cost of capital.
No debt
Noah has no borrowings on its latest balance sheet.
Interest well covered
No meaningful interest expense to cover.
Debt covered by cash flow
There is no debt to cover.
What to watch
Return on equity under 15%
Return on equity was 5.7% over the last twelve months and averaged 9.8% over five years; we look for 15% on both.
Revenue growing under 10% a year
Revenue grew -5.6% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -17.8% a year over the last three fiscal years.
Growing slower than the industry
Revenue grew 0.4% over the last twelve months; the Services Allied with the Exchange of Securities median is 8.7%.
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.
Growth0/6
Revenue growing under 10% a year
Revenue grew -5.6% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -17.8% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew 0.4% over the last twelve months; the Services Allied with the Exchange of Securities median is 8.7%.
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 5.7% over the last twelve months and averaged 9.8% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 10.5%, above the 10% that usually covers the cost of capital.
Return on equity below the industry
Noah's return on equity of 5.7% is below the Services Allied with the Exchange of Securities median of 15.7%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin below its 5-year average
Net margin was 21.4% over the last twelve months, against a 5-year average of 26.5%.
Net margin above the industry
Noah's net margin of 21.4% is above the Services Allied with the Exchange of Securities median of 16.3%.
Financial health5/6
No debt
Noah has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term assets cover short-term debts
Current assets are 4.46 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
Noah 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.
Fair value
How we estimate itWe don't publish a fair value for Noah. 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
High risk
- Average value traded per day
- $1.48M
- Value traded per 1% price move
- $786.14K
Downside
Medium risk
- Typical loss in a bad month
- 16.4%
- Volatility (annualized)
- 32%
- Sharpe ratio, 1 year
- -1.41
- Beta to the S&P 500 (5Y)
- 1.32
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
Net margin
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.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| 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
- 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
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