Noah Holdings Limited (NOAH)

Noah Holdings Financials Overview

Financials in millions CNY. Fiscal year is January - December.

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	2,621	2,610	2,601	3,295	3,100	4,293
Revenue Growth	2.16%	0.36%	-21.05%	6.27%	-27.78%	29.86%
Gross Profit Gross Profit Growth	1,442	1,394	1,252	1,838	1,658	2,282
Operating Income Operating Income Growth	827.09	776.66	633.89	1,098	1,088	1,199
Net Income Net Income Growth	534.61	558.86	475.45	1,009	976.57	1,314
Earnings Per Share EPS Growth	7.62	7.95	6.75	14.55	14.30	19.45
EPS Growth	9.01%	17.78%	-53.61%	1.75%	-26.48%	-

Revenue by Segment

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Fiscal Year	TTM	FY 2025	FY 2024
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024
Domestic Public Securities Domestic Public Securities Growth	646.86	566.49	488.75
Domestic Asset Management Domestic Asset Management Growth	700.02	692.47	772.11
Overseas Wealth Management Overseas Wealth Management Growth	489.53	547.54	674.7
Overseas Asset Management Overseas Asset Management Growth	533.63	553.94	438.51
Domestic Insurance Domestic Insurance Growth	13.57	18.65	42.87
Overseas Insurance and Comprehensive Services Overseas Insurance and Comprehensive Services Growth	186.17	178.79	138.87
Headquarters Headquarters Growth	51.62	52.37	45.18
Total Total Growth	2,621	2,610	2,601

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	5,114	5,018	5,097	5,572	4,720	3,497
Total Debt Total Debt Growth	52.48	60.34	75.73	76.53	83.17	130.96
Net Cash (Debt) Net Cash Growth	5,062	4,958	5,021	5,495	4,637	3,366
Net Cash Growth	-4.98%	-1.26%	-8.62%	18.51%	37.73%	-31.66%
Net Cash Per Share Net Cash Per Share Growth	72.12	70.44	71.25	79.08	67.79	49.83

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	976.61	976.61	387.34	1,318	632.9	1,522
Capital Expenditures CapEx Growth	-134.14	-134.14	-82.18	-157.92	-62.71	-2,271
Free Cash Flow Free Cash Flow Growth	842.47	842.47	305.16	1,160	570.19	-749.38
Free Cash Flow Growth	176.07%	176.07%	-73.70%	103.51%	-	-

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	55.01%	53.39%	48.12%	55.78%	53.49%	53.16%
Operating Margin	31.55%	29.75%	24.37%	33.32%	35.11%	27.93%
Pretax Margin	33.94%	32.81%	33.36%	36.70%	37.08%	30.24%
Profit Margin	20.24%	21.35%	18.72%	30.38%	31.34%	30.42%
FCF Margin	0.00%	32.28%	11.73%	35.22%	18.39%	-17.46%

Dividends

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Aug 11, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Dividend Per Share Dividend Per Share Growth	0.691	4.665	4.140	7.750	2.750
Dividend Per Share Growth	16.40%	12.68%	-46.58%	181.82%	-
Dividend Yield	7.84%	11.16%	16.80%	2.61%	0.00%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug 11, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	7.95	8.84	12.66	6.72	7.48	10.03
Forward PE	6.14	6.65	8.64	5.67	5.70	8.04
P/FCF Ratio	4.83	5.56	18.51	5.50	11.74	-
PS Ratio	1.59	1.79	2.17	1.94	2.16	2.73

Data Sources: Fiscal.ai and S&P Global Market Intelligence Last updated: May 28, 2026

Financial data is provided by Fiscal.ai and updates within minutes after each earnings release, which is every three months for this company. Revenue segment data is provided by S&P Global Market Intelligence.

Update frequency:

Quarterly

Last checked:

Aug 7, 2026

Data Sources Report a data error