Noah Holdings Ltd
NOAH NYSE Investment Advice Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$363M
0.5%
vs prior year
Operating margin
Operating income as a share of revenue.
29.8%
5.4 pts
Net income
Profit after all expenses, interest and tax.
$77.8M
17.7%
Free cash flow
Cash from operations minus capital spending.
$117M
176.4%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $1.11 EPS (TTM)
What Noah Holdings Ltd does
No business description yet.
- Legal name
- NOAH HOLDINGS LTD
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 29, 2026
- Accession · CIK
- 0001104659-26-050892
0001499543
Revenue and margins
Noah Holdings Ltd had $363M of revenue in fiscal 2025, up 0.5% on the year before.
FY16
Revenue $214M
FY17
Revenue $199M
FY18
Revenue $497M
FY19
Revenue $491M
FY20
Revenue $479M
FY21
Revenue $666M
FY22
Revenue $460M
FY23
Revenue $465M
FY24
Revenue $361M
FY25
Revenue $363M
FY16
Gross —
Operating 46.9%
Net 45.2%
FCF 41.1%
FY17
Gross —
Operating 57.7%
Net 56.7%
FCF 35.3%
FY18
Gross —
Operating 28.2%
Net 24.7%
FCF 27.4%
FY19
Gross —
Operating 27.0%
Net 24.4%
FCF 36.1%
FY20
Gross —
Operating 38.1%
Net −22.5%
FCF 22.5%
FY21
Gross —
Operating 27.9%
Net 30.6%
FCF −17.5%
FY22
Gross —
Operating 35.1%
Net 31.5%
FCF 18.4%
FY23
Gross —
Operating 33.3%
Net 30.6%
FCF 35.2%
FY24
Gross —
Operating 24.4%
Net 18.3%
FCF 11.7%
FY25
Gross —
Operating 29.8%
Net 21.4%
FCF 32.3%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −26.0% a year. Loss periods are shown in red.
FY16
Net income $96.9M
FY17
Net income $113M
FY18
Net income $123M
FY19
Net income $120M
FY20
Net income −$108M
FY21
Net income $204M
FY22
Net income $145M
FY23
Net income $143M
FY24
Net income $66.1M
FY25
Net income $77.8M
FY16
Diluted EPS $16.62
FY17
Diluted EPS $19.16
FY18
Diluted EPS $20.15
FY19
Diluted EPS $19.42
FY20
Diluted EPS −$17.40
FY21
Diluted EPS $3.02
FY22
Diluted EPS $2.12
FY23
Diluted EPS $2.05
FY24
Diluted EPS $0.94
FY25
Diluted EPS $1.11
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity 20.2%
Return on assets 11.3%
FY17
Return on capital —
Return on equity 19.5%
Return on assets 12.2%
FY18
Return on capital —
Return on equity 16.0%
Return on assets 11.3%
FY19
Return on capital —
Return on equity 12.9%
Return on assets 9.3%
FY20
Return on capital —
Return on equity −10.3%
Return on assets −7.6%
FY21
Return on capital —
Return on equity 17.2%
Return on assets 12.9%
FY22
Return on capital —
Return on equity 11.0%
Return on assets 8.5%
FY23
Return on capital —
Return on equity 10.1%
Return on assets 8.2%
FY24
Return on capital —
Return on equity 4.7%
Return on assets 3.9%
FY25
Return on capital —
Return on equity 5.6%
Return on assets 4.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $117M in fiscal 2025, 32.3% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $88.0M
FY17
Free cash flow $70.4M
FY18
Free cash flow $136M
FY19
Free cash flow $177M
FY20
Free cash flow $108M
FY21
Free cash flow −$116M
FY22
Free cash flow $84.7M
FY23
Free cash flow $164M
FY24
Free cash flow $42.4M
FY25
Free cash flow $117M
FY16
Cash from operations $103M
Capital spending $15.3M
FY17
Cash from operations $93.0M
Capital spending $22.6M
FY18
Cash from operations $156M
Capital spending $19.4M
FY19
Cash from operations $186M
Capital spending $9.5M
FY20
Cash from operations $115M
Capital spending $7.5M
FY21
Cash from operations $236M
Capital spending $352M
FY22
Cash from operations $94.0M
Capital spending $9.3M
FY23
Cash from operations $186M
Capital spending $22.3M
FY24
Cash from operations $53.8M
Capital spending $11.4M
FY25
Cash from operations $136M
Capital spending $18.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
Noah Holdings Ltd returned $83.3M to shareholders in fiscal 2025, 71% of free cash flow. The diluted share count fell 0.1%.
FY16
Dividends —
Buybacks $1.9M
FY17
Dividends —
Buybacks $4.6M
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks $40.8M
FY21
Dividends —
Buybacks $57.7M
FY22
Dividends —
Buybacks —
FY23
Dividends $25.1M
Buybacks —
FY24
Dividends $140M
Buybacks $7.4M
FY25
Dividends $76.1M
Buybacks $7.3M
Dividends
Buybacks
FY16
Diluted shares 0.01B
FY17
Diluted shares 0.01B
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.01B
FY20
Diluted shares 0.01B
FY21
Diluted shares 0.07B
FY22
Diluted shares 0.07B
FY23
Diluted shares 0.07B
FY24
Diluted shares 0.07B
FY25
Diluted shares 0.07B
Balance sheet
Cash, debt and the ratios that show how comfortably Noah Holdings Ltd can carry it.
FY16
Cash $473M
Debt —
FY17
Cash $318M
Debt —
FY18
Cash $459M
Debt —
FY19
Cash $727M
Debt —
FY20
Cash $783M
Debt —
FY21
Cash $551M
Debt —
FY22
Cash $684M
Debt —
FY23
Cash $784M
Debt —
FY24
Cash $698M
Debt —
FY25
Cash $717M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $551M | $684M | $784M | $698M | $717M |
| Current ratio | 2.4x | 3.3x | 3.8x | 4.5x | 4.5x |
| Quick ratio | 2.4x | 3.3x | 3.8x | 4.5x | 4.5x |
| Total assets | $1.7B | $1.7B | $1.8B | $1.6B | $1.7B |
| Total liabilities | $433M | $333M | $318M | $242M | $251M |
| Shareholders' equity | $1.3B | $1.4B | $1.5B | $1.4B | $1.4B |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — | — | — | — | — |
| Current ratio rose | — | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ |
| F-score | — / 3 | 3 / 7 | 5 / 7 | 4 / 7 | 2 / 7 | 5 / 7 | 3 / 7 | 4 / 7 | 3 / 7 | 5 / 7 |
| Accruals ratio | −0.7% | 2.1% | −3.0% | −5.2% | −15.7% | −2.0% | 3.0% | −2.5% | 0.7% | −3.5% |
| Altman Z'' | 7.06 | 6.80 | 8.62 | 9.52 | 9.16 | 7.30 | 8.94 | 9.73 | 10.72 | 10.67 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $214M | $199M | $497M | $491M | $479M | $666M | $460M | $465M | $361M | $363M |
| Provision for credit losses | $0.2M | $0.5M | $0.4M | $1.1M | $1.3M | $15.4M | — | — | — | — |
| Operating income | $100M | $115M | $140M | $132M | $182M | $186M | $162M | $155M | $88.1M | $108M |
| Pretax income | $110M | $129M | $153M | $140M | −$84.8M | $201M | $171M | $171M | $121M | $119M |
| Income tax | $23.8M | $29.5M | $33.6M | $31.8M | $37.4M | $45.6M | $39.7M | $37.0M | $37.3M | $41.4M |
| Net income | $96.9M | $113M | $123M | $120M | −$108M | $204M | $145M | $143M | $66.1M | $77.8M |
| Net income to common | $96.9M | $113M | $123M | $120M | −$108M | $204M | $145M | $143M | $66.1M | $77.8M |
| Diluted EPS | $16.62 | $19.16 | $20.15 | $19.42 | −$17.40 | $3.02 | $2.12 | $2.05 | $0.94 | $1.11 |
| Diluted shares | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.07B | 0.07B | 0.07B | 0.07B | 0.07B |
| Cash flow | ||||||||||
| Cash from operations | $103M | $93.0M | $156M | $186M | $115M | $236M | $94.0M | $186M | $53.8M | $136M |
| Capital expenditure | $15.3M | $22.6M | $19.4M | $9.5M | $7.5M | $352M | $9.3M | $22.3M | $11.4M | $18.7M |
| Free cash flow | $88.0M | $70.4M | $136M | $177M | $108M | −$116M | $84.7M | $164M | $42.4M | $117M |
| Depreciation and amortization | $9.2M | $12.1M | $13.9M | $15.3M | $14.3M | $22.7M | $23.2M | $22.3M | $21.8M | $21.8M |
| Stock-based compensation | $11.9M | $13.9M | $17.0M | $13.7M | $8.7M | $7.9M | $6.3M | $1.6M | $15.2M | $9.3M |
| Acquisitions | — | — | $29.2M | $1.2M | −$1.2M | $4.3M | — | $3.5M | — | $7.0M |
| Share buybacks | $1.9M | $4.6M | — | — | $40.8M | $57.7M | — | — | $7.4M | $7.3M |
| Dividends paid | — | — | — | — | — | — | — | $25.1M | $140M | $76.1M |
| Dividends and buybacks | $1.9M | $4.6M | — | — | $40.8M | $57.7M | — | $25.1M | $147M | $83.3M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $473M | $318M | $459M | $727M | $783M | $551M | $684M | $784M | $698M | $717M |
| Current assets | $681M | $620M | $742M | $967M | $1.0B | $868M | $916M | $1.0B | $887M | $909M |
| Current liabilities | $227M | $280M | $231M | $216M | $288M | $359M | $276M | $266M | $196M | $204M |
| Property and equipment, net | $35.1M | $46.6M | $50.4M | $42.6M | $38.0M | $406M | $360M | $349M | $326M | $337M |
| Total assets | $858M | $998M | $1.2B | $1.4B | $1.4B | $1.7B | $1.7B | $1.8B | $1.6B | $1.7B |
| Total liabilities | $322M | $305M | $267M | $277M | $325M | $433M | $333M | $318M | $242M | $251M |
| Shareholders' equity | $480M | $681M | $849M | $1.0B | $1.1B | $1.3B | $1.4B | $1.5B | $1.4B | $1.4B |
| Margins | ||||||||||
| Operating margin | 46.9% | 57.7% | 28.2% | 27.0% | 38.1% | 27.9% | 35.1% | 33.3% | 24.4% | 29.8% |
| EBITDA margin | 51.2% | 63.8% | 31.0% | 30.1% | 41.0% | 31.3% | 40.1% | 38.1% | 30.4% | 35.8% |
| Net margin | 45.2% | 56.7% | 24.7% | 24.4% | −22.5% | 30.6% | 31.5% | 30.6% | 18.3% | 21.4% |
| FCF margin | 41.1% | 35.3% | 27.4% | 36.1% | 22.5% | −17.5% | 18.4% | 35.2% | 11.7% | 32.3% |
| Returns | ||||||||||
| Return on capital employed | 15.9% | 16.0% | 15.0% | 11.1% | 15.9% | 13.7% | 11.3% | 10.2% | 6.2% | 7.3% |
| Return on equity | 20.2% | 19.5% | 16.0% | 12.9% | −10.3% | 17.2% | 11.0% | 10.1% | 4.7% | 5.6% |
| Return on assets | 11.3% | 12.2% | 11.3% | 9.3% | −7.6% | 12.9% | 8.5% | 8.2% | 3.9% | 4.7% |
| Return on tangible equity | 20.2% | 16.6% | 14.4% | 11.9% | −9.8% | 16.1% | 10.6% | 9.8% | 4.8% | 5.5% |
| Growth | ||||||||||
| Revenue growth | — | −7.0% | 149.5% | −1.3% | −2.4% | 39.0% | −30.8% | 1.0% | −22.3% | 0.5% |
| Net income growth | — | 16.5% | 8.6% | −2.1% | −190.0% | — | −28.8% | −1.7% | −53.6% | 17.7% |
| EPS growth | — | 15.3% | 5.2% | −3.6% | −189.6% | — | −29.6% | −3.3% | −54.3% | 17.9% |
| FCF growth | — | −20.0% | 93.5% | 29.9% | −39.0% | −207.7% | — | 93.4% | −74.1% | 176.4% |
| Share count change | — | 0.7% | 1.6% | 0.7% | 0.3% | 989.0% | 1.2% | 1.6% | 1.4% | −0.1% |
| Financial health | ||||||||||
| Current ratio | 3.0x | 2.2x | 3.2x | 4.5x | 3.6x | 2.4x | 3.3x | 3.8x | 4.5x | 4.5x |
| Quick ratio | 3.0x | 2.2x | 3.2x | 4.5x | 3.6x | 2.4x | 3.3x | 3.8x | 4.5x | 4.5x |
| Capital allocation | ||||||||||
| Capex / revenue | 7.1% | 11.3% | 3.9% | 1.9% | 1.6% | 52.9% | 2.0% | 4.8% | 3.2% | 5.1% |
| Stock comp / revenue | 5.6% | 7.0% | 3.4% | 2.8% | 1.8% | 1.2% | 1.4% | 0.4% | 4.2% | 2.6% |
| Payouts / FCF | 2.2% | 6.6% | — | — | 37.8% | — | — | 15.3% | 347.7% | 71.1% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 3.0 | 5.0 | 4.0 | 2.0 | 5.0 | 3.0 | 4.0 | 3.0 | 5.0 |
| Altman Z'' | 7.1 | 6.8 | 8.6 | 9.5 | 9.2 | 7.3 | 8.9 | 9.7 | 10.7 | 10.7 |
| Accruals ratio | −0.7% | 2.1% | −3.0% | −5.2% | −15.7% | −2.0% | 3.0% | −2.5% | 0.7% | −3.5% |
Source: SEC EDGAR XBRL filings (CIK 0001499543). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. Per-share figures are per US-listed share (1 ADS = 5 ordinary shares). For information only — not investment advice. Check the original filings before relying on any figure.