NOAH NYSE Investment Advice Financials FY2016βFY2025
Noah Holdings Ltd had $363M of revenue in fiscal 2025, up 0.5% on the year before. Over five years, revenue changed β5.4% a year on average.
Hi! I read Noah Holdings Ltdβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+0.5%
Only a little. Sales grew 0.5% last year.
Does it make a profit?
21.4%
Yes. It keeps 21.4% of every sale as profit.
Does profit turn into cash?
32.3%
Yes. 32.3% of sales ends up as free cash.
How healthy are the accounts?
5 / 7
Mixed. It passes 5 of 7 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Noah Holdings Ltd did it, and the next one. Share prices often move a lot on those days.
Next results
November 24, 2026
Tuesday Β· in 29 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Apr 29, 2026 | Period ended Dec 31, 2025 | Before the market opens | 20-F β |
| Apr 24, 2025 | Period ended Dec 31, 2024 | Before the market opens | 20-F β |
| Apr 24, 2024 | Period ended Dec 31, 2023 | Before the market opens | 20-F β |
| Apr 24, 2023 | Period ended Dec 31, 2022 | Before the market opens | 20-F β |
| Apr 6, 2022 | Period ended Dec 31, 2021 | Before the market opens | 20-F β |
| Apr 30, 2021 | Period ended Dec 31, 2020 | Before the market opens | 20-F β |
| Apr 24, 2020 | Period ended Dec 31, 2019 | After the market closes | 20-F β |
| Apr 25, 2019 | Period ended Dec 31, 2018 | Before the market opens | 20-F β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Noah Holdings Ltd had $363M of revenue in fiscal 2025, up 0.5% on the year before. Over five years, revenue changed β5.4% a year on average. Its operating margin was 29.8%, up 5.4Β pts: of every 100 in sales, about 30 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· Noah Holdings Ltd made $77.8M of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew β26.0% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $117M in fiscal 2025, 32.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
KIRA Β· Noah Holdings Ltd returned $83.3M to shareholders in fiscal 2025, 71% of free cash flow. The diluted share count fell 0.1%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Noah Holdings Ltd can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Noah Holdings Ltd passes 5 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 7 | 5 / 7 | 4 / 7 | 2 / 7 | 5 / 7 | 3 / 7 | 4 / 7 | 3 / 7 | 5 / 7 |
| Accruals ratio | β0.7% | 2.1% | β3.0% | β5.2% | β15.7% | β2.0% | 3.0% | β2.5% | 0.7% | β3.5% |
| Altman Z'' | 7.06 | 6.80 | 8.62 | 9.52 | 9.16 | 7.30 | 8.94 | 9.73 | 10.72 | 10.67 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β | β | β | β |
| Operating income | $100M | $115M | $140M | $132M | $182M | $186M | $162M | $155M | $88.1M | $108M |
| Pretax income | $110M | $129M | $153M | $140M | β$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 | β$108M | $204M | $145M | $143M | $66.1M | $77.8M |
| Net income to common | $96.9M | $113M | $123M | $120M | β$108M | $204M | $145M | $143M | $66.1M | $77.8M |
| Diluted EPS | $16.62 | $19.16 | $20.15 | $19.42 | β$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 | β$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 | β | β | $29.2M | $1.2M | β$1.2M | $4.3M | β | $3.5M | β | $7.0M |
| Share buybacks | $1.9M | $4.6M | β | β | $40.8M | $57.7M | β | β | $7.4M | $7.3M |
| Dividends paid | β | β | β | β | β | β | β | $25.1M | $140M | $76.1M |
| Dividends and buybacks | $1.9M | $4.6M | β | β | $40.8M | $57.7M | β | $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% | β22.5% | 30.6% | 31.5% | 30.6% | 18.3% | 21.4% |
| FCF margin | 41.1% | 35.3% | 27.4% | 36.1% | 22.5% | β17.5% | 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% | β10.3% | 17.2% | 11.0% | 10.1% | 4.7% | 5.6% |
| Return on assets | 11.3% | 12.2% | 11.3% | 9.3% | β7.6% | 12.9% | 8.5% | 8.2% | 3.9% | 4.7% |
| Return on tangible equity | 20.2% | 16.6% | 14.4% | 11.9% | β9.8% | 16.1% | 10.6% | 9.8% | 4.8% | 5.5% |
| Growth | ||||||||||
| Revenue growth | β | β7.0% | 149.5% | β1.3% | β2.4% | 39.0% | β30.8% | 1.0% | β22.3% | 0.5% |
| Net income growth | β | 16.5% | 8.6% | β2.1% | β190.0% | β | β28.8% | β1.7% | β53.6% | 17.7% |
| EPS growth | β | 15.3% | 5.2% | β3.6% | β189.6% | β | β29.6% | β3.3% | β54.3% | 17.9% |
| FCF growth | β | β20.0% | 93.5% | 29.9% | β39.0% | β207.7% | β | 93.4% | β74.1% | 176.4% |
| Share count change | β | 0.7% | 1.6% | 0.7% | 0.3% | 989.0% | 1.2% | 1.6% | 1.4% | β0.1% |
| 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% | β | β | 37.8% | β | β | 15.3% | 347.7% | 71.1% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 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 | β0.7% | 2.1% | β3.0% | β5.2% | β15.7% | β2.0% | 3.0% | β2.5% | 0.7% | β3.5% |
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 β not investment advice. Check the original filings before relying on any figure.
