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The latest announcement is out from Noah Holdings ( (NOAH) ).
Noah reported unaudited results on March 25, 2026 for the fourth quarter and full year ended Dec. 31, 2025, showing stronger revenues but pressure on headline profit in the latest quarter. Fourth-quarter net revenue rose 12.5% year on year to RMB733.2 million, driven mainly by higher performance-based income from overseas private equity products and supported by tighter control of employee compensation.
Operating income in the quarter jumped 87.3% to RMB257.7 million, but net income attributable to shareholders plunged 88.3% to RMB12.8 million as losses from fair value changes in investments held through affiliates surged. On a non-GAAP basis, quarterly net income fell 81.1% to RMB25.1 million, highlighting the volatility stemming from investment valuations even as the core business became more efficient.
For full-year 2025, Noah delivered largely flat net revenue of RMB2.61 billion, edging up 0.4% from 2024, while income from operations climbed 22.5% to RMB776.7 million on the back of cost discipline, particularly in compensation. Full-year net income attributable to shareholders increased 17.5% to RMB558.9 million, aided by reduced fair-value losses on affiliate investments, though partially offset by contingent litigation expenses related to the Camsing incident.
Non-GAAP net income for 2025 rose 11.2% to RMB611.9 million, suggesting underlying profitability improved despite subdued top-line growth in a challenging market. Operationally, Noah’s total registered clients reached 467,870 at year-end, up 1.3% from 2024, while overseas registered clients grew 13.2% to 19,993, reinforcing the strategic tilt toward international wealth clients.
Active clients in the fourth quarter rose 15.8% year on year to 10,261, even though they dipped 3.7% from the third quarter, and overseas active clients for the year grew 12.4% to 6,231. The aggregate value of investment products distributed in the fourth quarter increased 4.4% to RMB17.0 billion, with overseas products jumping 24.3% on robust demand for overseas mutual fund and private secondary offerings, underscoring Noah’s deepening international product mix and positioning in cross-border asset allocation.
The most recent analyst rating on (NOAH) stock is a Hold with a $12.50 price target. To see the full list of analyst forecasts on Noah Holdings stock, see the NOAH Stock Forecast page.
Spark’s Take on NOAH Stock
According to Spark, TipRanks’ AI Analyst, NOAH is a Neutral.
Noah Holdings’ overall stock score reflects strong financial stability and attractive valuation, offset by technical weakness and revenue challenges. The company’s strategic growth initiatives and profitability improvements are positive, but declining revenues and bearish technical indicators weigh on the score.
To see Spark’s full report on NOAH stock, click here.
More about Noah Holdings
Noah Holdings Limited is a Shanghai-based wealth management provider focused on global Chinese high-net-worth investors. Listed in New York and Hong Kong, the firm offers one-stop advisory services and distributes a mix of private equity, private secondary, mutual funds and other investment products in RMB, U.S. dollars and other currencies.
The company has recently refined its segment reporting to distinguish domestic and overseas operations, aiming to give investors clearer visibility into the performance of each business line. Its client base continues to expand modestly, with faster growth among overseas registered and active clients, underscoring Noah’s push to capture cross-border wealth allocation demand.
Average Trading Volume: 124,977
Technical Sentiment Signal: Buy
Current Market Cap: $813.5M
For detailed information about NOAH stock, go to TipRanks’ Stock Analysis page.