Diversified Business ModelNomura's multi‑channel revenue base — wholesale, retail and asset management — spreads risk across client types and markets. That diversification supports steadier revenues and fee income over economic cycles, enabling durable cash generation and strategic optionality for 2–6 months and beyond.
Consistent Revenue And Margin ImprovementSustained revenue growth combined with rising gross and operating margins indicates improving operational efficiency. Margin expansion increases free cash flow sensitivity to top‑line, making profitability gains more sustainable and less dependent on short‑term trading volumes or cyclical spikes.
Healthy Balance Sheet And Strong Cash GenerationLow leverage and robust conversion of earnings into free cash flow provide financial flexibility to fund capital needs, pay dividends, and invest in growth. A solid capital structure also reduces refinancing risk and supports resilience across market cycles.