Nomura Holdings (NMR) AI Stock Analysis

• Market Cap: $22.22B
• Dividend Yield: 5.22%
• Average Volume (3M): 772.06K
• Price to Earnings (P/E): 9.4
• Beta (1Y): 1.37
• Revenue Growth: -1.61%
• EPS Growth: 37.04%
• Country: US
• Employees: 26,850
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 0.21
• Shares Outstanding: 3,163,562,500
• 10 Day Avg. Volume: 1,118,375
• 30 Day Avg. Volume: 772,060
• PEG Ratio: 0.07
• Price to Book (P/B): 0.79
• Price to Sales (P/S): 0.60
• P/FCF Ratio: -3.14
• Enterprise Value/Market Cap: 9.76
• Enterprise Value/Revenue: 0.05
• Enterprise Value/Gross Profit: 0.12
• Enterprise Value/Ebitda: 0.41
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: $8.50 ▲(11.26% Upside)

Nomura Holdings' overall stock score is driven by a solid valuation and positive technical indicators, suggesting potential for price appreciation. However, financial performance concerns, particularly high leverage and negative cash flows, present risks. The earnings call provided a balanced view with both achievements and challenges, slightly impacting the score.

Positive Factors

Revenue Growth

Strong revenue growth indicates Nomura's effective market strategies and expanding client base, supporting long-term business sustainability.

Segment Performance

Robust performance across all segments shows Nomura's diversified business model strength, enhancing resilience against market fluctuations.

International Profitability

Increased international profitability underscores Nomura's successful global expansion strategy, contributing to sustained growth prospects.

Negative Factors

High Leverage

High leverage can pose financial risks, limiting flexibility and increasing vulnerability to economic downturns, affecting long-term stability.

Negative Free Cash Flow

Negative free cash flow suggests potential liquidity issues, which could hinder Nomura's ability to invest in growth or weather financial stress.

Quarterly Revenue Decline

A decline in quarterly revenue may indicate short-term operational challenges, potentially impacting investor confidence and future earnings.

Nomura Holdings Business Overview & Revenue Model

Company Description

Nomura Holdings, Inc. provides various financial services to individuals, corporations, financial institutions, governments, and governmental agencies worldwide. It operates through three segments: Retail, Investment Management, and Wholesale. The Retail segment offers various financial products and investment services. As of March 31, 2022, this segment operated a network of 119 branches. The Investment Management segment engages in the management of funds, investment trusts, and other investment vehicles; and provision of investment advisory, custodial, and administrative services. The Wholesale segment is involved in the research, sale, trading, agency execution, and market-making of fixed income and equity-related products. It also engages in underwriting various securities and other financial instruments, such as various classes of shares, convertible and exchangeable securities, investment grade and high yield debts, sovereign and emerging market debts, structured securities, and other securities; arranging private placements, as well as other capital raising activities; and the provision of financial advisory services on business transactions comprising mergers and acquisitions, divestitures, spin-offs, capital structuring, corporate defense activities, leveraged buyouts, and risk solutions. In addition, this segment offers various financial instruments. The company was formerly known as The Nomura Securities Co., Ltd. and changed its name to Nomura Holdings, Inc. in October 2001. Nomura Holdings, Inc. was incorporated in 1925 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Nomura Holdings generates revenue through multiple key sources. Primarily, it earns income from its Wholesale segment, which includes fees and commissions from investment banking activities, such as underwriting and advisory services for mergers and acquisitions. The Retail segment contributes through commissions and fees from brokerage services, as well as interest income from loans and margin financing. Additionally, the Asset Management segment generates fees from managing investment funds and portfolios for clients. Significant partnerships with global financial institutions and a focus on expanding its digital services also contribute to its earnings. Market conditions, trading volumes, and investment performance are critical factors influencing Nomura's overall revenue.

Nomura Holdings Financial Statement Overview

Summary

Nomura Holdings demonstrates strong revenue growth and profitability, but faces challenges with high leverage and negative cash flows. While the income statement reflects a positive growth trajectory, the balance sheet and cash flow statements highlight potential risks that need to be addressed for sustainable financial health.

Income Statement

Nomura Holdings shows a strong revenue growth rate of 13.52% in the latest year, indicating a positive trajectory. The gross profit margin is healthy at 36.89%, and the net profit margin is stable at 7.56%. However, the EBIT and EBITDA margins are moderate at 10.47% and 11.84%, respectively, suggesting room for improvement in operational efficiency.

Balance Sheet

The company has a high debt-to-equity ratio of 9.03, indicating significant leverage, which could pose risks if not managed carefully. Return on equity is moderate at 9.82%, reflecting decent profitability. The equity ratio is relatively low, suggesting a reliance on debt financing.

Cash Flow

Nomura Holdings faces challenges in cash flow management, with negative operating and free cash flows. The free cash flow growth rate is significantly negative, and the operating cash flow to net income ratio is also negative, indicating potential liquidity issues.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.49T	4.51T	3.97T	2.30T	1.37T	1.41T
Gross Profit	1.77T	1.66T	1.38T	1.14T	1.14T	1.20T
EBITDA	529.32B	533.62B	335.19B	210.90B	286.15B	294.52B
Net Income	376.36B	340.74B	165.86B	92.79B	143.00B	153.12B
Balance Sheet
Total Assets	58.10T	56.80T	55.15T	47.77T	43.41T	42.52T
Cash, Cash Equivalents and Short-Term Investments	6.05T	5.51T	5.15T	4.52T	3.64T	4.16T
Total Debt	30.97T	31.35T	30.96T	26.15T	10.90T	9.94T
Total Liabilities	54.51T	53.22T	51.70T	44.55T	40.44T	39.76T
Stockholders Equity	3.48T	3.47T	3.35T	3.15T	2.91T	2.69T
Cash Flow
Free Cash Flow	0.00	-868.58B	-13.14B	-865.99B	-974.16B	545.89B
Operating Cash Flow	0.00	-678.61B	132.64B	-694.82B	-862.83B	665.77B
Investing Cash Flow	0.00	-848.65B	-887.94B	-233.22B	-593.18B	-139.03B
Financing Cash Flow	0.00	1.68T	1.01T	1.28T	1.11T	-269.93B

Nomura Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 7.64
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NMR, the sentiment is Positive. The current price of 7.64 is above the 20-day moving average (MA) of 7.21, above the 50-day MA of 7.17, and above the 200-day MA of 6.60, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 65.18 is Neutral, neither overbought nor oversold. The STOCH value of 94.38 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NMR.

Nomura Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MS	76 Outperform	$269.64B	17.41	15.15%	2.29%	7.22%	48.18%
RJF	76 Outperform	$30.79B	15.20	17.64%	1.28%	6.45%	5.85%
GS	71 Outperform	$247.75B	16.78	13.57%	1.73%	2.31%	44.49%
LPLA	70 Outperform	$28.50B	32.77	21.32%	0.33%	35.19%	-18.62%
NMR	69 Neutral	$22.22B	9.40	10.65%	5.22%	-1.61%	37.04%
SCHW	68 Neutral	$164.78B	21.75	17.05%	1.16%	5.90%	66.60%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%

Nomura Holdings Corporate Events

Nomura Holdings Reports Improved Net Income in Latest Financial Update

Nomura Holdings released its semi-annual securities report for the six months ended September 30, 2025, showing a decrease in total revenue from the previous year but an increase in net revenue and income before taxes. The report highlights a significant improvement in net income attributable to shareholders, reflecting Nomura’s strengthened financial position. This financial performance could enhance Nomura’s market positioning and investor confidence, signaling robust operational health despite revenue challenges.

Nomura Holdings Completes Major Share Buyback in October 2025

Nomura Holdings announced the completion of a significant portion of its share buyback program for October 2025, as authorized by its board of directors. By the end of October, the company had repurchased 66,790,900 shares, amounting to nearly 60 billion JPY, representing 66.8% of the total authorized buyback. This move is part of Nomura’s strategy to enhance shareholder value and optimize its capital structure.

Nomura Holdings Reports Strong Revenue Growth for September 2025

Nomura Holdings reported a notable financial performance for the six months ending September 30, 2025, with a 10.8% increase in net revenue to 1,038.8 billion yen compared to the previous year. Despite a rise in non-interest expenses by 5.7%, the company achieved a net income of 196.6 billion yen, reflecting strong operational efficiency. The firm’s total assets grew to 60.4 trillion yen, driven by an increase in trading assets, while the capital adequacy ratios saw a slight decline, indicating a shift in risk management strategies. The wealth management segment showed marginal growth with net revenue increasing by 0.1%, highlighting stability in this sector amidst broader financial improvements.

Nomura Holdings Reports Progress on Share Buyback Program

Nomura Holdings, Inc. reported on October 14, 2025, that it had repurchased 66,790,900 shares of its common stock as of the end of September 2025, amounting to 59,999,913,930 JPY. This repurchase is part of a broader initiative authorized by the board on April 25, 2025, to buy back up to 100 million shares by December 30, 2025. The share buyback program, which has reached 66.8% of its target, is aimed at enhancing shareholder value and optimizing capital structure.

Nomura Holdings Reports August 2025 Share Buyback Progress

Nomura Holdings announced a share buyback report for the period from August 1 to August 31, 2025. During this time, the company repurchased a total of 66,790,900 shares, amounting to approximately 59.999 billion JPY, which represents 66.8% of the authorized repurchase plan. This strategic move is part of a broader initiative authorized by the board in April 2025, aiming to enhance shareholder value and optimize capital structure.

Nomura Holdings Issues $750M Subordinated Debt

On September 10, 2025, Nomura Holdings, Inc. announced the execution of a subordinated indenture with Citibank, N.A., acting as the trustee. This agreement pertains to the issuance of $750 million in fixed-rate resetting subordinated debt securities due in 2036, with a 5.043% interest rate. The move signifies Nomura’s strategic financial maneuver to strengthen its capital structure, potentially impacting its market positioning and offering stakeholders insights into its long-term financial planning.