Nomura Holdings (NMR) AI Stock Analysis

• Market Cap: $27.56B
• Dividend Yield: 4.76%
• Average Volume (3M): 772.06K
• Price to Earnings (P/E): 11.4
• Beta (1Y): 1.40
• 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: 7.86
• 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: $10.00 ▲(12.49% 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: 8.89
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• 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 8.89 is above the 20-day moving average (MA) of 8.71, above the 50-day MA of 8.01, and above the 200-day MA of 6.91, indicating a bullish trend. The MACD of 0.37 indicates Negative momentum. The RSI at 78.26 is Negative, neither overbought nor oversold. The STOCH value of 84.72 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
GS	77 Outperform	$288.53B	18.75	13.91%	1.55%	2.31%	44.49%
RJF	77 Outperform	$33.92B	16.69	17.64%	1.26%	6.45%	5.85%
MS	76 Outperform	$300.52B	18.52	16.34%	2.14%	7.22%	48.18%
SCHW	74 Outperform	$184.48B	24.35	17.05%	1.07%	5.90%	66.60%
NMR	69 Neutral	$27.56B	11.43	10.65%	4.76%	-1.61%	37.04%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
LPLA	63 Neutral	$30.30B	34.84	21.32%	0.32%	35.19%	-18.62%

Nomura Holdings Corporate Events

Nomura Nears Completion of ¥60 Billion Share Buyback Program by Year-End 2025

Nomura Holdings, Inc. filed a Form 6-K on January 14, 2026, disclosing an English translation of its Share Buyback Report for the period from December 1 to December 31, 2025. The report shows that under a board-authorized buyback program approved on April 25, 2025—permitting repurchases of up to 100 million shares or ¥60 billion between May 15 and December 30, 2025—Nomura did not repurchase any shares in December, but had cumulatively bought back 66,790,900 shares for ¥59,999,913,930 by the end of the month, effectively reaching the full monetary limit of the program with 66.8% of the authorized share volume used. During December 2025, the company disposed of a modest 9,023 treasury shares, mainly through exercises of stock acquisition rights and purchases of small, less-than-full-unit shareholdings, and it reported that as of December 31, 2025 it held 229,328,518 treasury shares out of 3,163,562,601 issued shares, underscoring active capital management and a substantial level of buybacks that may support shareholder value and capital efficiency metrics.

The most recent analyst rating on (NMR) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Nomura Holdings stock, see the NMR Stock Forecast page.

Nomura Trust and Banking Plans Acquisition of Alpen Stake via Impact Neutralization Trust

On December 24, 2025, Nomura Trust and Banking Co., Ltd., an affiliate of Nomura Holdings, announced plans to acquire shares of sporting goods and outdoor retailer Alpen Co., Ltd. under a trust agreement related to an Impact Neutralization Trust dated the same day. The planned purchase, scheduled for the period from December 26, 2025 to January 7, 2026, covers 25,000 voting rights, corresponding to roughly 6.48% of Alpen’s total voting rights based on figures as of June 30, 2025, with the final stake subject to market conditions and other factors. The move signals Nomura’s continued use of trust structures in its investment activities and could modestly increase its influence over Alpen’s governance while illustrating the firm’s broader strategic focus on structured, impact-related financial products.

The most recent analyst rating on (NMR) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Nomura Holdings stock, see the NMR Stock Forecast page.

Nomura to Release Q3 FY2025 Operating Results on January 30, 2026

On December 18, 2025, Nomura Holdings announced it will publish operating results for the third quarter of its fiscal year ending March 31, 2026, on January 30, 2026, at 15:30 Tokyo time, accompanied by financial statements, presentation materials and a live audio webcast of its conference call. The scheduled disclosure underscores Nomura’s ongoing commitment to timely and transparent communication with investors and other stakeholders as it navigates global markets across its wealth management, investment management, wholesale and banking franchises.

The most recent analyst rating on (NMR) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Nomura Holdings stock, see the NMR Stock Forecast page.

Nomura Holdings Reports November 2025 Share Buyback Progress

Nomura Holdings announced a share buyback report for November 2025, detailing the repurchase of 66,790,900 shares, amounting to nearly 60 billion JPY, as part of a board-approved program initiated in April 2025. This strategic move, which has achieved 66.8% of its target, aims to enhance shareholder value and optimize capital structure, reflecting Nomura’s commitment to maintaining a robust financial position.

The most recent analyst rating on (NMR) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Nomura Holdings stock, see the NMR Stock Forecast page.

Nomura Holdings Reports Asset Growth in Interim Financials

Nomura Holdings released its interim consolidated financial statements for the six months ending September 30, 2025, showing a notable increase in total assets from ¥56,802,170 million in March 2025 to ¥60,367,700 million by September 2025. This growth in assets, particularly in cash deposits and trading assets, reflects the company’s strengthened financial position, which could enhance its competitive stance in the financial services industry.

The most recent analyst rating on (NMR) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Nomura Holdings stock, see the NMR Stock Forecast page.

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.

The most recent analyst rating on (NMR) stock is a Hold with a $7.50 price target. To see the full list of analyst forecasts on Nomura Holdings stock, see the NMR Stock Forecast page.

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.