Nomura Holdings (NMR) AI Stock Analysis

• Market Cap: $27.79B
• Dividend Yield: 4.76%
• Average Volume (3M): 772.06K
• Price to Earnings (P/E): 11.9
• Beta (1Y): 1.39
• Revenue Growth: -1.61%
• EPS Growth: 37.04%
• Country: US
• Employees: 26,850
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 0.20
• 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: 1.25K
• Enterprise Value/Revenue: 7.96
• Enterprise Value/Gross Profit: 19.73
• Enterprise Value/Ebitda: 65.16
• 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

Wealth & Investment Management growth

Sustained double-digit growth in Wealth and Investment Management indicates durable fee-generating businesses and diversified revenue streams. Recurring management fees and wealth advisory revenues support long-term earnings stability and reduce reliance on volatile trading income.

Record equities revenue and international profitability

Record equities revenue and a multi-quarter streak of profitability across international regions demonstrate broad-based franchise strength. Persistent international profitability and robust equities performance strengthen global market access and reduce concentration risk over the medium term.

Active capital management and asset growth

Large share buybacks alongside asset growth signal proactive capital allocation and balance sheet optimization. Returning capital to shareholders while growing asset base suggests management focus on capital efficiency and strategic reinvestment, supporting long-term shareholder value.

Negative Factors

High leverage

A very high debt-to-equity ratio raises structural refinancing and interest coverage risks, limiting financial flexibility. In stressed markets or rising rates, leverage magnifies losses and constrains capital deployment for strategic investments and buffer cushions over the medium term.

Negative operating and free cash flows

Persistent negative operating and free cash flows erode internal funding capacity, increasing reliance on external financing or asset sales. This weakens the firm's ability to sustainably fund buybacks, dividends, or growth initiatives and heightens liquidity risk over months ahead.

Rising expenses and operational losses from scams

Higher compensation provisions and a tangible loss from phishing highlight structural cost and operational risk pressures. Growing expense base and cybersecurity losses can compress margins, require ongoing investment in controls, and reduce capital available for strategic growth over time.

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. The income statement reflects a positive growth trajectory, but 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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	4.36T	4.51T	3.97T	2.30T	1.37T	1.41T
Gross Profit	1.76T	1.66T	1.38T	1.14T	1.14T	1.20T
EBITDA	532.95B	533.62B	335.19B	210.90B	286.15B	294.52B
Net Income	370.05B	340.74B	165.86B	92.79B	143.00B	153.12B
Balance Sheet
Total Assets	60.37T	56.80T	55.15T	47.77T	43.41T	42.52T
Cash, Cash Equivalents and Short-Term Investments	34.65T	5.51T	5.15T	4.52T	3.64T	4.16T
Total Debt	31.79T	31.35T	30.96T	26.15T	23.48T	23.30T
Total Liabilities	56.76T	53.22T	51.70T	44.55T	40.44T	39.76T
Stockholders Equity	3.49T	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: 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 8.89 is below the 20-day moving average (MA) of 9.06, above the 50-day MA of 8.62, and above the 200-day MA of 7.22, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 63.88 is Neutral, neither overbought nor oversold. The STOCH value of 87.59 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
RJF	78 Outperform	$31.26B	15.53	17.11%	1.26%	6.45%	5.85%
GS	78 Outperform	$283.31B	18.41	13.91%	1.55%	2.31%	44.49%
SCHW	77 Outperform	$169.61B	20.53	18.11%	1.07%	5.90%	66.60%
MS	76 Outperform	$280.80B	17.30	16.34%	2.14%	7.22%	48.18%
NMR	69 Neutral	$27.79B	11.90	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	$27.11B	31.01	20.86%	0.32%	35.19%	-18.62%

Nomura Holdings Corporate Events

Nomura Publishes Updated Corporate Governance Report and Reaffirms Strategic Shareholding Cuts

On January 29, 2026, Nomura Holdings filed a Form 6-K with the U.S. Securities and Exchange Commission to furnish an English translation of its Corporate Governance Report, originally submitted the same day to the Tokyo Stock Exchange. The report underscores that Nomura fully complies with all principles of Japan’s Corporate Governance Code, highlights its established Corporate Governance Guidelines and Group Code of Conduct, and details policies on strategic shareholdings, related-party transactions, and diversity and inclusion. The firm reiterates its long-running program to reduce strategic shareholdings, targeting a 25% reduction in the number of such holdings between April 1, 2022 and March 31, 2027, and outlines governance processes such as biannual reviews by an Investment Securities Committee and Board oversight. It also describes ongoing initiatives to promote diversity, particularly in advancing female employees to managerial roles, and to foster a work environment that leverages a multinational workforce to strengthen competitiveness and risk management, reinforcing Nomura’s efforts to enhance transparency, accountability, and sustainable growth for stakeholders.

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 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.