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Nomura Holdings
(NYSE:NMR)
Nomura Holdings (NMR) vs. SPDR S&P 500 ETF (SPY)
Nomura Holdings Business Overview & Revenue Model
Nomura Holdings Earnings Call Summary
Nomura Holdings Financial Statement Overview
| 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
Nomura Holdings Risk Analysis
Nomura Holdings Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $28.05B | 14.06 | 16.94% | 1.26% | 6.45% | 5.85% | |
69 Neutral | $252.36B | 16.54 | 15.45% | 2.14% | 7.22% | 48.18% | |
69 Neutral | $163.45B | 20.00 | 17.91% | 1.07% | 5.90% | 66.60% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $22.34B | 10.54 | 10.23% | 4.76% | -1.61% | 37.04% | |
64 Neutral | $239.03B | 16.00 | 13.81% | 1.55% | 2.31% | 44.49% | |
60 Neutral | $23.08B | 32.56 | 18.57% | 0.32% | 35.19% | -18.62% |
Nomura Holdings Corporate Events
Nomura Holdings disclosed a February 2026 share buyback update, detailing repurchases of 7,913,300 common shares between February 17 and February 27 for a total of about ¥11.3 billion. This activity is part of a board-approved program from January 30, 2026, authorizing up to 100 million shares or ¥60 billion in repurchases through September 30, 2026, with progress by February 28 reaching 7.9% of the share cap and 18.8% of the monetary limit.
The report also shows that during February there were no dispositions of treasury shares except for 2,400 shares issued on February 5 upon exercise of stock acquisition rights, and no cancellations or transfers tied to corporate actions. As of February 28, 2026, Nomura had 3,163,562,601 issued shares and 237,217,891 shares held in treasury, underscoring an ongoing capital management effort likely aimed at enhancing shareholder value and optimizing its balance sheet structure.
The most recent analyst rating on (NMR) stock is a Buy 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 reported to the U.S. Securities and Exchange Commission on February 12, 2026 that it had authorized a substantial share repurchase program but had not yet executed any buybacks during the period from January 1 to January 31, 2026. As of January 31, 2026, the board-approved mandate allowed for the repurchase of up to 100 million shares for as much as ¥60 billion between February 17 and September 30, 2026, while the group’s treasury stock stood at 229,306,283 shares out of 3,163,562,601 issued shares, and only 24,600 shares were disposed in January through the exercise of stock acquisition rights, signaling a potentially significant future capital-management move once the program begins.
The filing shows that, although no buybacks had taken place by the end of January, Nomura has created capacity for meaningful shareholder returns via repurchases later in 2026. Investors will likely view the large authorization, equivalent to a notable slice of its free float, as a supportive signal for capital efficiency and earnings-per-share accretion, while the modest January share dispositions mainly reflect routine equity compensation and stock option exercises rather than any strategic shift in ownership structure.
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.
In a Form 6-K filed on February 6, 2026, Nomura Holdings reported results for the nine months ended December 31, 2025, posting net revenue of 1,590.5 billion yen, up 10.5% year-on-year, and net income attributable to shareholders of 288.2 billion yen, with basic earnings per share of 97.73 yen and a return on equity of 10.8%. The group’s total assets rose to 61.9 trillion yen and total equity to 3.8 trillion yen, driven mainly by higher trading assets and retained earnings, while risk-weighted assets climbed to 24,155 billion yen, leading to modestly lower capital ratios despite an increase in total capital to 3,825 billion yen; Tier 1 and Common Equity Tier 1 ratios stood at 15.0% and 12.8%, respectively, on preliminary figures, and value at risk increased 63.2% to 6.2 billion yen, highlighting higher market risk exposure. Nomura also reported a global workforce of 28,601 employees as of December 31, 2025, and solid growth in its Wealth Management segment, where net revenue and income before income taxes both improved versus the prior-year period, underscoring continued strength in its core domestic franchise even as higher trading activities and rising credit risk reshape its capital and risk profile.
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.
On January 30, 2026, Nomura reported strong consolidated results for the third quarter of the fiscal year ending March 31, 2026, with net revenue rising 7% quarter on quarter and 10% year on year to ¥551.8 billion and net income of ¥91.6 billion, while nine‑month net revenue climbed 10% and pretax income 15% from the prior year period. Return on equity reached 10.3% for the quarter—its seventh consecutive quarter at or above the 8–10% target range—driven by the highest four‑segment pretax income in over 18 years, record recurring and flow revenues in Wealth Management, all‑time‑high assets under management of ¥134.7 trillion in Investment Management following the acquisition of Macquarie’s U.S. and European public asset management business, robust Global Markets and record Investment Banking revenues, and steady loan and investment trust growth in Banking, underscoring a structural shift toward more stable, diversified earnings. At the same time, Investment Management pretax income declined quarter on quarter due to lower investment gains and one‑off acquisition costs, and Nomura also disclosed it has approved a share buyback program, plans to cancel a portion of its own shares, and will change a specified subsidiary, moves that signal active capital management and ongoing portfolio reshaping for shareholders and other 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.
On January 30, 2026, Nomura Holdings reported that Delaware Management Company (DMC), a U.S.-based investment management and advisory firm, has become a specified subsidiary after Nomura completed the acquisition of Macquarie Group’s U.S. and European public asset management business. As part of this transaction, effective December 1, 2025, Nomura acquired 100% of DMC’s voting rights, lifting DMC’s share capital to at least 10% of Nomura’s own capital and triggering its reclassification under Japanese regulations. DMC, which has shown stable net assets and profitability over the past three fiscal years, will have its consolidated financial results incorporated into Nomura’s consolidated accounts from the third quarter of the fiscal year ending March 2026, underscoring Nomura’s push to scale its global asset management operations and deepen its presence in Western markets.
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.
On January 30, 2026, Nomura Holdings reported its consolidated financial results for the nine months ended December 31, 2025, showing a 10.5% year-on-year rise in net revenue to ¥1.59 trillion and a 15.5% increase in income before income taxes to ¥432.1 billion, while net income attributable to shareholders climbed 7.2% to ¥288.2 billion and annualized return on equity edged up to 10.8%. Total assets expanded to ¥61.9 trillion and shareholders’ equity per share rose to ¥1,244.72, though the equity-to-asset ratio dipped slightly to 5.9%, cash dividends for the current fiscal year remain partially unconfirmed, and Nomura continues to refrain from issuing earnings forecasts amid global market uncertainties; the company also disclosed a change in its consolidation scope with the inclusion of Delaware Management Company as a specified subsidiary.
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.
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 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.
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.