Noah Holdings Ltd (NOAH)
NYSE:NOAH
Earnings Data
Report Date
Jun 03, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
0.35Same Quarter Last Year
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a predominantly positive operational trajectory: stable top-line, strong profit growth (operating profit +22.5% YoY), margin expansion (29.8% FY, 35.2% Q4), a clear shift to investment-driven revenue (investment commissions +79.7%, performance income +78%), improving efficiency via AI (headcount -11% with stable revenue), solid cash position (RMB 5.0 billion) and a generous shareholder return policy (100% non-GAAP payout). Notable negatives include declines in insurance-related revenues (domestic -56.5% YoY; overseas impact), a Q4 mark-to-market equity affiliate loss (~RMB 120m), and legacy provisions (~RMB 505m) tied to Camsing that keep some near-term risk. Overall, the positive operational improvements and balance sheet strength appear to outweigh the listed lowlights, though legacy and market-volatility risks remain.Company Guidance
Stable Revenue with Improved Profitability
Full-year net revenues were RMB 2.6 billion (broadly flat YoY) while operating profit increased 22.5% YoY to RMB 777 million and operating margin expanded to 29.8% (from 24.4% prior year). Non-GAAP net income rose 11.2% YoY to RMB 612 million; adjusted non-GAAP net income (ex non-operational items) was ~RMB 753 million.
Strong Fourth Quarter Operating Leverage
Q4 revenue of RMB 733 million was up 12.5% YoY. Q4 operating profit rose 87.3% YoY to RMB 258 million, with operating margin improving to 35.2%, indicating meaningful operating leverage as performance-based income materialized.
Shift Toward Investment-Driven Revenue
Investment product commissions increased 79.7% YoY and performance-based income rose 78% YoY. The company notes a deliberate shift away from insurance-driven revenue toward investment-related income, helping improve earnings quality and margin resilience.
Overseas Growth in AUA, Clients and Transactions
Overseas AUA grew to USD 9.5 billion, up 8.6% YoY; overseas registered clients neared 20,000 (up 13.2% YoY) with active clients exceeding 6,200 (up 12.4% YoY). Transaction value of U.S. dollar-denominated private secondary products tripled YoY to USD 950 million.
Notable Performance in Key Platforms
Olive (overseas asset management) net revenues were RMB 550 million, up 26.3% YoY; overseas AUM reached USD 6.1 billion (up ~4% YoY and ~30% of total AUM). Noah Upright (domestic public securities) net revenues were RMB 570 million, up 15.9% YoY; RMB-denominated private secondary product transaction value hit RMB 11.2 billion, up 107.2% YoY.
Lean Operating Structure and AI-Driven Efficiency
Headcount declined by 11% YoY while net revenue remained stable, reflecting higher output per capita. Management reports AI tools materially improving client engagement, reporting and workflows, enabling scale without proportional headcount increases (example: Singapore office saw AUM triple in ~9 months while headcount fell).
Strong Balance Sheet and Shareholder Returns
Cash and short-term investments were RMB 5.0 billion as of Dec 31, 2025; the company carries no interest-bearing debt, asset-liability ratio 15%, current ratio 4.5x. Board approved total dividend of RMB 612 million equal to 100% of 2025 non-GAAP net income (50% regular + 50% special). Share repurchases completed ~RMB 50 million in 2025 and repurchased ~4.3% of shares under the program; implied dividend yield ~11% and total cash return yield ~12%.
NOAH Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
NOAH Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 25, 2026 | $11.33 | $9.89 | -12.71% |
Nov 26, 2025 | $10.37 | $10.16 | -2.03% |
Aug 28, 2025 | $11.81 | $12.45 | +5.42% |
May 28, 2025 | $9.09 | $9.80 | +7.81% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Noah Holdings Ltd (NOAH) report earnings?
Noah Holdings Ltd (NOAH) is schdueled to report earning on Jun 03, 2026, After Close (Confirmed).
What is Noah Holdings Ltd (NOAH) earnings time?
Noah Holdings Ltd (NOAH) earnings time is at Jun 03, 2026, After Close (Confirmed).
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What is NOAH EPS forecast?
Currently, no data Available