Noah Holdings Ltd (NOAH)
NYSE:NOAH
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Noah Holdings
(NYSE:NOAH)
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Rating:65Neutral
Price Target:
$12.50
â–²(10.33% Upside)
Action:ReiteratedDate:11/27/25
Noah Holdings' overall stock score reflects strong financial stability and attractive valuation, offset by technical weakness and revenue challenges. The company's strategic growth initiatives and profitability improvements are positive, but declining revenues and bearish technical indicators weigh on the score.
Positive Factors
Balance sheet strength
Noah’s high equity ratio, low leverage and RMB 5.0 billion of cash and short-term investments provide durable financial flexibility. This strengthens its ability to fund tech and global expansion, absorb market shocks, support buybacks and invest in product development without relying on external debt.
Negative Factors
Revenue decline
Recent multi-period revenue declines signal structural pressure on the top line. Persistently shrinking revenues compress operating leverage, limit reinvestment capacity and make fee-based growth harder to achieve, challenging long-term margin expansion and AUM-driven revenue resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Noah’s high equity ratio, low leverage and RMB 5.0 billion of cash and short-term investments provide durable financial flexibility. This strengthens its ability to fund tech and global expansion, absorb market shocks, support buybacks and invest in product development without relying on external debt.
Read all positive factors
Noah Holdings (NOAH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$853.66M
Dividend Yield11.65%
Average Volume (3M)165.61K
Price to Earnings (P/E)19.4
Beta (1Y)1.09
Revenue Growth-7.77%
EPS Growth13.95%
CountryUS
Employees1,990
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.05
Shares Outstanding67,446,785
10 Day Avg. Volume198,889
30 Day Avg. Volume165,609
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)0.12
Price to Sales (P/S)0.46
P/FCF Ratio3.93
Enterprise Value/Market Cap0.29
Enterprise Value/Revenue0.10
Enterprise Value/Gross Profit0.24
Enterprise Value/Ebitda0.38
Forecast
1Y Price Target
$12.00Price Target Upside5.91% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)10.7
Revenue Forecast (FY)$2.63B
Noah Holdings Business Overview & Revenue Model
Company Description
Noah Holdings Limited, together with its subsidiaries, operates as a wealth and asset management service provider with the focus on investment and asset allocation services for high net worth individuals and enterprises in Mainland of China, Hong ...
How the Company Makes Money
Noah Holdings generates revenue through several key streams. Primarily, it earns fees from wealth management services, where it charges clients for advisory services and management of their investment portfolios. The company also collects performa...
Noah Holdings Earnings Call Summary
Earnings Call Date:Mar 25, 2026
(Q4-2025)
| Next Earnings Date:Jun 03, 2026
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.Positive Updates
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.
Negative Updates
Decline in Insurance-Related Revenues
Domestic Glory insurance business net revenues fell 56.5% YoY to RMB 19 million (decline expected and aligned with strategy). Overseas insurance product distribution also fell, contributing to an 18.8% YoY decline in overseas wealth management net revenues to RMB 550 million.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Management guided that 2026 will be a prudent but focused year as the firm continues its transformation toward a more investment‑driven, globally diversified model — revenue may still fluctuate during structural adjustments but the proportion of investment‑related income is expected to rise and margins should remain stable or improve gradually while AI scales from efficiency gains to broader operational validation. They pointed to 2025 as the baseline: net revenue RMB 2.6 billion, operating profit RMB 777 million (+22.5% YoY) and operating margin 29.8% (Q4 revenue RMB 733 million, Q4 operating profit RMB 258 million, Q4 margin 35.2%), non‑GAAP net income RMB 612 million (+11.2%) or adjusted non‑GAAP ≈RMB 753 million excluding a ~RMB 120 million equity‑affiliate mark‑to‑market loss and ~RMB 50 million contingent expense; investment product commissions +79.7% and performance‑based income +78%; overseas AUA USD 9.5 billion (+8.6%), overseas AUM USD 6.1 billion (~30% of total AUM) and US$ private secondary transaction value US$950 million (3x YoY); overseas registered clients ~20,000 (+13.2%) with >6,200 active (+12.4%); domestic highlights included Noah Upright revenue RMB 570 million (+15.9%) and RMB private secondary transaction value RMB 11.2 billion (+107.2%), Gopher revenue RMB 690 million (‑10.3%) with RMB 5 billion PE exits, Olive revenue RMB 550 million (+26.3%), Glory Family Heritage RMB 180 million (+28.8%) and Glory insurance RMB 19 million (‑56.5%). They also noted headcount down 11% YoY with stable revenue, cash and short‑term investments RMB 5.0 billion, no interest‑bearing debt, current ratio 4.5x, shareholders’ equity ≈RMB 9.9 billion, asset‑liability ratio 15%, provisions RMB 505 million (~63% of unsettled principal), operating ROE ~8% and market trading at ~0.57x book; the Board approved a total dividend of RMB 612 million (100% of non‑GAAP net income; 50% regular + 50% special), implied yield ≈11% (total cash return ≈12% including ~RMB 50 million repurchases), and the company repurchased about 4.3% of shares outstanding.Noah Holdings Financial Statement Overview
Summary
Income Statement
60
Neutral
Balance Sheet
75
Positive
Cash Flow
65
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.53B | 2.60B | 3.29B | 3.10B | 4.29B | 3.31B |
| Gross Profit | 1.04B | 1.25B | 1.84B | 1.66B | 2.12B | 2.61B |
| EBITDA | 656.50M | 790.57M | 1.26B | 1.24B | 1.35B | 1.36B |
| Net Income | 655.78M | 475.44M | 1.01B | 976.57M | 1.31B | -745.23M |
Balance Sheet | ||||||
| Total Assets | 11.55B | 11.78B | 12.69B | 11.80B | 10.89B | 9.40B |
| Cash, Cash Equivalents and Short-Term Investments | 4.99B | 5.10B | 5.57B | 4.72B | 3.50B | 5.12B |
| Total Debt | 59.63M | 135.99M | 327.06M | 177.99M | 222.24M | 280.86M |
| Total Liabilities | 1.65B | 1.77B | 2.26B | 2.30B | 2.75B | 2.12B |
| Stockholders Equity | 9.90B | 9.95B | 10.31B | 9.41B | 8.04B | 7.19B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 305.16M | 1.16B | 570.19M | -749.38M | 744.74M |
| Operating Cash Flow | 0.00 | 387.34M | 1.32B | 632.90M | 1.52B | 796.35M |
| Investing Cash Flow | 0.00 | -840.82M | -247.14M | 74.29M | -2.57B | 352.58M |
| Financing Cash Flow | 0.00 | -1.13B | -199.84M | 233.76M | -513.12M | -371.42M |
Noah Holdings Technical Analysis
Negative
11.33
Price Trends
11.38
Negative
10.98
Negative
11.36
Negative
Market Momentum
-0.44
Positive
31.82
Neutral
20.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NOAH, the sentiment is Negative. The current price of 11.33 is above the 20-day moving average (MA) of 10.72, below the 50-day MA of 11.38, and below the 200-day MA of 11.36, indicating a bearish trend. The MACD of -0.44 indicates Positive momentum. The RSI at 31.82 is Neutral, neither overbought nor oversold. The STOCH value of 20.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NOAH.
Noah Holdings Risk Analysis
Noah Holdings disclosed 77 risk factors in its most recent earnings report. Noah Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Noah Holdings Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $676.72M | 21.23 | 15.08% | 4.56% | 81.45% | -26.75% | |
72 Outperform | $810.86M | 9.13 | 8.72% | 13.18% | -26.08% | -27.65% | |
69 Neutral | $665.24M | 10.35 | 8.75% | 14.71% | -8.32% | -33.94% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $675.21M | 9.74 | 11.68% | 11.47% | -12.17% | -14.93% | |
65 Neutral | $853.66M | 19.36 | 5.65% | 11.65% | -7.77% | 13.95% | |
58 Neutral | $818.87M | 8.41 | 9.32% | 10.80% | -6.30% | -6.92% |
* Financial Sector Average
NOAH
Noah Holdings
10.02
2.38
31.15%
FDUS
Fidus Investment
17.91
1.96
12.29%
SLRC
SLR Investment Corp.
15.01
1.82
13.83%
BCSF
Bain Capital Specialty Finance
12.61
0.20
1.64%
VINP
Vinci Partners Investments
10.70
2.04
23.61%
NCDL
Nuveen Churchill Direct Lending Corp.
13.47
0.53
4.13%
Noah Holdings Corporate Events
Noah Holdings Details Ongoing ADS Share Repurchases in February 2026 Filing
Feb 2, 2026
Noah Holdings Limited filed a Form 6-K for February 2026 reporting Hong Kong “Next Day Disclosure Returns” that detail ongoing share repurchases conducted on the New York Stock Exchange between December 23, 2025, and January 28, 2026, ...
Noah Holdings Details Ongoing ADS Buybacks With No Change in Issued Share Capital
Jan 30, 2026
Noah Holdings Limited reported in a January 30, 2026 filing that there were no changes to its total issued share capital on the Hong Kong Stock Exchange as of January 28, 2026, with the number of issued ordinary shares remaining at 335,258,287. Ho...
Noah Holdings Details Ongoing NYSE Share Buybacks With Unchanged Issued Share Count in Hong Kong
Jan 29, 2026
On January 29, 2026, Noah Holdings Limited reported to the U.S. SEC that its issued ordinary share count on the Hong Kong Stock Exchange remained unchanged at 335,258,287 shares as of January 27, 2026. The filing detailed an ongoing series of shar...
Noah Holdings Reports Ongoing NYSE Share Buybacks With Share Capital Unchanged as of January 26, 2026
Jan 28, 2026
In a filing dated January 28, 2026, Noah Holdings Limited reported that its total number of issued ordinary shares remained unchanged at 335,258,287 as of January 26, 2026, with no variation in the aggregate issued share capital during the disclos...
Noah Holdings Details Ongoing NYSE ADS Buybacks in January 2026 Disclosure
Jan 26, 2026
Noah Holdings reported in a January 26, 2026 filing that its issued share capital on the Hong Kong Stock Exchange remained unchanged at 335,258,287 ordinary shares as of January 22, 2026, with no treasury shares recorded. However, between December...
Noah Holdings Details NYSE Share Buybacks in January 2026 Disclosure
Jan 23, 2026
On January 22, 2026, Noah Holdings Private Wealth and Asset Management Limited filed a Next Day Disclosure Return in Hong Kong and Noah Holdings Limited furnished a related Form 6-K in the United States, detailing recent repurchases of American de...
Noah Holdings Details Ongoing ADS Share Repurchases Ahead of Cancellation
Jan 22, 2026
In a regulatory filing dated January 22, 2026, Noah Holdings Limited disclosed that its issued share capital on the Hong Kong Stock Exchange remained unchanged at 335,258,287 ordinary shares as of January 20, 2026, but detailed an ongoing series o...
Noah Holdings Details Series of U.S. Share Buybacks Under 2025 Mandate
Jan 20, 2026
Noah Holdings reported that its issued ordinary share count on the Hong Kong Stock Exchange remained unchanged at 335,258,287 shares as of January 15, 2026, but detailed a series of share repurchases for cancellation conducted on the New York Stoc...
Noah Holdings Details Ongoing ADS Buybacks Under 2025 Mandate in January 2026 Filing
Jan 16, 2026
On January 16, 2026, Noah Holdings Limited filed a Form 6-K in the United States disclosing a Hong Kong Stock Exchange Next Day Disclosure Return that detailed recent share repurchase activity by Noah Holdings Private Wealth and Asset Management L...
Noah Holdings Steps Up ADS Buybacks Under 2025 Mandate
Jan 15, 2026
In a filing dated January 15, 2026, Noah Holdings Limited reported that its Hong Kong-listed subsidiary, Noah Holdings Private Wealth and Asset Management Limited, had no change in its total issued ordinary share capital up to January 13, 2026, wh...
Noah Holdings Details Late-2025 and Early-2026 Share Buybacks Under AGM Mandate
Jan 14, 2026
Noah Holdings disclosed that, as of January 12, 2026 (U.S. Eastern Time), it had conducted a series of share repurchases on the New York Stock Exchange under a mandate approved at its June 12, 2025 annual general meeting, involving multiple buybac...
Noah Holdings Details Late-2025 and Early-2026 Share Buybacks With No Immediate Change in Issued Share Count
Jan 13, 2026
In a regulatory filing dated January 12, 2026, Noah Holdings Limited reported that its Hong Kong-listed unit, Noah Holdings Private Wealth and Asset Management Limited, maintained 335,258,287 issued ordinary shares as of January 8, 2026, with no c...
Noah Holdings Details Late-2025 and Early-2026 ADS Buybacks in Latest Disclosure
Jan 9, 2026
On January 9, 2026, Noah Holdings Limited filed a Form 6-K in the United States reporting a Next Day Disclosure Return dated January 8, 2026, detailing recent share repurchase activity for its Hong Kong-listed subsidiary Noah Holdings Private Weal...
Noah Holdings Reports Late-December and Early-January ADS Buybacks Under 2025 Mandate
Jan 8, 2026
On January 8, 2026, Noah Holdings Limited filed a Form 6-K reporting recent share repurchase activity and related disclosure filings with the Hong Kong Stock Exchange. According to the Next Day Disclosure Returns dated January 7, 2026, the company...
Noah Holdings Discloses Additional NYSE Share Buybacks Under Ongoing Repurchase Program
Jan 5, 2026
On January 5, 2026, Noah Holdings Limited filed a Form 6-K in the United States disclosing that its Hong Kong-listed unit, Noah Holdings Private Wealth and Asset Management Limited (stock code 06686), had repurchased additional American depositary...
Noah Holdings Issues New Shares to Settle Client Obligations at Year-End 2025
Jan 2, 2026
On December 31, 2025, Noah Holdings Private Wealth and Asset Management Limited increased its issued share capital by 2,706,880 new ordinary shares, representing about 0.814% of its previously issued share base, taking the total number of issued s...
Noah Holdings Details Late-December NYSE Share Buybacks Under 2025 Mandate
Dec 31, 2025
On December 30, 2025, Noah Holdings reported that its issued share capital remained unchanged at 332,551,407 ordinary shares as of December 29, 2025, while detailing recent share repurchase activity conducted on the New York Stock Exchange under a...
Noah Holdings Executes ADS Share Repurchase on NYSE Under 2025 Mandate
Dec 29, 2025
On December 23, 2025, Noah Holdings Private Wealth and Asset Management Limited repurchased 28,267 American depositary shares, equivalent to 141,335 ordinary shares, on the New York Stock Exchange under a repurchase mandate approved on June 12, 20...
Noah Holdings Grants RSUs to Key Staff to Support Global Expansion Strategy
Dec 22, 2025
On December 20, 2025 (U.S. Eastern Time), Noah Holdings Limited granted 20,000 restricted share units, representing 200,000 shares or about 0.06% of its issued share capital (excluding treasury shares), to two employee participants under its 2022 ...
Noah Holdings Announces November 2025 Share Capital Adjustments
Dec 4, 2025
In November 2025, Noah Holdings Limited reported movements in its share capital, with the total number of issued shares increasing to 331,686,407. The company executed a significant cancellation of 6,762,680 treasury shares on November 21, 2025, w...
Noah Holdings Reports Q3 2025 Financial Results with Increased Net Income
Nov 25, 2025
Noah Holdings Limited announced its unaudited financial results for the third quarter of 2025, reporting a net revenue of RMB632.9 million, a 7.4% decrease from the same period in 2024, mainly due to reduced revenues from insurance product distrib...
Noah Holdings Cancels 6.7 Million Treasury Shares in Strategic Move
Nov 25, 2025
On November 21, 2025, Noah Holdings Limited announced the cancellation of 6,762,680 treasury shares, which were repurchased as American Depositary Shares (ADSs) on the New York Stock Exchange between December 2, 2024, and May 28, 2025. This move i...
Noah Holdings to Announce Q3 2025 Financial Results
Nov 14, 2025
Noah Holdings announced that its board of directors will meet on November 25, 2025, to consider and approve the unaudited financial results for the third quarter of 2025. The results will be published on November 26, 2025, and a conference call wi...
Noah Holdings Reports Stable Share Capital for October 2025
Nov 7, 2025
Noah Holdings Limited submitted a monthly return for October 2025, detailing no changes in its authorized or issued share capital. The report, dated November 7, 2025, confirms compliance with Hong Kong Exchange listing rules and highlights the com...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.