Education
About Us
Working with TipRanks
Follow Us
Noah Holdings (NOAH)
NYSE:NOAH
Top Page
Noah Holdings
(NYSE:NOAH)
Rating:74Outperform
Price Target:
$14.00
â–²(16.67% Upside)
Positive Factors
Operating Profit
Improving operating profit with a recovery of 70% quarter-over-quarter and 56% year-over-year, supported by overseas insurance sales and cost control.
Overseas Revenue
Overseas revenue increased by 35.3% quarter-over-quarter and 28.9% year-over-year, accounting for 54.7% of gross revenue.
Shareholder Returns
Good shareholder return, including a 50% dividend payout and a US$50 million repurchase plan, supports the share price against an uncertain macro environment.
Negative Factors
Client Franchise
Client franchise might face some short-term impact from domestic restructuring, with core client numbers down 0.8% quarter-over-quarter and assets under administration down 2%.
Noah Holdings (NOAH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$821.92M
Dividend Yield9.65%
Average Volume (3M)251.13K
Price to Earnings (P/E)10.4
Beta (1Y)1.05
Revenue Growth-7.74%
EPS Growth-15.34%
CountryUS
Employees1,990
SectorFinancial
Sector Strength73
IndustryAsset Management
Share Statistics
EPS (TTM)0.38
Shares Outstanding67,525,190
10 Day Avg. Volume550,107
30 Day Avg. Volume251,134
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap0.11
Enterprise Value/Revenue0.03
Enterprise Value/Gross Profit0.07
Enterprise Value/Ebitda0.13
Forecast
1Y Price Target
$15.50Price Target Upside29.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
Noah Holdings Business Overview & Revenue Model
Company DescriptionNoah Holdings Limited is a leading wealth management and technology platform in China, focused on providing high-net-worth individuals and institutional clients with comprehensive financial services. The company operates through two main segments: Wealth Management and Asset Management. Its core offerings include investment advisory, fund distribution, and private equity investments, leveraging innovative technology solutions to enhance client experiences and investment outcomes.
How the Company Makes MoneyNoah Holdings generates revenue primarily through fees associated with its wealth management services, including advisory fees, management fees, and performance-based fees from its investment products. The key revenue streams include commissions from the sale of investment products, fees for asset management services, and advisory fees from clients seeking tailored investment solutions. Additionally, strategic partnerships with financial institutions and asset managers enhance its product offerings, contributing to its earnings. The firm also benefits from a growing affluent client base in China, which drives demand for its services.
Noah Holdings Earnings Call Summary
Earnings Call Date:Aug 28, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 25, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted strong financial performance with significant growth in net income and overseas market expansion. However, there were challenges in domestic insurance and asset management, as well as a decline in overseas wealth management revenue.Q2-2025 Updates
Positive Updates
Strong Financial Performance
Net revenues reached RMB 630 million with a 20.2% year-over-year increase in income from operations. Non-GAAP net income surged 78.2% year-over-year to RMB 189 million.
Growth in Overseas Market
Net revenues from overseas reached RMB 297 million, accounting for 47.1% of total net revenue. The overseas AUM grew by 7.4% year-over-year to USD 5.8 billion.
Expansion in Client Base
Added 627 new qualified investors as clients in the first half of 2025. The number of registered overseas clients exceeded 18,900, a year-on-year increase of 13%.
Successful Product Diversification
The transaction value of U.S. dollar-denominated private market products increased by 70.3% year-over-year. Net revenues from overseas insurance and comprehensive services increased by 91% year-over-year.
Negative Updates
Decline in Domestic Insurance Revenue
Net revenues from domestic insurance during the quarter were RMB 716 million, a year-over-year decrease of 38.7%.
Decrease in Domestic Asset Management Revenue
Net revenues from domestic asset management during the quarter were RMB 177 million, down 10.6% due to lower recurring service fees from existing Renminbi-denominated private equity products.
Decline in Overseas Wealth Management
Net revenues from overseas wealth management were RMB 129 million during the quarter, down 14.1% year-on-year due to a decline in revenue contribution from the distribution of insurance products.
Company Guidance
During Noah Holdings' second quarter 2025 earnings call, the company reported strong financial performance with net revenues reaching RMB 630 million, a 2.2% year-over-year increase. Income from operations grew by 20.2% year-over-year, while non-GAAP net income surged 78.2% year-over-year to RMB 189 million. In the first half of 2025, net revenues were RMB 1.2 billion, generating a non-GAAP net income of RMB 358 million. The overseas segment showed substantial growth with net revenues of RMB 297 million, accounting for 47.1% of total net revenue, and U.S. dollar-denominated AUM increased by 7.4% to USD 5.8 billion. The company added 627 new qualified investors, and overseas active clients rose by 12.5% year-over-year. Noah's strategic priorities include expanding their high net worth client base, enhancing global product offerings, and leveraging AI to improve operational efficiency. The company announced a partnership with Coinbase Asset Management to establish a stablecoin yield fund, highlighting their commitment to exploring digital assets.Noah Holdings Financial Statement Overview
Summary
Noah Holdings exhibits strong profitability and a robust balance sheet, with high margins and low debt levels. However, challenges include declining revenue, inconsistent cash flow generation, and a decrease in free cash flow, which could impact future financial stability.Income Statement
Noah Holdings has experienced fluctuations in revenue over the years, with a notable decline in the most recent year. While the company maintains strong gross and net profit margins, the recent revenue decline and inconsistent revenue growth over the past few years present a challenge for future profitability. High margins indicate efficient cost management, but growth sustainability remains a concern.60
Neutral
Balance Sheet
The company exhibits a robust balance sheet with a strong equity base and low debt levels, leading to a favorable debt-to-equity ratio. The high equity ratio indicates financial stability, and the substantial cash position enhances liquidity. Despite these strengths, the declining trend in total assets and equity over the last two years poses potential risks to future growth.75
Positive
Cash Flow
Noah Holdings demonstrates strong cash flow generation, particularly in operating cash flows, although there is a notable decrease in free cash flow in the latest year. The company has managed to maintain a healthy operating cash flow to net income ratio. However, the decline in free cash flow growth and increased financing outflows could impact future cash reserves.65
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.57B | 2.60B | 3.29B | 3.10B | 4.29B | 3.31B |
| Gross Profit | 1.24B | 1.25B | 1.84B | 1.54B | 2.12B | 1.80B |
| EBITDA | 698.41M | 790.57M | 1.26B | 1.24B | 1.35B | 1.36B |
| Net Income | 492.92M | 475.44M | 1.01B | 976.57M | 1.00B | -843.78M |
Balance Sheet | ||||||
| Total Assets | 11.87B | 11.78B | 12.69B | 11.80B | 10.89B | 9.40B |
| Cash, Cash Equivalents and Short-Term Investments | 5.39B | 5.10B | 5.57B | 4.72B | 3.50B | 5.12B |
| Total Debt | 64.07M | 120.61M | 138.36M | 167.53M | 130.96M | 272.21M |
| Total Liabilities | 1.72B | 1.77B | 2.26B | 2.30B | 2.75B | 2.12B |
| Stockholders Equity | 10.09B | 9.95B | 10.31B | 9.41B | 8.14B | 7.28B |
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
Neutral
12.00
Price Trends
12.02
Negative
10.76
Positive
10.37
Positive
Market Momentum
0.03
Positive
47.44
Neutral
30.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NOAH, the sentiment is Neutral. The current price of 12 is below the 20-day moving average (MA) of 12.07, below the 50-day MA of 12.02, and above the 200-day MA of 10.37, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 47.44 is Neutral, neither overbought nor oversold. The STOCH value of 30.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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
Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $636.24M | 20.86 | 10.03% | 6.15% | 53.35% | -24.09% | |
80 Outperform | $1.14B | 7.28 | 17.31% | 12.59% | 31.43% | 30.85% | |
74 Outperform | $821.92M | 10.42 | 5.89% | 9.65% | -7.74% | -15.34% | |
68 Neutral | $17.85B | 11.54 | 9.95% | 3.76% | 9.70% | 1.08% |
* Financial Sector Average
Performance Comparison
NOAH
Noah Holdings
11.90
3.92
49.12%
VINP
Vinci Partners Investments
9.92
0.62
6.67%
TRIN
Trinity Capital
16.11
4.09
34.03%
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.