Comprehensive Stock Comparison
Compare Nomura Holdings, Inc. (NMR) vs The Goldman Sachs Group, Inc. (GS) vs Morgan Stanley (MS) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | GS | 17.0% revenue growth vs NMR's 13.4% |
| Value | NMR | Lower P/E (11.3x vs 14.8x), PEG 1.04 vs 1.66 |
| Quality / Margins | MS | 13.0% net margin vs NMR's 7.6% |
| Stability / Safety | NMR | Beta 1.19 vs GS's 1.36 |
| Dividends | NMR | 2.6% yield, 2-year raise streak, vs GS's 1.6% |
| Momentum (1Y) | NMR | +45.9% vs MS's +28.0% |
| Efficiency (ROA) | MS | 1.2% ROA vs NMR's 0.6%, ROIC 2.9% vs 1.0% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Nomura Holdings is a Japanese financial services conglomerate that operates as a full-service investment bank and securities firm. It generates revenue primarily through its Wholesale segment — investment banking, trading, and securities underwriting — which contributes roughly 60-70% of total revenue, supplemented by Retail brokerage and Investment Management services. The company's key advantage is its dominant position in Japan's domestic capital markets and its extensive Asian franchise, which provides deep client relationships and local market expertise.
Goldman Sachs is a global investment bank and financial services firm that provides investment banking, securities, and investment management services to corporations, governments, and high-net-worth individuals. It generates revenue primarily through investment banking fees (20-25%), trading and market-making in its Global Markets segment (40-45%), and asset management fees from its wealth and investment management divisions (30-35%). The firm's key competitive advantage lies in its elite brand reputation, deep client relationships with the world's largest corporations and governments, and its sophisticated risk management capabilities honed over decades.
Morgan Stanley is a global investment bank and wealth management firm that provides financial services to institutions, corporations, and individuals. It generates revenue primarily through investment banking fees (~30%), wealth management fees (~40%), and trading & sales activities (~25%), with the remainder from investment management. The company's competitive advantage lies in its elite brand reputation, global institutional relationships, and integrated platform that connects investment banking with wealth management.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 3 stocks. BestLagging
Financial Scorecard
MS leads in 2 of 6 categories (Financial Metrics, Profitability & Efficiency). NMR leads in 2 (Valuation Metrics, Risk & Volatility). 1 tied.
Financial Metrics (TTM)
NMR is the larger business by revenue, generating $4.51T annually — 43.7x MS's $103.1B. MS is the more profitable business, keeping 13.0% of every revenue dollar as net income compared to NMR's 7.6%.
| Metric | NMRNomura Holdings, … | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| RevenueTrailing 12 months | $4.51T | $126.9B | $103.1B |
| EBITDAEarnings before interest/tax | $533.0B | $23.4B | $26.3B |
| Net IncomeAfter-tax profit | $370.1B | $16.7B | $16.2B |
| Free Cash FlowCash after capex | $0 | $15.8B | -$6.7B |
| Gross MarginGross profit ÷ Revenue | +36.9% | +41.1% | +55.6% |
| Operating MarginEBIT ÷ Revenue | +10.5% | +14.5% | +17.1% |
| Net MarginNet income ÷ Revenue | +7.6% | +11.3% | +13.0% |
| FCF MarginFCF ÷ Revenue | -19.3% | -12.1% | -2.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -5.5% | +45.8% | +48.9% |
Valuation Metrics
At 12.7x trailing earnings, NMR trades at a 40% valuation discount to GS's 21.2x P/E. Adjusting for growth (PEG ratio), NMR offers better value at 1.16x vs MS's 2.35x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | NMRNomura Holdings, … | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| Market CapShares × price | $26.6B | $267.0B | $264.9B |
| Enterprise ValueMkt cap + debt − cash | $192.1B | $701.9B | $549.6B |
| Trailing P/EPrice ÷ TTM EPS | 12.66x | 21.20x | 20.94x |
| Forward P/EPrice ÷ next-FY EPS est. | 11.35x | 14.73x | 14.79x |
| PEG RatioP/E ÷ EPS growth rate | 1.16x | 1.51x | 2.35x |
| EV / EBITDAEnterprise value multiple | 56.19x | 33.76x | 24.15x |
| Price / SalesMarket cap ÷ Revenue | 0.92x | 2.10x | 2.57x |
| Price / BookPrice ÷ Book value/share | 1.20x | 2.35x | 2.54x |
| Price / FCFMarket cap ÷ FCF | — | — | — |
Profitability & Efficiency
MS delivers a 14.6% return on equity — every $100 of shareholder capital generates $15 in annual profit, vs $10 for NMR. MS carries lower financial leverage with a 3.42x debt-to-equity ratio, signaling a more conservative balance sheet compared to NMR's 8.75x. On the Piotroski fundamental quality scale (0–9), NMR scores 7/9 vs GS's 4/9, reflecting strong financial health.
| Metric | NMRNomura Holdings, … | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| ROE (TTM)Return on equity | +10.3% | +12.6% | +14.6% |
| ROA (TTM)Return on assets | +0.6% | +0.9% | +1.2% |
| ROICReturn on invested capital | +1.0% | +1.9% | +2.9% |
| ROCEReturn on capital employed | +2.1% | +3.6% | +3.8% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 4 | 5 |
| Debt / EquityFinancial leverage | 8.75x | 5.06x | 3.42x |
| Net DebtTotal debt minus cash | $25.83T | $434.8B | $284.7B |
| Cash & Equiv.Liquid assets | $5.51T | $182.1B | $75.7B |
| Total DebtShort + long-term debt | $31.35T | $616.9B | $360.5B |
| Interest CoverageEBIT ÷ Interest expense | 0.20x | 0.31x | 0.44x |
Total Returns (with DRIP)
A $10,000 investment in GS five years ago would be worth $27,615 today (with dividends reinvested), compared to $16,957 for NMR. Over the past 12 months, NMR leads with a +45.9% total return vs MS's +28.0%. The 3-year compound annual growth rate (CAGR) favors GS at 36.6% vs MS's 22.5% — a key indicator of consistent wealth creation.
| Metric | NMRNomura Holdings, … | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| YTD ReturnYear-to-date | +6.5% | -6.0% | -7.9% |
| 1-Year ReturnPast 12 months | +45.9% | +40.4% | +28.0% |
| 3-Year ReturnCumulative with dividends | +137.6% | +154.7% | +83.8% |
| 5-Year ReturnCumulative with dividends | +69.6% | +176.1% | +131.0% |
| 10-Year ReturnCumulative with dividends | +160.8% | +521.2% | +662.8% |
| CAGR (3Y)Annualised 3-year return | +33.4% | +36.6% | +22.5% |
Risk & Volatility
NMR is the less volatile stock with a 1.19 beta — it tends to amplify market swings less than GS's 1.36 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. NMR currently trades 93.9% from its 52-week high vs MS's 86.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | NMRNomura Holdings, … | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.19x | 1.36x | 1.35x |
| 52-Week HighHighest price in past year | $9.58 | $984.70 | $192.68 |
| 52-Week LowLowest price in past year | $4.86 | $439.38 | $94.33 |
| % of 52W HighCurrent price vs 52-week peak | +93.9% | +87.3% | +86.4% |
| RSI (14)Momentum oscillator 0–100 | 53.1 | 52.2 | 51.2 |
| Avg Volume (50D)Average daily shares traded | 1.1M | 2.0M | 5.8M |
Analyst Outlook
Analyst consensus: NMR as "Hold", GS as "Hold", MS as "Buy". Consensus price targets imply 17.7% upside for MS (target: $196) vs -35.7% for NMR (target: $6). For income investors, NMR offers the higher dividend yield at 2.61% vs GS's 1.57%.
| Metric | NMRNomura Holdings, … | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold | Buy |
| Price TargetConsensus 12-month target | $5.79 | $933.67 | $196.00 |
| # AnalystsCovering analysts | 9 | 54 | 50 |
| Dividend YieldAnnual dividend ÷ price | +2.6% | +1.6% | +2.3% |
| Dividend StreakConsecutive years of raises | 2 | 12 | 11 |
| Dividend / ShareAnnual DPS | $36.70 | $13.48 | $3.81 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.4% | +3.8% | +1.6% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Nomura Holdings, In… (NMR) | 100 | 188.21 | +88.2% |
| The Goldman Sachs G… (GS) | 100 | 451.77 | +351.8% |
| Morgan Stanley (MS) | 100 | 398.24 | +298.2% |
The Goldman Sachs G… (GS) returned +176% over 5 years vs Nomura Holdings, In… (NMR)'s +70%. A $10,000 investment in GS 5 years ago would be worth $27,615 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Nomura Holdings, In… (NMR) | $1.6T | $4.5T | +187.9% |
| The Goldman Sachs G… (GS) | $37.9B | $126.9B | +234.8% |
| Morgan Stanley (MS) | $36.0B | $103.1B | +186.3% |
Nomura Holdings, Inc.'s revenue grew from $1.6T (2016) to $4.5T (2025) — a 12.5% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Nomura Holdings, In… (NMR) | 8.4% | 7.6% | -10.0% |
| The Goldman Sachs G… (GS) | 19.5% | 11.3% | -42.4% |
| Morgan Stanley (MS) | 16.6% | 13.0% | -21.8% |
Nomura Holdings, Inc.'s net margin went from 8% (2016) to 8% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Nomura Holdings, In… (NMR) | 0.1 | 0.1 | +0.0% |
| The Goldman Sachs G… (GS) | 28.3 | 14.1 | -50.2% |
| Morgan Stanley (MS) | 17 | 15.8 | -7.1% |
Nomura Holdings, Inc. has traded in a 0x–0x P/E range over 8 years; current trailing P/E is ~13x. The Goldman Sachs Group, Inc. has traded in a 6x–28x P/E range over 8 years; current trailing P/E is ~21x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Nomura Holdings, In… (NMR) | 35.52 | 111.03 | +212.6% |
| The Goldman Sachs G… (GS) | 17 | 40.54 | +138.5% |
| Morgan Stanley (MS) | 2.92 | 7.95 | +172.3% |
Nomura Holdings, Inc.'s EPS grew from $35.52 (2016) to $111.03 (2025) — a 14% CAGR.
Chart 6Free Cash Flow — 5 Years
Nomura Holdings, Inc. generated $-869B FCF in 2025 (-259% vs 2021). The Goldman Sachs Group, Inc. generated $-15B FCF in 2024 (-1038% vs 2021).
NMR vs GS vs MS: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is NMR or GS or MS a better buy right now?
Nomura Holdings, Inc. (NMR) offers the better valuation at 12.7x trailing P/E (11.3x forward), making it the more compelling value choice. Analysts rate Morgan Stanley (MS) a "Buy" — based on 50 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — NMR or GS or MS?
On trailing P/E, Nomura Holdings, Inc. (NMR) is the cheapest at 12.7x versus The Goldman Sachs Group, Inc. at 21.2x. On forward P/E, Nomura Holdings, Inc. is actually cheaper at 11.3x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Nomura Holdings, Inc. wins at 1.04x versus Morgan Stanley's 1.66x — a reasonable growth-adjusted valuation.
03Which is the better long-term investment — NMR or GS or MS?
Over the past 5 years, The Goldman Sachs Group, Inc. (GS) delivered a total return of +176.1%, compared to +69.6% for Nomura Holdings, Inc. (NMR). A $10,000 investment in GS five years ago would be worth approximately $28K today (assuming dividends reinvested). Over 10 years, the gap is even starker: MS returned +662.8% versus NMR's +160.8%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — NMR or GS or MS?
By beta (market sensitivity over 5 years), Nomura Holdings, Inc. (NMR) is the lower-risk stock at 1.19β versus The Goldman Sachs Group, Inc.'s 1.36β — meaning GS is approximately 14% more volatile than NMR relative to the S&P 500. On balance sheet safety, Morgan Stanley (MS) carries a lower debt/equity ratio of 3% versus 9% for Nomura Holdings, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — NMR or GS or MS?
Morgan Stanley (MS) is the more profitable company, earning 13.0% net margin versus 7.6% for Nomura Holdings, Inc. — meaning it keeps 13.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: MS leads at 17.1% versus 10.5% for NMR. At the gross margin level — before operating expenses — MS leads at 55.6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is NMR or GS or MS more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Nomura Holdings, Inc. (NMR) is the more undervalued stock at a PEG of 1.04x versus Morgan Stanley's 1.66x. A PEG below 1.5 suggests fair-to-attractive pricing relative to expected growth. On forward earnings alone, Nomura Holdings, Inc. (NMR) trades at 11.3x forward P/E versus 14.8x for Morgan Stanley — 3.4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for MS: 17.7% to $196.00.
07Which pays a better dividend — NMR or GS or MS?
All stocks in this comparison pay dividends. Nomura Holdings, Inc. (NMR) offers the highest yield at 2.6%, versus 1.6% for The Goldman Sachs Group, Inc. (GS).
08Is NMR or GS or MS better for a retirement portfolio?
For long-horizon retirement investors, Morgan Stanley (MS) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (2.3% yield, +662.8% 10Y return). Both have compounded well over 10 years (MS: +662.8%, NMR: +160.8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between NMR and GS and MS?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: NMR is a mid-cap deep-value stock; GS is a large-cap quality compounder stock; MS is a large-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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