NMR vs GS vs MS vs JPM

For growth investors, The Goldman Sachs Group, Inc.

(GS) is the stronger pick with 17. 0% revenue growth year-over-year, versus 5. 6% for Nomura Holdings, Inc. (NMR). Nomura Holdings, Inc. (NMR) offers the better valuation at 10. 4x trailing P/E (9. 7x forward), making it the more compelling value choice. Analysts rate Morgan Stanley (MS) a "Buy" — based on 52 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.

On trailing P/E, Nomura Holdings, Inc.

(NMR) is the cheapest at 10. 4x versus Morgan Stanley at 23. 9x. On forward P/E, Nomura Holdings, Inc. is actually cheaper at 9. 7x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Nomura Holdings, Inc. wins at 0. 49x versus Morgan Stanley's 1. 80x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.

Over the past 5 years, The Goldman Sachs Group, Inc.

(GS) delivered a total return of +164. 4%, compared to +68. 5% for Nomura Holdings, Inc. (NMR). Over 10 years, the gap is even starker: MS returned +732. 3% versus NMR's +141. 5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), JPMorgan Chase & Co.

(JPM) is the lower-risk stock at 1. 00β versus The Goldman Sachs Group, Inc. 's 1. 47β — meaning GS is approximately 46% more volatile than JPM relative to the S&P 500. On balance sheet safety, JPMorgan Chase & Co. (JPM) carries a lower debt/equity ratio of 2% versus 5% for The Goldman Sachs Group, Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), The Goldman Sachs Group, Inc.

(GS) is pulling ahead at 17. 0% versus 5. 6% for Nomura Holdings, Inc. (NMR). On earnings-per-share growth, the picture is similar: The Goldman Sachs Group, Inc. grew EPS 77. 3% year-over-year, compared to 7. 2% for Nomura Holdings, Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

JPMorgan Chase & Co.

(JPM) is the more profitable company, earning 21. 6% net margin versus 7. 6% for Nomura Holdings, Inc. — meaning it keeps 21. 6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: JPM leads at 27. 7% versus 11. 3% for NMR. At the gross margin level — before operating expenses — JPM leads at 58. 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.

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 0. 49x versus Morgan Stanley's 1. 80x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Nomura Holdings, Inc. (NMR) trades at 9. 7x forward P/E versus 16. 0x for Morgan Stanley — 6. 3x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for JPM: 10. 6% to $338. 78.

All stocks in this comparison pay dividends.

Nomura Holdings, Inc. (NMR) offers the highest yield at 4. 8%, versus 1. 5% for The Goldman Sachs Group, Inc. (GS).

For long-horizon retirement investors, JPMorgan Chase & Co.

(JPM) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1. 00), 1. 7% yield, +461. 3% 10Y return). Both have compounded well over 10 years (JPM: +461. 3%, NMR: +141. 5%), 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.

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 high-growth stock; MS is a large-cap high-growth stock; JPM is a large-cap deep-value 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.