Nomura's earnings are increasingly driven by non-interest income, which contributed over 30% of revenue and reached 41.6% in 2026Q1, offsetting extreme NII volatility (NII swung from -¥2.7T in 2026Q4 to ¥36.3B in 2026Q3).
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue is heavily reliant on non-interest income (fee income at 41.6% in 2026Q1), while NIM hovered near zero and turned negative at -4.2% in 2026Q4, with efficiency ratio improving to 45.3%.
Nomura achieved a record annual profit for the second consecutive year in fiscal year 2026, with net income rising 6.3% to ¥362.1 billion and net revenue increasing by 14.5%. The company also met its 2030 Vision strategy target with a return on equity (ROE) of 10.1%.
The establishment of a new Trust Banking division is expected to improve income predictability by increasing recurring revenue streams. Furthermore, the acquisition of Macquarie's US asset management arm is set to significantly expand Assets Under Management (AUM), potentially boosting long-term ROE.
Nomura's Price-to-Earnings (P/E) ratio of approximately 9.8x is considered good value when compared to its peers (average 20.9x) and the US Capital Markets industry average (42x). Its P/E ratio is also lower than its estimated fair P/E ratio of 13.1x.
Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 28, 2026 | $0.22+10.0% vs $0.20 | $3.8B-6.5% vs $4.1B |
Q3 2026 Jul 29, 2026 | $0.30+30.4% vs $0.23 | $4.3B+23.3% vs $3.5B |
Q2 2026 Apr 24, 2026 | $0.16-23.8% vs $0.21 | $3.6B+7.5% vs $3.4B |
Q1 2026 Jan 30, 2026 | $0.18-25.0% vs $0.24 | $3.5B+6.9% vs $3.3B |
Nomura's record Wealth Management recurring revenues and rising bond demand bolster growth, while Wholesale costs remain a hurdle to its profitability goals.
Nomura Holdings delivered a 14% YoY EPS increase, driven by strong Wealth Management and Investment Banking performances, beating sell-side forecasts by 12%. NMR's ROE surged to 13.3% in H1FY27, outpacing its FY31 target of 10%-12%, reflecting higher recurring revenues, good cost control, and disciplined capital allocation. The stock trades at 1.13x P/B, implying a 42% upside to a target of 1.6x based on the Gordon Growth Model.
Nomura Holdings, Inc. (NMR) Q2 2027 Earnings Call Transcript
NMR's Q2 earnings are expected to decline 9.1% y/y despite healthy equity trading, wealth management inflows and higher investment management fees.
Benchmark NMR against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Nomura Holdings, Inc. (NMR)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $9.42 | $27.53B | 10.78 | 30.4% | 16.97% | 10.64% | 3.96% | |
| $181.44 | $286.18B | 13.84 | 14.48% | 25.97% | 17.7% | 2.28% | |
| $865.82 | $260.7B | 11.76 | 8.92% | 31.81% | 17.9% | 1.92% | |
| $47.78 | $156.61B | 15.67 | 13.72% | 18.31% | 10.67% | 1.44% | |
| $34.84 | $65.47B | 9.43 | 6.86% | 22.07% | 9.31% | — | |
| $20.97 | $236.48B | 13.96 | 9.98% | 33.77% | 11.58% | 2.24% |
Nomura Holdings, Inc. (NMR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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Nomura Holdings, Inc. (NMR) stock FAQ — growth, dividends, profitability & financials explained
Nomura Holdings, Inc. (NMR) grew revenue by 38.9% over the trailing twelve months, compared with the twelve months before.
Yes. Nomura Holdings, Inc. (NMR) earned $414.77B in net income over the trailing twelve months (a 17.0% net margin).
Yes. Nomura Holdings, Inc. (NMR) pays a dividend that yields 3.96% at the current price, a moderate yield.
Nomura Holdings, Inc. (NMR) had a return on equity (ROE) of 10.6% over the trailing twelve months. That is in line with the market's typical 10-15%.
Nomura Holdings, Inc. (NMR) has a net interest margin (NIM) of 0.1%. NIM has been under pressure due to interest rate environment.
Nomura Holdings, Inc. (NMR) has an efficiency ratio of 75.1%. This is higher than peers, suggesting room for cost optimization.
