The firm's capital structure is characterized by high leverage, with a debt-to-equity ratio consistently above 8.5x and total debt reaching ¥31.8T as of 2026Q2.
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 |
|---|
| Total Current Assets | 39.55T | 59.08T | 7.18T | 6.86T | 6.04T | 20.51T | 5.43T | 6.16T | 25T | 23.93T | 4.29T | 5.29T | 3.6T | 3.44T | 2.71T | 2.88T | 3.11T | 2.11T | 2.55T | 1.84T | 601.67B | 2.21T | 1.72T | 14.3T | 10.27T | 7.82T | 1.21T | 1.31T |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 52.28T | 0 | 0 | 0 | 426.52B | 0 | 0 | 20.4T | 19.31T | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 129.72B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 20.82T | 3.56T | 49.62T | 48.29T | 41.73T | 22.9T | 37.08T | 37.84T | 15.97T | 16.66T | 38.56T | 35.8T | 38.19T | 40.08T | 35.23T | 32.82T | 33.59T | 15.74T | 22.29T | 23.4T | 321.19B | 32.81T | 32.79T | 15.48T | 10.89T | 9.97T | 15.94T | 13.3T |
| Property, Plant & Equipment | 442.28B | 543.85B | 436.45B | 448.79B | 464.32B | 419.05B | 464.45B | 440.51B | 349.37B | 338.98B | 349.7B | 355.51B | 401.07B | 408.92B | 428.24B | 1.05T | 392.04B | 357.19B | 357.26B | 389.15B | 423.21B | 330.98B | 300.68B | 200.79B | 184.75B | 171.05B | 992.28B | 576.22B |
| Fixed Asset Turnover | 9.90x | 8.75x | 10.33x | 8.85x | 4.95x | 3.28x | 3.04x | 3.94x | 4.94x | 5.22x | 4.54x | 4.40x | 4.31x | 4.21x | 4.64x | 1.68x | 3.30x | 3.77x | 2.01x | 3.90x | 4.90x | 5.43x | 3.75x | 5.48x | 4.55x | 10.69x | 0.52x | 0.73x |
| Goodwill | 0 | 0 | 17.2B | 19.26B | 17.64B | 14.41B | 13.14B | 472M | 474M | 78.52B | 80.41B | 80.76B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 75.97B | 0 | 56.15B | 19.13B | 18.56B | 15.6B | 15.89B | 17.31B | 19.32B | 20.93B | 24.41B | 29.77B | 123.49B | 115.14B | 115.66B | 160.23B | 0 | 0 | 0 | 0 | 2.73B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | -34.42T | 1.42T | 7.56T | 6.78T | 5.19T | 4.79T | 4.14T | 3.97T | 10.4T | 10.74T | 3.49T | 3.17T | 3.16T | 3.01T | 3.12T | 2.75T | 2.52T | 15.38T | 1.45T | 1.5T | 13.31T | 10.01T | 14.91T | 6.07T | 6.34T | 6.16T | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 60.37T | 62.65T | 56.8T | 55.15T | 47.77T | 43.41T | 42.52T | 44T | 40.97T | 40.59T | 42.85T | 41.09T | 41.78T | 43.52T | 37.94T | 35.7T | 36.69T | 32.23T | 24.84T | 25.24T | 35.95T | 35.02T | 34.51T | 29.77T | 21.15T | 17.79T | 17.15T | 14.61T |
| Asset Turnover | 0.07x | 0.08x | 0.08x | 0.07x | 0.05x | 0.03x | 0.03x | 0.04x | 0.04x | 0.04x | 0.04x | 0.04x | 0.04x | 0.04x | 0.05x | 0.05x | 0.04x | 0.04x | 0.03x | 0.06x | 0.06x | 0.05x | 0.03x | 0.04x | 0.04x | 0.10x | 0.03x | 0.03x |
| Asset Growth % | 15.87% | 10.29% | 3% | 15.44% | 10.04% | 2.11% | -3.37% | 7.4% | 0.93% | -5.28% | 4.29% | -1.66% | -3.99% | 14.7% | 6.29% | -2.71% | 13.85% | 29.76% | -1.58% | -29.81% | 2.66% | 1.5% | 15.89% | 40.76% | 18.92% | 3.73% | 17.35% | - |
| Total Current Liabilities | 36.13T | 41.43T | 33.82T | 33.08T | 29.76T | 28.69T | 27.42T | 29.52T | 27.12T | 26.48T | 28.43T | 25.66T | 25.31T | 27.59T | 23.63T | 20.66T | 10.67T | 18.19T | 11.38T | 10.56T | 22.16T | 28.07T | 28.06T | 24.77T | 13.26T | 11.2T | 4.87T | 5.48T |
| Accounts Payable | 2.05T | 1.6T | 1.38T | 1.31T | 1.36T | 1.52T | 1.45T | 1.47T | 1.23T | 1.18T | 1.07T | 688.2B | 723.84B | 492.52B | 476.7B | 764.86B | 0 | 0 | 0 | 0 | 0 | 868.41B | 634.07B | 15.92T | 11.51T | 9.17T | 812.88B | 721.6B |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 16.85T | 1.75T | 17.41T | 17.93T | 15.23T | 13.62T | 14.73T | 17.84T | 15.88T | 15.5T | 17.64T | 14.86T | 12.88T | 14.54T | 13.18T | 11.11T | 1.17T | 9.38T | 6.18T | 5.73T | 21.74T | 26.83T | 27.09T | 8.59T | 1.5T | 1.69T | 1.15T | 1.15T |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 16.71T | 34.65T | 14.48T | 13.25T | 12.7T | 11.41T | 10.82T | 9.82T | 9.61T | 9.35T | 9.32T | 9.72T | 11.26T | 12.16T | 9.56T | 8.4T | 9.5T | 8.81T | 5.19T | 4.83T | 419.2B | 372.88B | 330.38B | 255.84B | 256B | 339.45B | 2.86T | 3.07T |
| Current Ratio | 1.09x | 1.43x | 0.21x | 0.21x | 0.20x | 0.71x | 0.20x | 0.21x | 0.92x | 0.90x | 0.15x | 0.21x | 0.14x | 0.12x | 0.11x | 0.14x | 0.29x | 0.12x | 0.22x | 0.17x | 0.03x | 0.08x | 0.06x | 0.58x | 0.77x | 0.70x | 0.25x | 0.24x |
| Quick Ratio | 1.09x | 1.43x | 0.21x | 0.21x | 0.20x | 0.71x | 0.20x | 0.21x | 0.92x | 0.90x | 0.15x | 0.21x | 0.14x | 0.12x | 0.11x | 0.14x | 0.29x | 0.12x | 0.22x | 0.17x | 0.03x | 0.08x | 0.06x | 0.58x | 0.77x | 0.70x | 0.25x | 0.24x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 20.63T | 17.36T | 19.4T | 18.62T | 14.79T | 11.75T | 12.34T | 11.75T | 11.17T | 11.06T | 11.58T | 12.69T | 13.72T | 13.38T | 12T | 12.65T | 23.93T | 11.91T | 11.91T | 12.69T | 11.6T | 4.89T | 4.58T | 3.22T | 6.25T | 4.97T | 10.84T | 7.72T |
| Long-Term Debt | 14.78T | 15.54T | 13.77T | 12.85T | 10.73T | 9.65T | 8.37T | 8.49T | 8.33T | 7.8T | 7.53T | 8.61T | 9T | 9.04T | 8.4T | 9.4T | 8.4T | 7.2T | 5.48T | 5.22T | 5.01T | 3.6T | 2.83T | 2.39T | 1.95T | 1.76T | 1.49T | 1.63T |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 56.76T | 58.79T | 53.22T | 51.7T | 44.55T | 40.44T | 39.76T | 41.27T | 38.29T | 37.79T | 40.01T | 38.35T | 39.04T | 40.97T | 35.62T | 33.31T | 34.6T | 30.1T | 23.29T | 23.25T | 33.76T | 32.96T | 32.64T | 27.99T | 19.51T | 16.18T | 15.71T | 13.2T |
| Total Debt | 31.79T | 17.3T | 31.35T | 30.96T | 26.15T | 23.48T | 23.3T | 26.52T | 24.21T | 23.3T | 25.17T | 23.46T | 21.88T | 23.58T | 21.58T | 20.51T | 9.57T | 16.58T | 11.67T | 10.95T | 26.75T | 30.43T | 29.92T | 10.98T | 3.45T | 3.45T | 2.64T | 2.77T |
| Net Debt | 24.96T | 13T | 25.83T | 25.81T | 21.63T | 19.41T | 19.14T | 22.65T | 20.95T | 20.34T | 22.2T | 19.56T | 19.79T | 21.39T | 19.93T | 18.56T | 7.42T | 15.23T | 10.24T | 9.52T | 25.7T | 28.88T | 28.92T | 10.05T | 2.5T | 2.71T | 1.81T | 1.7T |
| Debt / Equity | 8.81x | 4.49x | 8.75x | 8.98x | 8.11x | 7.90x | 8.45x | 9.71x | 9.03x | 8.32x | 8.85x | 8.55x | 7.97x | 9.24x | 9.31x | 8.58x | 4.58x | 7.77x | 7.52x | 5.51x | 12.21x | 14.75x | 16.01x | 6.14x | 2.10x | 2.15x | 1.84x | 1.96x |
| Debt / EBITDA | 59.65x | 28.45x | 58.74x | 92.37x | 124.01x | 82.05x | 79.12x | 85.05x | 1197.27x | 58.28x | 63.93x | 95.93x | 51.41x | 53.46x | 65.55x | 110.55x | 56.68x | 92.97x | - | - | 71.72x | 62.19x | 123.15x | 34.67x | 43.85x | 14.40x | 12.98x | 6.28x |
| Net Debt / EBITDA | 46.83x | 21.38x | 48.41x | 76.99x | 102.57x | 67.85x | 64.98x | 72.62x | 1035.97x | 50.88x | 56.39x | 79.99x | 46.49x | 48.50x | 60.53x | 100.02x | 43.94x | 85.38x | - | - | 68.89x | 59.01x | 119.01x | 31.73x | 31.71x | 11.32x | 8.91x | 3.85x |
| Interest Coverage | 0.20x | 0.21x | 0.17x | 0.11x | 0.13x | 0.98x | 1.07x | 0.37x | -0.05x | 0.69x | 1.03x | 0.50x | 1.06x | 1.32x | 0.89x | 0.27x | 0.37x | 0.51x | -2.22x | -0.08x | 0.34x | 0.69x | 0.63x | 0.95x | 0.17x | 0.34x | 0.28x | 0.85x |
| Total Equity | 3.61T | 3.85T | 3.58T | 3.45T | 3.22T | 2.97T | 2.76T | 2.73T | 2.68T | 2.8T | 2.84T | 2.74T | 2.74T | 2.55T | 2.32T | 2.39T | 2.09T | 2.13T | 1.55T | 1.99T | 2.19T | 2.06T | 1.87T | 1.79T | 1.64T | 1.61T | 1.44T | 1.41T |
| Equity Growth % | 20.17% | 7.65% | 3.84% | 6.96% | 8.45% | 7.85% | 0.92% | 1.88% | -4.25% | -1.55% | 3.67% | -0.07% | 7.51% | 10.1% | -2.94% | 14.22% | -1.94% | 37.48% | -21.96% | -9.25% | 6.19% | 10.37% | 4.61% | 8.89% | 2.09% | 11.9% | 1.8% | - |
| Book Value per Share | 1194.94 | 1266.67 | 1167.80 | 1096.67 | 1035.27 | 941.15 | 875.80 | 833.59 | 797.96 | 790.11 | 779.61 | 741.28 | 733.22 | 667.25 | 613.92 | 649.20 | 574.20 | 679.43 | 802.18 | 1042.37 | 1146.33 | 1076.39 | 962.30 | 922.35 | 834.42 | 817.36 | 731.85 | 715.16 |
| Total Shareholders' Equity | 3.49T | 3.71T | 3.47T | 3.35T | 3.15T | 2.91T | 2.69T | 2.65T | 2.63T | 2.75T | 2.79T | 2.7T | 2.71T | 2.51T | 2.29T | 2.11T | 2.08T | 2.13T | 1.54T | 1.99T | 2.19T | 2.06T | 1.87T | 1.79T | 1.64T | 1.61T | 1.44T | 1.41T |
| Common Stock | 594.49B | 594.49B | 594.49B | 594.49B | 594.49B | 594.49B | 594.49B | 594.49B | 594.49B | 594.49B | 594.49B | 594.49B | 594.49B | 594.49B | 594.49B | 594.49B | 0 | 594.49B | 321.76B | 182.8B | 0 | 0 | 182.83B | 182.96B | 182.62B | 183.15B | 182.8B | 182.8B |
| Retained Earnings | 1.98T | 2.01T | 1.87T | 1.71T | 1.65T | 1.61T | 1.53T | 1.65T | 1.49T | 1.7T | 1.66T | 1.52T | 1.44T | 1.29T | 1.14T | 1.06T | 1.07T | 1.07T | 1.04T | 1.78T | 1.92T | 1.82T | 1.61T | 1.55T | 1.41T | 1.32T | 1.18T | 1.15T |
| Treasury Stock | -171.49B | -155.09B | -143.68B | -118.8B | -118.57B | -112.36B | -91.25B | -243.6B | -108.97B | -157.99B | -182.79B | -148.52B | -151.81B | -72.09B | -70.51B | -99.82B | -97.69B | -68.47B | -76.9B | -80.58B | -80.12B | -82.74B | -33.78B | -32.84B | -34.92B | -398.73M | -58M | -10.34B |
| Accumulated OCI | 404.4B | 548.22B | 447.81B | 459.98B | 318.45B | 127.97B | -38.14B | -26.11B | -29.05B | -59.36B | 33.65B | 44.98B | 143.74B | 20.64B | -57.4B | -145.15B | -129.7B | -109.13B | -118.44B | -71.11B | 6.6B | -15.3B | -42.79B | -68.7B | -63.82B | -44.66B | -70.1B | -63.79B |
| Minority Interest | 123.38B | 147.05B | 110.12B | 98.32B | 75.58B | 58.2B | 61.51B | 77.8B | 49.73B | 50.5B | 53.88B | 42.78B | 37.17B | 39.53B | 24.61B | 281.9B | 8.88B | 6.08B | 12.15B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Leverage and Liquidity
According to the provided quarterly data, Nomura's total assets have fluctuated between ¥52.5T and ¥60.5T over the last ten quarters, reflecting a lack of consistent balance sheet expansion that suggests the firm's underlying business trajectory remains highly sensitive to cyclical market conditions and trading book adjustments.
The oscillation in total assets indicates that the firm's footprint is driven more by market-making activities than by organic growth in its core wealth management franchise. Investors should monitor whether this volatility persists as the firm attempts to pivot toward a more stable, fee-based revenue model.
As reported in financial statements, Nomura maintains a debt-to-equity ratio consistently above 8.5x, with total debt reaching ¥31.8T in 2026Q2, a level that underscores the firm's reliance on wholesale funding to support its capital-intensive trading operations and global infrastructure requirements.
This high leverage profile suggests that the firm has limited room for balance sheet expansion without risking its regulatory capital buffers. The persistent reliance on debt financing warrants further investigation into the durability of its net interest margins during periods of shifting monetary policy.
Based on reported figures, Nomura's current ratio has swung dramatically from a low of 0.17 in 2025Q1 to a peak of 1.39 in 2026Q1, indicating that the firm's short-term liquidity position is subject to extreme variability tied to its trading asset and liability management.
Such wide swings in liquidity metrics suggest that the firm's ability to meet short-term obligations is highly dependent on the immediate liquidity of its trading book. This volatility may indicate that the firm is susceptible to sudden funding shocks if market conditions deteriorate rapidly.
Data from the last ten quarters reveals that Nomura's goodwill and intangible assets have fluctuated significantly, dropping to zero in several periods before reappearing, which suggests that the firm's reported equity base may be subject to periodic, non-operational adjustments that obscure underlying asset quality.
The intermittent reporting of goodwill warrants caution, as it may indicate periodic impairment charges or accounting reclassifications that mask the true economic value of past acquisitions. Investors should interpret these fluctuations as a potential signal of ongoing challenges in integrating and maintaining the value of international business units.
Quick answers to the most common questions about buying NMR stock.
As of 2026, Nomura Holdings, Inc. (NMR) had total assets of $62.65T including $59.08T in current assets.
Nomura Holdings, Inc. (NMR) carries total debt of $17.30T. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Nomura Holdings, Inc. (NMR) has total shareholders' equity (book value) of $3.71T ($1266.67 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Nomura Holdings, Inc. (NMR) reported a current ratio of 1.43x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.