Cash conversion efficiency remains inconsistent, evidenced by operating cash flow to net income ratios that swung from a negative 7.89 in 2024Q4 to a positive 13.38 in 2024Q1.
| 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 |
|---|
| Cash from Operations | 0 | -842.96B | -678.61B | 132.64B | -694.82B | -862.83B | 665.77B | -15.94B | -361.17B | -445.69B | 1.3T | 1.24T | -77.03B | 457.42B | 549.5B | 290.86B | -235.09B | -1.5T | -712.63B | -646.92B | -1.63T | -404.78B | -329.31B | -1.83T | 34.09B | -1.31T | 366.24B | 599.97B |
| Operating CF Margin % | - | -17.71% | -15.06% | 3.34% | -30.26% | -62.8% | 47.08% | -0.92% | -20.92% | -25.17% | 82.18% | 79.11% | -4.46% | 26.59% | 27.63% | 16.54% | -18.18% | -111.59% | -99.07% | -42.64% | -78.64% | -22.53% | -29.24% | -166.06% | 4.06% | -71.4% | 70.57% | 142.94% |
| Operating CF Growth % | 0% | -24.22% | -611.62% | 119.09% | 19.47% | -229.6% | 4275.94% | 95.59% | 18.96% | -134.15% | 5.38% | 1707.69% | -116.84% | -16.76% | 88.92% | 223.72% | 84.34% | -110.6% | -10.16% | 60.33% | -302.87% | -22.92% | 81.98% | -5459.11% | 102.61% | -456.45% | -38.96% | - |
| Net Income | 370.05B | 374.38B | 347.25B | 177.22B | 91.68B | 146.53B | 160.4B | 219.37B | -94.71B | 224.29B | 242.57B | 142.56B | 225.98B | 216.45B | 105.69B | 26.05B | 31.93B | 68.09B | -708.19B | -67.7B | 176.26B | 257.06B | 94.79B | 172.44B | 119.86B | 168.26B | 57.41B | 203.55B |
| Depreciation & Amortization | 0 | 68.27B | 61.65B | 61.34B | 61.42B | 59.52B | 63.85B | 63.58B | 57.92B | 71.58B | 70.93B | 79.39B | 78.88B | 79.47B | 91.49B | 100.57B | 75.59B | 73.08B | 75.78B | 63.42B | 50.54B | 42.84B | 38.17B | 33.78B | 31.26B | 66.32B | 47.29B | 68.75B |
| Stock-Based Compensation | 46.57B | 0 | 38.58B | 51.51B | 35.22B | 27.94B | 28.25B | 12.69B | 21.81B | 9.65B | 8.96B | 16.89B | 19.36B | 21.09B | 21.95B | 0 | 18.64B | 9.74B | 16.48B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 11.56B | -312M | 6.14B | 3.11B | -21.11B | -23.91B | 21.57B | 60.26B | 22.53B | -58.86B | 26.49B | 117.06B | 53.96B | 37.77B | 55.2B | 19.57B | -83.63B | -139.69B | -235.64M | -23.54B | 5.68B | 1.88B | 11.8B | -57.02B | 45.07B | 155.81B |
| Other Non-Cash Items | -416.63B | -59.57B | -25.47B | -41.01B | -435.61B | -224.94B | -49.41B | -82.41B | 77.49B | -209.99B | -67.42B | -166.9B | -75.26B | -153.31B | -114.6B | 26.87B | 16.23B | -35.35B | 44.45B | -66.41B | 958.35B | -934.91B | 239.02B | 95.5B | 33.15B | -379.06B | -592.13B | 422.75B |
| Working Capital Changes | 0 | -1.23T | -1.11T | -116.11B | -453.66B | -874.99B | 483.8B | -205.26B | -445.24B | -601.48B | 1.03T | 1.23T | -352.48B | 176.66B | 391B | 99.22B | -432.66B | -1.64T | -57.51B | -492.97B | -2.82T | 253.77B | -706.99B | -2.13T | -161.98B | -1.1T | 808.6B | -250.88B |
| Change in Receivables | 0 | -653.33B | 0 | 0 | 0 | 0 | 1.15T | -1.36T | 157.6B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 492M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | -2.86T | 0 | 0 | 0 | 0 | -1.15T | 1.36T | -157.6B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -35.38B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 1.81T | 0 | 709.84B | -139.42B | -247.98B | -33.99B | 788.01B | -63.68B | 209.46B | 364.02B | -41.84B | 236.03B | 278.32B | -305.67B | 0 | 0 | 0 | 0 | 24.27B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | -1.5T | -848.65B | -887.94B | -233.22B | -593.18B | -139.03B | 216.34B | -112.5B | -56.17B | -118.05B | -23.71B | 12.34B | -103.19B | -160.49B | 9.94B | -423.21B | -269.64B | -98.91B | -101.9B | -535.02B | 8.36B | -121.92B | 45.45B | 133.9B | -52.23B | -271.4B | -326.1B |
| Capital Expenditures | 0 | -119.13B | -189.97B | -145.78B | -171.16B | -111.33B | -119.88B | -206.75B | -319.09B | -285.16B | -312.88B | -324.72B | -209.47B | -214.34B | -271.98B | -182.57B | -186.35B | -83.08B | -95.98B | -110.58B | -101.44B | -82.63B | -56.73B | -39.3B | -45.18B | -66.45B | -78.41B | -49.78B |
| CapEx % of Revenue | 0% | 2.5% | 4.22% | 3.67% | 7.45% | 8.1% | 8.48% | 11.9% | 18.49% | 16.1% | 19.7% | 20.75% | 12.12% | 12.46% | 13.68% | 10.38% | 14.41% | 6.18% | 13.34% | 7.29% | 4.89% | 4.6% | 5.04% | 3.57% | 5.38% | 3.63% | 15.11% | 11.86% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 8.19T | 2.13T | 7.56T | 6.78T | 5.19T | 15.38T | 4.14T | 3.97T | 3.78T | 3.72T | 3.49T | 3.17T | 3.16T | 3.01T | 3.12T | 2.75T | 2.52T | 2.32T | 1.45T | 1.5T | 1.39T | 10.01T | 14.91T | 6.07T | 6.34T | 6.16T | 0 | 0 |
| Other Investing | 0 | -151.66B | -498.76B | -761.85B | -304.58B | -572.17B | -43.73B | 414.6B | 3.2T | 160.61B | 105.38B | 243.3B | 112.73B | 46.47B | 168.22B | 150.39B | 49.49B | -111.05B | 66.05B | 19B | -277.11B | 87.22B | -52.33B | 28.36B | 7.31B | 240.04B | -168.33B | -159.48B |
| Cash from Financing | 0 | 2.1T | 1.68T | 1.01T | 1.28T | 1.11T | -269.93B | 332.06B | 761.19B | 373.17B | -2.13T | 986.39B | -178.21B | 289.39B | -701.62B | -844.31B | 1.28T | 2.18T | 999.76B | 941.57B | 1.57T | 787.55B | 385.29B | 1.95T | -24.54B | 1.2T | -101.4B | -72.39B |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | -101.08B | -57.59B | -73.7B | -24.72B | -39.64B | 204M | -150.01B | -51.71B | -108.33B | -60.94B | -19.43B | -104.05B | -32.51B | 49M | -8.28B | -37.37B | 449.07B | 284.9B | -1.3B | 2.12B | -48.73B | -321.7M | 3.96B | -34.45B | 0 | 0 | 0 |
| Dividends Paid | 0 | -179.74B | -112.54B | -60.16B | -57.26B | -70.71B | -76.36B | -58.42B | -47.48B | -70.2B | -42.83B | -82.78B | -55.32B | -51.95B | -14.73B | -29.07B | -29.08B | -11.13B | -64.92B | -86.75B | -114.64B | -42.37B | -33.99B | -43.68B | -29.49B | -34.42B | -29.4B | -19.63B |
| Share Repurchases | 0 | -101.5B | -59.01B | -61.03B | -24.73B | -39.65B | -11M | -150.01B | -51.71B | -109.1B | -61.34B | -20B | -104.05B | -32.51B | -7M | -8.29B | -37.38B | -18M | -91M | -3.52B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 828.23B | 748.75B | 116.79B | 341.89B | 361.29B | 420.81B | 578.85B | 257.78B | -13.25B | -1.07T | 1.01T | 140.96B | -22.92B | 129.38B | 117.05B | 368.35B | 13.27B | 0 | -86.2B | 18.03B | -12.12B | 0 | 0 | 0 | 132.91M | 0 | 0 |
| Net Change in Cash | 0 | -106.72B | 126.42B | 478.17B | 504.44B | -193.6B | 317.7B | 505.18B | 332.26B | -182.2B | -939.45B | 2.16T | -174.38B | 684.71B | -265.43B | -549.82B | 599.69B | 407.08B | 106.33B | 97.12B | -583.21B | 407.6B | -52.12B | 146.27B | 134.49B | -147.26B | -19.29B | 181.58B |
| Free Cash Flow | 0 | -1.2T | -868.58B | -13.14B | -865.99B | -974.16B | 545.89B | -222.69B | -680.25B | -730.85B | 992.11B | 913.65B | -286.5B | 243.09B | 277.53B | 108.3B | -421.44B | -1.58T | -808.61B | -757.5B | -1.73T | -487.41B | -386.04B | -1.87T | -11.09B | -1.37T | 287.82B | 550.19B |
| FCF Margin % | 0% | -25.15% | -19.27% | -0.33% | -37.72% | -70.91% | 38.6% | -12.82% | -39.41% | -41.27% | 62.47% | 58.37% | -16.58% | 14.13% | 13.96% | 6.16% | -32.58% | -117.77% | -112.42% | -49.93% | -83.53% | -27.13% | -34.27% | -169.63% | -1.32% | -75.04% | 55.46% | 131.08% |
| FCF Growth % | 100% | -37.79% | -6508.2% | 98.48% | 11.1% | -278.45% | 345.14% | 67.26% | 6.92% | -173.67% | 8.59% | 418.9% | -217.86% | -12.41% | 156.27% | 125.7% | 73.39% | -95.87% | -6.75% | 56.27% | -255.39% | -26.26% | 79.32% | -16730.82% | 99.19% | -576.65% | -47.69% | - |
| FCF per Share | 0.00 | -393.24 | -283.25 | -4.18 | -278.07 | -308.41 | 173.45 | -67.96 | -202.48 | -206.25 | 271.98 | 246.91 | -76.53 | 63.53 | 73.47 | 29.43 | -115.69 | -504.51 | -418.07 | -397.16 | -906.39 | -254.30 | -198.73 | -963.41 | -5.64 | -697.60 | 146.64 | 278.87 |
| FCF Conversion (FCF/Net Income) | 0.00x | -2.33x | -1.99x | 0.80x | -7.49x | -6.03x | 4.35x | -0.07x | 3.60x | -2.03x | 5.45x | 9.41x | -0.34x | 2.14x | 5.12x | 25.11x | -8.20x | -22.14x | 1.01x | 9.54x | -9.25x | -1.33x | -3.47x | -10.60x | 0.28x | -7.76x | 6.38x | 2.95x |
| Interest Paid | 0 | 0 | 2.88T | 2.51T | 1.1T | 225.68B | 222.02B | 677.16B | 700.86B | 473.76B | 307.63B | 352.28B | 364.39B | 303.33B | 296.64B | 338.8B | 259.68B | 210.74B | 416.12B | 987.23B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 93.92B | 26.05B | 94.26B | 114.62B | 35.67B | 55.59B | 27.2B | 49.45B | 47.48B | 118.58B | 34.36B | 116.04B | 28.06B | 16.08B | 32.3B | 62.99B | 84.99B | 117.57B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Wholesale Segment Cash Volatility
As reported in financial statements, Nomura's operating cash flow to net income ratio has fluctuated wildly, ranging from a negative 7.89 in 2024Q4 to a positive 13.38 in 2024Q1, indicating that reported net income is a poor proxy for the firm's actual cash-generating capacity.
The extreme divergence between net income and operating cash flow suggests that non-cash adjustments and working capital swings heavily influence the bottom line. Investors should monitor whether this volatility is a structural feature of the firm's trading-heavy business model or a temporary byproduct of market-driven accounting adjustments.
Based on Nomura's reported figures, free cash flow margins have swung from a negative 43.8% in 2024Q4 to a positive 33.7% in 2024Q1, highlighting a lack of consistent cash generation that complicates the firm's ability to fund dividends and share repurchases from internal operations.
The erratic FCF trajectory appears to mirror the cyclical nature of the Wholesale segment, where capital requirements can shift rapidly. This inconsistency suggests that the firm's ability to sustain shareholder returns may be more dependent on balance sheet liquidity than on recurring operational cash flow.
According to recent SEC filings, Nomura experienced a massive working capital outflow of ¥519.3B in 2024Q4, which directly offset the firm's net income and underscores the significant impact that trading-related asset and liability fluctuations have on the company's short-term liquidity position.
The sensitivity of operating cash flow to working capital changes suggests that the firm's liquidity is highly susceptible to market-making activities and client-driven inventory shifts. This dynamic warrants further investigation into how the firm manages its collateral and margin requirements during periods of heightened market stress.
As evidenced by the data, Nomura has continued to execute share repurchases, such as the ¥41.0B outflow in 2024Q4, even during quarters where operating cash flow was negative, suggesting a management preference for returning capital that may not always align with current cash generation.
The decision to prioritize buybacks despite volatile cash flows may indicate a commitment to supporting the stock price, yet it raises questions about the long-term sustainability of such distributions. Investors should monitor whether this capital allocation strategy remains prudent if the firm's core Wholesale segment faces prolonged earnings pressure.
Quick answers to the most common questions about buying NMR stock.
Nomura Holdings, Inc. (NMR) generated $-842960.0M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Nomura Holdings, Inc. (NMR) reported negative free cash flow of $1.20T in 2026, indicating capital requirements exceeded cash from operations.
Nomura Holdings, Inc. (NMR) spent $119.13B on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Nomura Holdings, Inc. (NMR) returned $179.74B to shareholders via cash dividends and spent $101.50B on share repurchases. This shows the company's commitment to returning capital to its equity investors.