26 years of historical data (2000–2025) · Financial Services · Financial - Capital Markets
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Nomura Holdings, Inc. trades at 12.7x earnings, 12347% above its 5-year average of 0.1x, sitting at the 100th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.8x, the stock trades at a discount of 8%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $26.6B | $18.9B | $20.2B | $11.8B | $13.3B | $16.9B | $14.0B | $12.1B | $20.7B | $22.9B | $16.4B |
| Enterprise Value | $192.1B | $25.85T | $25.83T | $21.64T | $19.43T | $19.16T | $22.66T | $20.96T | $20.36T | $22.22T | $19.58T |
| P/E Ratio → | 12.66 | 0.06 | 0.12 | 0.13 | 0.09 | 0.11 | 0.06 | — | 0.09 | 0.10 | 0.13 |
| P/S Ratio | 0.92 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| P/B Ratio | 1.20 | 0.01 | 0.01 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | 0.01 |
| P/FCF | — | — | — | — | — | 0.03 | — | — | — | 0.02 | 0.02 |
| P/OCF | — | — | 0.15 | — | — | 0.03 | — | — | — | 0.02 | 0.01 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Nomura Holdings, Inc.'s enterprise value stands at 56.2x EBITDA, 22% below its 5-year average of 72.2x. The Financial Services sector median is 11.1x, placing the stock at a 407% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.74 | 6.50 | 9.43 | 14.14 | 13.55 | 13.04 | 12.14 | 11.50 | 13.99 | 12.51 |
| EV / EBITDA | 56.19 | 48.44 | 77.05 | 102.63 | 67.89 | 65.04 | 72.67 | 1036.57 | 50.93 | 56.44 | 80.06 |
| EV / EBIT | 63.53 | 54.77 | 94.30 | 144.80 | 85.72 | 83.04 | 91.28 | — | 62.04 | 68.85 | 118.54 |
| EV / FCF | — | — | — | — | — | 35.09 | — | — | — | 22.40 | 21.43 |
Margins and return-on-capital ratios measuring operating efficiency
Nomura Holdings, Inc. earns an operating margin of 10.5%, below the Financial Services sector average of 21.9%. Operating margins have expanded from 6.5% to 10.5% over the past 3 years, signaling improving operational efficiency. ROE of 9.7% is modest. ROIC of 1.0% represents below-average returns on invested capital versus a sector median of 5.4%.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.9% | 36.9% | 34.7% | 49.9% | 83.3% | 84.8% | 61.7% | 58.4% | 73.2% | 80.3% | 79.1% |
| Operating Margin | 10.5% | 10.5% | 6.9% | 6.5% | 16.5% | 16.3% | 14.3% | -2.2% | 18.5% | 20.3% | 10.6% |
| Net Profit Margin | 7.6% | 7.6% | 4.2% | 4.0% | 10.4% | 10.8% | 12.5% | -5.8% | 12.4% | 15.1% | 8.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.7% | 9.7% | 5.0% | 3.0% | 5.0% | 5.6% | 8.0% | -3.7% | 7.8% | 8.6% | 4.8% |
| ROA | 0.6% | 0.6% | 0.3% | 0.2% | 0.3% | 0.4% | 0.5% | -0.2% | 0.5% | 0.6% | 0.3% |
| ROIC | 1.0% | 1.0% | 0.6% | 0.4% | 0.6% | 0.6% | 0.7% | -0.1% | 0.9% | 0.9% | 0.5% |
| ROCE | 2.1% | 2.1% | 1.4% | 0.9% | 1.4% | 1.6% | 1.8% | -0.3% | 2.3% | 2.2% | 1.0% |
Solvency and debt-coverage ratios — lower is generally safer
Nomura Holdings, Inc. carries a Debt/EBITDA ratio of 58.7x, which is highly leveraged (1331% above the sector average of 4.1x). Net debt stands at $25.8T ($31.3T total debt minus $5.5T cash). Interest coverage of just 0.2x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 8.75 | 8.75 | 8.98 | 8.11 | 7.90 | 8.45 | 9.71 | 9.03 | 8.32 | 8.85 | 8.55 |
| Debt / EBITDA | 58.74 | 58.74 | 92.37 | 124.01 | 82.05 | 79.12 | 85.05 | 1197.27 | 58.28 | 63.93 | 95.93 |
| Net Debt / Equity | — | 7.21 | 7.48 | 6.71 | 6.53 | 6.94 | 8.29 | 7.82 | 7.26 | 7.81 | 7.13 |
| Net Debt / EBITDA | 48.41 | 48.41 | 76.99 | 102.57 | 67.85 | 64.98 | 72.62 | 1035.97 | 50.88 | 56.39 | 79.99 |
| Debt / FCF | — | — | — | — | — | 35.06 | — | — | — | 22.38 | 21.41 |
| Interest Coverage | 0.17 | 0.17 | 0.11 | 0.13 | 0.98 | 1.07 | 0.37 | -0.05 | 0.69 | 1.03 | 0.50 |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.21x is below 1.0, meaning current liabilities exceed current assets — though the company's $5.5T cash position helps mitigate short-term liquidity concerns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.21 | 0.21 | 0.21 | 0.20 | 0.19 | 0.20 | 0.21 | 0.92 | 0.90 | 0.15 | 0.21 |
| Quick Ratio | 0.21 | 0.21 | 0.21 | 0.20 | 0.19 | 0.20 | 0.21 | 0.92 | 0.90 | 0.15 | 0.21 |
| Cash Ratio | 0.16 | 0.16 | 0.16 | 0.15 | 0.13 | 0.15 | 0.13 | 0.12 | 0.11 | 0.10 | 0.15 |
| Asset Turnover | — | 0.08 | 0.07 | 0.05 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Nomura Holdings, Inc. returns 4.0% to shareholders annually — split between a 2.6% dividend yield and 1.4% buyback yield. The payout ratio of 33.0% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 7.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Payout Ratio | 33.0% | 33.0% | 36.3% | 61.7% | 49.5% | 49.9% | 26.9% | — | 32.0% | 17.9% | 62.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.9% | 1805.4% | 821.7% | 782.6% | 1071.8% | 907.3% | 1550.4% | — | 1058.1% | 1047.0% | 800.0% |
| FCF Yield | — | — | — | — | — | 3235.9% | — | — | — | 4337.8% | 5561.0% |
| Buyback Yield | 1.4% | 100.0% | 100.0% | 100.0% | 100.0% | 0.1% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Total Shareholder Yield | 4.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Shares Outstanding | — | $3.1B | $3.1B | $3.1B | $3.2B | $3.1B | $3.3B | $3.4B | $3.5B | $3.6B | $3.7B |
Compare NMR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| NMRYou | $27B | 12.7 | 56.2 | — | 36.9% | 10.5% | 9.7% | 1.0% | 58.7 |
| GS | $267B | 21.2 | 33.8 | — | 41.1% | 14.5% | 12.0% | 1.9% | 29.7 |
| MS | $265B | 20.9 | 24.2 | — | 55.6% | 17.1% | 13.0% | 2.9% | 15.8 |
| EVR | $27B | 34.0 | 50.5 | 28.1 | 99.4% | 17.8% | 20.3% | 14.6% | 1.7 |
| JEF | $9B | 15.7 | -3.5 | 27.5 | 59.7% | 6.3% | 6.8% | 2.4% | 2.0 |
| PIPR | $5B | 28.9 | 18.6 | 16.6 | 99.6% | 14.7% | 13.3% | 11.0% | 0.4 |
| LAZ | $5B | 18.9 | 13.3 | 6.8 | 35.1% | 12.5% | 41.9% | 10.2% | 5.2 |
| MC | $4B | 33.3 | 22.9 | 10.6 | 100.0% | 14.5% | 32.3% | 20.3% | 1.2 |
| HLI | $3B | 28.1 | 3.7 | 3.1 | 38.5% | 21.0% | 19.9% | 15.5% | 0.8 |
| PWP | $434M | -15.2 | — | 2.1 | 40.1% | -8.9% | -26.0% | -13.7% | — |
| MDBH | $16M | 1.2 | — | — | -803.2% | -1289.4% | 21.8% | -38.9% | — |
| Financial Services Median | — | 13.8 | 11.1 | 11.2 | 60.2% | 21.9% | 9.1% | 5.4% | 4.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 26 years · Updated daily
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Start ComparisonNomura Holdings, Inc.'s current P/E ratio is 12.7x. The historical average is 0.2x. This places it at the 100th percentile of its historical range.
Nomura Holdings, Inc.'s current EV/EBITDA is 56.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 51.0x.
Nomura Holdings, Inc.'s return on equity (ROE) is 9.7%. The historical average is 4.4%.
Based on historical data, Nomura Holdings, Inc. is trading at a P/E of 12.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nomura Holdings, Inc.'s current dividend yield is 2.61% with a payout ratio of 33.0%.
Nomura Holdings, Inc. has 36.9% gross margin and 10.5% operating margin. Operating margin between 10-20% is typical for established companies.
Nomura Holdings, Inc.'s Debt/EBITDA ratio is 58.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.