Latest Ratios: P/E Ratio 13.1x · EV/EBITDA 28.9x · ROE 9.7%. (2000–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $28.8B | $24.0B | $18.9B | $20.2B | $11.8B | $13.3B | $16.9B | $14.0B | $12.1B | $20.7B | $22.9B |
| Enterprise Value | $110.8B | $13.02T | $25.85T | $25.83T | $21.64T | $19.43T | $19.16T | $22.66T | $20.96T | $20.36T | $22.22T |
| P/E Ratio → | 13.10 | 0.07 | 0.06 | 0.12 | 0.13 | 0.09 | 0.11 | 0.06 | — | 0.09 | 0.10 |
| P/S Ratio | 2.10 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 |
| P/B Ratio | 1.23 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 |
| P/FCF | — | — | — | — | — | — | 0.03 | — | — | — | 0.02 |
| P/OCF | — | — | — | 0.15 | — | — | 0.03 | — | — | — | 0.02 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.01 | 15.55 | 18.74 | 18.90 | 16.99 | 15.98 | 21.12 | 20.80 | 15.71 | 17.42 |
| EV / EBITDA | 28.87 | 21.42 | 48.44 | 77.05 | 102.63 | 67.89 | 65.04 | 72.67 | 1036.57 | 50.93 | 56.44 |
| EV / EBIT | 32.52 | 24.12 | 54.77 | 94.30 | 144.80 | 85.72 | 83.04 | 91.28 | — | 62.04 | 68.85 |
| EV / FCF | — | — | — | — | — | — | 35.09 | — | — | — | 22.40 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.6% | 45.6% | 36.9% | 34.7% | 49.9% | 83.3% | 84.8% | 61.7% | 58.4% | 73.2% | 80.3% |
| Operating Margin | 11.3% | 11.3% | 10.5% | 6.9% | 6.5% | 16.5% | 16.3% | 14.3% | -2.2% | 18.5% | 20.3% |
| Net Profit Margin | 7.6% | 7.6% | 7.6% | 4.2% | 4.0% | 10.4% | 10.8% | 12.5% | -5.8% | 12.4% | 15.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.7% | 9.7% | 9.7% | 5.0% | 3.0% | 5.0% | 5.6% | 8.0% | -3.7% | 7.8% | 8.6% |
| ROA | 0.6% | 0.6% | 0.6% | 0.3% | 0.2% | 0.3% | 0.4% | 0.5% | -0.2% | 0.5% | 0.6% |
| ROIC | 1.4% | 1.4% | 1.0% | 0.6% | 0.4% | 0.6% | 0.6% | 0.7% | -0.1% | 0.9% | 0.9% |
| ROCE | 2.4% | 2.4% | 2.1% | 1.4% | 0.9% | 1.5% | 1.6% | 1.8% | -0.3% | 2.3% | 2.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.49 | 4.49 | 8.75 | 8.98 | 8.11 | 7.90 | 8.45 | 9.71 | 9.03 | 8.32 | 8.85 |
| Debt / EBITDA | 28.45 | 28.45 | 58.74 | 92.37 | 124.01 | 82.05 | 79.12 | 85.05 | 1197.27 | 58.28 | 63.93 |
| Net Debt / Equity | — | 3.37 | 7.21 | 7.48 | 6.71 | 6.53 | 6.94 | 8.29 | 7.82 | 7.26 | 7.81 |
| Net Debt / EBITDA | 21.38 | 21.38 | 48.41 | 76.99 | 102.57 | 67.85 | 64.98 | 72.62 | 1035.97 | 50.88 | 56.39 |
| Debt / FCF | — | — | — | — | — | — | 35.06 | — | — | — | 22.38 |
| Interest Coverage | 0.21 | 0.21 | 0.17 | 0.11 | 0.13 | 0.98 | 1.07 | 0.37 | -0.05 | 0.69 | 1.03 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.43 | 1.43 | 0.21 | 0.21 | 0.20 | 0.71 | 0.20 | 0.21 | 0.92 | 0.90 | 0.15 |
| Quick Ratio | 1.43 | 1.43 | 0.21 | 0.21 | 0.20 | 0.71 | 0.20 | 0.21 | 0.92 | 0.90 | 0.15 |
| Cash Ratio | 0.10 | 0.10 | 0.16 | 0.16 | 0.15 | 0.14 | 0.15 | 0.13 | 0.12 | 0.11 | 0.10 |
| Asset Turnover | — | 0.08 | 0.08 | 0.07 | 0.05 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Payout Ratio | 49.6% | 49.6% | 33.0% | 36.3% | 61.7% | 49.5% | 49.9% | 26.9% | — | 32.0% | 17.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.6% | 1508.1% | 1805.4% | 821.7% | 782.6% | 1071.8% | 907.3% | 1550.4% | — | 1058.1% | 1047.0% |
| FCF Yield | — | — | — | — | — | — | 3235.9% | — | — | — | 4337.8% |
| Buyback Yield | 2.2% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 0.1% | 100.0% | 100.0% | 100.0% | 100.0% |
| Total Shareholder Yield | 6.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Shares Outstanding | — | $3.0B | $3.1B | $3.1B | $3.1B | $3.2B | $3.1B | $3.3B | $3.4B | $3.5B | $3.6B |
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying NMR stock.
Nomura Holdings, Inc.'s current P/E ratio is 13.1x. 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 28.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 49.6x.
Nomura Holdings, Inc.'s return on equity (ROE) is 9.7%. The historical average is 4.6%.
Based on historical data, Nomura Holdings, Inc. is trading at a P/E of 13.1x. 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 3.79% with a payout ratio of 49.6%.
Nomura Holdings, Inc. has 45.6% gross margin and 11.3% operating margin. Operating margin between 10-20% is typical for established companies.
Nomura Holdings, Inc.'s Debt/EBITDA ratio is 28.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
High leverage and negative FCF
Japan Discount Persists
Nomura trades at 1.24x book versus Morgan Stanley's 3.02x, implying the market prices a structurally lower return on tangible equity. According to recent filings, the P/B gap suggests skepticism about global wholesale profitability.
The P/B of 1.24x is at a significant discount to US peers (MS 3.02x, GS 2.62x) and even below MUFG's 1.70x, indicating the market assigns a 'Japan discount' and doubts the sustainability of ROE above cost of equity. With a trailing ROE of only 1.9% in 2026Q4, the current multiple appears generous unless the firm can demonstrate a structural improvement in returns. The forward P/E of 0.08 is likely a data artifact and should be disregarded.
Fee Engine Offsets Thin NIM
Nomura's ROE averaged 2.3% over the last ten quarters, with net interest margin near zero and fee income contributing over 35% of revenue. As reported in financial statements, the fee-based model provides stability but fails to generate adequate returns on equity.
DuPont decomposition reveals that Nomura's profitability is driven by asset utilization and non-interest income, not interest spreads. The negative NIM of -4.2% in 2026Q4 underscores the firm's minimal reliance on lending, while fee income at 41.6% of revenue in 2026Q1 highlights the importance of recurring streams. However, the thin equity base (equity/assets of 6%) amplifies ROE volatility, and the modest 6.3% net income growth in FY2026 suggests limited operating leverage.
Efficiency Gains Mask NIM Drag
Nomura's efficiency ratio improved to 45.3% in 2026Q4 from 24.8% in 2024Q4, indicating better cost control. Based on reported quarterly data, the near-zero net interest margin remains a structural drag, but fee income and cost discipline support profitability.
The efficiency ratio improvement is notable, but it partly reflects revenue growth from trading and fees rather than cost cuts alone. The negative NIM in 2026Q4 is an outlier, likely due to trading losses or funding costs, but the persistent near-zero NIM across quarters confirms that Nomura is not a traditional spread lender. Investors should monitor whether the efficiency gains are sustainable as the firm shifts to a wealth management model, which may require upfront investments.
Thin Capital Buffer Under Scrutiny
Nomura's equity-to-assets ratio has remained flat at 6% across all quarters, indicating a thin capital buffer relative to its balance sheet. According to recent filings, this leverage profile, with a debt-to-equity ratio of 9.37, may constrain capital return capacity.
The equity/assets ratio of 6% is low compared to global peers (MS 4.22x D/E, GS 4.88x D/E), but Nomura's reliance on wholesale funding and trading assets increases vulnerability to market shocks. The zero loan loss provisions across all quarters suggest either a low-risk loan book or potential under-provisioning, which could mask credit risk. With negative free cash flow of -¥868.6 billion, the firm's ability to return capital to shareholders appears limited, despite record profits.
Zero Provisions Raise Questions
Nomura reported zero loan loss provisions across all ten quarters, despite its wholesale trading activities. As per financial statements, this may indicate a low-risk loan book or potential under-provisioning, warranting scrutiny of asset quality.
The absence of credit costs is unusual for a capital markets firm with significant trading and lending activities. While Nomura's loan book may be relatively small, the lack of provisions could understate credit risk, especially given the volatility in investment securities (swinging from ¥31.0 trillion to ¥2.1 trillion). Investors should monitor for any hidden impairments in Level 3 assets or cross-shareholdings that could surface in stress scenarios.
P/E Misleads on Earnings Quality
The P/E ratio is commonly misapplied to Nomura because its earnings are volatile and heavily influenced by trading gains and losses. Based on reported figures, a more appropriate metric is P/TBV, which better reflects the firm's tangible capital position.
Nomura's P/E of 13.21x appears reasonable, but it obscures the low quality of earnings, which are subject to swings from trading and one-off items. The forward P/E of 0.08 is clearly a data error and should be ignored. Instead, investors should focus on P/TBV, which at 1.24x (based on tangible book value per share of ¥1,266.67) provides a more stable valuation metric. Additionally, the high leverage and negative free cash flow suggest that reported profits may not translate into shareholder value, making earnings-based multiples unreliable.