Nomura Holdings, Inc. (NMR) Financial Ratios
27 years of historical data (2000–2026) · Financial Services · Financial - Capital Markets
EV/EBITDA
↓
28.30
↓-55% vs avg
5yr avg: 63.49
30Y Low4.0·High85.5
P/FCF
N/A
—
5yr avg: N/A
30Y Low0.0·High0.1
P/B Ratio
↑
1.15
↑+22459% vs avg
5yr avg: 0.01
30Y Low0.0·High0.0
ROE
↑
9.7%
↓+50% vs avg
5yr avg: 6.5%
30Y Low-40%·High16%
Debt/EBITDA
↓
28.45
↓-63% vs avg
5yr avg: 77.12
30Y Low6.3·High43.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NMR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Nomura Holdings, Inc. trades at 12.2x earnings, 13086% 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 13.6x, the stock trades at a discount of 10%.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $26.0B | $24.0B | $18.9B | $20.2B | $11.8B | $13.3B | $16.9B | $14.0B | $12.1B | $20.7B | $22.9B |
| Enterprise Value | $106.4B | $13.02T | $25.85T | $25.83T | $21.64T | $19.43T | $19.16T | $22.66T | $20.96T | $20.36T | $22.22T |
| P/E Ratio → | 12.25 | 0.07 | 0.06 | 0.12 | 0.13 | 0.09 | 0.11 | 0.06 | — | 0.09 | 0.10 |
| P/S Ratio | 0.88 | 0.01 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| P/B Ratio | 1.15 | 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
NMR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Nomura Holdings, Inc.'s enterprise value stands at 28.3x EBITDA, 55% below its 5-year average of 63.5x. The Financial Services sector median is 11.4x, placing the stock at a 148% premium on an enterprise-value basis.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.74 | 5.74 | 6.50 | 9.43 | 14.14 | 13.55 | 13.04 | 12.14 | 11.50 | 13.99 |
| EV / EBITDA | 28.30 | 21.42 | 48.44 | 77.05 | 102.63 | 67.89 | 65.04 | 72.67 | 1036.57 | 50.93 | 56.44 |
| EV / EBIT | 31.88 | 24.12 | 54.77 | 94.30 | 144.80 | 85.72 | 83.04 | 91.28 | — | 62.04 | 68.85 |
| EV / FCF | — | — | — | — | — | — | 35.09 | — | — | — | 22.40 |
NMR Profitability
Margins and return-on-capital ratios measuring operating efficiency
Nomura Holdings, Inc. earns an operating margin of 11.3%, below the Financial Services sector average of 20.3%. Operating margins have expanded from 6.9% to 11.3% over the past 3 years, signaling improving operational efficiency. ROE of 9.7% is modest. ROIC of 1.4% represents below-average returns on invested capital versus a sector median of 5.5%.
Margins
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% |
Return on Capital
| 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% | 1.4% | 1.6% | 1.8% | -0.3% | 2.3% | 2.2% |
NMR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Nomura Holdings, Inc. carries a Debt/EBITDA ratio of 28.4x, which is highly leveraged (567% above the sector average of 4.3x). Net debt stands at $13.0T ($17.3T total debt minus $4.3T 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 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 |
NMR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.43x means Nomura Holdings, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.21x to 1.43x over the past 3 years.
| 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 | 0.19 | 0.20 | 0.21 | 0.92 | 0.90 | 0.15 |
| Quick Ratio | 1.43 | 1.43 | 0.21 | 0.21 | 0.20 | 0.19 | 0.20 | 0.21 | 0.92 | 0.90 | 0.15 |
| Cash Ratio | 0.10 | 0.10 | 0.16 | 0.16 | 0.15 | 0.13 | 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 | — | — | — | — | — | — | — | — | — | — | — |
NMR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Nomura Holdings, Inc. returns 6.5% to shareholders annually — split between a 4.1% dividend yield and 2.4% buyback yield. A payout ratio of 49.6% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 8.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 4.1% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 49.6% | 49.6% | 33.0% | 36.3% | 61.7% | 49.5% | 49.9% | 26.9% | — | 32.0% | 17.9% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.2% | 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 | 2.4% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 6.5% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $3.0B | $3.1B | $3.1B | $3.1B | $3.2B | $3.1B | $3.3B | $3.4B | $3.5B | $3.6B |
Peer Comparison
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 | $26B | 12.2 | 28.3 | — | 45.6% | 11.3% | 9.7% | 1.4% | 28.4 |
 MS | $362B | 22.3 | 27.3 | 7.9 | 57.1% | 19.1% | 15.5% | 3.1% | 17.9 |
 GS | $351B | 21.6 | 33.1 | — | 47.5% | 17.5% | 13.9% | 2.2% | 25.4 |
 UBS | $159B | 27.3 | 31.9 | — | 63.6% | 11.9% | 7.0% | 1.2% | 37.3 |
 DB | $69B | 10.2 | 14.8 | — | 49.9% | 16.0% | 8.7% | 2.6% | 26.2 |
 MUFG | $235B | 15.0 | 6.3 | 4.7 | 56.8% | 24.7% | 11.3% | 2.5% | 19.7 |
 BAC | $433B | 15.0 | 14.2 | 34.3 | 56.1% | 19.7% | 10.2% | 3.5% | 9.1 |
 C | $271B | 20.8 | 27.6 | 12.2 | 44.6% | 11.8% | 6.7% | 1.7% | 31.0 |
 JPM | $926B | 16.5 | 18.7 | 9.2 | 59.9% | 26.0% | 16.1% | 4.5% | 11.6 |
 SMFG | $96B | 15.5 | 0.0 | 2.1 | 54.3% | 22.1% | 10.9% | 2.4% | 21.8 |
 MFG | $124B | 15.3 | 12.4 | 41.0 | 48.9% | 18.1% | 12.0% | 1.7% | 33.8 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 27 years · Updated daily
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NMR — Frequently Asked Questions
Quick answers to the most common questions about buying NMR stock.
What is Nomura Holdings, Inc.'s P/E ratio?
Nomura Holdings, Inc.'s current P/E ratio is 12.2x. The historical average is 0.2x. This places it at the 100th percentile of its historical range.
What is Nomura Holdings, Inc.'s EV/EBITDA?
Nomura Holdings, Inc.'s current EV/EBITDA is 28.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 49.6x.
What is Nomura Holdings, Inc.'s ROE?
Nomura Holdings, Inc.'s return on equity (ROE) is 9.7%. The historical average is 4.6%.
Is NMR stock overvalued?
Based on historical data, Nomura Holdings, Inc. is trading at a P/E of 12.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Nomura Holdings, Inc.'s dividend yield?
Nomura Holdings, Inc.'s current dividend yield is 4.05% with a payout ratio of 49.6%.
What are Nomura Holdings, Inc.'s profit margins?
Nomura Holdings, Inc. has 45.6% gross margin and 11.3% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Nomura Holdings, Inc. have?
Nomura Holdings, Inc.'s Debt/EBITDA ratio is 28.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.