Noah Holdings Limited (NOAH) 10-Year Financial Performance & Capital Metrics

NOAH • • Banking & Credit

Financial ServicesAsset ManagementWealth Management & Financial AdvisoryComprehensive Wealth Management Firms

AboutNoah Holdings Limited, together with its subsidiaries, operates as a wealth and asset management service provider with the focus on investment and asset allocation services for high net worth individuals and enterprises in Mainland of China, Hong Kong, and internationally. The company operates through three segments: Wealth Management, Asset Management, and Other Businesses. It offers investment products, including domestic and overseas publicly-raised and public securities investment funds, privately-raised investment funds, and private equity products; customized value-added financial services, such as investor education and trust services, as well as insurance brokerage services; and insurance products. The company also provides onshore and offshore private equity, real estate, public securities, multi-strategy, and other investment products, as well as lending services. Noah Holdings Limited was founded in 2005 and is headquartered in Shanghai, the People's Republic of China.Show more

Net Interest Income $156M -3.8%
Total Revenue $2.6B -21.1%
Net Income $475M -52.9%
Return on Equity 4.65% -54.1%
Net Interest Margin 1.32% +3.6%
Efficiency Ratio 23.75% +5.7%
ROA 3.89% -52.9%
Equity / Assets 85.01% +3.4%
Book Value per Share 710.43 -5.3%
Tangible BV/Share 710.43 -5.3%
Debt/Equity 0.01 -56.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Efficient operations: 23.7% efficiency ratio
✓Well capitalized: 85.0% equity/assets
✓Diversified revenue: 94.0% from non-interest income
✓Trading at only 0.0x book value

✗Weaknesses

✗Profits declining 10.5% over 5 years
✗Weak NIM of 1.3%
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.46%

5Y-5.17%

3Y-15.38%

TTM-

Profit (Net Income) CAGR

10Y0.63%

5Y-10.53%

3Y-28.74%

TTM12.63%

EPS CAGR

10Y1.69%

5Y-12.83%

3Y-29.73%

TTM12.02%

ROCE

10Y Avg14.51%

5Y Avg11.83%

3Y Avg9.46%

Latest6%

Peer Comparison

Comprehensive Wealth Management Firms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BKThe Bank of New York Mellon Corporation	84.6B	122.93	21.19	17.05%	11.45%	11.82%		1.09
SAMGSilvercrest Asset Management Group Inc.	124.5M	15.33	15.33	5.32%	7.71%	7.08%	15.98%	0.19
AMPAmeriprise Financial, Inc.	46.02B	495.37	14.99	11.37%	18.97%	56.17%	13.95%	1.05
BBTBeacon Financial Corp.	2.24B	26.70	14.59	7.49%	10.5%	6.28%	4.46%	1.28
BMHLBluemount Holdings Limited	51.13M	3.65	9.60	-14.29%	28.04%	39.29%		0.04
BRBIBRBI BR Partners S.A. ADSs	372.73M	14.20	5.77	13.08%	2.61%	23.83%	23.44%	12.34
NOAHNoah Holdings Limited	743.65M	11.18	0.33	-21.06%	18.28%	6.63%	41.04%	0.01
AUREPrestige Wealth Inc.	56.11M	0.29	-0.35	83.6%	-10.75%	-149.12%		0.06

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	23.65M	20.25M	20.89M	59.81M	88.67M	67.32M	71.87M	61.42M	161.93M	155.75M
NII Growth %	-0.39%	-0.14%	0.03%	1.86%	0.48%	-0.24%	0.07%	-0.15%	1.64%	-0.04%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	39.7M	39.54M	45.02M	69.84M	89.1M	67.32M	71.87M	61.42M	161.93M	155.75M
Interest Expense	16.05M	19.29M	24.13M	10.03M	430K	0	0	0	0	0
Loan Loss Provision	1.15B	1.28B	1.38B	1.55B	1.61B	699.41M	2.17B	1.44B	1.46B	1.35B
Non-Interest Income+	2.08B	2.47B	2.78B	3.22B	3.3B	3.24B	4.22B	3.04B	3.13B	2.45B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	2.12B	2.51B	2.83B	3.29B	3.39B	3.31B	4.29B	3.1B	3.29B	2.6B
Revenue Growth %	0.39%	0.19%	0.12%	0.16%	0.03%	-0.03%	0.3%	-0.28%	0.06%	-0.21%
Non-Interest Expense	396.66M	545.88M	642.5M	798.89M	866.08M	1.35B	925.32M	570.04M	740.03M	617.64M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	558.78M	667.29M	777.03M	926.52M	914.97M	1.26B	1.2B	1.09B	1.1B	633.89M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.01%	0.19%	0.16%	0.19%	-0.01%	0.38%	-0.05%	-0.09%	0.01%	-0.42%
Pretax Income+	656.19M	755.89M	868.81M	1.01B	1.08B	-485.06M	1.6B	1.24B	1.26B	755.6M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	129.89M	158M	199.09M	222.32M	220.03M	258.46M	293.94M	267.11M	262.36M	268.59M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	535.83M	643.83M	762.92M	811.3M	829.15M	-745.23M	1.31B	976.57M	1.01B	475.44M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.2%	0.2%	0.18%	0.06%	0.02%	-1.9%	2.76%	-0.26%	0.03%	-0.53%
Net Income (Continuing)	526.3M	597.89M	761.86M	803.75M	863.76M	-743.52M	1.31B	971.59M	1B	487M
EPS (Diluted)+	45.75	53.60	63.09	66.67	67.05	-60.05	97.25	71.40	72.65	33.75
EPS Growth %	0.6%	0.17%	0.18%	0.06%	0.01%	-1.9%	2.62%	-0.27%	0.02%	-0.54%
EPS (Basic)	47.70	57.20	67.45	69.91	67.80	-60.05	97.80	71.45	72.65	34.00
Diluted Shares Outstanding	12.06M	12.01M	12.09M	12.28M	12.37M	12.41M	13.51M	13.68M	13.9M	14.09M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	2.13B	2.98B	1.91B	2.7B	4.39B	5.01B	3.4B	4.4B	5.19B	3.82B
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	1.14B	1.19B	2.12B	2.85B	2.82B	1.92B	2.16B	2.58B	2.72B	3.62B
Investments Growth %	1.7%	0.04%	0.79%	0.35%	-0.01%	-0.32%	0.13%	0.19%	0.05%	0.33%
Long-Term Investments	577.94M	886.1M	1.96B	2.4B	2.15B	1.8B	2.07B	2.27B	2.34B	2.34B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	196.48M	243.49M	303.35M	346.65M	648.51M	522.82M	2.8B	2.65B	2.62B	2.5B
Other Assets	16.89M	38.65M	125.87M	49.97M	102.09M	148.29M	161.83M	124.12M	610.08M	137.29M
Total Current Assets	3.26B	4.73B	4.04B	5.1B	6.73B	6.7B	5.52B	6.32B	7.12B	6.47B
Total Non-Current Assets	835.16M	1.22B	2.46B	2.91B	3.07B	2.7B	5.37B	5.48B	5.57B	5.3B
Total Assets+	4.1B	5.96B	6.49B	8.01B	9.8B	9.4B	10.89B	11.8B	12.69B	11.78B
Asset Growth %	0.53%	0.45%	0.09%	0.23%	0.22%	-0.04%	0.16%	0.08%	0.08%	-0.07%
Return on Assets (ROA)	0.16%	0.13%	0.12%	0.11%	0.09%	-0.08%	0.13%	0.09%	0.08%	0.04%
Accounts Payable	189.29M	687.96M	0	0	0	53.63M	71.59M	117.15M	104.48M	122.62M
Total Debt+	518.22M	1.12B	491.83M	145M	374.43M	280.86M	222.24M	177.99M	327.06M	135.99M
Net Debt	-1.61B	-1.86B	-1.41B	-2.56B	-4.01B	-4.72B	-3.18B	-4.23B	-4.87B	-3.69B
Long-Term Debt	518.22M	555.44M	0	145M	0	0	0	0	0	0
Short-Term Debt	0	569.38M	491.83M	0	0	0	0	10.46M	188.7M	15.38M
Other Liabilities	77.94M	429.61M	113.66M	35.72M	3.43M	855K	100.02M	59.76M	27.66M	15.01M
Total Current Liabilities	966.83M	1.58B	1.82B	1.59B	1.51B	1.88B	2.28B	1.9B	1.89B	1.43B
Total Non-Current Liabilities	596.17M	989.51M	163.78M	247.81M	422.59M	241.12M	465.11M	392.7M	366.6M	336.83M
Total Liabilities	1.56B	2.57B	1.99B	1.84B	1.93B	2.12B	2.75B	2.3B	2.26B	1.77B
Total Equity+	2.53B	3.39B	4.51B	6.18B	7.87B	7.28B	8.14B	9.5B	10.43B	10.01B
Equity Growth %	0.31%	0.34%	0.33%	0.37%	0.28%	-0.08%	0.12%	0.17%	0.1%	-0.04%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.24%	0.22%	0.19%	0.15%	0.12%	-0.1%	0.17%	0.11%	0.1%	0.05%
Book Value per Share	210.14	282.26	372.74	502.71	636.64	586.50	602.52	694.52	750.35	710.43
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	98.13K	99K	96K	101K	103K	104K	104K	105K	110K	113K
Additional Paid-in Capital	990.52M	1.23B	1.37B	1.9B	2.18B	3.57B	3.53B	3.8B	3.8B	3.91B
Retained Earnings	1.6B	2.24B	2.88B	3.95B	4.73B	3.99B	5.19B	5.6B	6.44B	5.9B
Accumulated OCI	-21.76M	-5.43M	213.42M	36.2M	97.05M	-79.11M	-140.01M	-2.55M	74.62M	186.55M
Treasury Stock	-117.84M	-130.44M	-40.27M	-40.27M	0	-290.91M	-541.38M	0	0	-53.34M
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	675.13M	686.25M	628.38M	1.03B	1.29B	796.35M	1.52B	632.9M	1.32B	387.34M
Operating CF Growth %	0.14%	0.02%	-0.08%	0.64%	0.25%	-0.38%	0.91%	-0.58%	1.08%	-0.71%
Net Income	526.3M	597.89M	761.86M	803.75M	863.76M	-743.52M	1.31B	971.59M	1B	487M
Depreciation & Amortization	34.42M	61.32M	81.96M	92.28M	105.43M	98.45M	146.57M	155.97M	158.08M	156.68M
Deferred Taxes	-7.77M	-12.57M	-16.93M	-40.73M	-62.36M	-67.33M	-119.61M	-84.9M	0	0
Other Non-Cash Items	-139.33M	107.31M	-348.26M	54.07M	351.04M	742.92M	-84.97M	-279.12M	121.43M	228.98M
Working Capital Changes	193.84M	-146.88M	56.11M	7.26M	-64.53M	-584.77M	202.82M	-172.93M	26.26M	-594.36M
Cash from Investing+	-759.46M	-883.79M	-833.86M	-395.68M	-182.01M	352.58M	-2.57B	74.29M	-247.14M	-840.82M
Purchase of Investments	-4.01B	-1.34B	-1.19B	-241.14M	-1.7B	-231.45M	-145.56M	-81.73M	-532.16M	-1.74B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-82.57M	-192.39M	-297.86M	-559.36M	124.51M	128.91M	-436K	-8.08M	-14.74M	12.33M
Other Investing	-48.26M	-609.33M	-160.09M	149.05M	-96.92M	231.15M	-293.08M	163.27M	160.5M	195.63M
Cash from Financing+	462.77M	994.64M	-791.79M	109.83M	543.31M	-371.42M	-513.12M	233.76M	-199.84M	-1.13B
Dividends Paid	0	0	0	0	0	0	0	0	-177.5M	-1.01B
Share Repurchases	-44.59M	-12.6M	-31.29M	0	0	-281.61M	-372.38M	0	0	-53.34M
Stock Issued	0	0	0	0	0	0	0	247.01M	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	0	0	0	0	0	0	0	0	0
Other Financing	39.13M	1.01B	-760.5M	109.83M	543.31M	-89.81M	-140.75M	-13.25M	-22.33M	-73.01M
Net Change in Cash+	382.72M	849.59M	-1.08B	799.84M	1.69B	628.77M	-1.61B	1.02B	919.44M	-1.52B
Exchange Rate Effect	1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K	1000K	1000K	1000K
Cash at Beginning	1.75B	2.13B	2.98B	1.91B	2.71B	4.39B	5.02B	3.41B	4.43B	5.35B
Cash at End	2.13B	2.98B	1.91B	2.71B	4.39B	5.02B	3.41B	4.43B	5.35B	3.84B
Interest Paid	9.07M	18.38M	23.74M	13.02M	430K	0	0	0	0	0
Income Taxes Paid	130.5M	205.05M	205.04M	211.5M	209.97M	310.59M	364.12M	407.49M	285.51M	203.67M
Free Cash Flow+	538.84M	584.88M	475.67M	901.16M	1.22B	744.74M	-749.38M	570.19M	1.16B	305.16M
FCF Growth %	0.02%	0.09%	-0.19%	0.89%	0.36%	-0.39%	-2.01%	1.76%	1.04%	-0.74%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	23.95%	21.73%	19.32%	15.19%	11.8%	-9.84%	17.05%	11.07%	10.13%	4.65%
Return on Assets (ROA)	15.83%	12.81%	12.25%	11.18%	9.31%	-7.76%	12.95%	8.61%	8.25%	3.89%
Net Interest Margin	0.58%	0.34%	0.32%	0.75%	0.9%	0.72%	0.66%	0.52%	1.28%	1.32%
Efficiency Ratio	18.71%	21.72%	22.73%	24.29%	25.53%	40.77%	21.55%	18.39%	22.46%	23.75%
Equity / Assets	61.85%	56.93%	69.4%	77.05%	80.34%	77.42%	74.76%	80.53%	82.2%	85.01%
Book Value / Share	210.14	282.26	372.74	502.71	636.64	586.5	602.52	694.52	750.35	710.43
NII Growth	-39.21%	-14.37%	3.17%	186.3%	48.24%	-24.08%	6.76%	-14.54%	163.65%	-3.81%
Dividend Payout	-	-	-	-	-	-	-	-	17.58%	211.98%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Wealth Management	-	-	-	-	-	-	-	-	-	1.81B
Wealth Management Growth	-	-	-	-	-	-	-	-	-	-
Asset Management Business	-	-	-	-	-	-	-	-	-	768.42M
Asset Management Business Growth	-	-	-	-	-	-	-	-	-	-
Other Businesses	-	-	-	-	-	-	-	-	-	44.48M
Other Businesses Growth	-	-	-	-	-	-	-	-	-	-
Recurring Service Fees	-	-	-	-	-	-	-	1.91B	1.82B	-
Recurring Service Fees Growth	-	-	-	-	-	-	-	-	-4.91%	-
One Time Commissions	-	-	-	-	-	-	-	681.45M	1.09B	-
One Time Commissions Growth	-	-	-	-	-	-	-	-	59.84%	-
Other Services	-	-	-	361.89M	-	-	-	223.44M	270.58M	-
Other Services Growth	-	-	-	-	-	-	-	-	21.10%	-
Performance Based Income	-	-	-	-	-	-	165.79M	309.58M	137.61M	-
Performance Based Income Growth	-	-	-	-	-	-	-	86.73%	-55.55%	-
Other Service	-	-	-	-	-	-	69.95M	-	-	-
Other Service Growth	-	-	-	-	-	-	-	-	-	-
Other Service Fee	559.81K	1.79M	23.31M	-	3.9M	3.51M	-	-	-	-
Other Service Fee Growth	-	219.38%	1203.97%	-	-	-9.95%	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Mainland China	-	-	-	-	-	-	-	-	-	1.37B
Mainland China Growth	-	-	-	-	-	-	-	-	-	-
Hong Kong	-	-	-	-	-	-	-	-	-	925.85M
Hong Kong Growth	-	-	-	-	-	-	-	-	-	-
Other Countries	-	-	-	-	-	-	-	-	-	326.23M
Other Countries Growth	-	-	-	-	-	-	-	-	-	-
Others Country	-	-	-	-	-	164.88M	-	-	-	-
Others Country Growth	-	-	-	-	-	-	-	-	-	-
Overseas	-	-	-	3.03M	212.7M	-	-	-	-	-
Overseas Growth	-	-	-	-	6922.12%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Noah Holdings Limited (NOAH) has a price-to-earnings (P/E) ratio of 0.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Noah Holdings Limited (NOAH) saw revenue decline by 21.1% over the past year.

Yes, Noah Holdings Limited (NOAH) is profitable, generating $655.8M in net income for fiscal year 2024 (18.3% net margin).

Dividend & Returns

Yes, Noah Holdings Limited (NOAH) pays a dividend with a yield of 100.00%. This makes it attractive for income-focused investors.

Noah Holdings Limited (NOAH) has a return on equity (ROE) of 4.7%. This is below average, suggesting room for improvement.

Industry Metrics

Noah Holdings Limited (NOAH) has a net interest margin (NIM) of 1.3%. NIM has been under pressure due to interest rate environment.

Noah Holdings Limited (NOAH) has an efficiency ratio of 23.7%. This is excellent, indicating strong cost control.

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