The firm maintains a highly conservative capital structure with a negligible debt-to-equity ratio of 0.01 and a robust $5.0 billion cash position as of 2025Q4.
Noah Holdings Limited (NOAH) balance sheet — 19-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Cash & Short Term Investments | 20.5B | 5.03B | 5.1B | 5.57B | 4.72B | 3.5B | 5.12B | 5.06B | 3.15B | 2.07B | 3.28B | 2.69B | 1.89B | 1.36B | 1.05B | 990.35M | 899M | 90.72M | 52.76M | 42.67M |
| Cash & Due from Banks | 4.33B | 4.37B | 3.82B | 5.19B | 4.4B | 3.4B | 5.01B | 4.39B | 2.7B | 1.91B | 2.98B | 2.13B | 1.75B | 1.19B | 746.28M | 860.16M | 883.93M | 82.73M | 52.76M | 41.51M |
| Short Term Investments | 711.96M | 657.98M | 1.27B | 379.46M | 315.98M | 92.8M | 114.93M | 671.26M | 450.48M | 160.34M | 299.17M | 560.07M | 137.63M | 170.82M | 306.07M | 130.19M | 15.07M | 7.99M | 0 | 1.16M |
| Total Investments | 3.06B | 3.27B | 3.62B | 2.72B | 2.58B | 2.16B | 1.92B | 2.82B | 2.85B | 2.12B | 1.19B | 1.14B | 421.11M | 343.06M | 363.26M | 157.38M | 50.26M | 17.99M | 0 | 1.16M |
| Investments Growth % | -27.55% | -9.63% | 33.22% | 5.21% | 19.34% | 12.92% | -32.17% | -0.91% | 34.64% | 78.63% | 4.15% | 170.24% | 22.75% | -5.56% | 130.81% | 213.12% | 179.39% | - | -100% | - |
| Long-Term Investments | 9.29B | 2.61B | 2.34B | 2.34B | 2.27B | 2.07B | 1.8B | 2.15B | 2.4B | 1.96B | 886.1M | 577.94M | 283.48M | 172.24M | 57.19M | 27.2M | 35.19M | 10M | 0 | 0 |
| Accounts Receivables | 323.54M | 1.02B | 473.49M | 503.98M | 912.29M | 777.9M | 428.6M | 214.42M | 279.88M | 172.27M | 202.98M | 121.01M | 66.9M | 50.4M | 62.77M | 39.18M | 7.28M | 402.99K | 206.81K | 37.42K |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 2.4B | 2.46B | 2.5B | 2.62B | 2.65B | 2.8B | 522.82M | 648.51M | 346.65M | 303.35M | 243.49M | 196.48M | 92.15M | 57.04M | 27.39M | 27.89M | 9.33M | 3.38M | 4.12M | 1.43M |
| Other Assets | 387.49M | 314.27M | 137.29M | 610.08M | 124.12M | 161.83M | 148.29M | 102.09M | 49.97M | 125.87M | 38.65M | 16.89M | 11.98M | 7.39M | 6.4M | 5.84M | 3.19M | 1.94M | 850.36K | 0 |
| Total Current Assets | 6.2B | 6.05B | 6.47B | 7.12B | 6.32B | 5.52B | 6.7B | 6.73B | 5.1B | 4.04B | 4.73B | 3.26B | 2.27B | 1.59B | 1.18B | 1.07B | 936.36M | 95.67M | 56.7M | 45.03M |
| Total Non-Current Assets | 5.44B | 5.7B | 5.3B | 5.57B | 5.48B | 5.37B | 2.7B | 3.07B | 2.91B | 2.46B | 1.22B | 835.16M | 401.65M | 245.73M | 97.88M | 64.3M | 49.82M | 15.32M | 4.97M | 1.43M |
| Total Assets | 11.64B | 11.75B | 11.78B | 12.69B | 11.8B | 10.89B | 9.4B | 9.8B | 8.01B | 6.49B | 5.96B | 4.1B | 2.67B | 1.84B | 1.28B | 1.14B | 986.18M | 110.99M | 61.67M | 46.45M |
| Asset Growth % | -6.72% | -0.26% | -7.15% | 7.52% | 8.34% | 15.85% | -4.11% | 22.31% | 23.39% | 9.04% | 45.39% | 53.17% | 45.54% | 43.37% | 12.72% | 15.32% | 788.51% | 79.98% | 32.76% | - |
| Return on Assets (ROA) | 5.5% | 4.75% | 3.89% | 8.25% | 8.61% | 12.95% | -7.76% | 9.31% | 11.18% | 12.25% | 12.81% | 15.83% | 19.79% | 20.25% | 11.78% | 14.19% | 13.94% | 28.86% | -5.08% | 5.44% |
| Accounts Payable | 0 | 126.19M | 122.62M | 104.48M | 117.15M | 71.59M | 53.63M | 0 | 0 | 0 | 687.96M | 189.29M | 0 | 15.64M | 7.67M | 11.7M | 0 | 0 | 0 | 0 |
| Total Debt | 51.04M | 99.53M | 135.99M | 327.06M | 177.99M | 222.24M | 280.86M | 374.43M | 145M | 491.83M | 1.12B | 518.22M | 50M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -4.28B | -4.28B | -3.69B | -4.87B | -4.23B | -3.18B | -4.72B | -4.01B | -2.56B | -1.41B | -1.86B | -1.61B | -1.7B | -1.19B | -746.28M | -860.16M | -883.93M | -82.73M | -52.76M | -41.51M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 145M | 0 | 555.44M | 518.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 0 | 39.21M | 15.38M | 188.7M | 10.46M | 0 | 0 | 0 | 0 | 491.83M | 569.38M | 0 | 50M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 13.11M | 1.38B | 15.01M | 27.66M | 59.76M | 100.02M | 855K | 3.43M | 35.72M | 113.66M | 429.61M | 77.94M | 31.05M | 21.79M | 13.03M | 19.65M | 15.42M | 38.19M | 35.56M | 34.66M |
| Total Current Liabilities | 1.82B | 39.21M | 1.43B | 1.89B | 1.9B | 2.28B | 1.88B | 1.51B | 1.59B | 1.82B | 1.58B | 966.83M | 692.75M | 380.66M | 164.31M | 105.56M | 97.71M | 35.42M | 18.54M | 7.76M |
| Total Non-Current Liabilities | 323.81M | 1.76B | 336.83M | 366.6M | 392.7M | 465.11M | 241.12M | 422.59M | 247.81M | 163.78M | 989.51M | 596.17M | 42.18M | 31.8M | 22.09M | 19.65M | 15.42M | 38.19M | 35.56M | 34.66M |
| Total Liabilities | 2.15B | 1.76B | 1.77B | 2.26B | 2.3B | 2.75B | 2.12B | 1.93B | 1.84B | 1.99B | 2.57B | 1.56B | 734.93M | 412.46M | 186.4M | 125.21M | 113.13M | 73.61M | 54.11M | 42.42M |
| Total Equity | 9.49B | 9.99B | 10.01B | 10.43B | 9.5B | 8.14B | 7.28B | 7.87B | 6.18B | 4.51B | 3.39B | 2.53B | 1.94B | 1.43B | 1.1B | 1.01B | 873.04M | 37.38M | 7.56M | 4.04M |
| Equity Growth % | -0.5% | -0.23% | -3.98% | 9.76% | 16.69% | 11.88% | -7.59% | 27.52% | 36.99% | 32.92% | 33.83% | 30.63% | 36.1% | 30.11% | 8.25% | 15.92% | 2235.62% | 394.27% | 87.36% | - |
| Equity / Assets (Capital Ratio) | 81.54% | 85.03% | 85.01% | 82.2% | 80.53% | 74.76% | 77.42% | 80.34% | 77.05% | 69.4% | 56.93% | 61.85% | 72.52% | 77.56% | 85.46% | 88.99% | 88.53% | 33.68% | 12.26% | 8.69% |
| Return on Equity (ROE) | 6.58% | 5.59% | 4.65% | 10.13% | 11.07% | 17.05% | -9.84% | 11.8% | 15.19% | 19.32% | 21.73% | 23.95% | 26.54% | 25.07% | 13.52% | 15.98% | 16.8% | 110.86% | -47.31% | 62.63% |
| Book Value per Share | 689.83 | 709.54 | 710.43 | 750.35 | 694.52 | 602.52 | 586.50 | 636.64 | 502.71 | 372.74 | 282.26 | 210.14 | 173.15 | 127.22 | 97.55 | 88.71 | 114.69 | 5.55 | 0.83 | 0.44 |
| Tangible BV per Share | 689.83 | 709.54 | 710.43 | 750.35 | 694.52 | 602.52 | 586.50 | 636.64 | 502.71 | 372.74 | 282.26 | 210.14 | 173.15 | 127.22 | 97.55 | 88.71 | 114.69 | 5.55 | 0.83 | 0.44 |
| Common Stock | 115.04K | 113.07K | 113K | 110K | 105K | 104K | 104K | 103K | 101K | 96K | 99K | 98.13K | 97.53K | 87.01K | 88.26K | 87.87K | 92.29K | 42.25K | 33.01K | 23.01K |
| Additional Paid-in Capital | 3.99B | 3.98B | 3.91B | 3.8B | 3.8B | 3.53B | 3.57B | 2.18B | 1.9B | 1.37B | 1.23B | 990.52M | 889.42M | 785.93M | 769.68M | 747.32M | 769.83M | 14.25M | 7.99M | 2.76M |
| Retained Earnings | 5.56B | 5.82B | 5.9B | 6.44B | 5.6B | 5.19B | 3.99B | 4.73B | 3.95B | 2.88B | 2.24B | 1.6B | 1.06B | 588.56M | 333.04M | 241.27M | 95.63M | 20.45M | -3.04M | 1.14M |
| Accumulated OCI | -76.25M | 41.78M | 186.55M | 74.62M | -2.55M | -140.01M | -79.11M | 97.05M | 36.2M | 213.42M | -5.43M | -21.76M | -27.36M | 56.25M | 31.52M | 23.34M | 7.49M | 2.67M | 2.61M | 138.43K |
| Treasury Stock | -144.98M | -4.1M | -53.34M | 0 | 0 | -541.38M | -290.91M | 0 | -40.27M | -40.27M | -130.44M | -117.84M | -73.25M | -70.76M | -53.18M | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying NOAH stock.
As of 2025, Noah Holdings Limited (NOAH) had total assets of $11.75B including $6.05B in current assets.
Noah Holdings Limited (NOAH) carries total debt of $99.5M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Noah Holdings Limited (NOAH) has total shareholders' equity (book value) of $9.83B ($709.54 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Noah Holdings Limited (NOAH) reported a current ratio of 154.31x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Asset quality and regulatory
Asset Base Stability Amid Stagnation
According to the latest quarterly filings, Noah Holdings maintains a total asset base of $11.7 billion, a figure that has remained largely range-bound between $11.5 billion and $12.7 billion over the past ten quarters, signaling a period of structural stagnation rather than meaningful balance sheet expansion.
The lack of significant growth in total assets suggests that the firm is struggling to attract new capital inflows at a rate that offsets the maturity or redemption of legacy products. This trajectory implies that the business model is currently in a defensive posture, prioritizing the preservation of existing AUM over aggressive balance sheet scaling.
Minimal Leverage Reflects Conservative Stance
Based on reported financial statements, Noah Holdings maintains a negligible debt-to-equity ratio of 0.01, with total debt standing at $99.5 million as of 2025Q4, which underscores a highly conservative capital structure that relies almost exclusively on equity financing rather than external credit markets.
This minimal leverage profile suggests that the firm is not reliant on debt to fund its operations or product development, which provides a significant buffer against interest rate volatility. However, it also indicates that management may be missing opportunities to optimize its cost of capital or that the firm's business model does not support traditional debt-based financing.
Robust Cash Position Provides Buffer
As reported in recent balance sheet data, Noah Holdings holds $5.0 billion in cash, maintaining a current ratio of 154.31 as of 2025Q4, which indicates an exceptionally high level of liquidity relative to its short-term obligations and provides a substantial cushion against potential operational shocks.
The massive cash hoard relative to liabilities suggests that the firm is well-positioned to weather prolonged market downturns or regulatory disruptions. Investors should monitor whether this liquidity is being held for strategic acquisitions or if it represents a lack of viable investment opportunities within the current Chinese financial landscape.
Equity Quality and Retained Earnings
Based on the provided figures, Noah Holdings reports total equity of $9.8 billion as of 2025Q4, with retained earnings of $5.8 billion, suggesting that the firm has successfully accumulated capital through historical profitability despite recent volatility in its net income and earnings quality.
The stability of the equity base appears to be a core strength, providing a solid foundation for the firm's ongoing transition toward standardized investment products. However, the fluctuation in retained earnings across quarters warrants further investigation into the consistency of the firm's dividend policy and the impact of periodic investment valuation adjustments.
Hidden Risks in Asset Valuation
While the balance sheet appears fortress-like with $11.7 billion in total assets, the absence of goodwill and the presence of $2.5 billion in net PPE suggest that the firm's asset quality may be heavily dependent on internal valuations of proprietary funds rather than liquid, market-clearing prices.
The reliance on internal models for valuing these assets could mask underlying impairments, particularly given the ongoing volatility in the Chinese real estate sector. Investors should be cautious, as the headline strength of the balance sheet may not fully reflect the potential for future write-downs if legacy product performance continues to deteriorate.