Noah Holdings Limited (NOAH) Financial Ratios
19 years of historical data (2007–2025) · Financial Services · Asset Management
EV/EBITDA
↓
-3.52
—
5yr avg: N/A
P/FCF
↓
1.17
↑+277% vs avg
5yr avg: 0.31
30Y Low0.2·High1.2
P/B Ratio
↓
0.10
↑+305% vs avg
5yr avg: 0.02
30Y Low0.0·High0.2
ROE
↓
5.6%
↑-42% vs avg
5yr avg: 9.7%
30Y Low-47%·High111%
Debt/EBITDA
↓
0.11
↓-37% vs avg
5yr avg: 0.17
30Y Low0.1·High1.5
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NOAH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Noah Holdings Limited trades at 1.8x earnings, 587% above its 5-year average of 0.3x, sitting at the 93rd percentile of its historical range. Compared to the Financial Services sector median P/E of 13.9x, the stock trades at a discount of 87%. On a free-cash-flow basis, the stock trades at 1.2x P/FCF, 277% above the 5-year average of 0.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $145M | $141M | $165M | $192M | $212M | $415M | $593M | $438M | $532M | $560M | $263M |
| Enterprise Value | $-482912249 | $-4133904528 | $-3521304260 | $-4673154770 | $-4013896966 | $-2767653961 | $-4131120153 | $-3575399904 | $-2026934763 | $-855234478 | $-1594212519 |
| P/E Ratio → | 1.83 | 0.26 | 0.35 | 0.19 | 0.22 | 0.32 | — | 0.53 | 0.65 | 0.73 | 0.41 |
| P/S Ratio | 0.38 | 0.05 | 0.06 | 0.06 | 0.07 | 0.10 | 0.18 | 0.13 | 0.16 | 0.20 | 0.10 |
| P/B Ratio | 0.10 | 0.01 | 0.02 | 0.02 | 0.02 | 0.05 | 0.08 | 0.06 | 0.09 | 0.12 | 0.08 |
| P/FCF | 1.17 | 0.17 | 0.54 | 0.17 | 0.37 | — | 0.80 | 0.36 | 0.59 | 1.18 | 0.45 |
| P/OCF | 1.01 | 0.14 | 0.43 | 0.15 | 0.34 | 0.27 | 0.74 | 0.34 | 0.52 | 0.89 | 0.38 |
P/E links to full P/E history page with 30-year chart
NOAH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -1.58 | -1.35 | -1.42 | -1.29 | -0.64 | -1.25 | -1.05 | -0.62 | -0.30 | -0.63 |
| EV / EBITDA | -3.52 | -4.43 | -4.45 | -3.72 | -3.23 | -2.06 | -3.04 | -3.50 | -1.99 | -1.00 | -2.19 |
| EV / EBIT | -4.23 | -5.32 | -5.56 | -4.26 | -3.69 | -2.31 | -3.28 | -3.69 | -1.98 | -0.96 | -2.12 |
| EV / FCF | — | -4.91 | -11.54 | -4.03 | -7.04 | — | -5.55 | -2.92 | -2.25 | -1.80 | -2.73 |
NOAH Profitability
Margins and return-on-capital ratios measuring operating efficiency
Noah Holdings Limited earns an operating margin of 29.8%, above the Financial Services sector average of 20.0%. Operating margins have compressed from 33.3% to 29.8% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 5.6% is modest, trailing the sector median of 8.9%. ROIC of 5.8% represents adequate returns on invested capital versus a sector median of 5.3%.
Margins
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 | 53.4% | 53.4% | 48.1% | 55.8% | 53.5% | 49.5% | 78.8% | 52.5% | 52.5% | 50.2% | 48.3% |
| Operating Margin | 29.8% | 29.8% | 24.4% | 33.3% | 35.1% | 27.9% | 38.1% | 27.0% | 28.2% | 27.5% | 26.5% |
| Net Profit Margin | 21.4% | 21.4% | 18.3% | 30.6% | 31.5% | 30.6% | -22.5% | 24.4% | 24.7% | 27.0% | 25.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.6% | 5.6% | 4.7% | 10.1% | 11.1% | 17.0% | -9.8% | 11.8% | 15.2% | 19.3% | 21.7% |
| ROA | 4.8% | 4.8% | 3.9% | 8.2% | 8.6% | 13.0% | -7.8% | 9.3% | 11.2% | 12.3% | 12.8% |
| ROIC | 5.8% | 5.8% | 4.5% | 8.1% | 9.0% | 11.3% | 11.9% | 9.4% | 12.3% | 12.2% | 13.2% |
| ROCE | 7.0% | 7.0% | 6.0% | 10.6% | 11.8% | 14.9% | 15.9% | 12.4% | 16.7% | 17.2% | 17.8% |
NOAH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Noah Holdings Limited carries a Debt/EBITDA ratio of 0.1x, which is very conservative (97% below the sector average of 4.2x). The company holds a net cash position — cash of $4.4B exceeds total debt of $100M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.03 | 0.02 | 0.03 | 0.04 | 0.05 | 0.02 | 0.11 | 0.33 |
| Debt / EBITDA | 0.11 | 0.11 | 0.17 | 0.26 | 0.14 | 0.17 | 0.21 | 0.37 | 0.14 | 0.57 | 1.54 |
| Net Debt / Equity | — | -0.43 | -0.37 | -0.47 | -0.44 | -0.39 | -0.65 | -0.51 | -0.41 | -0.31 | -0.55 |
| Net Debt / EBITDA | -4.58 | -4.58 | -4.66 | -3.87 | -3.40 | -2.37 | -3.48 | -3.93 | -2.51 | -1.65 | -2.55 |
| Debt / FCF | — | -5.07 | -12.08 | -4.19 | -7.41 | — | -6.34 | -3.28 | -2.84 | -2.97 | -3.18 |
| Interest Coverage | — | — | — | — | — | — | — | 2252.10 | 101.88 | 37.01 | 39.03 |
Net cash position: cash ($4.4B) exceeds total debt ($100M)
NOAH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Noah Holdings Limited's current ratio of 154.31x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 3.76x to 154.31x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 154.31 | 154.31 | 4.53 | 3.76 | 3.32 | 2.42 | 3.56 | 4.47 | 3.21 | 2.21 | 3.00 |
| Quick Ratio | 154.31 | 154.31 | 4.53 | 3.76 | 3.32 | 2.42 | 3.56 | 4.47 | 3.21 | 2.21 | 3.00 |
| Cash Ratio | 111.57 | 111.57 | 2.67 | 2.75 | 2.31 | 1.49 | 2.66 | 2.92 | 1.70 | 1.05 | 1.89 |
| Asset Turnover | — | 0.22 | 0.22 | 0.26 | 0.26 | 0.39 | 0.35 | 0.35 | 0.41 | 0.44 | 0.42 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
NOAH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Noah Holdings Limited returns 60.5% to shareholders annually — split between a 55.3% dividend yield and 5.3% buyback yield. The payout ratio of 97.8% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 54.7% (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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 55.3% | 100.0% | 100.0% | 92.5% | — | — | — | — | — | — | — |
| Payout Ratio | 97.8% | 97.8% | 212.0% | 17.6% | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 54.7% | 383.0% | 288.2% | 526.1% | 460.6% | 316.9% | — | 189.6% | 153.9% | 136.3% | 244.4% |
| FCF Yield | 85.1% | 596.0% | 184.9% | 604.6% | 268.9% | — | 125.5% | 279.5% | 169.3% | 85.0% | 222.0% |
| Buyback Yield | 5.3% | 37.0% | 32.3% | 0.0% | 0.0% | 89.8% | 47.5% | 0.0% | 0.0% | 5.6% | 4.8% |
| Total Shareholder Yield | 60.5% | 100.0% | 100.0% | 92.5% | 0.0% | 89.8% | 47.5% | 0.0% | 0.0% | 5.6% | 4.8% |
| Shares Outstanding | — | $14M | $14M | $14M | $14M | $14M | $12M | $12M | $12M | $12M | $12M |
Peer Comparison
Compare NOAH 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 |
|---|---|---|---|---|---|---|---|---|---|
 NOAHYou | $145M | 1.8 | -3.5 | 1.2 | 53.4% | 29.8% | 5.6% | 5.8% | 0.1 |
 LU | $532M | -1.8 | — | 0.3 | 74.9% | -1.6% | -2.3% | -0.2% | — |
 JFIN | $149M | 4.7 | 6.4 | 1.6 | 77.9% | 28.9% | 5.7% | 4.9% | 2.7 |
 CNF | $992477 | -0.0 | — | 0.1 | 87.0% | -11.2% | -12.0% | -0.6% | — |
 BEN | $18B | 37.1 | 24.0 | 19.3 | 80.3% | 6.9% | 3.7% | 1.6% | 11.7 |
 IVZ | $12B | -16.9 | 16.4 | 8.3 | 43.2% | -10.9% | -2.0% | -2.3% | 8.2 |
 AMG | $9B | 15.4 | 12.0 | 9.2 | 86.0% | 31.8% | 15.8% | 8.1% | 2.8 |
 APAM | $3B | 8.7 | 6.5 | 14.7 | 45.7% | 33.4% | 37.9% | 26.7% | 1.0 |
 FUTU | $14B | 9.6 | 0.1 | 2.6 | 87.1% | 61.6% | 33.1% | 22.3% | 1.2 |
 UP | $253M | -0.8 | — | — | 2.2% | -34.3% | — | — | — |
 TIGR | $862M | 5.1 | -10.8 | 0.7 | 93.2% | 46.0% | 22.4% | 22.5% | 0.6 |
| Financial Services Median | — | 13.9 | 11.1 | 11.2 | 64.0% | 20.0% | 8.9% | 5.3% | 4.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 19 years · Updated daily
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NOAH — Frequently Asked Questions
Quick answers to the most common questions about buying NOAH stock.
What is Noah Holdings Limited's P/E ratio?
Noah Holdings Limited's current P/E ratio is 1.8x. The historical average is 0.6x. This places it at the 93th percentile of its historical range.
What is Noah Holdings Limited's EV/EBITDA?
Noah Holdings Limited's current EV/EBITDA is -3.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
What is Noah Holdings Limited's ROE?
Noah Holdings Limited's return on equity (ROE) is 5.6%. The historical average is 18.7%.
Is NOAH stock overvalued?
Based on historical data, Noah Holdings Limited is trading at a P/E of 1.8x. This is at the 93th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Noah Holdings Limited's dividend yield?
Noah Holdings Limited's current dividend yield is 55.26% with a payout ratio of 97.8%.
What are Noah Holdings Limited's profit margins?
Noah Holdings Limited has 53.4% gross margin and 29.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Noah Holdings Limited have?
Noah Holdings Limited's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.