NOAH

MKT CAP:$694M

Noah Holdings Limited

Market Cap

$694M

Financial Services·Asset Management·🇨🇳 China·NYSE

Financials·Asset Management·🇨🇳·NYSE

Stock Price

$10.40-$0.23 (-2.16%)

Apr 24, 2026

Company Details

Noah 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...

CEO

Zhe Yin

IPO Date

Nov 10, 2010

Website

www.noah-fund.com

Key Metrics TTM

Revenue

$380M

+0.1% YoY

Net Income

$82M

EPS (Diluted)

$5.80

Free Cash Flow

$0

Revenue / Share

$27.02

Gross Margin

78.1%

Operating Margin

29.6%

Net Margin

21.5%

FCF Margin

0.0%

P/S

1.8x

P/E

8.5x

Earnings Reports

FY 2025

Dec 30, 2025

$374MEPS $5.62

Q4 2025

Dec 30, 2025

$106M+11.5%EPS $0.13

Q3 2025

Nov 25, 2025

$92M-7.4%EPS $2.27

Q2 2025

Aug 27, 2025

$92M+2.2%EPS $1.86

Q1 2025

May 28, 2025

$90M-5.4%EPS $1.54

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$184M	$77M	$19M
Q1 22	$116M	$64M	$46M
Q2 22	$108M	$56M	$47M
Q3 22	$100M	$50M	$34M
Q4 22	$129M	$107M	$32M
Q1 23	$117M	$63M	$41M
Q2 23	$138M	$81M	$51M
Q3 23	$110M	$82M	$36M
Q1 24	$95M	$38M	$18M
Q2 24	$90M	$71M	$20M
Q3 24	$100M	$80M	$35M
Q4 24	$95M	-$42M	$20M
Q1 25	$90M	$72M	$27M
Q2 25	$92M	$48M	$24M
Q3 25	$92M	$74M	$25M
Q4 25	$106M	$103M	$37M

Valuation

Quarter	P/S	P/E
Q4 21	0.6x	2.1x
Q1 22	0.6x	2.1x
Q2 22	0.5x	1.6x
Q3 22	0.4x	1.2x
Q4 22	0.5x	1.7x
Q1 23	1.0x	3.4x
Q2 23	0.4x	1.6x
Q3 23	0.4x	1.3x
Q1 24	0.4x	1.3x
Q2 24	0.3x	1.2x
Q3 24	0.4x	2.0x
Q4 24	0.4x	2.3x
Q1 25	0.4x	1.8x
Q2 25	0.4x	2.0x
Q3 25	0.4x	1.7x
Q4 25	0.4x	1.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$0	$0
Q4 21	$0	$0
Q1 22	$73M	$73M
Q2 22	-$42M	-$43M
Q3 22	$4M	$4M
Q4 22	$9M	$735.3K
Q1 23	$12M	$12M
Q2 23	$4M	$4M
Q3 23	$8M	$8M
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0
Q3 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q3 21	$0
Q4 21	$0
Q1 22	$604.0K
Q2 22	$238.0K
Q3 22	$0
Q4 22	$9M
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+32.2%	+82.6%
Q1 22	-35.0%	-33.3%
Q2 22	-17.9%	-26.4%
Q3 22	-24.7%	-33.4%
Q4 22	-30.0%	-41.3%
Q1 23	+1.0%	+8.9%
Q2 23	+27.6%	+42.7%
Q3 23	+9.6%	+10.7%
Q1 24	-26.4%	-20.3%
Q2 24	-23.4%	-8.1%
Q3 24	-27.4%	-25.2%
Q4 24	-13.1%	+2.6%
Q1 25	-5.4%	-18.8%
Q2 25	+2.2%	-2.8%
Q3 25	-7.4%	+4.1%
Q4 25	+11.5%	-7.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$2M	1.4%
Q4 21	$5M	2.6%
Q1 22	$2M	1.4%
Q2 22	$1M	1.1%
Q3 22	$2M	1.6%
Q4 22	$2M	1.4%
Q1 23	-$904.3K	-0.8%
Q2 23	-$446.4K	-0.3%
Q3 23	-$169.6K	-0.2%
Q1 24	$5M	5.6%
Q2 24	$3M	3.6%
Q3 24	$3M	2.9%
Q4 24	$4M	4.7%
Q1 25	$0	0.0%
Q2 25	$2M	2.1%
Q3 25	$2M	2.4%

OpEx Breakdown

Quarter	G&A	S&M
Q4 21	$22M	$20M
Q1 22	$9M	$9M
Q2 22	$5M	$10M
Q3 22	$8M	$11M
Q4 22	$47M	$21M
Q1 23	$7M	$14M
Q2 23	$9M	$16M
Q3 23	$41M	$17M
Q1 24	$10M	$9M
Q2 24	$36M	$9M
Q3 24	$36M	$10M
Q4 24	—	$12M
Q1 25	$36M	$7M
Q2 25	$10M	$9M
Q3 25	$39M	$10M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$570M	$9M	$579M
Q2 22	$527M	$13M	$540M
Q3 22	$630M	$14M	$645M
Q4 22	$643M	$46M	$690M
Q1 23	$689M	$46M	$735M
Q2 23	$693M	$65M	$758M
Q3 23	$725M	$60M	$784M
Q4 23	$759M	$55M	$814M
Q1 24	$749M	$109M	$859M
Q2 24	$673M	$188M	$861M
Q3 24	$502M	$190M	$692M
Q4 24	$559M	$186M	$745M
Q1 25	$595M	$192M	$788M
Q2 25	$558M	$234M	$793M
Q3 25	$561M	$169M	$730M
Q4 25	$639M	$96M	$735M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	14M	+0.1%	+7.2%
Q1 22	13M	-0.3%	-0.1%
Q2 22	13M	-0.3%	-0.2%
Q3 22	14M	+2.9%	+2.4%
Q4 22	14M	+0.5%	+2.8%
Q1 23	14M	-0.1%	+3.0%
Q2 23	14M	-0.2%	+3.1%
Q3 23	14M	-0.2%	0.0%
Q1 24	14M	+0.8%	+0.3%
Q2 24	14M	+1.1%	+1.5%
Q3 24	14M	-0.2%	+1.5%
Q4 24	14M	+0.1%	+1.8%
Q1 25	14M	+0.2%	+1.2%
Q2 25	14M	-0.6%	-0.5%
Q3 25	14M	+0.2%	-0.1%
Q4 25	14M	+0.1%	-0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$58.5K	3K
Q1 22	$36.9K	3K
Q2 22	$34.3K	3K
Q3 22	$31.8K	3K
Q4 22	$44.7K	3K
Q1 23	$40.7K	3K
Q2 23	$47.7K	3K
Q3 23	$38.0K	3K
Q1 24	$36.7K	3K
Q2 24	$34.8K	3K
Q3 24	$38.7K	3K
Q4 24	$33.0K	3K
Q1 25	$31.1K	3K
Q2 25	$31.9K	3K
Q3 25	$32.1K	3K
Q4 25	$36.8K	3K

Revenue / Employee