Share count
352Mpeak FY2024
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NOAH, Noah Holdings Limited
Capital Markets & Asset Management financial
An asset manager, paid a fee on the money it runs for other people.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
CN¥2.6B
+0.4% YoY · −5% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue CN¥2.6B 5-yr avg CN¥3.2B
Net margin 21.3% 5-yr avg 26.4%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Assets under management and the fee rate on them. What decides it: net flows in or out, the market's move on the assets already there (the firm rises and falls with the indices it invests in), the drift toward cheaper passive products, and the operating leverage on a largely fixed cost base. On its own account, the filing leans hardest on concentrated dependence, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Operating margin has held high for a asset manager (median 28% across the record). It earns this on little capital, so return on equity has run near 11%, the leverage of a model that needs almost no plant to grow. A high return that does not fade can mark a moat, but whether the assets stay (net flows, not last year's market) is what the flow disclosures and the 10-K settle, not the multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 3 regions, the largest China at 52%.
Revenue by geography, FY2025
- China52%CN¥1.3B
- Hong Kong SAR China38%CN¥986M
- Others11%CN¥294M
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| CN¥2.5B | CN¥2.8B | CN¥3.3B | CN¥3.4B | CN¥3.3B | CN¥4.3B | CN¥3.1B | CN¥3.3B | CN¥2.6B | CN¥2.6B | CN¥2.6B | RevenueRevenue |
| 26.5% | 27.5% | 28.2% | 27.0% | 38.1% | 27.9% | 35.1% | 33.3% | 24.4% | 29.8% | 29.8% | Operating marginOp. mgn |
| 23.8% | 27.0% | 24.4% | 25.5% | −22.5% | 30.4% | 31.3% | 30.4% | 18.7% | 21.3% | 21.3% | Net marginNet mgn |
| CN¥598M | CN¥762M | CN¥804M | CN¥864M | (CN¥744M) | CN¥1.3B | CN¥972M | CN¥1.0B | CN¥487M | CN¥557M | CN¥557M | Net incomeNet inc. |
| 21% | 21% | 22% | 20% | — | 18% | 22% | 21% | 36% | 35% | 35% | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| CN¥585M | CN¥476M | CN¥901M | CN¥1.2B | CN¥745M | (CN¥749M) | CN¥570M | CN¥1.2B | CN¥305M | CN¥842M | CN¥842M | Owner earningsOwner earn. |
| 18% | 17% | 14% | 12% | -10% | 16% | 10% | 10% | 5% | 6% | 6% | Return on equityROE |
| — | — | — | — | — | — | — | 8% | −5% | 0% | 0% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| CN¥6.0B | CN¥6.5B | CN¥8.0B | CN¥9.8B | CN¥9.4B | CN¥10.9B | CN¥11.8B | CN¥12.7B | CN¥11.8B | CN¥11.7B | CN¥11.7B | Total assetsAssets |
| CN¥3.3B | CN¥2.1B | CN¥3.2B | CN¥5.1B | CN¥5.1B | CN¥3.5B | CN¥4.7B | CN¥5.6B | CN¥5.1B | CN¥5.0B | CN¥5.0B | Cash & investmentsCash+inv |
| CN¥3.3B | CN¥4.4B | CN¥5.8B | CN¥7.0B | CN¥7.2B | CN¥8.0B | CN¥9.4B | CN¥10.3B | CN¥9.9B | CN¥9.8B | CN¥9.8B | Shareholders’ equityEquity |
| Per share | |||||||||||
| 30.0M | 30.2M | 30.7M | 30.9M | 31.0M | 338M | 342M | 347M | 352M | 352M | 333M | Shares out (diluted)Shares |
| CN¥83.68 | CN¥93.50 | CN¥107.12 | CN¥109.68 | CN¥106.57 | CN¥12.71 | CN¥9.07 | CN¥9.48 | CN¥7.38 | CN¥7.42 | CN¥7.83 | Revenue / shareRev/sh |
| CN¥19.91 | CN¥25.20 | CN¥26.17 | CN¥27.93 | CN¥-23.97 | CN¥3.87 | CN¥2.84 | CN¥2.88 | CN¥1.38 | CN¥1.58 | CN¥1.67 | EPS (diluted)EPS |
| CN¥19.47 | CN¥15.73 | CN¥29.34 | CN¥39.55 | CN¥24.01 | CN¥-2.22 | CN¥1.67 | CN¥3.34 | CN¥0.87 | CN¥2.39 | CN¥2.53 | Owner earnings / shareOE/sh |
| — | — | — | — | — | — | — | CN¥0.51 | CN¥2.86 | CN¥1.55 | CN¥1.64 | Dividends / shareDiv/sh |
| CN¥110.94 | CN¥146.50 | CN¥190.09 | CN¥226.80 | CN¥231.64 | CN¥23.80 | CN¥27.50 | CN¥29.68 | CN¥28.23 | CN¥27.92 | CN¥29.48 | Book value / shareBVPS |
The diluted share count moved ×10.89 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | −23.6%/yr | −41.3%/yr |
| Owner earnings / share | −20.8%/yr | −36.9%/yr |
| EPS | −24.5%/yr | — |
| Dividends / share | +74.4%/yr (2-yr) | +74.4%/yr (2-yr) |
| Capital spending / share | −21.5%/yr | −25.5%/yr |
| Book value / share | −14.2%/yr | −34.5%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
Revenue
CN¥2.6Blow FY2016
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Is it a good business?
- Operating margin 29.8%Solid fee marginOperating income CN¥777M ÷ revenue CN¥2.6BIndustry peers: median 21%
What this means
The heart of a asset manager: how much of each fee dollar survives the cost of running the business. Fees ride on assets under management, so the swing factors are net flows in or out and the market's move on the assets already there; the cost base is largely fixed, which lifts margins in a bull market and squeezes them in a bear one. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin 21.3%WideNet income CN¥557M ÷ revenue CN¥2.6B
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Below the cost of equityNet income CN¥557M ÷ equity CN¥9.8BIndustry peers: median 17%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsCN¥6.4B
- Cash & short-term investmentsCN¥5.0B
- ReceivablesCN¥420M
- Other current assetsCN¥922M
Current liabilitiesCN¥1.4B
- Other current liabilitiesCN¥1.4B
Current ratio4.46×all current assets ÷ what's due · Graham looked for 2×
Quick ratio4.46×stricter: inventory excluded
Cash ratio3.52×strictest: cash alone against what's due
Working capitalCN¥4.9Bthe cushion left after near-term bills
Deeper floors
Tangible book valueCN¥9.8Bequity stripped of goodwill & intangibles
Net current asset valueCN¥4.6BGraham's net-net: current assets less all liabilities
Debt incl. operating leasesCN¥39MCN¥39M of it operating leases
Deferred revenueCN¥54Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Peers, Capital Markets & Asset Management
The same industry, side by side on fee margins. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Op. margin | Net margin | ROE |
|---|---|---|---|---|
| LAZLazard | $3.2B | 18.5% | 11.6% | 44% |
| JHGJanus Henderson Group plc | $3.1B | 25.0% | 18.8% | 10% |
| OWLBlue Owl Capital | $2.9B | 14.3% | 2.7% | 4% |
| HLIHoulihan Lokey | $2.6B | 20.5% | 16.1% | 18% |
| NOAHNoah Holdings Limited | CN¥2.6B | 28.0% | 24.9% | 11% |
| MORNMorningstar Inc. | $2.4B | 17.4% | 15.2% | 17% |
| AMGAffiliated Managers Group Inc. | $2.1B | 42.8% | 24.3% | 17% |
| STEPStepStone Group | $2.0B | 25.0% | 4.0% | 18% |
| Group median | — | 22.8% | 15.6% | 17% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American depositary shares, each representing five ordinary”; Noah Holdings Limited reports in CNY, so every figure in this tool is stated per ADS and translated at CNY 1 = $0.147 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in CNY.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Noah Holdings Limited has delivered.
Noah Holdings Limited’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.
$
Through the cycle, Noah Holdings Limited earns about $88M on its 22.9% median owner-earnings margin. This year’s 32.3% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’16→’25+1%/yr
Owner-earnings growth · ’16→’25+1%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $124M on 67M shares outstanding, per the 20-F cover, as of 2025-12-31; net cash $740M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Noah Holdings Limited (NOAH), the owner's record," https://ownerscorecard.com/c/NOAH, data as of 2026-07-09.
Manual order: ← NOA its page in the Manual NOK →
Industry order: ← NMR the Capital Markets & Asset Management chapter NU →