Noah Holdings Limited Sponsored ADR (NOAH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 25	$1.23	$2.36	+91.9%	—	$629.5M	—
Q3 23	—	$0.46	—	—	$750M	—
Q1 23	$0.54	$0.51	-5.6%	—	$803.5M	—
Q4 22	$0.52	$0.29	-44.2%	—	$882.1M	—
Q3 22	$0.74	$0.37	-50.0%	—	$684.5M	—
Q1 21	—	$1.03	—	—	$1.2B	—
Q1 16	$0.51	$0.56	+9.8%	—	$607.2M	—
Q4 14	$0.26	$0.27	+3.8%	—	$394.4M	—
Q3 14	$2.18	$2.08	-4.6%	—	$386.8M	—
Q2 14	$2.06	$2.71	+31.6%	—	$444.4M	—
Q1 14	$0.28	$0.32	+14.3%	—	$311.9M	—
Q4 13	$0.23	$0.26	+13.0%	—	$262.7M	—
Q3 13	$0.28	$0.27	-3.6%	—	$254.2M	—
Q2 13	$0.25	$0.29	+16.0%	—	$272.9M	—
Q1 13	$0.1	$0.19	+90.0%	—	$202.7M	—
Q4 12	$0.1	$0.14	+40.0%	—	$152M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8	—	—	$2.6B	—
FY24	—	$6.8	—	—	$2.6B	—
FY23	—	$14.6	—	—	$3.3B	—
FY22	—	$14.3	—	—	$3.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.5B	$2.8B	$3.3B	$3.4B	$3.3B	$4.3B	$3.1B	$3.3B	$2.6B	$2.6B
YoY change	+18.6%	+12.5%	+16.4%	+3.11%	-2.54%	+29.9%	-27.8%	+6.27%	-21.1%	+0.36%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.5B	2.8B	3.3B	3.4B	3.3B	4.3B	3.1B	3.3B	2.6B	2.6B
Cost of revenue	1.3B	1.4B	1.6B	1.6B	699.4M	2.2B	1.4B	1.5B	1.3B	1.2B
Gross profit	1.2B	1.4B	1.7B	1.8B	2.6B	2.1B	1.7B	1.8B	1.3B	1.4B
Gross margin	48.3%	50.2%	52.5%	52.5%	78.8%	49.5%	53.5%	55.8%	48.1%	53.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	557.2M	567.2M	692.8M	627.8M	1.4B	820.5M	584.3M	761.5M	565.8M	548.4M
Operating expenses	545.9M	640.4M	799.6M	735.4M	1.3B	812.4M	570.5M	747.1M	593.8M	564.8M
Operating income	667.3M	777M	926.5M	915M	1.3B	1.2B	1.1B	1.1B	633.9M	776.7M
Operating margin	26.5%	27.5%	28.2%	27%	38.1%	27.9%	35.1%	33.3%	24.4%	29.8%
Non-operating income, net	46M	70.9M	25.3M	-35.7M	-1.9B	27.3M	-316K	-50.6M	78M	-47.8M
Pretax income	733.5M	868.8M	1B	968M	-585.3M	1.3B	1.1B	1.2B	867.6M	856.4M
Income tax	158M	199.1M	222.3M	220M	258.5M	293.9M	267.1M	262.4M	268.6M	297.8M
Net income	597.9M	761.9M	803.7M	863.8M	-743.5M	1.3B	971.6M	1B	487M	557.2M
Net margin	23.8%	27%	24.4%	25.5%	-22.5%	30.4%	31.3%	30.4%	18.7%	21.3%
EBITDA	765.6M	907.6M	1.1B	1.1B	3.3B	1.3B	1.3B	1.3B	714M	950.5M
EPS	11.4	13.6	13.5	13.6	-12	19.6	14.3	14.6	6.8	8
Diluted EPS	11	13.1	12.9	13.4	-12	19.4	14.3	14.6	6.75	7.95

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	750M	799.5M	649.5M	86.4M	96.6M	651.9M	614.6M	629.5M	632.9M	733.2M	625.8M	619.9M
Cost of revenue	185.7M	300.8M	388.8M	18.4M	19.4M	526.6M	122.6M	299.3M	126.2M	487.2M	102.5M	99.4M
Gross profit	564.2M	498.8M	260.8M	67.9M	77.2M	125.3M	492M	330.2M	506.7M	246M	523.3M	520.5M
Gross margin	75.2%	62.4%	40.1%	78.6%	79.9%	19.2%	80.1%	52.5%	80.1%	33.6%	83.6%	84%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	402.2M	256M	133.4M	43.1M	44M	-20.5M	296.8M	133.5M	334.2M	-34.8M	267.3M	291.6M
Operating expenses	315.8M	279.1M	139.4M	49.2M	42.4M	-31.1M	303.2M	128M	330.2M	-15.3M	283.7M	297M
Operating income	248.9M	220.7M	121.5M	18.8M	34M	137.6M	186M	161M	171.9M	257.7M	236.4M	215.8M
Operating margin	33.2%	27.6%	18.7%	21.8%	35.2%	21.1%	30.3%	25.6%	27.2%	35.2%	37.8%	34.8%
Non-operating income, net	12.1M	-70.5M	9.1M	2.7M	-3.8M	77M	3.2M	453K	1.1M	-52.5M	-13.3M	25.6M
Pretax income	304.4M	194.6M	176.8M	27.4M	34.2M	253.2M	222M	195M	201.7M	237.8M	255.2M	271.9M
Income tax	68.5M	34.1M	42.7M	5.6M	12.6M	96.6M	60.6M	63.7M	67.5M	106M	66.7M	89.9M
Net income	232M	213.3M	131.9M	14.5M	19.5M	113.7M	149.8M	178.5M	218.9M	10M	123.2M	236.9M
Net margin	30.9%	26.7%	20.3%	16.8%	20.2%	17.4%	24.4%	28.4%	34.6%	1.36%	19.7%	38.2%
EBITDA	239.2M	274.3M	116.3M	15.7M	31.7M	104.4M	179.7M	175M	150M	289M	241.2M	166.3M
EPS	16.8	3.12	1.88	1.42	1.91	1.56	2.13	2.56	3.14	0.19	1.81	—
Diluted EPS	16.8	3.12	1.88	1.42	1.91	1.55	2.11	2.54	3.11	0.19	1.79	—

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	9B	19B	17.8B	15.7B	21.5B	14.9B	7.7B	7B	—	700.3M	700.3M
Enterprise value	6.8B	17.4B	14.8B	11B	16.7B	11.7B	3.1B	1.6B	—	-4.2B	-4.2B
Shares outstanding	408.2M	410M	410M	443.4M	449.8M	487M	495.4M	506.3M	70.2M	69.8M	69.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	15	24.9	22.1	18.2	—	11.4	7.9	6.98	—	1.26	1.26
P/S	3.56	6.71	5.4	4.62	6.51	3.48	2.48	2.12	—	0.27	0.27
P/B	2.64	4.21	2.88	1.99	2.96	1.84	0.81	0.67	—	0.07	0.07
EV/EBITDA	8.87	19.2	13.8	9.98	5.09	8.98	2.49	1.18	—	-4.44	-4.44
EV/Sales	2.7	6.16	4.48	3.24	5.04	2.72	1.01	0.47	—	-1.62	-1.62
Earnings yield	6.68%	4.02%	4.53%	5.51%	—	8.74%	12.7%	14.3%	—	79.6%	79.6%
FCF yield	6.53%	2.51%	5.07%	7.8%	3.46%	-5.01%	7.43%	16.6%	—	120.3%	120.3%

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	48.3%	50.2%	52.5%	52.5%	78.8%	49.5%	53.5%	55.8%	48.1%	53.4%	53.4%
Operating margin	26.5%	27.5%	28.2%	27%	38.1%	27.9%	35.1%	33.3%	24.4%	29.8%	29.8%
Net margin	23.8%	27%	24.4%	25.5%	-22.5%	30.4%	31.3%	30.4%	18.7%	21.3%	21.3%
ROE	17.6%	16.9%	13%	11%	-10.2%	16%	10.2%	9.6%	4.86%	5.58%	5.58%
ROA	10%	11.7%	10%	8.81%	-7.91%	12%	8.24%	7.89%	4.13%	4.75%	4.75%
ROIC	42.4%	20.4%	22.8%	22.2%	51.6%	19.1%	16.9%	17.2%	8.69%	10%	10%
Return on tangible assets	10%	11.7%	10%	8.81%	-7.91%	12%	8.24%	7.89%	4.13%	4.75%	4.75%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3	2.21	3.21	4.47	3.56	2.42	3.32	3.76	4.53	4.46	4.46
Quick ratio	3	2.21	3.21	4.47	3.56	2.42	3.32	3.76	4.53	4.46	4.46
Debt / equity	0.33	0.11	0.02	0.05	0.04	0.03	0.02	0.01	0.01	0.01	0.01
Debt / assets	0.19	0.08	0.02	0.04	0.03	0.02	0.01	0.01	0.01	0.01	0.01
Net debt / EBITDA	-2.82	-1.74	-2.83	-4.25	-1.48	-2.52	-3.62	-4.12	-6.97	-5.17	-5.17
Interest coverage	39	37	101.9	2.3K	—	—	—	—	—	—	—
Effective tax rate	21.5%	22.9%	22%	22.7%	0%	22.6%	23.2%	21.7%	31%	34.8%	34.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.16	6.89	8.02	7.65	7.35	8.82	6.26	6.51	37.1	37.4	37.4
EPS (basic)	11.4	13.6	13.5	13.6	-12	19.6	14.3	14.6	6.8	8	8
EPS (diluted)	11	13.1	12.9	13.4	-12	19.4	14.3	14.6	6.75	7.95	7.95
Book value per share	8.31	11	15.1	17.8	16.2	16.7	19.2	20.6	142.7	143.1	143.1
FCF per share	1.43	1.16	2.2	2.76	1.66	-1.54	1.15	2.29	4.35	12.1	12.1
Cash per share	8.04	5.04	7.69	11.4	11.4	7.18	9.53	11	72.6	71.9	71.9
Capex per share	0.25	0.37	0.31	0.15	0.11	4.58	0.13	0.31	1.17	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.03%	5.4%	3.9%	1.93%	1.56%	52%	2.02%	4.79%	3.16%	—	—
Capex / operating cash flow	15.7%	22.6%	13%	5.5%	8.82%	175.6%	6.2%	11.1%	21.6%	—	—
Payout ratio	0%	—	—	—	—	0%	0%	17.7%	206.9%	98.1%	98.1%
Dividend yield	0%	—	—	—	—	0%	0%	2.54%	—	78.1%	78.1%

Yield

—

trailing twelve months

Frequency

Annual

Last dividend

$1.381

ex-dividend Jul 9, 2026

Payout ratio

98%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 9, 2026	$1.381
Jul 3, 2025	$1.158
Jul 3, 2024	$1.0625
Jun 26, 2023	$0.40
Mar 18, 2013	$0.12
Mar 28, 2012	$0.12

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$750M	$799.5M	$649.5M	$86.4M	$96.6M	$651.9M	$614.6M	$629.5M	$632.9M	$733.2M	$625.8M	$619.9M
YoY change	+9.57%	-9.36%	-19.2%	-90.8%	-87.1%	-18.5%	-5.38%	+628.7%	+555.2%	+12.5%	+1.82%	-1.53%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	3.3B	2.1B	3.2B	5.1B	5.1B	3.5B	4.7B	5.6B	5.1B	5B
Receivables	204.1M	175.5M	282.4M	219.6M	434.5M	808M	498.1M	504M	473.5M	420.1M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	4.7B	4B	5.1B	6.7B	6.7B	5.5B	6.3B	7.1B	6.5B	6.4B
Property, plant & equipment	243.5M	303.3M	346.7M	593.4M	467.7M	325.8M	175.9M	142.6M	24.6M	-71.9M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	6B	6.5B	8B	9.8B	9.4B	10.9B	11.8B	12.7B	11.8B	11.7B
Accounts payable	688M	—	—	—	53.6M	71.6M	117.1M	104.5M	122.6M	126.2M
Short-term debt	569.4M	491.8M	—	11.7M	86.5M	91.3M	84.4M	61.8M	44.9M	39.2M
Total current liabilities	1.6B	1.8B	1.6B	1.5B	1.9B	2.3B	1.9B	1.9B	1.4B	1.4B
Long-term debt	555.4M	—	145M	362.8M	194.4M	131M	83.2M	76.5M	75.7M	60.3M
Total liabilities	2.6B	2B	1.8B	1.9B	2.1B	2.7B	2.3B	2.3B	1.8B	1.8B
Shareholders' equity	3.4B	4.5B	6.2B	7.9B	7.3B	8.1B	9.5B	10.4B	10B	10B
Total debt	1.1B	491.8M	145M	374.4M	280.9M	222.2M	167.5M	138.4M	120.6M	99.5M
Net debt	-1.9B	-1.4B	-2.6B	-4B	-4.7B	-3.2B	-4.2B	-5.1B	-3.7B	-4.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	5.4B	5.6B	5.9B	826.5M	668.8M	5.1B	5.4B	5.4B	5B	5B	5.1B	5B
Receivables	445.4M	504M	435.1M	60.2M	65M	473.5M	406.2M	403.2M	358.1M	420.1M	334.7M	323.5M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	6.9B	7.1B	7.2B	1B	860.9M	6.5B	6.7B	6.8B	6.4B	6.4B	6.5B	6.6B
Property, plant & equipment	2.7B	142.6M	2.6B	353.2M	355.6M	24.6M	2.5B	2.5B	2.5B	-71.9M	2.4B	2.4B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	12.6B	12.7B	12.7B	1.7B	1.6B	11.8B	11.9B	11.7B	11.5B	11.7B	11.6B	11.6B
Accounts payable	—	104.5M	—	—	—	122.6M	—	—	—	126.2M	—	—
Short-term debt	—	61.8M	—	—	—	44.9M	—	—	—	39.2M	—	—
Total current liabilities	2B	1.9B	1.8B	338.2M	194.1M	1.4B	1.4B	1.8B	1.3B	1.4B	1.4B	1.8B
Long-term debt	77.4M	76.5M	70.3M	7.7M	11M	75.7M	64.1M	69.6M	59.6M	60.3M	52.5M	51M
Total liabilities	2.3B	2.3B	2.1B	383.8M	242.7M	1.8B	1.7B	2.1B	1.6B	1.8B	1.7B	2.1B
Shareholders' equity	10.3B	10.4B	10.6B	1.4B	1.4B	10B	10.2B	9.7B	9.9B	10B	9.9B	9.5B
Total debt	77.4M	138.4M	70.3M	7.7M	11M	120.6M	64.1M	69.6M	59.6M	99.5M	52.5M	51M
Net debt	-4.9B	-5.1B	-5.1B	-638.2M	-474.5M	-3.7B	-4B	-3.8B	-3.8B	-4.3B	-4.2B	-4.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	597.9M	761.9M	803.7M	863.8M	-743.5M	1.3B	971.6M	1B	487M	557.2M
Depreciation & amortization	61.3M	82M	92.3M	105.4M	98.5M	146.6M	156M	158.1M	156.7M	156.9M
Stock-based compensation	79.2M	93.6M	112.8M	94.9M	1.4B	70.9M	42.3M	11.5M	109M	66.9M
Change in working capital	-203.4M	18.5M	-73.5M	-23.2M	-218.3M	-218.6M	-168.8M	168.3M	-417.2M	-67.3M
Operating cash flow	647.5M	677M	988.4M	1.2B	585M	1.3B	1B	1.4B	381.3M	976.6M
Capital expenditure	-101.4M	-152.7M	-128.2M	-65.3M	-51.6M	-2.2B	-62.7M	-157.9M	-82.2M	—
Investing cash flow	-883.8M	-833.9M	-395.7M	-182M	352.6M	-2.6B	74.3M	-247.1M	-840.8M	433.6M
Dividends paid	0	—	—	—	—	0	0	-177.5M	-1B	-546.8M
Share repurchases	-12.6M	-31.3M	0	0	-281.6M	-372.4M	0	0	-53.3M	-52.3M
Financing cash flow	990.1M	-811.5M	63.9M	511.6M	-404.8M	-524.2M	232.3M	-199.8M	-1.1B	-635.5M
Net change in cash	753.8M	-968.3M	656.6M	1.5B	532.8M	-1.8B	1.3B	970.2M	-1.6B	774.7M
Free cash flow	584.9M	475.7M	901.2M	1.2B	744.7M	-749.4M	570.2M	1.2B	305.2M	842.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 21	Q1 22
Net income	452.9M	304.2M
Depreciation & amortization	24.3M	40.4M
Stock-based compensation	10.1M	10.8M
Change in working capital	-217.2M	189.3M
Operating cash flow	291.1M	566.6M
Capital expenditure	-11.8M	-4.1M
Investing cash flow	-68.9M	9.3M
Dividends paid	—	—
Share repurchases	-372.4M	0
Financing cash flow	-543M	-12.1M
Net change in cash	-320.7M	563.9M
Free cash flow	484.2M	497.1M

Noah Holdings Limited Sponsored ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement